-----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, Ktp9kT7MTRMEbq26LiBVtnovCgNgye9FH8BD3ssqFT8mhvBoAPu1yX9VI0dWvh1s KYCFo7UjQmaNaU9tY4FS1Q== 0000840824-99-000001.txt : 19990514 0000840824-99-000001.hdr.sgml : 19990514 ACCESSION NUMBER: 0000840824-99-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NETEGRITY INC CENTRAL INDEX KEY: 0000840824 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 042911320 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10139 FILM NUMBER: 99620397 BUSINESS ADDRESS: STREET 1: 245 WINTER ST CITY: WALTHAM STATE: MA ZIP: 02154 BUSINESS PHONE: 6178901700 MAIL ADDRESS: STREET 1: 245 WINTER STREET STREET 2: 0 CITY: WALTHAM STATE: MA ZIP: 02184 FORMER COMPANY: FORMER CONFORMED NAME: SOFTWARE DEVELOPERS CO INC/DE/ DATE OF NAME CHANGE: 19920703 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 10-Q ------------------ XX Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the quarterly period ended March 31, 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 1-10139 ------------------------------ NETEGRITY, INC. (Exact name of registrant as specified in its charter) DELAWARE 04-2911320 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 245 Winter Street Waltham, MA 02154 (Address of principal executive offices) (Zip Code) (781) 890-1700 (Registrant's Telephone Number) Securities registered pursuant to Section 12(g) of the Act: NONE -------------- 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 other 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 XX Yes No As of May 11, 1999 there were 10,305,888 shares of Common Stock outstanding. FORM 10-Q QUARTERLY REPORT ---------------- TABLE OF CONTENTS Facing Sheet. . . . . . . . . . . . . . . . .. . . . . . . . 1 Table of Contents . . . . . . . . . . . . . .. . . . . . . . 2 PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets . .. . . . . . . . . . 3 Consolidated Statements of Operations . . . . . . . 5 Consolidated Statements of Cash Flows . . . . . . . 6 Notes to Consolidated Financial Statements. . . . . 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . .10 PART II. OTHER INFORMATION Item 1. Legal Proceedings . . . . . . . . . . . . . . . . .15 Item 2. Changes in Securities . . . . . . . . . . . . . . .15 Item 3. Defaults Upon Senior Securities . . . . . . . . . .15 Item 4. Submission of Matters to a Vote of Security Holders . . . . . . . . . . . . . . . . . 15 Item 5. Other Information . . . . . . . . . . . . . . . .15 Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . .15 SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . .16 Exhibit 11 - Computation of earnings per share. . . . . . . .17 PART I. - FINANCIAL INFORMATION NETEGRITY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS March 31, December 31, 1999 1998 --------- ------------ CURRENT ASSETS: Cash and cash equivalent $4,942,514 $1,174,625 Accounts receivable-trade, net of allowance for doubtful accounts of $238,563 and $247,063 March 31, 1999 and December 31, 1998, respectively 1,787,618 1,746,645 Other current assets 329,953 354,937 --------- --------- TOTAL CURRENT ASSETS 7,060,085 3,276,207 --------- --------- EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 765,365 736,341 CAPITALIZED SOFTWARE COSTS 93,798 175,629 Other Assets 48,629 37,114 --------- --------- TOTAL ASSETS $7,967,877 $4,225,291 ========== ========= The accompanying notes are an integral part of the financial statements. NETEGRITY, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) LIABILITIES AND STOCKHOLDERS' EQUITY March 31, December 31, 1999 1998 --------- ----------- CURRENT LIABILITIES: Accounts payable-trade $ 1,227,089 $ 897,734 Other accrued expenses 2,119,022 1,990,759 Accrued compensation 414,475 341,015 TOTAL CURRENT LIABILITIES 3,760,586 3,229,508 COMMITMENTS AND CONTINGENCIES --- --- ---------- ---------- TOTAL LIABILITIES 3,760,586 3,229,508 ---------- ---------- STOCKHOLDERS' EQUITY: Series D Preferred Stock, $.01 par value 3,333,333 shares authorized and outstanding as of March 31, 1999 33,333 33,333 Common stock, voting, $.01 par value, authorized 25,000,000 shares: 10,298,948 shares issued and 10,273,847 shares outstanding at March 31, 1999; 9,425,446 shares issued and 9,400,345 shares outstanding at December 31, 1998 102,738 94,254 Additional paid-in capital 20,418,820 15,780,049 Cumulative deficit (16,063,943) (14,628,196) Loan to officer (200,000) (200,000) ---------- ---------- 4,290,948 1,079,440 Less - Treasury Stock, at cost: 25,101 shares (83,657) (83,657) TOTAL STOCKHOLDERS' EQUITY 4,207,291 995,783 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,967,877 $ 4,225,291 ========== ========== The accompanying notes are an integral part of the financial statements. NETEGRITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended March 31, 1999 1998 -------------------------- Net revenues $2,060,034 $ 809,821 Cost of revenues 714,971 509,418 --------- --------- Gross profit 1,345,063 300,403 Selling, general and administrative