-----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, FrVqTv/+4xeBW7+6DSo0asWO5nUhCCt4yVCAzgZd2sdflc7jnMNVV9EpX3i00F7C OhK+RthfewZ9ar/3i4siQw== 0000950147-97-000039.txt : 19970225 0000950147-97-000039.hdr.sgml : 19970225 ACCESSION NUMBER: 0000950147-97-000039 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970204 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRONTIER ADJUSTERS OF AMERICA INC CENTRAL INDEX KEY: 0000735349 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 860477573 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12902 FILM NUMBER: 97517822 BUSINESS ADDRESS: STREET 1: 45 E MONTEREY WAY STREET 2: STE 202 CITY: PHOENIX STATE: AZ ZIP: 85012 BUSINESS PHONE: 6022641061 MAIL ADDRESS: STREET 1: P O BOX 7610 CITY: PHOENIX STATE: AZ ZIP: 85011 FORMER COMPANY: FORMER CONFORMED NAME: FRONTIER FINANCIAL CORP /AZ DATE OF NAME CHANGE: 19861114 10-Q 1 FORM 10-Q CONFORMED FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period _______________________ to _________________________ Commission File Number 1-12902 --------------------- FRONTIER ADJUSTERS OF AMERICA, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Arizona 86-0477573 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 45 East Monterey Way, Phoenix, AZ 85012 - -------------------------------------------------------------------------------- (Address of principal executive offices) (602) 264-1061 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report 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 preceding 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 ----- ----- Number of shares of Common Stock outstanding on January 28, 1997 4,605,358 ---------- PART I - FINANCIAL INFORMATION Item 1 - Financial Statements - ----------------------------- FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 1996 June 30, 1996 ----------------- ------------- (unaudited) (*) ASSETS ------ CURRENT ASSETS Cash and cash equivalents $1,042,535 $ 534,540 Investments 1,270,334 1,249,463 Receivables 1,552,652 1,549,185 Prepaid expenses 202,133 288,893 Other 167,851 159,451 ---------- ---------- TOTAL CURRENT ASSETS 4,235,505 3,781,532 ---------- ---------- PROPERTY AND EQUIPMENT 2,427,794 2,436,167 Less accumulated depreciation and amortization 639,462 881,766 ---------- ---------- 1,788,332 1,554,401 ---------- ---------- OTHER ASSETS Cost of subsidiary in excess of net tangible assets acquired 213,817 213,817 Less accumulated amortization 175,663 174,508 ---------- ---------- 38,154 39,309 Receivables (Long term) 342,000 327,000 Investments (Long term) 751,050 750,730 Other 354,082 422,780 ---------- ---------- 1,485,286 1,539,819 ---------- ---------- TOTAL ASSETS $7,509,123 $6,875,752 ========== ========== LIABILITIES ----------- CURRENT LIABILITIES Accounts payable $ 32,659 $ 11,666 Accrued expenses 276,976 263,806 Franchisee/licensee remittance payable 393,881 135,518 Current portion long term liability 25,580 24,672 Other 207,613 149,308 ---------- ---------- TOTAL CURRENT LIABILITIES 936,709 584,970 ---------- ---------- LONG TERM LIABILITY 46,962 59,983 ---------- ---------- STOCKHOLDERS' EQUITY Common stock 47,820 47,820 Additional paid in capital 2,148,470 2,148,470 Treasury stock (529,584) (485,219) Other 6,167 (6,691) Retained earnings 4,852,579 4,526,419 ---------- ---------- 6,525,452 6,230,799 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $7,509,123 $6,875,752 ========== ==========
*Condensed from audited financial statements. The accompanying notes are an integral part of these condensed statements. 2 FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Six Months Ended Three Months Ended December 31, December 31, ------------------------ ------------------------ 1996 1995 1996 1995 ---- ---- ---- ---- REVENUES Continuing licensee and franchisee fees $2,688,729 $2,442,228 $1,300,431 $1,195,333 Adjusting fees 479,995 318,768 204,764 156,997 ---------- ---------- ---------- ---------- 3,168,724 2,760,996 1,505,195 1,352,330 ---------- ---------- ---------- ---------- COST AND EXPENSES Compensation and employee benefits 1,262,882 948,640 611,726 480,271 Office 202,359 204,830 101,995 94,885 Advertising and promotion 140,088 185,936 58,891 112,119 Depreciation and amortization 114,168 88,557 58,213 45,066 Provision for doubtful accounts 90,000 70,000 45,000 35,000 Other 369,032 430,314 159,626 189,420 ---------- ---------- ---------- ---------- 2,178,529 1,928,277 1,035,451 956,761 ---------- ---------- ---------- ---------- INCOME FROM OPERATIONS 990,195 832,719 469,744 395,569 ---------- ---------- ---------- ---------- OTHER INCOME (EXPENSE) Interest income 74,176 70,123 37,985 38,610 Other (Net) 46,537 16,298 39,184 13,172 ---------- ---------- ---------- ---------- TOTAL OTHER INCOME (EXPENSE) 120,713 86,421 77,169 51,782 ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 1,110,908 919,140 546,913 447,351 INCOME TAXES 438,798 361,507 217,066 175,756 ---------- ---------- ---------- ---------- NET INCOME $ 672,110 $ 557,633 $ 329,847 $ 271,595 ========== ========== ========== ========== Weighted Average Shares outstanding 4,610,021 4,623,800 4,605,358 4,609,658 ========== ========== ========== ========== NET INCOME PER COMMON SHARE $ .15 $ .12 $ .07 $ .06 ========== ========== ========== ==========
