-----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, L21Oql28wQdF2k2GNttmd89RndIps1/W7W9vUfT+eNz9UHDVjLzamP6CRhjfwNNi 2TJ/vFrxJqT9RsR1yLoBlA== 0000897101-98-000764.txt : 19980805 0000897101-98-000764.hdr.sgml : 19980805 ACCESSION NUMBER: 0000897101-98-000764 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980804 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PACIFIC INDUSTRIES INC/MN CENTRAL INDEX KEY: 0000852426 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PLASTIC PRODUCTS [3080] IRS NUMBER: 411642846 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18050 FILM NUMBER: 98676640 BUSINESS ADDRESS: STREET 1: 2430 METROPOLITAN CENTRE STREET 2: 333 S SEVENTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123719650 MAIL ADDRESS: STREET 1: 2430 METROPOLITAN CENTRE STREET 2: 333 S SEVENTH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: BLACK HAWK HOLDINGS INC /MN/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BHH INC DATE OF NAME CHANGE: 19891019 10-Q 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30,1998 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 0-18050 EAGLE PACIFIC INDUSTRIES, INC. (Exact name of registrant as specified in its Charter) MINNESOTA 41-1642846 (State of incorporation) (I.R.S. Employer Identification No.) 333 South Seventh Street 2430 Metropolitan Centre Minneapolis, Minnesota 55402 (Address of principal executive offices) Registrant's telephone number, including area code: (612) 371-9650 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 _____ The number of shares of the registrant's Common Stock, $.01 par value per share, outstanding as of July 24, 1998 was 6,612,483. ================================================================================ EAGLE PACIFIC INDUSTRIES, INC. INDEX PAGE NO. -------- PART 1. FINANCIAL INFORMATION ITEM 1. CONDENSED FINANCIAL STATEMENTS: Condensed Statements of Operations - Three and Six Months Ended June 30, 1998 and 1997 (Unaudited)............... 3 Condensed Balance Sheets - June 30, 1998 and December 31, 1997 (Unaudited)............................. 4 Condensed Statements of Cash Flows - Six Months Ended June 30, 1998 and 1997 (Unaudited)............... 5 Notes to Condensed Financial Statements (Unaudited)............. 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS..................................... 8 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS............. 10 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K................................ 10 SIGNATURES................................................................. 11 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS EAGLE PACIFIC INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 1998 1997 1998 1997 - --------------------------------------------------------------------------------------------------- NET SALES $ 20,396,580 $ 19,735,228 $ 38,906,644 $ 36,947,458 COST OF GOODS SOLD 15,997,649 15,324,133 31,126,329 28,687,447 ------------ ------------ ------------ ------------ Gross profit 4,398,931 4,411,095 7,780,315 8,260,011 OPERATING EXPENSES: Selling expenses 2,445,289 2,188,788 4,559,837 4,136,861 General and administrative expenses 698,901 685,806 1,376,087 1,381,794 ------------ ------------ ------------ ------------ 3,144,190 2,874,594 5,935,924 5,518,655 ------------ ------------ ------------ ------------ OPERATING INCOME 1,254,741 1,536,501 1,844,391 2,741,356 NON-OPERATING EXPENSE 721,247 778,956 1,353,613 1,456,543 ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 533,494 757,545 490,778 1,284,813 INCOME TAX (EXPENSE) BENEFIT (43,000) 215,932 (50,000) 192,932 ------------ ------------ ------------ ------------ NET INCOME 490,494 973,477 440,778 1,477,745 PREFERRED STOCK DIVIDENDS 200,657 118,434 401,313 119,090 ------------ ------------ ------------ ------------ NET INCOME APPLICABLE TO COMMON STOCK $ 289,837 $ 855,043 $ 39,465 $ 1,358,655 ============ ============ ============ ============ NET INCOME PER COMMON SHARE: Basic $ .04 $ .13 $ .01 $ 21 ============ ============ ============ ============ Diluted $ .04 $ .11 $ .01 $ .18 ============ ============ ============ ============ AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 6,803,590 6,515,819 6,725,373 6,487,133 ============ ============ ============ ============ Diluted 7,203,380 8,764,041 7,134,044 8,105,455 ============ ============ ============ ============
See accompanying notes to condensed financial statements. EAGLE PACIFIC INDUSTRIES, INC. CONDENSED BALANCE SHEETS (UNAUDITED)
