-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JfvkHeRz8oxFnMETo9KNzRPrfGwPksKwcJoPDxAuV+ln2nGlXOlJr5MXhfLfvgDf W5d/ZFyQPOWiUx0BHs7Xxg== 0000883369-01-000001.txt : 20010308 0000883369-01-000001.hdr.sgml : 20010308 ACCESSION NUMBER: 0000883369-01-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MORTGAGE CORP /CA/ CENTRAL INDEX KEY: 0000883369 STANDARD INDUSTRIAL CLASSIFICATION: 6162 IRS NUMBER: 952960716 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19847 FILM NUMBER: 1534181 BUSINESS ADDRESS: STREET 1: 3230 FALLOWFIELD DR CITY: DIAMOND BAR STATE: CA ZIP: 91765 BUSINESS PHONE: 9095951996 MAIL ADDRESS: STREET 1: 3230 FALLOW FIELD DRIVE CITY: DIAMOND BAR STATE: CA ZIP: 91765 10-Q 1 0001.txt QUARTERLY REPORT DEC 2000 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-Q [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2000 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ___________________ to__________________ Commission File Number 0-19847 FIRST MORTGAGE CORPORATION (Exact name of registrant as specified in its charter) California 95-2960716 (State or other jurisdiction (I.R.S. Employer of incorporation or Identification No.) organization) 3230 Fallow Field Drive Diamond Bar, California 91765 (Address, including zip code, of principal executive offices) (909) 595-1996 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO____ As of December 31, 2000, 5,210,502 shares of the registrant's common stock were outstanding. FIRST MORTGAGE CORPORATION FORM 10-Q INDEX
Part I - Financial Information Page Item 1. Financial Statements: Balance Sheet December 31, 2000 (Unaudited) and March 31, 2000 3 Unaudited Statement of Operations Three Months and Nine Months Ended December 31, 2000 and 1999 4 Unaudited Statement of Cash Flows Nine Months Ended December 31, 2000 and 1999 5 Notes to Unaudited Financial Statements 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-12 Part II - Other Information Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14
PART I. FINANCIAL INFORMATION Item 1. Financial Statements FIRST MORTGAGE CORPORATION BALANCE SHEET
December 31, 2000 March 31, 2000 (Unaudited) ASSETS Cash $17,688,000 $11,264,000 Mortgage loans and mortgage-backed securities held for sale 16,373,000 67,336,000 Other receivables and servicing advances 3,917,000 5,558,000 Capitalized servicing rights, net 9,840,000 11,555,000 Property and equipment, net 718,000 581,000 Prepaid expenses and other assets 1,000,000 1,531,000 TOTAL ASSETS $49,536,000 $97,825,000 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Notes payable, banks $14,163,000 $19,291,000 Note payable, other - 43,787,000 Sight drafts payable 994,000 393,000 Accounts payable and accrued liabilities 806,000 564,000 Deferred income taxes 4,107,000 4,979,000 Total Liabilities 20,070,000 69,014,000 STOCKHOLDERS' EQUITY Preferred stock, no par value: Authorized shares - 1,000,000 Issued and outstanding shares-None - - Common stock, no par value: Authorized shares - 10,000,000 Issued and outstanding shares-5,210,502 at 2,436,000 2,559,000 December 31, 2000 and 5,253,197 at March 31, 2000 Retained earnings 27,030,000 26,252,000 Total Stockholders' Equity 29,466,000 28,811,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $49,536,000 $97,825,000
See accompanying notes FIRST MORTGAGE CORPORATION UNAUDITED STATEMENT OF OPERATIONS
Three Months Ended Nine Months Ended December 31, December 31, 2000 1999 2000 1999 REVENUES: Loan origination income $581,000 $395,000 $1,592,000 $1,799,000 Loan servicing income 1,804,000 1,950,000 5,462,000 5,823,000 Gain on sale of mortgage loans 1,711,000 13,000 4,233,000 2,664,000 Interest income 1,110,000 1,305,000 3,611,000 3,613,000 Other Income 1,000 7,000 9,000 11,000 Total revenues 5,207,000 3,670,000 14,907,000 13,910,000 EXPENSES: Compensation and benefits 1,737,000 1,392,000 5,187,000 5,365,000 General and administrative expenses 956,000 937,000 2,848,000 3,830,000 Amortization of capitalized servicing rights 1,135,000 1,041,000 3,524,000 3,434,000 Interest expense 883,000 697,000 2,009,000 1,592,000 Total expenses 4,711,000 4,067,000 13,568,000 14,221,000 INCOME (LOSS) BEFORE INCOME TAXES 496,000 (397,000) 1,339,000 (311,000) INCOME TAX (BENEFITS) 209,000 (163,000) 561,000 (124,000) NET INCOME (LOSS) $ 287,000 $ (234,000) $ 778,000 $ (187,000) BASIC AND DILUTED EARNINGS (LOSS) PER SHARE $ 0.06 $ (0.04) $ 0.15 $ (0.04)
