Delaware | 1-5418 | 41-0617000 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
11840 Valley View Road Eden Prairie, Minnesota | 55344 |
(Address of principal executive offices) | (Zip Code) |
N/A | ||
(Former name or former address, if changed since last report) |
Exhibit Number | Description | |
99.1 | News Release of SUPERVALU INC., dated April 26, 2016 |
Dated: | April 26, 2016 | ||
SUPERVALU INC. | |||
By: /s/ Bruce H. Besanko | |||
Bruce H. Besanko | |||
Executive Vice President, Chief Operating Officer and | |||
Chief Financial Officer | |||
(Authorized Officer of Registrant) | |||
Exhibit Number | Description | |
99.1 | News Release of SUPERVALU INC., dated April 26, 2016 |
• | Consolidated operating earnings of $101 million; Adjusted EBITDA of $177 million for Q4 fiscal 2016 |
• | Net diluted earnings per share from continuing operations of $0.18; adjusted diluted earnings per share of $0.23 |
• | Total outstanding debt reduced by $169 million in fiscal 2016 |
Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||||||
February 27, 2016 (12 weeks) | February 28, 2015 (13 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | ||||||||||||||||||||||||
Net sales(1) | $ | 3,946 | 100.0 | % | $ | 4,387 | 100.0 | % | $ | 17,529 | 100.0 | % | $ | 17,917 | 100.0 | % | |||||||||||
Cost of sales | 3,356 | 85.0 | 3,724 | 84.9 | 14,945 | 85.3 | 15,329 | 85.6 | |||||||||||||||||||
Gross profit | 590 | 15.0 | 663 | 15.1 | 2,584 | 14.7 | 2,588 | 14.4 | |||||||||||||||||||
Selling and administrative expenses(2) | 489 | 12.4 | 524 | 12.0 | 2,124 | 12.1 | 2,164 | 12.1 | |||||||||||||||||||
Intangible asset impairment charge(2) | — | — | — | — | 6 | — | — | — | |||||||||||||||||||
Operating earnings | 101 | 2.6 | 139 | 3.2 | 454 | 2.6 | 424 | 2.4 | |||||||||||||||||||
Interest expense, net(2) | 48 | 1.2 | 87 | 2.0 | 196 | 1.1 | 243 | 1.4 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | (2 | ) | — | (1 | ) | — | (5 | ) | — | (4 | ) | — | |||||||||||||||
Earnings from continuing operations before income taxes(2) | 55 | 1.4 | 53 | 1.2 | 263 | 1.5 | 185 | 1.0 | |||||||||||||||||||
Income tax provision | 6 | 0.1 | 17 | 0.4 | 85 | 0.5 | 58 | 0.3 | |||||||||||||||||||
Net earnings from continuing operations(2) | 49 | 1.3 | 36 | 0.8 | 178 | 1.0 | 127 | 0.7 | |||||||||||||||||||
Income from discontinued operations, net of tax | 5 | 0.1 | 4 | 0.1 | 8 | — | 72 | 0.4 | |||||||||||||||||||
Net earnings including noncontrolling interests | 54 | 1.4 | 40 | 0.9 | 186 | 1.1 | 199 | 1.1 | |||||||||||||||||||
Less net earnings attributable to noncontrolling interests | (2 | ) | — | (1 | ) | — | (8 | ) | — | (7 | ) | — | |||||||||||||||
Net earnings attributable to SUPERVALU INC. | $ | 52 | 1.4 | % | $ | 39 | 0.9 | % | $ | 178 | 1.0 | % | $ | 192 | 1.1 | % | |||||||||||
Basic net earnings per share attributable to SUPERVALU INC.: | |||||||||||||||||||||||||||
Continuing operations | $ | 0.18 | $ | 0.13 | $ | 0.64 | $ | 0.46 | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.28 | |||||||||||||||||||
Basic net earnings per share | $ | 0.20 | $ | 0.15 | $ | 0.68 | $ | 0.74 | |||||||||||||||||||
Diluted net earnings per share attributable to SUPERVALU INC.: | |||||||||||||||||||||||||||
Continuing operations(2) | $ | 0.18 | $ | 0.13 | $ | 0.63 | $ | 0.45 | |||||||||||||||||||
Discontinued operations | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.27 | |||||||||||||||||||
