Michigan
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0-22684
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38-1465835
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(State or other Jurisdiction
of Incorporation)
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(Commission File Number) |
(IRS Employer Identification No.)
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2801 East Beltline, NE
Grand Rapids, Michigan
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49525
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(Address of Principal Executive Offices) | (Zip Code) |
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements, Pro Forma Financial Information, and Exhibits
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(c)
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Exhibits
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99(a)
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Press Release dated October 12, 2011.
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UNIVERSAL FOREST PRODUCTS, INC. | |||
(Registrant) |
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Dated: October 12, 2011
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By: |
/s/ Michael R. Cole
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Michael R. Cole, Chief Financial Officer
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and Treasurer
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Quarter Period
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Year to Date
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|||||||||||||||||||||||||||||||
(In thousands, except per share data)
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2011
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2010
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2011
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2010
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||||||||||||||||||||||||||||
NET SALES
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$ | 468,941 | 100 | % | $ | 480,574 | 100 | % | $ | 1,400,313 | 100 | % | $ | 1,512,166 | 100 | % | ||||||||||||||||
COST OF GOODS SOLD
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414,583 | 88.4 | 426,159 | 88.7 | 1,247,954 | 89.1 | 1,328,232 | 87.8 | ||||||||||||||||||||||||
GROSS PROFIT
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54,358 | 11.6 | 54,415 | 11.3 | 152,359 | 10.9 | 183,934 | 12.2 | ||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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44,013 | 9.4 | 47,286 | 9.8 | 135,829 | 9.7 | 149,815 | 9.9 | ||||||||||||||||||||||||
NET LOSS ON DISPOSITION OF ASSETS,EARLY RETIREMENT, AND OTHER IMPAIRMENT AND EXIT CHARGES
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207 | - | 1,137 | 0.2 | 3,696 | 0.3 | 1,521 | 0.1 | ||||||||||||||||||||||||
EARNINGS FROM OPERATIONS
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10,138 | 2.2 | 5,992 | 1.2 | 12,834 | 0.9 | 32,598 | 2.2 | ||||||||||||||||||||||||
INTEREST, NET
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857 | 0.2 | 777 | 0.2 | 2,289 | 0.2 | 2,376 | 0.2 | ||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
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9,281 | 2.0 | 5,215 | 1.1 | 10,545 | 0.8 | 30,222 | 2.0 | ||||||||||||||||||||||||
INCOME TAXES
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3,293 | 0.7 | 2,017 | 0.4 | 3,508 | 0.3 | 10,836 | 0.7 | ||||||||||||||||||||||||
NET EARNINGS
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5,988 | 1.3 | 3,198 | 0.7 | 7,037 | 0.5 | 19,386 | 1.3 | ||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
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(372 | ) | (0.1 | ) | (614 | ) | (0.1 | ) | (814 | ) | (0.1 | ) | (2,099 | ) | (0.1 | ) | ||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
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$ | 5,616 | $ | 2,584 | $ | 6,223 | $ | 17,287 | ||||||||||||||||||||||||
EARNINGS PER SHARE - BASIC
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$ | 0.29 | $ | 0.13 | $ | 0.32 | $ | 0.90 | ||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
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$ | 0.29 | $ | 0.13 | $ | 0.32 | $ | 0.89 | ||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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19,441 | 19,201 | 19,387 | 19,239 | ||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING WITH COMMON STOCK EQUIVALENTS
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19,546 | 19,416 | 19,524 | 19,488 |
Quarter Period
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Year to Date
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|||||||||||||||||||||||||||||||
Market Classification
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2011
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%
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2010
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%
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2011
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%
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2010
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%
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||||||||||||||||||||||||
Retail Building Materials
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$ | 210,912 | 44 | % | $ | 222,842 | 45 | % | $ | 673,720 | 47 | % | $ | 762,929 | 50 | % | ||||||||||||||||
Residential Construction
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52,174 | 11 | % | 62,857 | 13 | % | 156,660 | 11 | % | 183,596 | 12 | % | ||||||||||||||||||||
Commercial Construction and Concrete Forming
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21,220 | 4 | % | 19,003 | 4 | % | 56,490 | 4 | % | 50,305 | 3 | % | ||||||||||||||||||||
Industrial
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128,267 | 27 | % | 120,613 | 25 | % | 364,453 | 26 | % | 345,277 | 22 | % | ||||||||||||||||||||
Manufactured Housing
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65,718 | 14 | % | 64,175 | 13 | % | 177,351 | 12 | % | 195,941 | 13 | % | ||||||||||||||||||||
Total Gross Sales
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478,291 | 100 | % | 489,490 | 100 | % | 1,428,674 | 100 | % | 1,538,048 | 100 | % | ||||||||||||||||||||
Sales Allowances
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(9,350 | ) | (8,916 | ) | (28,361 | ) | (25,882 | ) | ||||||||||||||||||||||||
Total Net Sales
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$ | 468,941 | $ | 480,574 | $ | 1,400,313 | $ | 1,512,166 |
(In thousands)
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|||||||||||||||||
ASSETS
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2011
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2010
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LIABILITIES AND EQUITY
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2011
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2010
