-----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, CMpg7gYKB5JhNxOd/5whDWCkUpkssOipfcjHTGLchhXeNoszPRhPgrBaGEQx2sqo zW5U91q7qyvSoyhf5pkluA== 0001144204-06-039810.txt : 20060926 0001144204-06-039810.hdr.sgml : 20060926 20060926161836 ACCESSION NUMBER: 0001144204-06-039810 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060926 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060926 DATE AS OF CHANGE: 20060926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRESS BARN INC CENTRAL INDEX KEY: 0000717724 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-WOMEN'S CLOTHING STORES [5621] IRS NUMBER: 060812960 STATE OF INCORPORATION: CT FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11736 FILM NUMBER: 061108904 BUSINESS ADDRESS: STREET 1: 30 DUNNIGAN DR CITY: SUFFERN STATE: NY ZIP: 10901 BUSINESS PHONE: 8453694600 MAIL ADDRESS: STREET 1: 30 DUNNIGAN DRIVE STREET 2: C/O VICE PRESIDENT FINANCE CITY: SUFFERN STATE: NY ZIP: 10901 8-K 1 v053553_8k.htm Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):
September 26, 2006


THE DRESS BARN, INC.
(Exact name of registrant as specified in its charter)

Connecticut
(State or other Jurisdiction of Incorporation)

0-11736
06-0812960
Commission File
(I.R.S. Employer
Number)
Identification No.)
 
30 Dunnigan Drive, Suffern, New York
10901
(Address of principal executive offices)
(Zip Code)
 
Registrant's telephone number, including area code
(845) 369-4500


Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (ss General Instruction A.2. below):

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 204.13e-4(c))

 
 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On September 26, 2006, The Dress Barn, Inc. issued a press release disclosing material nonpublic information regarding its results of operations for the quarter and fifty-two weeks ended July 29, 2006. The Company reaffirmed earnings guidance for its fiscal year ending July 28, 2007. A copy of this press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

The information in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit Number
Description
   
99.1
Press Release dated September 26, 2006.


 
 

 

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.


THE DRESS BARN, INC.
(Registrant)

Date: September 26, 2006


/s/ Armand Correia
Armand Correia
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
 
 
 
 

 
 
EX-99.1 2 v053553_ex99-1.htm Unassociated Document
 
 
 

NEWS RELEASE


DRESS BARN, INC. REPORTS RECORD FOURTH QUARTER AND FISCAL YEAR 2006 RESULTS

-- 4Q ‘06 Comparable Sales Increase 7% --
-- 4Q ‘06 Earnings Per Share $0.35 --
-- Fiscal ’06 Comparable Sales Increase 8% --
-- Fiscal ’06 Earnings Increase To $79 Million Or $1.15 Per Share --
-- Reaffirms Fiscal ’07 Earnings Per Share Guidance --

SUFFERN, NY - SEPTEMBER 26, 2006 - Dress Barn, Inc. (NASDAQ - DBRN) today reported sales and earnings results for the fourth quarter and fiscal year ended July 29, 2006.

Fourth Quarter Results

Net sales for the thirteen-week period ended July 29, 2006 increased 12% to a record level of $343.3 million compared to last year’s $307.1 million. Comparable store sales for the fiscal fourth quarter increased 7%, driven by a 12% increase for the Company’s dressbarn stores, and offset by a 3% decrease for the Company’s maurices stores.

Net earnings for the fiscal fourth quarter ended July 29, 2006 were $24.4 million, or $0.35 per diluted share. While this is less than the prior year’s reported $33.6 million, or $0.54 per diluted share, the year-ago quarter’s results include the favorable pre-tax impact of $37.7 million, or $0.32 per diluted share, primarily related to a litigation reserve reversal. Excluding this impact, last year’s earnings per diluted share would have been $0.22; this year’s earnings per diluted share of $0.35 represents a 59% increase versus last year.
 
2006 Fiscal Year Results

Net sales for the fiscal year ended July 29, 2006 increased to a record level of $1.3 billion, a 30% increase over the previous fiscal year’s level of approximately $1.0 billion. Comparable store sales increased 8% for this period, driven primarily by a 10% increase for dressbarn, while maurices increased 5%. The current full year financial results were also driven by the inclusion of a full year sales contribution from maurices compared to seven months in the prior year.

