-----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, CoVn+3sH0xoc0VEtQWmqWDc16OReYmUNzMfBxFNY75UbvygUSRREjiYMd5aURWHv 5W1qNXsCKm8iRS6HNYEb0g== 0000898431-98-000319.txt : 19981030 0000898431-98-000319.hdr.sgml : 19981030 ACCESSION NUMBER: 0000898431-98-000319 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981029 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN LOCKER GROUP INC CENTRAL INDEX KEY: 0000008855 STANDARD INDUSTRIAL CLASSIFICATION: PARTITIONS, SHELVING, LOCKERS & OFFICE AND STORE FIXTURES [2540] IRS NUMBER: 160338330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-00439 FILM NUMBER: 98732900 BUSINESS ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 BUSINESS PHONE: 7166649600 MAIL ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 FORMER COMPANY: FORMER CONFORMED NAME: AVM CORP DATE OF NAME CHANGE: 19850520 10QSB 1 10SQB, AMERICAN LOCKER GROUP INCORPORATED SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB (Mark one) (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998 OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT FOR THE TRANSITION PERIOD FROM TO --------- --------- Commission file number 0-439 AMERICAN LOCKER GROUP INCORPORATED - -------------------------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) DELAWARE 16-0338330 (State of other (IRS Employer Identification Number) jurisdiction of incorporation or organization) 608 ALLEN STREET, JAMESTOWN, NY 14701 (Address of principal executive offices) (716) 664-9600 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 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. Yes / X / No / / APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes / / No / / Not Applicable APPLICABLE ONLY TO CORPORATE ISSUERS: State the number of shares outstanding of each of the issuer's class of common stock equity as of the latest practicable date: October 29, 1998 Common Stock $1.00 par value - 2,422,772 Transitional Small Business Disclosure (check one) Yes / / No / X / 1 Part I - Financial Information Item 1 - Financial Statements American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
September 30, December 31, 1998 1997 ---- ---- Assets Current assets: Cash and cash equivalents $ 3,514,026 $ 1,154,045 Accounts and notes receivable, less allowance for doubtful accounts (1998 $65,584; 1997 $423,733) 6,331,008 4,519,710 Inventories 3,214,334 3,636,528 Prepaid expenses 220,420 89,656 Prepaid federal, state and foreign income taxes 0 32,515 Deferred income taxes 576,861 576,861 ----------- ----------- Total current assets 13,856,649 10,009,315 Property, plant and equipment: Land 500 500 Buildings 389,179 511,649 Machinery and equipment 8,272,802 8,004,338 ----------- ----------- 8,662,481 8,516,487 Less allowances for depreciation and amortization 7,573,729 7,267,199 ----------- ----------- 1,088,752 1,249,288 Deferred income taxes 145,122 5,122 ----------- ----------- Total assets $15,090,523 $11,263,725 =========== ===========
2 American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
September 30, December 31, 1998 1997 ---- ---- Liabilities and stockholders' equity Current liabilities: Demand note payable $ 0 $ 850,000 Accounts payable: Trade 1,279,265 737,467 Related party 237,323 434,565 ----------- ----------- 1,516,588 1,172,032 Commissions, salaries, wages and taxes thereon 174,501 330,956 Other accrued expenses 1,635,087 435,232 Current portion of long-term debt 663,000 663,000 ----------- ----------- Total current liabilities 3,989,176 3,451,220 Long-term obligations: Long-term debt 1,933,750 2,431,000 Pension benefits 660,021 322,521 Postretirement benefits 139,839 139,839 ----------- ----------- 2,733,610 2,893,360 Stockholders' equity: Common stock, $1 par value: Authorized shares --- 4,000,000 Issued and outstanding shares --- 2,422,772 in 1998 and 2,405,780 in 1997 2,422,772 2,405,780 Other capital 84,617 0 Retained earnings 6,062,511 2,662,445 Foreign currency translation adjustment (202,163) (149,080) ----------- ----------- Total stockholders' equity 8,367,737 4,919,145 ----------- ----------- Total liabilities and stockholders' equity $15,090,523 $11,263,725 =========== =========== See accompanying notes.
