-----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, RvZ96ebYLWVudXe5Ouh+zKlqJsESbUw0q/aeftyTNDOhc5+TK1vIA9TBFYnG73Zh EpswL25Fo5Omzxx1Ooy+mQ== 0000912057-97-008886.txt : 19970317 0000912057-97-008886.hdr.sgml : 19970317 ACCESSION NUMBER: 0000912057-97-008886 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970131 FILED AS OF DATE: 19970314 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRO LEARNING INC CENTRAL INDEX KEY: 0000893965 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PUBLISHING [2741] IRS NUMBER: 363660532 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20842 FILM NUMBER: 97556974 BUSINESS ADDRESS: STREET 1: POPLAR CREEK OFFICE PLAZA STREET 2: 1721 MOON LAKE BOULEVARD CITY: HOFFMAN ESTATES STATE: IL ZIP: 60194 BUSINESS PHONE: 7085175100 MAIL ADDRESS: STREET 1: 1721 MOON LAKE BLVD SUITE 555 CITY: HOOFMAN ESGTATES STATE: IL ZIP: 60194 10-Q 1 FORM 10-Q 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 January 31, 1997 ---------------- 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 0-20842 TRO LEARNING, INC. ------------------ (Exact name of registrant as specified in its charter) Delaware 36-3660532 - -------- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1721 Moon Lake Boulevard, Suite 555, Hoffman Estates, IL 60194 - -------------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 781-7800 -------------- Not Applicable -------------- (Former name, former address and former fiscal year, if changed since last report) 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 the issuer's classes of common stock, as of the latest practicable date. Common stock, $.01 par value 6,224,414 - ---------------------------- -------------------- Class Outstanding as of February 28, 1997 (This document contains 13 pages) 1 TRO LEARNING, INC. AND SUBSIDIARIES INDEX ----- Page Number ------ PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited): Consolidated Statements of Income for the Three Months Ended January 31, 1997 and 1996. . . . . . 3 Consolidated Balance Sheets as of January 31, 1997 and October 31, 1996 . . . . . . . . . 4 Consolidated Statements of Cash Flows for the Three Months Ended January 31, 1997 and 1996. . . . . . 5 Notes to Consolidated Financial Statements. . . . . . . . 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . 8-10 PART II. OTHER INFORMATION Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . 11 Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . 11 Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . 11 Item 4. Submission of Matters to a Vote of Security Holders . . . 11 Item 5. Other Information . . . . . . . . . . . . . . . . . . . . 11 Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . 11-12 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2 PART I. FINANCIAL INFORMATION TRO LEARNING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in thousands, except per share data) Three Months Ended January 31, ------------------------- 1997 1996 ---------- ------------ Revenues by product line: PLATO-Registered Trademark- Education . . . . . . $ 4,265 $ 4,545 Aviation Training . . . . . . . . . . . . . . . . 822 1,864 ----------- ----------- Total revenues. . . . . . . . . . . . . . . . . 5,087 6,409 Cost of revenues. . . . . . . . . . . . . . . . . 779 1,214 ----------- ----------- Gross profit. . . . . . . . . . . . . . . . . . 4,308 5,195 ----------- ----------- Operating expenses: Selling, general and administrative expense . . . 6,116 5,472 Product development and customer support. . . . . 1,610 1,260 ----------- ----------- Total operating expenses. . . . . . . . . . . . 7,726 6,732 ----------- ----------- Operating loss. . . . . . . . . . . . . . . . (3,418) (1,537) Interest expense. . . . . . . . . . . . . . . . . . (228) (118) Interest income and other expense, net. . . . . . . (54) (24) ----------- ----------- Loss before income taxes. . . . . . . . . . . (3,700) (1,679) Credit for income taxes . . . . . . . . . . . . . . (1,386) (630) ----------- ----------- Net loss. . . . . . . . . . . . . . . . . . . $ (2,314) $ (1,049) ----------- ----------- ----------- ----------- Loss per common and common equivalent share: Primary - Net loss. . . . . . . . . . . . . . . . . . . $ (0.37) $ (0.17) ----------- ----------- ----------- ----------- Weighted average common and common equivalent shares outstanding. . . . . . . . . . . . . 