-----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, Ft6fOrjfG387vcw+uOsPrbUAb0Nw35FwnhnfSKquJ+uJtzMOrQ20hn//WU++XSue BaIWd8SA9kPsFTcAc3Zl5w== 0000898430-99-002180.txt : 19990520 0000898430-99-002180.hdr.sgml : 19990520 ACCESSION NUMBER: 0000898430-99-002180 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990404 FILED AS OF DATE: 19990519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLACIER WATER SERVICES INC CENTRAL INDEX KEY: 0000883505 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-NONSTORE RETAILERS [5960] IRS NUMBER: 330493559 STATE OF INCORPORATION: DE FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11012 FILM NUMBER: 99630098 BUSINESS ADDRESS: STREET 1: 2261 COSMOS CT CITY: CARLSBAD STATE: CA ZIP: 92009 BUSINESS PHONE: 6199302420 MAIL ADDRESS: STREET 1: 2261 COSMOS CT CITY: CARLSBAD STATE: CA ZIP: 92009 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: April 4, 1999 [ ] 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: 1-11012 Glacier Water Services, Inc. ----------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 33-0493559 - ----------------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 2261 Cosmos Court, Carlsbad, California 92009 - ----------------------------------------- ------------------------------------ (Address of principal executive offices) (Zip Code) (760) 930-2420 ----------------------------------------- (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 [ ] Indicate the number of shares outstanding of each of issuer's class of common stock as of the latest practicable date: 2,849,769 shares of common stock, $.01 par value, outstanding at May 2, 1999. PART 1 - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS GLACIER WATER SERVICES, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
April 4, January 3, 1999 1999* --------------- --------------- (unaudited) ASSETS - ------ Current assets: Cash and cash equivalents............................................... $ 1,539 $ 109 Investments, available for sale......................................... 22,538 31,037 Accounts receivable..................................................... 1,017 1,348 Inventories............................................................. 2,842 2,890 Prepaid expenses and other.............................................. 1,416 1,388 -------- -------- Total current assets................................................. 29,352 36,772 Property and equipment, net of accumulated depreciation.................... 55,930 54,939 Other assets............................................................... 12,667 8,804 -------- -------- Total assets............................................................... $ 97,949 $100,515 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Accounts payable........................................................ $ 1,019 $ 656 Accrued commissions .................................................... 1,596 1,469 Accrued liabilities..................................................... 1,896 2,146 -------- -------- Total current liabilities.......................................... 4,511 4,271 Long-term debt............................................................. 87,125 85,000 Deferred income taxes...................................................... 668 1,960 Stockholders' equity: Preferred stock, $.01 par value; 100,000 shares authorized, no shares issued or outstanding......................................... - - Common stock, $.01 par value; 10,000,000 shares authorized, 2,851,669 and 2,959,975 shares issued and outstanding, respectively................... 34 34 Additional paid-in capital.............................................. 15,963 15,963 Retained earnings....................................................... 6,797 9,389 Treasury stock, at cost, 568,656 and 460,350 shares, respectively....... (14,193) (11,549) Cumulative unrealized loss on investments............................... (2,956) (4,553) -------- -------- Total stockholders' equity........................................... 5,645 9,284 -------- -------- Total liabilities and stockholders' equity................................. 97,949 $100,515 ======== ========
* Amounts derived from audited information See accompanying notes 1 GLACIER WATER SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except shares and per share data) (unaudited)
Three Months Ended April 4, April 5, 1999 1998 ----------- ----------- Revenues......................................................................... $ 12,623 $ 12,814 Operating costs and expenses: Operating expenses............................................................ 8,236 8,411 Selling, general and administrative expenses.................................. 2,189 1,941 Depreciation and amortization................................................. 2,599 2,437 ---------- ---------- Total operating costs and expenses........................................ 13,024 12,789 ---------- ---------- Income (loss) from operations.................................................... (401) 25 Other (income) expense: Interest expense............................................................. 1,980 1,636 Investment (income) loss..................................................... 1,503 (873) ---------- ---------- Total other expense.............................................................. 3,483 763 ---------- ---------- Loss before income taxes......................................................... (3,884) (738) Income tax benefit............................................................... (1,292) (252) ---------- ---------- Net loss......................................................................... $ (2,592) $ (486) ========== ========== Basic and diluted net loss per share............................................. $ (.87) $ (.15) ========= ========== Weighted average shares outstanding.............................................. 2,987,879 3,211,988 ========== ==========
