FORM 8-K/A |
QUIDEL CORPORATION (Exact name of Registrant as specified in its Charter) |
Delaware (State or other jurisdiction of incorporation) | 0-10961 (Commission File Number) | 94-2573850 (IRS Employer Identification No.) |
12544 High Bluff Drive, Suite 200 San Diego, California (Address of principal executive offices) | 92130 (Zip Code) | |
Registrant's telephone number, including area code: (858) 552-1100 | ||
Not Applicable | ||
(Former name or former address, if changed since last report) |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
(a) | Financial statements of businesses acquired. |
(b) | Pro forma financial information. |
Exhibit No. | Description of Exhibit | |||
10.1 | ||||
10.2 | ||||
23.1 | ||||
99.1 | ||||
99.2 | ||||
99.3 |
QUIDEL CORPORATION | ||
By: | /s/ Randall J. Steward | |
Name: | Randall J. Steward | |
Its: | Chief Financial Officer |
Exhibit Number | Description of Exhibit | |||
10.1 | ||||
10.2 | ||||
23.1 | ||||
99.1 | ||||
99.2 | ||||
99.3 |
Quidel Contact: | Media and Investors Contact: | |
Quidel Corporation | Quidel Corporation | |
Randy Steward | Ruben Argueta | |
Chief Financial Officer | 858.646.8023 | |
858.552.7931 | ruben.argueta@quidel.com |
Triage MeterPro System and Triage BNP Test for Beckman Coulter Immunoassay System | |
(Triage and BNP Product Lines or collectively the Product Lines of Alere, Inc.) | |
Index to Special Purpose Combined Financial Statements |
Report of Independent Auditors | |
Special Purpose Combined Statements of Assets Acquired and Liabilities Assumed as of September 30, 2017 (unaudited), December 31, 2016 and 2015 | |
Special Purpose Combined Statements of Revenues and Direct Expenses for the nine-month periods ended September 30, 2017 and 2016 (unaudited) and for the years ended December 31, 2016, 2015 and 2014 | |
Notes to Special Purpose Combined Financial Statements |
Triage MeterPro System and Triage BNP Test for Beckman Coulter Immunoassay System | |
Special Purpose Combined Statements of Assets Acquired and Liabilities Assumed | |
As of September 30, 2017 (unaudited), December 31, 2016 and 2015 |
(U.S. Dollars in thousands) | September 30, 2017 | December 31, 2016 | December 31, 2015 | ||||||||
(unaudited) | |||||||||||
Inventory | $ | 39,777 | $ | 37,604 | $ | 45,263 | |||||
Prepaid expenses | 578 | 567 | 449 | ||||||||
Other current assets | 240 | 224 | 144 | ||||||||
Total current assets acquired | 40,595 | 38,395 | 45,856 | ||||||||
Property, plant and equipment, net | 80,921 | 84,900 | 88,716 | ||||||||
Intangible assets, net | 79,620 | 92,109 | 108,799 | ||||||||
Other long term assets | 184 | 442 | 891 | ||||||||
Total assets acquired | $ | 201,320 | $ | 215,846 | $ | 244,262 | |||||
Current portion of capital lease obligations | 13 | 25 | 75 | ||||||||
Accrued expenses and other current liabilities | 531 | 646 | 776 | ||||||||
Total current liabilities assumed | 544 | 671 | 851 | ||||||||
Capital lease obligations, net of current portion | — | 12 | 29 | ||||||||
Total liabilities assumed | 544 | 683 | 880 | ||||||||
Net assets acquired and liabilities assumed | $ | 200,776 | $ | 215,163 | $ | 243,382 |
Triage MeterPro System and Triage BNP Test for Beckman Coulter Immunoassay System | |
Special Purpose Combined Statements of Revenues and Direct Expenses | |
For the nine-month periods ended September 30, 2017 and 2016 (unaudited) | |
and for the years ended December 31, 2016, 2015, and 2014 |
(U.S. Dollars in thousands) | Nine months ended September 30, | Years ended December 31, | |||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | |||||||||||||||
(unaudited) | |||||||||||||||||||
