-----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, NpLDifLOB9fJh4N0BxZ2fVR2aCxIUyuyFVekBOnEUaH1PIwkSJhOHcxPKpwqhk14 2wfMzio+uCja+i9rQTRk2Q== 0000891092-00-000103.txt : 20000215 0000891092-00-000103.hdr.sgml : 20000215 ACCESSION NUMBER: 0000891092-00-000103 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEL INSTRUMENT ELECTRONICS CORP CENTRAL INDEX KEY: 0000096885 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 221441806 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-18978 FILM NUMBER: 541980 BUSINESS ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 BUSINESS PHONE: 2019331600 MAIL ADDRESS: STREET 1: 728 GARDEN ST CITY: CARLSTADT STATE: NJ ZIP: 07072 10-Q 1 FORM 10-Q UNITED STATES 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 December 31, 1999 __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 33-18978 TEL-INSTRUMENT ELECTRONICS CORP. (Exact name of the Registrant as specified in Charter) New Jersey 22-1441806 (State of Incorporation) (I.R.S. Employer ID Number) 728 Garden Street, Carlstadt, New Jersey 07072 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone No. including Area Code: 201-933-1600 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 the issuer's common stock, as of the latest practical date: 2,113,290 shares of Common stock, $.10 par value as of February 1, 2000. TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- TABLE OF CONTENTS ----------------- PAGE ---- Item 1. Financial Statements (Unaudited): Condensed Comparative Balance Sheets December 31, 1999 and March 31, 1999 1 Condensed Comparative Statements of Operations - Three and Nine Months Ended December 31, 1999 and 1998 2 Condensed Comparative Statements of Cash Flows - Nine Months Ended December 31, 1999 and 1998 3 Notes to Condensed Financial Statements 4-6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7-9 Part II Other Information 10 SIGNATURES 10 Item 1 - Financial Statements TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE BALANCE SHEETS ------------------------------------
(Unaudited) (Audited) ASSETS December 31, March 31, 1999 1999 ------------ ----------- Current assets: Cash $ 185,284 $ 70,617 Accounts receivable, net 905,623 638,721 Inventories 1,014,791 713,700 Prepaid expenses and other current assets 36,991 39,173 Deferred income tax benefit - current 170,000 78,300 ----------- ----------- Total current assets 2,312,689 1,540,511 ----------- ----------- Property, plant, and equipment, net 283,054 130,901 Other assets 154,638 128,892 Deferred income tax benefit 616,771 418,204 ----------- ----------- Total assets 3,367,152 2,218,508 =========== =========== LIABILITIES & STOCKHOLDERS EQUITY Current liabilities: Note payable - related party - current portion 100,000 100,000 Note payable - bank 200,000 -- Convertible subordinated notes - related party 15,000 15,000 Capitalized lease obligations - current portion 54,409 9,667 Advance Payments 135,037 134,767 Accrued payroll, vacation pay, and payroll taxes 297,099 218,289 Accounts payable and accrued expenses 750,783 555,206 ----------- ----------- Total current liabilities 1,552,328 1,032,929 ----------- ----------- Notes payable - related party - non-current portion 250,000 250,000 Capitalized lease obligations - excluding current portion 115,933 16,486 ----------- ----------- Total liabilities 1,918,261 1,299,415 Stockholders' equity: Common stock 211,332 210,998 Additional paid-in capital 3,927,921 3,925,854 Accumulated deficit (2,690,362) (3,217,759) ----------- ----------- Total stockholders' equity 1,448,891 919,093 ----------- ----------- Total liabilities and stockholders' equity $ 3,367,152 $ 2,218,508 =========== ===========
See accompanying notes to condensed financial statements TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE STATEMENTS OF OPERATIONS ---------------------------------------------- (Unaudited)