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CURRENT ASSETS
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CURRENT LIABILITIES
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Cash and cash equivalents
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$ | 18,649 | $ | 41,936 |
Accounts payable
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$ | 65,315 | $ | 62,621 | ||||||||
Accounts receivable
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173,965 | 166,369 |
Accrued liabilities
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56,823 | 68,977 | ||||||||||||
Inventories
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180,882 | 172,457 |
Current portion of long-term
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||||||||||||||
Assets held for sale
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5,082 | - |
debt and capital leases
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266 | 702 | ||||||||||||
Other current assets
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21,493 | 18,759 | |||||||||||||||
TOTAL CURRENT ASSETS
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400,071 | 399,521 |
TOTAL CURRENT LIABILITIES
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122,404 | 132,300 | ||||||||||||
OTHER ASSETS
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11,470 | 6,069 |
LONG-TERM DEBT AND
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||||||||||||||
INTANGIBLE ASSETS, NET
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168,962 | 175,051 |
CAPITAL LEASE OBLIGATIONS, less current portion
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52,200 | 52,465 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
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217,920 | 221,839 |
OTHER LIABILITIES
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37,850 | 35,626 | ||||||||||||
EQUITY
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585,969 | 582,089 | |||||||||||||||
TOTAL ASSETS
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$ | 798,423 | $ | 802,480 |
TOTAL LIABILITIES AND EQUITY
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$ | 798,423 | $ | 802,480 |
(In thousands)
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2011
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2010
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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Net earnings attributable to controlling interest
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$ | 6,223 | $ | 17,287 | ||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
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||||||||
Depreciation
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22,260 | 22,305 | ||||||
Amortization of intangibles
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4,129 | 5,243 | ||||||
Expense associated with share-based compensation arrangements
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1,281 | 1,495 | ||||||
Excess tax benefits from share-based compensation arrangements
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(138 | ) | (265 | ) | ||||
Expense associated with stock grant plans
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162 | 134 | ||||||
Deferred income tax credit
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(222 | ) | (228 | ) | ||||
Net earnings attributable to noncontrolling interest
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814 | 2,099 | ||||||
Net (gain) loss on sale or impairment of assets
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(183 | ) | 1,053 | |||||
Changes in:
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Accounts receivable
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(47,438 | ) | (58,151 | ) | ||||
Inventories
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9,497 | (7,103 | ) | |||||
Accounts payable
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5,849 | 12,829 | ||||||
Accrued liabilities and other
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(109 | ) | 14,711 | |||||
NET CASH FROM OPERATING ACTIVITIES
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2,125 | 11,409 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property, plant, and equipment
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(21,774 | ) | (15,679 | ) | ||||
Acquisitions, net of cash received
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- | (6,529 | ) | |||||
Proceeds from sale of property, plant and equipment
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1,485 | 540 | ||||||
Purchase of patents
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(116 | ) | (4,589 | ) | ||||
Advances of notes receivable
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- | (1,000 | ) | |||||
Collections of notes receivable
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308 | 143 | ||||||
Other, net
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100 | 17 | ||||||
NET CASH FROM INVESTING ACTIVITIES
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(19,997 | ) | (27,097 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Net repayments under revolving credit facilities
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(2,109 | ) | - | |||||
Repayment of long-term debt
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(745 | ) | (719 | ) | ||||
Proceeds from issuance of common stock
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1,306 | 1,439 | ||||||
Purchase of additional noncontrolling interest
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(402 | ) | (1,227 | ) | ||||
Distributions to noncontrolling interest
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(1,213 | ) | (944 | ) | ||||
Capital contribution from noncontrolling interest
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80 | 250 | ||||||
Dividends paid to shareholders
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(3,905 | ) | (3,869 | ) | ||||
Repurchase of common stock
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- | (4,999 | ) | |||||
Excess tax benefits from share-based compensation arrangements
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138 | 265 | ||||||
Other, net
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8 | 18 | ||||||
NET CASH FROM FINANCING ACTIVITIES
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(6,842 | ) | (9,786 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
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(24,714 | ) | (25,474 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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43,363 | 67,410 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 18,649 | $ | 41,936 | ||||
SUPPLEMENTAL INFORMATION:
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Cash paid (refunded) during the period for:
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Interest
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$ | 2,162 | $ | 2,058 | ||||
Income taxes
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3,483 | (1,488 | ) |