UNITED STATES SECURITIES AND EXCHANGE COMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 000-27467
FLEETCLEAN SYSTEMS, INC.
Exact name of Registrant as specified in is charter
TEXAS 76-0196431
State of Incorporation IRS Employer Identification Number
P.O. BOX 727, HWY 834 EAST .7 MILES
HARDIN, TEXAS 77561
409-298-9835
Address and telephone number of principal executive offices
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 filing
requirements for the past 90 days.
Yes _[X]_ No [ ].
The number of shares of common stock of the Registrant outstanding at May 9,
2000 was 12,140,014.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS
FLEETCLEAN SYSTEMS, INC.
BALANCE SHEETS
ASSETS
MARCH 31 DECEMBER 31
2000 1999
--------- ------------
Unaudited Audited
CURRENT ASSETS:
Cash ...................................... 90,577 1,404
Accounts Receivable - Net ................. 203,330 159,654
Employee Advances ......................... 4,473 4,789
Inventory ................................. 147,404 151,722
Prepaid Expenses .......................... 50,591 14,054
Deferred Tax Asset ........................ 22,421 22,421
--------- ------------
Total Current Assets .............. 518,796 354,044
PROPERTY, PLANT, AND EQUIPMENT: - NET ............... 1,354,741 1,391,988
OTHER ASSETS:
Other Assets .............................. 8,020 2,345
Intangible Asset - Net .................... 187,937 191,270
--------- ------------
Total Other Assets ................ 195,957 193,615
--------- ------------
TOTAL ASSETS ........................................ 2,069,494 1,939,647
========= ============
1
<PAGE>
FLEETCLEAN SYSTEMS, INC.
BALANCE SHEETS
LIABIITIES AND STOCKHOLDERS' EQUITY
March 31 December 31
2000 1999
--------- ------------
Unaudited Audited
CURRENT LIABILITIES:
Accounts Payable ............................ 91,218 181,995
Advance From Officer ........................ 184,852 167,859
Notes Payable ............................... 239,006 251,640
Payroll Taxes Payable ....................... 5,810 4,904
Insurance Payable ........................... 48,428 8,405
Sales Tax Payable ........................... 15,805 15,581
Accrued Expenses ............................ 22,953 60,266
--------- ------------
Total Current Liabilities ........... 608,072 690,650
LONG-TERM LIABILITIES:
Deferred Tax Liability ...................... 28,883 28,882
Notes payable - Net of Current Portion ...... 652,684 674,229
--------- ------------
Total Long-Term Liabilities ......... 681,567 703,111
--------- ------------
TOTAL LIABILITIES ..................................... 1,289,639 1,393,761
--------- ------------
STOCKHOLDERS' EQUITY
Common Stock - $ .01 par value
Authorized 50,000,000 shares
Issued and Outstanding - 12,140,014 &
10,590,014 at 2000 and 1999, respectively. 121,400 105,900
Paid in Capital ............................. 1,111,818 817,318
Retained Earnings ........................... -453,363 -377,332
--------- ------------
Total Stockholders' Equity .......... 779,855 545,886
--------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ............ 2,069,494 1,939,647
========= ============
2
<PAGE>
FLEETCLEAN SYSTEMS, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31,
<TABLE>
<CAPTION>
2000 1999
--------- ---------
Unaudited Unaudited
<S> <C> <C>
INCOME
Net Sales ........................................ 352,089 254,141
--------- ---------
Less: Cost of Goods Sold ......................... 96,724 46,694
--------- ---------
Gross Profit ............................. 255,365 207,447
--------- ---------
GENERAL AND ADMINISTRATIVE EXPENSES:
Salaries ......................................... 115,798 103,975
Payroll Taxes .................................... 13,087 7,590
Advertising ...................................... 115 404
Auto Expense ..................................... 17,635 10,914
Depreciation and Amortization .................... 41,893 35,439
Dues & Subscriptions ............................. 600 474
Entertainment .................................... 156 410
Insurance ........................................ 21,270 13,166
Investor Relations ............................... 21,863 0
Interest Expense ................................. 27,005 12,319
Licenses & Fees ................................. 325 235
Office Expense ................................... 4,542 1,431
Postage/Freight .................................. 4,131 2,193
Professional Fees ................................ 20,492 4,992
Rent ............................................. 5,813 3,620
Shop Expense ..................................... 12,266 2,680
Taxes - Other .................................... 2,341 1,009
Telephone & Utilities ............................ 14,637 5,125
Trailer Expense .................................. 584 372
Training ......................................... 383 175
Travel ........................................... 8,599 9,898
--------- ---------
Total General and Administrative Expenses 333,535 216,419
--------- ---------
INCOME/(LOSS) FROM OPERATIONS .............................. -78,170 -8,972
OTHER INCOME/EXPENSE
Miscellaneous Income - net ....................... 489 1,967
Gain on Sales of Asset ........................... 1,650 0
--------- ---------
Total Other Income ....................... 2,139 1,967
--------- ---------
NET INCOME/(LOSS) BEFORE INCOME TAXES ...................... -76,031 -7,005
Provision for Income Taxes........................
