-----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, GjlQpzEiN9sD1SNLeP011qFQRuQHXuUcMldb+p6Ml3ExsJkqI3TxBJvGSNoTpKj0 1XRbKba4mtI3mErBH2yy+Q== 0000950146-96-000755.txt : 19960515 0000950146-96-000755.hdr.sgml : 19960515 ACCESSION NUMBER: 0000950146-96-000755 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONESTA INTERNATIONAL HOTELS CORP CENTRAL INDEX KEY: 0000091741 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 135648107 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09032 FILM NUMBER: 96563810 BUSINESS ADDRESS: STREET 1: 200 CLARENDON ST CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6174215400 MAIL ADDRESS: STREET 1: 200 CLARENDON ST CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: HOTEL CORP OF AMERICA DATE OF NAME CHANGE: 19700622 FORMER COMPANY: FORMER CONFORMED NAME: CHILDS CO DATE OF NAME CHANGE: 19681121 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended March 31, 1996 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 0-9032 SONESTA INTERNATIONAL HOTELS CORPORATION (Exact name of registrant as specified in its charter) NEW YORK 13-5648107 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 200 Clarendon Street, Boston, MA 02116 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) 617-421-5400 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - ------------------------------------------------------------------------------ (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 ___ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15 (d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ____ No ____ APPLICABLE ONLY TO CORPORATE ISSURERS: Number of Shares of Common Stock Outstanding as of May 10, 1996 -- $.80 par value, Class A -- 2,071,215 FORM 10-Q Part I - Item 1. Financial Information SONESTA INTERNATIONAL HOTELS CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 1996 (Unaudited) and December 31, 1995
(in thousands) ---------------------------------- March 31 December 31 1996 1995 --------- ----------- ASSETS Current assets: Cash and cash equivalents $ 1,328 $ 3,370 Accounts and notes receivables: Trade, less allowance of $89,000 ($98,000 at December 31, 1995) for doubtful accounts 4,796 5,098 Interest Receivable 143 145 Other 795 828 ------- ------ Total accounts and notes receivable 5,734 6,071 Current portion of deferred taxes 381 400 Inventories 761 656 Prepaid expenses 1,410 496 ------- ------ Total current assets 9,614 10,993 Long-term receivables and advances 13,074 13,544 Investments in hotels 6,416 6,341 Property and equipment, at cost: Land 2,206 2,202 Buildings 39,660 39,611 Furniture and equipment 15,992 15,096 Leasehold improvements 703 700 ------ ------ 58,561 57,609 Less accumulated depreciation and amortization 20,247 19,247 ------ ------ Net property and equipment 38,314 38,362 ------ ------ $67,418 $69,240 ====== ======
See accompanying notes to consolidated financial statements. 1 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 1996 (Unaudited) and December 31, 1995
(in thousands) ---------------------------------- March 31 December 31 1996 1995 --------- ----------- LIABILITIES AND COMMON STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 289 $ 562 Current portion of long-term debt and capitalized lease obligations 1,247 1,211 Accounts payable 3,733 5,380 Federal, foreign and state income taxes 392 411 Accrued liabilities: Salaries and wages 959 1,782 Rentals 6,771 5,270 Interest 144 173 Employee benefits 939 982 Other 1,401 1,056 ------ ------ Total accrued liabilities 10,214 9,263 ------ ------ Total current liabilities 15,875 16,827 Long-term debt 24,577 24,977 Capital lease obligations 92 105 Deferred federal and state income taxes 2,401 2,381 Other non-current liabilities 1,186 1,030 Redeemable preferred stock, $25 par value, at redemption value 294 294 Commitments and contingencies Common stockholders' equity: Common stock: Class A, $.80 par value: Authorized--10,000,000 shares Issued--3,051,088 shares at stated value 3,488 3,488 Retained earnings 27,602 28,235 Treasury shares--979,851, at cost (8,097) (8,097) ------ ------ Total common stockholders' equity 22,993 23,626 ------ ------ $67,418 $69,240 ====== ======
See accompanying notes to consolidated financial statements. 2 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands except for per share data)
