-----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, UQF9+yJoLf1mcDaawR38FifiDmsdyFFfaJFtg2XwRad9nTtcN2RoF6lQHoYjTDz4 71r26VORk9cMPxl50Bjl2g== 0000891618-96-000083.txt : 19960213 0000891618-96-000083.hdr.sgml : 19960213 ACCESSION NUMBER: 0000891618-96-000083 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19951229 FILED AS OF DATE: 19960212 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VARIAN ASSOCIATES INC /DE/ CENTRAL INDEX KEY: 0000203527 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 942359345 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07598 FILM NUMBER: 96515714 BUSINESS ADDRESS: STREET 1: 3100 HANSEN WAY STREET 2: MAIL STOP E 224 CITY: PALO ALTO STATE: CA ZIP: 94304-1030 BUSINESS PHONE: 4154934000 MAIL ADDRESS: STREET 1: 3100 HANSEN WAY STREET 2: MAIL STOP E 224 CITY: PALO ALTO STATE: CA ZIP: 94304-1030 FORMER COMPANY: FORMER CONFORMED NAME: VARIAN DELAWARE INC DATE OF NAME CHANGE: 19761123 10-Q 1 FORM 10-Q FOR VARIAN ASSOCIATES, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 29, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transistion period from to Commission File Number: 1-7598 Exact name of registrant as specified in its charter: VARIAN ASSOCIATES, INC. State or other jurisdiction of IRS Employer incorporation or organization: Identification No.: DELAWARE 94-2359345 Address of principal executive offices: 3050 Hansen Way, Palo Alto, California 94304-1000 Telephone No., including area code: (415) 493-4000 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 preceeding 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 --- --- An index of exhibits filed with this Form 10-Q is located on page 14. Number of shares of Common Stock, par value $1 per share, outstanding as of the close of business on January 26, 1995: 31,075,000 shares. 2 PART 1. FINANCIAL INFORMATION VARIAN ASSOCIATES, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF EARNINGS UNAUDITED
FIRST QUARTER ENDED - ------------------------------------------------------------------------------ (DOLLARS IN THOUSANDS DECEMBER 29, DECEMBER 30, EXCEPT PER SHARE AMOUNTS) 1995 1994 - ------------------------------------------------------------------------------ SALES $ 351,247 $ 346,142 ------------ ------------- OPERATING COSTS AND EXPENSES Cost of sales 218,115 230,902 Research and development 24,517 19,754 Marketing 46,724 42,821 General and administrative 23,205 23,442 ------------ ------------- TOTAL OPERATING COSTS AND EXPENSES 312,561 316,919 ------------ ------------- OPERATING EARNINGS 38,686 29,223 Interest (income)/expense, net (1,220) 930 ------------ ------------- EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 39,906 28,293 Taxes on earnings 14,370 10,470 ------------ ------------- EARNINGS FROM CONTINUING OPERATIONS $ 25,536 $ 17,823 DISCONTINUED OPERATIONS - NET OF TAXES - 2,927 ============ ============= NET EARNINGS $ 25,536 $ 20,750 ============ ============= AVERAGE SHARES OUTSTANDING INCLUDING COMMON STOCK EQUIVALENTS 32,266 34,981 ============ ============= EARNINGS PER SHARE - FULLY DILUTED CONTINUING OPERATIONS $ 0.79 $ 0.51 DISCONTINUED OPERATIONS - 0.08 ------------ ------------- NET EARNINGS PER SHARE $ 0.79 $ 0.59 ============ ============= - ------------------------------------------------------------------------------ Dividends Declared Per Share $ 0.07 $ 0.06 Order Backlog $ 725,403 $ 722,861 - ------------------------------------------------------------------------------
See accompanying notes to the consolidated financial statements. -2- 3 VARIAN ASSOCIATES, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS UNAUDITED
- ---------------------------------------------------------------------------------------------------------------- DECEMBER 29, SEPTEMBER 29, (DOLLARS IN THOUSANDS EXCEPT PAR VALUES) 1995 1995 - ---------------------------------------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 71,626 $ 122,728 Accounts receivable 321,551 346,330 Inventories Raw materials and parts 107,915 98,402 Work in process 65,639 52,616 Finished goods 23,397 20,684 -------------- ------------- Total Inventories 196,951 171,702 Other current assets 112,889 116,958 -------------- ------------- TOTAL CURRENT ASSETS 703,017 757,718 Property, Plant, and Equipment 442,207 431,303 Accumulated depreciation and amortization (246,934) (239,422) -------------- ------------- NET PROPERTY, PLANT, AND EQUIPMENT 195,273 191,881 Other Assets 55,450 54,183 ============== ============= TOTAL ASSETS $ 953,740 $ 1,003,782 ============== ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable $ 30,098 $ 1,755 Accounts payable - trade 68,469 82,851 Accrued expenses 235,239 316,419 Product warranty 49,415 48,076 Advance payments from customers 58,686 51,600 -------------- ------------- TOTAL CURRENT LIABILITIES 441,907 500,701 Long-Term Accrued Expenses 26,874 29,026 Long-Term Debt 60,264 60,329 Deferred Taxes 19,299 18,797 -------------- ------------- TOTAL LIABILITIES 548,344 608,853 -------------- ------------- STOCKHOLDERS' EQUITY Preferred stock Authorized 1,000,000 shares, par value $1, issued none - - Common stock Authorized 99,000,000 shares, par value $1, issued and outstanding 31,077,000 shares at December 29,1995 and 31,052,000 shares at September 29, 1995 31,077 31,052 Retained earnings 374,319 363,877 -------------- ------------- TOTAL STOCKHOLDERS' EQUITY 405,396 394,929 -------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 953,740 $ 1,003,782 ============== =============