--------- ---------
NET INCOME/(LOSS) .......................................... -76,031 -7,005
RETAINED EARNINGS/(DEFICIT) BEGINNING OF YEAR .............. -377,332 16,435
--------- ---------
RETAINED EARNINGS/(DEFICIT) END OF YEAR .................... -453,363 9,430
========= =========
NET LOSS PER SHARE
BASIC................................................... -$.01 NIL
DILUTED................................................. -$.01 NIL
</TABLE>
3
<PAGE>
FLEETCLEAN SYSTEMS, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
<TABLE>
<CAPTION>
2000 1999
--------- ---------
Unaudited Unaudited
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income/(Loss) ................................... -76,031 -7,005
Adjustments to Reconcile Net Income to Net
Cash used by Operating Activities:
Stock Issued for Conversion of Debt .................. 0 10,000
Stock Issued for Services Rendered ................... 20,000 0
Depreciation and Amortization ........................ 41,893 35,439
(Increase)/Decrease in Accounts Receivable ........... -43,676 1,881
(Increase)/Decrease in Employee Advances ............. 316 -9,675
(Increase)/Decrease in Inventories ................... 4,318 -43,252
(Increase)/Decrease in Prepaid Expenses .............. -36,537 -19,567
(Increase)/Decrease in Intangible Assets ............. -203,360
(Increase)/Decrease in Other Assets .................. -5,739 -800
Increase/(Decrease) in Accounts Payable .............. -90,777 -4,136
Increase/(Decrease) in Payroll Taxes Payable ......... 907 35
Increase/(Decrease) in Insurance Payable ............. 40,023 3,336
Increase/(Decrease) in Sales Tax Payable ............. 224 1,305
Increase/(Decrease) in Accrued Expenses .............. -37,313 -7,541
--------- ---------
Net Cash Provided/(Used) for Operating Activities ... -182,392 -243,340
INVESTING ACTIVITIES:
Purchase of property, Plant, and Equipment ............. -1,249 -480,998
--------- ---------
Net Cash Provided/(Used) for Investing Activities ... -1,249 -480,998
FINANCING ACTIVITIES:
Increase/(Decrease) in Notes Payable ................. -34,179 507,455
Increase/(Decrease) in Advance from Officer .......... 16,993 0
Issuance of Common Stock - net ....................... 290,000 210,700
--------- ---------
Net Cash Provided/(Used) by Financing activities ... 272,814 718,155
Net Increase/(Decrease) in Cash ........................ 89,173 -6,183
Cash on December 31 ...................................... 1,404 54,383
--------- ---------
Cash on March 31 ......................................... 90,577 48,200
========= =========
<CAPTION>
Additional Disclosure of Operating Cash Flow Cash paid
during the period ending March 31, 2000 1999
--------- ---------
Interest Expense ............................... 27,005 12,319
Income Tax ..................................... 0 0
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
FLEETCLEAN SYSTEMS , INC.
STATEMENT OF STOCKHOLDERS EQUITY
ADDITIONAL TOTAL
DECEMBER 31, 1998 COMMON STOCK PAID IN RETAINED STOCKHOLDERS'
TO MARCH 31, 2000 SHARES VALUE CAPITAL EARNINGS EQUITY
- ----------------------------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Total Stockholders' Equity
As of December 31, 1998 ....................... 4,736,758 $ 47,367 $ 368,091 $ 16,435 $ 431,893
Sale of Common Stock (Feb. 1999) .............. 200,000 2,000 48,000 50,000
Stock Issued for Acquisition of Tri-State ..... 300,000 3,000 147,000 150,000
Sale of Common Stock (March 1999).............. 200,000 2,000 48,000 50,000
Conversion of Debt............................. 42,668 427 9,573 10,000
Syndication Costs ............................. -39,300 -39,300
Net Loss March 31, 1999........................ -7,005 -7,005
---------------------------------------------------------------------------
Total Stockholders' Equity
As of March 1999 .............................. 5,479,426 54,794 581,364 9,430 645,588
Conversion of Debt............................. 2,741,467 27,414 162,586 190,000
Stock Issued For Services Rendered ............ 2,369,121 23,692 126,255 149,947
Syndication Costs ............................. -52,887 -52,887
Net Loss March-December 1999................... -386,762 -386,762
----------------------------------------------------------------------------------
Total Stockholders' Equity
As of December 31, 1999 ....................... 10,590,014 105,900 817,318 (377,332) 545,886
Sale of Common Stock (March 2000).............. 1,450,000 14,500 275,500 290,000
Stock Issued For Services Rendered ............ 100,000 1,000 19,000 20,000
Net Loss March 2000............................ -76,031 -76,031
----------------------------------------------------------------------------------
Total Stockholders' Equity
As of December 31, 1999 ....................... 12,140,014 $ 121,400 $ 1,111,818 $ -453,363 $ 779,855
=======================================================================
</TABLE>
5
<PAGE>
FLEETCLEAN SYSTEMS, INC.