Three Months Ended Nine Months Ended December 31, December 31, December 31, December 31, Sales 1999 1998 1999 1998 ---- ---- ---- ---- Government, net $ 1,110,275 $ 584,490 $ 2,474,990 $ 1,385,702 Commercial, net 299,715 388,446 1,383,623 1,278,103 ----------- ----------- ----------- ----------- Total Sales 1,409,990 972,936 3,858,613 2,663,805 Cost of sales 677,030 346,610 1,777,450 1,111,420 ----------- ----------- ----------- ----------- Gross Margin 732,960 626,326 2,081,163 1,552,385 Operating expenses: Selling, general & administrative 269,915 233,366 838,154 706,593 Engineering, research, & development 381,777 273,057 963,079 842,602 ----------- ----------- ----------- ----------- Total operating expenses 651,692 506,423 1,801,233 1,549,195 Income from operations 81,268 119,903 279,930 3,190 Other income (expense): Interest income 2,735 82 6,433 8,635 Interest expense (20,946) (10,238) (49,233) (31,731) ----------- ----------- ----------- ----------- Income/(loss) before taxes 63,057 109,747 237,130 (19,906) (Benefit)/provision for income taxes (359,810) 43,844 (290,267) (7,952) ----------- ----------- ----------- ----------- Net income/(loss) $ 422,867 $ 65,903 $ 527,397 $ (11,954) =========== =========== =========== =========== Basic and diluted income (loss) per common share $ 0.20 $ 0.03 $ 0.25 $ (0.01) Dividends per share None None None None Weighted average shares outstanding Basic 2,110,790 2,104,539 2,110,290 2,098,657 Diluted 2,127,883 2,116,101 2,127,383 2,098,657
See accompanying notes to condensed financial statements 2 TEL-INSTRUMENT ELECTRONICS CORPORATION -------------------------------------- CONDENSED COMPARATIVE STATEMENTS OF CASH FLOWS ---------------------------------------------- (Unaudited)
Nine Months Ended December 31, 1998 1998 --------- ---------- Increase (decrease) in cash: Cash flows from operating activities Net (loss) income $ 527,397 $ (11,954) Adjustments to reconcile net (loss) income to cash used in operating activities: Deferred income taxes (290,267) (7,952) Depreciation 53,263 30,558 Changes in assets or liabilities: (Increase) decrease in accounts receivable and unbilled revenue (266,902) (227,000) (Increase) decrease in inventories (301,091) (209,690) Decrease (increase) in prepaid expenses and other current assets 2,182 (9,043) (Increase) decrease in other assets (25,746) (30,996) Increase in advanced billings 270 -- Increase (decrease) in accrued payroll, deferred wages and and vacation pay 78,810 (776) Increase (decrease) in accounts payable and accrued expenses 195,577 (7,827) --------- --------- Net cash used in operations (26,507) (474,680) --------- --------- Cash flows from investing activities: Cash purchases of property, plant and equipment (41,090) (59,714) --------- --------- Net cash used in investing activities (41,090) (59,714) --------- --------- Cash flows from financing activities: Proceeds from exercise of stock options 2,401 4,619 Proceeds from notes payable - bank, net 200,000 -- Repayment of capitalized lease obligations (20,137) -- --------- --------- Net cash provided by financing activities 182,264 4,619 --------- --------- Net increase (decrease) in cash 114,667 (529,775) Cash at beginning of period 70,617 585,281 --------- --------- Cash at end of period $ 185,284 $ 55,506 ========= ========= Interest paid $ 56,873 $ 20,538 Capitalized lease obligations $ 164,256 $ -- ========= =========
See accompanying notes to condensed financial statements 3 TEL-INSTRUMENT ELECTRONICS CORP. -------------------------------- NOTES TO CONDENSED FINANCIAL STATEMENTS --------------------------------------- Note 1 Basis of Presentation In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position of Tel-Instrument Electronics Corp. as of December 31, 1999, the results of operations for the three and nine months ended December 31, 1999 and December 31, 1998, and statements of cash flows for the nine months ended December 31, 1999 and December 31, 1998. These results are not necessarily indicative of the results to be expected for the full year. The financial statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K. The March 31, 1999 results included herein have been derived from the audited financial statements included in the Company's annual report on Form 10-K. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 1999. Note 2 Accounts Receivable The following table sets forth the components of accounts receivable: December 31, March 31, 1999 1999 ---- ---- Commercial $ 128,781 $ 179,742 Government 513,248 359,716 Unbilled revenues 279,192 114,848 Allowance for bad debts (15,598) (15,585) ---------- ---------- Total $ 905,623 $ 638,721 ========== ========== Sales are recognized primarily upon shipment of products, except in the case of long-term contracts wherein sales are recognized on the percentage-of-completion method. Sales associated with the documentation and test portion of the U.S. Navy contract have been recorded on the percentage-of-completion method. Under this approach, sales and gross margin are recognized based upon the ratio of costs incurred to date to total current estimated contract costs. Unbilled revenues represent recoverable costs and accrued profit not billed resulting from the application of percentage-of-completion accounting. Actual billing of these amounts will be based upon actual billing terms. 