-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, sc0m5x4TyEH98FEhG/z1j+za2gAtBSrsfOWGZ+0xnt35xEXsAGGxmwWcRhGiTvuE k3SoAXkYjpAkmsh7G5Wx/w== 0000095395-95-000008.txt : 19950807 0000095395-95-000008.hdr.sgml : 19950807 ACCESSION NUMBER: 0000095395-95-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950804 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNDSTRAND CORP /DE/ CENTRAL INDEX KEY: 0000095395 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 361840610 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05358 FILM NUMBER: 95558960 BUSINESS ADDRESS: STREET 1: 4949 HARRISON AVE STREET 2: P O BOX 7003 CITY: ROCKFORD STATE: IL ZIP: 61125 BUSINESS PHONE: 8152266000 10-Q 1 SECOND QUARTER FORM 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 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 1-5358 Sundstrand Corporation ______________________________________________________ (Exact name of registrant as specified in its charter) Delaware 36-1840610 _______________________________ ___________________ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 4949 Harrison Avenue, P.O. Box 7003, Rockford, IL 61125-7003 _____________________________________________________________ (Address of principal executive offices and zip code) (815) 226-6000 ____________________________________________________ (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 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 the latest practicable date. Class Outstanding at July 31, 1995 _______________________ ____________________________ Common Stock, par value $.50 per share 31,319,461 2 SUNDSTRAND CORPORATION FORM 10-Q For the Quarter Ended June 30, 1995 INDEX Page Part I. Financial Information Item 1. Financial Statements 3 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. Other Information Item 1. Legal Proceedings 12 Item 4. Submission of Matters to a Vote of Security Holders 12 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. SUNDSTRAND CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
Three Months Six Months Ended June 30, Ended June 30, (Amounts in millions except ----------------- ----------------- per share data) 1995 1994 1995 1994 ______________________________________________________________________________ Net sales $ 377 $ 331 $ 723 $ 655 Costs, expenses, and other income: Costs of products sold 247 221 473 445 Marketing and administration 77 73 152 142 Restructuring charge 3 - 61 - Interest expense 8 8 17 14 Interest income (1) (2) (2) (3) Other, net (1) 1 - (1) ------ ------ ------ ------ 333 301 701 597 ------ ------ ------ ------ Earnings before income taxes 44 30 22 58 Less income taxes 17 11 13 21 ------ ------ ------ ------ Net earnings $ 27 $ 19 $ 9 $ 37 ====== ====== ====== ====== Weighted-average number of common shares outstanding 31.6 33.0 31.6 33.0 Earnings per share $ .88 $ .58 $ .29 $ 1.12 ====== ====== ====== ====== Cash dividends per common share $ .30 $ .30 $ .60 $ .60 ====== ====== ====== ======
3 4 SUNDSTRAND CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, ------------------ (Amounts in millions) 1995 1994 _____________________________________________________________________________ Cash flow from operating activities: Net earnings $ 9 $ 37 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 40 40 Deferred income taxes (22) (11) Change in operating assets and liabilities excluding the effects of acquisitions and divestitures: Accounts receivable 12 14 Inventory (37) 10 Other assets 5 (1) Accounts payable 3 1 Accrued expenses 79 (50) Other (5) 5 ------ ------ Total adjustments 75 8 ------ ------ NET CASH PROVIDED BY OPERATING ACTIVITIES 84 45 ------ ------ Cash flow from investing activities: Cash paid for property, plant, and equipment (23) (22) Proceeds from sale of assets 7 5 Cash paid for HMD-Kontro, net of cash acquired - (25) Investment in IRB trust (5) - Investment in equity companies (1) - ------ ------ NET CASH USED FOR INVESTING ACTIVITIES (22) (42) ------ ------ Cash flow from financing activities: Net borrowings (payments) supported by lines of credit (32) 80 Principal payments on long-term debt (4) (1) Issuance of long-term debt 8 - Additional debt for HMD-Kontro acquisitions - 25 Purchase of treasury stock (13) (38) Proceeds from stock options exercised 2 - Dividends paid (19) (20) ------ ------ NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES (58) 46 ------ ------ Effect of exchange rate changes on cash (5) (11) ------ ------ Increase (decrease) in cash and cash equivalents (1) 38 Cash and cash equivalents at January 1 66 15 ------ ------ CASH AND CASH EQUIVALENTS AT JUNE 30 $ 65 $ 53 ====== ====== Supplemental cash flow information: Interest paid $ 17 $ 15 Income taxes paid $ 30 $ 65