See accompanying notes FIRST MORTGAGE CORPORATION UNAUDITED STATEMENT OF CASH FLOWS
Nine Months Ended December 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 778,000 $ (187,000) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for deferred income taxes (872,000) 1,411,000 Provision for losses on foreclosure (185,000) (325,000) Amortization of capitalized servicing rights 3,524,000 3,434,000 Depreciation and amortization of property and equipment 174,000 196,000 Change in excess service fee 11,000 27,000 Loss on sale of assets 2,000 19,000 Originations and purchases of mortgage loans held for sale (162,940,000) (216,824,000) Sales and principal repayments of mortgage loans held for sale 213,903,000 197,226,000 Change in other receivables and servicing advances 1,826,000 2,768,000 Change in prepaid expenses and other assets 531,000 (1,461,000) Change in accounts payable and accrued liabilities 242,000 (2,024,000) Net cash provided by (used in) operating activities 56,994,000 (15,740,000) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of mortgage servicing rights (23,000) (518,000) Originated mortgage servicing rights (1,797,000) (3,087,000) Purchase of furniture, equipment and leasehold improvements (316,000) (79,000) Proceeds from sale of assets 3,000 14,000 Net cash used in investing activities (2,133,000) (3,670,000) CASH FLOWS FROM FINANCING ACTIVITIES: Change in notes payable, banks (5,128,000) (17,877,000) Change in sight drafts payable 601,000 (9,392,000) Change in note payable, other (43,787,000) 44,368,000 Repurchase of common stock (123,000) (311,000) Net cash provided by (used in) financing activities (48,437,000) 16,788,000 INCREASE (DECREASE) IN CASH 6,424,000 (2,622,000) CASH, BEGINNING OF PERIOD 11,264,000 14,839,000 CASH, END OF PERIOD $17,688,000 $12,217,000 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid during the period for: Interest $2,071,000 $1,274,000 Income taxes 915,000 -
See accompanying notes FIRST MORTGAGE CORPORATION NOTES TO UNAUDITED FINANCIAL STATEMENTS December 31, 2000 1. BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. In addition, this document should be read in conjunction with the financial statements and footnotes included in the Company's annual report on Form 10-K for fiscal year ended March 31, 2000. The preparation of the financial statements of the Company requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available as of the date of the financial statements. Therefore, actual results could differ from those estimates. 2. CAPITALIZED SERVICING RIGHTS Activities in capitalized servicing rights are summarized as follows:
Nine Months ended December 31 2000 1999 Beginning balance $11,555,000 $12,475,000 Additions 1,820,000 3,605,000 Amortizations and write offs (3,535,000) (3,461,000) Ending balance $9,840,000 $12,619,000
3. NOTES PAYABLE At December 31, 2000, the Company had mortgage loan warehousing agreements with two nonaffiliated banks, which provided for borrowings up to $50,000,000 and $35,000,000 with annual interest payable monthly at 1.25% or the bank's reference rate, depending on the level of borrowings and the compensating balances maintained. At December 31, 2000, borrowings under these lines of $14.16 million were collateralized by mortgage loans held for sale. The mortgage loan warehousing agreements are subject to renewal on August 31, 2001, and both contain certain requirements, including but not limited to, the maintenance of minimum net worth, debt to net worth ratio, current ratio, net income and servicing portfolio, and restrict the Company's ability to pay dividends. The Company believes its warehousing agreements will be renewed prior to their expiration. In addition to the warehousing agreements, the Company made use of the short-term reverse repurchase agreements provided by two investment banking firms in connection with its inventory of mortgage-backed securities. These facilities tend to carry lower interest rates and also allow the Company to better utilize its warehousing lines when mortgage production increases. There were no borrowings outstanding under these facilities at December 31, 2000. 4. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended Nine Months Ended December 31, December 31, 2000 1999 2000 1999 Numerator: Net income $287,000 $(234,000) $778,000 $(187,000) Denominator: Shares used in computing basic earnings per share 5,210,502 5,270,897 5,226,396 5,296,130 Effect of stock options treated as equivalents under the treasury stock method - - - 6,358 Denominator for diluted earnings per share 5,210,502 5,270,897 5,226,396 5,302,488 Basic earnings per share $.06 $(.04) $.15 $(.04) Diluted earnings per share $.06 $(.04) $.15 $(.04)