4 TEL-INSTRUMENT ELECTRONICS CORP. -------------------------------- NOTES TO CONDENSED FINANCIAL STATEMENTS (continued) --------------------------------------------------- Note 3 Inventories Inventories consist of: December 31, March 31, 1999 1999 ---- ---- Purchased Parts $ 694,624 $402,804 Work-in-process 371,187 340,516 Less: Reserve for Obsolescence (51,020) (29,620) --------- -------- Total $1,014,791 $713,700 ========== ======== Note 4 Income Taxes The Company, in accordance with SFAS 109, has recognized a deferred income tax benefit based upon the expected utilization of net operating loss carryforwards as the Company believes that it is more likely than not that it will realize a portion of its operating losses before they expire. For the nine months ended December 31, 1999, the Company recorded a net tax benefit of $290,267. During the quarter ended December 31, 1999, the Company recognized a deferred tax asset of $385,000. The tax benefit from the recognition of the Company's net operating losses is offset by its provision for income taxes of $94,733 for the nine months ended December 31, 1999. The Company has no liability for federal taxes. The recognized deferred tax assets are based on the Company's expected future taxable income as a result of a significant increase in orders under the U.S. Navy contract which are expected to result in the partial utilization of its operating loss carryforwards. The Company believes that it is more likely than not that it will realize this portion of its net operating losses before they expire. The Company has retained its valuation allowance for those net operating losses that begin to expire after the U.S. Navy contract has been completed, as there is no assurance that the Company will generate sufficient profits to utilize such net operating losses. These amounts are based upon management's estimates and the actual results could differ from these estimates. Note 5 Earnings Per Share The Company's basic income (loss) per share is based on net income (loss) for the relevant period, divided by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share is based on net income (loss), divided by the weighted average number of common shares outstanding, including common share equivalents such as outstanding stock options and warrants during the period. Common share equivalents, such as outstanding stock options, are not included in the calculation for the nine months ended December 31, 1998 since the effect would be antidilutive. Note 6 Line of Credit In July 1999, the Company renegotiated its line of credit of $250,000, maturing in July 2000. Interest is payable monthly at an interest rate of 1% above the lender's prevailing base rate. The line is collateralized by substantially all of the assets of the Company. During the six months ended September 30, 1999, the Company had borrowed all of the $250,000. In November 1999, the Company repaid $50,000. At December 31, 1999, the Company had an outstanding balance of $200,000. 5 TEL-INSTRUMENT ELECTRONICS CORP. -------------------------------- NOTES TO CONDENSED FINANCIAL STATEMENTS (continued) --------------------------------------------------- Note 7 Government and Commercial Sales In 1999, the Company adopted SFAS 131. The prior years information has been restated to present the Company's government and commercial activities. The Company is organized on the basis of its avionics products. The government segment consists primarily of the sale of test equipment to U.S. and foreign governments and militaries either direct or through distributors. The commercial segment consists mostly of sales of test equipment to domestic and foreign airlines and to commercial distributors. The Company primarily develops and designs test equipment for the avionics industry and, where appropriate, the Company's products are designed to be sold in both the government and commercial markets. The table below presents information about sales and gross margin. Costs of sales includes certain allocation factors for indirect costs.
