| Overview
|
|
|
|
|
|
|
(1) Overview
Headquartered in West Warwick, Rhode Island, Astro-Med Inc. designs, develops, manufactures and distributes a broad range of specialty printers and data acquisition and analysis systems. Our products are distributed through our own sales force and authorized dealers in the United States. We also sell to customers outside of the United States primarily through our Company offices in Canada, Europe and Southeast Asia as well as with independent dealers and representatives. Astro-Med, Inc. products are sold under the brand names Astro-Med ® Test & Measurement and QuickLabel ® Systems and are employed around the world in a wide range of aerospace, apparel, automotive, avionics, chemical, computer peripherals, communications, distribution, food and beverage, general manufacturing, packaging and transportation applications.
Unless otherwise indicated, references to “Astro-Med,” the “Company,” “we,” “our,” and “us” in this Quarterly Report on Form 10-Q refer to Astro-Med, Inc. and its consolidated subsidiaries.
|
(2) Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results of the interim periods included herein. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015.
Results of operations for the interim periods presented herein are not necessarily indicative of the results that may be expected for the full year.
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Some of the more significant estimates relate to the allowances for doubtful accounts and credits, inventory valuation, impairment of long-lived assets and goodwill, income taxes, share-based compensation, accrued expenses and warranty reserves. Management’s estimates are based on the facts and circumstances available at the time estimates are made, past historical experience, risk of loss, general economic conditions and trends, and management’s assessments of the probable future outcome of these matters. Consequently, actual results could differ from those estimates.
Certain amounts in prior year’s financial statements have been reclassified to conform to the current year’s presentation.
|
(3) Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
|
(5) Intangible Assets
Intangible assets are as follows:
May 2, 2015 | January 31, 2015 | |||||||||||||||||||||||
($ In thousands) | Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
||||||||||||||||||
Intangible assets subject to amortization: |
||||||||||||||||||||||||
Customer Contract Relationships |
$ | 3,100 | $ | (491 | ) | $ | 2,609 | $ | 3,100 | $ | (402 | ) | $ | 2,698 | ||||||||||
Backlog |
300 | (300 | ) | — | 300 | (300 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Intangible assets, net |
$ | 3,400 | $ | (791 | ) | $ | 2,609 | $ | 3,400 | $ | (702 | ) | $ | 2,698 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
There were no impairments to intangible assets during the periods ended May 2, 2015 and May 3, 2014. Amortization expense of $89,000 and $175,000 in regards to the above acquired intangibles has been included in the condensed consolidated statements of income for the periods ended May 2, 2015 and May 3, 2014, respectively.
Estimated amortization expense for the next five years is as follows:
(In thousands) | Remainder of 2016 |
2017 | 2018 | 2019 | 2020 | |||||||||||||||
Estimated amortization expenses |
$ | 268 | $ | 349 | $ | 331 | $ | 278 | $ | 278 |
|
(7) Inventories
Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows:
May 2, 2015 | January 31, 2015 | |||||||
(In thousands) | ||||||||
Materials and Supplies |
$ | 9,487 | $ | 10,600 | ||||
Work-In-Process |
1,250 | 765 | ||||||
Finished Goods |
7,229 | 7,372 | ||||||
|
|
|
|
|||||
17,966 | 18,737 | |||||||
Inventory Reserve |
(3,478 | ) | (3,155 | ) | ||||
|
|
|
|
|||||
$ | 14,488 | $ | 15,582 | |||||
|
|
|
|
|
(8) Income Taxes
The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows:
Three Months Ended | ||||
Fiscal 2016 |
28.0 | % | ||
Fiscal 2015 |
28.5 | % |
During the first quarter of fiscal 2016, the Company recognized an income tax expense of approximately $471,000. The effective tax rate in this quarter was directly impacted by a $135,000 tax benefit related to the statute of limitations expiring on a previously uncertain tax position. During the three months ended May 3, 2014, the Company recognized income tax expense of $449,000 which includes a benefit of approximately $100,000 related to the favorable resolution of a previously uncertain tax position.