See accompanying notes to the consolidated financial statements. -3- 4 VARIAN ASSOCIATES, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED
FIRST QUARTER ENDED - -------------------------------------------------------------------------------------------- DECEMBER 29, DECEMBER 30, (DOLLARS IN THOUSANDS) 1995 1994 - -------------------------------------------------------------------------------------------- OPERATING ACTIVITIES Net Cash Used by Operating Activities $ (48,660) $ (5,776) INVESTING ACTIVITIES Purchase of property, plant, and equipment (14,647) (12,135) Purchase of businesses, net of cash acquired - (9,995) Other, net (967) 708 --------- ----------- Net Cash Used by Investing Activities (15,614) (21,422) FINANCING ACTIVITIES Net borrowings on short-term obligations 28,343 41,597 Proceeds from common stock issued to employees 10,710 4,776 Purchase of common stock (23,592) (18,936) Other, net (2,252) (2,090) ---------- ----------- Net Cash Provided by Financing Activities 13,209 25,347 EFFECTS OF EXCHANGE RATE CHANGES ON CASH (37) 377 ---------- ----------- Net Decrease in Cash and Cash Equivalents (51,102) (1,474) Cash and Cash Equivalents at Beginning of Period 122,728 78,872 ---------- ----------- Cash and Cash Equivalents at End of Period $ 71,626 $ 77,398 ========== ===========
See accompanying notes to the consolidated financial statements. -4- 5 VARIAN ASSOCIATES, INC. AND SUBSIDIARY COMPANIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Unaudited (Dollars in Millions) NOTE 1: The consolidated financial statements include the accounts of Varian Associates, Inc. and its subsidiaries and have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest Form 10-K annual report. In the opinion of management, the consolidated financial statements include all normal recurring adjustments necessary to present fairly the information required to be set forth therein. The results of operations for the first quarter ended December 29, 1995 and December 30, 1994 are not necessarily indicative of the results to be expected for a full year or for any other periods. NOTE 2: Inventories are valued at the lower of cost or market (net realizable value) using the last-in, first-out (LIFO) cost for the U.S. inventories of the Health Care Systems (except for X-ray Tube Products), Instruments, and Semiconductor Equipment segments. All other inventories are valued principally at average cost. If the first-in, first-out (FIFO) method had been used for those operations valuing inventories on a LIFO basis, inventories would have been higher than reported by $46.5 at December 29, 1995, $45.6 at September 29, 1995, $49.6 at December 30, 1994, and $49.0 at September 30, 1994. NOTE 3: The Company enters into forward exchange contracts to mitigate the effects of operational (sales orders and purchase commitments) and balance sheet exposures to fluctuations in foreign currency exchange rates. When the Company's foreign exchange contracts hedge operational exposure, the effects of movements in currency exchange rates on these instruments are recognized in income when the related revenue and expenses are recognized. When foreign exchange contracts hedge balance sheet exposure, such effects are recognized in income when the exchange rate changes. Because the impact of movements in currency exchange rates on foreign exchange contracts generally offsets the related impact on the 5 6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 3 (Continued) underlying items being hedged, these instruments do not subject the Company to risk that would otherwise result from changes in currency exchange rates. At December 29, 1995, the Company had forward exchange contracts with maturities of twelve months or less to sell foreign currencies totaling $54.8 million ($15.9 million of French francs, $10.2 million of Japanese yen, $9.7 million of Canadian dollars, $6.5 million of Italian lira, $6.2 million of British pounds, $5.5 million of Deutsche marks and $0.8 million of Swiss francs) and to buy foreign currencies totaling $22.9 million ( $8.3million of Swiss francs, $4.9 million of British pounds, $4.8 million of Japanese yen, $3.1 million of Italian lira, $1.3 million of Australian dollars and $0.5 million of