3 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
Three Months Ended September 30, 1998 1997 ---- ---- Net sales $15,422,935 $ 6,906,402 Cost of products sold 11,317,491 4,862,030 ----------- ----------- 4,105,444 2,044,372 Selling, administrative and general expenses 2,113,731 1,303,113 ----------- ----------- 1,991,713 741,259 Interest income 24,667 16,856 Other income--net 104,600 26,210 Interest expense (62,016) (42,367) ----------- ----------- Income before income taxes 2,058,964 741,958 Income taxes 825,457 318,071 ----------- ----------- Net Income $ 1,233,507 $ 423,887 =========== =========== Earnings per share of common stock: Basic $ 0.51 $ 0.15 ==== ==== Diluted 0.48 0.14 ==== ==== Dividends per share of common stock: $ 0.00 $ 0.00 ==== ==== See accompanying notes.
4 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
Nine Months Ended September 30, 1998 1997 ---- ---- Net sales $36,817,468 $19,912,975 Cost of products sold 26,019,296 13,916,937 ----------- ----------- 10,798,172 5,996,038 Selling, administrative and general expenses 5,284,536 3,923,655 ----------- ----------- 5,513,636 2,072,383 Interest income 60,798 32,202 Other income--net 236,483 100,607 Interest expense (192,739) (103,154) ----------- ----------- Income before income taxes 5,618,178 2,102,038 Income taxes 2,208,367 900,372 ----------- ----------- Net Income $ 3,409,811 $ 1,201,666 =========== =========== Earnings per share of common stock: Basic $ 1.41 $ 0.39 ====== ====== Diluted 1.34 0.38 ====== ====== Dividends per share of common stock: $ 0.00 $ 0.00 ====== ====== See accompanying notes.
5 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Cash Flows
Nine Months Ended September 30, 1998 1997 ---- ---- Operating activities Net $ 3,409,811 $ 1,201,666 income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 518,785 446,740 Loss (gain) on disposition of property, plant and equipment 0 490 Deferred income taxes (credits) (140,000) 0 Pension benefits 337,500 0 Change in assets and liabilities: Accounts and notes receivable (1,811,298) (558,025) Inventories 422,194 (396,901) Prepaid expenses (130,764) 52,859 Accounts payable and accrued expenses 1,387,956 795,032 Prepaid income taxes 32,515 0 ----------- ----------- Net cash provided by operating activities 4,026,699 1,541,861 Investing activities Purchase of property, plant and equipment (367,896) (154,033) Proceeds from sale of property, plant and 0 3,913 equipment ----------- ----------- Net cash used in investing activities (367,896) (150,120) Financing activities Payment under long-term debt agreement (850,000) (405,250) Additional long-term borrowing 0 2,365,000 Net repayment under line of credit (497,250) (1,125,000) Common stock purchased and retired (98) (2,509,845) Stock options exercised 101,609 0 ----------- ----------- New cash used in financing activities (1,245,739) (1,675,095) Effect of exchange rate changes on cash (53,083) (6,369) ----------- ----------- Net increase (decrease) in cash 2,359,981 (289,723) Cash and cash equivalents at beginning of period 1,154,045 1,229,222 ----------- ----------- Cash and cash equivalents at end of period $ 3,514,026 $ 939,499 =========== =========== Supplemental cash flow information: Cash paid during the period for: Interest $ 192,739 $ 103,154 =========== =========== Income Taxes $ 2,068,604 $ 641,938 =========== =========== See accompanying notes.
6 Notes to Consolidated Financial Statements American Locker Group Incorporated and Subsidiaries 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with instructions to Form 10-QSB and, in the opinion of the Company, include all adjustments, consisting of normal recurring ccruals, considered necessary for a fair presentation of such condensed financial statements. The condensed financial statements do not include all information and footnotes normally associated with statements of results of operations, financial condition, and cash flows prepared in conformity with generally accepted accounting principles. 2. Provision for income taxes is based upon the estimated annual effective tax rate. 3. Net income per common share is computed by dividing net income by the weighted average number of shares outstanding, plus, when dilutive, the common stock equivalents which would arise from the exercise of stock options, during the periods. The Company instituted a four-for-one stock distribution whereby three new shares were distributed on June 25, 1998 for every one share outstanding on the June 4, 1998 record date. All share and per-share amounts in the accompanying unaudited consolidated financial statements have been retroactively adjusted to reflect this distribution as have the total shares now outstanding and subject to option. After accounting for the stock distribution, basic and diluted weighted average shares outstanding were 2,419,098 (3,080,639 in 1997) and 2,549,251 (3,170,696 in 1997) for the nine month periods ended September 30, 1998, respectively. 4. Inventories are valued at the lower of cost or market. Cost is determined by using the last-in, first-out method for substantially all of the inventories.
