0001144204-15-012414.txt : 20150227 0001144204-15-012414.hdr.sgml : 20150227 20150227083131 ACCESSION NUMBER: 0001144204-15-012414 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150227 DATE AS OF CHANGE: 20150227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WABASH NATIONAL CORP /DE CENTRAL INDEX KEY: 0000879526 STANDARD INDUSTRIAL CLASSIFICATION: TRUCK TRAILERS [3715] IRS NUMBER: 521375208 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10883 FILM NUMBER: 15655053 BUSINESS ADDRESS: STREET 1: 1000 SAGAMORE PARKWAY SOUTH CITY: LAFAYETTE STATE: IN ZIP: 47905 BUSINESS PHONE: 7657715310 MAIL ADDRESS: STREET 1: 1000 SAGAMORE PARKWAY SOUTH CITY: LAFAYETTE STATE: IN ZIP: 47905 8-K 1 v402798_8k.htm FORM 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

February 27, 2015

 

Wabash National Corporation

(Exact name of registrant as specified in its charter)

 

Delaware   1-10883   52-1375208
(State or other jurisdiction
of incorporation)		   (Commission File No.)   (IRS Employer
Identification No.)

 

1000 Sagamore Parkway South, Lafayette, Indiana   47905
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code:
(765) 771-5300 

__________________

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

  

INFORMATION TO BE INCLUDED IN THE REPORT

 

Section 2 – Financial Information

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 27, 2015, Wabash National Corporation (the “Company”) issued a press release announcing a realignment of the Company’s reporting segments to better leverage operational synergies across its businesses. The realignment includes transitioning Wabash Wood Products, the Company’s wood flooring operations, from its current positioning within the Diversified Products Segment to inclusion within the Commercial Trailer Products segment. A copy of the Registrant’s press release is attached as Exhibit 99.1 and is incorporated herein by reference.

  

Section 9 – Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits.

 

(d)Exhibits:

 

99.1 Wabash National Corporation press release dated February 27, 2015.

  

Page 2
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  WABASH NATIONAL CORPORATION  
       
Date:  February 27, 2015 By:

/s/ Jeffery L. Taylor

  
    Jeffery L. Taylor  
    Senior Vice President and Chief Financial Officer  

  

Page 3
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Wabash National Corporation Press Release dated February 27, 2015

 

Page 4

 

 

 

 EX-99.1 2 v402798_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Media Contact:

Tom Rodak

Vice President, Corporate Marketing

(765) 771-5555

tom.rodak@wabashnational.com


 

Investor Relations:
Mike Pettit

Vice President, Finance & Investor Relations
(765) 771-5581
michael.pettit@wabashnational.com 

 Wabash_National_NoLinewtag 

 

FOR IMMEDIATE RELEASE

 

Wabash National Announces Strategic Realignment of Reporting Segments

  

LAFAYETTE, Ind. – February 27, 2015 – Wabash National Corporation (NYSE: WNC), a diversified industrial manufacturer and North America’s leading producer of semi-trailers and liquid transportation systems, today announced a realignment of the Company’s reporting segments to better leverage operational synergies across our businesses. The realignment includes transitioning Wabash Wood Products, our wood flooring operations, from its current positioning within the Diversified Products Group to inclusion within the Commercial Trailer Products segment. Wabash National will begin reporting this realignment effective with the 2014 Form 10-K filed with the Securities Exchange.

 

Dick Giromini, president and chief executive officer, stated, “This strategic realignment is being implemented to leverage the critical relationship between our wood flooring operations and our van trailer business, its primary customer, within Commercial Trailer Products. This revised organizational structure will help facilitate optimal decision making and ensure exceptional service for all of our customers.”

 

For additional information on Wabash National’s reporting segments see table following this release for unaudited quarterly operating performances as well as the Company’s 2014 Form 10-K filed February 27, 2015.

