-----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, VgvrgneQY8XLfYhRXOY2TwkpCZCg5fchnNAgSVgztAM9Aelb6GJqIZ3PTlBI0hUt 0TzWXhDvgDHbbsw08VPGHw== 0000950124-98-002232.txt : 19980420 0000950124-98-002232.hdr.sgml : 19980420 ACCESSION NUMBER: 0000950124-98-002232 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980417 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZEIGLER COAL HOLDING CO CENTRAL INDEX KEY: 0000925942 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE MINING [1220] IRS NUMBER: 363344449 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13298 FILM NUMBER: 98596696 BUSINESS ADDRESS: STREET 1: 50 JEROME LANE CITY: FAIRVIEW HEIGHTS STATE: IL ZIP: 62208 BUSINESS PHONE: 6183942400 MAIL ADDRESS: STREET 1: 50 JEROME LANE CITY: FAIRVIEW HEIGHTS STATE: IL ZIP: 62208 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-13298 ZEIGLER COAL HOLDING COMPANY (Exact name of registrant as specified in its charter) DELAWARE 36-3344449 (State of incorporation) (I.R.S. Employer Identification No.) 50 JEROME LANE FAIRVIEW HEIGHTS, ILLINOIS 62208 (618) 394-2400 (Address of principal executive offices) (Zip Code) (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 Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report(s)), and (2) has been subject to such filing requirements for the past 90 days. [x] Yes [ ] No As of April 15, 1998, a total of 28,201,711 shares of the Registrant's common stock were outstanding. 2 ZEIGLER COAL HOLDING COMPANY FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998 TABLE OF CONTENTS
ITEM PAGE - ---- ---- PART I 1 FINANCIAL STATEMENTS: Condensed Consolidated Statements of Operations - Three Months Ended March 31, 1998 and 1997 .............................................. 2 Condensed Consolidated Balance Sheets - March 31, 1998 and December 31, 1997 ........................................................ 3 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 1998 and 1997 .............................................. 5 Notes to Condensed Consolidated Financial Statements ............................. 6 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............................................................... 8 PART II 1 LEGAL PROCEEDINGS ...................................................................... 11 6 EXHIBITS AND REPORTS ON FORM 8-K ....................................................... 11 SIGNATURES ....................................................................................... 12
i 3 PART 1 - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (See following pages.) 1 4 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share amounts)
Three Months Ended March 31, --------- 1998 1997 ---- ---- (Unaudited) (Unaudited) REVENUES: Coal sales ............................................................................. $ 154,595 $ 152,152 Energy trading revenues ................................................................ 52,493 3,595 Other revenues ......................................................................... 7,734 8,905 --------- --------- Total revenues ......................................................................... 214,822 164,652 --------- --------- COSTS AND EXPENSES: Cost of coal sales ..................................................................... 134,955 128,231 Energy trading costs ................................................................... 53,205 3,921 Selling, general and administrative expenses ........................................... 3,139 5,272 Other costs and expenses ............................................................... 5,668 7,247 --------- --------- Total costs and expenses ............................................................... 196,967 144,671 --------- --------- OPERATING EARNINGS ........................................................................ 17,855 19,981 NET INTEREST EXPENSE ...................................................................... 3,049 4,111 --------- --------- EARNINGS BEFORE TAXES AND EXTRAORDINARY ITEM .............................................. 14,806 15,870 TAXES ..................................................................................... 2,665 2,856 --------- --------- NET EARNINGS BEFORE EXTRAORDINARY ITEM .................................................... 12,141 13,014 EXTRAORDINARY ITEM - Loss on early extinguishment of debt, net of taxes ................... 6,637 - --------- --------- NET EARNINGS .............................................................................. $ 5,504 $ 13,014 ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING: Basic .................................................................................. 28,199 28,395 Diluted ................................................................................ 28,313 28,854 EARNINGS PER COMMON SHARE: Basic - Net earnings before extraordinary item .................................................. $ 0.43 $ 0.46 Extraordinary item ...................................................................... (0.23) - --------- --------- Net earnings ............................................................................ $ 0.20 $ 0.46 Diluted - Net earnings before extraordinary item .................................................. $ 0.42 $ 0.45 Extraordinary item ...................................................................... (0.23) - --------- --------- Net earnings ............................................................................ $ 0.19 $ 0.45