Net revenues | $ | 190,834 | $ | 179,219 | $ | 245,922 | $ | 250,474 | $ | 249,825 | |||||||||
Direct expenses: | |||||||||||||||||||
Cost of sales | 89,935 | 87,884 | 118,651 | 132,731 | 129,781 | ||||||||||||||
Research and development | 13,760 | 12,457 | 16,553 | 23,364 | 20,312 | ||||||||||||||
General and administrative | 293 | 345 | 522 | 3,822 | 3,391 | ||||||||||||||
Selling and marketing | 27,442 | 26,526 | 34,626 | 38,743 | 38,805 | ||||||||||||||
Total direct expenses | 131,430 | 127,212 | 170,352 | 198,660 | 192,289 | ||||||||||||||
Net revenue in excess of direct expenses | $ | 59,404 | $ | 52,007 | $ | 75,570 | $ | 51,814 | $ | 57,536 |
(U.S. Dollars in thousands) | September 30, 2017 | December 31, 2016 | December 31, 2015 | ||||||||
(unaudited) | |||||||||||
Raw materials | $ | 12,358 | $ | 12,386 | $ | 18,263 | |||||
Work-in-process | 12,675 | 13,508 | 13,803 | ||||||||
Finished goods | 14,744 | 11,710 | 13,197 | ||||||||
$ | 39,777 | $ | 37,604 | $ | 45,263 |
Buildings | 5 - 40 years |
Machinery & equipment | 1 - 10 years |
Furniture and fixtures | 2 - 5 years |
Computer equipment | 1 - 5 years |
(U.S. dollars in thousands) | September 30, 2017 | December 31, 2016 | December 31, 2015 | ||||||||
(unaudited) | |||||||||||
Buildings | $ | 87,618 | $ | 86,492 | $ | 83,978 | |||||
Land | 15,347 | 15,347 | 15,347 | ||||||||
Machinery & equipment | 57,695 | 56,610 | 54,808 | ||||||||
Furniture and fixtures | 2,228 | 2,152 | 2,029 | ||||||||
Computer equipment | 1,618 | 1,576 | 1,537 | ||||||||
Total property, plant and equipment | 164,506 | 162,177 | 157,699 | ||||||||
Less: Accumulated depreciation | (83,585 | ) | (77,277 | ) | (68,983 | ) | |||||
Property, plant and equipment, net | $ | 80,921 | $ | 84,900 | $ | 88,716 |
September 30, 2017 | December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||||||
(U.S. Dollars in thousands) | Historical cost | Accumulated amortization | Net balance | Historical cost | Accumulated amortization | Net balance | Historical cost | Accumulated amortization | Net balance | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Core Technologies | $ | 178,368 | $ | (100,608 | ) | $ | 77,760 | $ | 178,368 | $ | (93,697 | ) | $ | 84,671 | $ | 178,368 | $ | (84,445 | ) | $ | 93,923 | ||||||||
Trademark | 78,100 | (76,240 | ) | 1,860 | 78,100 | (70,662 | ) | 7,438 | 78,100 | (63,224 | ) | 14,876 | |||||||||||||||||
$ | 256,468 | $ | (176,848 | ) | $ | 79,620 | $ | 256,468 | $ | (164,359 | ) | $ | 92,109 | $ | 256,468 | $ | (147,669 | ) | $ | 108,799 |
Future amortization expense as of September 30, 2017 | ||||
2017 | $ | 5,101 | ||
2018 | 12,966 | |||
2019 | 12,940 | |||
2020 | 12,940 | |||
2021 and thereafter | $ | 50,913 |
September 30, | December 31, 2016 | |||||||||||||||
(U.S. Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | 2015 | |||||||||||
(unaudited) | ||||||||||||||||
Cost of sales | $ | 10,578 | $ | 8,828 | $ | 12,215 | $ | 11,868 | $ | 13,440 | ||||||
General and administrative | 156 | 223 | 359 | 299 | $ | 147 | ||||||||||
Selling and marketing | 21,357 | 20,362 | 26,405 | 30,500 | $ | 29,983 | ||||||||||
$ | 32,091 | $ | 29,413 | $ | 38,979 | $ | 42,667 | $ | 43,570 |
Historical | Pro forma | ||||||||||||||||
Quidel Corporation | Triage and BNP Businesses | Adjustments | Note 3 | Combined | |||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 172,994 | — | $ | (153,480 | ) | (A) | $ | 19,514 | ||||||||
Accounts receivable, net | 41,575 | — | — | 41,575 | |||||||||||||
Inventories | 23,429 | 39,777 | 15,023 | (B) | 78,229 | ||||||||||||
Assets held for sale | — | — | 147,335 | (C) | 147,335 | ||||||||||||
