-----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, E3xKF5vD1xKHBJov+CFtEwqDWZEGp1+2phQ20uJ3lanZ4UzpemDD1e69qjaQ+Vvf Deun2S30yqRiTSE+qvyeXw== 0001144204-08-044005.txt : 20080806 0001144204-08-044005.hdr.sgml : 20080806 20080805195014 ACCESSION NUMBER: 0001144204-08-044005 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080805 FILED AS OF DATE: 20080806 DATE AS OF CHANGE: 20080805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Actions Semiconductor Co., Ltd. CENTRAL INDEX KEY: 0001342068 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51604 FILM NUMBER: 08992907 BUSINESS ADDRESS: STREET 1: 15-1, NO.1, HIT ROAD, CITY: TANGJIA, ZHUHAI, GUANGDONG STATE: F4 ZIP: 519085 BUSINESS PHONE: (87-756) 339-2353 MAIL ADDRESS: STREET 1: 15-1, NO.1, HIT ROAD, CITY: TANGJIA, ZHUHAI, GUANGDONG STATE: F4 ZIP: 519085 6-K 1 v121921_6k.htm Unassociated Document
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
______________________
 
Report of Foreign Private Issuer
 
______________________
 
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For August 5, 2008

______________________
 
ACTIONS SEMICONDUCTOR CO., LTD.

______________________

15-1, No. 1 HIT Road
Tangjia, Zhuhai
Guangdong, 519085
The People’s Republic of China
(86-756) 339-2353

______________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F x Form 40-F o
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes o  No x
 
 
Actions Semiconductor Co., Ltd. (the “Company”) is furnishing under cover of Form 6-K a press announcements dated August 5, 2008, relating to Company’s financial results for the three months ended June 30, 2008.
 
 
SIGNATURE
 
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.
 
ACTIONS SEMICONDUCTOR
CO., LTD
 
By:
/S/ Patricia Chou
Name:
Patricia Chou
Title:
Chief Financial Officer

Dated: August 5, 2008
 
Acts

Actions Semiconductor Reports Second Quarter 2008 Results

ZHUHAI, China, August 4, 2008 – Actions Semiconductor Co., Ltd. (Nasdaq: ACTS), one of China’s leading fabless semiconductor companies that provides comprehensive mixed-signal system-on-a-chip (SoC) and multimedia digital signal processing (DSP) solutions for portable consumer electronics, today reported financial results for the second quarter ended June 30, 2008.

All financial results are reported on a U.S. GAAP basis.

Revenue for the second quarter of 2008 was $26.6 million, as compared to revenue of $25.2 million for the first quarter of 2008, and $27.0 million for the second quarter of 2007.

Net income for the second quarter of 2008 was $7.7 million, or $0.09 per ADS, compared to $10.8 million, or $0.13 per ADS for the first quarter of 2008, and compared to $9.8 million, or $0.11 per ADS for the second quarter of 2007. The second quarter results include a one-time charge of approximately $2.0 million associated with the acquisition of a 2D graphic in-process technology from Hi-Trend Technology (Shanghai) Co., Ltd. (Hi-Trend), a Chinese IC design house with graphics expertise, during the quarter.

Actions Semiconductor reported gross margin of 50.1% and operating margin of 16.7% for the second quarter of 2008. The Company ended the quarter with $127.8 million in cash and cash equivalents together with restricted cash and time deposits. Marketable securities at the end of the quarter was $140.0 million.

“Our solid results this quarter were driven by a strong ramp in sales of our products to emerging markets, such as South America, Russia and India, coupled with a lower than expected average selling price erosion during the quarter,” commented Nan-Horng Yeh, Chief Executive Officer of Actions Semiconductor. “We began the product upgrade from the Series 9 to the Series 11 chipset for the mainstream segment and reached the shipment milestone of 100,000 units per month in this new product category during the quarter. We also employed a 30-person engineering team from Hi-Trend, and have fully integrated it into our Shanghai and Zhuhai R&D centers.