NOTES TO UNAUDITED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION:
The accompanying unaudited financial statements have been prepared by
Fleetclean Systems, Inc. (the "Company") in accordance with generally
accepted accounting principles for interim financial statements and with
the instructions to Form 10-QSB and Item 310 of Regulation S-B.
Accordingly, they do not include all of the information and disclosures
required by generally accepted accounting principles for complete
financial statements. In the opinion of the Company's management, all
adjustments (consisting of normal recurring accruals) necessary for a fair
presentation have been included. Results of operations for the three-month
period ended March 31, 2000 are not necessarily indicative of future
financial results. For further information, refer to the financial
statements and footnotes thereto for the fiscal year ended December 31,
2000, included with the Company's Form 10-KSB, as filed with the
Securities and Exchange Commission.
NOTE 2 - EMPLOYEE STOCK OPTION PLAN:
During March 2000, the Board of Directors adopted the "2000 Stock Option
Plan". Although not yet voted on by the shareholders, this plan has
5,000,000 shares of Common Stock reserved for issuance. As of March 31,
2000, no options have been granted pursuant to such plan.
NOTE 3 - COMMITMENTS AND CONTINGENT LIABILITIES:
On February 10, 2000, the Company entered into a one-year consulting
agreement with OTC Financial Network (OTC). OTC is to provide consultation
with, but not limited to, the development, implementation and maintenance
of an ongoing program to increase the investment community's awareness of
the Company's activities and to stimulate the investment community's
interest in the Company. As compensation for this agreement, the Company
has issued to OTC 100,000 shares of restricted common stock and 1,400,000
warrants exercisable at $0.10 each (see Note 4). This agreement is
terminable by either party on thirty days notice beginning May 11, 2000.
NOTE 4 - ISSUANCE OF WARRANTS:
In connection with the aforementioned contract with OTC Financial Network,
the following warrants have been issued as part of compensation:
700,000 stock purchase warrants expiring February 10, 2001. These
warrants are subject to the future marketability of the common stock.
The warrants are to purchase fully paid and non-assessable shares of
the common stock, par value $.01 per share at a purchase price of $.10
per share. Such transactions may occur in whole or in part, but must
never amount to less than 100 shares. These warrants, however, are not
exercisable until and unless the shares of the Company's Common Stock
trade at a minimum of $0.50 per share as quoted by the OTC Electronic
Bulletin Board or any other nationally recognized exchange for a
minimum of twenty consecutive trading days.
700,000 stock purchase warrants expiring February 10, 2001. These
warrants are subject to the future marketability of the common stock.
The warrants are to purchase fully paid and non-assessable shares of
the common stock, par value $.01 per share at a purchase price of $.10
per share. Such transactions may occur in whole or in part, but must
never
6
<PAGE>
amount to less than 100 shares. These warrants, however, are not
exercisable until and unless the shares of the Company's Common Stock
trade at a minimum of $1.00 per share as quoted by the OTC Electronic
Bulletin Board or any other nationally recognized exchange for a
minimum of twenty consecutive trading days.
NOTE 5 - SUBSEQUENT EVENTS:
Subsequent to March 31, the Company has entered into an advertising
agreement with Multi-Media Group, Inc. (MMG). MMG will create a commercial
relating to the Company's business to be aired in the near future.
Compensation for this agreement will be $25,000 cash and 125,000 warrants
to purchase the 125,000 shares of the Company's common stock at a purchase
price of $0.10 per share.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
This Management's Discussion and Analysis as of March 31, 2000 and for the
three-month period ended March 31, 2000 and 1999 should be read in conjunction
with the unaudited condensed consolidated financial statements and notes thereto
set forth in Item 1 of this report.