Prepaid expenses and other current assets | 6,477 | 818 | 136 | (D) | 7,431 | ||||||||||||
Total current assets | 244,475 | 40,595 | 9,014 | 294,084 | |||||||||||||
Property, plant and equipment, net | 50,035 | 80,921 | (70,363 | ) | (E) | 60,593 | |||||||||||
Goodwill | 91,433 | — | 245,185 | (F) | 336,618 | ||||||||||||
Intangible assets, net | 27,364 | 79,620 | 102,080 | (F) | 209,064 | ||||||||||||
Other non-current assets | 514 | 184 | 645 | (G) | 1,343 | ||||||||||||
Total assets | $ | 413,821 | $ | 201,320 | $ | 286,561 | $ | 901,702 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 15,657 | — | — | $ | 15,657 | |||||||||||
Accrued payroll and related expenses | 9,771 | — | — | 9,771 | |||||||||||||
Current portion of lease obligation | 122 | 13 | — | 135 | |||||||||||||
Current portion of contingent consideration | 4,324 | — | 2,000 | (H) | 6,324 | ||||||||||||
Current portion of deferred consideration | — | — | 46,000 | (I) | 46,000 | ||||||||||||
Short-term debt | — | — | 17,344 | (J) | 17,344 | ||||||||||||
Other current liabilities | 9,061 | 531 | (35 | ) | (K) | 9,557 | |||||||||||
Total current liabilities | 38,935 | 544 | 65,309 | 104,788 | |||||||||||||
Long-term debt | 148,469 | — | 229,778 | (J) | 378,247 | ||||||||||||
Deferred consideration—non-current | — | — | 174,550 | (I) | 174,550 | ||||||||||||
Lease obligation, net of current portion | 3,885 | — | — | 3,885 | |||||||||||||
Contingent consideration—non-current | 356 | — | 17,700 | (H) | 18,056 | ||||||||||||
Deferred tax liability—non-current | 166 | — | — | 166 | |||||||||||||
Income taxes payable | 1,124 | — | — | 1,124 | |||||||||||||
Deferred rent | 1,685 | — | — | 1,685 | |||||||||||||
Other non-current liabilities | 317 | — | — | 317 | |||||||||||||
Stockholders’ equity: | |||||||||||||||||
Preferred stock, $.001 par value per share; 5,000 shares authorized; none issued or outstanding at September 30, 2017. | — | — | — | — | |||||||||||||
Common stock, $.001 par value per share; 97,500 shares authorized; 33,984 shares issued and outstanding at September 30, 2017. | 34 | — | — | 34 | |||||||||||||
Additional paid-in capital | 226,186 | — | — | 226,186 | |||||||||||||
Accumulated other comprehensive loss | (4 | ) | — | — | (4 | ) | |||||||||||
Accumulated deficit | (7,332 | ) | — | — | (7,332 | ) | |||||||||||
Total stockholders’ equity | 218,884 | — | — | 218,884 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 413,821 | $ | 544 | $ | 487,337 | $ | 901,702 |
Historical | Pro forma | ||||||||||||||||
Quidel Corporation | Triage and BNP Businesses | Adjustments | Note 3 | Combined | |||||||||||||
Total revenues | $ | 162,853 | $ | 190,834 | $ | — | $ | 353,687 | |||||||||
Costs and expenses | |||||||||||||||||
Cost of sales (1) | 60,716 | 89,935 | (18,245 | ) | (L) | 132,406 | |||||||||||
Research and development | 22,970 | 13,760 | (448 | ) | (L) | 36,282 | |||||||||||
Sales and marketing | 38,813 | 27,442 | 615 | (L) | 66,870 | ||||||||||||
General and administrative | 20,483 | 293 | 6 | (L) | 20,782 | ||||||||||||
Amortization of intangible assets from acquired businesses and technology | 7,184 | — | 17,221 | (L) | 24,405 | ||||||||||||
Acquisition and integration costs | 7,022 | — | (6,843 | ) | (M) | 179 | |||||||||||
Total costs and expenses | 157,188 | 131,430 | (7,694 | ) | 280,924 | ||||||||||||
Operating income | 5,665 | 59,404 | 7,694 | 72,763 | |||||||||||||
Interest expense, net | (8,387 | ) | — | (19,329 | ) | (N) | (27,716 | ) | |||||||||
(Loss) income before income taxes | (2,722 | ) | 59,404 | (11,635 | ) | 45,047 | |||||||||||
Provision for income taxes | 355 | — | 10,291 | (O) | 10,646 | ||||||||||||
