-----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, VTFE3tNivK2GNpIHfEc/GA524dZFkADQjA9rcpYTi2EUHmdPTUOwgrWz6Y6t0xfD r2SV6+9kpOS5SdPwxL7ang== 0000899243-99-002476.txt : 19991214 0000899243-99-002476.hdr.sgml : 19991214 ACCESSION NUMBER: 0000899243-99-002476 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991030 FILED AS OF DATE: 19991213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OSHMANS SPORTING GOODS INC CENTRAL INDEX KEY: 0000075043 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 741031691 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11493 FILM NUMBER: 99773289 BUSINESS ADDRESS: STREET 1: 2302 MAXWELL LN CITY: HOUSTON STATE: TX ZIP: 77023-4899 BUSINESS PHONE: 7139283171 MAIL ADDRESS: STREET 1: 2302 MAXWELL LANE STREET 2: 2302 MAXWELL LANE CITY: HOUSTON STATE: TX ZIP: 77023-4899 FORMER COMPANY: FORMER CONFORMED NAME: OSHMANS INC DATE OF NAME CHANGE: 19710603 10-Q 1 FORM 10-Q Form 10-Q 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 October 30, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 0-5648 OSHMAN'S SPORTING GOODS, INC. ----------------------------- (Exact name of registrant as specified in its charter) DELAWARE 74-1031691 ________________________________ __________________ (State or other jurisdiction (I.R.S.Employer of incorporation or organization) Identification No.) 2302 MAXWELL LANE, HOUSTON, TEXAS 77023 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (713) 928-3171 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) NO CHANGE - -------------------------------------------------------------------------------- (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 ------- -------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common stock, $1.00 par value 5,827,249 ---------------------------------- --------- PART I -- FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS OCTOBER 30, 1999, JANUARY 30, 1999 AND OCTOBER 31, 1998 (IN THOUSANDS)
OCTOBER 30, JANUARY 30, OCTOBER 31, 1999 1999 1998 ----------- ----------- ------------ (UNAUDITED) (UNAUDITED) ASSETS CURRENT ASSETS CASH AND CASH EQUIVALENTS 423 356 352 ACCOUNTS RECEIVABLE, LESS ALLOWANCE OF $88 OCT 99, $88 JAN 99 AND $130 OCT 98 1,510 1,496 1,123 MERCHANDISE INVENTORIES 119,367 86,184 109,921 PREPAID EXPENSES AND OTHER 1,613 2,453 3,792 ----------- ----------- ----------- TOTAL CURRENT ASSETS 122,913 90,489 115,188 PROPERTY, PLANT AND EQUIPMENT, AT COST 87,153 87,262 90,770 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 52,304 52,014 51,836 ----------- ----------- ----------- NET PROPERTY, PLANT AND EQUIPMENT 34,849 35,248 38,934 OTHER ASSETS 213 267 308 ----------- ----------- ----------- 157,975 126,004 154,430 =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES CURRENT MATURITIES OF LONG-TERM OBLIGATIONS 17 - - TRADE ACCOUNTS PAYABLE 49,611 33,478 44,392 ACCRUED LIABILITIES 17,539 15,919 15,003 STORE CLOSING RESERVE 496 1,022 2,539 ----------- ----------- ----------- TOTAL CURRENT LIABILITIES 67,663 50,419 61,934 LONG-TERM OBLIGATIONS 48,520 28,679 44,124 OTHER NONCURRENT LIABILITIES 6,914 6,911 6,744 STOCKHOLDERS' EQUITY COMMON STOCK 5,830 5,830 5,830 ADDITIONAL CAPITAL 4,210 4,210 4,211 RETAINED EARNINGS 24,859 29,976 31,608 LESS TREASURY STOCK, AT COST (21) (21) (21) ----------- ----------- ----------- STOCKHOLDERS' EQUITY 34,878 39,995 41,628 ----------- ----------- ----------- 157,975 126,004 154,430 =========== =========== ===========
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OSHMAN'S SPORTING GOODS, INC, AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE QUARTERS AND NINE MONTHS ENDED OCTOBER 30, 1999 AND OCTOBER 31, 1998 (in thousands, except per share data) (UNAUDITED)
Three Months Ended Nine Months Ended 1999 1998 1999 1998 --------- ---------- ---------- ---------- NET SALES $ 65,137 $ 64,312 $ 212,785 $ 215,484 COST OF GOODS SOLD 41,855 40,233 138,130 139,178 --------- ---------- ---------- ---------- GROSS PROFIT 23,282 24,079 74,655 76,306 OPERATING EXPENSES SELLING AND ADMINISTRATIVE EXPENSES 26,005 26,095 77,411 78,714 PRE-OPENING EXPENSES 265 - 585 - STORE CLOSING PROVISION - (1) - (500) MISCELLANEOUS (INCOME)LOSS (216) (311) (391) (4,149) --------- ---------- ---------- ---------- OPERATING INCOME(LOSS) (2,772) (1,704) (2,950) 2,241 INTEREST EXPENSE, NET 804 735 2,102 2,549 --------- ---------- ---------- ---------- EARNINGS(LOSS) BEFORE INCOME TAXES (3,576) (2,439) (5,052) (308) INCOME TAX EXPENSE (BENEFIT) 30 (423) 65 (589) --------- ---------- ---------- ---------- NET EARNINGS/(LOSS) $ (3,606) $ (2,016) $ (5,117) $ 281 ========= ========== ========== ========== NET EARNINGS(LOSS) BASIC EARNINGS(LOSS) PER SHARE $ (.62) $ (.35) $ (.88) $ .05 ========= ========== ========== ========== DILUTED EARNINGS(LOSS) PER SHARE $ (.62) $ (.35) $ (.88) $ .05 ========= ========== ========== ========== WEIGHTED AVERAGE SHARES OUTSTANDING 5,830 5,830 5,830 5,830 DILUTIVE EFFECT OF STOCK OPTIONS - - - 129 --------- ---------- ---------- ---------- DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 5,830 5,830 5,830 5,959 ========= ========== ========== ==========