Diluted net earnings per share | $ | 0.20 | $ | 0.14 | $ | 0.66 | $ | 0.73 | |||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||||
Basic | 264 | 261 | 263 | 260 | |||||||||||||||||||||||
Diluted | 267 | 266 | 268 | 264 |
(1) | In the first quarter of fiscal 2016, the Company completed an assessment of its revenue and expense presentation primarily related to professional services and certain other transactions. Expenses related to transactions in which the Company determined it was the principal were previously presented net of related revenues within Net sales in the Consolidated Statements of Operations. The presentation of these expenses has been revised to include them within Cost of sales and Selling and administrative expenses. These revisions had the effect of increasing Net sales with a corresponding increase to Cost of sales and Selling and administrative expenses. These revisions did not impact Operating earnings, Earnings from continuing operations before income taxes, Net earnings attributable to SUPERVALU INC., cash flows, or financial position for any period reported. |
(2) | Results from continuing operations for the fourth quarter ended February 27, 2016 include net charges and costs of $24 before tax ($15 after tax, or $0.05 per diluted share), comprised of store closure and impairment charges of $9 before tax ($5 after tax, or $0.02 per diluted share), costs related to the potential Save-A-Lot separation of $3 before tax ($3 after tax, or $0.01 per diluted share), and severance costs of $2 before tax ($1 after tax, or $0.00 per diluted share) within Selling and administrative expenses, and debt refinancing costs of $6 before tax ($4 after tax, or $0.01 per diluted share) and unamortized financing cost charges of $4 before tax ($2 after tax, or $0.01 per diluted share) within Interest expense, net. |
Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||
February 27, 2016 (12 weeks) | February 28, 2015 (13 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | ||||||||||||
Net sales | |||||||||||||||
Wholesale | $ | 1,740 | $ | 1,971 | $ | 7,935 | $ | 8,198 | |||||||
% of total | 44.1 | % | 44.9 | % | 45.3 | % | 45.8 | % | |||||||
Save-A-Lot | 1,055 | 1,143 | 4,623 | 4,641 | |||||||||||
% of total | 26.7 | % | 26.1 | % | 26.4 | % | 25.8 | % | |||||||
Retail | 1,107 | 1,224 | 4,769 | 4,884 | |||||||||||
% of total | 28.1 | % | 27.9 | % | 27.2 | % | 27.3 | % | |||||||
Corporate | 44 | 49 | 202 | 194 | |||||||||||
% of total | 1.1 | % | 1.1 | % | 1.1 | % | 1.1 | % | |||||||
Total net sales | $ | 3,946 | $ | 4,387 | $ | 17,529 | $ | 17,917 | |||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Operating earnings | |||||||||||||||
Wholesale(1) | $ | 50 | $ | 63 | $ | 230 | $ | 243 | |||||||
% of Wholesale sales | 2.9 | % | 3.2 | % | 2.9 | % | 3.0 | % | |||||||
Save-A-Lot(2) | 14 | 47 | 129 | 153 | |||||||||||
% of Save-A-Lot sales | 1.4 | % | 4.1 | % | 2.8 | % | 3.3 | % | |||||||
Retail(3) | 30 | 44 | 94 | 122 | |||||||||||
% of Retail sales | 2.7 | % | 3.6 | % | 2.0 | % | 2.5 | % | |||||||
Corporate(4) | 7 | (15 | ) | 1 | (94 | ) | |||||||||
Total operating earnings | 101 | 139 | 454 | 424 | |||||||||||
% of total net sales | 2.6 | % | 3.2 | % | 2.6 | % | 2.4 | % | |||||||
Interest expense, net(5) | 48 | 87 | 196 | 243 | |||||||||||
Equity in earnings of unconsolidated affiliates | (2 | ) | (1 | ) | (5 | ) | (4 | ) | |||||||
Earnings from continuing operations before income taxes | 55 | 53 | 263 | 185 | |||||||||||