6,182 6,081 ----------- ----------- ----------- ----------- See Notes to Consolidated Financial Statements 3 TRO LEARNING,INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except per share data) January 31, October 31, 1997 1996 ----------- ----------- ASSETS Current assets: Cash and cash equivalents . . . . . . . . . . . . . . $ --- $ 475 Accounts receivable, less allowances of $508 and $510, respectively. . . . . . . . . . . . . . . . . 21,641 24,163 Inventories . . . . . . . . . . . . . . . . . . . . . 1,241 1,097 Prepaid expenses and other current assets . . . . . . 1,213 1,051 ---------- ---------- Total current assets. . . . . . . . . . . . . . . . 24,095 26,786 Equipment and leasehold improvements, less accumulated depreciation of $3,425 and $3,250, respectively. . . . . . . . . . . . . . . . . 1,374 1,368 Product development costs, less accumulated amortization of $976 and $680, respectively . . . . . 5,957 5,528 Deferred tax asset. . . . . . . . . . . . . . . . . . . 7,292 5,906 Other assets. . . . . . . . . . . . . . . . . . . . . . 2,108 2,739 ---------- ---------- $ 40,826 $ 42,327 ---------- ---------- ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable. . . . . . . . . . . . . . . . . . . $ 2,128 $ 2,588 Accrued employee salaries and benefits. . . . . . . . 2,039 3,079 Accrued liabilities . . . . . . . . . . . . . . . . . 3,424 3,705 Revolving loan. . . . . . . . . . . . . . . . . . . . 11,213 8,612 Deferred tax liability. . . . . . . . . . . . . . . . 1,845 1,845 Deferred revenue. . . . . . . . . . . . . . . . . . . 1,307 1,137 ---------- ---------- Total current liabilities . . . . . . . . . . . . . 21,956 20,966 Deferred revenue, less current portion. . . . . . . . . 372 296 Other liabilities . . . . . . . . . . . . . . . . . . . 234 253 Stockholders' equity: Common stock, $01 par value; 25,000 shares authorized; 6,268 shares issued and 6,223 shares outstanding in 1997; 6,190 shares issued and 6,167 shares outstanding in 1996; . . . . . . . . . . . . 62 62 Paid in capital. . . . . . . . . . . . . . . . . . 21,729 21,634 Accumulated deficit . . . . . . . . . . . . . . . . . (2,757) (443) Treasury stock at cost, 45 and 23 shares, respectively. . . . . . . . . . . . . . . . . . . . (469) (208) Foreign currency translation adjustment . . . . . . . (301) (233) ---------- ---------- Total stockholders' equity. . . . . . . . . . . . . 18,264 20,812 ---------- ---------- $ 40,826 $ 42,327 ---------- ---------- ---------- ---------- See Notes to Consolidated Financial Statements 4 TRO LEARNING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three Months Ended January 31, -------------------- 1997 1996 -------- -------- Cash flows from operating activities: Net loss . . . . . . . . . . . . . . . . . . . . . . . $(2,314) $(1,049) ---------- ---------- Adjustments to reconcile net loss to net cash used in operating activities: Deferred income taxes. . . . . . . . . . . . . . . . (1,386) (630) Depreciation and amortization. . . . . . . . . . . . 503 291 Provision for doubtful accounts. . . . . . . . . . . 202 220 Disposal of fixed assets . . . . . . . . . . . . . . --- 4 Changes in assets and liabilities: Decrease in accounts receivable. . . . . . . . . . 2,320 2,113 Increase in inventories. . . . . . . . . . . . . . (144) (127) (Increase) decrease in prepaid expenses and other current and noncurrent assets. . . . . . . 456 (347) Increase in product development costs. . . . . . . (726) (669) Decrease in accounts payable . . . . . . . . . . . (460) (565) Decrease in accrued liabilities, accrued employee salaries and benefits and other liabilities. . . . . . . . . . . . . . . . (1,340) (371) Increase (decrease) in deferred revenue. . . . . . 246 (137) ---------- ---------- Total adjustments. . . . . . . . . . . . . . . . (329) (218) ---------- ---------- Net cash used in operating activities. . . . . (2,643) (1,267) ---------- ---------- Cash flows from investing activities: Capital expenditures . . . . . . . . . . . . . . . . (207) (392) ---------- ---------- Net cash used in investing activities. . . . . . . (207) (392) ---------- ---------- Cash flows from financing activities: Net proceeds from short term borrowings. . . . . . . 2,601 1,752 Purchase of treasury stock . . . . . . . . . . . . . (261) --- Net proceeds from issuance of common stock . . . . . 95 40 ---------- ---------- Net cash provided by financing activities. . . . . 