UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Commission File Number 333-40495)
ICG FUNDING, LLC
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of organization)
84-1434980
(I.R.S. Employer Identification No.)
161 Inverness Drive West
Englewood, Colorado 80112
(888) 424-1144 or (303) 414-5000
(Address of principal executive offices and
registrant's telephone numbers, including area codes)
ICG Funding, LLC has no securities registered pursuant to Sections 12(b) or
12(g) of the Act.
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 No |X|
All of the issued and outstanding common securities of ICG Funding, LLC are
owned by ICG Communications, Inc.
<PAGE>
2
TABLE OF CONTENTS
PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
ITEM 1. FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . 3
Balance Sheets as of December 31, 1997 and June 30,
1998 (unaudited). . . . . . . . . . . . . . . . . . . 3
Statements of Operations (unaudited) for the Three
Months and Six Months Ended June 30, 1998 . . . . . . 4
Statement of Member's (Deficit) Equity (unaudited) for
the Six Months Ended June 30, 1998. . . . . . . . . . 5
Statement of Cash Flows (unaudited) for the Six Months
Ended June 30, 1998 . . . . . . . . . . . . . . . . . 6
Notes to Financial Statements, December 31, 1997 and
June 30, 1998 (unaudited) . . . . . . . . . . . . . . 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS . . . . . . . . . 9
PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
ITEM 1. LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . 14
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS . . . . . . 14
ITEM 3. DEFAULTS UPON SENIOR SECURITIES . . . . . . . . . . . 14
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS . 14
ITEM 5. OTHER INFORMATION . . . . . . . . . . . . . . . . . . 14
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K . . . . . . . . . . . 14
Exhibit . . . . . . . . . . . . . . . . . . . . . . . 14
Reports on Form 8-K . . . . . . . . . . . . . . . . . 14
<PAGE>
3
ICG FUNDING, LLC
Balance Sheets
December 31, 1997 and June 30, 1998 (unaudited)
<TABLE>
<CAPTION>
December 31, June 30,
1997 1998
-------------------- -----------------
(in thousands)
<S> <C> <C>
Assets
Current assets:
Short-term investments available for sale $ 108,310 -
Dividends receivable - 849
Restricted cash 8,693 8,693
-------------------- -----------------
Total current assets 117,003 9,542
-------------------- -----------------
Investment in ICG Preferred Stock - 114,086
Restricted cash 15,956 12,142
-------------------- -----------------
Total assets $ 132,959 135,770
==================== =================
Liabilities and Member's (Deficit) Equity
Current liability - dividends payable $ 1,116 1,116
Due to ICG 4,699 4,699
------------------- -----------------
Total liabilities 5,815 5,815
------------------- -----------------
Redeemable preferred securities ($133.4 million liquidation
value at December 31, 1997 and June 30, 1998) 127,655 127,847
Member's (deficit) equity:
Additional paid-in capital (note 3) - 3,385
Accumulated deficit (511) (1,277)
------------------- -----------------
Total member's (deficit) equity (511) 2,108
------------------- -----------------
Commitments and contingencies
Total liabilities and member's (deficit) equity $ 132,959 135,770
=================== =================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
4
ICG FUNDING, LLC
Statements of Operations (unaudited)
Three Months and Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
Three Months Six Months
Ended Ended
June 30, 1998 June 30, 1998
------------------ --------------------
(in thousands)
<S> <C> <C>
Interest income, net $ 312 1,368
Dividend income 1,685 2,522
-------------------- ------------------
Net income $ 1,997 3,890
-------------------- ------------------
Preferred dividends on redeemable preferred securities,
including accretion of offering costs (2,329) (4,656)
-------------------- ------------------
Net loss available to common member $ (332) (766)
==================== ==================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
5
ICG FUNDING, LLC
Statement of Member's (Deficit) Equity (unaudited)
Six Months Ended June 30, 1998
<TABLE>
<CAPTION>
Total
member's
Additional Accumulated (deficit)
paid-in capital deficit equity
------------------ -------------------- ------------------
(in thousands)
<S> <C> <C> <C>
Balance at December 31, 1997 $ - (511) (511)
Contribution of ICG Common Stock (note 3) 3,385 - 3,385
Net income - 3,890 3,890
Preferred dividends on redeemable preferred securities,
including accretion of offering costs - (4,656) (4,656)
------------------ -------------------- ------------------
Balances at June 30, 1998 $ 3,385 (1,277) 2,108
================== ==================== ==================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
6
ICG FUNDING, LLC
Statement of Cash Flows (unaudited)
Six Months Ended June 30, 1998
Six Months Ended
June 30,
1998
------------------
(in thousands)
Cash flows from operating activities:
Net income $ 3,890
Adjustment to reconcile net income to net
cash provided by operating activities:
Non-cash preferred dividends earned on
ICG Preferred Stock (2,522)
------------------
Net cash provided by operating activities 1,368
------------------
Cash flows from investing activities:
Sale of short-term investments 108,310
Purchase of ICG Preferred Stock (112,413)
Decrease in restricted cash 3,814
------------------
Net cash used by investing activities (289)
------------------
Cash flows from financing activities:
Proceeds from sale of ICG Common Stock 3,385
Payment of preferred dividends on redeemable
preferred securities (4,464)
------------------
Net cash used by financing activities (1,079)
------------------
Cash and cash equivalents at December 31, 1997
and June 30, 1998 $ -
==================
See accompanying notes to financial statements.
