Delaware | 001-12996 | 62-1559667 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Company Contact: Kelly J. Gill Chief Executive Officer 615-771-7575 | Investor Relations: James R. McKnight, Jr. Chief Financial Officer 615-771-7575 |
• | Net Revenue increased 23.9% to $93.7 million in the fourth quarter of 2014 from $75.7 million in the fourth quarter of 2013, primarily due to the eight buildings acquired during 2014, as well as the incremental increase in the ten buildings acquired during 2013. Same-store centers experienced an increase of $4.2 million on favorable census and rate results. |
• | General and administrative costs continued to decline as a percentage of net revenue at 6.5% of revenue as compared to 6.8% the same period a year ago. |
• | Operating income increased to $1.9 million in the fourth quarter of 2014 compared to a loss of $0.3 million in the fourth quarter of 2013. |
• | EPS from continuing operations improved to income of $0.11 in the fourth quarter of 2014 as compared to a loss of $0.18 in the fourth quarter of 2013. |
• | EBITDA was $3.8 million in the fourth quarter of 2014 compared to $1.5 million in the fourth quarter of 2013. On an annual basis, EBITDA was $13.1 million in 2014 compared to $(1.5) million in 2013. |
• | As previously announced, the Company purchased a 94-bed skilled nursing facility in Glasgow, Kentucky, and assumed operations of an 85-bed skilled nursing facility in Hutchinson, Kansas, effective February 1, 2015. These facilities are expected to contribute in excess of $9 million in annual revenues. |
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Skilled nursing occupancy | 76.8 | % | 76.4 | % | |||||
As a percent of total census: | |||||||||
Medicare census | 12.3 | % | 11.4 | % | |||||
Managed Care census | 3.7 | % | 2.9 | % | |||||
As a percent of total revenues: | |||||||||
Medicare revenues | 29.2 | % | 27.0 | % | |||||
Medicaid revenues | 48.1 | % | 51.2 | % | |||||
Managed Care revenues | 7.0 | % | 5.9 | % | |||||
Average rate per day: | |||||||||
Medicare | $ | 454.94 | $ | 435.63 | |||||
Medicaid | $ | 163.49 | $ | 158.51 | |||||
Managed Care | $ | 391.77 | $ | 375.18 |
Three Months Ended December 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Same-store revenue | $ | 62,765 | $ | 58,522 | $ | 4,243 | |||||
2013 acquisition revenue | 19,141 | 17,141 | 2,000 | ||||||||
2014 acquisition revenue | 11,843 | — | 11,843 | ||||||||
Total revenue | $ | 93,749 | $ | 75,663 | $ | 18,086 |
Three Months Ended December 31, | |||||||||||
2014 | 2013 | Change | |||||||||
Same-store operating expenses | $ | 49,528 | $ | 46,727 | $ | 2,801 | |||||
2013 acquisition operating expenses | 15,673 | 14,322 | 1,351 | ||||||||
2014 acquisition operating expenses | 9,887 | — | 9,887 | ||||||||
Total revenue | $ | 75,088 | $ | 61,049 | $ | 14,039 |
Date: | Friday, March 6, 2015 | |
Time: | 7:30 A.M. Central, 8:30 A.M. Eastern | |
Webcast Links: | www.DVCR.com | |
Dial in numbers: | 877.340.2552 (domestic) or 253.237.1159 (International) - Conference ID: 92518150 The Operator will connect you to Diversicare’s Conference Call |
December 31, 2014 | December 31, 2013 | |||||||
ASSETS: | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 3,818 | $ | 3,781 | ||||
Receivables, net | 41,272 | 32,658 | ||||||
Deferred income taxes | 7,016 | 6,579 | ||||||
Current assets of discontinued operations | 73 | 2,870 | ||||||
Other current assets | 3,760 | 4,323 | ||||||
Total current assets | 55,939 | 50,211 | ||||||
Property and equipment, net | 43,855 | 54,043 | ||||||
Deferred income taxes | 12,885 | 15,912 | ||||||
Acquired leasehold interest, net | 7,844 | 8,228 | ||||||
Other assets, net | 8,566 | 9,350 | ||||||
TOTAL ASSETS | $ | 129,089 | $ | 137,744 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||
Current Liabilities | ||||||||