Swedish krona). NOTE 4 In February 1990, a purported class action was brought by Panache Broadcasting of Pennsylvania, Inc. on behalf of all purchasers of electron tubes in the U.S. against the Company and a joint-venture partner, alleging that the activities of their joint venture in the power-grid tube industry violated antitrust laws. The complaint seeks injunctive relief and unspecified damages, which may be trebled under the antitrust laws. In February 1993, the U.S. District Court in Chicago granted in part and denied in part the Company's motion to dismiss the complaint. Panache Broadcasting filed an amended complaint in March 1993. In October 1995, the Court affirmed a federal Magistrate's recommendation to grant in part and deny in part the Company's motion to dismiss the amended complaint. Also in October 1995, the Magistrate recommended denial of plaintiff's request to certify the purported class and recommended certification of a different and narrower class than that defined by plaintiff. The Company is appealing that proposed class certification to the District Court, and believes that it has meritorious defenses to the Panache lawsuit. In addition to the above-referenced matter, the Company is currently a defendant in a number of legal actions and could incur an uninsured liability in one or more of them. In the opinion of management, the outcome of the above litigation will not have a material adverse effect on the financial condition of the Company. The Company has also been named by the U.S. Environmental Protection Agency or third parties as a potentially responsible party under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, at eight sites to which Varian is alleged to have shipped manufacturing waste for recycling or disposal. The Company is also involved in various stages of environmental investigation and/or remediation under the direction of, or in consultation with, federal, state, and/or local agencies at certain current or former Company facilities. Uncertainty as to (a) the extent to which the Company caused, 6 7 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 4: (Continued) if at all, the conditions being investigated, (b) the extent of environmental contamination and risks, (c) the applicability of changing and complex environmental laws, (d) the number and financial viability of other potentially responsible parties, (e) the stage of the investigation and/or remediation, (f) the unpredictability of investigation and/or remediation costs (including as to when they will be incurred), (g) applicable clean-up standards,(h) the remediation (if any) that will ultimately be required, and (i) available technology make it difficult to assess the likelihood and scope of further investigation or remediation activities or to estimate the future costs of such activities if undertaken. Nevertheless, the Company continues to estimate the amounts of these future costs in periodically establishing reserves, based partly on progress made in determining the magnitude of such costs, experience gained from sites on which remediation is ongoing or has been completed, and the timing and extent of remedial actions required by the applicable governmental authorities. As of December 29, 1995, the Company estimated that the present value of the Company's future exposure for environmental related investigation and remediation expenditures, including operating and maintenance costs, ranged from approximately $33.6 million to $56.0 million. The time frame over which the Company expects to incur such costs varies with each site, ranging up to 30 years. Management believes that no amount in the foregoing range of estimated future costs is more probable of being incurred than any other amount in such range and therefore has accrued $33.6 million in estimated environmental costs at December 29, 1995. Although any ultimate liability arising from an environmental related matter described herein could result in significant expenditures that, if aggregated and assumed to occur within a single fiscal year, would be material to the Company's financial condition, the likelihood of such occurrence is considered remote. Based on information currently available to management and its best assessment of the ultimate amount and timing of environmental related events, management believes that the costs of these environmental related matters are not reasonably likely to have a material adverse effect on the financial condition of the Company. The Company evaluates its liability for environmental related investigation and remediation in light of the liability and financial wherewithal of potentially responsible parties and insurance companies with respect to which the Company believes that it has rights to contribution, indemnity and/or reimbursement. Claims for recovery of environmental investigation and remediation costs already incurred and to be incurred in the future have been asserted against various insurance companies and other third parties. In 1992, the Company filed a lawsuit 7 8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 4: (Continued) against 36 insurance companies with respect to most of the above-referenced sites. The Company received certain settlements during 1995 and 1996 and has an $8.8 million receivable in Other Current Assets at December 29, 1995. 