- ---------------------------------------------------------------------------------------------- ASSETS JUNE 30, 1998 DECEMBER 31, 1997 CURRENT ASSETS: Cash and cash equivalents $ -- $ -- Accounts receivable, less allowance for doubtful accounts and sale discounts of $274,000 and $203,500, respectively 10,514,025 6,528,296 Inventories 11,521,422 13,269,560 Deferred income taxes 425,000 425,000 Other 281,585 314,822 ------------ ------------ Total current assets 22,742,032 20,537,678 PROPERTY AND EQUIPMENT, net 21,938,392 16,854,447 OTHER ASSETS: Prepaid interest 541,588 836,998 Goodwill, less accumulated amortization of $426,000 and $370,000, respectively 4,041,806 4,097,652 Other 1,333,444 1,502,196 ------------ ------------ 5,916,838 6,436,846 ------------ ------------ $ 50,597,262 $ 43,828,971 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Note payable $ 11,477,559 $ 4,405,976 Accounts payable 8,912,518 8,892,015 Accrued liabilities 1,683,356 1,276,481 Current maturities of long-term debt 1,866,410 1,882,882 ------------ ------------ Total current liabilities 23,939,843 16,457,354 LONG-TERM DEBT, less current maturities 4,799,977 5,489,900 SUBORDINATED DEBT 4,294,602 4,182,570 REDEEMABLE PREFERRED STOCK, 8% cumulative dividend; 10,000,000 10,000,000 convertible; $1,000 liquidation preference; $.01 par value; authorized, issued and outstanding 10,000 shares, STOCKHOLDERS' EQUITY: Series A preferred stock, 7% cumulative dividend; convertible; $2 liquidation preference; no par value; authorized 2,000,000 shares; issued and outstanding 18,750 shares 37,500 37,500 Undesignated stock, par value $.01 per share; authorized 18,000,000 shares, none issued and outstanding -- -- Common stock, par value $.01 per share; 30,000,000 shares; issued and outstanding 6,621,783 and 6,506,174 shares, respectively 66,218 65,062 Class B Common stock, par value $.01 per share; authorized 3,500,000 shares; none issued and outstanding -- -- Additional paid-in capital 36,530,264 36,707,200 Notes receivable from officers and employees on Common Stock purchases (434,206) (434,206) Accumulated deficit (28,636,936) (28,676,409) ------------ ------------ Total stockholders' equity 7,562,840 7,699,147 ------------ ------------ $ 50,597,262 $ 43,828,971 ============ ============
See accompanying notes to condensed financial statements. EAGLE PACIFIC INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 1998 AND 1997 - --------------------------------------------------------------------------------------------- 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 440,778 $ 1,477,745 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Minority interest -- 17,780 Depreciation and amortization 1,043,498 867,365 Loan discount amortization 304,282 247,552 Prepaid interest amortization 295,410 256,280 Deferred income taxes -- (250,000) Change in operating assets and liabilities (1,776,836) (5,556,661) ----------- ----------- Net cash provided by (used in) operating activities 307,132 (2,939,939) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (6,045,227) (2,618,264) Purchases of minority interest -- (369,588) Notes receivable from officers and employees for purchase of common stock -- (275,808) ----------- ----------- Net cash used in investing activities (6,045,227) (3,263,660) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings (Payments) under note payable, net 7,071,583 (2,431,888) Proceeds from long-term debt -- 260,000 Repayment of long-term debt (706,395) (974,921) Issuance of redeemable preferred stock, net of offering costs -- 9,417,629 (Purchase) issuance of common stock (175,780) 71,869 Payment of debt issuance costs (50,000) (20,000) Payment of preferred stock dividend (401,313) (119,090) ----------- ----------- Net cash provided by financing activities 5,738,095 6,203,599 ----------- ----------- NET CHANGE IN CASH AND CASH EQUIVALENTS -- -- CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD -- -- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ -- $ -- =========== ===========
See accompanying notes to condensed financial statements. EAGLE PACIFIC INDUSTRIES, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) THREE AND SIX MONTHS ENDED JUNE 30, 1998 AND 1997 - -------------------------------------------------------------------------------- 1. PRESENTATION In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of Eagle Pacific Industries, Inc. ("the Company") at June 30, 1998 and the results of its operations for the three and six month periods ended June 30, 1998 and 1997 and its cash flows for the six month periods ended June 30, 1998 and 1997. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company's management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these condensed financial statements be read in conjunction with the financial statements of the Company included with its annual report on Form 10-K for the year ended December 31, 1997. 