 

About Wabash National Corporation

Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE: WNC) is a diversified industrial manufacturer and North America’s leading producer of semi trailers and liquid transportation systems. Established in 1985, the Company specializes in the design and production of dry freight vans, refrigerated vans, platform trailers, liquid tank trailers, intermodal equipment, engineered products, and composite products. Its innovative products are sold under the following brand names: Wabash National®, Transcraft®, Benson®, DuraPlate®, ArcticLite®, Walker Transport, Walker Defense Group, Walker Barrier Systems, Walker Engineered Products, Brenner® Tank, Beall®, Garsite, Progress Tank, TST®, Bulk Tank International and Extract Technology®. To learn more, visit www.wabashnational.com.

 

 
 

 

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. Any forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

 

# # #

 

 
 

 

WABASH NATIONAL CORPORATION

SUPPLEMENTAL SEGMENT DISCLOSURES

(Dollars in thousands)

(Unaudited)

 

   2014   2013   2012 
                                                             
   Twelve Months Ended December 31, 2014   Twelve Months Ended December 31, 2013   Twelve Months Ended December 31, 2012 
   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated 
New Trailer Shipments   53,550    3,550    3,450    (3,200)   57,350    43,800    3,050    3,000    (3,050)   46,800    43,700    2,000    2,800    (2,900)   45,600 
Used Trailer Shipments   3,150    150    1,550    -    4,850    4,300    100    1,300    -    5,700    3,150    100    1,550    -    4,800 
                                                                            
Net Sales  $1,294,164   $466,238   $190,080   $(87,167)  $1,863,315   $1,082,456   $458,653   $181,486   $(86,909)  $1,635,686   $1,064,591   $321,256   $157,646   $(81,639)  $1,461,854 
                                                                            
Gross Profit   104,800    103,379    20,728    3,727    232,634    84,182    108,627    20,122    2,192    215,123    75,252    72,093    16,757    (279)   163,823 
Gross Profit %   8.1%   22.2%   10.9%        12.5%   7.8%   23.7%   11.1%        13.2%   7.1%   22.4%   10.6%        11.2%
                                                                            
Income (Loss) from Operations   81,141    54,879    3,785    (17,419)   122,386    57,543    59,126    2,885    (16,363)   103,191    52,242    44,573    2,922    (29,253)   70,484 
Operating Margin   6.3%   11.8%   2.0%        6.6%   5.3%   12.9%   1.6%        6.3%   4.9%   13.9%   1.9%        4.8%

 

   Three Months Ended March 31, 2014   Three Months Ended March 31, 2013   Three Months Ended March 31, 2012 
   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated 
New Trailer Shipments   9,250    800    800    (900)   9,950    7,950    650    600    (600)   8,600    10,350    -    350    (450)   10,250 
Used Trailer Shipments   1,700    50    400    -    2,150    650    50    300    -    1,000    600    -    400    -    1,000 
                                                                            
Net Sales  $227,951   $108,053   $45,636   $(23,520)  $358,120   $198,344   $101,582   $40,843   $(16,540)  $324,229   $243,847   $20,914   $25,120   $(12,199)  $277,682 
                                                                            
Gross Profit   14,995    25,754    5,381    542    46,672    12,996    23,949    4,880    361    42,186    12,771    4,632    2,479    (153)   19,729 
Gross Profit %   6.6%   23.8%   11.8%        13.0%   6.6%   23.6%   11.9%        13.0%   5.2%   22.1%   9.9%        7.1%
                                                                            
Income (Loss) from Operations   8,760    13,397    1,050    (3,742)   19,465    6,461    11,761    873    (4,239)   14,856    7,146    3,732    (75)   (5,354)   5,449 
Operating Margin   3.8%   12.4%   2.3%        5.4%   3.3%   11.6%   2.1%        4.6%   2.9%   17.8%   -0.3%        2.0%

 

   Three Months Ended June 30, 2014   Three Months Ended June 30, 2013   Three Months Ended June 30, 2012 
   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated 
New Trailer Shipments   13,900    850    950    (750)   14,950    10,700    750    850    (900)   11,400    11,750    450    650    (750)   12,100 
Used Trailer Shipments   1,150    50    550    -    1,750    750    50    300    -    1,100    650    50    450    -    1,150 
                                                                            