“We continued to expand our international and brand name presence with two significant achievements announced during the quarter. We enhanced our long term partnership with Coby Electronics Corporation on its new line of PMPs for the U.S. market and we were selected as the exclusive chip provider to China’s MPR (MPEG Reader) technology developer, Shenzhen MPR Times Technology Co. Ltd. These partnerships are a testament to the industry leading caliber of our technology and reflect our commitment to expanding the use of our SoC solutions globally. Looking to the second half of 2008, we are encouraged by the opportunities to expand our market presence,” concluded Mr. Yeh.

Business Outlook

The following statements are based upon management’s current expectations. These statements are forward-looking, and actual results may differ materially. The company undertakes no obligation to update these statements.
 
 
Acts

For the third quarter ended September 30, 2008, Actions Semiconductor estimates revenue in the range of $26 to $28 million, and fully diluted earnings per ADS of $0.11 to $0.13. The third quarter 2008 estimates include a pre-tax share-based compensation expense in the range of $0.9 to $1.0 million.

Conference Call Details
 
Actions Semiconductor’s Second Quarter teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Monday, August 4, 2008. To participate in the live call, analysts and investors should dial 866-277-1181 (within U.S.) or 617-597-5358 (outside U.S.) and enter passcode 92168197 at least ten minutes prior to the call. Actions Semiconductor will also offer a live and archived webcast of the conference call, accessible from the “Investor Relations” section of the company’s website at www.actions-semi.com. An audio replay of the call will be available to investors through August 11, 2008, by dialing 888-286-8010 (within U.S.) or 617-801-6888 (outside U.S.) and entering the passcode 24602555.

About Actions Semiconductor

Actions Semiconductor is one of China's leading fabless semiconductor companies that provides mixed-signal and multimedia SoC solutions for portable consumer electronics. Actions Semiconductor products include SoCs, firmware, software, solution development kits, as well as detailed specifications of other required components and the providers of those components. Actions Semiconductor also provides total product and technology solutions that allow customers to quickly introduce new portable consumer electronics to the mass market in a cost effective way. The company is headquartered in Zhuhai, China, with offices in Beijing and Shenzhen. For more information, please visit the Actions Semiconductor website at http://www.actions-semi.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause Actions Semiconductor's actual results to differ materially from our current expectations. Factors that could cause Actions Semiconductor's results to differ materially from those set forth in these forward-looking statements include customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand; worldwide economic and political conditions; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our most recently filed Forms F-1, 20-F and 6-Ks. Actions Semiconductor undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.
 
 
Acts

For More Information

 
Lisa Laukkanen
Ernie Huang
The Blueshirt Group
Investor Relations at Actions Semiconductor
ernie@actions-semi.com
415-217-4967
+86 756 3392353 ext 1095


 
ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED BALANCE SHEET
(in thousands of U.S. dollars)

  
At June 30,
2008
  
At March 31,
2008
 
At December 31,
2007
 
   
(unaudited)
 
(unaudited)
     
ASSETS
                    
Current assets:
                    
Cash and cash equivalents
    
126,745
   
121,068
   
72,054
 
Time deposits
    
266
   
1,692
   
2,613
 
Restricted cash
    
775
   
-
   
1,782
 
Marketable securities
    
139,973
   
129,243
   
165,317
 
Accounts receivable, net
    
5,674
   
5,634
   
6,046
 
Notes receivable
    
194
   
-
   
372
 
Inventories
    
7,400
   
9,873
   
12,542
 
Prepaid expenses and other current assets
    
2,659
   
2,435
   
2,479
 
Deferred tax assets
    
902
   
573
   
739
 
Total current assets
    
284,588
   
270,518
   
263,944
 
 
              
Other investments
    
7,330
   
7,908
   
7,760
 
Rental deposits
    
86
   
62
   
79
 
Property, plant and equipment, net
    
6,683
   
6,737
   
6,436
 
Land use right
    
1,589
   
1,562
   
1,509
 
Acquired intangiable assets, net
    
5,510
   
5,543
   
5,849
 
Deposit paid for acquisition of property, plant and equipment
    
-
   
-
   
27
 
Deferred tax assets
    
233
   
-
   
-
 
 
              