The accompanying notes are an integral part of these condensed statements. 3
FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Six Months Ended December 31, 1996 and 1995 1996 1995 ---------- ------- NET INCOME $ 672,110 $ 557,633 ---------- ---------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization: Operations 114,168 88,557 Other 546 -- (Gain) on disposition of property and equipment (24,775) (1,667) Allowance for doubtful accounts (50,295) 16,144 Change in assets and liabilities: (Increase) decrease in: Receivables 220,935 276,260 Prepaid expenses 86,760 66,692 Other (45,959) (63,187) Increase (decrease) in: Accounts payable 20,993 83,245 Accrued expenses 13,170 (155,536) Franchisee and licensee remittance payable 258,363 (148,390) Other 14,304 15,343 ---------- ---------- Total adjustments 608,210 177,461 ---------- ---------- NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 1,280,320 735,094 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (275,599) (27,064) Investments purchased (974,115) (986,675) Proceeds from sales of investments 1,000,000 1,000,000 License acquisition (25,000) (64,000) Payments on License acquisition (18,113) (11,268) Advances to licensees and franchisees (1,914,581) (1,949,046) Collections of advances to licensees and franchisees 1,825,397 1,732,821 ---------- ---------- NET CASH PROVIDED (USED IN) BY INVESTING ACTIVITIES (382,011) (305,232) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends (345,949) (323,770) Common stock repurchased (44,365) (95,817) ---------- ---------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (390,314) (419,587) ---------- ---------- NET INCREASE (DECREASE) IN CASH 507,995 10,275 Cash at beginning of the period 534,540 358,960 ---------- ---------- Cash at the end of the period $1,042,535 $ 369,235 ========== ========== Supplemental disclosures of Cash Flow information Cash paid during the period Income taxes $ 515,344 $ 455,788 Interest $ 4,442 $ 3,741
The accompanying notes are an integral part of these condensed statements. 4 FRONTIER ADJUSTERS OF AMERICA, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (1) Basis of Presentation - ------------------------- The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results of operations for the interim periods. The results of operations for the three and six month periods ended December 31, 1996 are not necessarily indicative of the results to be expected for the full year. (2) Supplemental Cash Flow Information - -------------------------------------- On August 19, 1996, the Company reacquired the license for the St. Petersburg/Clearwater, Florida territory. The purchase price was $75,000 to be paid $25,000 on date of purchase and monthly payments of $2,000 plus interest at the prime rate plus 2%. As of December 31, 1996, the Company had paid the $25,000 down and $6,000 towards the balance. On January 6, 1997, the Company paid the balance of the purchase price of $44,000. Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations The statements contained in this Report on Form 10-Q that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's "expectations", "anticipation", "intentions", "beliefs", or "strategies" regarding the future. Forward looking statements include statements regarding revenue, margins, expenses, and earnings analysis with regard to the Company or with regard to the Company's licensees and franchisees for the remainder of fiscal 1997 and thereafter; improvement of, and growth in the number of, licensees and franchisees; future spending on marketing and product development strategy; and liquidity and anticipated availability of cash for operations, acquisitions, or payment of dividends. All forward looking statements included in this document are based on information available to the Company on the date of this Report, and the Company assumes no obligation to update any such forward looking statement. It is important to note that the Company's actual results could differ materially from those in such forward looking statements. Among the factors that could cause actual results to differ materially are the factors discussed in this Report, including but not limited to the extent and nature of natural disasters in geographic areas serviced by the Company or by its licensees and franchisees; management decisions by insurance companies and self-insureds to increase or decrease the degree to which they contract for services offered by the Company, its licensees or franchisees; the Company's ability to identify and attract new qualified licensees and franchisees; the Company's ability to successfully manage offices reacquired from existing licensees and franchisees; and uninsured liability for acts or omissions of the Company's employees, licensees, or franchisees. Financial Condition ------------------- The Company