Three Months Ended Three Months Ended December 31, 1999 December 31, 1998 Government Commercial Government Commercial ---------- ---------- ---------- ---------- Sales $ 1,110,275 $ 299,715 $ 584,490 $ 388,446 Cost of Sales 529,929 147,101 229,653 116,957 ------------ ---------- ---------- ---------- Gross Margin $ 580,346 $ 152,614 $ 354,837 $ 271,489 ============ ========== ========== ========== Nine Months Ended Nine Months Ended December 31, 1999 December 31, 1998 Government Commercial Government Commercial ---------- ---------- ---------- ---------- Sales $ 2,474,990 $1,383,623 $1,385,702 $1,278,103 Cost of Sales 1,175,818 601,632 616,586 494,834 ------------ ---------- ---------- ---------- Gross Margin $ 1,299,172 $ 781,991 $ 769,116 $ 783,269 ============ ========== ========== ==========
Note 8 Note Payable - Related party The note due March 31, 1999 was extended until March 31, 2000. Note 9 Convertible Subordinated Note - Related party The maturity date of this note was extended to March 31, 2000. 6 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION Results of Operations A number of the statements made by the Company in this report may be regarded as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements concerning the Company's outlook, pricing trends and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and accordingly, actual results could differ materially. Among the factors that could cause a difference are: changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's filings with the Securities and Exchange Commission. Overview The Company has now received orders from the U.S. Navy for a total of 923 IFF (Identification, Friend or Foe) Transponder Set Test Sets (TSTS) with a value totaling over $11,800,000. The contract with the U.S. Navy includes options for up to 1,300 units against which the 923 have been ordered, the remainder of which the U.S. Navy can exercise, on behalf of all U.S. military services, through calendar year 2001. However, there can be no assurance that the U.S. Navy will exercise all or any additional of its purchase options under this contract. The Company expects to begin shipping these units at the end of the fourth quarter of the current fiscal year. These orders represent a significant milestone for the Company and also represent the successful culmination of a major Company funded research and development effort. In January 2000, the Company received from Marconi Communications, through its Italian intermediary, M.P.G. Instruments s.r.l., a contract in the amount of $680,000 for Precision DME (Distance Measuring Equipment) Bench Test Sets. This contract is incremental to the contract received in May 1999 for Precision DME Ramp Test Sets in the amount of $396,262. Precision DME is directly solely to the European market. The Company will design and build the Bench Test Set and expects to begin delivering these units in early calendar year 2001. The Company's backlog currently exceeds $15,000,000. This backlog is deliverable over the next few years. In summary, sales for the nine months ended December 31, 1999 increased $1,194,808 (44.9%) to $3,858,613 as compared to the same period in the prior fiscal year. For the nine months ended December 31, 1999, the Company generated income before taxes of $237,130 as compared to a loss of $19,906 for the nine months ended December 31, 1998. The Company continues to invest heavily in engineering, research, and development as the Company continues to develop other products for targeted markets. 7 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION (continued) Results of Operations (continued) Sales Total sales increased $437,054 (44.9%) and $1,194,808 (44.9%) for the three and nine months ended December 31, 1999, respectively, as compared to the same periods in the prior fiscal year. Government sales increased $525,785 (90.0%) and $1,089,288 (78.6%) for the three and nine months ended December 31, 1999, respectively, as compared to the three and nine months ended December 31, 1998. The increase in government sales is attributed to the sales of the T-47 family of IFF test sets to both domestic and international customers, including the T-47CC which incorporates a directional antenna, the T-47N which includes an interrogator function and the T-49CF which incorporates test scenarios required by the U.S. Air Force. In addition, the Company recorded sales of $178,578 and $275,060 for the three and nine months ended December 31, 1999, respectively, associated with the documentation and test portion of the U.S. Navy T-47M contract. Although commercial sales decreased $88,731 (22.8%) for the three months ended December 31, 1999 as compared to the three months ended December 31, 1998 they increased $105,520 (8.3%) for the nine months ended December 31, 1999 as compared to the same period last year. There is no assurance that the positive trend for the first nine months of the current fiscal year will continue as the Company has experienced a decline in commercial sales during the last two quarters as compared to the same periods in the prior fiscal year. The increase is sales in both the commercial and government segments is also contributed to the efforts of our international distributors. Gross Margin Gross margin increased $106,634 (17.0%) and $528,778 (34.1%) for the three and nine months ended December 31, 1999 as compared to the same periods in the prior fiscal year. The increase in gross margin, for the most part, is attributed to the higher volume. Gross margin has been negatively affected as a result of the introduction of new products and the associated learning curve in building