-----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, I2tMyI332oPc7PSW1dVj/ol+NQoOBOJJV7mzjASC1NbvM1FJfWRH/EjM1l5/0UPW I+3JNqVdUXu1/msgFhUXug== 0000913601-96-000002.txt : 19960618 0000913601-96-000002.hdr.sgml : 19960618 ACCESSION NUMBER: 0000913601-96-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960507 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SECURITY CONNECTICUT CORP CENTRAL INDEX KEY: 0000913601 STANDARD INDUSTRIAL CLASSIFICATION: 6311 IRS NUMBER: 061383088 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12746 FILM NUMBER: 96557007 BUSINESS ADDRESS: STREET 1: 20 SECURITY DRIVE CITY: AVON STATE: CT ZIP: 06001 BUSINESS PHONE: 2036748621 MAIL ADDRESS: STREET 2: 20 SECURITY DRIVE CITY: AVON STATE: CT ZIP: 060014237 10-Q 1 1ST QUARTER REPORT FOR SECURITY-CONNECTICUT CORP ============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ---------------------- FORM 10-Q ---------------------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 1996 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ---------------------- For the transition period ______ to ______ Commission File Number 001-12746 ---------------------- SECURITY-CONNECTICUT CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 06-1383088 (State of incorporation) (I.R.S. Employer Identification Number) 20 Security Drive, Avon, Connecticut 06001 (Address of principal executive offices) (860) 677-8621 Registrant's telephone number 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 [ ] There were 8,552,818 shares outstanding of the Registrant's Common Stock, $.01 par value, as of May 7, 1996. The exhibit index to this report is located on page 9. Page 1 of 11 ============================================================================== TABLE OF CONTENTS Page ---- PART I - FINANCIAL INFORMATION - - ------------------------------ Item 1 Financial Statements (Unaudited) Consolidated Balance Sheets - March 31, 1996 and December 31, 1995.............................. 3 Consolidated Statements of Income - Three Months Ended March 31, 1996 and 1995........................ 4 Consolidated Statements of Cash Flows - Three Months Ended March 31, 1996 and 1995........................ 5 Notes to Consolidated Financial Statements......................... 6 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations............................................. 7 PART II - OTHER INFORMATION - - --------------------------- Item 6 Exhibits and Reports on Form 8-K................................... 9 Signatures......................................................... 10 -2- SECURITY-CONNECTICUT CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) (Unaudited) March 31, December 31, ----------- ----------- ASSETS 1996 1995 ----------- ----------- Investments: Securities available-for-sale at fair value: Fixed maturities (cost: 1996-$1,516,529; 1995-$1,469,970)............................. $ 1,550,945 $ 1,564,576 Equities (cost: 1996-$826; 1995-$3,435)........ 1,930 6,331 Mortgage loans on real estate...................... 144,098 145,080 Policy loans....................................... 73,781 73,916 Other invested assets.............................. 6,298 6,221 ----------- ----------- Total investments................................ 1,777,052 1,796,124 Cash and invested cash............................. 20,099 29,753 Deferred policy acquisition costs.................. 371,868 335,821 Premiums and fees receivable....................... 7,857 5,871 Accrued investment income.......................... 28,233 28,710 Goodwill........................................... 21,331 21,557 Property and equipment............................. 9,145 9,455 Acquired insurance in-force........................ 8,795 8,966 Amounts recoverable from reinsurers................ 38,599 34,974 Other assets....................................... 29,380 10,188 ------------ ----------- Total assets..................................... $ 2,312,359 $ 2,281,419 ============ =========== LIABILITIES Future policy benefits and claims.................. $ 1,701,935 $ 1,682,364 Contractholder funds............................... 55,385 49,978 Long-term debt..................................... 75,000 65,000 Federal income taxes payable....................... 30,287 38,178 Dividends payable.................................. 1,027 1,066 Accrued expenses and other liabilities............. 105,614 87,470 Deferred gain on sale/leasebacks................... 1,309 1,334 Participating department equity.................... 7,865 7,667 ------------ ----------- Total liabilities................................ 1,978,422 1,933,057 SHAREHOLDERS' EQUITY Preferred stock, par value $0.01 per share; Authorized- 10,000,000 shares; issued and outstanding - none Common stock, par value $0.01 per share; Authorized- 50,000,000 shares; issued and outstanding- 1996- 8,552,818 shares; 1995-8,555,994 shares.... 86 86 Paid-in capital.................................... 82,402 82,405 Deferred compensation.............................. (379) Net unrealized gains on securities available-for-sale 12,786 35,748 Retained earnings.................................. 238,663 230,502 ------------ ----------- Total shareholders' equity....................... 