SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] 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 0-493
CONSUMERS WATER COMPANY
(Exact name of registrant as specified in its Charter)
Maine 01-0049450
- --------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) identification number)
Three Canal Plaza, Portland, ME 04101
- --------------------------------- -------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (207) 773-6438
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
ct 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
The number of common shares of Consumers Water Company outstanding as
of July 26, 1996, was 8,632,584.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
PART I ITEM I
June 30, December 31,
1996 1995
--------- ----------
(Unaudited)
ASSETS
Property, Plant and Equipment, at cost:
Water utility plant, in service $446,011 $436,248
Less - Accumulated depreciation 78,828 74,414
--------- --------
367,183 361,834
--------- --------
Other subsidiaries 2,304 2,197
Less - Accumulated depreciation 1,453 1,307
--------- --------
851 890
--------- --------
Construction work in progress 20,668 18,067
-------- --------
Net property, plant and equipment 388,702 380,791
-------- --------
Investments, at cost 1,596 1,762
-------- --------
Current Assets:
Cash and cash equivalents 3,523 2,576
Accounts receivable, net of reserves
of $993 in 1996 and $848 in 1995 13,122 12,719
Unbilled revenue 7,595 7,014
Inventories 2,992 2,833
Prepayments and other 4,414 6,143
-------- --------
Total current assets 31,646 31,285
-------- --------
Other Assets:
Funds restricted for construction activity 295 287
Deferred charges and other assets 15,871 17,959
-------- --------
16,166 18,246
-------- --------
$438,110 $432,084
======== ========
The accompanying notes are an integral part of these consolidated
financial statements.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands Except Per Share Amounts)
PART I ITEM I
June 30, December 31,
1996 1995
--------- ---------
(Unaudited)
SHAREHOLDERS' INVESTMENT
AND LIABILITIES
Capitalization:
Common Stock, $1 par value
Authorized: 15,000,000 shares
Issued: 8,627,409 shares in 1996 and
8,494,686 in 1995 $8,627 $8,495
Amounts in excess of par value 73,942 71,718
Reinvested Earnings 24,065 25,786
-------- --------
Common shareholders' investment $106,634 $105,999
-------- --------
Preferred shareholders' investment 1,054 1,069
Minority interest 2,338 2,355
Long-term debt 146,008 162,161
-------- --------
Total capitalization 256,034 271,584
-------- --------
Contributions in Aid of Construction 69,061 67,439
-------- --------
Current Liabilities:
Notes payable 20,750 11,830
Sinking fund requirements and
current maturities 15,677 707
Accounts payable 5,005 6,060
Accrued taxes 4,996 7,611
Accrued interest 3,719 3,609
Accrued expenses and other 12,864 13,632
-------- -------
Total current liabilities 63,011 43,449
-------- -------
Commitments and Contingencies
Deferred Credits:
Customers' advances for construction 22,768 22,507
Deferred income taxes 22,457 22,260
Unamortized investment tax credits 4,779 4,845
-------- -------
$ 50,004 $ 49,612
-------- -------
$ 438,110 $ 432,084
-------- -------
Book Value Per Share of Common Stock $ 12.36 $ 12.48
The accompanying notes are an integral part of these consolidated financial
statements.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts)
PART I ITEM
Six Months Ended
June 30, June 30,
1996 1995
-------- --------
Revenue and Sales: (Unaudited)
Water utility operations $44,971 $41,404
Other operations 6,765 6,644
------- -------
Operating revenue 51,736 48,048
------- -------
Costs and Expenses:
Water utility operations 31,961 29,940
Other operations 7,236 7,028
------- -------
Operating expenses 39,197 36,968
------- -------
Operating Income 12,539 11,080
------- -------
Other Income and (Expense):
Interest expense (7,175) (6,906)
Construction interest capitalized 396 654
Preferred dividends and minority
interest of subsidiaries (60) (67)
Other net 157 403
------ ------
(6,682) (5,916)
------ ------
Earnings Before Income Taxes and Gains
(Losses) from Sales of Properties 5,857 5,164
Income Taxes 2,084 1,762
------ ------