5. NEW ACCOUNTING PRONOUNCEMENTS In June 1998, the FASB issued SFAS 133, Accounting for Derivative Instruments and Hedging Activities. This Statement provides guidance for the way public enterprises report information about derivatives and hedging in annual financial statements and in interim financial reports. The derivatives and hedging disclosure is required for financial statements for fiscal years beginning after June 15, 2000. The Statement will require the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedged must be adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in fair value of derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. The Company is in the process of evaluating the effect of Statement 133, if any, will have on the earnings and financial position of the Company. 6. CONTINGENCIES The Company is currently a defendant in certain litigation arising in the ordinary course of business. It is management's opinion that the outcome of these actions will not have a material effect on the financial position or results of operations of the Company. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD LOOKING STATEMENTS Certain statements in this Form 10-Q are forward-looking statements, including those that discuss strategies, goals, outlook, projected revenues, income, return and other financial measures. These forward- looking statements are subject to risk and uncertainties that may cause actual results to differ materially from those contained in the statements, including the following factors: (i) the direction of interest rates; (ii) the demand for mortgage credits; (iii) the ability to obtain sufficient financial sources for liquidity and working capital; (iv) changes in laws or regulations governing mortgage banking operations; and (v) level of competition within the mortgage banking industry. In addition, the words "believe," "expect," "anticipate," "intend," "will" and similar words identify forward- looking statements in this Form 10-Q. RESULTS OF OPERATIONS: Three months ended December 31, 2000 compared to three months ended December 31, 1999. GENERAL First Mortgage reported a net profit of $287,000 or $0.06 per share for the quarter ended December 31, 2000, compared to net loss of $234,000 or $0.04 per share for the comparable 1999 quarter. The profit was attributable to decreases in interest rates which substantially boosted new loan originations for the Company and the industry. In turn, this led to increases in loan origination and gain on sale of mortgages, two of the primary sources of revenue for the Company. The increase in earnings was, however, offset partially by higher compensation; general and administrative expenses and amortization of capitalized servicing rights. REVENUES For the quarter ended December 31, 2000, the volume of new mortgage loans closed increased by 37.6% to $59.62 million from $43.33 million in the prior year quarter. The increase is a direct reflection of lower long-term interest rates, which increased the volume of loans in the market place, coupled with our retail branch expansion we began last year. For the three months ended December 31, 2000, loan origination revenue increased by approximately 47.1% to $581,000 from the December 1999 quarter, due primarily to the increase in mortgage production. As of December 31, 2000, the Company serviced $1.475 billion in loans compared to $1.543 billion at December 31, 1999, a decrease of 4.4% compared to the year-ago quarter. The run-off in the Company's own servicing portfolio was due to amortization and low loan production during most of calendar 2000, prior to the decrease in interest rates. Total loan servicing income, including late charges and other miscellaneous fees, hence declined to $1.80 million in the December 2000 quarter, from $1.95 million in the prior year quarter. The following table sets forth certain information pertaining to the servicing portfolio of the Company for the period indicated.