333,937 348,362 ------------ ----------- Total liabilities and shareholders' equity....... $ 2,312,359 $ 2,281,419 ============ =========== See notes to consolidated financial statements. -3- SECURITY-CONNECTICUT CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited) Three Months ended March 31, 1996 1995 ----------- ----------- REVENUE Premiums........................................... $ 14,042 $ 18,144 Insurance fees..................................... 33,900 30,667 Net investment income.............................. 33,533 31,630 Realized gains (losses) on investments............. 4,135 (1,369) Other.............................................. 159 725 ------------ ----------- Total revenues................................... 85,769 79,797 BENEFITS AND EXPENSES Benefits and reserves.............................. 49,425 54,197 Insurance and other expenses....................... 22,118 20,322 Participating department gain...................... 198 64 ------------ ----------- Total benefits and expenses...................... 71,741 74,583 ------------ ----------- Income before federal income taxes................... 14,028 5,214 Federal income taxes................................. 4,815 1,705 ------------ ----------- NET INCOME........................................... $ 9,213 $ 3,509 ============ =========== EARNINGS PER COMMON SHARE............................ $ 1.07 $ 0.41 ============ =========== DIVIDENDS DECLARED PER COMMON SHARE.................. $ 0.12 $ 0.12 ============ =========== Common stock and equivalents......................... 8,598,410 8,579,979 ============ =========== See notes to consolidated financial statements. -4- SECURITY-CONNECTICUT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) Three Months ended March 31, ---------------------------- 1996 1995 ----------- ----------- OPERATING ACTIVITIES Net income........................................... $ 9,213 $ 3,509 Adjustments to reconcile net income to net cash used: Deferred policy acquisition costs: Amortization..................................... 11,111 9,325 Deferral......................................... (17,624) (17,262) Decrease (increase) in accrued investment income... 477 (2,833) Increase in policy liabilities and contractholder funds............................................ (16,272) (19,339) Increase (decrease) in federal income taxes........ 4,465 (395) Net amortization of acquired insurance in-force and goodwill..................................... 396 407 Increase in participating department equity........ 198 64 Decrease (increase) in amounts recoverable from reinsurers....................................... (3,625) 4,437 Decrease (increase) in premiums and fees receivable (1,986) 187 Realized (gain) loss on investments................ (4,135) 1,369 Other.............................................. 5,675 (194) ----------- ----------- Net cash used in operating activities................ (12,107) (20,725) INVESTING ACTIVITIES Fixed maturity securities available-for-sale: Purchases.......................................... (161,045) (85,950) Sales.............................................. 85,844 23,007 Maturities......................................... 31,834 9,805 Purchases of other investments....................... (571) (5) Sale or maturity of other investments................ 6,252 8,568 Other................................................ (6,607) (3,854) ----------- ----------- Net cash used in investing activities................ (44,293) (48,429) FINANCING ACTIVITIES Universal life and investment contract deposits...... 64,180 68,593 Universal life and investment contract withdrawals... (26,277) (17,347) Issuance of long-term debt........................... 75,000 Repayment of long-term debt.......................... (65,000) Dividends to shareholders............................ (1,028) (1,026) Acquisition of treasury stock........................ (129) ----------- ----------- Net cash provided by financing activities............ 46,746 50,220 ----------- ----------- Net decrease in cash and invested cash............... (9,654) (18,934) Cash and invested cash at beginning of period........ 29,753 26,338 ----------- ----------- Cash and invested cash at end of period.............. $ 20,099 $ 7,404 =========== =========== See notes to consolidated financial statements. -5- SECURITY-CONNECTICUT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Accounting Policies and Principles Basis of Financial Statements The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three month period ended March 31, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. For further information, refer to the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 1995. The accompanying financial information relates to the consolidated financial statements of Security-Connecticut Corporation (the "Company") and its wholly owned subsidiaries, Arrowhead Ltd. (a Bermuda insurance corporation) and Security-Connecticut Life Insurance Company ("SCL") and SCL's wholly owned subsidiary, Lincoln Security Life Insurance Company ("LSL"). Significant intercompany transactions and balances have been eliminated. Earnings Per Common Share Fully diluted earnings per common share are not presented as they are not materially different from primary earnings per common share. 