-----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, AAuqcxYuXc5qyhWCLJ7TBUvVqErJYtfM/cE45XL3gfOuWTQ1PgSXF281Ufc+713l Zy08tP2WJQlbYlND97dI7Q== 0000899723-99-000006.txt : 19990512 0000899723-99-000006.hdr.sgml : 19990512 ACCESSION NUMBER: 0000899723-99-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OM GROUP INC CENTRAL INDEX KEY: 0000899723 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 521736882 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12515 FILM NUMBER: 99616512 BUSINESS ADDRESS: STREET 1: 50 PUBLIC SQ STREET 2: 3800 TERMINAL TOWER CITY: CLEVELAND STATE: OH ZIP: 44113-2204 BUSINESS PHONE: 2167810083 MAIL ADDRESS: STREET 1: 3800 TERMINAL TOWER STREET 2: 50 PUBLIC SQU CITY: CLEVELAND STATE: OH ZIP: 44113-2204 10-Q 1 OM GROUP, INC. FORM 10-Q FOR QUARTER ENDING 03/31/99 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 Commission File Number 0-22572 OM GROUP, INC. (exact name of registrant as specified in its charter) Delaware 52-1736882 (state or other jurisdiction of (I.R.S., Employer incorporation or organization) Identification Number) Tower City 50 Public Square 3500 Terminal Tower Cleveland, Ohio 44113-2204 (Address of principal executive offices) (zip code) (216) 781-0083 (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 and 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 March 31, 1999: Common Stock, $.01 Par Value - 23,703,219 shares. INDEX OM GROUP, INC. Part I. Financial Information Item 1. Financial Statements (Unaudited) Condensed consolidated balance sheets -- March 31, 1999 and December 31, 1998 Condensed consolidated statements of income -- Three months ended March 31, 1999 and 1998 Condensed consolidated statements of cash flows -- Three months ended March 31, 1999 and 1998 Notes to condensed consolidated financial statements -- March 31, 1999 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 3. Quantitative and Qualitative Disclosures about Market Risk Part II. Other Information Item 1. Legal Proceedings - Not applicable 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 (15) Independent Accountants' Review Report (15) Letter re: Unaudited Interim Financial Information (27) Financial Data Schedule Page 1 Part I Financial Information Item 1 Financial Statements OM GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Thousands of dollars, except share data) (Unaudited) March 31, December 31, 1999 1998 --------- --------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 9,824 $ 7,750 Accounts receivable 84,636 80,906 Inventories 332,106 283,264 Other current assets 29,187 48,321 -------- -------- Total Current Assets 455,753 420,241 PROPERTY, PLANT AND EQUIPMENT Land 4,316 4,241 Buildings and improvements 80,882 80,148 Machinery and equipment 259,302 242,137 Furniture and fixtures 12,326 12,242 -------- -------- 356,826 338,768 Less accumulated depreciation 97,974 93,423 -------- -------- 258,852 245,345 OTHER ASSETS Goodwill and other intangible assets 187,176 188,486 Other assets 20,059 16,647 -------- -------- TOTAL ASSETS $921,840 $870,719 ======== ======== Page 2 Part I Financial Information Item 1 Financial Statements LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $ 122 $ 141 Short-term debt 2,000 Accounts payable 66,913 76,412 Other accrued expenses 41,435 41,014 -------- -------- Total Current Liabilities 108,470 119,567 LONG-TERM LIABILITIES Long-term debt 366,185 309,964 Deferred income taxes 26,478 29,950 Other long-term liabilities 7,492 7,095 STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value: Authorized 2,000,000 shares; no shares issued or outstanding Common stock, $0.01 par value: Authorized 60,000,000 shares; issued 23,959,346 shares 240 240 Capital in excess of par value 258,085 258,085 Retained earnings 165,448 155,691 Treasury stock (256,127 shares in 1999 and 234,847 shares in 1998, at cost) (8,910) (8,494) Accumulated other comprehensive income (1,648) (1,379) -------- -------- Total Stockholders' Equity 413,215 404,143 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $921,840 $870,719 ======== ======== See notes to condensed Consolidated Financial Statements Page 3 Part I Financial Information Item 1 Financial Statements OM GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Thousands of dollars, except per share data) (Unaudited) Three Months Ended March 31, --------------------- 1999 1998 -------- --------- Net sales $114,113 $138,098 Cost of products sold 77,004 103,468 ------- -------- 37,109 34,630 Selling, general and administrative expenses 14,306 14,097 ------- -------- INCOME FROM OPERATIONS 22,803 20,533 OTHER INCOME (EXPENSE) Interest expense (4,450) (3,979) Interest income 