As of May 2, 2015, the Company’s cumulative unrecognized tax benefits totaled $633,000 compared to $707,000 as of January 31, 2015. There were no other developments affecting unrecognized tax benefits during the quarter ended May 2, 2015.
|
(9) Note Receivable and Line of Credit Issued
On January 30, 2012, the Company completed the sale of its label manufacturing operations in Asheboro, North Carolina to Label Line Ltd. The net sale price of $1,000,000 was received in the form of a promissory note issued by Label Line Ltd. and is fully secured by a first lien on various collateral, including the Asheboro plant and plant assets. The note bears interest at 3.75% and is payable in sixteen quarterly installments of principal and interest which commenced on January 30, 2013. As of May 2, 2015, $375,000 remains outstanding on this note which approximates its estimated fair value.
The terms of the Asheboro sale also included an agreement for Astro-Med to provide Label Line Ltd. with additional financing in the form of a revolving line of credit in the amount of $600,000. This line of credit is fully secured by a first lien on various collateral of Label Line Ltd., including the Asheboro plant and plant assets, and bears interest at a rate equal to the United States prime rate plus an additional margin of two percent on the outstanding credit balance. The term of this revolving line of credit has been extended through January 31, 2016. As of May 2, 2015, $170,000 remains outstanding on this revolving line of credit. The estimated fair value of the line of credit approximates its carrying value.
|
(10) Segment Information
Astro-Med reports two segments: QuickLabel Systems (QuickLabel) and Test & Measurement (T&M). The Company evaluates segment performance based on the segment profit before corporate expenses.
Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:
Three Months Ended | ||||||||||||||||
Net Sales | Segment Operating Profit | |||||||||||||||
(In thousands) |
May 2, 2015 |
May 3, 2014 |
May 2, 2015 |
May 3, 2014 |
||||||||||||
QuickLabel |
$ | 15,644 | $ | 14,423 | $ | 1,977 | $ | 2,198 | ||||||||
T&M |
6,562 | 6,351 | 928 | 692 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 22,206 | $ | 20,774 | 2,905 | 2,890 | ||||||||||
|
|
|
|
|||||||||||||
Corporate Expenses |
1,457 | 1,191 | ||||||||||||||
|
|
|
|
|||||||||||||
Operating Income |
1,448 | 1,699 | ||||||||||||||
Other Income (Expense)—Net |
234 | (121 | ) | |||||||||||||
|
|
|
|
|||||||||||||
Income Before Income Taxes |
1,682 | 1,578 | ||||||||||||||
Income Tax Provision |
471 | 449 | ||||||||||||||
|
|
|
|
|||||||||||||
Net Income |
$ | 1,211 | $ | 1,129 | ||||||||||||
|
|
|
|
|
(11) Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements.
No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
|
(12) Securities Available for Sale
Pursuant to our investment policy, securities available for sale include state and municipal securities with various contractual or anticipated maturity dates ranging from one to 21 months. Securities available for sale are carried at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until realized. Realized gains and losses from the sale of available for sale securities, if any, are determined on a specific identification basis. A decline in the fair value of any available for sale security below cost that is determined to be other than temporary will result in a write-down of its carrying amount to fair value. No such impairment charges were recorded for any period presented. All short-term investment securities have original maturities greater than 90 days.
The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows:
(In thousands) May 2, 2015 |
Amortized Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value | ||||||||||||
State and Municipal Obligations |
$ | 15,841 | $ | 14 | $ | (18 | ) | $ | 15,837 | |||||||
|
|
|
|
|
|
|
|
|||||||||
January 31, 2015 |
Amortized Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value | ||||||||||||
State and Municipal Obligations |
$ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | |||||||
|
|
|
|
|
|
|
|
|
(13) Fair Value
We measure our financial assets at fair value on a recurring basis in accordance with the guidance provided in ASC 820, “Fair Value Measurement and Disclosures” which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In addition, ASC 820 establishes a three-tiered hierarchy for inputs used in management’s determination of fair value of financial instruments that emphasizes the use of observable inputs over the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect management’s belief about the assumptions market participants would use in pricing a financial instrument based on the best information available in the circumstances.
