SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1995
[ ] 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 1-9533
INTERNATIONAL RECOVERY CORP.
(Exact name of registrant as specified in its charter)
Florida 59-2459427
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 South Royal Poinciana Blvd., Suite 800, Miami Springs, Florida 33166
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (305) 884-2001
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 __.
APPLICABLE ONLY TO CORPORATE ISSUERS:
As of June 30, 1995, the Registrant had a total of 7,922,518 shares of
Common Stock, par value $0.01 per share, issued and outstanding.
Page 1 of 16
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following unaudited, condensed consolidated financial statements of
International Recovery Corp. (the "Company") have been prepared in accordance
with the instructions to Form 10-Q and, therefore, omit or condense certain
footnotes and other information normally included in financial statements
prepared in accordance with generally accepted accounting principles. In the
opinion of management, all adjustments necessary for a fair presentation of the
financial information for the interim periods reported have been made. Results
of operations for the three months ended June 30, 1995 will not be necessarily
indicative of the results for the entire fiscal year ending March 31, 1996.
Page 2 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
JUNE 30, MARCH 31,
1995 1995
----------- --------
CURRENT ASSETS:
Cash and cash equivalents $15,914,000 $10,907,000
Accounts receivable, net of allowance
for bad debts of $4,697,000 and
$4,566,000 at June 30, 1995
and March 31, 1995, respectively 41,280,000 38,800,000
Inventories 3,956,000 3,714,000
Prepaid expenses and other current assets 3,351,000 4,585,000
----------- ------------
Total current assets 64,501,000 58,006,000
----------- ------------
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land 602,000 705,000
Buildings and improvements 2,816,000 2,929,000
Office equipment and furniture 2,465,000 2,394,000
Plant, machinery and equipment 13,972,000 15,052,000
Construction in progress 2,000 184,000
----------- -----------
19,857,000 21,264,000
Less accumulated depreciation
and amortization 5,601,000 5,680,000
----------- -----------
14,256,000 15,584,000
----------- -----------
OTHER ASSETS:
Unamortized cost in excess of net
assets of acquired companies, net of
accumulated amortization 12,341,000 12,391,000
Other 3,805,000 3,555,000
----------- -----------
$94,903,000 $89,536,000
=========== ===========
(Continued)
Page 3 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
JUNE 30, MARCH 31,
1995 1995
----------- -----------
CURRENT LIABILITIES:
Current maturities of long-term debt $ 2,067,000 $ 2,128,000
Accounts payable and accrued expenses 26,400,000 24,334,000
Customer deposits 1,818,000 1,559,000
Accrued salaries and wages 910,000 747,000
Income taxes payable 2,369,000 1,718,000
----------- -----------
Total current liabilities 33,564,000 30,486,000
----------- -----------
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities 4,276,000 4,447,000
Accrued litigation settlement expense - 1,300,000
Deferred compensation 1,069,000 1,237,000
Deferred taxes 334,000 -
----------- -----------
5,679,000 6,984,000
----------- -----------
COMMITMENTS AND CONTINGENCIES
(Note 2)
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value;
100,000 shares authorized,
none issued - -
Common stock, $.01 par value;
10,000,000 shares authorized, 7,923,000 and 7,805,000 shares issued and
outstanding at June 30, 1995 and March 31, 1995, respectively,
net of treasury shares 79,000 78,000
Capital in excess of par value 21,726,000 20,414,000
Retained earnings 33,912,000 31,631,000
Less treasury stock, at cost 57,000 57,000
----------- -----------
55,660,000 52,066,000
----------- -----------
$94,903,000 $89,536,000
=========== ===========
The accompanying notes to the consolidated financial statements are an
integral part of these consolidated balance sheets (unaudited).
Page 4 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED
JUNE 30,
----------------------------
1995 1994
------------ ------------
Revenue $138,960,000 $ 72,524,000
Cost of sales 129,786,000 65,282,000
------------ ------------
Gross profit 9,174,000 7,242,000
------------ ------------
Operating expenses:
Salaries and wages 3,006,000 1,618,000
Provision for bad debts 150,000 1,211,000
Other 2,356,000 1,444,000
------------ ------------
5,512,000 4,273,000
------------ ------------
Income from operations 3,662,000 2,969,000
Other income, net 386,000 130,000
------------ ------------
Income before income taxes 4,048,000 3,099,000
Provision for income taxes 1,503,000 1,155,000
------------ ------------
Net income $ 2,545,000 $ 1,944,000
============ ============
Net income per share $ .32 $ .27
============ ============
Weighted average shares outstanding 8,023,000 7,181,000
============ ============
The accompanying notes to the consolidated financial statements are an
integral part of these consolidated statements (unaudited).
