EX-99.1 2 a13607exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
 

Exhibit 99.1
NEWS RELEASE
     
Broadcom Business Press Contact
 Bill Blanning
 Vice President, Public Relations
 949-926-5555
 blanning@broadcom.com
  Broadcom Financial Analyst Contact
 T. Peter Andrew
 Sr. Director, Investor Relations
 949-926-5663
 pandrew@broadcom.com
Broadcom Reports Third Quarter 2005 Results
Conference Call to be Webcast Today at 1:45 p.m. Pacific Time
IRVINE, Calif. – October 20, 2005 – Broadcom Corporation (Nasdaq: BRCM) today reported unaudited financial results for its third quarter ended September 30, 2005.
Net revenue for the third quarter of 2005 was $695.0 million, an increase of 14.9% from the $604.9 million reported for the second quarter of 2005 and an increase of 7.5% from the $646.5 million reported for the third quarter of 2004. Net income computed in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2005 was $132.7 million, or $.35 per share (diluted), compared with GAAP net income of $15.1 million, or $.04 per share (diluted), for the second quarter of 2005, and GAAP net income of $43.9 million, or $.13 per share (diluted), for the third quarter of 2004.
Net revenue for the nine months ended September 30, 2005 was $1.850 billion, a decrease of 0.6% from the $1.861 billion reported for the nine months ended September 30, 2004. GAAP net income for the nine months ended September 30, 2005 was $216.9 million, or $.59 per share (diluted), compared with a GAAP net income of $147.6 million, or $.42 per share (diluted), for the nine months ended September 30, 2004.
Broadcom reports net income and basic and diluted net income per share in accordance with GAAP and supplementally on a non-GAAP basis, referred to in this release as pro forma non-GAAP. Broadcom’s presentation of pro forma non-GAAP financial information excludes certain charges related to acquisitions, stock-based compensation expense, employer payroll tax expense on certain stock option
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Broadcom Reports Third Quarter 2005 Results
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exercises, settlement costs, restructuring costs, gains or losses on strategic investments, non-operating gains, certain other non-cash charges, valuation allowance on deferred tax assets, and the related income tax effects of the foregoing adjustments, as well as income tax benefits from adjustments to tax reserves of foreign subsidiaries. Stock-based compensation expense includes the impact of restricted stock units and certain other equity compensation instruments issued by Broadcom as well as stock options and restricted stock assumed in acquisitions. Both GAAP and pro forma non-GAAP net income per share include the dilutive effects of shares issued or issuable under Broadcom’s stock-based compensation programs in the computation of weighted average shares outstanding. Reconciliations of GAAP net income to pro forma non-GAAP net income for the three and nine months ended September 30, 2005 and 2004 appear in the financial statements portion of this release.
Pro forma non-GAAP net income for the third quarter of 2005, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $148.0 million, or $.39 per share (diluted). Broadcom reported pro forma non-GAAP net income of $122.2 million, or $.34 per share (diluted), for the second quarter of 2005, and pro forma non-GAAP net income of $124.1 million, or $.36 per share (diluted), for the third quarter of 2004.
Pro forma non-GAAP net income for the nine months ended September 30, 2005, computed with the adjustments to GAAP reporting set forth in the attached reconciliation, was $351.8 million, or $.96 per share (diluted). This amount compares with pro forma non-GAAP net income of $344.8 million, or $.99 per share (diluted), for the nine months ended September 30, 2004.
Broadcom believes that pro forma non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses pro forma non-GAAP reporting to supplement its GAAP reporting in evaluating operations, managing and benchmarking performance, and determining a portion of bonus compensation. Broadcom has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of our operating results and to illustrate the results of operations giving effect to such pro forma non-GAAP adjustments. The pro forma non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
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Broadcom Reports Third Quarter 2005 Results
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“Broadcom’s revenue and net income reached record levels in the third quarter, driven by continued broad-based strength within our major target end markets,” said Scott McGregor, Broadcom’s President and Chief Executive Officer. “We were pleased to see the benefits in our results of Broadcom’s recent investments in a number of new end markets such as Bluetooth® technology, mobile multimedia applications, and satellite set-top boxes. One of Broadcom’s core strengths continues to be our ability to work closely with customers to enable them to bring new and innovative products to market. We accomplish this through targeted investments in specific areas that we believe position the company for sustainable future growth. We will continue to grow our communications IC product portfolio by expanding into new and emerging wired and wireless end markets. In turn, we anticipate that these efforts will directly benefit our shareholders and serve to strengthen relationships with our customers.”
“Broadcom is helping to quench the world’s insatiable appetite for better, faster and more content-rich communications,” Mr. McGregor continued. “From the business executive working on a critical project to the child watching his or her favorite cartoons on a portable video device, Broadcom is powering this communications revolution. By offering a wide array of wired and wireless networking options, Broadcom is breaking down layers of complexity and enabling users to connect in the most efficient manner possible.”
Selected Highlights of the Quarter
     Following are some of the key customer, product and technology highlights from Broadcom’s third quarter:
  •   Broadcom continued to experience dramatic growth in sales of its Bluetooth solutions, adding LG Innotek to its customer base for wireless headsets and introducing new Bluetooth BLINK™ software that simplifies Bluetooth connectivity between cell phones and PCs.
 