Three months ended ------------------------------------- March 31, 1996 March 31, 1995 -------------- -------------- Revenues: Rooms $ 8,330 $ 8,136 Food and beverage 3,247 3,132 Management, license and service fees 1,428 1,230 Other 1,177 1,005 ------- ------- 14,182 13,503 ------- ------- Costs and expenses: Costs and operating expenses 6,176 5,437 Advertising and promotion 1,383 1,172 Administrative and general 2,690 2,265 Human resources 327 301 Maintenance 1,170 1,021 Rentals 1,709 2,198 Property taxes 270 304 Depreciation and amortization 1,000 828 ------- ------- 14,725 13,526 ------- ------- Operating loss (543) (23) Other income (deductions): Interest expense (498) (447) Interest income 298 377 Foreign exchange gain (loss) (1) 13 Equity in net profit (loss) of hotel and casino (16) 28 Gain on sales of assets 183 545 ------- ------- (34) 516 Income (loss) before income taxes (577) 493 Federal, foreign and state income tax provision 53 159 ------- ------- Net income (loss) (630) 334 Retained earnings at beginning of period 28,235 26,095 Cash dividends on preferred stock (3) (3) ------- ------- Retained earnings at end of period $27,602 $26,426 ======== ======== Earnings per share of common stock: Net income (loss) $ (.31) $ .16 ------- ------- Weighted average number of shares outstanding 2,071 2,075 ======== ========
See accompanying notes to consolidated financial statements. 3 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Increase (Decrease) in Cash
(in thousands) ---------------------------------- Three Months Ended March 31 1996 1995 --------- ----------- Cash provided (used) by operating activities Net income (loss) $ (630) $ 334 Items not (providing) requiring cash Foreign exchange loss (gain) 1 (13) Pension expense 151 143 Depreciation and amortization 1,000 828 Deferred federal income tax provision (benefit) 39 (507) Gain on sales of assets (183) (545) Provision for doubtful accounts 9 6 Equity in net (profit) loss of hotel and casino 16 (28) Changes in assets and liabilities Accounts and notes receivable 281 362 Refundable income taxes -- 959 Inventories (105) 70 Prepaid expenses (913) (400) Accounts payable (1,336) (1,242) Federal, foreign and state income taxes (19) 410 Accrued liabilities 1,131 (1,319) ------ ------ Cash used by operating activities (558) (942) Cash provided (used) by investing activities Proceeds from sales of assets 8 10 Expenditures for property and equipment (941) (352) Investments in hotels (91) (106) New loans and advances (89) -- Payments received on long-term receivables and advances 594 325 ------ ------ Cash used by investing activities (519) (123) Cash provided (used) by financing activities Changes in notes payable (273) 1,500 Payments on long-term debt (350) (201) Payments on capitalized lease obligations (27) (24) Cash dividends paid (314) (315) ------ ------ Cash provided (used) by financing activities (964) 960 Gain (loss) from effect of exchange rate changes on cash (1) 6 ------ ------ Net decrease in cash (2,042) (99) Cash and cash equivalents at beginning of period 3,370 3,669 ------ ------ Cash and cash equivalents at end of period $ 1,328 $ 3,570 ======= =======
4 FORM 10-Q CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (continued) Supplemental Schedule of Interest and Income Taxes Paid Cash paid for interest in the 1996 three-month period and the 1995 three-month period was approximately $527,000 and $441,000, respectively. Cash paid for income taxes in the 1996 three-month period was 33,000. Net cash refunded for income taxes in the 1995 three-month period was $703,000. See accompanying notes to consolidated financial statements. 5 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Operations The accompanying unaudited consolidated financial statements include the accounts of the Company and all foreign and domestic subsidiaries. In the opinion of management, these financial statements reflect all adjustments consisting of normally recurring items necessary to present fairly the financial position of the Company at March 31, 1996 and the results of its operations for the three month periods ended March 31, 1996 and 1995 and its cash flows for the three month periods ended March 31, 1996 and 1995, and should be read in conjunction with the 1995 Annual Report. The results of operations for these periods are not necessarily indicative of the results for the full years. In the first quarter of 1996, the Company adopted Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of. This Statement was issued by the FASB in March 1995. The Statement requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. Statement 121 also addresses the accounting for long-lived assets that are expected to be disposed of. The adoption of Statement 121 had no effect on