SEPTEMBER 30, December 31, 1998 1997 ---- ---- Raw materials $ 1,732,707 $ 1,041,732 Work-in-process 1,709,294 1,559,037 Finished goods 606,150 1,869,576 ----------- ----------- $ 4,048,151 $ 4,470,345 Less allowance to reduce carrying value to LIFO basis (833,817) (833,817) ----------- ----------- $ 3,214,334 $ 3,636,528 =========== ===========
7 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations American Locker Group Incorporated and Subsidiaries LIQUIDITY AND SOURCES OF CAPITAL The Company continues to have adequate resources and liquidity to maintain and expand its operations. Working capital, or the excess of current assets over current liabilities, at September 30, 1998 was $9,867,473, up $3,309,378 over working capital of $6,558,095 at December 31, 1997. The increased working capital resulted primarily from profitable operations during the first nine months of 1998. The ratio of current assets to current liabilities was 3.5 to 1 at September 30, 1998, as compared to a ratio of 2.9 to 1 at December 31, 1997. The Company's $3,000,000 line of credit is available to assist in satisfying future working capital needs, if required. The Company anticipates that its requirements for funds for operations and capital expenditures will be provided principally from cash generated from future operations. FIRST NINE MONTHS 1998 VS FIRST NINE MONTHS 1997 Sales for the first nine months of 1998 of $36,817,468 were up $16,904,493 or 84.9% compared to sales of $19,912,975 during the same period in 1997. Plastic locker sales to the United States Postal Service (USPS) accounted for $16,207,670 of increased sales and totaled $28,063,445 compared to $11,855,775 during the first nine months of 1997. Cluster Box Unit (CBUs) sales were $26,499,711 compared to $8,780,580 during the first nine months of 1997. Sales of Outdoor Parcel Lockers (OPLs) were $1,563,734 compared to $3,075,195 in the first nine months of 1997, a decline of $1,511,461 or 49.2%. This decline was anticipated and previously disclosed as all three model CBUs have parcel compartments built in thereby reducing the demand for separate parcel lockers. The growth in sales of CBUs, $17,719,131 or 201.8% over last year's first nine months, is directly related to the implementation of USPS procurement policy that limits purchase of NDCBUs (the steel predecessor to plastic or aluminum CBUs) in relation to the new CBUs and the Company's ability to maintain its dominant market share position. As previously reported, the USPS has extended the Company's national contract through April 14, 1999. Terms of the contract extension were finalized on April 14, 1998 and established prices and minimum quantities for the period April 15, 1998 through October 15, 1998. Under this contract extension, the Company extended lower prices on CBUs in return for guaranteed minimum shipments of 15,000 CBUs. However, the contract extension stipulated that the minimum quantity, 15,000 CBUs, be shipped by August 1, 1998. The Company increased production rates and inventories on its CBU product line in order to meet the contract extension stipulation. As of June 30, 1998, the Company had shipped approximately 6,800 CBUs against the 15,000 unit minimum, leaving a balance of approximately 8,200 CBUs to ship against the minimum. The Company shipped all remaining 8,200 units during the third quarter thereby completing the 15,000 unit stipulation. The Company also received orders for an additional 5,700 CBUs, above and beyond the 15,000 minimum, which were shipped by September 30, 1998. CBU shipments by quarter were 6,600, 8,600 and 13,700 for the first, second and third quarters of 1998, respectively. Third quarter CBU shipments were positively affected by the Company's ability to deliver the 15,000 unit minimum, plus the additional 5,700 units within the USPS Just-In-Time (JIT) delivery requirement of 14 days. 8 Contract terms for the period October 15, 1998 through April 14, 1999 have been finalized with the USPS. The Company lowered its CBU prices approximately 1/3 of a percent (.33%) and the contracted minimum quantity for the period is one unit. The contract minimum is solely a legal minimum and is not indicative of USPS requirements. For Postal Fiscal Year 1999, the Company plans to allocate its resources and invest in CBU inventory to be in a position to continue to make timely shipments to satisfy possible USPS requirements on a level commensurate with past order history. Total demand is influenced by a number of factors over which the Company has no control, including but not limited to: Postal budgets, policies, and financial performance, domestic new housing starts, and the weather as these units are installed outdoors. As previously reported, the CBU is a modernization of the NDCBU and is now favored by USPS procurement policy. Also, the centralized delivery program, of which the CBU is an integral part, is a delivery cost reduction program for the USPS. The Company believes