Income tax provision | 6 | 17 | 85 | 58 | |||||||||||
Net earnings from continuing operations | 49 | 36 | 178 | 127 | |||||||||||
Income from discontinued operations, net of tax | 5 | 4 | 8 | 72 | |||||||||||
Net earnings including noncontrolling interests | 54 | 40 | 186 | 199 | |||||||||||
Less net earnings attributable to noncontrolling interests | (2 | ) | (1 | ) | (8 | ) | (7 | ) | |||||||
Net earnings attributable to SUPERVALU INC. | $ | 52 | $ | 39 | $ | 178 | $ | 192 | |||||||
LIFO charge | |||||||||||||||
Wholesale | $ | (1 | ) | $ | 1 | $ | 1 | $ | 4 | ||||||
Retail | (2 | ) | — | 2 | 4 | ||||||||||
Total LIFO charge | $ | (3 | ) | $ | 1 | $ | 3 | $ | 8 | ||||||
Depreciation and amortization | |||||||||||||||
Wholesale | $ | 12 | $ | 12 | $ | 49 | $ | 48 | |||||||
Save-A-Lot | 17 | 15 | 71 | 65 | |||||||||||
Retail | 35 | 39 | 153 | 172 | |||||||||||
Corporate | 1 | — | 3 | — | |||||||||||
Total depreciation and amortization | $ | 65 | $ | 66 | $ | 276 | $ | 285 |
(1) | Wholesale operating earnings for the fiscal year ended February 27, 2016 include an intangible asset impairment charge of $6. Wholesale operating earnings for the fiscal year ended February 28, 2015 include severance costs of $1. |
(2) | Save-A-Lot operating earnings for the fourth quarter ended February 27, 2016 include store closure and impairment charges of $9 and severance costs of $2. Save-A-Lot operating earnings for the fourth quarter and fiscal year ended February 28, 2015 include store closure and impairment charges of $3. Save-A-Lot operating earnings for the fiscal year ended February 27, 2016 include store closure and impairment charges of $11 and severance costs of $2. |
(3) | Retail operating earnings for the fiscal year ended February 27, 2016 include store closure and impairment charges of $1. |
(4) | Corporate operating earnings for the fourth quarter ended February 27, 2016 include costs related to the potential Save-A-Lot separation of $3. Corporate operating loss for the fourth quarter ended February 28, 2015 includes a benefit plan charge of $5 and a non-cash pension settlement charge of $1. Corporate operating earnings for the fiscal year ended February 27, 2016 include costs related to the potential Save-A-Lot separation of $15 and severance costs of $6. Corporate operating loss for the fiscal year ended February 28, 2015 includes a non-cash pension settlement charge of $64, a benefit plan charge of $5 and information technology intrusion costs, net of insurance recoverable, of $2. |
(5) | Interest expense, net for the fourth quarter and fiscal year ended February 27, 2016 includes debt refinancing costs of $6 and unamortized financing costs charges of $4. Interest expense, net for the fourth quarter ended February 28, 2015 includes debt refinancing costs $35 and unamortized financing costs charges of $5. Interest expense, net for the fiscal year ended February 28, 2015 includes debt refinancing costs of $37 and unamortized financing costs charges of $6. |
February 27, 2016 | February 28, 2015 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 57 | $ | 114 | |||
Receivables, net | 451 | 482 | |||||
Inventories, net | 1,036 | 984 | |||||
Other current assets | 91 | 120 | |||||
Total current assets | 1,635 | 1,700 | |||||
Property, plant and equipment, net | 1,481 | 1,470 | |||||
Goodwill | 867 | 865 | |||||
Intangible assets, net | 55 | 48 | |||||
Deferred tax assets | 228 | 250 | |||||