Net earnings for the fiscal year ended July 29, 2006 increased to a record level of $79.0 million, or $1.15 per diluted share. This compares to a reported $52.6 million, or $0.86 per diluted share in the prior year. Once again, primarily excluding the litigation reserve reversal discussed above, earnings per diluted share increased 95% to $1.15 per diluted share versus earnings per diluted share of $0.59 for the prior fiscal year.
 
 
 

 


David R. Jaffe, President and Chief Executive Officer of Dress Barn, Inc. commented, “We are pleased to have finished the year with a strong quarter. Our dressbarn concept continued to hit the mark and ended the quarter with a lean, focused assortment and very little exposure to clearance. In addition to ensuring strong margins, this reinforces our brand position and competitive stance. At the same time, our current sales trend in maurices, particularly in our bottoms business has improved nicely. We expect a successful conclusion to the back-to-school selling season and are excited about our prospects for the holiday season.”

Mr. Jaffe continued, “Fiscal 2006 was an exceptional year for our Company. Importantly, we are pleased with the very successful integration of maurices and it is now well positioned for store growth. maurices provides us with both significant diversification and a second growth vehicle. Additionally, we continued to execute our dressbarn operations at a very high level. We have improved our merchandise, reinforced our brand position, and continued to make gains in both sales and in productivity. We are proud to have driven significant shareholder value with the powerful combination of these two initiatives.”

Reaffirms Fiscal July, 2007 Earnings Guidance

For the fiscal year ending July 28, 2007, the Company reaffirms its previously estimated earnings per diluted share guidance in the range of $1.25 to $1.30, which represents a 9% to 13% increase over actual per diluted share earnings of $1.15 for fiscal 2006. This estimate is based upon certain key assumptions previously announced.

Conference Call Information

The Company will conduct a conference call today, September 26, 2006 at 4:30 p.m. Eastern Time to review its fiscal year end and fourth quarter financial results. Parties interested in participating in the conference call may dial-in at (617) 614-3450, the passcode is 52094398. The conference call will also be simultaneously broadcast at www.dressbarn.com. A recording of the conference call will be available until October 10, 2006 by dialing (617) 801-6888, the passcode is 64292012.

About Dress Barn, Inc.
Dress Barn, Inc. (NASDAQ - DBRN), is a leading national specialty apparel retailer offering quality career and casual fashion apparel through its dressbarn and maurices brands. As of August 26, 2006, the Company operated 799 dressbarn stores in 45 states and 548 maurices stores in 40 states. For more information, please visit www.dressbarn.com and www.maurices.com.

Forward-Looking Statements
Certain statements made in this press release are not historical in nature and are “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved. Detailed information concerning a number of factors that could cause actual results to differ materially from the information contained herein is readily available on our most recent report on Form 10-K for the year ended July 30, 2005 and Form 10-Q for the quarter ended April 29, 2006.
The conference call will be recorded on behalf of Dress Barn, Inc. and consists of copyrighted material. It may not be re-recorded, re-produced, transmitted or re-broadcast, in whole or in part, without the Company’s express written permission. Accessing the call or the rebroadcast represents consent to these terms and conditions. Participation in the call serves as consent to having any comments or statements made appear on any transcript, broadcast or rebroadcast of this call.

CONTACT:
Dress Barn, Inc.
Investor Relations
(845) 369-4600
 
 
 
 

 


Dress Barn, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings - Unaudited
Dollars in thousands except per share amounts
 
   
Thirteen Weeks Ended
 
Fifty-Two Weeks Ended
 
   
July 29,
 
 
 
July 30,
     
July 29,
 
 
 
July 30,
 
 
 
   
2006
     
2005
     
2006
     
2005
     
                                   
Net sales
 
$
343,305
   
100.0
%
$
307,052
   
100.0
%
$
1,300,277
   
100.0
%
$
1,000,264
   
100.0
%
Cost of sales, including
                                                 
occupancy and buying costs
   
199,911
   
58.2
%
 
187,722
   
61.1
%
 
773,631
   
59.5
%
 
621,656
   
62.1
%
Gross profit
   
143,394
   
41.8
%
 
119,330
   
38.9
%
 
526,646
   
40.5
%
 
378,608
   
37.9
%
Selling, general and
                                                 
administrative expenses
   
94,417
   
27.5
%
 
86,414
   
28.1
%
 
353,031
   
27.2
%
 
286,751
   
28.7
%
Depreciation expense
   
10,827
   
3.2
%
 
10,549
   
3.4
%
 
41,679
   
3.2
%
 
34,457
   
3.4
%
Litigation charge
   
-
   
0.0
%
 
(37,726
)
 