Current portion of long-term debt and capitalized lease obligations | $ | 5,705 | $ | 4,549 | ||||
Trade accounts payable | 8,121 | 7,177 | ||||||
Current liabilities of discontinued operations | 482 | 1,359 | ||||||
Accrued expenses: | ||||||||
Payroll and employee benefits | 14,642 | 12,255 | ||||||
Current portion of self-insurance reserves | 11,833 | 11,711 | ||||||
Other current liabilities | 6,359 | 5,116 | ||||||
Total current liabilities | 47,142 | 42,167 | ||||||
Noncurrent Liabilities | ||||||||
Long-term debt and capitalized lease obligations, less current portion | 42,559 | 43,552 | ||||||
Self-insurance reserves, less current portion | 14,268 | 16,375 | ||||||
Other noncurrent liabilities | 13,366 | 15,214 | ||||||
Noncurrent liabilities of discontinued operations | — | 5,952 | ||||||
Total noncurrent liabilities | 70,193 | 81,093 | ||||||
PREFERRED STOCK | — | 4,918 | ||||||
SHAREHOLDERS’ EQUITY | 11,754 | 9,566 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 129,089 | $ | 137,744 | ||||
Three Months Ended December 31, | |||||||
2014 | 2013 | ||||||
PATIENT REVENUES, net | $ | 93,749 | $ | 75,663 | |||
Operating expense | 75,088 | 61,049 | |||||
Facility-level operating income | 18,661 | 14,614 | |||||
EXPENSES: | |||||||
Lease and rent expense | 7,057 | 5,998 | |||||
Professional liability | 1,856 | 1,454 | |||||
General and administrative | 6,056 | 5,171 | |||||
Depreciation and amortization | 1,826 | 1,791 | |||||
Restructuring | — | 502 | |||||
Total expenses less operating | 16,795 | 14,916 | |||||
OPERATING INCOME (LOSS) | 1,866 | (302 | ) | ||||
OTHER INCOME (EXPENSE): | |||||||
Equity in net loss of unconsolidated affiliate | 84 | (31 | ) | ||||
Interest expense, net | (940 | ) | (893 | ) | |||
(856 | ) | (924 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,010 | (1,226 | ) | ||||
BENEFIT (PROVISION) FOR INCOME TAXES | (319 | ) | 249 | ||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 691 | (977 | ) | ||||
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS: | |||||||
Operating loss, net of taxes | (417 | ) | 406 | ||||
Gain on disposal, net of taxes | 231 | — | |||||
DISCONTINUED OPERATIONS | (186 | ) | 406 | ||||
NET INCOME (LOSS) | 505 | (571 | ) | ||||
Less: income attributable to noncontrolling interest | — | (21 | ) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO DIVERSICARE HEALTHCARE SERVICES, INC. | 505 | (592 | ) | ||||
PREFERRED STOCK DIVIDENDS | — | (86 | ) | ||||
NET INCOME (LOSS) FOR DIVERSICARE HEALTHCARE SERVICES, INC. COMMON SHAREHOLDERS | $ | 505 | $ | (678 | ) | ||
NET INCOME (LOSS) PER COMMON SHARE FOR DIVERSICARE HEALTHCARE SERVICES, INC. SHAREHOLDERS: | |||||||
Per common share – basic and diluted | |||||||
Continuing operations | $ | 0.11 | $ | (0.18 | ) | ||
Discontinued operations | (0.03 | ) | 0.07 | ||||
$ | 0.08 | $ | (0.11 | ) | |||
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ | 0.055 | $ | 0.055 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||
Basic | 6,032 | 5,892 | |||||
Diluted | 6,270 | 5,892 |
Twelve Months Ended December 31, | |||||||
2014 | 2013 | ||||||
PATIENT REVENUES, net | $ | 344,192 | $ | 260,221 | |||
Operating expense | 275,605 | 213,064 | |||||
Facility-level operating income | 68,587 | 47,157 | |||||
EXPENSES: | |||||||
Lease and rent expense | 26,151 | 20,396 | |||||
Professional liability | 7,216 | 5,666 | |||||
General and administrative | 22,133 | 20,940 | |||||
Depreciation and amortization | 7,078 | 6,363 | |||||
Restructuring | — | 1,446 | |||||
Total expenses less operating | 62,578 | 54,811 | |||||
OPERATING INCOME (LOSS) | 6,009 | (7,654 | ) | ||||
OTHER INCOME (EXPENSE): | |||||||
Equity in net losses of unconsolidated affiliate | (5 | ) | (183 | ) | |||
Interest expense, net | (3,697 | ) | (3,032 | ) | |||
Debt retirement costs | — | (320 | ) | ||||
(3,702 | ) | (3,535 | ) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,307 | (11,189 | ) | ||||