See notes to condensed consolidated financial statements. 2 5 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share amounts)
March 31, December 31, 1998 1997 ---- ---- (Unaudited) * ASSETS CURRENT ASSETS: Cash and equivalents .............................................................. $ 12,374 $ 103,254 Receivables: Trade accounts receivable (net of allowances of $937 and $1,891) .................................................................. 61,983 72,533 Other receivables ............................................................... 3,137 3,677 ----------- ----------- Total receivables, net .......................................................... 65,120 76,210 Inventories: Coal finished goods ............................................................. 9,590 9,287 Coal work in process ............................................................ 13,520 12,932 Mine supplies ................................................................... 18,166 18,937 ----------- ----------- Total inventories ........................................................... 41,276 41,156 Other current assets .............................................................. 13,698 13,124 ----------- ----------- Total current assets ........................................................ 132,468 233,744 ----------- ----------- PROPERTY, PLANT AND EQUIPMENT: Land and mineral rights ........................................................... 679,982 679,995 Prepaid royalties ................................................................. 19,526 20,173 Plant and equipment ............................................................... 554,112 540,566 ----------- ----------- Total at cost ............................................................... 1,253,620 1,240,734 Less - Accumulated depreciation, depletion and amortization ....................... (421,918) (412,528) ----------- ----------- Property, plant and equipment, net .......................................... 831,702 828,206 ----------- ----------- OTHER LONG-TERM ASSETS ............................................................... 14,300 15,454 ----------- ----------- TOTAL ASSETS ......................................................................... $ 978,470 $ 1,077,404 =========== =========== * Condensed from audited financial statements.
See notes to condensed consolidated financial statements. 3 6 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except per share amounts)
March 31, December 31, 1998 1997 ---- ---- (Unaudited) * LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt .................................................... $ - $ 68,342 Accounts payable - trade ................................................................ 47,040 64,970 Other taxes payable ..................................................................... 22,800 22,527 Accrued payroll and related benefits .................................................... 18,880 20,103 Other accrued expenses .................................................................. 39,834 35,598 ----------- ----------- Total current liabilities ......................................................... 128,554 211,540 LONG-TERM DEBT ............................................................................. 255,800 275,800 ACCRUED POSTRETIREMENT BENEFIT OBLIGATIONS ................................................. 255,597 253,700 ACCRUED PNEUMOCONIOSIS BENEFITS ............................................................ 35,870 36,156 ACCRUED MINE CLOSING COSTS ................................................................. 55,593 55,957 DEFERRED TAXES ............................................................................. 21,125 20,527 OTHER LONG-TERM LIABILITIES ................................................................ 44,768 45,984 COMMITMENTS AND CONTINGENCIES .............................................................. - - ----------- ----------- Total liabilities ................................................................. 797,307 899,664 ----------- ----------- SHAREHOLDERS' EQUITY: Common stock - $0.01 par value - authorized shares, 50,000; 28,444 shares issued and 28,200 outstanding as of March 31, 1998 and 28,441 shares issued and 28,197 outstanding as of December 31, 1997 ..................................................................... 284 284 Capital in excess of par value .......................................................... 73,154 73,120 Retained earnings ....................................................................... 113,673 110,284 ----------- ----------- 187,111 183,688 Less cost of common stock in treasury - 244 shares at March 31, 1998 and December 31, 1997 ............................................................ (5,948) (5,948) ----------- ----------- Total shareholders' equity ................................................ 181,163 177,740 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ................................................. $ 978,470 $ 1,077,404 =========== =========== * Condensed from audited financial statements.