the Company's consolidated balance sheet at March 31,1996, and the result of operations for the three month period ended March 31, 1996. On November 28, 1995, a wholly-owned subsidiary of the Company purchased the Casablanca Resort in Anguilla, British West Indies. The Seller restored all damage done to the 100-room hotel property by Hurricane Luis in September 1995, and the hotel reopened as Sonesta Beach Resort Anguilla in January 1996. As part of the transaction, the Company is entitled to a credit on the purchase price for certain expenses related to the hotel property and operations until March 1, 1996. Included in Accounts receivable-other is an amount of $400,000 at March 31, 1996, for this credit. During the first quarter of 1996, the Company received an assignment of certain expected insurance proceeds from the Seller to satisfy this receivable. In case the insurance proceeds prove insufficient, the Company has the right to deduct any remaining amounts from a loan from the Seller which is due in November 1998 (see Note 4, Long-Term Debt). Included in accrued rentals at March 31, 1996, is percentage rent of $5,269,000 for the year ended December 31, 1995, related to the Royal Sonesta Hotel in New Orleans, which is operated by the Company under a long-term lease. This amount was paid in April 1996. 6 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Long-Term Receivables and Advances (in thousands) ---------------------------------- March 31, December 31, 1996 1995 -------------- ------------ The Sonesta Beach Resort, Key Biscayne, Florida: Second mortgage receivable, 14-1/2% interest (of which 11% is payable quarterly and 3-1/2% deferred until maturity) due 12/31/97 (a) $5,000 $5,000 Deferred interest receivable 2,306 2,306 $6,500,000 fourth mortgage receivable, 10% simple interest due 12/31/04, net of $5,500,000 reserve (a) 1,000 1,000 Loans to owner (b) 3,995 4,472 Sharm el Sheikh (c) 290 370 Other 496 408 -------------- ----------- Total long-term $13,087 $13,556 receivables Less: current portion 13 12 -------------- ----------- Net long-term receivables $13,074 $13,544 ============== =========== (a) The Company's mortgage notes receivable are subordinate to a first mortgage of $23,333,000 at March 31, 1996. The maturity date of the first mortgage loan is October 1, 2000. The Company has not recorded as income the deferred portion of interest on the second mortgage since July 1, 1992. 7 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (b) Under five separate agreements, a subsidiary of the Company loaned $5,475,000 to the hotel's owner during 1993 and 1994. These loans earn interest at rates ranging from the prime rate to 14 1/2%. Of these loans, an amount of $2,684,000, and interest thereon is secured by mortgages on the hotel property. Principal and interest are payable out of hotel cash flow remaining after payment of first and second mortgage interest, and a payment to the hotel's owner equal to 3/4 of 1% of revenues of the hotel. (c) A subsidiary of the Company has loaned $800,000 to the owner of the Sonesta Beach Resort, Sharm el Sheikh which opened in May 1994. This receivable earns interest at an annual rate of ten percent. Principal and interest are payable in 18 monthly installments out of hotel cash flow following the opening of the hotel. During 1995 and 1996 the company received payments of $510,000, reducing the principal balance to $290,000 at March 31, 1996. In connection with its Key Biscayne notes receivable, the Company recorded interest income of $275,000 during the first quarter of 1996. During the same period, cash payments received were $752,000. 3. Borrowing Arrangements The Company has a $2,000,000 line of credit which expires on September 30, 1996. This line of credit bears interest at the prime rate. The terms of the line require a certain minimum net worth, a minimum amount of unrestricted cash or available credit lines during part of each calendar year, and approval for additional borrowings by the Company. No amount was outstanding under this line at March 31, 1996. A subsidiary of the Company has a $5,000,000 line of credit which will expire December 31, 1997. The terms of the loan require certain minimum levels of earnings and net worth, limit cash dividends and purchases of the Company's stock, and specify a maximum defined debt to net worth ratio. The loan is secured by the Company's leasehold interest in the Royal Sonesta Hotel, New Orleans, and by a Company guaranty. The interest rate is prime less one-eighth percent, and the commitment fee on the unused portion of the line is .65% per annum. No amount was outstanding under this line at March 31, 1996. 