<PAGE>
7
ICG FUNDING, LLC
Notes to Financial Statements
December 31, 1997 and June 30, 1998 (unaudited)
(1) Organization and Nature of Business
ICG Funding, LLC, a Delaware limited liability company (the "Company"), was
formed on September 17, 1997 as a special purpose limited liability company
existing for the exclusive purposes of: (i) issuing common and preferred
interests in the Company; (ii) using at least 85% of the net proceeds of
such issuances and related capital contributions (the "Net Proceeds") to
purchase shares of preferred stock of ICG Communications, Inc. ("ICG")
("ICG Preferred Stock") in a private placement; (iii) investing a portion
of the remaining Net Proceeds in U.S. Treasury securities, to be held in
escrow in an amount sufficient to fund the cash payments of the first
thirteen quarterly dividends on the Company's preferred interests (the
"Redeemable Preferred Securities"); and (iv) purchasing U.S. Treasury
securities pending the purchase of shares of ICG Preferred Stock. Unless
previously dissolved, the Company's term will continue until December 31,
2050.
ICG is the sole common member of the Company. The business and affairs of
the Company are conducted by ICG and ICG pays all of the Company's
administrative expenses, which are insignificant.
(2) Significant Accounting Policies
(a) Basis of Presentation
These financial statements should be read in conjunction with the
Company's Annual Report on Form 10-K/A for the period from September
17, 1997 (inception) to December 31, 1997 as certain information and
note disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to the rules and regulations of the
United States Securities and Exchange Commission. The interim
financial statements reflect all adjustments which are, in the opinion
of management, necessary for a fair presentation of financial
position, results of operations and cash flows as of and for the
interim period presented. Such adjustments are of a normal recurring
nature. Operating results for the six months ended June 30, 1998 are
not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1998.
(b) Net Loss Per Share
The Company's one issued and outstanding common limited liability
company security is owned directly by ICG. Accordingly, the Company
does not present net loss per share in its financial statements as
such disclosure is not considered to be meaningful.
<PAGE>
8
ICG FUNDING, LLC
Notes to Financial Statements, Continued
(3) Contribution and Sale of ICG Common Stock and Purchase of ICG Preferred
Stock
On February 13, 1998, ICG made a contribution of 126,750 shares of common
stock of ICG, $0.01 par value ("ICG Common Stock"), to the Company.
Immediately thereafter, the Company sold the contributed shares to
unrelated third parties for proceeds of approximately $3.4 million. The
Company recorded the contribution of the ICG Common Stock as additional
paid-in capital at the then fair market value and, consequently, no gain or
loss was recorded by the Company on the subsequent sale of those shares.
Also on February 13, 1998, the Company used the remaining proceeds from the
private placement of the Redeemable Preferred Securities, which were not
restricted for the payment of cash dividends, along with the proceeds from
the sale of the contributed ICG Common Stock to purchase approximately
$112.4 million of ICG Communications, Inc. Preferred Stock ("ICG Preferred
Stock") which pays dividends each February 15, May 15, August 15 and
November 15 in additional shares of ICG Preferred Stock through November
15, 2000. Subsequent to November 15, 2000, dividends on the ICG Preferred
Stock are payable in cash or shares of ICG Common Stock, at the option of
ICG. The ICG Preferred Stock is exchangeable, at the option of the Company,
at any time prior to November 15, 2009 into shares of ICG Common Stock at
an exchange rate based on the exchange rate of the Redeemable Preferred
Securities. The ICG Preferred Stock is subject to mandatory redemption on
November 15, 2009.