Page 5 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
JUNE 30,
------------------------
1995 1994
----------- ----------
Cash flows from operating activities:
Net income $ 2,545,000 $1,944,000
----------- ----------
Adjustments to reconcile net
income to net cash provided by
operating activities-
Depreciation and amortization 409,000 328,000
Provision for bad debts 150,000 1,211,000
Deferred income tax provision 599,000 -
Equity in earnings of joint venture (377,000) -
Other non-cash operating charges 16,000 -
Changes in assets and liabilities,
net of assets sold and liabilities
transferred:
(Increase) decrease in-
Accounts receivable (2,630,000) 1,552,000
Inventories (317,000) (569,000)
Prepaid expenses and other
current assets 1,093,000 823,000
Other assets (36,000) 130,000
Increase (decrease) in-
Accounts payable, accrued expenses
and customer deposits 2,325,000 2,225,000
Accrued salaries and wages 163,000 (31,000)
Income taxes payable 651,000 1,054,000
Deferred compensation (168,000) -
----------- ----------
Total adjustments 1,878,000 6,723,000
----------- ----------
Net cash provided by operating
activities 4,423,000 8,667,000
----------- ----------
(Continued)
Page 6 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Continued)
THREE MONTHS ENDED
JUNE 30,
------------------------
1995 1994
----------- -----------
Cash flows from investing activities:
Short-term investments $ - $(3,500,000)
Repayments from joint venture 338,000 -
Dividends received from joint venture 510,000 -
Additions to property, plant and
equipment (246,000) (482,000)
Proceeds from sale of assets 203,000 5,000
Proceeds from notes receivable 131,000 -
Additional expenditures for acquisition
of business (41,000) -
----------- -----------
Net cash provided by (used in)
investing activities 895,000 (3,977,000)
----------- -----------
Cash flows from financing activities:
Dividends paid on common stock (264,000) -
Proceeds from exercise of warrants - 464,000
Repayment of long-term debt (47,000) (60,000)
----------- -----------
Net cash (used in) provided by
financing activities (311,000) 404,000
----------- -----------
Net increase in cash and cash
equivalents 5,007,000 5,094,000
Cash and cash equivalents, at beginning
of period 10,907,000 7,699,000
----------- -----------
Cash and cash equivalents, at end of
period $15,914,000 $12,793,000
=========== ===========
(Continued)
Page 7 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Continued)
THREE MONTHS ENDED
JUNE 30,
------------------------
1995 1994
----------- -----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest $ 15,000 $ 25,000
=========== ===========
Income taxes $ 292,000 $ 101,000
=========== ===========
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
In April 1995, the Company paid $1,300,000, representing its share of
the stockholders' class action settlement, by issuing 117,825 shares of the
Company's common stock at an agreed upon price of $11.03 per share (restated to
reflect the 3 for 2 stock split). Accordingly, as of March 31, 1995, the Company
classified the accrued litigation settlement expense as a long-term liability.
As partial consideration for the sale of certain assets on June 1,
1995, the Company received $979,000 in notes receivable.
The accompanying notes to the consolidated financial statements are an
integral part of these consolidated statements (unaudited).
Page 8 of 16
INTERNATIONAL RECOVERY CORP. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(1) SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed for quarterly financial reporting are the same
as those disclosed in Note 1 of the Notes to the Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for the year
ended March 31, 1995.
PRO-FORMA RESULTS
In January 1995, the Company entered the marine fuel business through the
acquisition of the Trans-Tec group of companies. The acquisition was accounted
for as a purchase. Accordingly, the results of operations of Trans-Tec are not
reflected in the accompanying consolidated statement of income for the three
months ended June 30, 1994. The following unaudited pro-forma results of
operations for the three months ended June 30, 1994 assume that the Company
acquired the Trans-Tec companies, as of April 1, 1994.
THREE MONTHS ENDED
JUNE 30, 1994
------------------
Revenue $110,691,000
============
Net Income $ 2,150,000
============
Net Income Per Share $ .28
============
The pro-forma results shown above are not necessarily indicative of those that
would have occurred had the acquisition taken place on April 1, 1994.