TOTAL ASSETS
    
306,019
   
292,330
   
285,604
 
 
              
LIABILITIES AND SHAREHOLDER'S EQUITY
                    
Current liabilities:
              
Accounts payable
    
8,318
   
6,927
   
12,334
 
Accrued expenses and other current liabilities
    
6,946
   
4,438
   
9,435
 
Other liabilities
    
496
   
706
   
884
 
Loan from minority shareholder
    
1,500
   
1,500
   
-
 
Short-term bank loan
    
-
   
-
   
1,519
 
Income tax payable
    
565
   
962
   
749
 
Deferred tax liabilities
    
82
   
84
   
-
 
Total current liabilities
    
17,907
   
14,617
   
24,921
 
                     
Other liabilities
    
729
   
642
   
686
 
Deferred tax liabilities
    
917
   
554
   
-
 
 
              
Total liabilities
    
19,553
   
15,813
   
25,607
 
 
              
Minority interest
    
174
   
132
   
204
 
 
              
Shareholders' equity:
                    
Ordinary shares
    
1
   
1
   
1
 
Additional paid-in capital
    
41,592
   
43,158
   
43,679
 
Accumulated other comprehensive income
    
19,680
   
15,919
   
9,628
 
Retained earnings
    
225,019
   
217,307
   
206,485
 
 
              
Total shareholders' equity
    
286,292
   
276,385
   
259,793
 
 
              
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
    
306,019
   
292,330
   
285,604
 


ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED INCOME STATEMENT
(in thousands of U.S. dollars,except per share amounts)

 
Three months ended
June 30,
  
Three months ended
June 30,
  
Six months ended
June 30,
  
Six months ended
June 30,
  
   
2008
  
2007
  
2008
  
2007
  
   
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
                   
Revenues
    
26,586
   
26,963
   
51,779
     
Cost of revenues
    
(13,271
)
  
(14,338
)
  
(25,091
)
  
Gross profit
    
13,315
   
12,625
   
26,688
   
28,578
 
Other operating income
    
245
   
100
   
577
     
Operating expenses:
                  
Research and development
    
(5,834
)
  
(2,550
)
  
(9,588
)
  
General and administrative
    
(2,873
)
  
(2,901
)
  
(4,721
)
  
Selling and marketing
    
(418
)
  
(377
)
  
(826
)
  
Total operating expenses
    
(9,125
)
  
(5,828
)
  
(15,135
)
  
(11,277
)
Income from operations
    
4,435
   
6,897
   
12,130
   
17,673
 
Other income
    
885
   
1,292
   
2,412
   
2,641
 
Interest income
    
2,822
   
1,836
   
5,345
   
3,494
 
Interest expense
   
-
   
(19
)
  
(4
)
  
(42
)
Income before income taxes, equity in net income(loss) of an affiliate and minority interests
    
8,142
   
10,006
   
19,883
     
Income tax
    
(385
)
  
(330
)
  
(1,376
)
  
(1,400
)
Equity in net income(loss) of an affiliate
    
-
   
56
   
-
   
36
 
Minority interests
    
(45
)
  
47
   
27
   
92
 
Net income
    
7,712
   
9,779
   
18,534
   
22,494
 
 
                  
Net income per share:
                          
Basic and diluted per share:
    
0.02
    
0.02
    
0.04
    
0.04
  
                           
Basic and diluted (per ADS)
    
0.09
    
0.11
    
0.22
    
0.26
  
                           
Weighted-average shares used in computation:
                  
Basic and diluted
    
506,576,005
    
515,661,372
    
507,148,405
    
515,844,756
  
 
                  
Weighted-average ADS used in computation :
                          
Basic and diluted
    
84,429,334
    
85,943,562
    
84,524,734
    
85,974,126
  
                           
Note:Stock compensation recorded in each expense classification above is as follows:
                          