Glacier Water Services, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands)
Three Months Ended ------------------------------- April 4, April 5, 1999 1998 -------------- -------------- Net loss $(2,592) $(486) ------- ----- Unrealized gain (loss) on securities, net of tax: Unrealized holding gain (loss) arising during the period 389 (182) Less: reclassification adjustment for losses (gains) included in net gain (loss) 1,986 (276) ------- ----- Net unrealized gain (loss) (1,597) 94 ------- ----- Comprehensive loss $(4,189) $(392) ======= =====
See accompanying notes 2 GLACIER WATER SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended ------------------------------- April 4, April 5, 1999 1998 ------------- -------------- Cash flows from operating activities: Net loss $(2,592) $ (486) Adjustments to reconcile net income (loss) to net cash provided by Operating activities: Depreciation and amortization 2,599 2,437 Loss on disposal of assets -- 9 Realized loss (gain) on sales of investments 1,986 (276) Change in operating assets and liabilities: Accounts receivable 331 (461) Inventories 48 (241) Prepaid expenses and other (28) (652) Payments for prepaid marketing incentives (4,304) (119) Other assets (5) (410) Deferred income taxes (1,292) (252) Accounts payable, accrued liabilities and accrued commissions 240 1,261 ------- -------- Total adjustments (425) 1,296 ------- -------- Net cash provided by (used in) operating activities (3,017) 810 ------- -------- Cash flows from investing activities: Net investment in vending equipment (2,990) (4,592) Purchase of property and equipment (33) (95) Purchase of investments (7,282) (39,686) Proceeds from sale and maturities of investments 15,271 7,180 ------- -------- Net cash provided by (used in) investing activities 4,966 (37,193) ------- -------- Cash flows from financing activities: Issuance of long term debt, net of fees -- 81,600 Proceeds from long-term borrowings 9,175 950 Principal payments on long debt (7,050) (29,682) Proceeds from issuance of stock -- 117 Purchase of treasury stock (2,644) (1,040) ------- -------- Net cash provided by (used in) financing activities (519) 51,945 ------- -------- Net increase in cash 1,430 15,562 Cash, beginning of period 109 13 ------- -------- Cash, end of period $ 1,539 $ 15,575 ======= ========
See accompanying notes 3 GLACIER WATER SERVICES, INC. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (in thousands)
Three Months Ended ------------------------ April 4, April 5, 1999 1998 -------- -------- Cash paid for interest $1,966 $1,622 ====== ====== Cash paid for income taxes $ -- $ 4 ====== ======
See accompanying notes 4 GLACIER WATER SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS April 4, 1999 (unaudited) 1. Summary of Significant Accounting Policies Basis of Presentation In the opinion of the Company's management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company as of April 4, 1999 and the consolidated results of its operations and its cash flows for the three-month periods ended April 4, 1999 and April 5, 1998. Although the Company believes that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information, including footnote information, normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Results of operations for the period ended April 4, 1999 are not necessarily indicative of results to be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended January 3, 1999. Reclassification Certain prior year amounts have been reclassified to conform to the current presentation. 2. Investments Investments are accounted for in accordance with FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities, which requires that the Company determine the appropriate classification of investments at the time of purchase and reevaluate such designation as of each balance sheet date. At April 4, 1999 and January 3, 1999, the Company considered all investments as available for use in its current operations, and therefore classified them as short-term, available-for-sale investments. Available-for-sale investments are stated at fair value, with unrealized gains and losses, if any, net of tax, reported as a separate component of stockholders' equity. Realized gains or losses from the sale of investments, write-downs associated with investments deemed to be permanently impaired, interest income and dividends are included in investment income or loss in the accompanying statements of operations. The cost of securities sold is based on the specific identification method. At April 4, 1999, short-term investments consisted of the following (in thousands):
Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ----- ----- ------- --------- Corporate securities $11,031 $206 $(1,708) $ 9,529 Convertible securities 2,103 -- (38) 2,065 Mortgage backed securities 1,562 -- (638) 924 ------- ---- ------- ------- Total debt securities 14,696 206 (2,384) 12,518 Equity securities 10,798 526 (1,304) 10,020 ------- ---- ------- ------- Total investments available $25,494 $732 $(3,688) $22,538 for sale ======= ==== ======= =======
5 GLACIER WATER SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS April 4, 1999 (unaudited) The Company's primary market risk exposures are interest rate risk and equity price risk. At April 4, 1999, the Company held a portfolio of marketable securities with an estimated fair value equal to $22,538,000. Of that amount, the estimated fair value of the Company's total debt investments available for sale was $12,518,000, including $2,065,000 in convertible debt securities, and the estimated fair value of the Company's total equity securities available for sale was $10,020,000, including $7,858,000 in convertible preferred securities. The Company's exposure to interest rate risk relates primarily to the opportunity cost of fixed rate obligations. The Company's exposure to equity price risk relates primarily to the risk that the market price of a security may fluctuate or drop over time. Proceeds from sales or maturities of marketable securities for the quarter ended April 4, 1999 were $15,271,000. Gross realized gains on such sales for the quarter ended April 4, 1999 were $194,000. Gross realized losses for the quarter ended April 4, 1999 were $2,180,000. Corporate securities have maturity dates from January 2001 to March 2006. Corporate debt securities have maturity dates from February 2001 to May 2008. Mortgage backed securities have maturity dates from April 2017 to December 2021. The Company's investment guidelines include investing approximately $10.2 million of its portfolio with a professional asset management firm whose investment approach consists of investing in hedged transactions. Each position in the portfolio is created by purchasing a convertible debt or equity security and selling short the underlying common stock against it. The remainder of the Company's investment portfolio is invested by Kayne Anderson Investment Management, primarily in fixed rate corporate bonds and mortgage backed securities. The gross unrealized gains and losses reflected in the above table are primarily the result of these investment approaches. As of April 4, 1999, one of the Company's corporate debt security investments has declined in value by approximately $2.2 million. The issuer of this security is experiencing financial difficulty and is in bankruptcy proceedings. Additionally, the debt instrument is currently in default. As a result of the Company's most recent review of this security, the Company believes that it is permanently impaired and as a result, has taken a $1.6 million write-down on this investment. This amount is included in the investment losses for the quarter ended April 4, 1999. At January 3, 1999, investments available for sale consisted of the following (in thousands):
Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value ----- ----- ------ ----- Corporate securities $14,424 $159 $(2,722) $11,861 Convertible securities 4,259 197 (13) 4,443 Mortgage backed securities 2,337 - (1,139) 1,198 ------- ------------ ------- ------- Total debt securities 21,020 356 (3,874) 17,502 Equity securities 14,570 37 (1,072) 13,535 ------ ------------ ------- ------- Total investments available $35,590 $393 $(4,946) $31,037 for sale ======= ============ ======= =======
6 GLACIER WATER SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS April 4, 1999 (unaudited) 3. New Credit Facility On January 27, 1999, the Company entered into a new $8.0 million unsecured credit facility with Tokai Bank of California with a maturity date of May 1, 2000. The credit facility requires quarterly interest payments at the Bank's prime rate (7.75% per annum at January 27, 1999) or LIBOR plus 1.60% (6.63% per annum at January 27, 1999). As of April 4, 1999, the Company had approximately $5.8 million of funds available under the agreement. Outstanding amounts under this credit facility are included in long term debt as of April 4, 1999. 7 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - --------------------- Overview - -------- During the fourth quarter of 1998, the Company made a decision to remove approximately 1,450 machines at under-performing locations. These machines were primarily located at small independent retailers and the Company intends to relocate these machines to large supermarket and drug store chains where the Company expects that better performance will be achieved. As of April 4, 1999, substantially all of these machines have been removed from operations and the Company believes that they will be re-deployed over the balance of the year. As a result of the removal of these machines, the Company ended the quarter with 12,775 machines in operation, compared to 12,857 machines in operation at April 5, 1998. Revenues - -------- For the quarter ended April 4, 1999, revenues decreased 1.5% to $12,623,000, from $12,814,000 