Three Months Ended December 31 2000 1999 (Dollars in thousands except average loan balance) Beginning loan service portfolio $1,487,214 $1,559,165 Add: Loans originated 59,622 43,331 Less: Prepayment and amortization 80,381 67,492 Ending loan servicing portfolio 1,466,455 1,535,004 Sub-Servicing 8,637 7,657 Total servicing portfolio $1,475,092 $1,542,661 Average loan balance (end of period) $ 91,479 $ 91,045
Due to the declining long-term mortgage interest rates during the quarter and the increase in new loan production, the gain on sale of mortgage loans increased dramatically to $1.71 million for the three months ended December 31, 2000, as compared to only $13,000 for the 1999 period. Interest income decreased to $1.11 million for the three months ended December 31, 2000 from $1.31 million for the comparable prior year quarter. This decrease was due primarily to the lower interest rates in this quarter as compared to the December 1999 quarter. EXPENSES The major components of the Company's total expenses are (i) compensations and benefits, (ii) general and administrative expenses, (iii) amortization of capitalized servicing rights, and (iv) interest expense. Total expenses for the three months ended December 31, 2000 increased by 15.8% to $4.71 million from the $4.07 million for the three months ended December 31, 1999. Compensations and benefits were $1.74 million for the December 2000 quarter, an increase of 24.8% over the year-ago quarter. General and administrative expense increased by $19,000, or 2.0% over the prior year. These higher expenses were a direct result of expanded production operations in the quarter. Amortization of capitalized servicing rights increased by 9.0% over prior year quarter due mainly to larger investment in servicing rights and higher volume of loan prepayments over prior fiscal year. Interest expense increased 26.7% to $883,000 for quarter ended December 31, 2000 from $697,000 for the same period in 1999. The increase was due to the larger mortgage inventory and mortgage- backed securities carried during most of the quarter. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS: Nine months ended December 31, 2000 compared to nine months ended December 31, 1999. GENERAL In the nine months ended December 31, 2000, the Company reported a net profit of $778,000 or $0.15 per share, compared to a net loss of $187,000 or ($0.04) per share for the same period of 1999. Total revenue increased by 7.2% to $14.91 million from $13.91 million in the comparable prior period. The increase in net income was due to decreases in interest rates during the later course of the year, which increased new loan originations for the Company and the industry. In turn, this led to a steep increase in gain on sale of mortgage revenues, one of the primary sources of revenue for the Company. REVENUES For the nine months ended December 31, 2000, loan origination revenue decreased 11.5% to $1.59 million from $1.80 million for the nine months ended December 31, 1999. The lower loan origination revenue was primarily due to the lower volume of new loans originated by the Company during the first half of the fiscal year. The volume of new mortgage loan originations decreased 24.9% to $162.94 million from $216.82 million in the comparable period last year, with all of the decrease taking place in the first half of the fiscal year. Loan servicing income, representing the loan servicing fees, late charges and other fees earned by the Company for administering the loans in its servicing portfolio, fell 6.2% to $5.46 million for the nine months ended December 31, 2000 from $5.82 million for the same period in 1999. The slight decrease in servicing income is primarily due to lower delinquency rates which reduced late charges, and the lower volume of loans currently serviced by the Company. The following table sets forth certain information pertaining to the servicing portfolio of the Company for the period indicated:
Nine Months Ended December 31, 2000 1999 (Dollars in thousands except average loan balance) Beginning loan service portfolio $1,497,616 $1,527,507 Add: Loans originated 162,940 216,824 Less: Prepayment and amortization 194,101 209,327 Ending loan servicing portfolio 1,466,455 1,535,004 Sub-Servicing 8,637 7,657 Total servicing portfolio $1,475,092 $1,542,661 Average loan balance (end of period) $91,479 $91,045
The sale of mortgages for the nine months ended December 31, 2000 resulted in a gain of $4.23 million compared to a gain of $2.66 million for the 1999 period. The increase is primarily attributable to the reduction in interest rates over the last fiscal quarter, enabling the Company to make a substantial gain on mortgages held for sale. Interest income at $3.61 million was virtually the same as the year earlier period. EXPENSES The major components of the Company's total expenses are (i) compensation and benefits, (ii) general and administrative expenses, (iii) amortization of capitalized servicing rights, and (iv) interest expenses. Total expenses for the nine months ended December 31, 2000 decreased by $653,000 or 4.6% from the nine months ended December 31, 1999. Compensation and benefits decreased 3.3% to $5.19 million compared to $5.37 million in the first nine months of fiscal year 1999. General and administrative expenses decreased by 25.6% to $2.85 million from $3.83 million in the comparable period in 1999. The decreases in these expenses were a direct result of reduction in loan originations and cost cutting measures taken by the Company during the year. The slight increase in amortization of capitalized servicing rights was mainly due to higher volume of loan prepayments over the preceding year. Interest expense increased 26.2% to $2.01 million as compared to $1.59 million in the year earlier nine months, due primarily to the larger mortgage inventory and mortgage-backed securities carried by the Company