STOCK SPLIT
On June 5, 1995, the Board of Directors approved a three for two stock split for
all shares of common stock outstanding as of June 19, 1995. The shares were
distributed on June 27, 1995. Accordingly, all share and per share data, as
appropriate, have been retroactively adjusted to reflect the effects of this
split.
Page 9 of 16
(2) LONG-TERM DEBT
JUNE 30, MARCH 31,
1995 1995
---------- ----------
Long-term debt consisted of the following:
Promissory notes issued in connection with the acquisition of the Trans-Tec
group of companies, payable annually through January 1998, bearing interest
at 9%, unsecured $6,000,000 $6,000,000
Capitalized lease obligations, payable through August 1996, interest at rates
ranging from 10.2% to 10.7% (secured by equipment with a net book value of
$237,000 and $263,000 at June 30, 1995 and March 31, 1995, respectively) 206,000 251,000
Equipment notes, payable monthly through May 1998, interest at rates ranging
from 6.8% to 7.0%, secured by equipment 137,000 147,000
Mortgage note, transferred effective
June 1, 1995 to the buyer of the
Georgia operations (see Note 3) - 177,000
---------- ----------
6,343,000 6,575,000
Less current maturities 2,067,000 2,128,000
---------- ----------
$4,276,000 $4,447,000
========== ==========
(3) DISPOSITION OF ASSETS
Effective June 1, 1995, the Company sold substantially all of the operating
assets and liabilities of International Petroleum Corporation of Georgia
("IPC-GA"), a subsidiary of the Company engaged in the used oil recycling
business, to Mr. Barry Paul, the former president of the entity from which
IPC-GA initially purchased these assets in August 1990. Mr. Paul is the cousin
of the Company's President. The sales price was $1,179,000, which closely
approximated the Company's carrying values of the net assets sold. A cash
payment of $200,000 was received at closing, and a promissory note for $979,000
was obtained for the balance. The promissory note bears interest at 10% per
annum, has a term of 12 years commencing June 1, 1995, and is payable in equal
monthly installments of principal and interest. The promissory note is
collateralized by the property, plant and equipment sold.
Page 10 of 16
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
In January 1995, the Company entered the marine fuel business through
the acquisition of the Trans-Tec group of companies. The Company acquired
substantially all of the assets and assumed certain liabilities of Trans-Tec
Services, Inc., a New York corporation, and Trans-Tec Servicios, S.A., a Costa
Rica corporation, and acquired all of the outstanding stock of Trans- Tec
Services (UK), Ltd., a United Kingdom corporation ("UK"). The UK company owns
Trans-Tec Services (Singapore) Pte., Ltd. As the acquisition was accounted for
as a purchase, the results of operations of Trans-Tec are not reflected in the
accompanying consolidated statement of income for the three months ended June
30, 1994. See Note 1 of notes to the consolidated financial statements.
THE THREE MONTHS ENDED JUNE 30, 1995 COMPARED TO
THE THREE MONTHS ENDED JUNE 30, 1994
The Company's revenues for the first quarter ended June 30, 1995 were
$138,960,000, an increase of $66,436,000, or 91.6%, as compared to revenues of
$72,524,000 for the corresponding period the prior year. The Company's revenues
during these periods were attributable to the following segments:
PERCENT
THREE MONTHS ENDED JUNE 30, INCREASE
1995 1994 (DECREASE)
------------ ------------ ----------
Aviation Fueling $ 62,859,000 $ 68,003,000 (7.6%)
Marine Fueling 72,087,000 - *
Oil Recycling 4,014,000 4,521,000 (11.2)
------------ ------------
Total Revenue $138,960,000 $ 72,524,000 91.6%
============ ============ =====
* Percent not meaningful
The aviation fueling segment contributed $62,859,000 of revenue for the
three months ended June 30, 1995. This represented a decrease in revenue of
$5,144,000, or 7.6%, as compared to the same period last year. This decrease in
revenue was due to a decrease in low profit bulk transactions and the
termination of the fuel terminaling operations conducted at Miami International
Airport, which contract was not renewed effective June 30, 1994. Partially
offsetting was a price related revenue increase which reflects general market
conditions. The marine fueling segment contributed $72,087,000 in revenues. The
oil recycling segment contributed $4,014,000 of revenue for the three months
ended June 30, 1995. This was a decrease in revenue of $507,000, or 11.2% as
compared to the same period last year. The revenue decrease was due to lower
sales volume. Partially offsetting were higher used oil and waste water
collection revenues, and a price related increase on recycled product.
