UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
May 14, 2019
Date of Report (Date of earliest event reported)
BALLANTYNE STRONG, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-13906 | 47-0587703 | ||
| (State or other jurisdiction of | (Commission | (IRS Employer | ||
| incorporation or organization) | File No.) | Identification Number) |
| 11422 Miracle Hills Drive, Suite 300 | ||
| Omaha, Nebraska | 68154 | |
| (Address of principal executive offices) | (Zip Code) |
(402) 453-4444
(Registrant’s telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name
of Each Exchange on Which Registered | ||
| Common Shares, $.01 par value | BTN | NYSE American |
Item 2.02 Results of Operations and Financial Condition
Ballantyne Strong, Inc. (the “Company”) issued a press release on May 14, 2019 with earnings information for the Company’s first quarter ended March 31, 2019. The press release is furnished with this Current Report on Form 8-K (this “Current Report”) as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure
The information set forth under Item 2.02 of this Current Report is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press Release, dated May 14, 2019, issued by the Company. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BALLANTYNE STRONG, INC. | ||
| Date: May 14, 2019 | By: | /s/ Mark D. Roberson |
| Mark D. Roberson | ||
Executive Vice President and Chief Financial Officer | ||
Ballantyne Strong Reports First Quarter 2019 Operating Results
Omaha, NE – May 14, 2019 – Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company”), a holding company with diverse business activities focused on serving the cinema, retail, financial, advertising and government markets, today announced financial results for the period ended March 31, 2019. The Company conducts its operations through three operating segments: Strong Cinema, Convergent and Strong Outdoor.
First Quarter 2019 Highlights
| ● | Total revenue decreased 9.6% to $14.3 million for the first quarter of 2019 as revenue growth at Convergent and Strong Outdoor were offset by lower revenue generated by Strong Cinema as our production facility was closed for several weeks in the quarter due to weather-related damage. The facility resumed production and shipping in March, and we are rebuilding the damaged section of the facility which was fully covered by insurance. | |
| ● | Gross profit decreased 7.2% to $2.6 million for the first quarter of 2019 as favorable contributions from Convergent, where revenue growth was accompanied by an increase in gross profit margins from 14.5% to 28.3%, were offset by the flow through of decreased revenue at Strong Cinema from the temporary plant closure. The favorable trend at Convergent is due to the combination of growth in high margin recurring revenue and cost reduction initiatives. | |
| ● | Operating loss improved by $0.5 million for first quarter of 2019 to $2.6 million as improved operating performance at Convergent and reductions in administrative expenses were partially offset by increased investment in start-up operating expenses at Strong Outdoor and by the lower contribution from Strong Cinema. | |
| ● | Net loss was $4.2 million ($0.29 per share) for the first quarter of 2019 as compared to $3.8 million ($0.26 per share) in the prior year as improved operating performance was offset by non-cash fair value adjustments and equity method investment losses. | |
| ● | Adjusted EBITDA, a non-GAAP measure, improved to negative $1.6 million for the first quarter of 2019 from negative $2.1 million in the prior year due to operating improvements at Convergent and reduced administrative expenses. |
Kyle Cerminara, Chairman and CEO commented, “We continued to see strong performance from our Convergent business, which has turned around significantly over the past few quarters. Strong Cinema was impacted by weather damage to our facility in Quebec, and we stopped shipping for several weeks during the first quarter. The facility resumed operations in March, and we are fully insured for property and casualty and business interruption. We expect insurance recoveries to be approximately $5 million CDN, which will positively impact future quarters as those claims are finalized.
“The Convergent team has done a tremendous job accelerating high margin recurring revenue growth while also significantly lowering their operating costs. Strong Outdoor is building out its sales leadership team and we expect to see growth accelerating in the second half of 2019.”
Conference Call
The Company will host a conference call on Tuesday, May 14, 2019 at 4:30 pm Eastern Time. Investors and analysts are invited to access the conference call by dialing 877-407-3982 (domestic) or 201-493-6780 (international) and providing the operator with conference ID number: 13690794. A replay will be available approximately two hours after the conclusion of the conference call until Friday, June 14, 2019 by dialing 844-512-2921 in the U.S. and Canada and 412-317-6671 internationally and entering the conference ID number: 13690794.
Use of Non-GAAP Measures
Ballantyne Strong, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding Adjusted EBITDA, which differs from the term EBITDA as it is commonly used. In addition to adjusting net income (loss) to exclude taxes, interest, and depreciation and amortization, Adjusted EBITDA also excludes share-based compensation, impairment charges, equity method income, fair value adjustments, severance and transactional expenses and other non-cash charges.
EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, Adjusted EBITDA is used internally in planning and evaluating the Company’s operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an additional view of the Company’s operations that, when coupled with the GAAP results, provides a more complete understanding of the Company’s financial results.