during the period. LIQUIDITY AND CAPITAL RESOURCES The Company's principal liquidity requirement is the funding of its new mortgage loans and loan origination expenses. To meet these funding needs, the Company relies on warehouse lines of credit, reverse repurchase agreements, its own capital and also cash flows from operations. At December 31, 2000, maximum permitted borrowings under the warehouse line of credit agreements with two nonaffiliated banks totaled $85 million and the amount outstanding was $14.16 million. Borrowings under these facilities are secured by mortgage loans. The agreements contain various covenants, including minimum net worth, current ratio, net income, servicing portfolio balances, debt to net worth ratio, and restrict the Company's ability to pay dividends. The Company was in compliance with all debt covenants at December 31, 2000. The Company believes that the warehouse agreements will be renewed when the current terms expire. In addition to warehousing agreements, the Company regularly makes use of the reverse repurchase agreements offered by two investment firms in connection with its mortgage-backed securities. There were no borrowings under these facilities at December 31, 2000. In the first nine months in fiscal year 2001, the Company repurchased in open market transactions 42,695 shares of its common stock at an aggregate cost of $123,000. The Company had stockholders' equity of $29.47 million at December 31, 2000. Management believes that its current financing arrangements are adequate to meet its projected operational needs. DISCLOSURE ABOUT MARKET RISK The Company's earnings can be impacted significantly by the movement of interest rates, which is the primary component of the market risk to the Company. The interest rate risk affects value of the capitalized mortgage servicing rights, volume of loan production and total net interest income earned on its mortgage inventory. The Company has been managing this risk by striving to balance its loan origination and loan servicing segments, which generally are counter cyclical in nature. The overall objective is to offset changes in the values of the following items, such as the committed pipeline, mortgage loan inventory, mortgage-backed securities held for sale and mortgage servicing rights. The Company does not speculate on the direction or movement of the interest rates. Based on the information available and the interest environment as of December 31, 2000, the Company believes that a 100 basis point change in long-term interest rates over a twelve month period, up or down and all else being constant, would increase or decrease the Company's net income by approximately $2.0 million dollars. These estimates are limited by the fact that they are performed at a particular point in time and do not incorporate many other factors and consequently, should not be used as forecast. PROSPECTIVE TRENDS During the third quarter of fiscal 2001 interest rates retreated from the higher levels of the past two years, new loan applications increased briskly, and for the first time since January of 1999 our monthly new loan fundings (closings) increased over the year earlier results. The decrease in interest rates, coupled with the continuing expansion of our retail division, enabled us to increase our purchase loan business while refinance loan activity was boosted in our Direct Marketing Division. The Federal Reserve Board, having engaged in a continual service of interest rate increases over the past two years, has now reversed itself and is in the process of reducing interest rates in order to soften any recessionary effects for the economy. For out industry, which is counter-cyclical to others, this is usually good news. We are already engaged in a mini-refinance surge, which could turn into an all out refinance boom should long term interest rates fall another 50 or more basis points. The competitive pressures we've talked about so often are still there, but their effect is greatly reduced when we are in this part of the mortgage cycle. We continue to pursue opportunities to expand our retail division, which is now back up to ten offices, and we are aggressively recruiting for more. We've added personnel to our Direct Marketing Division so as to take advantage of the refinance loan market which is opening up once again. We have also just launched a new and expanded consumer website (www.firstmortgage.com). Although we have no illusions about becoming a big dot com lender, mortgage consumer websites can be a good supplemental source for refinance loans when we are in a declining interest rate environment, such as now. The Company has a big advantage over many others in that we also have retail offices, enabling us to offer both "clicks and bricks," to potential borrowers. We think we are positioned with the necessary channels and tools to take advantage of the opportunities which are opening up as a result of the recent reduction in interest rates. If rates stay at this level, or fall even lower, and remain that way for calendar year 2001, the Company has the potential to experience a banner year in fiscal 2002. PART II. OTHER INFORMATION. Item 6. Exhibits and Reports of Form 8-K. (a) No exhibits are filed with this report. (b) The Company did not file any reports on Form 8-K during the quarter ended December 31, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FIRST MORTGAGE CORPORATION Date: February 10, 2000 By: S/Clement Ziroli Clement Ziroli Chairman of the Board of Directors, Chief Executive Officer Date: February 10, 2000 By: S/Pac W. Dong Pac W. Dong Executive Vice President, Chief Financial Officer EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 9-MOS MAR-31-2001 DEC-31-2000 17688 0 3917 0 0 0 3410 2692 49536 0 0 0 0 2436 27030 49536 0 14907 0 13568 0 0 0 1339 561 778 0 0 0 778 0.15 0.15
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