See notes to condensed consolidated financial statements. 4 7 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
Three Months Ended March 31, --------- 1998 1997 ---- ---- (Unaudited) (Unaudited) OPERATING ACTIVITIES: Net earnings ......................................................................... $ 5,504 $ 13,014 Adjustments for differences between net earnings and cash flows from operating activities: Depreciation, depletion, and amortization ................................ 16,816 14,348 Other noncash items ...................................................... 1,639 (11,355) Net (increase) decrease in working capital ............................... (4,347) 5,407 --------- --------- Net cash provided by operating activities ......................................... 19,612 21,414 --------- --------- INVESTING ACTIVITIES: Additions to property, plant and equipment ........................................... (21,227) (8,787) Cash paid for sale of Indiana assets ................................................. - (4,000) Proceeds from sales of property, plant and equipment ................................. 1,157 2,159 --------- --------- Net cash used in investing activities ............................................. (20,070) (10,628) --------- --------- FINANCING ACTIVITIES: Payment of senior secured notes ...................................................... (198,342) - Net borrowings under credit agreement ................................................ 110,000 - Payment of dividends ................................................................. (2,114) (2,128) Other ................................................................................ 34 369 --------- --------- Net cash used in financing activities .................................................. (90,422) (1,759) --------- --------- NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS .................................... (90,880) 9,027 CASH AND EQUIVALENTS, BEGINNING OF PERIOD .......................................... 103,254 108,321 --------- --------- CASH AND EQUIVALENTS, END OF PERIOD ................................................ $ 12,374 $ 117,348 ========= ========= SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid (received) for interest, net of amounts capitalized ........................ $ 4,161 $ (221) Cash paid for income taxes, net of refunds ........................................... 434 147
See notes to condensed consolidated financial statements. 5 8 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of Zeigler Coal Holding Company and subsidiaries (the "Company") at March 31, 1998 and 1997 and for the three month periods then ended, and the notes thereto, are unaudited and do not include all of the disclosures required under generally accepted accounting principles. However, in the opinion of management, all adjustments which are necessary for a fair presentation of the financial statements have been included. These financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 1997 and for the year then ended. The results of operations for the three month period ended March 31, 1998 are not necessarily indicative of the results to be expected for the full year. 2. INVENTORIES Inventories have been valued using the average cost method and are stated at the lower of cost or market. 3. NET EARNINGS PER COMMON SHARE Basic net earnings per common share is computed using the weighted average number of shares outstanding. Diluted net earnings per common share is computed using the weighted average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock. 4. CONTINGENCIES See Part II, Item 1., "Legal Proceedings". 5. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform with the current year presentation. 6. SEGMENT REPORTING The Company adopted SFAS No. 131, Disclosures About Segments of an Enterprise and Related Information, beginning with the Company's fourth quarter of 1997. The Company has two reportable segments: coal and energy. The coal segment is engaged in the mining of coal for utilities in the United States. The energy segment is principally responsible for the trading and marketing of electricity and natural gas within the U.S. These reportable segments are separately managed strategic business units that offer different products and services, and whose performance is evaluated based on earnings from operations before interest, taxes, and extraordinary items. There were no sales or transfers between segments in the first quarter of 1998 and 1997. The "Other" category below consists of five operating segments that did not meet the quantitative thresholds for determining reporting segments. These segments consist primarily of amounts related to two import/export terminals, a clean coal plant in Wyoming, the Company's environmental subsidiary, coal leases to third parties, farming, timber sales, gains on sales of surplus assets, oil and gas royalties, and selling, general and administrative costs. 6 9 ZEIGLER COAL HOLDING COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) (Unaudited)