for the first quarter a year ago. The decrease in revenues was due to the reduction of machines mentioned above and due to the continuing negative impact on revenues from adverse media attention last fall surrounding a study conducted by Los Angeles County which questioned the quality of drinking water dispensed from water vending machines. Costs and Expenses - ------------------ Operating expenses for the quarter ended April 4, 1999 were $8,236,000, or 65.2% of revenues, compared to $8,411,000, or 65.6% of revenues in the same period last year. The total dollar decrease in cost is associated with having fewer machines in operation throughout the first quarter of 1999. Selling, general and administrative ("SG&A") expenses for the quarter ended April 4, 1999 increased to $2,189,000, or 17.3% of revenues, compared to $1,941,000, or 15.1% of revenues in the same period last year. The increase in total dollars is due primarily to increased legal expenses incurred in connection with patent litigation. Depreciation and amortization expense was $2,599,000, for the quarter ended April 4, 1999, compared to $2,437,000 in the same period last year. The increase in total dollars was due to the addition of new machines installed last year. Interest expense increased to $1,980,000, for the quarter ended April 4, 1999, compared to $1,636,000 in the same period last year. The increase was associated with the issuance of the $85 million of Trust Preferred Stock in the first quarter of 1998. The Company had $1,503,000 of investment losses in the quarter ended April 4, 1999, as a result of a write-down of $1.6 million on a debt security deemed to be permanently impaired, compared to investment income of $873,000 in the same period last year. As a result of the foregoing, the net loss for the quarter ended April 5, 1998 was $2,592,000, or $.87 per share, compared with a net loss of $486,000, or $.15 per share for the same period last year. 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (Continued) Liquidity and Capital Resources - ------------------------------- On January 27, 1998, the Company, through a newly created business trust and wholly-owned subsidiary, completed a public offering of 3.4 million of 9.0625% Cumulative Trust Preferred Securities with a liquidation amount of $25 per security (the "Trust Preferred Securities"). The proceeds from the sale of the Trust Preferred Securities were used to purchase an equivalent amount of 9 1/16% Junior Subordinated Debentures of the Company (the "Debentures"). With the net proceeds of $81.6 million from the sale of the Debentures, the Company repaid its outstanding bank debt of approximately $28.7 million, terminated its bank credit agreement and invested the remainder in cash equivalents and short- term marketable securities. These investments, as well as cash flows from operations, are the Company's primary sources of liquidity. In addition, the Company has the capacity to borrow up to $5 million from a national brokerage firm against its investments in marketable securities, at an interest rate of 6.5% per annum. On January 27, 1999, the Company entered into a new $8.0 million unsecured credit facility with Tokai Bank of California with a maturity date of May 1, 2000. The credit facility requires quarterly interest payments at the Bank's prime rate (7.75% per annum at January 27, 1999) or LIBOR plus 1.60% (6.63% per annum at January 27, 1999). As of April 4, 1999, the Company had approximately $5.8 million of funds available under the agreement. Outstanding amounts under this credit facility are included in long term debt as of April 4, 1999. At April 4, 1999, the Company had cash and cash equivalents and marketable securities of $24.1 million, and working capital of $24.8 million. For the quarter ended April 4, 1999, net cash used by operations totaled $3.0 million. Net cash provided by financing and investing activities was $4.4 million for the quarter ended April 4, 1999. Quantitative and Qualitative Disclosures About Market Risk - ---------------------------------------------------------- The Company's primary market risk exposures are interest rate risk and equity price risk. At April 4, 1999, the Company held a portfolio of marketable securities with an estimated fair value equal to $22,538,000. Of that amount, the estimated fair value of the Company's total debt investments available for sale was $12,518,000, including $2,065,000 in convertible debt securities, and the estimated fair value of the Company's total equity securities available for sale was $10,020,000, including $7,858,000 in convertible preferred securities. The Company's exposure to interest rate risk relates primarily to the opportunity cost of fixed rate obligations. The Company's exposure to equity price risk relates primarily to the risk that the market price of a security may fluctuate or drop over time. The Company's investment guidelines include investing approximately $15.5 million of its portfolio with a professional asset management firm whose investment approach consists of investing in hedged transactions. Each hedged position in the Company's portfolio is created by purchasing a convertible debt or equity security and selling short the underlying common stock against it. The purpose of entering into these hedged transactions is to minimize the impact of interest rate fluctuations and equity price risk on the Company's invested portfolio. The remainder of the Company's investment portfolio is invested by Kayne Anderson Investment Management, primarily in fixed rate corporate bonds and mortgage backed securities. 9 The table below presents principal cash flows and related weighted average interest rates by expected maturity dates for the Company's derivative investments:
Cash Flow (in thousands) ----------------------------------------------------------------------------------------- 1999 2000 2001 2002 2003 Thereafter Total ----- ----- ----- ----- ----- ----------- ---------- Security - -------- Convertible Debt Principal $ 0 $ 0 $ 500 $ 0 $ 500 $1,750 $2,250 Interest 87 124 124 94 94 104 629 Weighted average interest rate 5.6% 5.6% 5.6% 5.6% 5.4% 5.0% Convertible Preferred Stock Principal $ 0 $ 0 $ 262 $ 398 $ 0 $ 0 $ 660 Interest 727 881 877 847 841 (2) (2) Weighted average interest rate 7.9% 7.2 % 7.2% 7.2% 7.2% 7.2%
(1) Dividends paid-in-kind have been included (based on their cash value) in the calculations for the convertible preferred stock. (2) Beyond 2003, interest payments on convertible preferred stock generally continue so long as the Company continues to hold the security. Statements in this report that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements with respect to the financial condition and results of operations of the Company involve risks and uncertainties including, but not limited to, trade relations, dependence on certain locations and competition. Further information on potential factors which could affect the financial condition and results of operations of the Company are included in the filings of the Company with the Securities and Exchange Commission, including, but not limited to, the Company's Registration Statement on Form S- 2, as amended, (File No. 333-40335) and its Annual Report on Form 10-K for the year ended January 3, 1999. 10 PART II - OTHER INFORMATION Item 1. Legal Proceedings On October 28, 1998, Pure Fill Corporation commenced an action against the Company in the California Superior Court for the County of Stanislaus, known as Pure Fill Corporation v. Glacier Water Services, Inc., Case No. 182981, alleging causes of action against the Company for antitrust, violation of the California Unfair Practices Act, unfair competition, and tortious interference with prospective business advantage. Plaintiff alleges, among other things, that the Company sold vended water below its cost, provided secret rebates, payments and commissions, engaged in discriminatory pricing practices and conspired with various supermarket retailers to monopolize the market in violation of state antitrust and unfair competition laws. Plaintiff seeks unspecified damages and injunctive relief. On April 23, 1999 after the Court had sustained Glacier's demurrer to Pure Fill's First Amended Complaint, Pure Fill filed its Second Amended Complaint. To date, discovery has not been completed, and no trial date has been set. The Company denies all of the allegations and intends vigorously to protect its rights in this lawsuit. However, there can be no assurance that the lawsuit will be resolved in favor of the Company. On October 13, 1998, Aqua Natural Purefect Water, Inc. ("Aqua Natural") commenced an action against the Company, and others, in Harris County, Texas, known as Aqua Natural Purefect Water, Inc. v. The Kroger Company et al., Case No. 98-48829. On January 19, 1999, Aqua Natural filed its First Amended Complaint alleging civil conspiracy to defraud, conversion, tortious interference with existing and prospective contracts, intentional infliction of emotional distress and breach of contract. Aqua Natural alleges that the Company interfered with an existing contract and business relationship between Kroger and Aqua Natural and that during the changeover of water vending systems, the Company and its agents damaged Aqua Natural's equipment. Aqua Natural seeks unspecified damages and attorney's fees. On or about May 7, 1999, the Company was served with the First Amended Complaint. The Company denies all of the allegations and intends to vigorously protect its rights in this lawsuit. However, there can be no assurance that the lawsuit will be resolved in favor of the Company. Item 6. Exhibits and Reports on Form 8-K a. Exhibits -------- Exhibit 27. 1 Financial Data Schedule. b. Reports on Form 8-K ------------------- None EXHIBITS -------- 27.1 Financial Data Schedule 11 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. GLACIER WATER SERVICES, INC. Date: May 19, 1999 By: /s/Jerry A. Gordon ------------ ----------------------------------------- Jerry A. Gordon President and Chief Operating Officer Date: May 19, 1999 By: /s/W. David Walters ------------ ----------------------------------------- W. David Walters Chief Financial Officer and Vice President, Finance 12 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS JAN-02-2000 JAN-04-1999 APR-04-1999 1,539 22,538 1,017 0 2,842 29,352 89,400 (33,470) 97,949 4,511 0 0 0 34 5,611 97,949 12,623 12,623 0 13,024 0 0 3,483 (3,884) (1,292) (2,592) 0 0 0 (2,592) (.87) (.87)
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