expenses 2,101,119 1,385,048 Research and development costs 699,399 420,856 --------- --------- Loss from operations (1,455,455) (1,505,501) Interest income 19,708 31,970 --------- --------- Net loss $(1,435,747) $(1,473,531) ========= ========= Basic and diluted loss per share $(0.14) $(0.16) Weighted average shares outstanding (basic & diluted) 9,910,140 9,284,036 The accompanying notes are an integral part of the financial statements. NETEGRITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended March 31, 1999 1998 ------------------------- OPERATING ACTIVITIES Net income (loss) $(1,435,747) $(1,473,531) Adjustments to reconcile income (loss) to net cash provided by (used for) operating activities: Depreciation and amortization 75,923 40,663 Provision for doubtful accounts receivable (8,500) (5,990) Change in operating assets and liabilities: Accounts receivable (32,473) 186,006 Other current assets 24,984 3,470 Accounts payable 329,355 (429,300) Other accrued expenses 201,723 94,647 Other assets (11,515) 64,840 --------- --------- Total adjustments 579,497 (45,664) Net cash used for continuing operating activities (856,250) (1,519,195) Net cash used for operating activities $ (856,250) $(1,519,195) --------- --------- The accompanying notes are an integral part of the financial statements. NETEGRITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.) (Unaudited) For the three months ended March 31, 1999 1998 -------------------------- INVESTING ACTIVITIES: Capitalized software costs $ 81,832 $ 16,517 Capital expenditures for equipment and leasehold improvements (104,947) (68,349) Net cash used for investing --------- --------- activities (23,115) (51,832) --------- --------- FINANCING ACTIVITIES: Net proceeds from issuance of preferred stock --- 2,450,001 Net proceeds from issuance of common stock 4,647,254 9,590 Principal payments under capital leases --- (2,580) --------- --------- Net cash provided by (used for) financing activities 4,647,254 2,457,011 --------- --------- Effect of exchange rate changes on cash --- --- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 3,767,889 885,984 Cash and cash equivalents at beginning of period 1,174,625 2,133,586 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $4,942,514 $3,019,570 ========= ========= Supplemental Disclosures of Cash Flow Information: Interest paid $ --- $ 599 ========= ========= The accompanying notes are an integral part of the financial statements. NETEGRITY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - The unaudited financial information furnished herein reflects all adjustments which are of a normal recurring nature, which in the opinion of management are necessary to fairly state the Company's financial position, cash flows and the results of its operations for the periods presented. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. This information should be read in conjunction with the Company's audited financial statements for the fiscal year ended December 31, 1998, included in Form 10-K filed on March 31, 1999. NOTE 2 - The results of operations for the three-month period ended March 31, 1999 are not necessarily indicative of the results to be expected for the entire year ending December 31, 1999. NOTE 3 - The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 128 "Earnings Per Share" and has retroactively restated the earnings per share (EPS) for the third quarter and year-to-date 1997. SFAS 128 requires presentation of basic and diluted EPS. Basic EPS is computed by dividing net income by the number of weighted average common shares outstanding. Diluted EPS reflects potential dilution from outstanding stock options and warrants, using the treasury stock method. For the periods that options are anti-dilutive, they are not included in the calculation of earnings per share. NOTE 4 - The Company follows Statement of Financial Accounting Standards ("SFAS") No. 109 "Accounting for Income Taxes." Under SFAS No. 109, deferred tax assets and liabilities are recognized for the unexpected future tax consequences of events that have been included in the financial statements or tax returns. The amount of deferred tax asset or liability is based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. NOTE 5 - The Company has adopted AICPA Statement of Position 97-2, "Software Revenue Recognition." Adoption of this pronouncement did not have a material effect on the revenue recognition practices of the Company. NOTE 6 - On February 8, 1999, the Company entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with an institutional investor, the Pequot Entities and the parties named therein. Pursuant to the terms of the Stock Purchase Agreement, the Company sold 795,651 shares of Common Stock at $5.75 per share and subsequently filed a registration statement on Form S-3. NOTE 7 - Year 2000 Compliance Disclosure: The Year 2000 issue is the result of computer programs being written using two digits rather than four digits to define the applicable