<PAGE>
9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion includes certain forward-looking statements which
are affected by important factors including, but not limited to, market
conditions affecting the price of ICG Common Stock, redemption of the Redeemable
Preferred Securities by ICG, exchange into ICG Common Stock by the Redeemable
Preferred Securityholders, the declaration and payment of preferred stock
dividends to the Company by ICG and the ability of ICG to pay the administrative
expenses of the Company, that could cause actual results to differ materially
from the forward-looking statements. The results for the three months and six
months ended June 30, 1998 have been derived from the Company's unaudited
financial statements included elsewhere herein.
Company Overview and Description of Significant Transactions
The Company was formed on September 17, 1997 as a special purpose limited
liability company existing for the exclusive purposes of: (i) issuing common and
preferred interests in the Company; (ii) using at least 85% of the Net Proceeds
of such issuances and related capital contributions to purchase shares of
preferred stock of ICG ("ICG Preferred Stock") in a private placement; (iii)
investing a portion of the remaining Net Proceeds in U.S. Treasury securities,
to be held in escrow in an amount sufficient to fund the cash payments of the
first thirteen quarterly dividends on the Company's Redeemable Preferred
Securities; and (iv) purchasing U.S. Treasury securities pending the purchase of
shares of ICG Preferred Stock.
On September 24 and October 3, 1997, the Company completed a private
placement of 6 3/4% Exchangeable Limited Liability Company Preferred Securities
Mandatorily Redeemable 2009 (the "Redeemable Preferred Securities") for gross
proceeds of $132.25 million. Net proceeds from the private placement, after
offering costs of approximately $4.7 million advanced by ICG, were approximately
$127.6 million. Restricted cash at June 30, 1998 of $20.8 million consists of
the remaining proceeds from the private placement which are designated for the
payment of cash dividends on the Redeemable Preferred Securities through
November 15, 2000.
The Redeemable Preferred Securities consist of 2,645,000 exchangeable
preferred securities of the Company that bear a cumulative dividend at the rate
of 6 3/4% per annum. The dividend is paid quarterly in arrears each February 15,
May 15, August 15 and November 15, and commenced November 15, 1997. The dividend
is payable in cash through November 15, 2000 and, thereafter, in cash or shares
of common stock of ICG, $0.01 par value ("ICG Common Stock"), at the option of
the Company. The Redeemable Preferred Securities are exchangeable, at the option
of the holder, at any time prior to November 15, 2009 into shares of ICG Common
Stock at a rate of 2.0812 shares of ICG Common Stock per preferred security, or
$24.025 per share, subject to adjustment. The Company may, at its option, redeem
the Redeemable Preferred Securities at any time on or after November 18, 2000.
Prior to that time, the Company may redeem the Redeemable Preferred Securities
if the current market value of ICG Common Stock equals or exceeds the exchange
price, for at least 20 days of any consecutive 30-day trading period, by 170%
prior to November 16, 1998; by 160% from November 16, 1998 through November 15,
1999; and by 150% from November 16, 1999 through November 15, 2000. The
Redeemable Preferred Securities are subject to mandatory redemption on November
15, 2009.
<PAGE>
10
On February 13, 1998, ICG made a contribution of 126,750 shares of ICG
Common Stock to the Company. Immediately thereafter, the Company sold the
contributed shares to unrelated third parties for proceeds of approximately $3.4
million. The Company recorded the contribution of the ICG Common Stock as
additional paid-in capital at the then fair market value and, consequently, no
gain or loss was recorded by the Company on the subsequent sale of those shares.
Also, on February 13, 1998, the Company used the remaining proceeds from
the private placement of the Redeemable Preferred Securities, which were not
restricted for the payment of cash dividends, along with the proceeds from the
sale of the contributed ICG Common Stock to purchase approximately $112.4
million of ICG Preferred Stock. The ICG Preferred Stock pays dividends each
February 15, May 15, August 15 and November 15 in additional shares of ICG
Preferred Stock through November 15, 2000. Subsequent to November 15, 2000,
dividends on the ICG Preferred Stock are payable in cash or shares of ICG Common
Stock, at the option of ICG. The ICG Preferred Stock is exchangeable, at the
option of the Company, at any time prior to November 15, 2009 into shares of ICG
Common Stock at an exchange rate based on the exchange rate of the Redeemable
Preferred Securities. The ICG Preferred Stock is subject to mandatory redemption
on November 15, 2009.