Net (loss) income | $ | (3,077 | ) | $ | 59,404 | $ | (21,926 | ) | $ | 34,401 | |||||||
Basic (loss) earnings per share | $ | (0.09 | ) | $ | 1.03 | ||||||||||||
Diluted (loss) earnings per share | $ | (0.09 | ) | $ | 0.99 | ||||||||||||
Shares used in basic per share calculation | 33,538 | 33,538 | |||||||||||||||
Shares used in diluted per share calculation | 33,538 | 34,759 |
Historical | Pro forma | ||||||||||||||||
Quidel Corporation | Triage and BNP Businesses | Adjustments | Note 3 | Combined | |||||||||||||
Total revenues | $ | 191,603 | $ | 245,922 | $ | — | $ | 437,525 | |||||||||
Costs and expenses | |||||||||||||||||
Cost of sales (1) | 73,414 | 118,651 | (24,045 | ) | (L) | 168,020 | |||||||||||
Research and development | 38,672 | 16,553 | (767 | ) | (L) | 54,458 | |||||||||||
Sales and marketing | 47,821 | 34,626 | 429 | (L) | 82,876 | ||||||||||||
General and administrative | 26,351 | 522 | (122 | ) | (L) | 26,751 | |||||||||||
Amortization of intangible assets from acquired businesses and technology | 9,073 | — | 22,961 | (L) | 32,034 | ||||||||||||
Acquisition and integration costs | 711 | — | — | 711 | |||||||||||||
Total costs and expenses | 196,042 | 170,352 | (1,544 | ) | 364,850 | ||||||||||||
Operating (loss) income | (4,439 | ) | 75,570 | 1,544 | 72,675 | ||||||||||||
Interest expense, net | (11,760 | ) | — | (25,327 | ) | (N) | (37,087 | ) | |||||||||
(Loss) income before income taxes | (16,199 | ) | 75,570 | (23,783 | ) | 35,588 | |||||||||||
(Benefit) provision for income taxes | (2,391 | ) | — | 9,934 | (O) | 7,543 | |||||||||||
Net (loss) income | $ | (13,808 | ) | $ | 75,570 | $ | (33,717 | ) | $ | 28,045 | |||||||
Basic (loss) earnings per share | $ | (0.42 | ) | $ | 0.86 | ||||||||||||
Diluted (loss) earnings per share | $ | (0.42 | ) | $ | 0.84 | ||||||||||||
Shares used in basic per share calculation | 32,708 | 32,708 | |||||||||||||||
Shares used in diluted per share calculation | 32,708 | 33,500 |
Cash consideration—Triage Business | $ | 399,798 | |
Deferred consideration—BNP Business | 220,550 | ||
Contingent consideration—BNP Business | 19,700 | ||
Net consideration | $ | 640,048 |
Prepaid expenses and other current assets | $ | 796 | |
Assets held for sale | 147,335 | ||
Inventories | 54,800 | ||
Property, plant and equipment | 10,558 | ||
Intangible assets | 181,700 | ||
Goodwill | 245,185 | ||
Other non-current assets | 183 | ||
Total assets acquired | $ | 640,557 | |
Other current liabilities | (509 | ) | |
Total net assets and liabilities acquired | $ | 640,048 |
Proceeds from the issuance of the Term Loan, net of issuance costs | $ | 237,122 | |
Proceeds from borrowing under the Revolving Credit Facility, net of issuance costs | 9,196 | ||
To reflect cash consideration paid for the Triage and BNP Businesses | (399,798 | ) | |
Pro forma adjustment | $ | (153,480 | ) |
Adjustment of prepaid expenses to estimated fair value | $ | (22 | ) |
To record deferred debt issuance costs associated with the Revolving Credit Facility | 158 | ||
Pro forma adjustment | $ | 136 |
Intangible Asset | Estimated amortization period | Estimated fair value of assets acquired | Elimination of book value of assets acquired | Pro forma adjustment | ||||||||||
Purchased technology | 10 years | $ | 52,400 | $ | (77,760 | ) | $ | (25,360 | ) | |||||
Customer relationships | 7 years | 111,800 | — | 111,800 | ||||||||||
Trademarks | 10 years | 17,500 | (1,860 | ) | 15,640 | |||||||||
$ | 181,700 | $ | (79,620 | ) | $ | 102,080 |
Current portion of contingent consideration—BNP Business | $ | 2,000 | |
Long-term portion of contingent consideration—BNP Business | 17,700 | ||
Total pro forma adjustments | $ | 19,700 |