Other assets | 104 | 101 | |||||
Total assets | $ | 4,370 | $ | 4,434 | |||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||
Current liabilities | |||||||
Accounts payable | $ | 1,118 | $ | 1,121 | |||
Accrued vacation, compensation and benefits | 182 | 204 | |||||
Current maturities of long-term debt and capital lease obligations | 124 | 35 | |||||
Other current liabilities | 148 | 157 | |||||
Total current liabilities | 1,572 | 1,517 | |||||
Long-term debt | 2,197 | 2,445 | |||||
Long-term capital lease obligations | 203 | 213 | |||||
Pension and other postretirement benefit obligations | 578 | 602 | |||||
Long-term tax liabilities | 81 | 119 | |||||
Other long-term liabilities | 172 | 174 | |||||
Commitments and contingencies | |||||||
Stockholders’ deficit | |||||||
Common stock, $0.01 par value: 400 shares authorized; 266 and 262 shares issued, respectively | 3 | 3 | |||||
Capital in excess of par value | 2,808 | 2,810 | |||||
Treasury stock, at cost, 1 and 2 shares, respectively | (5 | ) | (33 | ) | |||
Accumulated other comprehensive loss | (422 | ) | (423 | ) | |||
Accumulated deficit | (2,825 | ) | (3,003 | ) | |||
Total SUPERVALU INC. stockholders’ deficit | (441 | ) | (646 | ) | |||
Noncontrolling interests | 8 | 10 | |||||
Total stockholders’ deficit | (433 | ) | (636 | ) | |||
Total liabilities and stockholders’ deficit | $ | 4,370 | $ | 4,434 |
Fiscal Year Ended | |||||||
February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | ||||||
Cash flows from operating activities | |||||||
Net earnings including noncontrolling interests | $ | 186 | $ | 199 | |||
Income from discontinued operations, net of tax | 8 | 72 | |||||
Net earnings from continuing operations | 178 | 127 | |||||
Adjustments to reconcile Net earnings from continuing operations to Net cash provided by operating activities—continuing operations: | |||||||
Intangible asset impairment charge | 6 | — | |||||
Asset impairment and other charges | 15 | 4 | |||||
Loss on debt extinguishment | 10 | 41 | |||||
Net gain on sale of assets and exits of surplus leases | (3 | ) | (14 | ) | |||
Depreciation and amortization | 276 | 285 | |||||
LIFO charge | 3 | 8 | |||||
Deferred income taxes | (1 | ) | 4 | ||||
Stock-based compensation | 26 | 23 | |||||
Net pension and other postretirement benefits cost | 34 | 96 | |||||
Contributions to pension and other postretirement benefit plans | (40 | ) | (169 | ) | |||
Other adjustments | 26 | 30 | |||||
Changes in operating assets and liabilities, net of effects from business combinations: | |||||||
Receivables | 22 | 9 | |||||
Inventories | (52 | ) | (124 | ) | |||
Accounts payable and accrued liabilities | (30 | ) | 75 | ||||
Income taxes | (8 | ) | (15 | ) | |||
Other changes in operating assets and liabilities | (41 | ) | (47 | ) | |||
Net cash provided by operating activities—continuing operations | 421 | 333 | |||||
Net cash provided by operating activities—discontinued operations | 3 | 75 | |||||
Net cash provided by operating activities | 424 | 408 | |||||
Cash flows from investing activities | |||||||
Proceeds from sale of assets | 7 | 7 | |||||
Purchases of property, plant and equipment | (261 | ) | (239 | ) | |||
Payments for business acquisition | (9 | ) | (55 | ) | |||
Other | (25 | ) | 2 | ||||
Net cash used in investing activities | (288 | ) | (285 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from issuance of debt | 138 | 350 | |||||