BENEFIT (PROVISION) FOR INCOME TAXES | (857 | ) | 4,196 | ||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,450 | (6,993 | ) | ||||
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS: | |||||||
Operating income (loss), net of taxes | (1,486 | ) | (1,469 | ) | |||
Gain on disposal, net of taxes | 4,744 | — | |||||
DISCONTINUED OPERATIONS | 3,258 | (1,469 | ) | ||||
NET INCOME (LOSS) | 4,708 | (8,462 | ) | ||||
Less: loss (income) attributable to noncontrolling interest | 25 | (72 | ) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO DIVERSICARE HEALTHCARE SERVICES, INC. | 4,733 | (8,534 | ) | ||||
PREFERRED STOCK DIVIDENDS | (220 | ) | (344 | ) | |||
NET INCOME (LOSS) FOR DIVERSICARE HEALTHCARE SERVICES, INC. COMMON SHAREHOLDERS | $ | 4,513 | $ | (8,878 | ) | ||
NET INCOME (LOSS) PER COMMON SHARE FOR DIVERSICARE HEALTHCARE SERVICES, INC. SHAREHOLDERS: | |||||||
Per common share – basic | |||||||
Continuing operations | $ | 0.21 | $ | (1.26 | ) | ||
Discontinued operations | 0.54 | (0.25 | ) | ||||
$ | 0.75 | $ | (1.51 | ) | |||
Per common share – diluted | |||||||
Continuing operations | $ | 0.20 | $ | (1.26 | ) | ||
Discontinued operations | 0.52 | (0.25 | ) | ||||
$ | 0.72 | $ | (1.51 | ) | |||
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ | 0.22 | $ | 0.22 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||
Basic | 6,011 | 5,899 | |||||
Diluted | 6,197 | 5,899 |
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Net income (loss) | $ | 505 | $ | 4,147 | $ | 1,101 | $ | (1,045 | ) | $ | (571 | ) | ||||||||
Loss (income) from discontinued operations, net of tax | 186 | (3,928 | ) | (128 | ) | 612 | (406 | ) | ||||||||||||
Income tax provision (benefit) | 319 | 147 | 754 | (365 | ) | (249 | ) | |||||||||||||
Interest expense | 940 | 916 | 949 | 892 | 893 | |||||||||||||||
Depreciation and amortization | 1,826 | 1,812 | 1,705 | 1,735 | 1,791 | |||||||||||||||
EBITDA | 3,776 | 3,094 | 4,381 | 1,829 | 1,458 | |||||||||||||||
EBITDA adjustments: | ||||||||||||||||||||
Acquisition related costs (a) | 117 | 124 | 207 | 110 | 104 | |||||||||||||||
Restructuring costs (b) | — | — | — | — | 502 | |||||||||||||||
Adjusted EBITDA | $ | 3,893 | $ | 3,218 | $ | 4,588 | $ | 1,939 | $ | 2,064 |
(a) | Represents non-recurring costs associated with acquisition-related transactions. |
(b) | Represents non-recurring restructuring costs associated with the disposition of Arkansas. |
For Three Months Ended | ||||||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | ||||||||||||||||
Net income (loss) for Diversicare Healthcare Services, Inc. Common shareholders | $ | 505 | $ | 4,099 | $ | 1,015 | $ | (1,106 | ) | $ | (678 | ) | ||||||||
Adjustments: | ||||||||||||||||||||
Acquisition related costs (a) | 117 | 124 | 207 | 110 | 104 | |||||||||||||||
Restructuring costs (b) | — | — | — | — | 502 | |||||||||||||||
Tax impact of above adjustments (c) | (41 | ) | (43 | ) | (73 | ) | (38 | ) | (212 | ) | ||||||||||
Discontinued operations, net of tax | 186 | (3,928 | ) | (128 | ) | 612 | 406 | |||||||||||||
Adjusted net income (loss) for Diversicare Healthcare Services, Inc. common shareholders | $ | 767 | $ | 252 | $ | 1,021 | $ | (422 | ) | $ | 122 | |||||||||
Adjusted net income (loss) for Diversicare Healthcare Services, Inc. common shareholders | ||||||||||||||||||||
Basic | $ | 0.13 | $ | 0.04 | $ | 0.17 | $ | (0.07 | ) | $ | 0.02 | |||||||||
Diluted | $ | 0.12 | $ | 0.04 | $ | 0.17 | $ | (0.07 | ) | $ | 0.02 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING : | ||||||||||||||||||||
Basic | 6,032 | 6,020 | 6,015 | 5,975 | 5,892 | |||||||||||||||
Diluted | 6,270 | 6,248 | 6,181 | 5,975 | 5,892 | |||||||||||||||
(a) | Represents non-recurring costs associated with acquisition-related transactions. |
(b) | Represents non-recurring restructuring costs associated with the disposition of Arkansas. |