(12.3
%)
 
-
   
0.0
%
 
(35,329
)
 
(3.5
%)
Operating income
   
38,150
   
11.1
%
 
60,093
   
19.6
%
 
131,936
   
10.1
%
 
92,729
   
9.3
%
                                                   
Interest income
   
1,228
   
0.4
%
 
585
   
0.2
%
 
2,656
   
0.2
%
 
1,735
   
0.2
%
Interest expense
   
(1,206
)
 
(0.4
%)
 
(5,527
)
 
(1.8
%)
 
(5,364
)
 
(0.4
%)
 
(10,230
)
 
(1.0
%)
Other income
   
382
   
0.1
%
 
382
   
0.1
%
 
1,526
   
0.1
%
 
1,526
   
0.2
%
Earnings before income taxes
   
38,554
   
11.2
%
 
55,533
   
18.1
%
 
130,754
   
10.1
%
 
85,760
   
8.6
%
Income taxes
   
14,111
   
4.1
%
 
21,952
   
7.1
%
 
51,800
   
4.0
%
 
33,200
   
3.3
%
Net earnings
 
$
24,443
   
7.1
%
$
33,581
   
10.9
%
$
78,954
   
6.1
%
$
52,560
   
5.3
%
Earnings per share:
                                                 
Basic:
 
$
0.40
       
$
0.56
       
$
1.29
       
$
0.88
       
Diluted:
 
$
0.35
       
$
0.54
       
$
1.15
       
$
0.86
       
Average shares outstanding:
                                                 
Basic:
   
61,653
         
60,054
         
61,216
         
59,570
       
Diluted:
   
70,454
         
62,047
         
68,728
         
61,158
       


Note: All prior period share and per share amounts have been adjusted to reflect a two-for-one split of the Company’s common stock effective April 3, 2006 that was in the form of a 100 percent stock dividend.
 
 
 

 

Dress Barn, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets - Unaudited
Dollars in thousands
 
   
July 29,
 
July 30,
 
ASSETS
 
2006
 
2005
 
Current Assets:
         
Cash, cash equivalents, and marketable securities
 
$
153,743
 
$
42,619
 
Merchandise inventories
   
170,487
   
167,643
 
Deferred taxes
   
6,459
   
-
 
Prepaid expenses and other
   
19,547
   
12,923
 
Total Current Assets
   
350,236
   
223,185
 
Property and equipment, net
   
238,065
   
232,698
 
Intangible Assets, net
   
110,199
   
111,243
 
Goodwill
   
132,566
   
132,566
 
Other Assets
   
16,667
   
16,553
 
TOTAL ASSETS
 
$
847,733
 
$
716,245
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
             
Current Liabilities:
             
Accounts payable-trade
 
$
121,198
 
$
107,702
 
Accrued salaries, wages and related expenses
   
43,911
   
35,209
 
Other accrued expenses
   
38,557
   
35,237
 
Customer credits
   
16,260
   
12,849
 
Income taxes payable
   
11,453
   
92
 
Deferred tax liability
   
-
   
3,612
 
Current portion of long-term debt
   
1,148
   
1,089
 
Total Current Liabilities
   
232,527
   
195,790
 
Long-Term Debt
   
144,751
   
155,900
 
Deferred Rent and Other
   
51,231
   
44,194
 
Deferred Tax Liability
   
10,077
   
7,233
 
               
Shareholders' Equity
   
409,147
   
313,128
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
847,733
 
$
716,245
 

 
 
 