year. This could result in a system failure or miscalculations if a computer program recognizes a date of "00" as the year 1900 instead of 2000. If not corrected, many computer systems could fail or create erroneous results in 2000. The following disclosure is as required by SEC Release No. 33-7558. Company's State of Readiness The Company is in the process of completing a preliminary assessment of all of its internal and external systems and processes with respect to the "Year 2000" issue. The Company plans to continuously test all of its internal and external systems and processes (and the associated Year 2000 "fixes") for Year 2000 compliance during 1999. As part of this process, the Company has preliminarily assessed the potential impact of Year 2000 failures from vendors and outside parties upon its business and is currently taking steps to minimize that risk. Based on the Company's current state of readiness and the steps currently being taken (i.e., developing backup processes), the Company does not believe that the Year 2000 problem will have a material adverse effect on the Company's financial position, liquidity, or operations. In addition to computers and related systems, the operation of office and facilities equipment, such as fax machines, photocopiers, telephone switches, security systems, and other common devices may be affected by the Year 2000 problem. The Company is currently assessing the potential effect of, and costs of remedying the Year 2000 problem on its office and facilities equipment. The Company is in the process of developing a plan to reduce the probability of operational difficulties due to Year 2000 related failures. The Company believes it is on track towards a timely completion of this task. Overall, management estimates that it has completed approximately 75% of the Year 2000 issue identification process with no remediating required. Company's Costs of Year 2000 Compliance All costs related to Year 2000 issues will be expensed as incurred and the Company does not expect the total costs of evaluation and testing to be material. Other potential costs may include updating of computer software and hardware, as well as other out-of-pocket costs. Company's Risks of Year 2000 Issues The Company believes that its current internally developed products, as well as third-party products with which the Company has material relationships are Year 2000 compliant. Therefore, the Company does not believe that its products will be adversely affected by date changes in the Year 2000. However, there can be no assurances that the Company's current products do not contain undetected errors or defects associated with Year 2000 date functions that may result in material costs to the Company. While the Company believes that its products, as well as third-party products with which the Company has material relationships are Year 2000 compliant, certain factors may result in a third-party application used in conjunction with the Company's products may not be Year 2000 compliant. Users must test their unique combination of hardware, system software, and transaction and application software in order for Year 2000 compliance to be achieved. Additionally, the Company has begun assessing the Year 2000 issue with regard to its internal financial and operational systems and is not currently aware of any material issues or costs associated with preparing its internal systems for the Year 2000. There can be no assurance that the Company will not experience unanticipated negative consequences or costs caused by undetected errors or defects in the technology used in its internal operation. Company's Contingency Plans The Company has not yet developed a detailed contingency plan, but intends to evaluate the necessity of such plans based on the outcome of its assessment and testing of its Year 2000 readiness that will be completed in 1999. Any vendors found not to be Year 2000 compliant will be replaced with vendors that are Year 2000 compliant. NOTE 8 - Certain 1998 information has been reclassified to conform with 1999 financial statement presentation. Such reclassifications have no impact on the results of operations in 1998. NETEGRITY, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Private Securities Litigation Reform Act of 1995 contains certain safe harbors regarding forward-looking statements. In that context, the discussion in this Item contains forward-looking statements which involve certain degrees of risk and uncertainties, including statements relating to liquidity and capital resources. Except for the historical information contained herein, the matters discussed in this section are such forward-looking statements that involve risks and uncertainties, including: - -- The development of a market for our products is uncertain; - -- Our performance depends on our ability to obtain follow-on sales; - -- Our success depends on our ability to expand our sales force and distribution channels; - -- Our quarterly