Cost of revenues
    
20
   
-
   
20
   
-
 
Research and development
    
248
   
-
   
248
   
-
 
General and administrative
    
117
   
-
   
117
   
-
 
Selling and marketing
    
23
   
-
   
23
   
-
 


ACTIONS SEMICONDUCTOR CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)

 
Three months ended
June 30, 2008
 
Six months ended
June 30, 2008
 
Six months ended
June 30, 2007
 
   
(unaudited)
 
(unaudited)
 
(unaudited)
 
Operating activities:
              
Net income
   
7,712
   
18,534
   
22,494
 
Adjustments to reconcile net income to net cash provided by operating activities:
                    
Depreciation and amortization of property, plant and equipment
    
518
   
993
   
726
 
Amortization of acquired intangible assets
    
770
   
1,574
   
1,002
 
Loss on disposal of property, plant and equipment
   
62
   
62
   
315
 
Gain on disposal of intangible assets
    
-
   
-
   
(18
)
Gain on disposal of other investment
    
(6
)
  
(6
)
  
-
 
Fair value of the stock options
    
408
   
408
   
-
 
Minority interests
    
42
   
(30
)
  
(92
)
Deferred taxes
    
(199
)
  
605
   
144
 
Equity in net loss of an affiliate
    
-
   
-
   
(36
)
Changes in operating assets and liabilities:
                    
Accounts receivable
    
(40
)
  
372
   
(522
)
Notes receivable
    
(194
)
  
193
   
1,650
 
Inventories
    
2,653
   
5,795
   
(6,349
)
Prepaid expenses and other current assets
    
381
   
464
   
2,031
 
Amount due from an affiliate
    
-
   
52
   
58
 
Accounts payable
    
1,234
   
(4,665
)
  
(6,231
)
Accrued expenses and other current liabilities
    
1,165
   
(5,433
)
  
(5,284
)
Income tax payable
    
(418
)
  
(229
)
  
(1,701
)
Rental deposits
    
(23
)
  
(3
)
  
8
 
Net cash provided by operating activities
    
14,065
   
18,686
   
8,195
 
 
              
Investing activities:
                    
Increase in other investment
    
(35
)
  
(115
)
  
(3,937
)
Proceeds from disposal of property, plant and equipment
    
-
   
-
   
31
 
Proceeds from disposal of intangible assets
    
-
   
-
   
64
 
(Increase)decrease in marketable securities
    
(7,837
)
  
35,143
   
(34,535
)
Purchase of property, plant and equipment
    
(375
)
  
(857
)
  
(1,299
)
Purchase of intangible assets
    
(313
)
  
(608
)
  
(1,839
)
(Increase)decrease in restricted cash
    
(775
)
  
1,079
   
(2,997
)
Decrease(increase) in time deposits
   
1,460
   
2,484
   
6,213
 
Cash (used in) provided by investing activities
    
(7,875
)
  
37,126
   
(38,299
)
                     
Financing activities:
              
Proceeds from short-term bank loans
    
-
   
-
   
1,547
 
Repayment of short-term bank loans
    
-
   
(1,580
)
  
-
 
Proceeds from loan from minority shareholders
    
-
   
1,500
   
(10
)
Advance subsidy from local authorities of Zhuhai,the PRC
    
(153
)
  
(438
)
  
182
 
Repurchase of ordinary shares
    
(1,974
)
  
(2,495
)
  
(1,004
)
Cash (used in) provided by financing activities
    
(2,127
)
  
(3,013
)
  
715
 
                     
Effect of exchange rate changes on cash
    
1,614
   
1,892
   
998
 
                     
Net increase(decrease) in cash and cash equivalents
    
5,677
   
54,691
   
(28,391
)
                     