Proceeds from the sale of common stock | 10 | 7 | |||||
Payments of debt and capital lease obligations | (321 | ) | (400 | ) | |||
Payments for debt financing costs | (9 | ) | (42 | ) | |||
Distributions to noncontrolling interests | (10 | ) | (8 | ) | |||
Other | (1 | ) | 1 | ||||
Net cash used in financing activities | (193 | ) | (92 | ) | |||
Net (decrease) increase in cash and cash equivalents | (57 | ) | 31 | ||||
Cash and cash equivalents at beginning of year | 114 | 83 | |||||
Cash and cash equivalents at end of year | $ | 57 | $ | 114 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
The Company’s non-cash activities were as follows: | |||||||
Purchases of property, plant and equipment included in Accounts payable | $ | 28 | $ | 21 | |||
Capital lease asset additions | $ | 20 | $ | 1 | |||
Interest and income taxes paid: | |||||||
Interest paid, net of amounts capitalized | $ | 176 | $ | 180 | |||
Income taxes (refunded) paid, net | $ | 91 | $ | (7 | ) |
Table 1 | ||||||||||||
Fourth Quarter Ended February 27, 2016 | ||||||||||||
(In millions, except per share data) | Earnings Before Tax | Earnings After Tax | Diluted Earnings Per Share | |||||||||
Continuing operations | $ | 55 | $ | 49 | $ | 0.18 | ||||||
Adjustments: | ||||||||||||
Store closure and impairment charges | 9 | 5 | 0.02 | |||||||||
Debt refinancing costs | 6 | 4 | 0.01 | |||||||||
Unamortized financing cost charges | 4 | 2 | 0.01 | |||||||||
Costs related to the potential Save-A-Lot separation | 3 | 3 | 0.01 | |||||||||
Severance costs | 2 | 1 | — | |||||||||
Continuing operations after adjustments | $ | 79 | $ | 64 | $ | 0.23 |
Table 2 | ||||||||||||
Fiscal Year Ended February 27, 2016 | ||||||||||||
(In millions, except per share data) | Earnings Before Tax | Earnings After Tax | Diluted Earnings Per Share | |||||||||
Continuing operations | $ | 263 | $ | 178 | $ | 0.63 | ||||||
Adjustments: | ||||||||||||
Costs related to the potential Save-A-Lot separation | 15 | 12 | 0.04 | |||||||||
Store closure and impairment charges | 12 | 7 | 0.03 | |||||||||
Severance costs | 8 | 5 | 0.02 | |||||||||
Intangible asset impairment charge | 6 | 4 | 0.01 | |||||||||
Debt refinancing costs | 6 | 4 | 0.02 | |||||||||
Unamortized financing cost charges | 4 | 2 | 0.01 | |||||||||
Continuing operations after adjustments | $ | 314 | $ | 212 | $ | 0.76 |
Table 3 | ||||||||||||
Fourth Quarter Ended February 28, 2015 | ||||||||||||
(In millions, except per share data) | Earnings Before Tax | Earnings After Tax | Diluted Earnings Per Share | |||||||||
Continuing operations | $ | 53 | $ | 36 | $ | 0.13 | ||||||
Adjustments: | ||||||||||||
Debt refinancing costs | 35 | 22 | 0.08 | |||||||||
Unamortized financing cost charges | 5 | 3 | 0.01 | |||||||||
Benefit plan charge | 5 | 3 | 0.01 | |||||||||
Store closure and impairment charges | 3 | 2 | 0.01 | |||||||||
Pension settlement charge | 1 | — | — | |||||||||
Continuing operations after adjustments | $ | 102 | $ | 66 | $ | 0.24 |
Table 4 | ||||||||||||
Fiscal Year Ended February 28, 2015 | ||||||||||||
(In millions, except per share data) | Earnings Before Tax | Earnings After Tax | Diluted Earnings Per Share | |||||||||
Continuing operations | $ | 185 | $ | 127 | $ | 0.45 | ||||||
Adjustments: | ||||||||||||
Pension settlement charge | 64 | 36 | 0.14 | |||||||||
Debt refinancing costs | 37 | 23 | 0.08 | |||||||||
Unamortized financing costs charges | 6 | 4 | 0.02 | |||||||||
Benefit plan charge | 5 | 3 | 0.01 | |||||||||