2. Long-Term Debt On June 8, 1995, the Company registered $100 million of debt securities on Form S-3 with the Securities and Exchange Commission. The Company sold $75 million of medium term debt securities on March 1, 1996 and used $65 million of the net proceeds to repay the Term Note to Lincoln National Life Insurance Company ("LNL"). The remainder of the proceeds have been used for general corporate purposes. The Fixed Rate Notes ("Notes") have an effective rate of 7.39% and are due March 1, 2003 and may not be redeemed prior to maturity. Interest on the Notes will be payable semiannually in arrears on March 1 and September 1 of each year, commencing on September 1, 1996. 3. Litigation The Company is involved in litigation concerning policy benefits, which seek both punitive and compensatory damages. Management believes these suits are substantially without merit, that valid defenses exist, and that the results of such litigation will not have a material adverse effect on the accompanying financial statements. -6- In addition, the Company is involved in two class action lawsuits as follows: Zipf vs. Security-Connecticut Life Insurance Company, et al., Court of Common Pleas of Allegheny County, Pennsylvania. The complaint, seeking actual and punitive damages, alleges that SCL has a practice of misleading and/or misinforming policyholders on the basis of a policy rate class designation. Specifically, the plaintiff alleges that the "special non-smoker" designation leads policyholders to believe that they are being charged premiums based on a "superior" rate when the actual premiums are based on an "inferior, substandard or rated class." In June 1995, the Pennsylvania court ordered the case certified as a class action. The court later limited the class to Pennsylvania residents "who purchased life insurance policies from Security-Connecticut Life Insurance Company designated as 'Premium Rate Class Special Non-Smoker' on or after November 17, 1986." Seeking to pursue an interlocutory appeal as to the propriety of class certification, SCL filed a Petition for Review with the Pennsylvania Supreme Court on December 29, 1995. The petition was denied in March 1996. Management believes this suit is without merit and will continue to vigorously defend the action. Jacobson vs. Security-Connecticut Life Insurance Company, Security- Connecticut Corporation and Lincoln National Life Insurance Company, Superior Court, Judicial District of Hartford/New Britain at Hartford, Connecticut. Plaintiffs filed a class action complaint in November 1995, seeking contractual damages, attorneys fees and the imposition of a constructive trust. Plaintiffs allege breach of contract, fraud and violation of Connecticut's Unfair Trade Practices Act. Plaintiffs claim that SCL improperly charged additional premiums to pay for the deferred acquisition cost tax incurred by defendants LNL and the Company. Management believes this suit is without merit and will vigorously defend the action. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - - ------------------------------------------------------------------------ RESULTS OF OPERATIONS - - --------------------- Results of Operations Three Months Ended March 31, 1996 compared to the Three Months Ended March 31, 1995. Premiums - Premiums decreased $4.1 million, or 22.6%, from $18.1 million in 1995 to $14.0 million in 1996 due principally to a decrease in single premium immediate annuity premiums of $3.1 million and an increase in ceded premiums under various reinsurance agreements of $3.1 million, partially offset by an increase in assumed reinsurance premiums of $2.4 million. The Company's first year annualized life premiums on new life insurance sales for individual life insurance increased 20.9%, from $11.1 million in 1995 to $13.4 million in 1996 primarily as a result of an increase in sales of recently introduced universal life and term products. Annualized annuity sales decreased $16.6 million or 56.0% from $29.6 million in 1995 to $13.0 million in 1996. Insurance Fees - Insurance fees, primarily mortality and expense assessments on universal life products increased $3.2 million, or 10.5%, from $30.7 million in 1995 to $33.9 million in 1996. The increase resulted primarily from the growth of insurance in-force, higher fees and aging of the in-force block. -7- Net Investment Income - Net investment income increased $1.9 million, or 6.0%, from $31.6 million in 1995 to $33.5 million in 1996. This reflects the increase in the amount of invested assets, offset slightly by a lower effective yield on such assets. The effective yield on invested assets was 7.7% for 1996 compared with 7.9% for 1995. Realized Gains on Investments - Net realized gains on investments were $4.1 million in 1996 compared with realized losses of $1.4 million in 1995. The 1996 gains were the result of net realized capital gains of $4.8 million from the sale of investments, offset by increases in the reserve for losses of $0.2 million, and deferred policy acquisition costs ("DAC") associated with realized gains of $0.5 million. The 1995 losses were the result