8 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A foreign subsidiary has an operating line of credit of $500,000, which is guaranteed by the Company. The interest rate is at the prime rate plus one percentage point. This line of credit is subject to periodic review by the bank. The balance outstanding under this line at March 31, 1996 was $288,920. 4. Long-Term Debt (in thousands) ------------------------------------- March 31, December 31, 1996 1995 -------------- ------------- Charterhouse of Cambridge Trust: First mortgage notes (a) $17,735 $17,936 Sonesta Hotels of Anguilla, Ltd: First mortgage notes (b) 4,840 4,990 Note from Seller (c) 1,000 1,000 Sonesta Curacao Hotel Corporation, N.V.: Bank term loan (d) 2,000 2,000 Other 249 188 -------------- ------------- 25,824 26,114 Less current portion of long-term debt 1,247 1,137 -------------- ------------- Total long-term debt $24,577 $24,977 ============== ============= (a) The loan is secured by a first mortgage and first lien security interest on the Royal Sonesta Hotel Boston (Cambridge) property. This property is included in fixed assets at a net book value of approximately $18,600,000 at March 31,1996. In addition, the stock of Sonesta of Massachusetts, Inc. and the shares of Charterhouse of Cambridge Trust have been pledged as security for the mortgage loan along with an unconditional assignment of the lease. The loan requires monthly principal payments of $66,777, and the remaining balance is due at maturity in April 1997. Interest on the loan is two percentage points over the LIBOR rate. The interest rate at March 31, 1996 was 7 5/16%. (b) The loan is secured by a first mortgage on the Sonesta Beach Resort Anguilla property, and an assignment to the Lender of the hotel's furniture, fixtures and equipment. The property is included in fixed assets at a net book value of $8,870,000 at March 31, 1996. In addition, an amount of $1,000,000 is secured by a Company guaranty. The loan requires minimum principal payments of $300,000 in 1996, $425,000 in 1997 and $550,000 in each of the years 1998 and 1999. In addition, principal payments are required equal to 25% of the hotel's annual excess cash flow, as defined. The balance is due on March 1, 2000. The interest rate on the loan is LIBOR plus 2 1/4 percentage points. The interest rate at March 31, 1996 was 7 3/4%. 9 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (c) This loan from the Seller of the Sonesta Beach Resort Anguilla is for a three year period ending November 28, 1998. The interest rate is 8% per annum. No principal payments are due during the term of the loan. The Company has the right to offset certain receivables from the Seller from this loan (see Note 1 -- Operations). (d) This loan is for a three year period ending April 30, 1997. No principal payments are required during the term. The interest rate was 9.75% at March 31, 1996, and is subject to periodic review by the bank. This loan may be prepaid on 60 days notice. The loan is secured by a Company guaranty, and by an assignment of the right to receive fees under the management agreement for the Sonesta Beach Hotel & Casino, Curacao. 5. Hotel Costs and Operating Expenses Hotel costs and operating expenses in the accompanying Consolidated Statements of Operations are summarized below: (in thousands) ----------------------------- Three Months Ended March 31 1996 1995 ------------- --------------- Direct departmental costs Rooms $ 2,114 $1,934 Food and beverage 2,844 2,532 Other 662 587 ------ ------- 5,620 5,053 Heat, light and power 556 384 ----- ------ $6,176 $5,437 ====== ====== Direct departmental costs include payroll expenses and related payroll burden, the cost of food and beverage consumed and other departmental costs. 10 FORM 10-Q SONESTA INTERNATIONAL HOTELS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6. Federal, Foreign and State Income Tax The provision for income taxes in the accompanying Consolidated Statements of Operations is summarized below: (in thousands) ----------------------------- Three Months Ended March 31 1996 1995 ------------- --------------- Deferred United States income provision (benefit) $ 39 $ (507) Current United States income tax benefit (52) (570) Current foreign income tax 15 1,201 Current state income tax 51 35 ------- ------- $ 53 $ 159 ======= ======= 11 FORM 10-Q Part I - Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION FIRST QUARTER 1996 COMPARED