2. INVENTORY JUNE 30, 1998 DECEMBER 31, 1997 -------------- ----------------- Raw materials $ 4,920,307 $ 5,033,398 Finished goods 6,601,115 8,236,162 ------------- ------------- $ 11,521,422 $ 13,269,560 ============= ============= 3. EARNINGS PER COMMON SHARE The following table reflects the calculation of basic and diluted earnings per common share: THREE MONTHS ENDED JUNE 30, --------------------------- 1998 1997 ---------- ---------- BASIC EPS COMPUTATION Income available to common stockholders $ 289,837 $ 855,043 ========== ========== Average common shares outstanding 6,803,590 6,515,819 ========== ========== Basic earnings per share $ .04 $ .13 ========== ========== DILUTED EPS COMPUTATION Income available to common stockholders $ 289,837 $ 855,043 8% redeemable preferred stock dividends -- 117,778 7% convertible preferred stock dividends 656 656 ---------- ---------- Income available to common stockholders 290,493 973,477 ========== ========== Average common shares outstanding 6,803,590 6,515,819 Warrants and options 381,040 1,017,069 8% redeemable preferred stock -- 1,212,403 7% convertible preferred stock 18,750 18,750 ---------- ---------- 7,203,380 8,764,041 ========== ========== Diluted earnings per share $ .04 $ .11 ========== ========== Options to purchase 367,933 shares of common stock were outstanding at June 30, 1998, but were not included in the computation of diluted EPS because the options exercise prices were greater than the average market price of the common shares. Conversion of the 8% redeemable convertible preferred stock was not assumed for the period ending June 30, 1998, since the conversion would have an antidilutive effect on the diluted EPS calculation. SIX MONTHS ENDED JUNE 30, ------------------------- 1998 1997 ---------- ---------- BASIC EPS COMPUTATION Income available to common stockholders $ 39,465 $1,358,655 ========== ========== Average common shares outstanding 6,725,373 6,487,133 ========== ========== Basic earnings per share $ .01 $ .21 ========== ========== DILUTED EPS COMPUTATION Income available to common stockholders $ 39,465 $1,358,655 8% redeemable preferred stock dividends -- 117,778 7% convertible preferred stock dividends -- 1,312 ---------- ---------- Income available to common stockholders 39,465 1,477,745 ========== ========== Average common shares outstanding 6,725,373 6,487,133 Warrants and options 408,671 990,021 8% redeemable preferred stock -- 609,551 7% convertible preferred stock -- 18,750 7,134,044 8,105,455 ========== ========== Diluted earnings per share $ .01 $ .18 Options to purchase 285,046 and 4,388 shares of common stock were outstanding at June 30, 1998 and 1997, respectively, but were not included in the computation of diluted EPS because the options exercise prices were greater than the average market price of the common shares. Conversion of the 7% convertible preferred stock and 8% redeemable convertible preferred stock was not assumed for the period ending June 30, 1998, since the conversion would have an antidilutive effect on the diluted EPS calculation. SUBSEQUENT EVENT Subsequent to June 30, 1998, the Company refinanced all of its subordinated debt with a $6.5 million promissory note, due May 9, 2002. The refinancing will result in a one-time, after-tax extraordinary charge of approximately $660,000 in the third quarter of 1998. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION RESULTS OF OPERATIONS. The following table sets forth items from the Company's Statement of Operations as percentages of net sales:
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 1998 1997 1998 1997 ------ ------ ------ ------ Net sales 100.0% 100.0% 100.0% 100.0% Cost of goods sold 78.4 77.6 80.0 77.6 Gross Profit 21.6 22.4 20.0 22.4 Operating expenses 15.4 14.6 15.3 14.9 Operating income 6.2 7.8 4.7 7.5 Non-operating expense 3.5 4.0 3.5 4.0 Income before income taxes 2.6 3.8 1.2 3.5 Income tax (expense) benefit (0.2) 1.1 (0.1) 0.5 Net Income 2.4% 4.9% 1.1% 4.0%