Results of Operations
The following table presents the components of the Company's net income and
net loss available to common member for the three months and six months ended
June 30, 1998 (in thousands).
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
1998 1998
------------------ -------------------
<S> <C> <C>
Statement of Operations Data:
Interest income, net $ 312 1,368
Dividend income 1,685 2,522
------------------ -------------------
Net income 1,997 3,890
------------------ -------------------
Preferred dividends on redeemable preferred
securities, including accretion of offering costs (2,329) (4,656)
------------------ -------------------
Net loss available to common member $ (332) (766)
================== ===================
Other Data:
Net cash provided by operating activities $ 312 1,368
Net cash provided (used) by investing activities 1,920 (289)
Net cash used by financing activities (2,232) (1,079)
</TABLE>
<PAGE>
11
Three Months and Six Months Ended June 30, 1998
Interest income, net. Interest income, net of $0.3 million and $1.4 million
for the three months and six months ended June 30, 1998, respectively, consists
of income earned on invested cash proceeds from the issuance of the Redeemable
Preferred Securities in September and October 1997. The decrease in interest
income, net from the three months ended March 31, 1998 to the three months ended
June 30, 1998 is due to the decrease in average balances held in short-term
investments between the comparative periods, resulting from the purchase of the
ICG Preferred stock on February 13, 1998 for $112.4 million.
Dividend income. Dividend income of $1.7 million and $2.5 million for the
three months and six months ended June 30, 1998, respectively, consists of
preferred dividends earned on the ICG Preferred Stock from February 13, 1998
through the end of the respective period.
Net income. The Company's net income for the three months and six months
ended June 30, 1998 consists of interest income, net, and dividend income, as
noted above.
Preferred dividends on redeemable preferred securities, including accretion
of offering costs. Preferred dividends on redeemable preferred securities,
including accretion of offering costs was $2.3 million and $4.7 million for the
three months and six months ended June 30, 1998, respectively, and includes
approximately $2.2 million and $4.4 million of preferred security dividends paid
and accrued during the three months and six months ended June 30, 1998,
respectively, and the accretion of offering costs from the private placement of
the Redeemable Preferred Securities of approximately $0.1 million and $0.3
million for the three months and six months ended June 30, 1998, respectively.
Net loss available to common member. Net loss available to common member of
$0.3 million and $0.8 million for the three months and six months ended June 30,
1998, respectively, is a result of preferred dividends on redeemable preferred
securities, offset by net income, as noted above.
Liquidity and Capital Resources
The Company's operations consist entirely of effecting the transactions
required by the terms of the Redeemable Preferred Securities issued in September
and October 1997. To date, the Company's operations have been funded through the
proceeds from the issuance of the Redeemable Preferred Securities and the sale
of ICG Common Stock which was contributed to the Company by ICG. As of June 30,
1998, the Company has assets of approximately $135.8 million which consist of
the Company's investment in ICG Preferred Stock of approximately $114.1 million,
restricted cash invested in U.S. Treasury securities of approximately $20.8
million for the payment of cash dividends through November 15, 2000 on the
Redeemable Preferred Securities and a receivable for preferred dividends earned
on the ICG Preferred Stock of approximately $0.8 million. The Company's
liabilities at June 30, 1998 include approximately $1.1 million in preferred
dividends accrued on the Redeemable Preferred Securities and approximately $4.7
million due to ICG for advances for the offering costs associated with the
issuance of the Redeemable Preferred Securities.
<PAGE>
12
The Company is dependent upon ICG to declare and pay preferred dividends on
the ICG Preferred Stock. ICG is a Delaware corporation that files annual,
quarterly and current reports with the Securities and Exchange Commission. Its
Commission File Number is 1-11965.
Net Cash Provided By Operating Activities
Net cash provided by operating activities was approximately $1.4 million
for the six months ended June 30, 1998 and consists of interest income earned on
restricted cash invested in U.S. Treasury securities.
Net Cash Used By Investing Activities
Net cash used by investing activities was approximately $0.3 million for
the six months ended June 30, 1998 and consists of the purchase of the ICG
Preferred Stock for approximately $112.4 million, offset by the proceeds from
the sale of U.S. Treasury securities of approximately $108.3 million and the
decrease in restricted cash of approximately $3.8 million.