15 108 Foreign exchange gain 400 178 -------- -------- (4,035) (3,693) -------- -------- INCOME BEFORE INCOME TAXES 18,768 16,840 Income taxes 5,795 5,671 -------- -------- NET INCOME $ 12,973 $ 11,169 ======== ======== Net income per common share $0.55 $0.51 Net income per common share - assuming dilution $0.54 $0.49 Dividends paid per common share $0.10 $0.09 See notes to condensed Consolidated Financial Statements Page 4 Part I Financial Information Item 1 Financial Statements OM GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited) Three Months Ended March 31, ------------------- 1999 1998 -------- -------- OPERATING ACTIVITIES Net income $12,973 $11,169 Items not affecting cash: Depreciation and amortization 6,881 6,517 Foreign exchange gain (400) (178) Deferred income taxes (3,472) (1,226) Changes in operating assets and liabilities (43,927) (22,221) ------- ------- NET CASH USED IN OPERATING ACTIVITIES (27,945) (5,939) INVESTING ACTIVITIES Expenditures for property, plant and equipment, net (17,275) (16,385) Acquisitions of businesses (2,650) (94,043) ------- --------- NET CASH USED IN INVESTING ACTIVITIES (19,925) (110,428) FINANCING ACTIVITIES Dividend payments (2,375) (1,986) Long-term borrowings 56,221 114,000 Payments of long-term debt (66) Payments of short-term debt (2,000) Purchase of treasury stock (1,864) (950) Proceeds from exercise of stock options 189 111 ------- ------- NET CASH PROVIDED BY FINANCING ACTIVITIES 50,171 111,109 Effect of exchange rate changes on cash and cash equivalents (227) 165 ------- ------- Increase (decrease) in cash and cash equivalents 2,074 (5,093) Cash and cash equivalents at beginning of period 7,750 13,193 ------- ------- Cash and cash equivalents at end of period $ 9,824 $ 8,100 ======= ======= See notes to condensed Consolidated Financial Statements Page 5 Part I Financial Information Item 1 Financial Statements OM GROUP, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) March 31, 1999 (Thousands of dollars, except per share amounts) Note A BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair financial presentation have been included. Past operating results are not necessarily indicative of the results which may occur in future periods. For further information refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. In June, 1998, SFAS No. 133 "Accounting for Derivative Instruments and Hedging Activities" was issued. SFAS No. 133 provides a comprehensive and consistent standard for the recognition and measurement of derivatives and hedging activities. The Company must adopt SFAS No. 133 no later than the first quarter of fiscal year 2000; adoption of this statement is not expected to have a material effect on earnings or the financial position of the Company. Note B INVENTORIES Inventories consist of the following: March 31, December 31, 1999 1998 -------- --------- Raw materials and supplies $138,631 $ 99,471 Finished goods 128,663 123,651 -------- -------- 267,294 223,122 LIFO reserve 64,812 60,142 -------- -------- Total inventories $332,106 $283,264 ======== ======== Page 6 Part I Financial Information Item 1 Financial Statements Note C CONTINGENT MATTERS The Company is a party to various legal proceedings incidental to its business and is subject to a variety of environmental and pollution control laws and regulations in the jurisdictions in which it operates. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings involving environmental matters. Although it is very difficult to quantify the potential impact of compliance with or liability under environmental protection laws, management believes that the ultimate aggregate cost to the Company of environmental remediation, as well as other legal proceedings arising out of operations in the normal course of business, will not result in a material adverse effect upon its financial condition or results of operations. Note D COMPUTATION OF EARNINGS PER SHARE The following table sets forth the computation of net income per common share and net income per common share - assuming dilution (shares in thousands): Three Months Ended March 31 ------------------ 1999 1998 ------- ------- Net income $12,973 $11,169 ======= ======= Weighted average number of shares outstanding 23,703 22,064 Dilutive effect of stock options 541 756 ------- ------- Weighted average number of shares outstanding - assuming dilution 24,244 22,820 ====== ====== Net income per common share $.55 $.51 ==== ==== Net income per common share - assuming dilution $.54 $.49 ==== ==== Page 7 Part I Financial Information Item 1 Financial Statements Note E COMPREHENSIVE INCOME The principal differences between net income as reported in the condensed consolidated statements of income and comprehensive income are foreign currency translation adjustments recorded in stockholders' equity. Comprehensive income for the three months ended March 31, 1999 and 1998 was $12,704 and $11,329, respectively, and did not differ materially from net income. Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998 Net sales for the three months ended March 31, 1999 were $114.1 million, a decrease of 17.4% compared to the same period for 1998. The decrease in sales resulted principally from lower cobalt, nickel, and copper raw material prices. The following table summarizes market price fluctuations on the primary raw materials used by the Company in manufacturing its products: Market Price Ranges per Pound Three Months Ended March 31, ------------------------------------ 1999 1998 --------------- ---------------- Cobalt - 99.3% Grade $6.70 to $17.43 $18.10 to $20.25 Nickel $1.81 to $ 2.33 $ 2.37 to $ 2.69 Copper $0.61 to $ 0.66 $ 0.74 to $ 0.82 The following table sets forth the pounds of carboxylates, salts and powders sold during each period: Three Months Ended March 31, --------------------------- Percentage (in millions of pounds) 1999 1998 Change ---- ---- ------- Carboxylates 17.5 14.4 21.5% Salts 23.9 21.7 10.1% Powders 10.3 10.8 (4.6)% ---- ---- ----- 51.7 46.9 10.2% ==== ==== ===== Page 8 Part I Financial Information Item 2 Financial Statements The increase in physical volume of carboxylate products sold was primarily due to increased sales of PVC additives and generally stronger catalyst and drier sales in the United States. The increase in physical volume of salt products reflects higher sales of memory disk chemicals in Asia Pacific, more than offsetting a decline in organic salt volumes related to the transition involved with establishing a new Japanese sales office and the termination of the D&O (Japan) joint venture. The decrease in physical volume of powders sold was due to softness in copper powder products sold to the relatively weak oilfield and agricultural equipment business areas, partially offset by substantial increases in extra fine cobalt sales to the hard metal tool and diamond tool industries. Gross profit increased to $37.1 million for the three month period ended March 31, 1999, a 7.2% increase over the same period in 1998. The improvement in gross profit was primarily the result of a combination of increased volumes, improved product mix and lower expenses, which offset a short-term compression in the Company's raw material margin. This compression occurs in the short-term when the cobalt market price rises dramatically, with a resulting short-term selling price lag. Cost of products sold decreased to 67.5% for the three months ended March 31, 1999 from 74.9% of net sales during the same period of 1998 as a result of lower cobalt, nickel and copper pricing and improved product mix. Selling, general and administrative expenses increased by $.2 million in the three month period ended March 31, 1999 from the same period in 1998 resulting from general increases in administrative costs due to the Company's growth. However, due to the decline in net sales resulting from lower cobalt, nickel, and copper prices, selling, general and administrative expenses increased to 12.5% of net sales for the first three months of 1999 compared to 10.2% of net sales for the same period in 1998. Other expense - net in 1999 was $4.0 million compared to $3.7 million in 1998, due primarily to increased interest expense on higher outstanding borrowings as a result of provisional payments made on Zambia Consolidated Copper Mines Limited cobalt-copper concentrate. Income taxes as a percentage of income before income taxes decreased to 30.9% for the first quarter of 1999 from 33.7% in the same period in 1998. The lower effective tax rate is due primarily to higher income from the relatively low statutory rate in Finland and the tax holiday in Malaysia. Net income for the three month period ended March 31, 1999 was $13.0 million, an increase of $1.8 million from the same period in 1998, due to the aforementioned factors. Page 9 Part I Financial Information Item 2 Financial Statements Liquidity and Capital Resources During the three month period ended March 31, 1999, the Company's net working capital increased by approximately $47 million, compared to December 31,1998. This increase was primarily the result of provisional payments made on Zambia Consolidated Copper Mines Limited cobalt-copper concentrate which were funded primarily through additional bank borrowings. Capital expenditures increased in 1999, primarily due to the completion of