Net Sales  $335,943   $119,344   $51,584   $(20,850)  $486,021   $266,214   $124,416   $48,136   $(25,640)  $413,126   $281,077   $63,470   $38,171   $(20,310)  $362,408 
                                                                            
Gross Profit   27,963    26,377    5,748    1,525    61,613    23,531    29,434    5,519    369    58,853    20,863    14,852    4,131    (165)   39,681 
Gross Profit %   8.3%   22.1%   11.1%        12.7%   8.8%   23.7%   11.5%        14.2%   7.4%   23.4%   10.8%        10.9%
                                                                            
Income (Loss) from Operations   22,022    14,175    1,281    (3,623)   33,855    16,795    17,120    1,261    (4,724)   30,452    15,512    7,737    1,027    (15,708)   8,568 
Operating Margin   6.6%   11.9%   2.5%        7.0%   6.3%   13.8%   2.6%        7.4%   5.5%   12.2%   2.7%        2.4%

 

   Three Months Ended September 30, 2014   Three Months Ended September 30, 2013   Three Months Ended September 30, 2012 
   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated 
New Trailer Shipments   14,700    850    800    (750)   15,600    11,700    850    800    (750)   12,600    11,400    700    950    (950)   12,100 
Used Trailer Shipments   200    50    350    -    600    1,000    50    350    -    1,400    950    50    400    -    1,400 
                                                                            
Net Sales  $351,951   $115,838   $45,166   $(21,258)  $491,697   $293,679   $121,436   $45,996   $(21,134)  $439,977   $281,431   $101,899   $47,633   $(25,046)  $405,917 
                                                                            
Gross Profit   30,994    24,691    4,896    1,047    61,628    25,428    29,945    5,225    899    61,497    21,777    22,995    5,256    46    50,074 
Gross Profit %   8.8%   21.3%   10.8%        12.5%   8.7%   24.7%   11.4%        14.0%   7.7%   22.6%   11.0%        12.3%
                                                                            
Income (Loss) from Operations   25,166    13,071    859    (4,167)   34,929    18,934    17,367    743    (3,214)   33,830    15,906    13,837    1,400    (3,907)   27,236 
Operating Margin   7.2%   11.3%   1.9%        7.1%   6.4%   14.3%   1.6%        7.7%   5.7%   13.6%   2.9%        6.7%

 

   Three Months Ended December 31, 2014   Three Months Ended December 31, 2013   Three Months Ended December 31, 2012 
   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated   Commercial Trailer Products   Diversified Products   Retail   Corporate & Eliminations   Consolidated 
New Trailer Shipments   15,750    1,050    900    (850)   16,850    13,450    800    750    (800)   14,200    10,200    850    850    (800)   11,100 
Used Trailer Shipments   100    50    250    -    400    1,900    50    300    -    2,250    900    -    350    -    1,250 
                                                                            
Net Sales  $378,319   $123,003   $47,694   $(21,539)  $527,477   $324,219   $111,219   $46,511   $(23,595)  $458,354   $258,236   $134,973   $46,722   $(24,084)  $415,847 
                                                                            
Gross Profit   30,848    26,557    4,703    613    62,721    22,227    25,299    4,498    563    52,587    19,841    29,614    4,891    (7)   54,339 
Gross Profit %   8.2%   21.6%   9.9%        11.9%   6.9%   22.7%   9.7%        11.5%   7.7%   21.9%   10.5%        13.1%
                                                                            
Income (Loss) from Operations   25,193    14,236    595    (5,887)   34,137    15,353    12,878    8    (4,186)   24,053    13,678    19,267    570    (4,284)   29,231 
Operating Margin   6.7%   11.6%   1.2%        6.5%   4.7%   11.6%   0.0%        5.2%   5.3%   14.3%   1.2%        7.0%

 

Note: The sum of shipments by quarter may not equal full year shipments due to rounding. 