The Company posted record net sales for the three and six month periods ended June 30, 1998, increasing 3% and 5% compared to the same periods in 1997, respectively. Higher volumes, primarily due to increased demand and production capacities, were responsible for the growth in revenues. Pounds sold rose 16% and 13% for the three and six month periods ended June 30, 1998 compared to the same periods in 1997, respectively. Selling prices decreased 11% and 7% for the three and six month periods ended June 30, 1998 compared to the same periods in 1997, respectively. The decrease in the gross profit, as a percentage of net sales, from 1997 to 1998 is primarily due to a combination of strong competition and falling resin prices in 1998. PVC resin prices decreased due to the Asian crisis which caused an oversupply of resin because of lower exports. Pricing pressures from competitors forced the Company to pass raw material price decreases on to its customers. As higher priced inventory was sold at lower market prices, gross profits decreased and cost of goods sold increased. The increase in operating expenses, as a percentage of net sales, from 1997 to 1998 is primarily due to higher freight costs associated with the combination of increased volume and lower selling prices. The decrease in non-operating expenses, which consists principally of interest expense, from 1997 to 1998 is primarily due to the issuance of $10.0 million of redeemable preferred stock in May of 1997. The proceeds from the preferred stock were used to pay down the Company's revolving credit line. The income tax provisions for 1998 and 1997 were calculated based upon management's estimate of the annual effective rates, reduced by federal net operating loss ("NOL") and state tax credit carryforwards utilized, as well as NOL carryforwards expected to be used in future periods. Due to more profitable operations and future expected profits, an income tax benefit of $250,000 was recorded in the second quarter of 1997, representing a change in the deferred tax asset valuation allowance relating to a portion of the NOL carryforwards which are now expected to be utilized in the future. FINANCIAL CONDITION. The Company's financial condition remains strong despite negative working capital of $1.2 million on June 30, 1998. The negative working capital is due to the use of short-term financing during the construction of the new manufacturing facility in Utah. Upon completion of the Utah facility, the Company intends to replace the short-term financing with long-term financing, which will improve the Company's working capital position. Cash provided by operating activities was $307,000 in 1998 compared to cash used in operating activities of $2.9 million in 1997. The primary reason for the improved results are lower inventory levels in 1998 compared to 1997. The Company used $6.0 million and $3.3 million on investing activities for the six months ended June 30, 1998 and 1997, respectively. The primary use of cash in 1998 and 1997 was for capital expenditures. Cash provided by financing activities was $5.7 million and $6.2 million for the six months ended June 30, 1998 and 1997, respectively. The primary source of cash in 1998 was borrowings under the revolving credit loan. The primary source of cash in 1997 was the issuance of redeemable preferred stock, partially offset by payments on the revolving credit loan. The Company had commitments for capital expenditures of $500,000 at June 30, 1998, which will be funded from borrowings under the revolving credit loan. Additional sources of liquidity, if needed, include the Company's revolving credit line, additional long-term debt financing, and the sale of Company equity securities under either a private or public offering. The Company believes that it has the financial resources needed to meet its current and future business requirements, including capital expenditures for expanding manufacturing capacity and working capital requirements. OUTLOOK. The statements contained in this Outlook are based on current expectations. These statements are forward-looking, and actual results may differ materially from those anticipated by some of the statements made herein. The Company expects the demand for plastic pipe to grow as acceptance of plastic pipe over metal pipe continues and the overall economy continues to grow. Industry growth projections call for annual sales growth rates for plastic pipe of three percent or greater per year through 2003. The Company has historically been able, and expects in the future to be able, to grow at rates in excess of the industry averages due to its emphasis on customer satisfaction, product quality and differentiation and innovative promotional programs. The Company's strategy has been, and continues to be, to concentrate growth initiatives in higher profit products and geographic regions. The Company's gross margin percentage is a sensitive function of PVC and PE raw material resin prices and capacity levels in the industry. In a rising or stable resin market, margins and sales volume have historically been higher and conversely, in falling resin markets, sales