of net realized gains from the sale of investments of $0.4 million offset by increases in the reserve for losses of $1.5 million and DAC associated with realized gains of $0.3 million. Other - Other revenue decreased $0.5 million from $0.7 million in 1995 to $0.2 million in 1996 due primarily to the reimbursement of legal expenses from the Company's professional liability insurance policies in 1995. Benefits and Reserves - Benefits and reserves decreased $4.8 million, or 8.8%, from $54.2 million in 1995 to $49.4 million in 1996. The Company's life claim experience for 1996 was favorable compared to first quarter 1995 by $2.8 million. However, life claim experience was slightly worse than expected. Total benefits for 1996 included $1.6 million of assumed claims and higher annuity benefits compared to first quarter 1995 by $0.7 million. Policy reserves and other fund deposits decreased $5.1 million from $6.5 million in 1995 to $1.4 million in 1996 due primarily to decreased single premium annuity sales. Insurance and Other Expenses - Insurance and other expenses increased $1.8 million, or 8.8%, from $20.3 million in 1995 to $22.1 million in 1996. Commissions, net of deferral and amortization of DAC, increased $1.1 million, or 15.6%, from $7.4 million in 1995 to $8.5 million in 1996. General administrative and other operating costs, net of DAC, increased $0.6 million, or 5.0%, from $13.0 million in 1995 to $13.6 million in 1996 primarily due to the recognition of an additional $0.3 million of deferred compensation expense relating to the repayment of the Term Note. Federal Income Taxes - Federal income taxes increased $3.1 million from $1.7 million in 1995 to $4.8 million in 1996. This was primarily due to higher pre-tax operating income. The effective tax rate was 34.3% in 1996 compared to 32.7% in 1995. Liquidity and Capital Resources Security-Connecticut Corporation is a holding company whose principal assets are Arrowhead Ltd. and SCL and its wholly owned insurance subsidiary. The Company is dependent on receiving dividends from SCL and Arrowhead Ltd. to pay operating expenses, meet debt service payments and make dividend payments to its shareholders. The dividends from SCL are subject to certain statutory limitations. Cash flow from SCL's insurance operations consists primarily of its contractual obligations to policyholders and annuitants and its payment of dividends to the Company. The primary source of meeting these contractual requirements is investment income from its total investment portfolio, scheduled maturities from its available-for-sale fixed maturity security portfolio, and principal repayments from its mortgage portfolio, as well as a portion of premium income. To provide for additional liquidity to meet normal variations in contract obligations, the Company maintains cash and short-term investments, a revolving credit facility and a significant portion (82.5% at March 31, 1996) of its fixed maturity portfolio in readily marketable public debt securities. The Company believes that its liquidity needs are adequately met with the aforementioned investment policies, combined with the contractual terms of its life insurance and annuity products. -8- The Company has entered into several interest rate cap agreements as a hedge against rising interest rates in its SPDA investment portfolio. As of March 31, 1996, these agreements established cap rates ranging from 7.87% to 12.5% on notional principal of $410 million with termination dates through 2001. The aggregate cost of $2.5 million is being amortized to net investment income over the effective life of the caps. These investments are reported as fixed maturity securities and classified as available-for-sale and are carried at fair value ($1.5 million at March 31, 1996) with unrealized gains and losses reported in shareholders' equity. The Company is exposed to credit loss in the event of non-performance by counterparties on the caps. Due to the high quality rating of the counterparties, the Company does not anticipate non-performance by any of the counterparties. The amount of such exposure is approximately the unrealized gain in such contracts as interest rates rise. The Company does not believe that inflation has had a material effect on its consolidated results of operations. The Company manages its investment portfolio in part to reduce its exposure to interest rate fluctuations. In general, the market value of the Company's fixed maturity portfolio increases or decreases in inverse relationship with fluctuations in interest rates, and the Company's net investment income increases or decreases in direct relationship with interest rate changes. For example, if interest rates decline (as was the case in 1995), the Company's fixed maturity investments generally will increase in market value, while net investment income may decrease as fixed maturity investments mature or are sold and proceeds are reinvested at the declining rates. If interest rates increase (as was the case in 1994), the Company's fixed maturity investments generally will decrease in market value, while net investment income may increase as fixed maturity investments mature or are sold and proceeds are reinvested at the