Cash and cash equivalents at the beginning of the period
    
121,068
   
72,054
   
137,778
 
Cash and cash equivalents at the end of the period
    
126,745
   
126,745
   
109,387
 

GRAPHIC 2 logo.jpg GRAPHIC begin 644 logo.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`*0"C`P$1``(1`0,1`?_$`,(```$"!P$!```````` M```````("0$"`P4&!PH$"P$``00#`0$```````````````$"`P0&!P@%"1`` M``8!`P("`PH)"0D!`````0(#!`4&!P`1"!()(3$3%`I!46%Q(C*RDF#O"&,4@>*]I,Q$LY(G/\7LFQS03"!W$/ M?*C-K$*(;&-ZJ\90I%/B])K+/_)Z\B+:MH/6W]*T_3_.CMV/\52$76%\/9)NM]>HK`$'>2Q-+K4"N`;)K2TO'/9]S,`8?E%(R2#J M+YJ$U6MW*R[F;HK)C&LCGF2/H`^E>O>_G#V-1V__`$*BJ9M`UH=UD1) MQSR3,N8.]AW`,K.7@1.5&&(H-T*JU$Q2C%$P"`-PL4XA/61RF+>\VY:M15@,90L[?K$_0.JIX'`&BKH6J91W_`!"E#X-9 M/2VBVV]A;12/2>!&/3U=ZU'>M\;GW`?4O%?-J3J!TN&&&1[EG?#KCW<>5W(_ M&.%ZN^DF:]NG2*V2=;G5%6NT>'Z7]MGEUR$$W]GC"&32,8?%TLF&^XZIWJ]M MM-C?<)OYXC`=).`"]GE7LRHWYO>DVW0-(D.F^I-=P:T&)<8=B^CC5*M#TZM0 M%2@$#-8*LPT9`0S8ZRRYVT9$,TH]BB9==1558R;5`H"\ET2O MLQ043+7);(EXL:T`=V"R/8`\`\M1QBKA9[EZ=RPJ$*HYC8-DD=>3M-B="9K7ZS%-T MBG76>3$F%RW-O3V\-1&62,'O/>E+?P?4#FNF',''!*2XQ\2,Z\ MP+C(T;`E10MD[!QR,S83/IN*@(Z"AW#LK)O(OG\HZ0#T*SH13Z4B*J;AX%U0 MNE^H-OT[)U:]\'/A@[,=G2LZV#RZW!S'N$RW;=DZYDMC2YQ,&MB<8X'!.RUC MV=SF%)MD5;)DW!%6^9(F MRI[VM(+8&!PZ8_4NA:;Y,MZSB_XFNI)+0V(S<8]&'UIZ;M6=K5]P+=9.NV1[ M74[_`)0NZ4?6X28K#231C:U2&9P>NHUN>700=^OSDOTJ.3%+TB1ND4!$`'6O M=Z;R_P"1Z9,INBF;C#*/1&"Z4Y"E//! MX;`'AX>'Q?R'6"+I`^\X..84I2@4-@W\Q'Q]\=*3'-. M?P?'H0CR\]"$:$(T(1H0C0A&A"-"$:$(]S?;;X]*01ECV)@>W1K.`Z\U;7K% ML_Z2.6C9R4ABG3!TDDL4BA1'I5("A%`*8H".PAL;X=.E/F,=J&H"'MQ451+E M5$ITE[M4LB.F)@2.G"":*[SG):T<7N(AWF-I!M6\@Y)OD)0Z[86\='K/H%FF MV>3T_(QI'B#IL9Z:+C!0(8Z9BI^F,/2(ZS#E_;9=TOFBXN?,I_3>[3$YY#P. M,%H'YE-Z5FQ.7DJ=8]$JX3ZB6QKH-<&M$2\0.1($`0,.