 

 

 GRAPHIC 3 image_001.jpg GRAPHIC begin 644 image_001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!PD'!@H)"`D+"PH,#QD0#PX. M#QX6%Q(9)"`F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$!`)C!&2T4^2CD_0#W_ MVP!#`0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T] M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P``1"`!B`)H#`2(``A$!`Q$!_\0` M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4% M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:D+!1EB` M!W-+7E/B+QE>6^J^(=%O9(9++RI$A#I\X9@-J@CKR>_I4RE8WH8>5>34>AZK MUI:^;+75M1LL?9;^[AQ_BJ_\`,5'M4>A+)ZB^ M&2/?J*\2B^*?B./&^2UE_P!Z''\B*MQ_%[6E_P!99V#_`(./ZT_:1,7E6(7; M[SV*BO(Q\8M3[Z;9GZ.U!^,6I]M-LQ]7:G[2)/\`9F)[?BCURBO'I/B]K+?Z MNSL4^H<_UJE/\4O$WWGMU%>):7\4-AL4444R`KFOB%)/#X)U"2VF:)U"996P<;QD M`T>+?&MGX4B1)$:XO)1F.!3CCU8]A7E7B;QUJGB>%;><1V]J#N\F+/S'MN)Z MUG.:2L>A@L'5J3C4M[MSHOAMXT%FT>AWXE=99,6T@&[83_">^,\Y[VIGCY4Y5G[->OJ&<=:^=/$5 M\NI>)-1NT.4EN&*GU4'`_05[/X_U:;1O"-U-;#][+B`-_W!A90C1 M^80I4=!CIBJN:,TQ.*>Z-_P/IMAJOBFVM=2B,T3AML8)&Y@,\D=@`36KXK\6 M7,7B!;?0#+I\5@S0"*$@)(P8C.T<'/`P:S?`%W%9^-M.DFQM9FCR3C!92`:A M\;+;IXRU/[(ZO$9MV5.1N(!8?GFJO:.AQ2@IXJTE=VU:U+031R2 MPD1SJG\$@'(J+7_$5CX;M$N=0\X1NVP&.,MS[^GXUYO\,]4TS0;/4+[4M3AA M\TA%MRV6.WG=CWS@5A^,/&ESXJN0@!AL(FS%#GDG^\WO_*M/:>[<\N.7.6(< M%\*ZD'C37K?Q'XBDOK2.2.'RUC'F=3C/..W6L$`LP"@DDX``R31FN_\`A%;V MD^M7CS6_F7,,0>*4\B,9P>/4^OL:R7O,]FI*.%HW2NHG<^!(M6@\-VD.J6\5 MND486)03YA7L6'8X[?RKI:*6NE*R/E*D^>3E;<\IO-9\5^)_%VN:#IJZ-):6 M$@_=WT)((SQZY.:Y3Q;J>N>#+V"UU+2_##R31^8ODV08`9(YSCTKMO`__)6O M&?\`O+_.J'C/PI+XW^+=O9G%X+=V(C-Q9[2X'<``\9X_"N?\1^)=6\,:W/I=[I7AMYX0I8Q M60*\J".3CL:]ST35K"ZOK[2=,C40Z2(X&*?<#$'Y!_N@#/N<=JX&S\##Q-\6 M-8UK4H\Z;9W"I&C#B>1448_W1CGU/'K2LBO:U/YG]Y4TSP_XOU+28;\Z3X4M MHYD\P)<6FUE7L2,'''-9GAS_`(2/Q5=7L>E:7X7>"T?8UTUEB)V]%.,GUZ=/ MJ*ZKQQK=YXIUL>"?#;X=^=2NEZ0Q]US_`#_`=S6]I6H:/X8UG3/!