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED OCTOBER 30, 1999 AND OCTOBER 31, 1998 (in thousands) (UNAUDITED)
1999 1998 -------- ------- CASH FLOWS OF OPERATING ACTIVITIES: NET EARNINGS/(LOSS) $ (5,117) $ 281 ADJUSTMENTS TO RECONCILE NET CASH (USED)PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION 4,849 5,699 CHARGE TO RESERVE FOR STORE CLOSINGS (1,259) (1,542) STOCK OPTION AND BONUS PLAN EXPENSE - 34 LOSS(GAIN) ON DISPOSITION OF FIXED ASSETS 167 (3,487) AMORTIZATION OF DEFERRED RENTAL ALLOWANCES (369) (341) CHANGES IN ASSETS AND LIABILITIES: (INCREASE)DECREASE IN ACCOUNTS RECEIVABLE (14) 606 (INCREASE) IN MERCHANDISE INVENTORIES (32,673) (9,926) (INCREASE) IN PREPAID EXPENSES AND OTHER (656) (1,097) DECREASE IN OTHER ASSETS 2 2 INCREASE IN TRADE ACCOUNTS PAYABLE 16,133 2,025 INCREASE(DECREASE) IN ACCRUED LIABILITIES 1,616 (2,115) INCREASE IN DEFERRED RENTAL ALLOWANCES 372 - INCREASE(DECREASE) IN INCOME TAXES 4 (30) -------- ------- NET CASH USED BY OPERATING ACTIVITIES (16,945) (9,892) CASH FLOWS OF INVESTING ACTIVITIES: PROCEEDS FROM SALE OF FIXED ASSETS - 79 PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (4,394) (1,759) PROCEEDS FROM DISPOSITION OF REAL ESTATE AND LEASEHOLDS - 3,820 PROCEEDS FROM NOTE RECEIVABLE 52 32 PROCEEDS FROM LANDLORDS 1,496 105 -------- ------- NET CASH (USED)PROVIDED BY INVESTING ACTIVITIES (2,846) 2,276 CASH FLOWS OF FINANCING ACTIVITIES: PAYMENTS OF LONG-TERM OBLIGATIONS (13) (427) PROCEEDS FROM LONG-TERM OBLIGATIONS 149 - PROCEEDS FROM REVOLVING CREDIT FACILITY, NET 19,722 8,032 -------- ------- NET CASH PROVIDED BY FINANCING ACTIVITIES 19,858 7,605 NET (DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS 67 (11) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 356 363 -------- ------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 423 $ 352 ======== ======= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID(RECEIVED) DURING THE YEAR FOR INCOME TAXES $ 18 $ (226) INTEREST 1,956 2,460 NONCASH FINANCING ACTIVITIES: BORROWINGS UNDER THE REVOLVING CREDIT FACILITY TO SETTLE LONG-TERM OBLIGATIONS $ - $ 3,100
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OCTOBER 30, 1999 AND OCTOBER 31, 1998 (UNAUDITED) NOTE A The financial statements are condensed and should be read in conjunction with the 1998 annual report. The financial information contained herein is unaudited, but in the opinion of the management of the Company, includes all adjustments (consisting of normal recurring adjustments) for a fair presentation of the results of operations for the periods indicated. The results for the nine months ended October 30, 1999 are not necessarily indicative of the results to be expected for the full year. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RESULTS OF OPERATIONS The following table sets forth selected statements of operations data of the Company expressed as a percentage of net sales for the periods indicated:
PERCENTAGE OF NET SALES -------------------------------------------------------------------------- 3RD QUARTER NINE MONTHS --------------------------------- ----------------------------------- 1999 1998 1999 1998 ------------- ------------- ------------- ------------- Net sales 100.0 100.0 100.0 100.0 Cost of goods sold 64.3 62.6 64.9 64.6 ------------- ------------- ------------- ------------- Gross profit 35.7 37.4 35.1 35.4 Operating expenses Selling and administrative expenses 39.9 40.6 36.4 36.5 Pre-opening expenses .4 - .3 - Store closing provision - - - (.2) Miscellaneous income (.3) ( .5) (.2) (1.9) ------------- ------------- ------------- ------------- Operating income (loss) (4.3) (2.6) (1.4) 1.0 Interest expense, net 1.2 1.1 1.0 1.2 ------------- ------------- ------------- ------------- Earnings (loss) before income taxes (5.5) (3.8) (2.4) ( .1) Income taxes - (.7) - (.3) ------------- ------------- ------------- ------------- Net earnings (loss) (5.5) (3.1) (2.4) .1 ============= ============= ============= =============