8 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations On January 18, the Company reported new first-quarter sales and profit records from continuing operations, and the best quarterly orders in the Company's history in the period ended December 29, 1995. Orders were $436 million compared to $433 million in the first three months of fiscal 1995. First-quarter sales of $351 million increased only slightly from the year-ago's $346 million, prior to adjustments for an equipment distribution agreement with Tokyo Electron Ltd. (TEL) that was terminated at the end of fiscal 1994. However, when adjusted for TEL products, sales increased 14% from the prior year quarter. Net earnings from continuing operations for the quarter were $25.5 million versus the year-ago's $17.8 million. Earnings per share rose 55% to $.79 from $.51 in 1995's first quarter, establishing a new high for the period. Backlog climbed to an all-time record of $725 million. The higher results were attributed primarily to a strong performance by the Company's Semiconductor Equipment business and a continuing rebound in the Company's Instruments business. Over half of the Company's orders for the quarter came from outside the United States, with particularly strong activity in the Pacific Rim for all three of the Company's businesses. The strong international demand was a key factor in pushing orders in the Semiconductor Equipment segment past the $200 million mark for the first time, as well as in the record Instruments bookings. First-quarter orders for the Company's Semiconductor Equipment business rose to $209 million and reflect strong demand in the U.S. as well as the Far East. Sales were flat, and backlog grew 7%. However, after adjusting for the discontinuance of the previously mentioned TEL resale arrangement, sales were up 40% and backlog grew 31% from the prior year's quarter. Operating margins for this business more than doubled from the first quarter of 1995. Demand for ion implantation systems was particularly strong, as was interest in the Company's thin-film products. Unlike 1995, when a single $70 million order accounted for a large share of the total bookings, the 1996 activity was more broadly distributed. Although the Company's Health Care Systems business posted its eleventh consecutive quarter with orders of more than $100 million, bookings for this segment declined 20% from the year-ago period. The decline primarily reflects the inordinately large number of bookings received in the final quarter of 1995. Sales were 9% below the prior year's first quarter. Backlog declined slightly to $304 million from $310 million at the end of the first quarter of 1995. However, backlog rose from $293 million in 1995's fourth quarter. Operating margins were moderately below the year-ago period due to the lower shipments. Cost containment pressures in the health care industry had a delaying effect on shipments during the quarter, particularly for the Company's cancer therapy products. Orders remain good for both of the Company's health care lines, and backlog for the Oncology Systems unit is at an all time high. The Company continued to expand its health care role outside the U.S., particularly in the oncology systems sector where orders grew 70% during the quarter, and has new products under development which are designed to increase treatment effectiveness, enhance productivity, and broaden the application of radiation therapy to a wider array of diseases and disorders. The Company is also moving to develop new products and broaden its X-ray tube offerings. 9 10 MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) The Instruments business' orders grew 18% over the year-ago quarter to a new high of $129 million, and sales increased by 13%. Backlog also rose 7% from the previous quarter and 12% from the prior year to a record $119 million. Operating margins improved as well. All major product lines contributed to the higher orders. The growth was also broad-based geographically with particular strength in Europe and the Pacific Rim. New product development efforts are sharply focused on providing innovations that reduce time, improve results, and increase productivity. FINANCIAL CONDITION The Company's financial condition remained strong during the first quarter of fiscal 1996. Operating activities used cash of $48.7 million in the first quarter of fiscal 