2,435 1,792 ---------- ---------- Effect of foreign currency on cash. . . . . . . . . . . (60) (166) ---------- ---------- Net increase (decrease) in cash and cash equivalents. . (475) (33) Cash and cash equivalents at beginning of period. . . . 475 231 ---------- ---------- Cash and cash equivalents at end of period. . . . . . . $ --- $ 198 ---------- ---------- ---------- ---------- Cash paid for interest expense. . . . . . . . . . . . . $227 $115 5 TRO LEARNING, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: NATURE OF BUSINESS: TRO Learning, Inc. and its subsidiaries (the Company) develop and market microcomputer-based, interactive, self-paced instructional and educational systems. The Company markets such systems primarily to educational institutions and private industry. BASIS OF PRESENTATION: The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Accordingly, these quarterly consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Form 10-K for the fiscal year ended October 31, 1996. The financial information furnished reflects, in the opinion of the Company, all adjustments of a normal, recurring nature necessary for a fair statement of the results for the interim periods presented. Because of cyclical and other factors, the results for the interim periods presented are not necessarily indicative of the results to be expected for the full fiscal year. REVENUE RECOGNITION: Revenue from the sale of education and training courseware licenses, support services, and related computer hardware is recognized when courseware, hardware, and related services are delivered at which time future service costs, if any, are accrued. Future service costs represent the Company's problem resolution and support "hotline" service for a one year period. Deferred revenue represents the portion of billings made or payments received in advance of services being performed or products being delivered. PRODUCT DEVELOPMENT, ENHANCEMENT, AND MAINTENANCE COSTS: The Company develops education and training products, referred to hereafter as courseware products. Costs incurred in the development of the Company's current generation courseware products and related enhancements and routine maintenance thereof are expensed as incurred. All costs incurred by the Company in establishing the marketability of its new courseware products to be sold, leased, or otherwise marketed are expensed as incurred, Once marketability has been established, costs incurred in the development of new generation courseware products are capitalized. 6 TRO LEARNING, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED PRODUCT DEVELOPMENT, ENHANCEMENT, AND MAINTENANCE Costs, Continued Amortization is provided over the estimated useful life of the new courseware products, generally three years, using the straight-line method. Amortization begins when the product is available for general release to customers. Unamortized capitalized costs determined to be in excess of the net realizable value of the product are expensed at the date of such determination. COMPUTATION OF INCOME (LOSS) PER SHARE: Primary income (loss) per share is based upon the weighted average number of shares of common stock outstanding and, where dilutive, common equivalent shares from stock options (using the treasury stock method). Fully diluted income (loss) per share is not presented since the results are equivalent to primary income (loss) per share. 2. ACCOUNTS RECEIVABLE: Accounts receivable include installment receivables of $10,786,000 and $13,023,000 at January 31, 1997 and October 31, 1996, respectively. Installment receivables with terms greater than one year were $1,293,000 and $1,909,000 at January 31, 1997 and October 31,1996, respectively, and are included in other assets on the consolidated balance sheets. 3. DEBT: The Company's revolving loan agreement provides for a maximum $12,500,000 line of credit through March 6, 1997. Borrowings under the line bear interest at the prime rate plus 1.5% or the LIBOR rate plus 3.25% as determined by the Company. At January 31, 1997, there were borrowings of $11,213,000 outstanding at a weighted average interest rate of 9.2% and the Company was in compliance with all financial covenants. Effective March 6, 1997, the Company amended its revolving loan agreement to provide for a maximum $18,000,000 line of credit with substantially the same terms. In addition, the amended agreement provides for a $3,000,000 term loan, subject to the Company raising an additional $3,000,000 of capital by June 30, 1997. The Company is currently pursuing financing alternatives to provide additional permanent capital, including a private placement of subordinated convertible debentures. 