the Company's solvent extraction unit in Kokkola, Finland and the continuing smelter construction project in Lumbumbashi, Democratic Republic of Congo. These capital expenditures were funded through cash generated by operations as well as additional borrowings under the Company's revolving credit facility. In January, 1999, the Company's revolving credit facility was revised to increase available credit to $325 million to finance the purchase of cobalt-copper concentrate, and to expand its sources of capital by adding three new institutions. The Company believes that it will have sufficient cash generated by operations and through its credit facilities to provide for its future working capital and capital expenditure requirements and to pay quarterly dividends on its common stock, subject to the Board's discretion. Subject to several limitations in its credit facilities, the Company may incur additional borrowings under this line to finance working capital and certain capital expenditures, including, without limitation, the purchase of additional raw materials. Year 2000 Based on ongoing reviews of the Company's systems, the Company presently believes that with modifications to existing computer software and conversions to new software, the Year 2000 Issue will not pose significant operational problems to its normal business activities. The Company's plan to resolve the Year 2000 Issue involves the following four phases: assessment, remediation, testing and implementation. The following table summarizes the Company's progress on these Year 2000 phases, with respect to: 1) the nature and potential effects of the Year 2000 on information (IT) and non-IT systems; 2) the status of the Company's progress in becoming Year 2000 ready for both IT and non-IT systems, including estimated timetable for completion of each phase; and 3) third parties and their exposure to the Year 2000. Page 10 Part I Financial Information Item 2 Financial Statements Exposure Type Resolution Phases ---------------------- ----------------------------------------- Assess Remedi- Imple- -ment ation Testing mentation -------- -------- -------- --------- INFORMATION SYSTEMS ------------------------ % Complete at 3/31/99 90% 80% 75% 70% Expected Completion Date Apr 1999 Jun 1999 Jul 1999 Sep 1999 NON-INFORMATION SYSTEMS ------------------------ Production and Manufacturing Systems % Complete at 3/31/99 100% 90% 75% 60% Expected Completion Date Sep 1998 Jun 1999 Jul 1999 Sep 1999 Products % Complete at 3/31/99 100% N/A N/A N/A Expected Completion Date Sep 1998 THIRD PARTIES ------------------------ System Interface % Complete at 3/31/99 95% N/A N/A N/A Expected Completion Date Apr 1999 Other Material Exposures % Complete at 3/31/99 100% N/A N/A N/A Expected Completion Date Sep 1998 This project will be completed using a combination of existing internal and external resources. The total cost of the Year 2000 project is estimated at $2.5 million and is being funded through operating cash flows. As of March 31, 1999, approximately $1.4 million has been incurred. Of the total project cost, approximately $.8 million is attributable to a new software purchase, which has been capitalized. The remaining $1.7 million, which is being expensed as incurred, is not expected to have a material effect on the results of operations of the Company. Management of the Company believes it has an effective program in place to resolve the Year 2000 issue in a timely manner. As noted above, the Company has not yet completed all necessary phases of the Year 2000 program. Disruptions in the economy generally resulting from Year 2000 issues could also materially adversely affect the Company. The amount of potential liability and lost revenue cannot be reasonably estimated at this time. Page 11 Part I Financial Information Item 2 Financial Statements The Company does not believe that lack of completion of all phases of the Year 2000 program by December 31, 1999 would materially disrupt its operations, based on an evaluation of the status of the program in April, 1999, and has determined that a contingency plan is not necessary. Euro Conversion The Company has converted and/or installed the necessary software modifications and is successfully operating in the post-euro conversion European economy since the introduction of the euro currency on January 1, 1999. Forward Looking Statements The Company is making this statement in order to satisfy the "safe harbor" provisions contained in the Private Securities Litigation Reform Act of 1995. The foregoing discussion includes forward- looking statements relating to the business of the Company. Such forward-looking statements