has historically financed its growth and on going operations with cash generated from operations. In the six months ended December 31, 1996, the Company's operations generated $1,280,000 in cash. Compared to the last fiscal year, the most significant item affecting cash provided by the Company's operations is the $258,000 increase in franchisee and licensee remittance payable. The Company, pursuant to agreements with its licensees and franchisees, acts as a collection agent for all of its licensees. The Company remits to its licensees the collections, less the on-going license fee and any amounts due the Company, e.g., loan repayments, errors and omissions insurance premium. The day of the week that the 5 Company's fiscal period ends, therefore, can have a significant effect on the reported amount that is due to licensees and franchisees. The Company's financial statements as of December 31, 1996 reflect net collections payable to franchisees for three days of $394,000 and as of June 30, 1996 reflect collections for one day of $136,000. In August 1996 the Company acquired 14,300 shares of the Company's common stock at a cost of $44,365. The repurchase was authorized by the Board of Directors as they believed that at the current price level the Company's common stock was an excellent investment. The Company's Board of Directors in May 1996, approved an increase in the Company's annual dividend rate from 14 cents per share to 15 cents per share effective with the 3.75 cents per share cash dividend paid on June 10, 1996. The increase reflects the Board's policy that shareholders participate in the Company's growth. Through its capital investment program, the Company replaces obsolete or outdated equipment and invests in new equipment and furnishings to maintain or increase the productivity of the Company and its employees. The Company anticipates investing $100,000 to $200,000 in fiscal 1997 for equipment and furnishings pursuant to its capital investment program. Additionally, in October 1996 the Company acquired a parcel of land and building adjacent to its Corporate offices. The purchase price was $170,000 and was paid during the second quarter of the Company's current fiscal year. Management believes that the Company will be able to fund all of its cash requirements (i.e. current operations, capital asset acquisition and the payment of dividends) from currently available cash funds generated from operations. The Company's ratio of current assets to current liabilities was 4.52 to 1 as of December 31, 1996 and 6.46 to 1 as of June 30, 1996. Results of Operations - Six Months Ended December 31, 1996 Compared to Six ---------------------------------------------------------------------------- Months Ended December 31, 1995 ------------------------------ Revenues -------- The Company's revenues increased 15% or $408,000 to $3,169,000 during the six months ended December 31, 1996 from $2,761,000 in the same period of the prior fiscal year. This increase represents a combined $161,000 increase in adjusting and risk management fees and a $247,000 increase in continuing licensee and franchisee fees. The increase of $161,000 in adjusting and risk management fees from $318,000 in the six months ended December 31, 1995 to $480,000 for the six months ended December 31, 1996 represents a 51% increase. A substantial portion of this increase is related to a major storm that occurred in mid August 1996 in the Phoenix, Arizona metropolitan area where the Company has claims offices. Claims resulting from this storm provided the Company with $100,000 in adjusting services revenues in the six months ended December 31, 1996. Additionally, the Company had an increase in fees of $44,000 from its Tucson office which was acquired from a licensee in the first quarter of the prior fiscal year. The balance of the increase represents an increase in the demand for the services provided by Company owned offices. The Company's revenues from continuing licensee and franchisee fees increased 10% or $247,000 from $2,442,000 in the six months ended December 31, 1995 to $2,689,000 in the six months ended December 31, 1996. This increase reflects the benefit to the Company's licensees and franchisees from an increase in claims as insurance companies and self-insureds use their services due to an increase in volume of claims. Also, to a greater degree, this increase reflects the effect of new licensees and franchisees and rate increases. The Company's revenues are affected by numerous matters including the work loads of other companies and claims presented by their clients. The Company, therefore, is unable to project its future revenues. The Company has, however, seen growth in licensee and franchisee fees paid, and management believes that the Company will continue to realize growth in continuing licensing and franchising fees in the future as it works 6 to improve existing and add qualified licensees and franchisees. Additionally, the Company will continue to reflect revenues from the recently purchased Tucson operation. Compensation