Net sales for the third quarter of fiscal 1999 increased 1.3% to $65.1 million from $64.3 million in the third quarter of fiscal 1998 while comparable store sales increased 3.5%. Net sales for the first nine months of fiscal 1999 declined 1.3% to $212.8 million from $215.5 million in the first nine months of fiscal 1998. Comparable store sales increased .5% in the first nine months of fiscal 1999. The net reduction in sales is attributable to lost sales from stores closed during the last 12 months, partially offset by sales from two new SuperSports USA stores opened in March and October 1999. Net sales were also negatively impacted, primarily in the first half of fiscal 1999, by certain out- of-stock conditions related to the startup of a new merchandising information system in March 1999. Cost of goods sold, as a percentage of net sales, increased to 64.3% and 64.9% respectively in the quarter and nine months ending October 30, 1999 compared to 62.6% and 64.6% respectively in the same periods of fiscal 1998. The increased rate in the third quarter is related to certain non-recurring inventory related adjustments (which decreased cost of goods sold in 1998 and increased it in 1999), changes in merchandise mix and the implementation of a new merchandise information system. Selling and administrative expenses as a percentage of net sales were 39.9% and 36.4% respectively for the quarter and nine months ended October 30, 1999 compared to 40.6% and 36.5% respectively in the same periods of fiscal 1998. The decreased rate of selling and administrative expenses as a percentage of sales in the third quarter is primarily due to the leveraging effect of increased sales as discussed above. Pre-opening expenses are related to new SuperSports USA stores opened in March and October of fiscal 1999. No new stores were opened in fiscal 1998. Store closing provision was a benefit in the first nine months of fiscal 1998. The benefit was related to management's re-evaluation of store closing reserves for lease termination costs, leasehold and other asset write-offs and other incremental store closing costs. Miscellaneous income was $216,000 and $391,000 respectively in the third quarter and nine months ending October 30, 1999 compared to $311,000 and $4.1 million respectively in the same periods of fiscal 1998. The first nine months of fiscal 1998 included a gain of $3.5 million from a sale of real estate that was not being used in the Company's retail business. Net interest expense was $804,000 and $2.1 million respectively in the third quarter and first nine months of fiscal 1999 compared to $735,000 and $2.5 million respectively in the same periods last year. The increase in the third quarter is related to increased prime interest rates and to higher average borrowings caused primarily by higher inventory levels. For the first nine months overall, lower average borrowings resulted in decreased interest expense compared to the same period of fiscal 1998. Income taxes in fiscal 1999 are related primarily to state income taxes. Income tax benefit in fiscal 1998 includes benefits of $467,000 and $686,000 respectively in the third quarter and first nine months, related to a refund of prior years Federal income taxes. In fiscal 1999, net operating loss carryforwards are anticipated to be realized, resulting in no Federal income tax expense. In the first nine months of fiscal 1999, the Company had a pretax loss of $5.1 million compared to a loss of $308,000 before income taxes in the same period in fiscal 1998. The decline in results in fiscal 1999 compared to fiscal 1998 is primarily attributable to the non-recurrence of a gain on sale of real estate in 1998, and reduced gross margins in the third quarter of fiscal 1999 compared to 1998. In addition, the non-recurrence of a reduction of store closing reserves in fiscal 1998, costs associated with new store openings in 1999 and lower net sales than expected further contributed to lower results in fiscal 1999. LIQUIDITY AND CAPITAL RESOURCES In the first nine months of fiscal 1999, operating activities used cash totaling $16.9 million primarily as a result of an increase in inventory of $32.7 million, partially offset by a related increase in trade accounts payable of $16.1 million. Investing activities used cash of $2.8 million primarily for the purchase of property, plant and equipment totaling $4.4 million offset by landlord contributions. Financing