are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those matters expressed in or implied by such forward-looking statements. The Company believes that the following factors, among others, could affect its future performance and cause actual results of the Company to differ materially from those expressed in or implied by forward-looking statements made by or on behalf of the Company: (a) the price and supply of raw materials, particularly cobalt, copper and nickel; (b) demand for metal-based specialty chemicals in the mature markets in the United States and Europe; (c) demand for metal-based specialty chemicals in Asia-Pacific and other less mature markets; (d) the effect of non-currency risks of investing in and conducting operations in foreign countries, together with fluctuations in currency exchange rates upon the Company's international operations, including those relating to political, social, economic and regulatory factors; and (e) the Company's ability and its customers' and suppliers' ability to replace, modify or upgrade computer programs in ways that adequately address the Year 2000 Issue. Item 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK A discussion of market risk exposures is included in Part II, Item 7a, "Qualitative and Quantitative Disclosure About Market Risk", of the Company's 1998 Annual Report on Form 10-K. There have been no material changes during the three months ended March 31, 1999. Page 12 Part I Financial Information Part II OTHER INFORMATION Item 6 EXHIBITS AND REPORTS ON FORM 8-K The following exhibits are included herein: Exhibit (15) Independent Accountants' Review Report Exhibit (15) Letter re: Unaudited Interim Financial Information Exhibit (27) Financial Data Schedule There were no reports on Form 8-K filed during the three months ended March 31, 1999. Page 13 SIGNATURE 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. May 7, 1999 OM GROUP, INC. /s/ James M. Materna ------------------------------ James M. Materna Chief Financial Officer (Duly authorized signatory of OM Group, Inc.) Page 14 Independent Accountants' Review Report Stockholders and Board of Directors OM Group, Inc. We have reviewed the accompanying condensed consolidated balance sheet of OM Group, Inc. as of March 31, 1999, and the related condensed consolidated statements of income and cash flows for the three-month periods ended March 31, 1999 and 1998. These financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of OM Group, Inc. as of December 31, 1998, and the related consolidated statements of income, stockholders' equity, and cash flows for the year then ended, not presented herein, and in our report dated February 12, 1999, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1998, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. /s/ Ernst & Young LLP --------------------- Ernst & Young LLP Cleveland, Ohio May 6, 1999 Page 15 Acknowledgment of Independent Accountants Stockholders and Board of Directors OM Group, Inc. We are aware of the incorporation by reference in the following Registration Statements of OM Group, Inc. of our report dated May 6, 1999, relating to the unaudited condensed consolidated interim financial statements of OM Group, Inc. which are included in its Form 10-Q for the quarter ended March 31, 1999. Registration Number Description Filing Date 33-74674 OM Group, Inc. Long-Term Incentive Compensation Plan - Form S-8 Registration Statement - 1,015,625 Shares January 27, 1994 333-7529 OMG Americas, Inc. Employees' Profit Sharing Plan -- Form S-8 Registration Statement - 250,000 Shares July 3, 1996 333-7531 OM Group, Inc. Non-Employee Directors' Equity Plan -- Form S-8 Registration Statement - 250,000 Shares July 3, 1996 Pursuant to Rule 436(c) of the Securities Act of 1933 our report is not a part of the registration statements prepared or certified by accountants within the meaning of Section 7 or 11 of the Securities Act of 1933. /s/ Ernst & Young LLP --------------------- Ernst & Young LLP Cleveland, Ohio May 6, 1999 Page 16 EX-27 2 FINANCIAL DATA SCHEDULE FOR 1ST QUARTER 1999 10-Q
5 This schedule contains summary financial information extracted from the OM Group, Inc. Condensed Consolidated Balance Sheet at March 31, 1999 (Unaudited) and the OM Group, Inc. Condensed Consolidated Statement of Income for the three months ended March 31, 1999 (Unaudited) and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS Dec-31-1999 Mar-31-1999 9,824 0 84,636 0 332,106 455,753 356,826 97,974 921,840 108,470 0 0 0 240 412,975 921,840 114,113 114,113 77,004 91,310 (415) 0 4,450 18,768 5,795 12,973 0 0 0 12,973 .55 .54 -----END PRIVACY-ENHANCED MESSAGE-----