 
GRAPHIC 3 logo1.jpg GRAPHIC begin 644 logo1.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BL#Q7XS MT/P7IZW>M7?E>9N$,*+NDF(&2%4?@,G`&1DC(KS*3]I'11?!(M!U!K/(S*TB M+(/7Y.1_X]0!Y?\`&O\`Y*[KG_;O_P"B(Z^H_"/_`")>A?\`8.M__1:U\B_$ M3Q%9^+/'>HZWIZ3):W0BV+.H5QMB13D`D=5/>OJ!?$]EX/\`A7I&M:A%<2VT M-A:JRVZJSDLBJ,`D#J?6@#LZ*\YTSXV>$]2T35=687UI;Z=Y:LMS&@>9Y-^U M(PKGJ\DX(YY`-`'LE%<#X1^,'A;Q??"PMY9[&^;`CAO55/-/HC`D$ M^Q()["N^H`**\E\1?M`>&=(O)K33;:YU62)]IEB*I"WKMM453U75;'1-+N-2U*Y2VL[=-\ MLK]%'\R2<``T5\Q?M M&?\`)0K#_L%1_P#HV6O7?!_QA\,^,M4CTNU%[:ZA*#Y4-S"/WA"EFVLI8NXKYW\(_&[1_"/@ M+2]&73+V]OK9&$F"L<7+LW#9))P1_#7:>'?CWX4UFYBM;]+G29I.-]R`T(8D M`#>#QUSE@`,')%`'JE%%>7>(/CSX3T2_GL8([[49X249K>,+&'!(*[F(/&.H M!'H30!ZC17C^E_M$^%[N=(M0L-0L`S8\W:LJ(/4[3N_)37KD$\-U;Q7%O*DT M$J!XY(V#*ZD9!!'!!'.:`)**\OU'X[^%],UZ[T>>PUAKBUNGM79(8BA96*D@ MF3.,CTI/$OQV\,:!JKZ=!#=:E+"^V:2W"B-""00&)^8C'88YZT`>HT5QOA_X MH>&O$NB7NHZ?/+YEC;R7%Q92*%N$1,Y.W.#G`Y!(Y`)!XKG=-_:`\&ZA?);R M1ZG9(RLS7%U"@C0*I;G:[,2<8``))(%`'JE%>.S?M&>%TN@D>EZM)#R&DV1@ M]>R[^1]2*]!\(^-=$\;Z:]YHUR7\HA9X)5VRPDC(#+[\X()!P<'@T`?*7B#5 MM0^)7Q%,B.Q?4+I;:R28G;#&6VHIQG`&]?0.D?`?P38:;%!J%G-J=T M`#)YL#.%1@`N=\OE`DHQ; M/3;DG\*^TZ`/B[XD>'[+PMX_U71M.,OV2W:,QB5MS`/&KD9QT!8@>V.O6OEC_P"TZ\B^-?\`R5W7/^W?_P!$1UZ[\1O^3=;/_KTL?_:=`'B_ MPS\`R^/O$AM'E>WTZV02W>S$YXP<[]F?\`YFC_`+=/_:U>^T`?+'QU\22W M_C+_`(1^W81:7I$:1QP1$;#(5!+8`XP"$QSC:<8R:Z3PEX-^$MIH-NWB+7=/ MO]3EC5YPVH>6D+$9**(V&<9P22K6'B2]>VNXA*A$<9(SU4X/W@<@CL010!Y=X^T30O M#WB-/^$7UE-0TZ5!+&Z3*[P.#RA*^F`0<#@XY()/T'::]>^+?V?KS4WPU_-I M-S%-C!+LBNC'``P6"[L`<;JYBX_9UT&TMI;FY\374,$2EY)9$1511R223@`> MM=MX`MO#O@[X?^?9Z]]KT5KEW%].-B*2XB(]EWKUZSZM\"O"WB/3#J7@O5Q#OR8AYWVBV M8@'Y=W++SC)RV,'Y:G\9_`33-;=]3\*7<.GS3?O/LS\VSY(.4*Y,8QDX`8=` M`HKQFRU'Q9\+/%31*TMA?0LC3VKONBF7&0'"G:XPQY!R,G!!H`]V_:'6X;X< MVYA64QKJ41F*`X";)`-V.VXKU[X]J\A^%D'P]O+FZL_&J,L\I7[+-+OTDVJZ%XC\,:7'K2VT<&OVL;QVERXQ(756V`\98;AC&#D9' M3CQSQI^SW=P/+>^$K@7$));[!<.