Page 11 of 16
The Company's gross profit of $9,174,000 increased by $1,932,000, or
26.7%, as compared to the same period last year. The Company's gross margin
decreased from 10.0% for the three months ended June 30, 1994 to 6.6% for the
three months ended June 30, 1995.
The Company's aviation fueling business achieved a 7.8% gross margin
for the three months ended June 30, 1995, as compared to 8.7% achieved for the
same period during the prior fiscal year. The decline in the gross margin was
largely attributed to a lower fuel terminaling gross profit. The Company's
marine fueling segment achieved a 4.2% gross margin for the three months ended
June 30, 1995. The gross margin in the Company's oil recycling segment increased
from 29.2% for the three months ended June 30, 1994, to 31.5% for the three
months ended June 30, 1995. This improvement in gross margin is attributed to
higher collection revenue.
Total operating expenses for the three months ended June 30, 1995 were
$5,512,000, an increase of $1,239,000, or 29.0%, as compared to the same period
a year ago. This increase resulted from operating expenses of the marine
segment, which totalled $2,358,000. Partially offsetting was a $1,235,000
decrease in the aviation segment provision for bad debts due to a year over year
improvement in the quality of accounts receivable. In relation to revenue, total
operating expenses decreased from 5.9% to 4.0%.
The Company's income from operations for the three months ended June
30, 1995 was $3,662,000, an increase of $693,000, or 23.3%, as compared to the
same period a year ago. Income from operations during these periods was
attributable to the following segments:
PERCENT
THREE MONTHS ENDED JUNE 30, INCREASE
1995 1994 (DECREASE)
---------- ---------- ----------
Aviation Fueling $3,499,000 $3,165,000 10.6%
Marine Fueling 678,000 - *
Oil Recycling 562,000 567,000 (1.0)
Corporate Overhead (1,077,000) (763,000) 41.2
---------- ----------
Total Income From
Operations $3,662,000 $2,969,000 23.3%
========== ========== =====
* Percent not meaningful.
Income from operations of the aviation fueling segment increased
$334,000, or 10.6%, for the three months ended June 30, 1995, as compared to the
three months ended June 30, 1994. This improvement resulted from a decrease in
the provision for bad debts and a price related revenue increase. Partially
offsetting were a lower product volume sold and lower operating income from the
Company's fuel terminaling activities.
The marine fueling segment earned $678,000 in income from operations
for the three months ended June 30, 1995. The gross profit of this segment was
$3,036,000, reduced by $2,358,000 in operating expenses.
Page 12 of 16
Income from operations of the oil recycling segment decreased by
$5,000, or 1.0%, for the three months ended June 30, 1995, as compared to the
same period last year. This decrease, which resulted primarily from lower sales
volumes, was largely offset by higher margins and lower operating expenses.
Corporate overhead costs not charged to the business segments totalled
$1,077,000 for the three months ended June 30, 1995, an increase of $314,000, or
41.2%, as compared to the same period last year. This increase was due to higher
salaries and payroll related costs. In relation to revenue, total corporate
overhead remained relatively constant at 1.0% for the three months ended June
30, 1995, as compared to 1.1% for the same period a year prior.
In the three months ended June 30, 1995, the Company had net other
income of $386,000, an increase of $256,000 over the same period a year ago.
This improvement was due to $377,000 in equity earnings of a joint venture and
an increase in net interest income which is the result of the Company's improved
liquidity. Partially offsetting this increase was $109,000 in foreign currency
transaction losses.
Net income for the three months ended June 30, 1995 was $2,545,000, an
increase of $601,000, as compared to net income for the three months ended June
30, 1994. Earnings per share of $.32 for the three months ended June 30, 1995
exhibited a $.05 increase over the $.27 achieved during the same period last
year.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents amounted to $15,914,000 at June 30, 1995, as
compared to $10,907,000 at March 31, 1995. The principal sources of cash during
the first quarter of fiscal year 1996 were $4,423,000 in net cash provided by
operating activities, $848,000 in dividends and repayments of advances from the
joint venture, $203,000 from proceeds on sale of assets and $131,000 from
collections on notes receivable. Partially offsetting the increase in cash and
cash equivalents was $264,000 in a common stock dividend and $246,000 used for
the purchase and construction of plant, equipment and other capital
expenditures. Other components of changes in cash and cash equivalents are
detailed in the Consolidated Statements of Cash Flows.