EBITDA and Adjusted EBITDA should not be considered as an alternative to net loss or to net cash used in operating activities as measures of operating results or liquidity. Our calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies, and the measures exclude financial information that some may consider important in evaluating the Company’s performance. A reconciliation of GAAP net loss to EBITDA and Adjusted EBITDA is included in the accompanying financial schedules.
EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are (i) they do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments, (ii) they do not reflect changes in, or cash requirements for, our working capital needs, (iii) EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on our debt, (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements, (v) they do not adjust for all non-cash income or expense items that are reflected in our statements of cash flows, (vi) they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations, and (vii) other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
We believe EBITDA and Adjusted EBITDA facilitate operating performance comparisons from period to period by isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). We also present EBITDA and Adjusted EBITDA because (i) we believe these measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry, (ii) we believe investors will find these measures useful in assessing our ability to service or incur indebtedness, and (iii) we use EBITDA and Adjusted EBITDA internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors.
For further information, please refer to Ballantyne Strong, Inc.’s Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on or about May 15, 2019, available online at www.sec.gov.
About Ballantyne Strong, Inc. (www.ballantynestrong.com) Ballantyne Strong and its subsidiaries engage in diverse business activities including the design, integration and installation of technology solutions for a broad range of applications; development and delivery of out-of-home messaging, advertising and communications; manufacturing of projection screens; and providing of managed services including monitoring of networked equipment. The Company focuses on serving the cinema, retail, financial, advertising and government markets.
Forward-Looking Statements
Except for the historical information in this press release, it includes forward-looking statements which involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2018 and the following risks and uncertainties: the Company’s ability to expand its revenue streams, potential interruptions of supplier relationships or higher prices charged by suppliers, the Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments, the Company’s ability to successfully execute its capital allocation strategy, the Company’s ability to maintain its brand and reputation and retain or replace its significant customers, the impact of a challenging global economic environment or a downturn in the markets, economic and political risks of selling products in foreign countries, risks of non-compliance with U.S. and foreign laws and regulations, potential sales tax collections and claims for uncollected amounts, cybersecurity risks and risks of damage and interruptions of information technology systems, the Company’s ability to retain key members of management and successfully integrate new executives, the Company’s ability to complete acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms or at all, the Company’s ability to utilize or assert its intellectual property rights, the impact of natural disasters and other catastrophic events, the adequacy of insurance and the impact of having a controlling stockholder. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except where required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
CONTACT
Ballantyne Strong, Inc.
Mark Roberson
Chief Financial Officer
Mark.Roberson@btn-inc.com
704-994-8295
Ballantyne Strong, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except par values)
| March 31, 2019 | December 31, 2018 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,989 | $ | 6,698 | ||||
| Restricted cash | 350 | 350 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of $1,624 and $1,832, respectively) | 12,394 | 13,841 | ||||||
| Inventories, net | 3,615 | 3,490 | ||||||
| Recoverable income taxes | 735 | 281 | ||||||
| Other current assets | 1,876 | 1,663 | ||||||
| Total current assets | 23,959 | 26,323 | ||||||
| Property, plant and equipment (net of accumulated depreciation of $8,687 and $9,046, respectively) | 10,298 | 14,483 | ||||||