The fair value hierarchy is summarized as follows:
• | Level 1—Quoted prices in active markets for identical assets or liabilities; |
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and |
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Cash and cash equivalents, accounts receivables, accounts payable, accrued compensation and other expenses and income tax payable are reflected in the condensed consolidated balance sheet at carrying value, which approximates fair value due to the short term nature of the these instruments.
Assets measured at fair value on a recurring basis are summarized below:
(In thousands) May 2, 2015 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) |
$ | 2,409 | $ | — | $ | — | $ | 2,409 | ||||||||
State and Municipal Obligations (included in Securities Available for Sale) |
— | 15,837 | — | 15,837 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,409 | $ | 15,837 | $ | — | $ | 18,246 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
January 31, 2015 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) |
$ | 3,028 | $ | — | $ | — | $ | 3,028 | ||||||||
State and Municipal Obligations (included in Securities Available for Sale) |
— | 15,174 | — | 15,174 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,028 | $ | 15,174 | $ | — | $ | 18,202 | ||||||||
|
|
|
|
|
|
|
|
For our money market funds and state and municipal obligations, we utilize the market approach to measure fair value. The market approach is based on using quoted prices for identical or similar assets.
Non-financial assets measured at fair value on a recurring basis are summarized below:
May 2, 2015 |
Level 1 | Level 2 | Level 3 | |||||||||
(In thousands) | ||||||||||||
Asset Held for Sale |
$ | — | $ | 1,900 | $ | — | ||||||
|
|
|
|
|
|
|||||||
January 31, 2015 |
Level 1 | Level 2 | Level 3 | |||||||||
(In thousands) | ||||||||||||
Asset Held for Sale |
$ | — | $ | 1,900 | $ | — | ||||||
|
|
|
|
|
|
Asset held for sale consists of Astro-Med’s former Grass facility in Rockland, Massachusetts which is being actively marketed for sale. In accordance with ASC 360, “Property, Plant and Equipment,” assets held for sale are written down to fair value less cost to sell and as such, the Company has recorded impairment charges of $220,000 and $779,000, in the fourth quarter of fiscal 2015 and 2014, respectively. The Company estimated the fair value of the Rockland facility using the market values for similar properties less the cost to sell and expects to sell this property within the next twelve months.
|
(14) Accumulated Other Comprehensive Loss
The changes in the balance of accumulated other comprehensive income (loss) by component are as follows:
(In thousands) | Foreign Currency Translation Adjustments |
Unrealized Holding Gain on Available for Sale Securities |
Total | |||||||||
Balance at January 31, 2015 |
$ | (714 | ) | $ | 15 | $ | (699 | ) | ||||
Other Comprehensive Income (Loss) |
8 | (18 | ) | (10 | ) | |||||||
|
|
|
|
|
|
|||||||
Balance at May 2, 2015 |
$ | (706 | ) | $ | (3 | ) | $ | (709 | ) | |||
|
|
|
|
|
|
The amounts presented above in other comprehensive income (loss) are net of taxes, except for translation adjustment associated with our German Subsidiary.
|
(15) Commitments and Contingencies
Product Replacement Program
In April 2013, tests conducted by the Company revealed that one of its suppliers had been using a non-conforming part in power supplies for certain models of Astro-Med’s Test & Measurement printers. No malfunctions have been reported by customers as a result of the non-conforming material.
Upon identifying this issue, Astro-Med immediately suspended production of the printers, notified all customers and contacted the supplier who confirmed the problem. Astro-Med is continuing to work with its customers to replace the non-conforming material on existing printers with conforming material. The estimated costs associated with the replacement program were $672,000, which was based upon the number of printers shipped during the period the non-conforming material was used. Those estimated costs were recognized and recorded as a reserve in the first quarter of fiscal 2014. As of May 2, 2015, the Company had expended $338,000 in replacement costs which have been charged against this reserve. The remaining reserve amount of $334,000 is included in Other Accrued Expenses in the accompanying condensed consolidated balance sheet dated May 2, 2015.