results may fluctuate; - -- We may not be profitable in the future; - -- We face significant competition from other technology companies; - -- Our success depends on our ability to sustain current revenues relating to the Firewall reseller business; - -- We may have difficulty managing our growth; - -- We must hire and retain skilled personnel in a tight labor market; - -- We are dependent on key personnel; - -- Our success depends on our ability to protect our proprietary rights; - -- Other companies may claim that we infringe their proprietary technology; - -- Our business could be adversely affected if our products contain errors; - -- We may be subject to risks associated with future acquisitions; - -- Our future success will depend on our ability to enhance existing products and Develop new products; - -- Volatility of stock price; - -- We may be adversely impacted by year 2000 issues; For further detail on the above risks and uncertainties, refer to the Company's registration statement on Form S-3 filed with the SEC on April 8, 1999 (SEC File No. 333-75909). Netegrity, Inc. ("Netegrity" or the "Company") designs, develops, markets and supports software for controlling user access to electronic commerce (e-commerce) applications. Netegrity also offers a full range of professional services to integrate, implement and support its software product offering. Netegrity's customers are Fortune 2000 companies and smaller organizations whose business model is built on intensive Internet use. These companies are using electronic commerce as a means to interact with their customers, suppliers, partners and employees. Typical industries include the financial services, high tech, manufacturing, telecommunications and insurance industries, as well as academia and the government. Netegrity's dedicated focus on intranet and extranet security helps customers design electronic business applications that allows them to securely exchange mission- critical information. The Company's revenues were generated by the sale of security management and access control products and integration and support services to companies doing business on the Internet and internal networks(intranets). The Company plans to continue to enhance product features to meet its customers' needs in deploying large-scale and complex transaction-based intranets and extranets for conducting electronic business. The Company plans to continue to adopt the latest industry standards and new technologies allowing for the deployment of secure applications for the Web. There can be no assurance that the Company will be able to develop new products or that such products will achieve market acceptance, or, if market acceptance is achieved, that the Company will be able to maintain such acceptance for a significant period of time. RESULTS OF OPERATIONS The following information should be read in conjunction with the consolidated financial statements and notes thereto: Period to Period % Increase/(Decrease) % to Net Revenue Three Months Ended For the three months March 31, ended March 31, 1999 1998 1999 vs. 1998 ---------------- ------------------ Net Revenues: Product sales 100% 100% 154% Gross Margins: Product sales 65% 37% 348% Selling, general and administrative expenses 102% 171% 52% Research and development costs 34% 52% 66% (Loss) from operations (70%) (186%) (3%) REVENUES: Net revenues for the first quarter ended March 31, 1999 increased by $1,250,213, or 154%, to $2,060,034 from $809,821 for the quarter ended March 31, 1998. SiteMinder-related revenue increased by $1,183,122, or 695%, to $1,353,245 in first quarter of fiscal 1999 from $170,123 in the first quarter of 1998. Revenue from the Company's firewall-related business increased by $67,092, or 10%, to 706,789 in the first quarter of 1999 from $639,697 in the first quarter of 1998. GROSS PROFIT: Total Gross Profit dollars for the first quarter ended March 31, 1999 increased by $1,044,660, or 348%, to $1,345,063 from $300,403 for the quarter ended March 31, 1998. This increase is due to the higher gross margins relating to increased revenue on the Company's proprietary SiteMinder product and maintenance. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Selling, general and administrative expenses for the first quarter ended March 31, 1999 increased by $716,071 or 52%, to $2,101,119 from $1,385,048 for the quarter ended March 31, 1998. This increase is primarily a result of the Company continuing to build its sales and marketing infrastructure to support planned growth in sales of its SiteMinder product and services. RESEARCH AND DEVELOPMENT COSTS: Research and Development costs (net of capitalized software) for the first quarter ended March 31, 1999 increased by $278,543, or 66% to $699,399 as compared to $420,856 for the quarter ended March 31, 1998. The Company continues to develop and enhance its product line to address the evolving needs of customers deploying large-scale and transaction-based e-commerce applications