Net Cash Used By Financing Activities
Financing activities used approximately $1.1 for the six months ended June
30, 1998. Net cash used by financing activities includes the payments of cash
dividends on the Redeemable Preferred Preferred Securities of approximately $4.5
million, offset by the proceeds from the sale of the contributed ICG Common
Stock of $3.4 million. The Company expects cash used by financing activities in
future years to include only payments of cash dividends on the Redeemable
Preferred Securities.
Cash Commitments
The Redeemable Preferred Securities require payments of dividends to be
made in cash and are being paid currently through November 15, 2000. At June 30,
1998, the Company has cash dividend obligations on the Redeemable Preferred
Securities of approximately $4.5 million remaining in 1998 and approximately
$8.9 million in each of 1999 and 2000. The Redeemable Preferred Securities have
a liquidation preference of $50 per security, plus accrued and unpaid dividends,
and are mandatorily redeemable in 2009. The Company's management believes it has
sufficient resources to meet these future cash requirements.
Year 2000 Compliance
As a wholly owned subsidiary of ICG, the Company's Year 2000 compliance
plan is embedded within ICG's Year 2000 compliance plan for its consolidated
operations. It is not practicable for ICG to address the state of Year 2000
readiness, compliance costs, risks or contingency plans of the Company, or for
any other legal entity on a stand-alone basis, as ICG's plan was designed to
<PAGE>
13
resolve Year 2000 compliance issues for all entities combined, the most
cost-effective manner. Moreover, as a result of the Company's and ICG's shared
management and administrative personnel and the Company's dependence upon the
successful operations of ICG in order that ICG's Board of Directors will
continue to declare and pay dividends on the ICG Preferred Stock, evaluating the
Company's plan for Year 2000 compliance on a stand-alone basis is not
meaningful. ICG is a Delaware corporation that files annual, quarterly and
current reports with the Securities and Exchange Commission. Its Commission File
Number is 1-11965.
<PAGE>
14
PART II
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND USE OF PROCEEDS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Effective April 21, 1998, ICG, Sole Common Member and Manager of the
Company, caused the Company to declare a cash dividend in the amount of
$0.47 per Redeemable Preferred Security to holders of record at the close
of business on May 1, 1998, which was paid on May 15, 1998.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K
(A) Exhibit.
(27) Financial Data Schedule.
27.1:Financial Data Schedule of ICG Funding, LLC for the Six
Months Ended June 30, 1998.
(B) Reports on Form 8-K.
None.
<PAGE>
15
INDEX TO EXHIBITS
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
<PAGE>
EXHIBIT 27.1
Financial Data Schedule of ICG Funding, LLC for the Six Months
Ended June 30, 1998.
<PAGE>
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized, on November 9, 1998.
ICG Funding, LLC
By: ICG Communications, Inc.
Common Member and Manager
By: /s/ Harry R. Herbst
---------------------------------------
Harry R. Herbst
Executive Vice President and Chief
Financial Officer (Principal Financial
Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF ICG FUNDING, LLC FOR THE SIX MONTHS ENDED JUNE 30, 1998
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 20,835
<SECURITIES> 0<F1>
<RECEIVABLES> 0<F1>
<ALLOWANCES> 0<F1>
<INVENTORY> 0<F1>
<CURRENT-ASSETS> 9,542
<PP&E> 0<F1>
<DEPRECIATION> 0<F1>
<TOTAL-ASSETS> 135,770
<CURRENT-LIABILITIES> 1,116
<BONDS> 4,699
127,847
0<F1>
<COMMON> 0<F1>
<OTHER-SE> 2,108
<TOTAL-LIABILITY-AND-EQUITY> 135,770
<SALES> 0<F1>
<TOTAL-REVENUES> 0<F1>
<CGS> 0<F1>
<TOTAL-COSTS> 0<F1>
<OTHER-EXPENSES> 0<F1>
<LOSS-PROVISION> 0<F1>
<INTEREST-EXPENSE> (3,890)
<INCOME-PRETAX> 3,890
<INCOME-TAX> 0<F1>
<INCOME-CONTINUING> 3,890
<DISCONTINUED> 0<F1>
<EXTRAORDINARY> 0<F1>
<CHANGES> 0<F1>
<NET-INCOME> 3,890
<EPS-PRIMARY> 0<F1>
<EPS-DILUTED> 0<F1>
<FN>
<F1>THIS VALUE IS NOT APPLICABLE.
</FN>
</TABLE>