| Operating lease right-of-use assets | 9,588 | - | ||||||
| Finance lease right-of-use assets | 839 | 692 | ||||||
| Equity method investments | 10,450 | 11,167 | ||||||
| Intangible assets, net | 1,748 | 1,795 | ||||||
| Goodwill | 894 | 875 | ||||||
| Notes receivable | 3,455 | 3,965 | ||||||
| Other assets | 326 | 337 | ||||||
| Total assets | $ | 61,557 | $ | 59,637 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,092 | $ | 4,724 | ||||
| Accrued expenses | 2,709 | 2,782 | ||||||
| Short-term debt | 3,340 | 3,152 | ||||||
| Current portion of long-term debt | 923 | 1,094 | ||||||
| Current portion of operating lease obligations | 1,833 | - | ||||||
| Current portion of finance lease obligations | 181 | 160 | ||||||
| Deferred revenue and customer deposits | 2,323 | 2,310 | ||||||
| Total current liabilities | 15,401 | 14,222 | ||||||
| Long-term debt, net of current portion and debt issuance costs | 3,645 | 10,053 | ||||||
| Operating lease obligations, net of current portion | 8,042 | - | ||||||
| Finance lease obligations, net of current portion | 590 | 427 | ||||||
| Deferred revenue and customer deposits, net of current portion | 1,171 | 1,167 | ||||||
| Deferred income taxes | 2,577 | 2,516 | ||||||
| Other accrued expenses, net of current portion | 87 | 254 | ||||||
| Total liabilities | 31,513 | 28,639 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value $.01 per share; authorized 1,000 shares, none outstanding | - | - | ||||||
| Common stock, par value $.01 per share; authorized 25,000 shares; issued 17,313 and 17,237 shares at March 31, 2019 and December 31, 2018, respectively; outstanding 14,519 and 14,443 shares at March 31, 2019 and December 31, 2018, respectively | 169 | 169 | ||||||
| Additional paid-in capital | 41,717 | 41,474 | ||||||
| Accumulated other comprehensive income (loss): | ||||||||
| Foreign currency translation | (5,051 | ) | (5,308 | ) | ||||
| Postretirement benefit obligations | 127 | 125 | ||||||
| Unrealized loss on available-for-sale securities of equity method investment | (286 | ) | (195 | ) | ||||
| Retained earnings | 11,954 | 13,319 | ||||||
| 48,630 | 49,584 | |||||||
| Less 2,794 of common shares in treasury, at cost | (18,586 | ) | (18,586 | ) | ||||
| Total stockholders’ equity | 30,044 | 30,998 | ||||||
| Total liabilities and stockholders’ equity | $ | 61,557 | $ | 59,637 | ||||
Ballantyne Strong, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Net product sales | $ | 5,579 | $ | 8,639 | ||||
| Net service revenues | 8,727 | 7,189 | ||||||
| Total net revenues | 14,306 | 15,828 | ||||||
| Cost of products sold | 3,523 | 5,812 | ||||||
| Cost of services | 8,138 | 7,166 | ||||||
| Total cost of revenues | 11,661 | 12,978 | ||||||
| Gross profit | 2,645 | 2,850 | ||||||
| Selling and administrative expenses: | ||||||||
| Selling | 1,228 | 1,225 | ||||||
| Administrative | 3,929 | 4,709 | ||||||
| Total selling and administrative expenses | 5,157 | 5,934 | ||||||
| Loss on disposal of assets | (64 | ) | - | |||||
| Loss from operations | (2,576 | ) | (3,084 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense | (119 | ) | (45 | ) | ||||
| Fair value adjustment to notes receivable | (510 | ) | (42 | ) | ||||
| Foreign currency transaction (loss) gain | (143 | ) | 104 | |||||
| Other income (expense), net | 36 | (10 | ) | |||||
| Total other (expense) income | (736 | ) | 7 | |||||
| Loss before income taxes and equity method investment loss | (3,312 | ) | (3,077 | ) | ||||
| Income tax expense | 141 | 698 | ||||||
| Equity method investment loss | (697 | ) | (10 | ) | ||||
| Net loss | $ | (4,150 | ) | $ | (3,785 | ) | ||
| Basic loss per share | $ | (0.29 | ) | $ | (0.26 | ) | ||
| Diluted loss per share | $ | (0.29 | ) | $ | (0.26 | ) | ||
Ballantyne Strong, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (4,150 | ) | $ | (3,785 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Provision for doubtful accounts, net of recoveries | (310 | ) | 103 | |||||
| Provision for obsolete inventory | 53 | 44 | ||||||
| Provision for warranty | 67 | 79 | ||||||
| Depreciation and amortization | 795 | 524 | ||||||
| Amortization and accretion of operating leases | 579 | - | ||||||
| Fair value adjustment to notes receivable | 510 | 42 | ||||||
| Equity method investment loss | 697 | 10 | ||||||
| Recognition of contract acquisition costs | - | 57 | ||||||
| Loss on disposal of assets | 64 | - | ||||||
| Deferred income taxes | 50 | 87 | ||||||
| Stock-based compensation expense | 243 | 255 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,819 | (178 | ) | |||||
| Inventories | (145 | ) | 537 | |||||