these more sophisticated products. The gross margin percentage for the three months ended December 31, 1999 was 52.0% as compared to 64.4% for the three months ended December 31, 1998. The gross margin percentage for the nine months ended December 31, 1999 was 53.9% as compared to 58.3% for the nine months ended December 31, 1998. The gross margin percentage was lower in the current fiscal year as a result of the increase in sales to distributors (sales to distributors are sold at a discount from standard list prices), additional costs associated with the introduction of new products, and the associated learning curve and the lower gross margin on sales associated with the documentation and test portion of the U.S. Navy T-47M contract Operating Expenses Selling, general and administrative expenses increased $36,549 (15.7%) and $131,561 (18.6%) for the three and nine months ended December 31, 1999 as compared to the three and nine months ended December 31, 1998. This increase is attributed to higher sales and marketing expenses, an increase in salaries, and the addition to staff of a Director of Finance. 8 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Continued) Results of Operations (continued) Operating Expenses (continued) Engineering, research and development expenses increased $108,720 (39.8%) and $120,477 for the three and nine months ended December 31, 1999 as compared to the same period last year. These expenditures are primarily associated with the finalization of the design of the T-47M IFF test sets for the U.S. Navy and the development of additional products, such as the T-47CC, T-47N, and the T-36M. Income Taxes For the nine months ended December 31, 1999, the Company, in accordance with FASB 109, recorded a net tax benefit of $290,267, which represents the effective federal and state tax rate on the Company's net income before taxes of $237,130 in the amount of $94,733 and reduced its valuation allowance in the amount of $385,000. For the nine months ended December 31, 1998, the Company recorded a deferred income tax benefit of $7,952, which represents the effective federal and state tax rate on the Company's net loss before taxes of $19,906. The Company currently does not have any federal tax liability. (See Note 4 to Notes to Condensed Comparative Financial Statements). Liquidity and Capital Resources At December 31, 1999 the Company had positive working capital of $760,361 as compared to $507,582 at March 31, 1999. For the nine months ended December 31, 1999, cash used in operations was $26,507 as compared to $474,680 for the nine months ended December 31, 1998. This reduction in cash used in operations is primarily attributed to the improvement in the Company's operating income. Increases in accounts receivable and inventories were partially offset by the Company's operating income, borrowings from the bank in the amount of $200,000, and increases in accounts payable and other accrued liabilities. The Company had a line of credit from Summit Bank for $350,000, which was originally scheduled to expire in July 1999, however, the bank renewed the line of credit until July, 2000 with a maximum credit of $250,000. As of December 31, 1999, the Company had an outstanding loan balance of $200,000. Based upon the current backlog and available working capital, the Company believes that it has sufficient working capital to fund its plans for the next twelve months. At present, the Company does not expect to incur significant long-term needs for capital outside of its normal operating activities. However, the Company continues to seek additional credit in order to fund opportunities that may arise. There was no significant impact on the Company's operations as a result of inflation for the nine months ended December 31, 1999. These financial statements should be read in conjunction with the Company's Annual Report on Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 1999. Year 2000 Issue The Company is not aware of any problems associated with the Year 2000 issue and, as such, has experienced no disruption in its operations. 9 Part II Other Information Item 4 Submission of Matters to a Vote of Security Holders (a) The Annual Meeting of Shareholders was held on December 1, 1999 (the "Annual Meeting"). (b) Not applicable because (i) proxies for the Annual Meeting were not solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934; (ii) there was no solicitation in opposition to management's nominees as listed in the Company's proxy statement; and (iii) all of such nominees were elected. (c) At the Annual Meeting, the Company's shareholders voted in favor of management's nominees for election as directors of the Company as follows: For Against --- ------- Harold K. Fletcher 1,626,941 0 George F. Leon 1,626,941 0 Robert J. Melnick 1,626,941 0 Jeff C. O'Hara 1,626,941 0 Robert J. Walker 1.626,941 0 The shareholders also voted all 1,429,941 shares in favor of PricewaterhouseCoopers L.L.P. as the Company's certified public accountants for the fiscal year ending March 31, 2000. (d) Not applicable 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. TEL-INSTRUMENT ELECTRONICS CORP. Date: February 14, 2000 By: /s/ Harold K. Fletcher ---------------------- Harold K. Fletcher Chairman and President Date: February 14, 2000 By:/s/ Joseph P. Macaluso ---------------------- Joseph P. Macaluso Principal Accounting Officer 10 EX-27 2 FDS --
5 1,000 6-Mos Mar-31-1999 Apr-01-1999 Dec-31-1999 185 0 922 16 1,015 2,313 965 682 3,367 1,552 0 0 0 211 1,238 3,367 3,859 3,859 1,777 1,801 0 0 43 237 (290) 527 0 0 0 527 .25 .25
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