Three Months Ended March 31, --------- 1998 1997 ---- ---- Revenues: Coal $ 154,595 $ 152,152 Energy 52,493 3,595 Other 7,734 8,905 ----------- ----------- Total $ 214,822 $ 164,652 Operating Earnings: Coal $ 19,640 $ 23,921 Energy (712) (326) Other (1,073) (3,614) ----------- ----------- Total $ 17,855 $ 19,981 Depreciation, Depletion, and Amortization: Coal $ 15,692 $ 13,196 Energy 17 - Other 1,107 1,152 ----------- ----------- Total $ 16,816 $ 14,348 Capital Expenditures: Coal $ 20,990 $ 8,543 Energy - 181 Other 237 63 ----------- ----------- Total $ 21,227 $ 8,787 Assets: Coal $ 887,155 $ 872,149 Energy 13,062 13,933 Other 78,253 191,322 ----------- ----------- Total $ 978,470 $ 1,077,404
7 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 1997 RESULTS OF OPERATIONS Net earnings for the first quarter ended March 31, 1998 were $5.5 million (19 cents per diluted share) compared to net earnings of $13.0 million (45 cents per diluted share) in the same quarter of 1997. Excluding a first quarter 1998 extraordinary charge of $6.6 million (23 cents per diluted share) related to a loss on the early extinguishment of debt, first quarter net earnings were $12.1 million (42 cents per diluted share) versus $13.0 million (45 cents per diluted share) for the same period of 1997. The $.9 million decrease in net earnings before the extraordinary item primarily resulted from a 1997 nonrecurring benefit attributable to a revision in mine closing estimates and lost coal claims ($5.5 million). In addition, lower spot sales at Old Ben ($1.3 million), and lower gains on sales of surplus assets ($1.4 million) were more than offset by increased sales volumes and improved productivity at Pike County ($1.5 million), lower SG&A costs ($1.8 million), improved margins on the sale of purchased coal ($1.5 million), lower expenses at the Company's clean coal demonstration plant ($1.0 million), and lower interest expense ($.9 million). REVENUES Coal sales - Coal sales totaled $154.6 million in the first quarter of 1998, an increase of $2.4 million, or 2%, compared to the first quarter of 1997. This increase resulted largely from higher volumes at Pike County due to the start-up of the new Matrix Mining operations ($6.3 million), partially offset by lower Midwest spot volume primarily due to the closure of Old Ben's Spartan mine in the fourth quarter of 1997 ($3.8 million). Energy trading revenues - Energy trading revenues represent the trading and marketing of electricity and natural gas at EnerZ Corporation. Trading revenues were $52.5 million for the three months ended March 31, 1998, as compared to $3.6 million for the same period in 1997 reflecting the startup of EnerZ's operations in the first quarter of 1997. Other revenues - Other revenues decreased $1.2 million in the first quarter of 1998 reflecting lower gains on sales of surplus assets, partially offset by higher revenue at the import/export terminals. COSTS AND EXPENSES Cost of coal sales - Cost of coal sales increased $6.8 million from $128.2 million in the first quarter of 1997 to $135.0 million in the same quarter of 1998. This increase reflected unusually low costs in 1997 due to a revision in mine closing estimates and lost coal claims ($6.7 million) and the higher 1998 Pike County sales volume, partially offset by lower Old Ben spot volume and improved costs on coal purchased for sale under long-term contracts. Energy trading costs - The increase in costs for the first quarter of 1998 reflects the startup of trading activities in the first quarter of 1997. Other costs and expenses - Other costs and expenses were $5.7 million in the first quarter of 1998, a decrease of $1.6 million from the first quarter of 1997. This decrease is primarily attributable to lower costs from the Company's clean coal demonstration plant in Wyoming which was idled during the third quarter of 1997. 8 11 SELLING, GENERAL, AND ADMINISTRATIVE (SG&A) EXPENSES SG&A expenses were $3.1 million for the first quarter of 1998, a decrease of $2.1 million from the same quarter of 1997. This decrease primarily reflected the first quarter 1998 reversal of incentive compensation accruals based on lower than anticipated payouts related to 1997, and lower first quarter 1998 charges for stock appreciation units. INTEREST EXPENSE Net interest expense decreased $1.1 million in 1998 reflecting the prepayment in January 1998 of the Company's 8.61% Senior Secured Notes. TAXES Lower pretax earnings were responsible for the decrease in taxes from the first quarter of 1997 to 1998. The Company's effective tax rate was 18% for both 1997 and 1998 first quarters. EXTRAORDINARY ITEM On January 5, 1998, Zeigler prepaid the outstanding balance of $198.3 million of the 8.61% Senior Secured Notes, using $68.3 million of cash and borrowing $130.0 million under a new Credit Agreement's revolving credit facility. Zeigler recognized an extraordinary loss of $8.8 million ($6.6 million, net of tax) consisting of a yield maintenance premium of $7.6 million and the write-off of deferred financing costs. FINANCIAL