| Other current assets | 2 | 5 | ||||||
| Accounts payable | (592 | ) | 256 | |||||
| Accrued expenses | (13 | ) | 429 | |||||
| Operating lease obligations | (590 | ) | - | |||||
| Deferred revenue and customer deposits | 11 | 704 | ||||||
| Current income taxes | (444 | ) | 36 | |||||
| Other assets | (71 | ) | (796 | ) | ||||
| Net cash used in operating activities | (1,425 | ) | (1,591 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of property, plant and equipment | 86 | - | ||||||
| Dividends received from investee in excess of cumulative earnings | - | 23 | ||||||
| Capital expenditures | (257 | ) | (356 | ) | ||||
| Net cash used in investing activities | (171 | ) | (333 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of long-term debt | 237 | - | ||||||
| Principal payments on short-term debt | (79 | ) | - | |||||
| Principal payments on long-term debt | (245 | ) | (16 | ) | ||||
| Payments on capital lease obligations | (49 | ) | (53 | ) | ||||
| Net cash used in financing activities | (136 | ) | (69 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 23 | 471 | ||||||
| Net decrease in cash and cash equivalents and restricted cash | (1,709 | ) | (1,522 | ) | ||||
| Cash and cash equivalents and restricted cash at beginning of period | 7,048 | 4,870 | ||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 5,339 | $ | 3,348 | ||||
| Components of cash and cash equivalents and restricted cash: | ||||||||
| Cash and cash equivalents | $ | 4,989 | $ | 3,348 | ||||
| Restricted cash | 350 | - | ||||||
| Total cash and cash equivalents and restricted cash | $ | 5,339 | $ | 3,348 | ||||
Ballantyne Strong, Inc. and Subsidiaries
Summary by Business Segments
(In thousands)
(Unaudited)
| Quarters Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Strong Cinema | ||||||||
| Revenue | $ | 7,853 | $ | 11,450 | ||||
| Gross profit | 2,415 | 3,385 | ||||||
| Operating income | 1,159 | 2,325 | ||||||
| Adjusted EBITDA | $ | 1,343 | $ | 2,692 | ||||
| Convergent | ||||||||
| Revenue | $ | 5,538 | $ | 4,607 | ||||
| Gross profit | 1,569 | 666 | ||||||
| Operating income (loss) | 752 | (1,025 | ) | |||||
| Adjusted EBITDA | $ | 1,163 | $ | (776 | ) | |||
| Strong Outdoor | ||||||||
| Revenue | $ | 1,093 | $ | 62 | ||||
| Gross loss | (1,416 | ) | (1,265 | ) | ||||
| Operating loss | (2,012 | ) | (1,497 | ) | ||||
| Adjusted EBITDA | $ | (1,911 | ) | $ | (1,452 | ) | ||
| Corporate and Other | ||||||||
| Revenue | $ | (178 | ) | $ | (291 | ) | ||
| Gross profit | 77 | 64 | ||||||
| Operating loss | (2,475 | ) | (2,887 | ) | ||||
| Adjusted EBITDA | $ | (2,176 | ) | $ | (2,571 | ) | ||
| Consolidated | ||||||||
| Revenue | $ | 14,306 | $ | 15,828 | ||||
| Gross profit | 2,645 | 2,850 | ||||||
| Operating loss | (2,576 | ) | (3,084 | ) | ||||
| Adjusted EBITDA | $ | (1,581 | ) | $ | (2,107 | ) | ||
Ballantyne Strong, Inc. and Subsidiaries
Reconciliation of Net Loss to Adjusted EBITDA
(In thousands)
(Unaudited)
| Quarters Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
| Strong Cinema | Convergent | Strong Outdoor | Corporate and Other | Consolidated | Strong Cinema | Convergent | Strong Outdoor | Corporate and Other | Consolidated | |||||||||||||||||||||||||||||||
| Net income (loss) | $ | (348 | ) | 579 | $ | (2,034 | ) | (2,347 | ) | $ | (4,150 | ) | $ | 1,862 | (1,125 | ) | $ | (1,497 | ) | (3,025 | ) | $ | (3,785 | ) | ||||||||||||||||
| Interest expense, net | 35 | 92 | 23 | (31 | ) | 119 | 14 | 9 | - | 22 | 45 | |||||||||||||||||||||||||||||
| Income tax expense | 23 | 68 | - | 50 | 141 | 653 | 45 | - | - | 698 | ||||||||||||||||||||||||||||||
| Depreciation and amortization | 219 | 423 | 100 | 53 | 795 | 224 | 295 | 45 | 45 | 609 | ||||||||||||||||||||||||||||||
| EBITDA | (71 | ) | 1,162 | (1,911 | ) | (2,275 | ) | (3,095 | ) | 2,753 | (776 | ) | (1,452 | ) | (2,958 | ) | (2,433 | ) | ||||||||||||||||||||||
| Stock-based compensation expense | - | - | - | 243 | 243 | - | - | - | 255 | 255 | ||||||||||||||||||||||||||||||
| Fair value adjustment to notes receivable | 510 | - | - | - | 510 | 42 | - | - | - | 42 | ||||||||||||||||||||||||||||||
| Equity method investment loss (income) | 841 | - | - | (144 | ) | 697 | (103 | ) | - | - | 113 | 10 | ||||||||||||||||||||||||||||
| Loss on disposal of assets | 63 | 1 | - | - | 64 | - | - | - | - | - | ||||||||||||||||||||||||||||||
| Severance and other | - | - | - | - | - | - | - | - | 19 | 19 | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,343 | $ | 1,163 | $ | (1,911 | ) | $ | (2,176 | ) | $ | (1,581 | ) | $ | 2,692 | $ | (776 | ) | $ | (1,452 | ) | $ | (2,571 | ) | $ | (2,107 | ) | |||||||||||||