that its CBU pricing is competitive and that its CBU product line continues to represent the best value when all factors, including quality of design and construction, long term durability and service are considered. All other sales, metal and electronic were $8,754,023 for the first nine months of 1998 compared to $8,057,200 for the first nine months of 1997. This increase of $696,823 or 8.6% relates to a general increase in demand across all markets served by the Company. Cost of products sold as a percentage of sales was 70.7% during the first nine months of 1998 compared to 69.9% in the first nine months of 1997. Decreased gross margins are directly related to product mix and CBU price concessions. Selling, general and administrative costs for the first nine months of 1998 increased $1,360,881 over the same period in 1997 due to increased pension, compensation, freight, interest and legal expenses. Two extraordinary items accounted for approximately $678,000 of the $1,360,881 increase in S,G, & A expense. On July 1, Roy J. Glosser, President and Chief Operating Officer was granted and exercised stock appreciation rights (SAR's) which resulted in $328,000 of additional compensation expense during the third quarter. The Company also provided the full valuation of $350,000 for the supplemental executive retirement program (SERP) for Harold J. Ruttenberg, Chairman and Chief Executive Officer. Selling, general and administrative expense as a percent of sales was 14.4% down from 19.7% during the first nine months of 1997. The decrease as a percentage of sales relates to increased sales volume. Other income - net of $236,483 in the first nine months of 1998 was up $135,876 from the same period in 1997. Interest expense in the first nine months of 1998 increased $89,585 from the same period in 1997 as a result of higher outstanding debt. THIRD QUARTER 1998 VS THIRD QUARTER 1997 Third quarter sales were $15,422,935 up $8,516,533 or 123.3% from the same period in 1997. Plastic locker sales of $12,990,782 were up 196.4% or $8,608,476 over 1997's third quarter sales of $4,382,306. Sales of other products, metal and electronic lockers, were $2,432,153 during the third quarter of 1998, 3.6% or $91,943 lower than 1997's third quarter. Cost of products sold as a percentage of sales was 73.4% during the third quarter of 1998 compared to 70.4% during the third quarter of 1997. 9 Selling, administrative and general expenses as a percent of net sales was 13.7% during the third quarter of 1998 compared to 18.9% in the third quarter of 1997. Other income - net of $104,600 in the third quarter of 1998 was up from $26,210 in the third quarter 1997. Interest expense in the third quarter of $62,016 increased from $42,367 in the third quarter of 1997. YEAR 2000 PROJECT UPDATE The Year 2000 (Y2K) issue relates to the fact that many computers, computer programs, and embedded microchips support only two digits to specify a year in the date field. Therefore, if not corrected, these systems may fail or create erroneous results in dealing with matters which refer to dates after December 31, 1999. The Company is aware of the issues and has actively pursued corrective action since late 1996. Following is a project status update as of September 30, 1998. A. Assessment Assessment of the Company's Information Technology (IT) systems was completed in 1997. Based on results of the assessment, the Company determined that complete replacement of its IT system was the best course of action. Assessment of the Company's non-IT systems with embedded microchips (security systems, telephones, etc.) began in the first quarter of 1998 and is 75% complete based on labor hours expended. Assessment is scheduled for completion by December 31, 1998. B. Renovation Renovation by replacement of the Company's IT system is proceeding on schedule. New IT software that is certified Y2K compliant has been purchased, installed, and modeled using actual Company data. The new IT system runs on a new Novell network of personal computers that is also certified Y2K compliant. Total project expenditures through September 3, 1998 were $120,000 for hardware, software, and implementation consulting fees. This represents over 50% of the total projected project cost. To date, no non-IT systems have been identified that require renovation. C. Validation Validation and final testing of the new IT system is scheduled to begin with full-scale Company financial data starting December 1, 1998 and continue through the first quarter of 1999. D. Implementation Final implementation of the new IT system is scheduled for the first quarter 1999, depending on validation results. However, our current IT system will run parallel until the new system is completely validated. 