increased rates. Interest rate changes may have temporary effects on the sale and profitability of the universal life and annuity products offered by the Company. For example, if interest rates rise, competing investments (such as annuities or life insurance offered by the Company's competitors, certificates of deposit, mutual funds, and similar instruments) may become more attractive to potential purchasers of the Company's products until the Company increases the rate credited to holders of its universal life and annuity products. As part of the Company's management of interest spreads, the Company constantly monitors interest rates with respect to a spectrum of durations and sells policies and annuities that permit flexible responses to interest rate changes. Part II - Other Information - - --------------------------- ITEMS 1, 2, 3, 4, and 5 are either inapplicable or are answered in the negative and are omitted pursuant to the instructions to Part II. ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K - - ----------------------------------------- a.) Exhibit 12.01 Calculation of ratio of earnings to fixed charges, page 11. b.) The Company did not file any reports on Form 8-K during the three months ended March 31, 1996. -9- SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. SECURITY-CONNECTICUT CORPORATION (Registrant) Date: May 7, 1996 /s/Ronald D. Jarvis ----------------- --------------------------------------- Ronald D. Jarvis, Chairman, President and Chief Executive Officer (Principal Executive Officer); Director Date: May 7, 1996 /s/Robert J. Voight ----------------- --------------------------------------- Robert J. Voight, Senior Vice President, Financial Management (Principal Financial Officer) Date: May 7, 1996 /s/Richard D. Mocarski ----------------- --------------------------------------- Richard D. Mocarski, Vice President, Controller and Treasurer (Principal Accounting Officer) -10- EX-12.01 2
Exhibit 12.01 SECURITY-CONNECTICUT CORPORATION CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended March 31, Year Ended December 31, -------- ------------------------------------------------ 1996 1995 1994 1993(1) 1992(1) 1991(1) -------- -------- -------- -------- -------- -------- (thousands of dollars, except ratio data) Earnings: Income before federal income tax and cumulative effects of accounting change ............. $ 14,028 $ 36,396 $ 37,967 $ 40,513 $ 32,815 $ 39,782 Fixed charges, excluding interest on annuities and financial products ........... 1,639 6,355 5,027 4,434 4,760 6,130 -------- -------- -------- -------- -------- -------- Earnings, excluding interest on annuities and financial products .............. 15,667 42,751 42,994 44,947 37,575 45,912 Interest on annuities and financial products ............... 21,630 87,034 75,747 70,785 67,708 59,339 -------- -------- -------- -------- -------- -------- Earnings ......................... $ 37,297 $129,785 $118,741 $115,732 $105,283 $105,251 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest expense on debt ........... $ 1,169 $ 4,495 $ 3,208 $ 2,641 $ 2,990 $ 4,381 Interest component of rent expense ..................... 470 1,860 1,819 1,793 1,770 1,749 -------- -------- -------- -------- -------- -------- Fixed charges, excluding interest on annuities and financial products .............. 1,639 6,355 5,027 4,434 4,760 6,130 Interest on annuities and financial products ............... 21,630 87,034 75,747 70,785 67,708 59,339 -------- -------- -------- -------- -------- -------- Fixed charges .................... $ 23,269 $ 93,389 $ 80,774 $ 75,219 $ 72,468 $ 65,469 ======== ======== ======== ======== ======== ======== Ratios of Earnings to Fixed Charges: Excluding interest on annuities and financial products (2) ....... 9.56 6.73 8.55 10.14 7.89 7.49 Including interest on annuities and financial products (3) ....... 1.60 1.39 1.47 1.54 1.45 1.61 (1) The amounts reported are pro-forma and assume the $65 million Term Note was outstanding in years 1993-1991, at LIBOR plus .75%, as more fully described in the Company's financial statements included in its Annual Report on Form 10-K, for the year ended December 31, 1995. (2) This ratio is comprised of the relationship of "earnings excluding interest on annuities and financial products" to "fixed charges excluding interest on annuities and financial products" as disclosed above. (3) This ratio is comprised of the relationship of "earnings" to "fixed charges" as disclosed above.
-11- EX-27 3 FDS -- 03/31/96 FINANCIAL INFORMATION
7 This schedule contains summary financial information extracted from the financial statements for the three month period ended March 31, 1996 as filed on Form 10-Q and is qualified in its entirety by reference to such Form 10-Q. 0000913601 Security-Connecticut Corporation 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1,550,945,000 0 0 1,930,000 144,098,000 0 1,777,052,000 20,099,000 38,599,000 371,868,000 2,312,359,000 1,701,935,000 0 0 55,385,000 75,000,000 0 0 86,000 333,851,000 2,312,359,000 47,942,000 33,533,000 4,135,000 159,000 49,425,000 11,111,000 11,007,000 14,028,000 4,815,000 9,213,000 0 0 0 9,213,000 1.07 1.07 0 0 0 0 0 0 0
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