4 5 SUNDSTRAND CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30, December 31, (Amounts in millions) 1995 1994 _______________________________________________________________________________ Assets Current Assets Cash and cash equivalents $ 65 $ 66 Accounts receivable, net 284 293 Inventories, net of progress payments 346 307 Deferred income taxes 58 55 Other current assets 15 14 ------- ------- Total current assets 768 735 Property, Plant, and Equipment, net 450 459 Intangible Assets, net 282 286 Deferred Income Taxes 82 62 Other Assets 42 45 ------- ------- $ 1,624 $ 1,587 ======= ======= Liabilities and Shareholders' Equity Current Liabilities Notes payable $ 162 $ 194 Long-term debt due within one year 8 11 Accounts payable 99 95 Accrued salaries, wages, and commissions 28 23 Accrued postretirement benefits other than pensions 17 19 Other accrued liabilities 115 90 ------- ------- Total current liabilities 429 432 Long-Term Debt 242 236 Accrued Postretirement Benefits Other Than Pensions 362 357 Other Liabilities 114 68 Shareholders' Equity Common stock, at par value 19 19 Other shareholders' equity 458 475 ------- ------- 477 494 ------- ------- $ 1,624 $ 1,587 ======= =======
5 6 The financial information contained herein is unaudited but, in the opinion of the management of the Registrant, includes all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations for the periods indicated. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ACCOUNTING POLICIES The financial statements are condensed and should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 1994. PRINCIPLES OF CONSOLIDATION provide for the inclusion of the accounts of Sundstrand Corporation and all subsidiaries. All intercompany transactions are eliminated in consolidation. CASH EQUIVALENTS are considered by the Registrant to be all highly liquid debt instruments purchased with original maturities of three months or less. INVENTORIES The components of inventories at June 30, 1995, and December 31, 1994, were as follows:
June 30, December 31, (Amounts in millions) 1995 1994 ________________________________________________________________________ Raw materials $ 57 $ 49 Work in process 128 117 Finished goods and parts 178 155 ------- ------- 363 321 Less progress payments 17 14 ------- ------- $ 346 $ 307 ======= ======= Prior to the application of progress payments, the inventories shown above included costs related to long-term contracts of $59 million and $51 million, at June 30, 1995, and December 31, 1994, respectively.
6 7 RESTRUCTURING On February 21, 1995, the Registrant's Board of Directors approved a restructuring plan which resulted in a first quarter pretax charge of $58 million. The charge was taken to reduce excess manufacturing and engineering capacity caused by reductions in manufacturing volume and increases in manufacturing productivity, and to write down the assets of Milton Roy's Spectronic Instruments business (Spectronic) and a non-core Aerospace product line in anticipation of their divestiture. An additional $3 million pretax charge was recorded in the second quarter related to the anticipated disposition of Spectronic and a non-core Aerospace product line resulting in total year-to-date restructuring charges of $61 million. The year-to-date charges included $27 million in termination benefits for approximately 500 employees, primarily consisting of workers at the Registrant's Lima, Ohio, facility and engineering personnel throughout the Aerospace organization. Also included in the charge was $29 million for the write-down of the assets of the Lima facility, Spectronic, and a non-core Aerospace product line, as well as $5 million for disposition of the Lima facility. The shutdown and disposition of the Lima facility are expected to be completed by the end of 1996; the sale of Spectronic was completed on July 12, 1995; and efforts are currently under way to divest the Aerospace non-core product line. Based on the current status of funded development programs, the termination of development engineers originally scheduled for late 1995 or early 1996 has been delayed. This delay has reduced the anticipated, restructuring-related 1995 cash outflow, 1996 cost savings, and 1996 cash flow benefits. However, these 1996 reductions should be essentially offset by improved operating results from increased levels of funded development programs. The current anticipated net effects of related expenses which are not subject to accrual, cost savings, and non-recurring gains are a pretax loss of $6 million in 1995 and pretax earnings of $9 million and $25 million in 1996 and 1997, respectively. The restructuring is expected to reduce cash flow by about $13 million in 1995 and $1 million in 1996 and provide a cash flow benefit of about $13 million in 1997. During the second quarter of 1995 approximately $1 million was charged against the restructuring liability, including costs to terminate 31 employees. Additionally, approximately $1 million was charged directly to earnings related primarily to the movement of equipment from Lima to other manufacturing sites. 