Astro-Med is currently receiving power supplies with compliant parts and has resumed printer production and shipments to customers.
Since the supplier deviated from the agreed upon specifications for the power supply while providing certificates of conformance to the original specifications, in January 2014, Astro-Med received a non-refundable $450,000 settlement from the supplier for recovery of the costs and expense associated with this issue. In addition to this cash settlement, the Company is receiving lower product prices from the supplier through fiscal 2017.
|
(16) Line of Credit
The Company has a three-year, $10 million revolving line of credit available for ongoing working capital requirements, business acquisitions or general corporate purposes as needed. Any borrowings made under this line of credit bear interest at either a fluctuating base rate equal to the highest of (i) the Prime Rate, (ii) 1.50% above the daily one month LIBOR, and (iii) the Federal Funds Rate in effect plus 1.50% or at a fixed rate of LIBOR plus an agreed upon margin of between 0% and 2.25%, based on the Company’s funded debt to EBITDA ratio as defined in the agreement. In addition, the new agreement provided for two financial covenant requirements, namely, Total Funded Debt to Adjusted EBITDA (as defined) of not greater than 3 to 1 and a Fixed Charge Coverage Ratio (as defined) of not less than 1.25 to 1, both measured at the end of each quarter on a rolling four quarter basis. As of May 2, 2015, there have been no borrowings against this line of credit and the Company was in compliance with its financial covenants.
|
(17) Subsequent Event
On May 20, 2015, the Company’s shareholders approved the 2015 Equity Incentive Plan (the “2015 Plan”) under which equity based awards, including incentive stock options, non-qualified stock options, RSUs and RSAs, may be granted to directors, officers, key employees and certain other individuals providing services to the Company. The maximum number of shares of common stock of the Company authorized for issuance under the 2015 Plan is 500,000, subject to adjustment for stock splits, stock dividends and other changes to the Company’s capital structure.
|
Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board (IASB) to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services and is effective for public entities for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and entities have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application and not adjusting comparative information. The Company is currently evaluating the requirements of ASU 2014-09 and has not yet determined its impact on the Company’s consolidated financial statements.
No other new accounting pronouncements, issued or effective during the first three months of the current year, have had or are expected to have a material impact on our consolidated financial statements.
|
Intangible assets are as follows:
May 2, 2015 | January 31, 2015 | |||||||||||||||||||||||
($ In thousands) | Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
Gross Carrying Amount |
Accumulated Amortization |
Net Carrying Amount |
||||||||||||||||||
Intangible assets subject to amortization: |
||||||||||||||||||||||||
Customer Contract Relationships |
$ | 3,100 | $ | (491 | ) | $ | 2,609 | $ | 3,100 | $ | (402 | ) | $ | 2,698 | ||||||||||
Backlog |
300 | (300 | ) | — | 300 | (300 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Intangible assets, net |
$ | 3,400 | $ | (791 | ) | $ | 2,609 | $ | 3,400 | $ | (702 | ) | $ | 2,698 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Estimated amortization expense for the next five years is as follows:
(In thousands) | Remainder of 2016 |
2017 | 2018 | 2019 | 2020 | |||||||||||||||
Estimated amortization expenses |
$ | 268 | $ | 349 | $ | 331 | $ | 278 | $ | 278 |