and Fringe Benefits Compensation and fringe benefits represent approximately 58% of the Company's costs and expenses and represent the largest single item of expense. These expenses increased 33% or $314,000 from $949,000 in the six months ended December 31, 1995 to $1,263,000 in the current six month period. This increase is the result of the addition of an Executive Vice President to the Company's management team, additional employees hired including temporary employees to handle increased work loads in the Corporate office, increased bonus related to the Company's rising income and cost of living and merit increases given to employees. Expenses Other Than Compensation and Fringe Benefits The Company's expenses other than compensation and fringe benefits decreased $64,000 during the six months ended December 31, 1996 as compared to the same period of the prior fiscal year. The principal items affecting these expenses are a $58,000 decrease in legal expenses, a $26,000 increase in depreciation expense due to capital expenditures in the prior fiscal year, and a $45,000 decrease in advertising and promotion expense representing advertising not placed in the current year that was placed in the previous year. The balance of the Company's costs and expenses have not significantly changed from the same period of the prior year. Income Taxes ------------ The Company's income taxes for the six months ended December 31, 1996, were 39% of its income before taxes, or approximately the same as they were in the same period of the prior fiscal year. Changes made in the tax laws by various states and by the federal government have not had a material affect on the Company's current overall tax rates, however, this could change at any time. Other Income The Company's other income increased $34,000 or 40% from $86,000 in the six months ended December 31, 1995 to $121,000 in the current six month period. The most significant items affecting other income are a $3,000 increase in the sales of computer software to the Company's licensees and franchisees, a $4,000 increase in interest income and a $23,000 gain on the disposition of capital equipment. Net Income The Company's net income for the six months ended December 31, 1996, increased $114,000 or 21% from $362,000 in the six months ended December 31, 1995 to $672,000 in the current period. The most significant items affecting net income were the $408,000 increase in revenues, the $314,000 increase in compensation and fringe benefits and the $64,000 decrease in other expenses. Results of Operations - Three Months Ended December 31, 1996 Compared to ---------------------------------------------------------------------------- Three Months Ended December 31, 1995 ------------------------------------ Revenues -------- The Company's revenues increased 11% or $153,000 to $1,505,000 in the three months ended December 31, 1996 from $1,352,000 in the same period of the prior fiscal year. This increase represents a combined $48,000 increase in adjusting and risk management fees and a $105,000 increase in continuing licensee and franchisee fees. The increase of $48,000 in adjusting and other fees of Company owned offices from $157,000 in the three 7 months ended December 31, 1995 to $205,000 in the three months ended December 31, 1996 represented a 30% increase. The increase reflects an increase in the demand for the Company's services as well as revenues from the Company's Tucson operation acquired in August of 1995. The Company's revenues from continuing licensee and franchisee fees increased 9% or $105,000 from $1,195,000 in the three months ended December 31, 1995 to $1,300,000 in the three months ended December 31, 1996. This increase reflects the benefit of the Company's licensees and franchisees from an increase in claims as insurance companies and self-insureds used their services due to an increase in volume of claims. Also, to a greater degree, this increase reflects the effect of new licensees and franchisees and rate increases. The Company's revenues are affected by numerous matters including the work loads of other companies and claims presented by their clients. The Company, therefore, is unable to project its future revenues. The Company has, however, seen growth in licensee and franchisee fees paid and management believes that the Company will continue to realize growth in continuing licensing and franchising fees in the future as it works to improve existing and to add qualified licensees and franchisees. Compensation and Fringe Benefits -------------------------------- Compensation and fringe benefits represented approximately 59% of the Company's costs and expenses and represent the largest single item of expense. These expenses increased 27% or $132,000 from $480,000 in the three months ended December 31, 1995 to $612,000 in the three months ended December 31, 1996. The increase is the result of the addition of an Executive Vice President to the Company's management team, the addition of employees to handle the increased work load in the corporate