%D7D<(YX8\1R8A-Y<<>'*C&W!S@=S^%N7_:(U.WM_`]GIS-&;JZO5=$/W@B*VYA]"5'_``*@";X`>*)]:\'W&DW< MCR3Z3(J1LV3^Y<$H,D\X*N/8!1532_V?M*DOKB_\1:A/JQ>%_"GC+Q'J".MA`+`!P`"#XL^%_"?AK4[-/ M"^IK<^;YHNK9;E9OLS*5`&1R,Y;AB3\M>V?`C49+[X7VL4G_`"YW$MNISR1G M>/RWX^@%>)?$WX:P_#RTT4#4GOKF^,YE;RQ&BA/+P%&2?XSDD\\<"O8?V>O^ M2<3?]A&7_P!`2@#Y[\)"#@_P!JW7_HUJ]ITG]G/2Y/#T+:KJ>H1:Q) M#ND$+1F**0C@;=I+!3P<,,XXQ7CGB[_DI^N_]AFX_P#1S5]JT`>8:#\/X?`' MPN\26S2I<7]S:7+W%PHP&4(XC`'8!3G'/+-R1BOG;P%X;A\7^-],T.XN'MX+ MEW,DD8!;:B,Y`SP"0N,\XSG!QBOK_P`7?\B7KO\`V#KC_P!%M7RY\%/^2NZ' M_P!O'_HB2@#VC6_@1X1G\.W%OI-C+;ZFL)\BY-TY+R!?EWAB5P3C.`/;%?.G MA7Q;J_@W4Y=0T:9(KB6$P,7C#@J2&Z'W45]OU\"4`>^_%SX.W]YJUQXD\,P& MY^T$R7EBF`ZOC)>,?Q;NI7[VX\9SA>#TKQ7\4?#<::+9R:S#C"QVL]EYKJ`` M`J"1"5&,8`P***`,?4?"GCS5+^6]U'P_XANKN;#232V4SLW``R=O88&.V,=J M]_\`'NDZE>?`>UTZUT^[GOEM;)3;10LTH*[-PV@9XP<^F***`,3]GK0M7T7_ M`(2/^U=*OK#SOLWE_:K=XM^/-SC7XA?#V5X(5UG2D,C`H4;R)'X!8`@H MQP!\PSP!S110!,-(^)/Q`EB$UOK>HQ.3)&UT62W4XY*E\(O'I7NK^`-7M/@1 M+X.C>WN-46%\>6Y".QG,NT%@.QQDX&?0444`>'6L_P`3?AX[PP)K6G0Q,R[& MA,MMGN5!#1GZC\ZCTSP3XW^(>OFZN+2]9[EM\VHWR,D84$#(8C!QP`J]AP,# M@HH`]D^+7P_U34_`FA:7X=MWO5T<+&8V=1*T:Q[0>P8_+R!R<\"O'XO$WQ0\ M.VC:8USK]K'*H18[F!RX&,`(74LO`XVD=***`-OX:?"SQ'J_BRRU?6;"YLM. MM;D7$LEZA1YV4A@H5OF8,<98C&-W.>*Z3X\>"_$FM^)[76-*TBXO;**PC@=K MR@X]***`/?9OA?:V_PCN_!6 MG7`$TT?F-=.H7SK@,KAFQG`)15[D*`.<5\^:1;>/OAUXA>XLM)O[2]*M;MNL M_-25=P)`."&&57E3]#110!?\7:;\3O%-A%KGB/3-1EM[=S#%&;7RVB!RQ/E* M`P7@`N1S\HR:ZKX)Z5XXB\06"2V]_9^&K626YE29#"DKR1,@QD`R1)4L961D,S$,"%P01SFOKJBB@#)\ M40RW'A+6888WDEDL9T1$4LS,8V```ZDFOG#X0^$_$>F?%'1KN_\`#^JVEM'Y L^^:>SDC1 GRAPHIC 4 logo2.jpg GRAPHIC begin 644 logo2.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"G\,]8\;^- MM#N_#UCKUS;>7.\]]K%S(T\T<3HJQQ19;()99#D$8QD$'@]=>_`+39W:]@\3 MZZFL$AOML\JRG=W.`%;_`,>IG[.2*/`.HN%&\ZHX+8Y($46!^I_.O8*`/GO0 M?''Q`TK4;WX7?>)&G$-E?W4FX0(5+/(S,,R*$PZY&>3D-@)767'P+L]:5 M9_$OBK7=4U`;OWWF(J`$YPJ,'VCV!Q]*HZ,JM^U+XA)`)73T(R.A\J`?UKV: M@#P6UN_$_P`(OB%I.C:AJ\NK^&]6=(87N7/[H;@I(R3L*%@2!