*Y28/F77$>793[,F(]PDY*02]8"( MB.X9EAJZ0DV><93<]+B7`]4('2.L>"X)M_-.U7F9\'O^U4];1NP,^6QK*D=8 MP`)/6\=9"LF9N$]NKL)-4'4U8,'-?E'I!&8/#(]("\_=G* MZJD/-TV81<]O.&L3)+@\M!QTN82)@(C`^["(P)3R_LX>)K$TMW)/-3^.DF$& MV@*MBF+#4@ZS#+2LVX>'4`AOM\X"]'\X#N?R'WAUJ1SPV`:WWB(XX+NT2VLF%\QK?5<.DG#P@ MFWNZ9W(,;=L#C#*Y]NT2C=+3(3$=4\48K3FD8&3R3<7ZQ#KQC61,SD#QL="P MQ7#]Z\]`HF@FD4H_*4(`H0UX_$'@K4J4#^'*`:FZ>S[[0'%=T;D#?>/TWQ^; MX'GJWC!?)56<%R0G=S7%&-GXR(G(M%K]VH+U12*9RJ+HRA3J=9=P$I1#Q@$] MARBDF2'R\X9KH^W#^?QV+[HB``.P![OF&I&.#Q$9*!`B(;")3;&\O`=_F@/B M'F`[CMMY[Z(MT$44E%%5E2E*`B.A.T.)@,U@_$CEMA[F[@ZO\B,#24Q,8 MKN$Q:HFL3`Y$9J[K&0.WY9>%(^'Y7AYZ$V!40,`[[`([>8@`[![NP_"`#OH3@TE1*(&'PW$/+?8=A M\]_1:KV.QS_^3;B$ MSU'S909IR+O8Q7.,_P"X'RAH:.B(+A$GJ!"9A[DO=6=<_JK M3Z$VPNSQE6:1:CW"-DG=J6LEDD7R\8]A3-G9&\=%1+-J+1V)Q*0%S@(XF/'J7,W.WGRWFO;Y%KIJ"73TB M!S`$,X<>I-"=6WCX!TAU".WF7;=0K`CTE)-U"PRU;?%(0H@1,SB'=-5EDB[_,.!B>(^&JM7:Z M*A>[9[Y<]OU`K;-5SJ.I.!]![FS#Q]XQ#2#Q&I*_@NY_S M\K#`6$-RHR0W:`;TAR*HUIZ#.Z7<*@4-SJ"90X@&XCKQ1LO:- M2Y]57!Y:QO$.;"&,.&'9@MHVGY@.;E(T4%!<=+)AP/ILU.<<(GW#J><(G$G# M$KKU[=1^0=!XI.\^T3=T[E9@+-_'?M] M\*[>KB[*&=H^O35MRE&(-C6MJ2]792A4.GU:2?-72%<3?23=9U(2**9G1$BI MIHB01.(VY0+6Z3G%1R)&MNIW3TK%\E]M;V@3B%9L-Y1X>=QG)O-RP&>"YS/B MW/-O85V@-G;1)L^58M&%\G)R/L5/L!P68`*9F4HTW*N0_5MT2F,$GX1$3@%F M7M-&#N6U^X3(E8![,KQ1YBM,-5+SFS8WG#E_%9L M@H[A(>&>I5V+G5+/-5Y"Q)S`R(L#F;6-HO*`GZN`=2W@.^^@)SSC`#WA[=JL M'"CFYR^O7M+W);BS<^1F5+'QRJMQY0,JWA:6GBKT*&9U2N1SFLH,(CU4ID4H M-=43M@%0>@P[Z$LQC?AFN`&J.:P_G[W!^>?-?O'QG::X<\@9KB9C>L6TE`N> M2:.@V1N\[*P-,&\9,M#Z7ZBS)8ZOQA3LHJ-9K-$EG28J+*&`P`4)A@E8P-I] M;AC%:8[@^6.YI[/SR`XY7Z,[@&8.;''C+OVRXG:%R.%K-KR"M)=Q"MWJSHAW MDBO$GDH2;26B92,7;N&ZQ?1+)J%+NJD0.