activities provided net cash of $19.9 million primarily through the utilization of the Company's credit facility. Merchandise inventories increased to $119.4 million from $86.2 million at the beginning of the fiscal year. Trade accounts payable had a corresponding increase to $49.6 million from $33.5 million at the beginning of the year. The increased inventory level is primarily due to (i) normal seasonal fluctuations in anticipation of the Christmas selling season, (ii) a decision to maintain warehouse backup stocks for certain items in order to improve store replenishment and in-stock condition and (iii) management's strategy of increasing inventories in reaction to certain out-of-stock conditions related to the startup of the Company's new merchandising system in March. Net additions to property, plant and equipment of $4.4 million during the first nine months of fiscal 1999 were related to the opening of two new SuperSports USA stores, renovations and refurbishment in existing locations and management information system improvements. The Company's primary source of liquidity in the first nine months of fiscal 1999 was its credit facility, under which average borrowings were $35.8 million compared to $41.0 million in the first nine months of fiscal 1998. Long-term obligations increased to $48.5 million from $28.7 million at the beginning of the fiscal 1999 as the Company utilized its credit facility to meet its seasonal working capital requirements. The Company believes that its revolving credit facility together with cash provided by operations will be adequate to meet anticipated capital needs for fiscal 1999. YEAR 2000 ISSUE The year 2000 issue is the result of computer programs written using two digits rather than four to define the applicable year. Without corrective actions, programs with time-sensitive software would potentially recognize a date ending in "00" as the year 1900 rather than the year 2000, causing many computer applications to fail or create erroneous results and potentially causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in similar normal business practices. During fiscal 1996, the Company completed the installation of new financial accounting and reporting systems and payroll and human resources systems, and in fiscal 1997 the Company installed new sales audit software. The Company also installed a new IBM AS400 computer in fiscal 1997 to accommodate the new systems and those to be installed in 1998, and further upgraded all operating systems software in the last quarter of 1998. During fiscal 1998, the Company upgraded its personal computers making them year 2000 compliant. In addition, the Company implemented its new merchandising information and inventory management systems in March 1999. The Company completed a significant upgrade to its financial accounting and reporting systems software in July 1999, and a minor update to its merchandising information and inventory management systems software in the third quarter of fiscal 1999. The Company has substantially completed testing such software, as well as its timekeeping and point of sale systems. The Company presently believes that the Year 2000 issue has been adequately addressed with respect to all of the Company's internal computer systems. Any failure of the Company's systems to be timely compliant, however, could have a material and adverse impact on the business and operations of the Company. Cumulatively, capital costs of approximately $5.5 million have been incurred for the purchase and installation of hardware and software related to the year 2000 issue. Certain other internal costs incurred for work relating to year 2000 matters have not been included in the capital costs and are not tracked separately by the Company, but such costs are included in the related payroll costs for its information system group. The Company does not expect future expenditures related to the year 2000 issue to be significant. The Company has completed its review and assessment of its non-information technology systems, and has contacted vendors to uncover any potential year 2000 problems. At this time, the Company is not aware of any compliance problems from its non-information technology systems that could have a material effect on the Company's operation. In addition to its internal computer and non-information technology systems, the Company may face risks to the extent that suppliers of products, services and systems purchased by the Company and others with whom the