7 PART I. FINANCIAL INFORMATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - -------------------------------------------------------------------------------- RESULTS OF OPERATIONS FIRST QUARTER FISCAL 1997 COMPARED TO FIRST QUARTER FISCAL 1996 REVENUES: Total revenues for the first quarter of fiscal 1997 of $5,087,000 decreased by $1,322,000 or 21% as compared to $6,409,000 for the first quarter of fiscal 1996. The following table highlights revenues by product line (in 000's):
PLATO EDUCATION AVIATION TRAINING TOTAL ------------------------- ------------------------- ------------------------ 1997 1996 1997 1996 1997 1996 ---------- ---------- ---------- ---------- ---------- --------- Courseware license and support $ 3,569 $ 3,614 $ 799 $ 1,777 $ 4,368 $ 5,391 Hardware, third party courseware and other 696 931 23 87 719 1,018 ---------- ---------- ---------- ---------- ---------- --------- Total revenues $ 4,265 $ 4,545 $ 822 $ 1,864 $ 5,087 $ 6,409 ---------- ---------- ---------- ---------- ---------- --------- ---------- ---------- ---------- ---------- ---------- ---------
PLATO Education revenues decreased $280,000 or 6% compared to the prior year. This decrease was due principally to a decline in low margin hardware revenues. In addition, the first quarter results reflect the traditionally lower level of new orders generated in the first quarter of the fiscal year. Aviation Training revenues decreased $1,042,000 or 56% compared to the prior year. This decrease is principally due to an unusually large contract signed in the first quarter of fiscal 1996 for approximately $1,250,000. GROSS PROFIT: Gross profit for the first quarter of fiscal 1997 decreased by $887,000 or 17% to $4,308,000 as compared to $5,195,000 for the first quarter of fiscal 1996. This decrease was due principally to the decrease in Aviation Training revenues. The Company's gross margin was 85% for the first quarter of fiscal 1997 as compared to 81% for the first quarter of fiscal 1996, reflecting the increased mix of PLATO Education and Aviation Training courseware sales. SELLING, GENERAL, AND ADMINISTRATIVE EXPENSE: Selling, general, and administrative expense for the first quarter of fiscal 1997 increased by $644,000 or 12% to as compared to $5,472,000 for the first quarter of fiscal 1996. This increase was due primarily to higher PLATO Education sales and marketing expenses of $452,000 resulting from the planned expansion of the sales and service organization and slightly higher corporate administrative expenses. 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED - -------------------------------------------------------------------------------- PRODUCT DEVELOPMENT AND CUSTOMER SUPPORT: Product development and customer support expense for the first quarter of fiscal 1997 increased by $350,000 or 28% to $1,610,000 as compared to $1,260,000 for the first quarter of fiscal 1996. This increase was due principally to increased PLATO Education product development expense, which reflects an increase in amortization of capitalized product development costs. OPERATING LOSS: The operating loss was $3,418,000 for the first quarter of fiscal 1997 as compared to $1,537,000 for the first quarter of fiscal 1996. The first quarter loss reflects the impact of a traditionally lower level of revenue in the first half of the Company's fiscal year, as well as the absorption of an increased fixed base of sales and marketing costs related to PLATO Education's expansion. INTEREST EXPENSE: Interest expense for the first quarter of fiscal 1997 was $228,000 as compared to $118,000 for the first quarter of fiscal 1996. Interest expense increased due to a higher level of borrowings under the Company's revolving loan agreement during the first quarter of fiscal 1997. LIQUIDITY AND CAPITAL RESOURCES As of January 31, 1997, the Company's principal sources of liquidity included net accounts receivable of $22,934,000, and its line of credit. The Company has total installment receivables of $12,079,000 at January 31, 1997, of which $10,786,000 