*:`)F8Q3A'M*_.'D#A7A;PISEQ* MSADK`Z^9YKLQ^E(EY88U[RG^E[4.Z-:^Z1D:H3-6PMB'(Q>.F+(YU2*XSQ[8B5 MB'BYN6O4?,E=73*$JRF&TM++R+-1NNZ7<(DZ4RD#2&*:1+:\M@.W!/%]M3N( M(E9F@RI,RH)^D]*"AA32*L_#MC M@!#M3U_\57=8_=IZ]_JW=N7[:_T]_M7[X?O>A_L7T?\`%I]WOXO/\KO5?O1] MP/\`P7;I_P`0?W#UC\YINMG[3?$)OPS8P@SOO6Y>H1CVPRP3$0E*4`,8R10\MU M%4TQ$WGL'4H`>0^_K9_KS227:-(SC"*X[(U/+1JCP@"'2!1LF^J]>>IIP#,3``JBY=$<``;>A'PWU[<^95AH'$29 M0G8_JY>)P\(KI'9GRB\P+](%;?YDJV4Q$0'P+_[HC`]L%>+)[//S>BG1TZ[; M<$7!J`CT.@MMDKJBI=MRG%H^JSH4NKWO2#MJ67S2L3QBZ$W8@S74.05*O7*P<:CBVB.RVM2JU2TN[0]N5BC%45: M_#2:+F`BV[:OIO?[0[-UG,H5$$@+LH80\7#@,#U8I7??PPGW->6^#8#B5P*Q+$RF- M\A`:0Y#9"ELKT3'JLC!1KP@P6)(:,L$JTESPLFZ1*]F7*:(IK-44FI>L%%2C MIHL`<7CS.S7T#IYTF4W1+;I8T`,&0@,##VP6F./GLK';DK^#\9P?(JJWW)F; MVE3BE,J7&'RI<:M"2=V=-B.9M""@(.10C&,'%.51:,^DO6JW0*H<1.TY=Q&7PWCG*),:]O^C4&3`+IE?"&,.0+-R(E*K;F>1ZN_L+UED."8QM5,K26K@T^R,Y<(""P*D**'F;STHC&*4 MS0)8E\,%A7<9[,W.ZD]RF+[J_;"DL>7#([RR,+O<,.9!FV-4=HW)"N)5&R#& MR,P=I`66FWVN(F(]:*O6#UJX5,9(R@"4Q(9T=.&<4YLT.9Z;O+!)WY+=KWO3 M]ZC/^%I7N`T?!/#KC[B,B\8,/0[JRNTHUBYQ['+W9[6Z_$6.V/Y2XVME&I,T M5WS]FQ8H%+T@Z_24HJCQF,5Z7!G2D9Y9)&0725*DF9-/<_2'4(`&KY"C88$D^V*57 MRKX:9_RIV+WG!JEUJ%?\CUN)6$,3(U5Y:HB-@3WFCH8\2L4;]\72A8(K1N,` MZ]&ZZ_0J^C#I'Y0:%"_SE:5[3W;^YK\4.T1DSB78;9"\:^6D[>,VV3&E]K\K M6;G[OOL#]Z&'/O#_"9OZ/ M[WS7W?\`XBOXG/WE?N8Z/L#T_P!P_P!UWYW[Q>CV^\WRO5/0_G]4?A>S+H3O MB^W-).SQ_G+E7_Z9Y2OWOM7=?P7_R?A?J`_5!K0^X_/_:^Y?2[E9^6S^"EE)_/ M/_+\8-8;7?EM[ENT9GL"G)^E6_+/]`-2#RCN5S]0=H5,WZ9'\@WTB:K2O]Q= M_"'UE)._EW]J\7]\4_ZU59O^%^Z?L5Z+Y?[/HAIJ%Y$OTQ/K77Z M]+0A00]SXDOH%T*:7Y2HD]W\L?P#I2FGR=Z#_LRGY!?^W/I%&J*O[*'UB7TF M^G*89E5#?/;?7*?1TAS4;_L54WZ0?R%?Z-0SO+WH9YE1+\\OQC],FJO$*P?N M4H_MK;XU?U>O1X]Z:>/9]H4W]T;_`%B/ZU'35$_S*8GDZ^L6_`&A$OS*(_.3 6^(OX"Z4Y)XS[BO5[G_(_X]"K_ -----END PRIVACY-ENHANCED MESSAGE-----