  •   For the cable, satellite and IP set-top box markets, Broadcom introduced a new family of next generation high definition (HD) system-on-a-chip (SoC) solutions for delivering digital video content over service provider networks. France Telecom recently used this Broadcom® solution to deploy a live high definition TV broadcast with MPEG-4 AVC over an ADSL2+ network from the French Open Tennis Tournament at Roland Garros stadium.
 
  •   Broadcom maintained its number one market share position in the Gigabit Ethernet controller market and announced that it shipped its 75 millionth NetXtreme® Gigabit Ethernet controller during the quarter.
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Broadcom Reports Third Quarter 2005 Results
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A more comprehensive review of highlights from the third quarter may be found on the Investors section of Broadcom’s website at www.broadcom.com/investors.
As previously announced, Broadcom will conduct a conference call with analysts and investors to discuss its third quarter 2005 financial results and current financial prospects today at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time). The company will broadcast the conference call via webcast over the Internet. To listen to the webcast, or to view the financial or other statistical information required by SEC Regulation G, please visit the Investors section of the Broadcom website at www.broadcom.com/investors. The webcast will be recorded and available for replay until 5:00 p.m. Pacific Time on Thursday, November 3, 2005.
About Broadcom
Broadcom Corporation is a global leader in wired and wireless broadband communications semiconductors. Our products enable the convergence of high-speed data, high definition video, voice and audio at home, in the office and on the go. Broadcom provides manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices with the industry’s broadest portfolio of state-of-the-art system-on-a-chip and software solutions. These solutions support our core mission: Connecting everything®.
Broadcom is one of the world’s largest fabless semiconductor companies, with annual revenue of more than $2 billion. The company is headquartered in Irvine, Calif., with offices and research facilities in North America, Asia and Europe. Broadcom may be contacted at 1-949-450-8700 or at www.broadcom.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
All statements included or incorporated by reference in this release and in the related conference call for analysts and investors, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
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Broadcom Reports Third Quarter 2005 Results
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Our future reported GAAP-based results will be negatively affected by the implementation of new accounting rules related to the expensing of stock options, commencing in 2006. Other important factors that may affect Broadcom’s business, results of operations and financial condition include, but are not limited to, general economic and political conditions and specific conditions in the markets we address, including the continuing volatility in the technology sector and semiconductor industry, trends in the broadband communications markets in various geographic regions, including seasonality in sales of consumer products into which our products are incorporated, and possible disruption in commercial activities related to terrorist activity or armed conflict; our ability to scale our operations in response to changes in demand for our existing products and services or demand for new products requested by our customers; intellectual property disputes and customer indemnification claims and other types of litigation risk; our ability to specify, develop or acquire, complete, introduce, market and transition to volume production new products and technologies in a cost-effective and timely manner; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; the gain or loss of a key customer, design win or order; the rate at which our present and future customers and end-users adopt Broadcom’s technologies and products in our target markets; delays in the adoption and acceptance of industry standards in those markets; our ability to retain, recruit and hire key executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the availability and pricing of third party semiconductor foundry, assembly and test capacity and raw materials; our ability to timely and accurately predict market requirements and evolving industry standards and to identify opportunities in new markets; the quality of our products and any remediation costs; our dependence on a few significant customers for a substantial portion of our revenue; competitive pressures and other factors such as the qualification, availability and pricing of competing products and technologies and the resulting effects on sales and pricing of our products; problems or delays that we may face in shifting our products to smaller geometry process technologies and in achieving higher levels of design integration; the timing of customer-industry qualification and certification of our products and the risks of non-qualification or non-certification; changes in our product or customer mix; the volume of our product sales and pricing concessions on volume sales; our ability to develop new sources of revenue to replace lost revenue from our declining Intel processor-based server chipset business; fluctuations in the manufacturing yields of our third party semiconductor foundries and other problems or delays in the fabrication, assembly, testing or delivery of our products; the risks of producing products with new suppliers and at new fabrication and assembly facilities; the effectiveness of our expense and product cost control and reduction efforts; the risks and uncertainties associated with our international operations, particularly in light of recent events; the effects of natural disasters, public health emergencies, international conflicts and other events beyond our control; the level of orders received that can be shipped in a fiscal quarter; and other factors.
Our Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release and the related conference call for analysts and investors speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.
Broadcom®, the pulse logo, Connecting everything®, the Connecting everything logo, NetXtreme® and BLINK™ are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU. Bluetooth® is a trademark of the Bluetooth SIG. Any other trademarks or trade names mentioned are the property of their respective owners.
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Broadcom Reports Third Quarter 2005 Results
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BROADCOM CORPORATION
Unaudited GAAP Consolidated Statements of Operations
(In thousands, except per share amounts)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
Net revenue
   $ 694,977     $ 646,515     $ 1,850,183     $ 1,861,220  
 