(c) | Represents tax provision for the cumulative adjustments for each period. |
Twelve Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
NET INCOME (LOSS) | $ | 4,708 | $ | (8,462 | ) | ||||
Discontinued operations | 3,258 | (1,469 | ) | ||||||
Net income (loss) from continuing operations | 1,450 | (6,993 | ) | ||||||
Adjustments to reconcile net income (loss) from continuing operations to funds provided by operations: | |||||||||
Depreciation and amortization | 7,078 | 6,363 | |||||||
Provision for doubtful accounts | 5,710 | 4,068 | |||||||
Deferred income tax provision (benefit) | 837 | (4,148 | ) | ||||||
Provision for self-insured professional liability, net of cash payments | 1,173 | 384 | |||||||
Stock based compensation | 580 | 950 | |||||||
Debt retirement costs | — | 320 | |||||||
Provision for leases, net of cash payments | (1,180 | ) | (631 | ) | |||||
Other | 316 | 157 | |||||||
FUNDS PROVIDED BY OPERATIONS | $ | 15,964 | $ | 470 | |||||
FUNDS PROVIDED BY OPERATIONS PER COMMON SHARE: | |||||||||
Basic | $ | 2.66 | $ | 0.08 | |||||
Diluted | $ | 2.58 | $ | 0.08 | |||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING : | |||||||||
Basic | 6,011 | 5,899 | |||||||
Diluted | 6,197 | 5,899 |
DIVERSICARE HEALTHCARE SERVICES, INC. SELECTED OPERATING STATISTICS (Unaudited) | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | Occupancy (Note 2) | ||||||||||||||||||||||||||||||||
Region (Note 1) | Licensed Nursing Beds (4) | Available Nursing Beds (4) | Skilled Nursing Weighted Average Daily Census | Licensed Nursing Beds | Available Nursing Beds | Medicare Utilization | 2014 Q4 Revenue ($ in millions) | Medicare Room and Board Revenue PPD (Note 3) | Medicaid Room and Board Revenue PPD (Note 3) | ||||||||||||||||||||||||
Alabama | 925 | 917 | 816 | 88.2 | % | 89.0 | % | 16.0 | % | $ | 18.1 | $ | 452.33 | $ | 175.12 | ||||||||||||||||||
Kansas | 757 | 752 | 592 | 78.2 | % | 78.7 | % | 9.5 | % | 10.8 | 440.84 | 147.26 | |||||||||||||||||||||
Kentucky | 1,163 | 1,149 | 1,014 | 87.2 | % | 88.3 | % | 13.9 | % | 23.4 | 456.91 | 185.41 | |||||||||||||||||||||
Ohio | 426 | 426 | 326 | 76.5 | % | 76.5 | % | 9.4 | % | 9.0 | 492.61 | 176.32 | |||||||||||||||||||||
Tennessee | 705 | 651 | 489 | 69.4 | % | 75.1 | % | 16.5 | % | 10.1 | 419.67 | 162.32 | |||||||||||||||||||||
Texas | 1,849 | 1,726 | 1,236 | 66.8 | % | 71.6 | % | 9.2 | % | 22.3 | 477.32 | 142.49 | |||||||||||||||||||||
Total | 5,825 | 5,621 | 4,473 | 76.8 | % | 79.6 | % | 12.3 | % | $ | 93.7 | $ | 454.94 | $ | 163.49 | ||||||||||||||||||
Note 1: | The Alabama region includes nursing centers in Alabama and Florida. The Kentucky region includes one nursing center in Ohio and one in Indiana. The Tennessee region includes one nursing center in Kentucky. The Kansas Region includes three nursing centers in Missouri. | ||||||||||||||||||||||||||||||||
Note 2: | The number of Licensed Nursing Beds is based on the licensed capacity of the facility. The Company has historically reported its occupancy based on licensed nursing beds, and excludes a limited number of assisted living, independent living, and personal care beds. The number of Available Nursing Beds represents licensed nursing beds less beds removed from service. Available nursing beds is subject to change based upon the needs of the facilities, including configuration of patient rooms, common usage areas and offices, status of beds (private, semi-private, ward, etc.) and renovations. Occupancy is measured on a weighted average basis. | ||||||||||||||||||||||||||||||||
Note 3: | These Medicare and Medicaid revenue rates include room and board revenues, but do not include any ancillary revenues related to these patients. | ||||||||||||||||||||||||||||||||
Note 4: | The Licensed and Available Nursing Bed counts above include only licensed and available SNF beds. |
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