7 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The financial information for the quarter ended June 30, 1995, as compared to the financial information for the quarter ended June 30, 1994, and the balance sheet at December 31, 1994, is discussed below, and should be read in conjunction with the Registrant's Annual Report on Form 10-K for the year ended December 31, 1994, and the financial data as presented in Item 1 above. RESULTS OF OPERATIONS Second quarter 1995 sales increased to $377 million from $331 million in 1994. This increase was due primarily to improved Industrial segment sales which increased by $36 million to $201 million compared with $165 million in 1994. All three Industrial businesses contributed to the sales increase. Aerospace segment sales for the second quarter of 1995 increased by $10 million to $176 million compared with $166 million in the same period of 1994. The Aerospace increase was due to increased commercial sales, partially offset by lower military sales. Second quarter net earnings were $27 million, or $.88 per share compared with $19 million, or $.58 per share in 1994. The $8 million increase was due primarily to increased Industrial and Aerospace commercial aftermarket sales and the corresponding improvement in operating profit, partially offset by an additional charge of approximately $2 million after taxes related to the write down of assets of Milton Roy's Spectronic Instruments business and a remaining non-core Aerospace product line in anticipation of their divestiture. Additionally, approximately $1 million after taxes of restructuring-related period expenses were recognized as incurred in the second quarter. Sales for the first half of 1995 were $723 million compared with $655 million in the first half of 1994. The Industrial segment had improved sales from all three businesses which resulted in total sales of $390 million in the first six months of 1995 compared with $322 million in the first six months of 1994. Aerospace segment sales for the first half of both 1995 and 1994 were $333 million, with improvement in the commercial market offset by lower military sales. Net earnings for the first six months of 1995 were $9 million, or $.29 per share, which included pretax restructuring charges of $61 million. Excluding these charges and the related period costs, net income for the first half of 1995 was $52 million, or $1.65 per share, compared with $37 million, or $1.12 per share in the same 1994 period. Improved sales and the resulting improvement in operating profitability in both the Industrial segment and the commercial aftermarket portion of the Aerospace segment, were primarily responsible for this earnings increase. 8 9 RESTRUCTURING As previously discussed, on February 21, 1995, the Registrant's Board of Directors approved a restructuring plan which resulted in a first quarter pretax charge of $58 million, including $12 million related to the anticipated disposition of Milton Roy's Spectronic Instruments business and a non-core Aerospace product line. An additional $3 million pretax charge was recorded in the second quarter related to the anticipated dispositions resulting in total year-to-date restructuring charges of $61 million. Based on the current status of funded development programs, the termination of development engineers originally scheduled for late 1995 or early 1996 has been delayed. This delay has reduced the anticipated 1995 cash outflow, 1996 cost savings, and 1996 cash flow benefits. However, these 1996 reductions will be essentially offset by improved operating results from increased levels of funded development programs. The current anticipated net effects of related expenses which are not subject to accrual, cost savings, and non-recurring gains are a pretax loss of $6 million in 1995 and pretax earnings of $9 million and $25 million in 1996 and 1997, respectively. The restructuring is expected to reduce cash flow by about $13 million in 1995 and $1 million in 1996 and provide a cash flow benefit of about $13 million in 1997. Also during the second quarter, approximately $1 million was charged against the restructuring liability, including costs to terminate 31 employees. Additionally, approximately $1 million was charged directly to earnings related primarily to the movement of equipment from Lima to other manufacturing sites. ORDERS Incoming orders for second quarter 1995 were $355 million compared with $323 million in the second quarter of 1994. New orders for the six months ended June 30, 1995, were $922 million, up from $658 million for the same period last year, due in part to a $172 million long-term contract to provide the propulsion system for the United Kingdom's Royal Navy Spearfish heavyweight torpedo program. Total unfilled orders at June 30, 1995, were $946 million, compared with $685 million at June 30, 1994, and $747 million at December 31, 1994. INDUSTRIAL OVERVIEW Industrial segment sales increased 22 percent compared with the second quarter of 1994. Second quarter sales at both Falk and Sullair increased more than 25 percent, while sales at Milton Roy improved by more than 15 percent. Industrial operating profit in the second quarter of 1995 was $36 million. Adjusted for the additional Spectronic restructuring accrual, the operating profit margin was 18.4 percent of sales, compared with operating profit in the second quarter of 1994 of $27 million, or 16.4 percent of sales. Total Industrial orders were up 12 percent in the second quarter compared with the same period in 1994 reflecting continuing strength in our U. S. markets, improving European economies, and increasing capital project activity in emerging markets. 