for conducting business. Certain research and development expenditures are incurred substantially in advance of the related revenue, and in some cases, do not generate revenue. INTEREST INCOME: Net interest income for the first quarter ended March 31, 1999 decreased by $12,262, or 38%, to $19,708 from $31,970 for the same period last year. This decrease is mainly attributable to a lower average cash balance. LIQUIDITY AND CAPITAL RESOURCES (in thousands, except ratios) March 31, December 31, Financial Condition as of 1999 1998 - ------------------------- ---------------------- Cash and cash equivalents $4,943 $1,175 Working capital 3,299 47 Current ratio 1.88 1.01 Cash Flow Activity Summary for March 31, March 31, the Three Months Ended 1999 1998 - ------------------------------ ---------------------- Net cash used for operating activities $(856) $(1,519) Net cash used for investing activities (23) (52) Net cash provided by (used for) financing activities 4,647 2,457 The Company's net cash balance increased by $3,767,889, or 321%, to $4,942,514 at March 31, 1999 from $1,174,625 at December 31, 1998. This increase was attributable to proceeds from a common stock offering entered into with an institutional investor and the Pequot Entities on February 8, 1999 (see Note 6), offset by expenditures related to building its sales, marketing, and development infrastructure for its SiteMinder product business. Accounts receivable-trade (net of allowance for doubtful accounts) increased 2% to $1,787,618 at March 31, 1999 from $1,746,645 at December 31, 1998. This increase resulted from the corresponding increase in net revenues discussed above. Working capital increased by $3,252,800, or 6,965%, to $3,299,499 at March 31, 1999 from $46,699 at December 31, 1998. This increase was primarily attributable to proceeds from a preferred stock offering entered into with the an institutional investor and the Pequot Entities on February 8, 1999 (see Note 6), offset by expenditures related to building its sales, marketing, and development infrastructure for its SiteMinder product business. On February 8, 1999, the Company entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with an institutional investor, the Pequot Entities and the parties named therein. Pursuant to the terms of the Stock Purchase Agreement, the Company sold 795,651 shares of Common Stock at $5.75 per share for a total of $4,574,993.25. The Company anticipates that its existing cash resources and anticipated cash flow from operations will be sufficient to fund its current operations through the Company's fiscal year ending December 31, 1999. PART II. - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS There have been no significant changes to the Company's outstanding litigation since the filing of the Company's Form 10-K for the twelve months ended December 31, 1998. ITEM 2. CHANGES IN SECURITIES On February 8, 1999, the Company entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with an institutional investor, the Pequot Entities, and the parties named therein. Pursuant to the terms of the Stock Purchase Agreement, the Company sold 795,651 shares of Common Stock at $5.75 per share. The Company filed a registration statement on Form S-3 on April 8, 1999. ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters were submitted to a vote of security holders, whether through the solicitation of proxies or otherwise, during the quarter ended March 31, 1999. ITEM 5. OTHER INFORMATION Not applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 11.00 - Computation of Earnings Per Share (b) Exhibit 27.00 - Financial Data Schedule (Edgar only) 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. NETEGRITY, INC. Date: May 13, 1999 By:/s/ Barry N. Bycoff Barry N. Bycoff President and Chief Executive Officer (Principal Executive Officer) Date: May 13, 1999 By:/s/ James E. Hayden James E. Hayden Vice President, Finance and Administration, and Chief Financial Officer (Principal Financial and Chief Accounting Officer) EXHIBIT 11.00 NETEGRITY, INC. COMPUTATION OF EARNINGS PER SHARE (UNAUDITED) (In thousands, except per share data) Three months ended March 31, 1999 1998 ------------------ BASIC: Average Common shares outstanding 9,910 9,284 Net loss $(1,436) $(1,474) Per share amount $(0.14) $(0.16) DILUTED: Average Common shares outstanding 9,910 9,284 Net effect of dilutive stock options and warrants based on treasury stock method --- --- Total 9,910 9,284 Net loss $(1,436) $(1,474) Per share amount $(0.14) $(0.16) EX-27 2
5 The following Financial Data Schedule should be read in conjunction with Netegrity, Inc's Form 10-Q for the period ended March 31, 1999. 3-MOS DEC-31-1999 MAR-31-1999 4,942,514 0 2,026,181 (238,563) 0 329,953 1,314,434 (455,271) 7,967,877 3,760,586 0 0 33,333 102,738 4,071,220 7,967,877 2,060,034 2,060,034 714,971 714,971 2,800,518 0 19,708 (1,455,455) 0 (1,455,455) 0 0 0 (1,435,747) (0.14) (0.14)
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