Store closure and impairment charges | 3 | 2 | 0.01 | |||||||||
Information technology intrusion costs, net of insurance recoverable | 2 | 1 | 0.01 | |||||||||
Severance costs | 1 | 1 | — | |||||||||
Continuing operations after adjustments | $ | 303 | $ | 197 | $ | 0.72 |
RECONCILIATION OF OPERATING EARNINGS FROM CONSOLIDATED SEGMENT FINANCIAL INFORMATION AS REPORTED TO SUPPLEMENTALLY PROVIDED ADJUSTED EBITDA | ||||||||||||||||
Table 5 | ||||||||||||||||
Fourth Quarter Ended | Fiscal Year Ended | |||||||||||||||
(In millions) | February 27, 2016 (12 weeks) | February 28, 2015 (13 weeks) | February 27, 2016 (52 weeks) | February 28, 2015 (53 weeks) | ||||||||||||
Wholesale operating earnings, as reported | $ | 50 | $ | 63 | $ | 230 | $ | 243 | ||||||||
Adjustments: | ||||||||||||||||
Intangible asset impairment charge | — | — | 6 | — | ||||||||||||
Severance costs | — | — | — | 1 | ||||||||||||
Wholesale operating earnings, as adjusted | 50 | 63 | 236 | 244 | ||||||||||||
Wholesale depreciation and amortization | 12 | 12 | 49 | 48 | ||||||||||||
LIFO charge | (1 | ) | 1 | 1 | 4 | |||||||||||
Wholesale adjusted EBITDA(1) | $ | 61 | $ | 76 | $ | 286 | $ | 296 | ||||||||
Save-A-Lot operating earnings, as reported | $ | 14 | $ | 47 | $ | 129 | $ | 153 | ||||||||
Adjustments: | ||||||||||||||||
Store closure and impairment charges | 9 | 3 | 11 | 3 | ||||||||||||
Severance costs | 2 | — | 2 | — | ||||||||||||
Save-A-Lot operating earnings, as adjusted | 25 | 50 | 142 | 156 | ||||||||||||
Save-A-Lot depreciation and amortization | 17 | 15 | 71 | 65 | ||||||||||||
Save-A-Lot adjusted EBITDA(1) | $ | 42 | $ | 65 | $ | 213 | $ | 221 | ||||||||
Retail operating earnings, as reported | $ | 30 | $ | 44 | $ | 94 | $ | 122 | ||||||||
Adjustments: | ||||||||||||||||
Store closure and impairment charges | — | — | 1 | — | ||||||||||||
Retail operating earnings, as adjusted | 30 | 44 | 95 | 122 | ||||||||||||
Retail depreciation and amortization | 35 | 39 | 153 | 172 | ||||||||||||
LIFO charge | (2 | ) | — | 2 | 4 | |||||||||||
Equity in earnings of unconsolidated affiliates | 2 | 1 | 5 | 4 | ||||||||||||
Net earnings attributable to noncontrolling interests | (2 | ) | (1 | ) | (8 | ) | (7 | ) | ||||||||
Retail adjusted EBITDA(1) | $ | 63 | $ | 83 | $ | 247 | $ | 295 | ||||||||
Corporate operating earnings (loss), as reported | $ | 7 | $ | (15 | ) | $ | 1 | $ | (94 | ) | ||||||
Adjustments: | ||||||||||||||||
Costs related to the potential Save-A-Lot separation | 3 | — | 15 | — | ||||||||||||
Severance costs | — | — | 6 | — | ||||||||||||
Pension settlement charge | — | 1 | — | 64 | ||||||||||||
Benefit plan charge | — | 5 | — | 5 | ||||||||||||
Information technology intrusion costs, net of insurance recoverable | — | — | — | 2 | ||||||||||||
Corporate operating earnings (loss), as adjusted | 10 | (9 | ) | 22 | (23 | ) | ||||||||||
Corporate depreciation and amortization | 1 | — | 3 | — | ||||||||||||
Corporate adjusted EBITDA(1) | $ | 11 | $ | (9 | ) | $ | 25 | $ | (23 | ) | ||||||
Total adjusted EBITDA(1) | $ | 177 | $ | 215 | $ | 771 | $ | 789 |
(1) | The Company's measure of adjusted EBITDA includes SUPERVALU INC.'s segment operating earnings (loss), as reported, plus depreciation and amortization, LIFO charge (credit), equity earnings of unconsolidated affiliates and any unusual items, and less net earnings attributable to noncontrolling interests. |
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