Delaware
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000-20969
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20-8159608
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(State of Incorporation)
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(Commission
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(IRS Employer
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File Number)
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Identification No.)
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Exhibit No.
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Description
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99.1
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Press Release Dated May 23, 2014
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HIBBETT SPORTS, INC.
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By:
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/s/ Scott J. Bowman
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Scott J. Bowman
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Senior Vice President and Chief Financial Officer
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Exhibit No.
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Description
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99.1
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Press Release Dated May 23, 2014
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Contact:
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Scott J. Bowman
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Senior Vice President &
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Chief Financial Officer
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(205) 942-4292
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·
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Comparable Store Sales Increase 4.1%
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·
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EPS Increase 9.0%
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·
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Record 16 New Store Openings in the First Quarter
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·
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New Wholesale and Logistics Facility Fully Operational
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·
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Earnings per diluted share in the range of $2.78 to $2.98;
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·
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Increase in comparable store sales in the low-to-mid single digit range;
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·
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Approximately 75 to 80 new stores, 10 to 15 expansions and 15 to 20 closures;
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·
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Flat to slightly positive product gross margin rate compared to Fiscal 2014;
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·
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An estimated $0.11 per diluted share impact from additional costs related to the transition to the new wholesale and logistics facility, ongoing operational costs after opening, and increased depreciation; and
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·
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Increase in SG&A expense as a percent of sales due to increased health care costs (estimated $0.02 per diluted share), as well as increases in marketing and IT costs.
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||
Unaudited Condensed Consolidated Statements of Operations
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||||||||
(Dollars in thousands, except per share amounts)
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||||||||
Thirteen Weeks Ended
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||||||||
May 3, 2014
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May 4, 2013
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|||||||
Net sales
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$
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261,909
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$
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239,993
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||||
Cost of goods sold, including wholesale, logistics and store occupancy costs
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163,713
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149,116
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||||||
Gross profit
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98,196
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90,877
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||||||
Store operating, selling and administrative expenses
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48,952
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45,113
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||||||
Depreciation and amortization
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3,580
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3,325
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||||||
Operating income
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45,664
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42,439
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||||||
Interest expense, net
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73
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45
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||||||
Income before provision for income taxes
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45,591
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42,394
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||||||
Provision for income taxes
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17,203
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16,180
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||||||
Net income
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$
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28,388
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$
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26,214
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||||
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||||||||
Net income per common share:
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||||||||
Basic earnings per share
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$
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1.10
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$
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1.01
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||||
Diluted earnings per share
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$
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1.09
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$
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1.00
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||||
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||||||||
Weighted average shares outstanding:
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||||||||
Basic
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25,846
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25,906
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||||||
Diluted
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26,131
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26,328
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||
Unaudited Condensed Consolidated Balance Sheets
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||||||||
(In thousands)
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||||||||
May 3, 2014
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February 1, 2014
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|||||||
Assets
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||||||||
Cash and cash equivalents
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$
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110,275
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$
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66,227
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||||
Inventories, net
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206,338
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226,545
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||||||
Other current assets
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22,969
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30,877
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||||||
Total current assets
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339,582
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323,649
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||||||
Property and equipment, net
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91,316
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86,014
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||||||
Other assets
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6,195
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6,682
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Total assets
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$
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437,093
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$
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416,345
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||||
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||||||||
Liabilities and Stockholders' Investment
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||||||||
Accounts payable
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$
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68,970
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$
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74,532
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||||
Short-term capital leases
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391
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322
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||||||
Accrued expenses
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23,852
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16,560
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||||||
Total current liabilities
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93,213
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91,414
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||||||
Non-current liabilities
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21,455
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20,908
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||||||
Stockholders' investment
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322,425
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304,023
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||||||
Total liabilities and stockholders' investment
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$
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437,093
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$
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416,345
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||
Supplemental Information
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||||||||
(Unaudited)
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||||||||
Thirteen Weeks Ended
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||||||||
May 3, 2014
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May 4, 2013
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|||||||
Sales Information
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||||||||
Net sales increase
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9.1
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%
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3.0
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%
|
||||
Comparable store sales increase
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4.1
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%
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0.8
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%
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||||
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||||||||
Store Count Information
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||||||||
Beginning of period
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927
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873
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||||||
New stores opened
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16
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9
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||||||
Stores closed
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(4
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)
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(3
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)
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||||
End of period
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939
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879
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||||||
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||||||||
Stores expanded
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4
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5
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||||||
Estimated square footage at end of period (in thousands)
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5,408
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5,054
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||||||
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||||||||
Balance Sheet Information
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||||||||
Average inventory per store
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$
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219,742
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$
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233,782
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||||
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||||||||
Share Repurchase Activity
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||||||||
Shares
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277,443
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99,430
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||||||
Cost (in thousands)
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$
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15,317
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$
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5,440
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