10 E. Third Party Assessment The Company surveyed its entire vendor base during the third quarter of 1998. Final results will be compiled during the fourth quarter 1998. However, the Company has verified that its major vendors are working towards Y2K compliance and that reasonable contingency plans are in place to allow the Company's production of its products to continue. Also, the Company as normal policy, maintains adequate inventory of all but the most expensive components (those supplied by vendors noted above) to safeguard against short term interruptions. No single customer's failure to address the Y2K issue, other than the United States Postal Service (USPS), would have a material effect on the Company. RISKS The United States Postal Service (USPS) is the only customer that independently could have a material effect on the operations and financial condition of the Company. However, through information available to the public on the USPS internet home page the Company has verified that the Y2K issue is a high priority project for the USPS and therefore risk of interruption in business relations with the Company should be reduced. The Company believes that full implementation of the new IT system and completion of its Y2K project as scheduled should reduce the possibility of significant interruptions of normal operations. The forward looking statements contained in the Year 2000 Project Update should be read in conjunction with the Company's disclosures under the heading "Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995." SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Forward-looking statements in this report, including without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the discretion of the Company, (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory, and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Part II Item 1. Legal Proceedings In September 1998, the Company was named as an additional defendant in several cases pending in state court in Massachusetts. The plaintiffs in each such case assert that a former division of the Company manufactured and furnished to various shipyards components containing asbestos during the period from 1948 to 1972 and that injuries resulted from exposure to such products. The assets of this division were sold by the Company in 1973. Based upon investigations conducted by the Company to date, the Company has discovered no evidence that the former division manufactured or supplied any products 11 containing asbestos. Defense of these cases has been assumed by the Company's insurance carrier, subject to a customary reservation of rights. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27.1 Financial Data Schedule dated September 30, 1998 Exhibit 27.2 Financial Data Schedule dated September 30, 1997 (b) Reports on Form 8-K On August 15, 1998, the Company filed a Report on Form 8-K announcing the death of Harold J. Ruttenberg, Chairman, Chief Executive Office and Treasurer. On September 3, 1998, the Company filed a Report on Form 8-K announcing the appointment by the Board of Directors of Edward F. Ruttenberg as Chairman and Chief Executive Officer, Roy J. Glosser as Treasurer in addition to President and Chief perating Officer and Wayne L. Nelson as Principal Accounting Officer. 12 S I G N A T U R E In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN LOCKER GROUP INCORPORATED (Registrant) /s/ Edward F. Ruttenberg ------------------------------------------ Edward F. Ruttenberg Chairman and Chief Executive Officer Date: OCTOBER 29, 1998 13 EXHIBIT INDEX Prior Filing or Sequential EXHIBIT NO. EXHIBIT INDEX Page NO. HEREIN ----------- ------------- --------------- 27.1 Financial Data Schedule dated 15 September 30, 1998 27.2 Financial Data Schedule dated 16 September 30, 1997 14 EX-27.1 2 FDS AMERICAN LOCKER GROUP INCORPORATED 9/30/98
5 Exhibit 27.1 American Locker Group Incorporated Financial Data Schedule September 30, 1998 This schedule contains summary financial information extracted from SEC Form 10-QSB and is qualified in its entirety by reference to such financial statements. 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 9-MOS DEC-31-1998 JAN-01-1998 SEP-30-1998 1.0000 3,514,026 0 6,331,008 65,584 3,214,334 13,856,649 8,662,481 7,573,729 15,090,523 3,989,176 1,933,750 0 0 2,422,772 5,944,965 15,090,523 36,817,468 37,114,749 26,019,296 26,019,296 0 9,000 192,739 5,618,178 2,208,367 3,409,811 0 0 0 3,409,811 1.41 1.34
EX-27.2 3 FDS AMERICAN LOCKER GROUP INCORPORATED (REVISED)
5 Exhibit 27.2 American Locker Group Incorporated Financial Data Schedule September 30, 1997 (Revised) This schedule contains summary financial information extracted from SEC Form 10-QSB and is qualified in its entirety by reference to such financial statements. 0000008855 AMERICAN LOCKER GROUP INCORPORATED 1 U.S. DOLLARS 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 1.0000 939,499 0 3,921,302 346,063 3,736,569 9,290,510 8,196,412 7,151,210 10,335,712 3,246,463 0 0 0 2,407,020 1,757,535 10,335,712 19,912,975 20,045,784 13,916,937 13,916,937 0 9,000 103,154 2,102,038 900,372 1,201,666 0 0 0 1,201,666 .39 .38
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