|
The components of inventories are as follows:
May 2, 2015 | January 31, 2015 | |||||||
(In thousands) | ||||||||
Materials and Supplies |
$ | 9,487 | $ | 10,600 | ||||
Work-In-Process |
1,250 | 765 | ||||||
Finished Goods |
7,229 | 7,372 | ||||||
|
|
|
|
|||||
17,966 | 18,737 | |||||||
Inventory Reserve |
(3,478 | ) | (3,155 | ) | ||||
|
|
|
|
|||||
$ | 14,488 | $ | 15,582 | |||||
|
|
|
|
|
The Company’s effective tax rates for the period, which are based on the projected effective tax rate for the full year, are as follows:
Three Months Ended | ||||
Fiscal 2016 |
28.0 | % | ||
Fiscal 2015 |
28.5 | % |
|
Summarized below are the Net Sales and Segment Operating Profit for each reporting segment:
Three Months Ended | ||||||||||||||||
Net Sales | Segment Operating Profit | |||||||||||||||
(In thousands) |
May 2, 2015 |
May 3, 2014 |
May 2, 2015 |
May 3, 2014 |
||||||||||||
QuickLabel |
$ | 15,644 | $ | 14,423 | $ | 1,977 | $ | 2,198 | ||||||||
T&M |
6,562 | 6,351 | 928 | 692 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 22,206 | $ | 20,774 | 2,905 | 2,890 | ||||||||||
|
|
|
|
|||||||||||||
Corporate Expenses |
1,457 | 1,191 | ||||||||||||||
|
|
|
|
|||||||||||||
Operating Income |
1,448 | 1,699 | ||||||||||||||
Other Income (Expense)—Net |
234 | (121 | ) | |||||||||||||
|
|
|
|
|||||||||||||
Income Before Income Taxes |
1,682 | 1,578 | ||||||||||||||
Income Tax Provision |
471 | 449 | ||||||||||||||
|
|
|
|
|||||||||||||
Net Income |
$ | 1,211 | $ | 1,129 | ||||||||||||
|
|
|
|
|
The fair value, amortized cost and gross unrealized gains and losses of securities available for sale are as follows:
(In thousands) May 2, 2015 |
Amortized Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value | ||||||||||||
State and Municipal Obligations |
$ | 15,841 | $ | 14 | $ | (18 | ) | $ | 15,837 | |||||||
|
|
|
|
|
|
|
|
|||||||||
January 31, 2015 |
Amortized Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value | ||||||||||||
State and Municipal Obligations |
$ | 15,150 | $ | 26 | $ | (2 | ) | $ | 15,174 | |||||||
|
|
|
|
|
|
|
|
|
Assets measured at fair value on a recurring basis are summarized below:
(In thousands) May 2, 2015 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) |
$ | 2,409 | $ | — | $ | — | $ | 2,409 | ||||||||
State and Municipal Obligations (included in Securities Available for Sale) |
— | 15,837 | — | 15,837 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,409 | $ | 15,837 | $ | — | $ | 18,246 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
January 31, 2015 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds (included in Cash and Cash Equivalents) |
$ | 3,028 | $ | — | $ | — | $ | 3,028 | ||||||||
State and Municipal Obligations (included in Securities Available for Sale) |
— | 15,174 | — | 15,174 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,028 | $ | 15,174 | $ | — | $ | 18,202 | ||||||||
|
|
|
|
|
|
|
|
Non-financial assets measured at fair value on a recurring basis are summarized below:
May 2, 2015 |
Level 1 | Level 2 | Level 3 | |||||||||
(In thousands) | ||||||||||||
Asset Held for Sale |
$ | — | $ | 1,900 | $ | — | ||||||
|
|
|
|
|
|
|||||||
January 31, 2015 |
Level 1 | Level 2 | Level 3 | |||||||||
(In thousands) | ||||||||||||
Asset Held for Sale |
$ | — | $ | 1,900 | $ | — | ||||||
|
|
|
|
|
|
|
The changes in the balance of accumulated other comprehensive income (loss) by component are as follows:
(In thousands) | Foreign Currency Translation Adjustments |
Unrealized Holding Gain on Available for Sale Securities |
Total | |||||||||
Balance at January 31, 2015 |
$ | (714 | ) | $ | 15 | $ | (699 | ) | ||||
Other Comprehensive Income (Loss) |
8 | (18 | ) | (10 | ) | |||||||
|
|
|
|
|
|
|||||||
Balance at May 2, 2015 |
$ | (706 | ) | $ | (3 | ) | $ | (709 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|