The information in this discussion contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such statements
are based upon current expectations that involve risks and uncertainties. Any
statements contained herein that are not statements of historical facts may be
deemed to be forward-looking statements. For example, words such as, "may,"
"will," "should," "estimates," "predicts," "potential," "continue," "strategy,"
"believes," "anticipates," "plans," "expects," "intends," and similar
expressions are intended to identify forward-looking statements. Our actual
results and the timing of certain events may differ significantly from the
results discussed in the forward-looking statement. Factors that might cause or
contribute to such a discrepancy include, but are not limited to the risks
discussed in our other SEC filings, including those in our annual report on Form
10-KSB for the year ended December 31, 1999. These forward-looking statements
speak only as of the date hereof. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on which any
such statement is based.
We are a national retail distributor of truck washing equipment and
chemicals to operators of large trucking fleets. In 1994, we acquired the assets
and business accounts of Chemex Southwestern Inc. and began to manufacture
equipment and chemicals for retail distribution. During 1994, we opened a
distribution warehouse in Statesville, North Carolina. In January 1996, we
acquired the Kentucky operations, including a distribution warehouse, and
customer accounts of Fleetcleaning Supply Company, Inc. In February 1999, we
acquired the assets and ongoing business accounts of Tri-State Chemex Corp of
Providence, Rhode Island. All equipment is manufactured in Texas, with chemical
mixing facilities operating in Texas and Rhode Island. Distribution and customer
service is by our employees who service specific geographic regions.
We generate revenues from: (a) the sales of chemicals for use with our
hand-held truck washing equipment, (b) sales of our drive-thru truck washing
system, and (c) from our internal tank cleaning operations. We recognize
revenues at the point of sale.
QUARTER ENDED MARCH 31, 2000 COMPARED TO THE QUARTER ENDED MARCH 31,1999
REVENUES
7
<PAGE>
Total revenues increased to $352,089 for the quarter ended March 31, 2000
compared with $254,141 for the quarter ended March 31, 1999. The increase of
38.5% was attributable to increased chemical sales and internal tank cleaning
revenues from the Hahnville facility during the first quarter.
COST OF GOODS SOLD
For the quarter ended March 31, 2000, cost of goods sold increased to
$96,724 from $46,694 during the quarter ended March 31,1999. The increase of
107% was attributable to increased direct labor and associated costs at the
Hahnville facility. Our gross margin as a percent of revenue decreased for the
quarter ended March 31, 2000 to 73% from 82% for the quarter ended March
31,1999. The decline in gross margin percentage was due to the lower margins
received from our internal tank washing revenues in the Hahnville facility.
GENERAL AND ADMINISTRATIVE EXPENSES
For the quarter ended March 31, 2000, general and administrative expenses
increased to $333,535 from $216,419 during the quarter ended March 31, 1999. The
increase of 54% was primarily due to:
o an increase in professional fees primarily attributable to our preparation
and filing of our Form 10-KSB, for December 31, 1999 including audit
costs, plus legal fees resulting from preparation of service contracts for
the Hahnville tank cleaning facility
o the costs associated with the start-up of the Hahnville facility which
include increased depreciation expense, increased insurance expense, and
increased telephone and utility expenses
o added interest expense from our increased debt;
o an increase in investor relations expense resulting from a contract for
public relations services; and
o an increase in the number of personnel employed due to adding seven
additional hires from the Hahnville facility.
NET LOSS
For the quarter ended March 31, 1999, our net loss was $76,031 compared to
a net loss of $7,005 for the quarter ended March 31, 1999. The loss was
primarily attributable to the increase in general and administrative expenses as
described above, which was not offset by increased revenues for the period.
CASH FLOWS
Our operating activities used net cash of $182,392 in the first quarter of
2000 compared to $243,340 in the first quarter of 1999. Net cash used by
operating activities in the first quarter of 2000 resulted primarily from net
operating losses for the quarter.
Our investing activities used net cash of $1,249 in the first quarter of
2000 compared to $480,998 in the first quarter 1999. The decrease in our
investing activities in the first quarter of 2000 when compared with the first
quarter of 1999 results from no new capital projects or acquisitions in the
first quarter of 2000 compared with the first quarter of 1999 when the
acquisition of Tri-State Chemex Corp. occurred, and the development of the
Hahnville tank wash facility began.