9 10 AEROSPACE OVERVIEW Second quarter Aerospace segment sales increased by 6 percent compared with the second quarter of 1994, reflecting a 17 percent increase in commercial sales offset by an 11 percent decline in military sales. Commercial aftermarket sales rose 20 percent while commercial original equipment manufacturer sales increased 13 percent, reflecting continuing improvements in commercial aerospace markets. Aerospace operating profit in the second quarter of 1995 was $20 million. Excluding restructuring-related charges, operating profit was $22 million, or 12.6 percent of sales, compared with operating profit of $15 million, or 9.0 percent of sales, in the second quarter of 1994, and $15 million, or 9.6 percent of sales in the first quarter of 1995. The second quarter results for 1995 included approximately $1 million of restructuring-related period costs. Aerospace incoming orders of $160 million in the second quarter of 1995 were up 6 percent compared with $151 million in the second quarter of 1994. LIQUIDITY & CAPITAL RESOURCES Working capital was $339 million at June 30, 1995, an increase of $36 million compared with working capital of $303 million at December 31, 1994. Higher inventories and lower notes payable, partially offset by increased accrued liabilities were primarily responsible for the increase. Inventory increased in response to the increased sales and order activity while most of the change in accrued liabilities was due to the current portion of the restructuring reserve. Net cash provided by operating activities for the first half of 1995 was $84 million compared with $45 million for the first six months of 1994. The $39 million increase in the 1995 period compared with 1994 was due primarily to improved net earnings excluding the restructuring and lower payments for income taxes, partially offset by increased inventory levels. The higher income tax payments in 1994 were due primarily to a $35 million payment made in the first quarter of 1994 related to the gain on the sale of Sundstrand Data Control (SDC). Fluctuations in the cash flow related to net earnings, deferred income taxes, and accrued expenses (excluding the previously mentioned fluctuation in taxes paid on the gain from the sale of SDC) were due primarily to the restructuring charge. However, the restructuring charge had no material effect on cash provided by operating activities in the first half of 1995. In the first half of 1995, the Registrant used $22 million of cash for investing activities, primarily for the purchase of fixed assets. In the first six months of 1994 the Registrant used $42 million of cash for investing activities, primarily for the acquisitions of HMD Group Limited and the business of the Kontro Company (HMD-Kontro) and the purchase of fixed assets. In the first half of 1995, $58 million of cash was used for financing activities, and consisted primarily of cash used to reduce commercial paper borrowings, pay dividends, and repurchase common stock, partially offset by the issuance of an industrial revenue bond for capital improvements at Falk's Auburn, Alabama, facility. In the first six months of 1994, $46 million of cash was provided by financing activities, primarily commercial paper borrowings, including amounts used for the HMD-Kontro acquisition, partially offset by the repurchase of common stock and dividend payments. The Registrant repurchased 236,600 shares of its common stock during the second quarter and an additional 137,100 shares, through July 31, 1995, in the third quarter, at an average price of $57.30 per share. Through July 31, 1995, the Registrant has purchased a total of approximately 5.4 million shares of the 10 million shares authorized for repurchase by the Board of Directors. 10 11 On June 20, 1995, the Board of Directors declared a quarterly cash dividend of $.30 per common share payable on September 19, 1995, to holders of record on September 5, 1995. It will be the 205th consecutive quarter that the Registrant has paid a dividend. At June 30, 1995, the Registrant's ratio of total debt to total capital was 46.3 percent compared with 47.1 percent at December 31, 1994. DISPOSITIONS On July 12, 1995, the Registrant completed the sale of its Spectronic Instruments, Inc. business for $19 million to Life Sciences International Plc., London, England. As a result of the asset write down included in the restructuring accrual, this transaction will not have a material impact on third quarter results. OUTLOOK As a result of continuing strength in the Registrant's