Company transacts business do not have business systems or products that comply with the year 2000 requirements. The Company is continuing to assess the year 2000 compliance of its major providers of products, services and systems through the use of surveys and formal communications. However, there can be no assurance that the Company can correctly assess the year 2000 readiness of all its major suppliers. Some suppliers have not responded to the Company's requests for information. The Company is in the process of evaluating the potential effects of non-compliance by its vendors. In the event that any such third parties cannot timely provide the Company with products, services or systems as a result of any such non- compliance, the Company's operating results could be materially adversely affected. The Company is developing contingency plans for its internal computer and non- information technology systems, as well as for failure of its key suppliers to perform. A team of information systems and other key personnel will be present at the Company's corporate headquarters during the weekend in which the year 2000 commences to monitor the Company's systems and to detect and fix any problems that are discovered. With respect to suppliers, these contingency plans are being done on a case by case basis for those suppliers that the Company determines are at a high risk of non-compliance. These plans may include booking orders for delivery in advance of January 1, 2000, or finding alternative suppliers. The Company has received responses from 70% of its top 100 suppliers of merchandise that they are or expect to become Year 2000 compliant by January 1, 2000. Those suppliers responding positively account for approximately 84% of the Company's fiscal 1998 purchases of merchandise for sale from the top 100 suppliers. At the present time, the Company believes that it has or will have on hand adequate inventory and supplies to operate without material disruption, even in the event of any short term unavailability of product delivery by the Company's vendors due to the year 2000 problem. If the Company's contingency plans are not adequate to address non-compliance by its computer and non-information technology systems, or by suppliers, this could have a material adverse effect on the operating results of the Company. DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS The information discussed herein includes "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. All statements other than statements of historical facts included herein regarding planned capital expenditures, store openings and closings, the Company's financial position, business strategy and other plans and objectives for future operations (typically using the words "expect," "plan," "anticipate," "believe," "intend" or similar expressions), are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties, and the Company can give no assurance that such expectations will prove to have been correct. The Company's actual results could differ materially from those anticipated by such forward-looking statements as a result of certain factors, including: the Company's ability to manage its expansion efforts in existing and new markets, availability of suitable new store locations at acceptable terms, levels of discretionary consumer spending, availability of merchandise to meet fluctuating consumer demands, customer response to the Company's merchandise offerings, fluctuating sales margins, increasing competition in sporting goods and apparel retailing, the results of financing efforts and financial market conditions. Many of such factors are beyond the Company's ability to control or predict. Readers are cautioned not to put undue reliance on forward-looking statements. The Company disclaims any intent or obligations to update these forward-looking statements, whether as a result of new information, future events or otherwise. PART II -- OTHER INFORMATION 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. OSHMAN'S SPORTING GOODS, INC. December 13, 1999 /s/ STEVE MARTIN Date: ___________________________ By: ____________________________ Steve Martin Senior Vice-President and Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 9-MOS JAN-29-2000 JAN-31-1999 OCT-30-1999 423 0 1,510 0 119,367 122,913 87,153 52,304 157,975 67,663 48,520 0 0 5,830 29,048 157,975 212,785 212,785 138,130 138,130 0 0 2,102 (5,052) 65 (5,117) 0 0 0 (5,117) (0.88) (0.88)
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