Our financing activities provided cash of $272,814 in the first quarter of
2000 compared to $718,155 in the first quarter of 1999. The decrease in the
first quarter of 2000 consisted primarily of a $473,276 decrease in notes
payable. Our issuances of stock for cash in the first quarter of 2000 increased
by $79,300 from the first quarter of 1999.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2000, we had cash of $90,577 and negative working capital
of $84,276. We do expect to receive cash flow from operations during the current
fiscal year as the Hahnville facility begins to generate positive cash flows,
which has not occurred to date, but which we expect to occur in June 2000 based
on new service
8
<PAGE>
contracts received. We have only operated the Hahnville facility since August
1999, as such there is no assurance that our estimates will prove to be correct,
and that we will generate positive cash flow from the facility. We estimate our
monthly operating expenditure for fiscal 2000 will be approximately $100,000,
although unexpected expenses may increase our monthly outlays. In addition, we
intend to make additional acquisitions during the year, which will cause
increased expenditures.
As of March 31,2000, we had notes payable aggregating $891,690 to
financial institutions and entities due through September 2008 at interest rates
ranging from 9.0% to 14.7%. Of these notes payable, $239,006 are due during the
year ended December 31, 2000. In addition, we have lease commitments of
approximately $3,150 for fiscal 2000 and we are currently leasing several other
properties on a month to month basis with aggregate lease payments of $1,500 per
month. We have also been advanced $184,852 from certain officers that are
payable on demand. As of the time of this filing, no demand has been made by
these officers.
We do not have any significant credit facilities available with financial
institutions or other third parties and until we can generate significant cash
flow from operations, we will be dependent upon external sources of financing.
In addition, although we have received advances from our officers in the past,
we do not expect that we will be able to rely on such advances in the future. We
have received preliminary approval for a $1,050,000 twenty-three year Rural
Development Loan at an interest rate of prime plus two percent payable in
monthly installments. Our application is being processed with the federal
government in order to obtain a loan guaranty and we expect the funding date to
occur in June 2000. There is no assurance that we will receive the final loan
guaranty from the federal government.
If we are unable to close on the loan we will be required to curtail our
expansion, seek other external financing, or otherwise bring cash flows into
balance. We believe our current financial situation is due to our rapid growth,
which we believe is important to our ongoing success, but which we are unable to
adequately finance internally. We believe we can sustain our current operations
if we discontinue all growth expenditures, and use all cash flows from
operations to fund our current operations. If we are unable to close the loan,
we will seek additional equity or debt financing in order to continue our
growth. However, there is no assurance that we will be successful in obtaining
such financing on favorable terms, if at all.
9
<PAGE>
PART II
OTHER INFORMATION
Pursuant to the Instructions to Part II of the Form 10-QSB, Items 1-5 are
omitted.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS
EXHIBIT NO. IDENTIFICATION OF EXHIBIT
Exhibit 3.1 Articles of Incorporation of Fleetclean Systems, Inc.
(Filed previously on Form 10-SB, dated 9/27/99)
Exhibit 3.2 Amended and Restated Bylaws of Fleetclean Systems, Inc.
(Filed previously on Form 10-SB, dated 9/27/99)
Exhibit 4.1 Common Stock Certificate of Fleetclean Systems, Inc.
(Filed previously on Form 10-SB, dated 9/27/99)
Exhibit 10.1 Kenneth A. Phillips Employment Agreement (Filed
previously on Form 10-SB, dated 9/27/99)
Exhibit 10.2 Addendum to Kenneth A. Phillips Employment Agreement
(Filed previously on Form 10-SB, dated 11/12/99)
Exhibit 10.3 Lease/Purchase Agreement (Filed previously on Form
10-SB, dated 11/24/99)
Exhibit 10.4 Economic Development Capital Letter (Filed previously on
Form 10-SB, dated 11/24/99)
Exhibit 27 Financial Data Schedule
(B) REPORTS ON FORM 8-K
None.
10
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Fleetclean Systems, Inc.
Date: May 15, 2000 By: /s/ KENNETH A. PHILLIPS
Kenneth A. Phillips, President
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 90,577
<SECURITIES> 0
<RECEIVABLES> 203,330
<ALLOWANCES> 0
<INVENTORY> 147,404
<CURRENT-ASSETS> 195,957
<PP&E> 1,354,741
<DEPRECIATION> 38,560
<TOTAL-ASSETS> 2,069,493
<CURRENT-LIABILITIES> 608,072
<BONDS> 0
0
0
<COMMON> 121,400
<OTHER-SE> 658,454
<TOTAL-LIABILITY-AND-EQUITY> 2,069,493
<SALES> 352,089
<TOTAL-REVENUES> 354,228
<CGS> 96,724
<TOTAL-COSTS> 430,259
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 27,005
<INCOME-PRETAX> (76,031)
<INCOME-TAX> 0
<INCOME-CONTINUING> (76,031)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (76,031)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