Working capital as of June 30, 1995 was $30,937,000, exhibiting a
$3,417,000 increase from working capital as of March 31, 1995. As of June 30,
1995, the Company's accounts receivable, excluding the allowance for bad debts,
amounted to $45,977,000, an increase of $2,611,000, as compared to the March 31,
1995 balance. This increase in accounts receivable resulted from a $5,009,000
increase in the marine segment accounts receivable, due to higher trade sales.
Partially offsetting were a decrease of $1,737,000 in the aviation segment and a
$658,000 decrease in the oil recycling segment. The allowance for bad debts as
of June 30, 1995 amounted to $4,697,000, an increase of $131,000 when compared
to the March 31, 1995 balance. During the first quarter of fiscal year 1996, the
Company charged $150,000 to the provision for bad debts.
Page 13 of 16
Inventories at June 30, 1995, were $242,000 higher as compared to March
31, 1995. This increase consisted of a $421,000 increase in inventories in the
oil recycling segment, partially offset by a $179,000 decrease in the aviation
fueling segment.
Capital expenditures for the first quarter ended June 30, 1995
consisted primarily of $121,000 in office equipment and furniture as well as
$109,000 in plant construction costs. Effective June 1, 1995, the Company sold
property plant and equipment, with a net book value of $1,294,000, utilized in
its Georgia oil recycling operations. See Note 3 of notes to the consolidated
financial statements. During fiscal year 1996, the Company anticipates spending
approximately $1,000,000 to upgrade plant, machinery and equipment. The Company
also anticipates spending an estimated $1,000,000 over the next several years to
clean up contamination which was present at one of the Company's sites when it
was acquired by the Company. Clean up will be capitalized as part of the cost of
the site, up to the fair market value of the site.
In the aggregate, accounts payable, accrued expenses and customer
deposits increased $2,325,000. This increase is attributed to higher trade sales
in the marine segment. Accrued salaries and wages increased $163,000,
principally as the result of sales and management performance bonuses.
Income taxes payable at June 30, 1995, increased by $651,000, when
compared to March 31, 1995. This increase resulted from the payment of the first
quarter installment for fiscal year 1996, subsequent to June 30, 1995, in
accordance with federal and state regulations.
Long-term liabilities as of June 30, 1995, were $5,679,000 exhibiting a
$1,305,000 decrease as compared to March 31, 1995. This decrease was primarily
the result of the issuance of the Company's common stock in settlement of the
$1,300,000 accrued litigation settlement expense. Stockholders' equity amounted
to $55,660,000, or $7.03 per share, at June 30, 1995 compared to $52,066,000, or
$6.67 per share, at March 31, 1995.
The Company's working capital requirements are not expected to vary
substantially during fiscal year 1996. The Company expects to meet its cash
requirements for fiscal year 1996 from existing cash, operations and additional
borrowings, as necessary, under its existing line of credit. The Company's
business has not been significantly affected by inflation during the periods
discussed in this report.
Page 14 of 16
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Except for the proceedings described in the Company's Form
10-K for the fiscal year ended March 31, 1995, there are no
material legal proceedings to which the Company or any of its
subsidiaries is a party.
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) During the three months ended June 30, 1995, the
Company did not file any reports on Form 8-K.
Page 15 of 16
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.
DATE: August 2, 1995 INTERNATIONAL RECOVERY CORP.
/S/ RALPH R. WEISER
-----------------------------
RALPH R. WEISER
CHAIRMAN OF THE BOARD
/S/ CARLOS A. ABAUNZA
-----------------------------
CARLOS A. ABAUNZA
CHIEF FINANCIAL OFFICER
Page 16 of 16
5
3-MOS
MAR-31-1995
APR-1-1995
JUN-30-1995
15,914,000
0
41,280,000
4,697,000
3,956,000
64,501,000
19,857,000
5,601,000
94,903,000
33,564,0000
0
79,000
0
0
55,581,000
94,903,000
138,960,000
138,960,000
129,786,000
129,786,000
0
150,000
149,000
4,048,000
1,503,000
2,545,000
0
0
0
2,545,000
0.32
0.32