Current portion of deferred consideration—BNP Business | $ | 46,000 | |
Long-term portion of deferred consideration—BNP Business | 174,550 | ||
Total pro forma adjustments | $ | 220,550 |
Proceeds from Term Loan, net of issuance costs | $ | 237,122 | |
Proceeds from Revolving Credit Facility | 10,000 | ||
Total borrowings | 247,122 | ||
Pro forma adjustment—short-term debt | 17,344 | ||
Pro forma adjustment—long-term debt | $ | 229,778 |
Nine months ended September 30, 2017 | |||||||||||||||||||
Amortization expense | Depreciation expense | Freight expense | Bad debt expense | Total pro forma adjustments | |||||||||||||||
Cost of sales | $ | (9,724 | ) | $ | (2,482 | ) | $ | (6,039 | ) | $ | — | $ | (18,245 | ) | |||||
Research and development | — | (448 | ) | — | — | (448 | ) | ||||||||||||
Sales and marketing | (5,579 | ) | — | 6,039 | 155 | 615 | |||||||||||||
General and administrative | — | 161 | — | (155 | ) | 6 | |||||||||||||
Amortization of intangible assets from acquired businesses and technology | 17,221 | — | — | — | 17,221 |
Year ended December 31, 2016 | |||||||||||||||||||
Amortization expense | Depreciation expense | Freight expense | Bad debt expense | Total pro forma adjustments | |||||||||||||||
Cost of sales | $ | (13,004 | ) | $ | (3,510 | ) | $ | (7,531 | ) | $ | — | $ | (24,045 | ) | |||||
Research and development | — | (767 | ) | — | — | (767 | ) | ||||||||||||
Sales and marketing | (7,438 | ) | — | 7,531 | 336 | 429 | |||||||||||||
General and administrative | — | 214 | — | (336 | ) | (122 | ) | ||||||||||||
Amortization of intangible assets from acquired businesses and technology | 22,961 | — | — | — | 22,961 |
Nine months ended September 30, 2017 | Year ended December 31, 2016 | ||||||
Purchased technology | $ | 3,930 | $ | 5,240 | |||
Trademarks | 1,312 | 1,750 | |||||
Customer relationships | 11,979 | 15,971 | |||||
Pro forma adjustment | $ | 17,221 | $ | 22,961 |
Nine months ended September 30, 2017 | Year ended December 31, 2016 | ||||||
Interest expense | $ | 17,427 | $ | 22,882 | |||
Amortization of debt issuance costs | 1,450 | 2,005 | |||||
Interest income reduction | 452 | 440 | |||||
Pro forma adjustment | $ | 19,329 | $ | 25,327 |
• | Pursuant to the waiver obtained from the Securities and Exchange Commission, the special purpose combined financial statements are not intended to be a complete presentation of the financial position or results of operations of the Triage and BNP Businesses. As such, these combined financial statements do not reflect adjustments for indirect corporate expenses that the Company would have incurred related to the Triage and BNP Businesses for the nine months ended September 30, 2017 and year ended December 31, 2016. |
• | For the nine months ended September 30, 2017 and year ended December 31, 2016, the Company did not include the increase to cost of sales resulting from the step-up in inventory value as reflected in Note 3(B) as this increase does not have a continuing impact. This inventory write-up is expected to temporarily increase the Company's cost of sales during the first two quarters after the acquisition. |
• | The Company expects to continue to incur integration costs that are not reflected in the unaudited pro forma combined consolidated statement of operations because it is not expected to have a continuing impact. |
• | Management expects the Company's valuation allowance related to deferred tax assets will be released as part of the combined company, however this is not reflected in the unaudited pro forma combined consolidated statements of operations. |
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