office, increased bonuses tied to income and for cost of living and merit raises given to employees. Expenses Other Than Compensation and Fringe Benefits ---------------------------------------------------- The Company's expenses other than compensation and fringe benefits decreased $53,000 during the three months ended December 31, 1996 as compared to the same quarter of the prior fiscal year. The principal items affecting these expenses were a $21,000 decrease in legal expenses and a $53,000 decrease in advertising and promotion expenses. The balance of the Company's costs and expenses did not significantly changed from the same period of the prior fiscal year. Income Taxes ------------ The Company's income taxes for the three months ended December 31, 1996, were 39% of its income before taxes, or approximately the same as they were in the same period of the prior fiscal year. Changes made in the tax laws by various states and by federal government did not have a material affect on the Company's overall tax rates. Other Income ------------ The Company's other income increased $25,000 or 49% from $52,000 in the three months ended December 31, 1995 to $77,000 in the three months ended December 31, 1996. The most significant increase in other income was the gain on disposition of fixed assets of $24,000. Net Income ---------- The Company's net income for the three months ended December 31, 1996, increased $58,000 or 21% from $272,000 in the three months ended December 31, 1995 to $330,000. The most significant items affecting net income were the $153,000 increase in revenues, the $132,000 increase in compensation and fringe benefits and the $53,000 decrease in other expenses. PART II: OTHER INFORMATION Item 1 - Legal Proceedings A Declaratory Judgment action was filed in May 1994 against the Company in the Superior Court of Los Angeles, California, regarding the interpretation of certain sections of the Company's license agreement with 8 the plaintiff, a licensee. In June 1994 the Company removed the case to U.S. District Court and raised certain counter claims for violation of the Company's license agreement. The Company terminated the licensee's agreement effective January 1, 1995. Subsequent to the termination, the plaintiff amended his complaint to include wrongful termination of his license agreement. On May 1, 1995, the U.S. District Court granted the Company's motion for Summary Judgement regarding all outstanding claims by the plaintiff. On June 19, 1995, the Court granted the Company's Summary Judgement motion regarding its claims against the former licensee including $204,144 in unpaid licensee fees and for court costs which amounted to approximately $24,000. In July 1995, the plaintiff appealed this judgment, and on December 17, 1996, the U.S. Court of Appeals for the Ninth Circuit affirmed the judgement of the District Court. In August 1995, Mark Brockbank and Alan Bird individually and on behalf of certain Underwriters at Lloyd's, London, a client of a former franchisee of the Company, filed a complaint against multiple defendants, including the Company, in the District Court of Dallas County, Texas. The complaint arises from the alleged embezzlement of over $700,000 by the former franchisee. The complaint alleges claims against the Company including breach of contract, breach of fiduciary duty, negligence, negligent supervision, negligent misrepresentation and negligent licensing. The complaint seeks unspecified damages from the Company. The Company's insurance carrier is defending the suit subject to a reservation of rights. The Company is vigorously contesting the plaintiff's allegations as to the Company and believes that its defenses are meritorious. The Company does not believe that the results of this litigation will have a material adverse effect on the Company's results of operations. From time to time in the normal course of its business, the Company is named as a defendant in lawsuits. The Company does not believe that it is subject to any such lawsuits or litigation or threatened lawsuits or litigation that will have a material adverse effect on the Company or its business. SIGNATURES 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. FRONTIER ADJUSTERS OF AMERICA, INC. Date: 2/3/97 /s/ William J. Rocke ----------------- --------------------------------------------------- William J. Rocke, Chief Executive Officer/Chairman of the Board, Director, Principal Financial Officer Date: 2/3/97 /s/ Jean E. Ryberg ----------------- --------------------------------------------------- Jean E. Ryberg, President, Director 9 EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 1996 (Unaudited) AND THE CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS 1 U.S. DOLLARS 6-MOS JUN-30-1997 JUL-01-1996 DEC-31-1996 1 1,042,535 1,270,334 1,747,357 194,705 0 4,235,505 2,427,794 639,462 7,509,123 936,709 46,962 0 0 47,820 6,477,632 7,509,123 0 3,168,724 0 0 2,178,529 90,000 4,369 1,110,908 438,798 672,110 0 0 0 672,110 .15 .15
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