are due within one year and are included in net accounts receivable. Net cash used in the Company's operating activities was $2,643,000 in the first quarter of fiscal 1997 as compared to $1,267,000 in the first quarter of fiscal 1996. Cash flows from operations were used principally to fund the Company's working capital requirements as it continues to grow by investing in new products and expanding its PLATO Education sales and service organization. In addition to cash flows from operations, the Company has resources available under its revolving loan agreement. At January 31, 1997, borrowings of $11,213,000 were outstanding at a weighted average interest rate of 9.2%. Effective March 6, 1997, the Company amended its revolving loan agreement to provide for a maximum $18,000,000 line of credit with substantially the same terms. In addition, the amended agreement provides for a $3,000,000 term loan, subject to the Company raising an additional $3,000,000 of capital by June 30, 1997. The Company is currently pursuing financing alternatives to provide additional permanent capital, including a private placement of subordinated convertible debentures. Net cash used in the Company's investing activities in the first quarter of fiscal 1997 was $207,000 for capital expenditures. 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, CONTINUED - -------------------------------------------------------------------------------- LIQUIDITY AND CAPITAL RESOURCES, CONTINUED Net cash provided by financing activities in the first quarter of fiscal 1997 was $2,435,000 which primarily represents borrowings under the Company's line of credit. The Company maintains adequate cash reserves, short-term investments, and credit facilities to meet its anticipated working capital, capital expenditure, and business investment requirements. 10 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is not a party to any litigation that is expected to have a material adverse effect on the Company or its business. ITEM 2. CHANGES IN SECURITIES Not Applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not Applicable. ITEM 5. OTHER INFORMATION Not Applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit No. Description of Exhibits Page ----------- ----------------------- ---- 11 Statement Regarding Computation 12 of Per Share Income (Loss) (b) Reports on Form 8-K: No reports on Form 8-K were filed for the quarter ended January 31, 1997. 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 on March 12, 1997 TRO LEARNING, INC. By /s/William R. Roach ------------------------------ William R. Roach Chairman of the Board, President and Chief Executive Officer (principal executive officer) /s/Sharon Fierro ------------------------------ Sharon Fierro Senior Vice President, Chief Financial Officer, Treasurer and Secretary (principal financial officer) /s/ Mary Jo Murphy ------------------------------ Mary Jo Murphy Vice President, Corporate Controller and Chief Accounting Officer (principal accounting officer) 13 EX-11 2 EXHIBIT 11 EXHIBIT 11 TRO LEARNING, INC. AND SUBSIDIARIES COMPUTATION OF INCOME (LOSS) PER SHARE AND EQUIVALENT SHARE OF COMMON STOCK (Unaudited, in thousands, except per share data) Three Months Ended January 31, ------------------- 1997 1996 -------- -------- AVERAGE SHARES OUTSTANDING: 1. Weighted average number of shares of common stock outstanding during the period . . . . . 6,182 6,081 2. Net additional shares assuming stock options exercised . . . . . . . . . . . . . . . . . . --- --- ---------- ---------- 3. Weighted average number of shares and equivalent shares of common stock outstanding during the period . . . . . . . . . . . . . . 6,182 6,081 ---------- ---------- ---------- ---------- INCOME (LOSS): 4. Net loss . . . . . . . . . . . . . . . . . . . . $(2,314) $(1,049) ---------- ---------- ---------- ---------- PER SHARE AMOUNTS: Net loss (line 4/line 3). . . . . . . . . . . . . . . $(0.37) $(0.17) ---------- ---------- ---------- ---------- 12 EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME FOUND IN THE COMPANY'S FORM 10-Q FOR THE QUARTER ENDED JANUARY 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS OCT-31-1997 JAN-31-1997 0 0 21641 508 1241 24095 1374 3425 40826 21956 0 0 0 62 18202 40826 5087 5087 779 779 7780 0 228 (3700) (1386) (2314) 0 0 0 (2314) (0.37) (0.37)
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