                                
Cost of revenue (1)
     326,608       322,038       875,417       921,727  
Cost of revenue – stock-based compensation
     471       1       1,233       1,272  
 
                        
Gross profit
     367,898       324,476       973,533       938,221  
 
                                
Operating expense:
                                
Research and development (1)
     159,096       123,935       441,660       367,666  
Research and development – stock-based compensation
     11,559       9,860       28,499       53,020  
 
                                
Selling, general and administrative (1)
     64,838       53,743       176,948       161,290  
Selling, general and administrative – stock-based compensation
     4,554       2,634       12,694       9,124  
 
                                
Amortization of purchased intangible assets
     1,040       1,296       2,992       2,127  
In-process research and development
     35,000       37,262       41,652       63,766  
Restructuring costs (reversal)
     (2,500 )     —       (2,500 )     —  
Settlement costs
     —       35,700       110,000       68,200  
Impairment of intangible assets
     —       —       —       18,000  
 
                        
 
                                
Income from operations
     94,311       60,046       161,588       195,028  
Interest income, net
     14,317       4,365       32,953       8,982  
Other income, net
     2,580       6,952       3,357       6,552  
 
                        
Income before income taxes
     111,208       71,363       197,898       210,562  
Provision (benefit) for income taxes
     (21,448 )     27,462       (19,001 )     62,958  
 
                        
Net income
   $ 132,656     $ 43,901     $ 216,899     $ 147,604  
 
                        
Net income per share (basic)
   $ .39     $ .14     $ .65     $ .47  
 
                        
Net income per share (diluted)
   $ .35     $ .13     $ .59     $ .42  
 
                        
Weighted average shares (basic)
     341,849       322,541       336,074       316,084  
 
                        
Weighted average shares (diluted)
     383,675       347,389       368,321       347,449  
 
                        
 
(1)   Excludes stock-based compensation, which is presented separately by respective expense category. Stock-based compensation expense includes the impact of restricted stock units (RSUs) and certain other equity compensation instruments issued by Broadcom as well as stock options and restricted stock assumed in acquisitions. RSUs are share awards that entitle the holder to receive freely tradable shares of Broadcom’s Class A Common Stock upon vesting. Generally, RSUs vest on a quarterly basis over sixteen quarters from the date of grant.
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Broadcom Reports Third Quarter 2005 Results
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BROADCOM CORPORATION
Unaudited Reconciliation of Pro Forma Non-GAAP Adjustments
(In thousands)
The following represents a reconciliation (unaudited) of GAAP net income to pro forma non-GAAP net income.
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
GAAP net income
   $ 132,656     $ 43,901     $ 216,899     $ 147,604  
 
                                
Stock-based compensation:
                                
Restricted stock units issued by Broadcom
     9,875       76       23,434       76  
Stock options and restricted stock assumed in acquisitions and other equity compensation instruments issued by Broadcom
     6,709       12,419       18,992       63,340  
 
                                
Additional acquisition-related items:
                                
Amortization of purchased intangible assets:
                                
Cost of revenue
     2,774       3,782       8,308       9,228  
Other operating expense
     1,040       1,296       2,992       2,127  
In-process research and development
     35,000       37,262       41,652       63,766  
Impairment of intangible assets
     —       —       —       18,000  
 
                                
Employer payroll tax on certain stock option exercises:
                                