CONDITION At March 31, 1998, cash and equivalents totaled $12.4 million, down from $103.3 million at December 31, 1997. Cash generated from operating activities during the first quarter 1998 was $19.6 million versus $21.4 million in 1997. Working capital was $3.9 million at March 31, 1998 and $22.2 million at December 31, 1997. Trade accounts receivable and accounts payable have decreased $10.6 million and $17.9 million, respectively, primarily due to lower 1998 first quarter energy trading activities versus the fourth quarter of 1997, and higher first quarter 1998 payments for capital additions. Other accrued expenses increased $4.2 million reflecting higher deferred revenue relating to payments received under restructured long-term contracts. Net cash used in investing activities totaled $20.1 million during the first quarter of 1998, compared to $10.6 million for the same period in 1997. This increase primarily reflected higher first quarter 1998 expenditures for the development of the North Rochelle mine, partially offset by a 1997 payment related to the sale of certain Indiana assets. Full production at the North Rochelle mine is estimated to begin in the first quarter of 1999. Remaining expenditures for the development of this mine are estimated to be $32 million in 1998. The Company expects 1998 capital additions, excluding the development of North Rochelle, to total approximately $40 million to $45 million. In addition, the Company anticipates that, if Louisiana Generating LLC (in which a subsidiary of the Company owns a 30% interest), is successful in its bid to purchase the non-nuclear assets of Cajun Electric Power Cooperative, Inc., the Company will invest approximately $80 million in Louisiana Generating LLC in late 1998. Net cash used in financing activities totaled $90.4 million in the first three months of 1998 compared to $1.8 million for the same period of 1997. The 1998 cash use was primarily due to the prepayment of the 8.61% Senior Secured Notes which was partially funded by borrowing $130.0 million under the Company's new $700 million senior unsecured revolving credit and letter of credit facility of which $20.0 million has been repaid by March 31, 1998. At March 31, 1998, the Company had used $182.8 million for outstanding letters of credit issued under this facility. 9 12 The Company believes that it has the financial resources and borrowing capacity needed to meet business requirements in the foreseeable future. "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 - The preceding Management's Discussion and Analysis of Financial Condition and Results of Operation and other items in this Report on Form 10-Q contain forward-looking statements that are subject to risks and uncertainties inherent in the Company's business. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth herein and elsewhere in documents filed with the Securities and Exchange Commission, including, without limitation, the Company's Forms 10-K and 10-Q. Forward-looking statements made by the Company are used to describe business operations that fall into six areas of operation. Those operations are subject to factors that can negatively or positively affect the Company's results including, without limitation, the following: weather; unexpected maintenance problems; variations in coal seam thickness, amount of overburden, rock and other natural materials; disruption of transportation services; labor problems; disputes and/or interruption of deliveries under coal contracts due to circumstances affecting the customer; permitting and other regulatory uncertainties; financing risks; legal proceedings; engineering and construction risks; regulatory changes that limit or slow the advance of deregulation in the utility marketplace; competition in the wholesale power market; interruptions and uncertainties relating to fuel supply and transportation; and other conditions. 10 13 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS There was no material change during the quarter ended March 31, 1998, in the legal proceedings reported in the Company's Form 10-K report for the year ended December 31, 1997. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a. Reports on Form 8-K The Company filed no Reports on Form 8-K during the quarter ended March 31, 1998. ------------- 11 14 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 hereunto duly authorized. ZEIGLER COAL HOLDING COMPANY ---------------------------- (Registrant) April 16, 1998 /s/ Francis L. Barkofske ------------------------ Francis L. Barkofske Chief Financial Officer (Principal Financial Officer and duly authorized officer) 12 EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS AS OF MARCH 31, 1998 AND 1997 AND FOR THE THREE MONTH PERIODS THEN ENDED, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 12,374 0 65,120 937 41,276 132,468 1,253,620 421,918 978,470 128,554 255,800 0 0 284 180,879 978,470 214,822 214,822 193,828 196,967 3,139 0 3,049 14,806 2,665 12,141 0 6,637 0 5,504 .20 .19
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