volumes and margins have historically been lower. Gross margins also suffer when capacity increases outpace demand due to increased competition to utilize capacity. The Company believes that there currently is over-capacity in the plastic pipe industry. Due to the commodity nature of PVC and PE resin and the dynamic supply and demand factors worldwide, it is very difficult to predict gross margin percentages or assume that historical trends will continue. The NOLs are available through 2010; however, the majority expire by 2000. The amount of available NOLs actually used will be dependent on future profits. The Company does not expect to utilize all of its NOLs before they expire. As with other organizations, the Company's computer programs were originally designed to recognize calendar years by their last two digits. Calculations performed using these truncated fields would not work properly with dates from the year 2000 and beyond. The Company has initiated efforts to remedy this situation and expects all programs to be corrected and tested prior to the year 2000. The incremental costs of this project will not have a material effect on the Company's financial statements. In addition, the Company has communicated with others with whom it does significant business to determine their year 2000 compliance readiness and the extent to which the Company is vulnerable to any third party year 2000 issues. However, there can be no guarantee that the systems of other companies on which the Company's systems rely will be timely converted, or that a failure to convert by another company, or a conversion that is incompatible with the Company's systems, would not have a material adverse effect on the Company. The foregoing statements contained in this outlook section and those specifically relating to the Company's expectation of the plastic pipe and tubing market and the Company's performance in relation to such growth, the Company's ability to utilize NOLs in the future and its belief that it has the necessary resources for future success are all forward looking statements that involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially include, but are not limited to, raw material cost fluctuations, general economic conditions, competition, availability of working capital and weather conditions. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - Not applicable PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - None ITEM 2. CHANGES IN SECURITIES - None ITEM 3. DEFAULTS UPON SENIOR SECURITIES - None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Company's annual meeting of shareholders was held on June 10, 1998. a) A resolution was adopted to set the number of directors for the ensuing year at seven. The resolution passed with 5,092,589 votes cast in favor, 109,895 opposed, and 79,787 votes withheld. b) William H. Spell and Bruce A. Richard were elected to serve as directors of the Company until the 2001 Annual Shareholders meeting. Other directors whose term of office as a director continued after the meeting are: Larry D. Schnase, G. Peter Konen, Richard W. Perkins, George R. Long, and Harry W. Spell. William H. Spell Bruce A. Richard ---------------- ---------------- Votes in favor 5,072,150 5,092,369 Votes withheld 130,334 110,115 c) The 653,000 share increase in the number of shares reserved for issuance under the Company's 1997 Stock Option Plan was approved by the shareholders by a vote of 3,021,363 in favor, 798,562 against, 20,254 votes withheld, and 1,442,092 shares recorded as broker non-votes. d) Deloitte & Touche LLP was elected as the Company's independent public accountants by a vote of 5,099,789 in favor, 106,051 against, and 76,431 votes withheld. ITEM 5. OTHER INFORMATION - None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. ------------- Exhibit Number Description ------ ----------- 27 Financial Data Schedule (b) Reports on Form 8-K. None ------------------- 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. EAGLE PACIFIC INDUSTRIES, INC. By /s/ William H. Spell -------------------- William H. Spell Chief Executive Officer By /s/ Patrick M. Mertens ---------------------- Patrick M. Mertens Chief Financial Officer (Principal Financial and Accounting Officer) Dated: August 4, 1998 EX-27 2 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 0 0 10,788,025 274,000 11,521,422 22,742,032 27,111,922 5,173,530 50,597,262 23,939,843 9,094,579 10,037,500 0 66,218 7,459,122 50,597,262 38,906,644 38,906,644 31,126,329 31,126,329 5,895,018 9,227 1,385,292 490,778 50,000 440,778 0 0 0 440,778 .01 .01
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