>EH#)Y#R M2$$93`SEO5FY/T_"BR#VM3^9_>>2^*==UGPCJ_\`9VHZ3X;:;RUD!BL@5P<^ MN/0UI>$AXD\964]UIND^%XX89/++3V>W[?9XKT^<#_`%MF M%)]P[?XUZC\.]&_X1[P%I\#@)-)']HEW M)+;Q)'J6J>+9+F".0R/;0RN5?.?E()P%_"N0^./B%K_6;708[25#:'S"[#_6 MLP&-H';^OTHL@]K4_F?WF!IGC+5M8U*"PL-!T*6YG<(B"P7D_GP.^:ZGQ-8> M)_"NC/J=_IGA1X$=480VF6Y.!U`K6\(>'[+X7>$9_$>OJO\`:9;1W(`.<.^*]*\7^";WQ#>PWVF^(+_3+F%0$1')B)!SG M:",'U//THL@]K4_F?WGFWBG_`(2KPC;KA'XBM#P M]I7BOQ)HL&J6FE>%(K>?.P36F&(!(S@`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`H/`Y'YTR+?A7X<>"_%OAB&\LGN%N7B"R@7&3#+CG*_7D>HKJ?!'A36?"(N#K'B M(WEBJ8BA;.V/G[Q9N1QV''->;/X?\+^'=3DA^W^*+*\BX?RC$K+QG&5-+>KX M:U)-E_KOBZY3^[,Z./R)IY:P==JZ@SM1K%IX[^*&G0:>PGT[0D>YDG7[L MDIPJ@'N`<'/?!K'^./BFZL;C3M)TZ[FMY-IN)FAD*'!^51D?1C^5<_86WA72 MBYT[6?%=H9,!S`8TW8Z9P>:BO=.\(:C<&>^U3Q1X_J M6(_D9Z3\'[:]7P8+_4KJYGFO96D4SRL^V,?*,9/'0G\:D^'W_$YU77_$[\K? M77V>U)_YXQ?*"/J?Y5E:#\/X=5T&WGL?$WB:WLI$*Q0O<*N$''W1P!7?:%HU MOX?T2TTRT+&&V38I;&6[DG''M76.PCN;BTF3S$(0L4YP5)`KF)(WA?9*CQO MUVNI!_(U]-UF:SXIW&H7+,)HK:06JA-V92,#/H.M=?JOP?D#L^D:@I7M'QWRQF&JTVG+0T+CQIX?OFTZ6[67%N3 M>7$"0G]]=;0`/3`Y.>G2FMXTT:36M/U1I[MY;.SF4+-'EFE8_*"1QW;GITIN MN_":>QT\W&DW4E[*G+0N@4LO^SCJ?:O/""K$,""#@@C!!IN4EN94*&&K*].3 MT_4[CP[XOT[1M,TZ*?S9IGOFNKXA#\O!"X)ZX.#^%6;/Q/H&F3?9UO+N\BNK MW[;=W,L)'W?F1`O4_,!DUY[12YV=$L#3DV[O7^OP/1Y?&^C:SI,<.K&2*>>4 M?;?+A)\R)&9D3(]<@?G3IO&F@:C>Z3 M;4Y(WE;;&C.WHJDG]*.=D?4*2V;7_!-;Q/-I]UJTEWIU[/=FY=I96EA\O:2> M`!WXK'J2:VGMR@F@EC,@W('0KN'J,]:]0\-_#;0=2TF"[FN+R=G'SJ2(]K`\ M@J.1^)S0HN3-*E>GA::YG='E=!Z<5[A>_#'PY=I&([62U*$?-#(1N'HOO3]FSGCFM&32LU5&JT]GJA:***HY`HHHH`****`$HI:*`$KSWQ#\,#JWB;^T+:ZCCMKB M0/3]17T[7E'CSP!>MJ[W^A67F6\R[I(HB`4?N0OH>O'?-95(=4>M MEV.U]G5?HV8GA#P'>>)62ZE/V?30^&D/WI,=0@_3/\Z]FTS2+'1K5;?3[:." M-1CY1R?1>-OAQ-8RRZAH<7F66"\E MN#\T7KM'=?;J*]$\(F[/A33?[05EN?(`8/\`>QVS[XQ6Q2U*BD[HZJN+G5IJ MG/6W7J%%%%4