Industrial businesses, increasing Aerospace commercial aftermarket activity, lower postretirement benefit costs, and year-to-date share repurchases, the Registrant has increased its earnings forecast range from the previous level of $3.55 to $3.75 per share to $3.70 to $4.00 per share, excluding restructuring charges. This new forecast includes the impact of share repurchases to date, but does not include any future repurchases. Industrial sales in 1995 are still projected to be nearly 15 percent higher than in 1994 and operating profit is projected to be about 18 percent of sales, excluding the restructuring efforts. The Registrant expects that 1996 Industrial sales and operating profit will exceed the anticipated 1995 results. The Aerospace operating profit margin for 1995, excluding the restructuring effects, is projected to exceed 14 percent on flat sales. The Registrant also anticipates that Aerospace margins will continue to improve in 1996. The lower 1995 postretirement benefit costs referred to above include a total-year expected pretax reduction of approximately $6 million in the cost of postretirement benefits other than pensions compared with costs incurred in 1994. This decrease is primarily the result of favorable claims experience and an increase in the discount rate from the one used to calculate the 1994 cost. Also included in the 1995 earnings forecast is a pretax reduction in pension cost of approximately $5 million compared with 1994, primarily as a result of increases in the discount rate and the weighted-average long-term rate of compensation increase utilized in the determination of such costs. The beneficial impact of the changes in postretirement benefit costs on earnings before income taxes for the year will be less than the amounts disclosed above because a portion of such costs will be capitalized in inventory at year end. 11 12 PART II - OTHER INFORMATION Item 1. Legal Proceedings The Registrant has disclosed various legal proceedings in its Annual Report on Form 10-K for the fiscal year ended December 31, 1994. There have been no material changes in those proceedings or other material legal developments since that time. Item 4. Submission of Matters to a Vote of Security Holders (a) The Annual Meeting of Stockholders of Sundstrand Corporation was held on April 18, 1995. (c) Stockholders voted in favor of the election of three directors for a term of three years and, a proposed Sundstrand Corporation Nonemployee Director Stock Option Plan and a Sundstrand Corporation Nonemployee Director Compensation Plan for nonemployee directors. Results of said votes were as follows: i) Directors Name For Withheld ---- --- -------- Ward Smith 27,783,985 296,020 J. P. Bolduc 27,717,002 363,003 Gerald Grinstein 27,783,766 296,239 For Against Withheld --- ------- -------- ii) Sundstrand Corporation 25,912,235 1,566,034 591,121 Nonemployee Director Stock Option Plan iii) Sundstrand Corporation 26,335,092 1,124,844 620,069 Nonemployee Director Compensation Plan The only nonvotes with respect to these matters were 10,615 nonvotes with respect to the Sundstrand Corporation Nonemployee Director Stock Option Plan. 12 13 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits (11) Statement Re Computation of Per Share Earnings (a) Computation of Fully Diluted Earnings Per Share (Unaudited) for the quarters ended June 30, 1995 and 1994, and for the six months ended June 30, 1995 and 1994. (27) Financial Data Schedule (b) Reports on Form 8-K None 13 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 thereunto duly authorized. Sundstrand Corporation ______________________________ (Registrant) Date: August 2, 1995 /s/ Richard M. Schilling ______________________________ Richard M. Schilling Vice President and General Counsel and Secretary Date: August 2, 1995 /s/ DeWayne J. Fellows ______________________________ DeWayne J. Fellows Vice President and Controller 14 15 Exhibit (11)(a) COMPUTATION OF FULLY DILUTED EARNINGS PER SHAARE (UNAUDITED)
Quarter Ended Six Months June 30, Ended June 30, ------------- -------------- (Amounts in millions except per share data) 1995 1994 1995 1994 _______________________________________________________________________________ EARNINGS Net earnings $ 27 $ 19 $ 9 $ 37 ===== ===== ===== ===== _______________________________________________________________________________ SHARES Weighted-average number of common shares outstanding 31.6 33.0 31.6 33.0 Additional shares assuming conversion of stock options .2 .1 .2 .1 ----- ----- ----- ----- Fully diluted shares 31.8 33.1 31.8 33.1 ===== ===== ===== ===== _______________________________________________________________________________ FULLY DILUTED EARNINGS PER SHARE Net earnings $ .87 $ .58 $ .29 $1.12 ===== ===== ===== =====
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000,000 6-MOS DEC-31-1995 JUN-30-1995 65 0 284 0 346 768 450 0 1624 429 242 19 0 0 458 1624 723 723 473 686 0 0 17 22 13 9 0 0 0 9 .29 .29
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