\K*>Q^[ZQXZ M\2GPAX+U+6TB66:WC`A1NAD9@JYY&0"P)`.<`UYM\=O^1F\!?]?DO_H<%>E^ M,O%^G^"?#TFKZB)'0.(HHHP-TLASA1G@<`DGT!Z]*`/,M!^&.K>/=#MM:\;> M+=4N$OXEN8K.VD"I&K`%3@@H,C:<*HQZFK=Q\!X]*M9)O"/BK6=,U#:<-)/A M)..%)C"E1G'/S8]#4^G^+?BSXD6.]TGPII.GZ9/.?^!#ZT`7_@YXPU#QCX+>YU5U MEO;6Y:W>4*`9!M5@Q```/S8X_NY[UGZ%JVI3?M%^)M+EU"Z?3X=-1XK1IF,2 M-MM^53.`?F;D#N?6LS]G'_D2]4_[")_]%I4_A[_DY[Q9_P!@I/\`T&UH`]>K M@_C)J%[I?PSU&[T^\N+2Y22$+-;RF-US(H.&!!Z5WE><_'-E7X4ZD"0"TL`` M)ZGS%/\`2@#?T&ZN)OA=IEY+/*]T^BQ2M,SDNSF$$L6ZDYYS7BOP]\0^-_&' MA^7PQI6JWHNWNVFO]9NY6D-K;%$541B2=Q*R$`8Z<$R^'?^21:5_V`8?_ M`$0*XK]G**,>`]2F"*)&U-U9\)KCQ//J- MU"93,)K?!F+HR`[BY(QNSSG..U2:%JVI3?M%^)M+EU"Z?3X=-1XK1IF,2-MM M^53.`?F;D#N?6O4J\A\/?\G/>+/^P4G_`*#:T`:'Q/\`'VKZ-J6G^%?"<`G\ M0ZB`P.P-Y*$D`@'YLW'A_P`,[V2"WM2P M,RY`*\%=XP""[9`;("]0-P_`+3=/0S>'?$^N:9?\;;CS58`=QA`A_P#'JA\) MW'Q6@\'Z-'I6E>%_[/%E";$_\`OJ7_ M`.+H`S?`?C/Q+H_C,^`O'!66[,>;&^Y_?`#(&[`W@@'#'!W*0/-'^'_`(>U#^RVOXA/5%(68*Z@D@;EY0@LW(!SG&*`,D?L^Z!<,MQJ.O:]=7QP9;CSXP7;U&Y&( M_$GZUBW=SXE^#7BC2A?:_XFV`/8DG:0K9&"`V&X&`1HH_QU MT6VP;R\#'*J=P<#(R5 M<_0GB@#V:BJ']N:1_P!!2R_\"$_QHH`\P_9S_P"2>W__`&%9/_145>O5F:'_ M`,>3_P#70_R%:=`'C>B_\G2>(_\`L')_Z*MZ]DK*B_Y&*;_<'\A6K0!XI\=O M^1F\!?\`7Y+_`.AP5L?'GP[J.N^";>;389;A[&Z$TL$2EF*%2I8` MU=YK7^NL_P#>/]*UZ`/.-#^-_@O5-.@EO-1_LV\9,S6T\;GRVZ$!PNUAZ=R. MH'(%+6?B];ZRO]C_``^@N=8UJY0A)EMV2*U!X\Q]ZCH2.HV\\GL?$OC#_P`E M0UC_`'U_]!%>Z_`;_DEUK_U\S?\`H5`'(_!OQ)I7@N[U;P9K=R8-4.K>3!B- MV69SB/`(!QRHY;`PP]ZG\;SZA\./C''XX^R7%UHNI0K!>&)1\F%5"F>@/R(X MSC=@C/!(]1E_Y'Z'_KS/\S6KK'_($O\`_KVD_P#030!QB?&WX?,BL=>*$@$J MUG/D>QPF*\W^*7B6]^(/@V74M.L+FT\,Z;,LBW-U&%:]F+^4-@[*H9^.Z3_R,=C_`-?$[3[3?6N$O+=$ MWM(,;0VW&6!0E&QR!M(Z$C3TCX\>";_3TFO[N?3+G`#V\MO))@XYPR*01G." M<'CH*].KY3^/G_)3YO\`KTA_D:`/0/&OQ4C\76,WA+P%:W6J7NHQ^3)<+"51 M(FX<`.`1D'!9@`H.<^G9:;\-K2W^$Y\%7,BEIH#Y\ZC(\\G?O'W2P5P,9QD* M`:Y[]GG_`)$&X_Z_'_D*];H`\+\'^/[KX8A/!GCNRN;>.V=A::A&IDC:,G/U M91G@KDC(4J,5V-Q\
-----END PRIVACY-ENHANCED MESSAGE-----