1996 compared to $5.8 million in the same period last year. Investing activities used $15.6 million in the first quarter of fiscal 1996, of which $14.6 million was used for the purchase of property, plant and equipment. Investing activities in the same period last year used $21.4 million, $10.0 million for the purchase of businesses and the remainder used mainly for the purchase of property, plant and equipment. Financing activities provided $13.2 million and $25.3 million during the first quarter of 1996 and 1995, respectively. Total debt as a percentage of total capital increased to 18.3% at the end of the first quarter of fiscal 1996 as compared with 13.6% at fiscal year end, 1995. The ratio of current assets to current liabilities increased to 1.59 to 1 at December 29, 1995, from 1.51 to 1 at fiscal year end, 1995. The Company has available $50 million in unused committed lines of credit. 10 11 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors of Varian Associates, Inc.: We have reviewed the consolidated balance sheet of Varian Associates, Inc. and subsidiary companies as of December 29, 1995, and the related consolidated statements of earnings and the condensed consolidated statements of cash flows for the quarters ended December 29, 1995 and December 30, 1994. These financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the aforementioned financial statements for them to be in conformity with generally accepted accounting principles. /s/ Coopers & Lybrand L.L.P. --------------------------- COOPERS & LYBRAND L.L.P. San Jose, California January 17, 1996 11 12 PART II. OTHER INFORMATION Item 6 Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit 11 Computation of Earnings Per Share. Exhibit 15 Letter Regarding Unaudited Interim Financial Information. Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K: There were no reports on Form 8-K filed for the first quarter ended December 29, 1995. 12 13 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. VARIAN ASSOCIATES, INC. ------------------------------ Registrant February 8, 1996 ------------------------------ Date /s/ Wayne P. Somrak ------------------------------ Wayne P. Somrak Vice President and Controller (Chief Accounting Officer) 13 14 INDEX OF EXHIBITS Exhibit Number - ------- 11 Computation of Earnings Per Share 15 Letter Regarding Unaudited Interim Financial Information 27 Financial Data Schedule 14 EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE IN ACCORDANCE WITH INTERPRETIVE RELEASE NO. 34-9083 UNAUDITED
FIRST QUARTER ENDED DEC 29, DEC 30, (SHARES IN THOUSANDS) 1995 1994 - ---------------------------------------------------------------------------------------- Actual weighted average shares outstanding for the period 31,079 33,869 Dilutive employee stock options 1,187 1,112 ---------- ---------- Weighted average shares outstanding for the period 32,266 34,981 ========== ========== (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) - --------------------------------------------------------- Earnings from continuing operations 25,536 17,823 Earnings from discontinued operations - 2,927 ---------- ---------- Earnings applicable to fully diluted earnings per share $ 25,536 $ 20,750 ========== ========== Earnings per share based on SEC interpretive release No. 34-9083: Earnings from continuing operations 0.79 0.51 Earnings from discontinued operations - 0.08 ---------- ----------- Earnings per share - Fully Diluted (1) $ 0.79 $ 0.59 ========== ===========
(1) There is no significant difference between fully diluted earnings per share and primary earnings per share. EX-15 3 LETTER REGARDING UNAUDITED INTERIM FINCIAL INFO. 1 EXHIBIT 15 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 RE: Varian Associates, Inc. Registrations on Forms S-8 and S-3 We are aware that our report dated January 17, 1996 on our review of the interim financial information of Varian Associates, Inc. for the quarter ended December 29, 1995 included in this Form 10-Q is incorporated by reference in the Company's registration statements on Forms S-8, Registration Statement Numbers 33-46000, 33-33661, 33-33660, and 2-95139 and Forms S-8 and S-3, Registration Statement Number 33-40460. Pursuant to Rule 436(c) under the Securities Act of 1933 this report should not be considered a part of the registration statements prepared or certified by us within the meaning of Sections 7 and 11 of that Act. /s/ Coopers & Lybrand L.L.P. ----------------------------- Coopers & Lybrand L.L.P. San Jose, California February 8, 1996 EX-27 4 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS SEP-27-1996 SEP-30-1995 DEC-29-1995 71,626 0 323,875 2,324 196,951 703,017 442,207 246,934 953,740 441,907 0 0 0 31,077 374,319 953,740 351,247 351,247 218,115 312,561 0 0 (1,220) 39,906 14,370 25,536 0 0 0 25,536 0 0.79
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