Cost of revenue
     98       51       186       258  
Research and development
     1,315       283       2,102       2,130  
Selling, general and administrative
     586       85       938       1,069  
Settlement costs
     —       35,700       110,000       68,200  
Restructuring costs (reversal)
     (2,500 )     —       (2,500 )     —  
Gains on strategic investments, net
     (1,151 )     (5,231 )     (1,151 )     (5,231 )
Non-operating gains
     (471 )     (1,979 )     (646 )     (2,586 )
Income tax benefits from adjustments to tax reserves of foreign subsidiaries
     (25,900 )     —       (25,900 )     —  
Income tax effects
     (11,996 )     (3,560 )     (43,520 )     (23,230 )
 
                        
Pro forma non-GAAP net income
   $ 148,035     $ 124,085     $ 351,786     $ 344,751  
 
                        
Pro Forma Non-GAAP Adjustments
The above pro forma non-GAAP adjustments are based upon our unaudited consolidated statements of operations for the periods shown. These adjustments are not in accordance with, or an alternative for, U.S. generally accepted accounting principles (GAAP). The pro forma non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, Broadcom believes that pro forma non-GAAP reporting, giving effect to the adjustments shown in the above reconciliation, provides meaningful information and therefore uses it to supplement its GAAP reporting in evaluating operations, managing and benchmarking performance, and determining a portion of bonus compensation. Both GAAP and pro forma non-GAAP net income per share include the dilutive effects of shares issued or issuable under Broadcom’s stock-based compensation programs in the computation of weighted average shares outstanding. Broadcom has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results and to illustrate the results of operations giving effect to the pro forma non-GAAP adjustments shown in the above reconciliation.
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Broadcom Reports Third Quarter 2005 Results
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BROADCOM CORPORATION
Unaudited Pro Forma Non-GAAP Consolidated Statements of Operations
(In thousands, except per share amounts)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
Net revenue
   $ 694,977     $ 646,515     $ 1,850,183     $ 1,861,220  
Cost of revenue
     323,736       318,205       866,923       912,241  
 
                        
Gross profit
     371,241       328,310       983,260       948,979  
Operating expense:
                                
Research and development
     157,781       123,652       439,558       365,536  
Selling, general and administrative
     64,252       53,658       176,010       160,221  
 
                        
Income from operations
     149,208       151,000       367,692       423,222  
Interest income, net
     14,317       4,365       32,953       8,982  
Other income (expense), net
     958       (258 )     1,560       (1,265 )
 
                        
Income before income taxes
     164,483       155,107       402,205       430,939  
Provision for income taxes
     16,448       31,022       50,419       86,188  
 
                        
Pro forma non-GAAP net income
   $ 148,035     $ 124,085     $ 351,786     $ 344,751  
 
                        
Pro forma non-GAAP net income per share (basic)
   $ .43     $ .38     $ 1.05     $ 1.09  
 
                        
Pro forma non-GAAP net income per share (diluted)
   $ .39     $ .36     $ .96     $ .99  
 
                        
Weighted average shares (basic)
     341,849       322,541       336,074       316,084  
 
                        
Weighted average shares (diluted)
     383,675       347,389       368,321       347,449  
 
                        
Pro Forma Non-GAAP Statements
The above pro forma non-GAAP statements are based upon our unaudited consolidated statements of operations for the periods shown, giving effect to the adjustments shown in the attached reconciliation. This presentation is not in accordance with, or an alternative for, U.S. generally accepted accounting principles (GAAP). The pro forma non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, Broadcom believes that pro forma non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses it to supplement its GAAP reporting in evaluating operations, managing and benchmarking performance, and determining a portion of bonus compensation. Both GAAP and pro forma non-GAAP net income per share include the dilutive effects of shares issued or issuable under Broadcom’s stock-based compensation programs in the computation of weighted average shares outstanding. Broadcom has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results and to illustrate the results of operations giving effect to the pro forma non-GAAP adjustments shown in the attached reconciliation.
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Broadcom Reports Third Quarter 2005 Results
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BROADCOM CORPORATION
Unaudited GAAP Condensed Consolidated Statements of Cash Flows
(In thousands)
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2005     2004     2005     2004  
Operating activities
                                
Net income
   $ 132,656     $ 43,901     $ 216,899     $ 147,604  
Adjustments to reconcile net income to net cash provided by operating activities:
                                
Depreciation and amortization
     12,644       19,714       40,422       60,625  
Stock-based compensation:
                                
Restricted stock units issued by Broadcom
     9,875       76       23,434       76  
Stock options and restricted stock assumed in acquisitions and other equity compensation instruments issued by Broadcom
     6,709       12,419       18,992       63,340  
Additional acquisition-related items:
                                