TO 1995 REVENUES Total revenues for the first quarter ended March 31, 1996 were $14,182,000 compared to $13,503,000 in 1995, an increase of approximately $679,000. The Company's Boston (Cambridge) hotel had increased revenues in the 1996 quarter of approximately $414,000, primarily because of an 11% increase in average room rates. The Company's New Orleans hotel experienced a decrease in revenues of approximately $557,000 in the first quarter of 1996 compared to the same period in 1995, which was primarily due to a 10% decrease in occupancy levels. The Company's Sonesta Beach Resort Anguilla, which opened January 18th 1996, had revenues in the first quarter of $585,000. The remaining revenue increase of $237,000 was primarily from increases in management and service fee income. OPERATING INCOME Operating loss for the three-month period ended March 31, 1996 was $543,000 compared to operating loss of $23,000 in 1995, an increase of approximately $520,000. The Company's Anguilla Resort had an operating loss of $543,000 from the opening on January 18, 1996 until March 31, 1996. The Boston (Cambridge) hotel had a decrease in its first quarter operating loss of $236,000, primarily because of increased revenues of $414,000, partially offset by increased expenses, primarily cost and operating expenses, of $178,000. The New Orleans hotel's operating income decreased by $175,000 in the first quarter of 1996 compared to the same period last year. This decrease was caused by lower revenues of $557,000, a slight increase in operating expenses of $83,000, partially offset by a decrease in percentage rent expense of $465,000. The New Orleans hotel is operated by the Company under a long-term lease under which it pays percentage rent based on net income, as defined. Operating loss from management activities and other sources increased by $38,000 in the first quarter of 1996, because of increased expenses of $275,000, which exceeded the increase in revenues of $237,000 from these activities. OTHER INCOME (DEDUCTIONS) Interest expense increased by $51,000 primarily due to interest on the additional indebtedness related to the Sonesta Beach Resort Anguilla, which the Company purchased in November 1995. Interest income in the first quarter of 1995 included interest received on a federal income tax refund during that quarter. This income exceeded increased interest income in the 1996 quarter of approximately $137,000 on the Company's Key Biscayne receivables, resulting in a net decrease of $79,000. The 1995 period includes a pre-tax gain of approximately $535,000 related to the sale of its Amsterdam Sonesta Hotel in 1991. 12 FORM 10-Q MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (CONTINUED) LIQUIDITY AND CAPITAL RESOURCES At March 31, 1996 the Company has a negative working capital balance of approximately $6,261,000, due principally to the accrual of percentage rent due under the lease for the Royal Sonesta Hotel in New Orleans. The rent due for the year 1995 of $5,269,000 was paid on April 1, 1996, as per the terms of the lease. The rent was paid from the Company's cash balances and borrowings under its lines of credit. The Company's investment in a hotel project in New York at March 31, 1996 was $5,163,000. The Company has decided not to proceed with the development of the hotel. The Company expects to be repaid its investment in 1996. The Company believes that its present cash balances plus its available borrowing capacity and the expected cash flow generated during the remainder of the calendar year 1996 will be adequate to meet all of its obligations. FEDERAL, FOREIGN AND STATE INCOME TAXES The provision for income taxes for the first quarter 1996 is higher than the statutory rate due to losses from the Company's foreign subsidiary which operates the Sonesta Beach Resort Anguilla, B.W.I., which are not deductible for U. S. income taxes. PART II - Other Information Item Numbers 1, 2, 3, 4, 5 and 6 Not applicable during the quarter ended March 31, 1996. 13 FORM 10-Q 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. SONESTA INTERNATIONAL HOTELS CORPORATION By: ----------------------------------- Boy van Riel Vice President and Treasurer (Authorized to sign on behalf of the Registrant as Principal Financial Officer) DATE: May 13, 1996 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1,328 0 4,885 89 761 9,614 58,561 20,247 67,418 15,875 24,577 0 294 3,488 19,505 67,418 3,247 14,182 829 6,176 8,549 9 498 (577) 53 (630) 0 0 0 (630) (.31) (.31)
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