Amortization of purchased intangible assets
     3,814       5,078       11,300       11,355  
In-process research and development
     35,000       37,262       41,652       63,766  
Impairment of intangible assets
     —       —       —       18,000  
Tax benefit realized from stock plans
     —       24,457       —       57,100  
Gain on strategic investments, net
     (1,151 )     (5,231 )     (1,151 )     (5,231 )
Change in operating assets and liabilities:
                                
Accounts receivable
     (31,606 )     5,984       (69,454 )     (50,034 )
Inventory
     (29,257 )     31,982       (33,985 )     (71,548 )
Prepaid expenses and other assets
     (28,749 )     7,420       (39,371 )     (6,934 )
Accounts payable
     58,944       (60,037 )     99,063       (12,336 )
Accrued settlement liabilities
     (110,426 )     33,200       (10,574 )     26,433  
Other accrued liabilities
     24,306       3,746       15,723       47,270  
 
                        
Net cash provided by operating activities
     82,759       159,971       312,950       349,486  
 
                                
Investing activities
                                
Purchase of property and equipment, net
     (11,755 )     (11,472 )     (25,185 )     (30,871 )
Net cash paid for acquisitions
     (54,121 )     (4,914 )     (78,149 )     (74,846 )
Proceeds from sale of strategic investments, net
     1,867       8,181       1,762       3,015  
Net purchases of marketable securities
     (36,782 )     (111,732 )     (153,258 )     (241,758 )
 
                        
Net cash used in investing activities
     (100,791 )     (119,937 )     (254,830 )     (344,460 )
 
                                
Financing activities
                                
Payment on assumed debt and other obligations
     —       (1,246 )     (2,482 )     (2,203 )
Net proceeds from issuance of common stock
     217,237       21,703       316,783       218,021  
Repurchases of Class A common stock
     (77,652 )     —       (95,892 )     —  
 
                        
Net cash provided by financing activities
     139,585       20,457       218,409       215,818  
 
                        
Increase in cash and cash equivalents
     121,553       60,491       276,529       220,844  
Cash and cash equivalents at beginning of period
     1,013,568       719,022       858,592       558,669  
 
                        
Cash and cash equivalents at end of period
   $ 1,135,121     $ 779,513     $ 1,135,121     $ 779,513  
 
                        
UNAUDITED SUPPLEMENTAL FINANCIAL INFORMATION
                       
 
                        
    September 30,     June 30,     December 31,  
    2005     2005     2004  
    (In thousands)  
Cash and cash equivalents
   $ 1,135,121     $ 1,013,568     $ 858,592  
Short-term marketable securities
     424,320       390,590       324,041  
Long-term marketable securities
     145,897       142,845       92,918  
 
                  
Total cash, cash equivalents and marketable securities
   $ 1,705,338     $ 1,547,003     $ 1,275,551  
 
                  
 
                        
Increase from prior quarter end
   $ 158,335                  
 
                      
Increase from prior year end
   $ 429,787                  
 
                      
-more-

 

 

Broadcom Reports Third Quarter 2005 Results
Page 10
BROADCOM CORPORATION
Unaudited GAAP Condensed Consolidated Balance Sheets
(In thousands)
                 
    September 30,     December 31,  
    2005     2004  
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 1,135,121     $ 858,592  
Short-term marketable securities
     424,320       324,041  
Accounts receivable, net
     275,397       205,135  
Inventory
     163,322       128,294  
Prepaid expenses and other current assets
     109,715       68,380  
 
            
Total current assets
     2,107,875       1,584,442  
Property and equipment, net
     92,603       107,160  
Long-term marketable securities
     145,897       92,918  
Goodwill
     1,131,941       1,062,188  
Purchased intangible assets, net
     11,146       17,074  
Other assets
     21,065       22,057  
 
            
Total assets
   $ 3,510,527     $ 2,885,839  
 
            
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
Current liabilities:
                
Accounts payable
   $ 278,216     $ 171,248  
Wages and related benefits
     74,850       42,697  
Deferred revenue
     1,742       3,648  
Accrued liabilities
     296,108       279,507  
 
            
Total current liabilities
     650,916       497,100  
Long-term liabilities
     13,046       22,753  
Commitments and contingencies
                
Shareholders’ equity
     2,846,565       2,365,986  
 
            
Total liabilities and shareholders’ equity
   $ 3,510,527     $ 2,885,839  
 
            
-more-