Earnings from Operations :
Before Gains (Losses) from Sales of Properties 3,773 3,402
Gains (Losses) from Sales of Properties, Net (309) 1,087
------ ------
Net Income $ 3,464 $ 4,489
====== ======
Weighted Average Shares Outstanding # 8,573 # 8,328
Earnings per Common Share:
Before Gains (Losses) from Sales $ 0.44 $ 0.41
====== ======
Total $ 0.40 $ 0.54
====== ======
Dividends Declared Per Common Share $ 0.60 $ 0.59
====== ======
The accompanying notes are an integral part of these consolidated financial
statements.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts)
Three Months Ended
June 30, June 30,
1996 1995
-------- --------
(Unaudited)
Revenue and Sales:
Water utility operations $23,069 $21,739
Other operations 3,612 3,779
------- -------
Operating revenue 26,681 25,518
------- -------
Costs and Expenses:
Water utility operations $16,260 15,301
Other operations 3,904 3,821
------- -------
Operating expenses 20,164 19,122
------- -------
Operating Income 6,517 6,396
------- -------
Other Income and (Expense):
Interest expense (3,613) (3,483)
Construction interest capitalized 210 312
Preferred dividends and minority
interest of subsidiaries (31) (34)
Other net 66 161
------- -------
(3,368) (3,044)
------- -------
Earnings Before Income Taxes and Gains (Losses)
from Sales of Properties 3,149 3,352
Income Taxes 1,114 1,182
------- -------
Earnings from Operations :
Before Gains (Losses) from Sales of Properties 2,035 2,170
Gains (Losses) from Sales of Properties, Net (395) 724
------- -------
Net Income $1,640 $2,894
======= =======
Weighted Average Shares Outstanding 8,599 8,360
Earnings per Common Share:
Before Gains (Losses) from Sales $ 0.24 $ 0.26
Total $ 0.19 $ 0.35
======= =======
Dividends Declared Per Common Share $ 0.30 $ 0.59
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
PART I ITEM I
Six Months Ended
June 30, June 30,
1996 1995
-------- --------
(Unaudited)
Operating activities:
Net income $3,464 $4,489
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 5,734 5,290
Deferred income taxes and investment
tax credits 693 901
(Gains) Losses on sales of properties 309 (1,087)
Changes in assets and liabilities:
Increase in accounts receivable and
unbilled revenue (984) (1,956)
Increase in inventories (159) (131)
Decrease in prepaid expenses 1,729 1,839
Decrease in accounts payable and accrued
expenses (2,788) (1,845)
Change in other assets, net of change in
other liabilities (431) (1,573)
------- -------
Total adjustments 4,103 1,438
------- -------
Net cash provided by operating activities 7,567 5,927
------- -------
Investing activities:
Capital expenditures (13,333) (15,767)
Payment Received on a note receivable 1,330 -
(Increase) Decrease in funds restricted for
construction activity (8) 1,896
Decrease in construction accounts payable (1,547) (1,419)
Net proceeds from sales of properties 90 3,334
------- -------
Net cash used in investing activities (13,468) (11,956)
------- -------
Financing activities:
Net borrowings (repayment) of short-term debt 8,920 (911)
Proceeds from issuance of long-term debt - 9,032
Repayment of long-term debt (1,183) (2,297)
Proceeds from issuance of stock 2,333 2,114
Advances and contributions in aid of
construction, net of repayments 2,272 2,210
Deferred taxes paid by developers on advances
and contributions in aid of construction (315) 211
Cash dividends paid (5,179) (4,934)
------ ------
Net cash provided by financing activities 6,848 5,425
------ ------
Net increase (decrease) in cash and
cash equivalents 947 (604)
Cash and cash equivalents at beginning of year 2,576 2,906
------ ------
Cash and cash equivalents at end of period $ 3,523 $ 2,302
======= =======
Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest (net of amounts capitalized) $6,535 $6,277
Income taxes $2,023 $1,421
Non-cash investing and financing activities for the period
Property advanced or contributed $389 $276
The accompanying notes are an integral part of the consolidated financial
statements.
CONSUMERS WATER COMPANY AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
June 30, 1996
PART I ITEM 1
A. PREPARATION OF FINANCIAL STATEMENTS
The condensed financial statements included herein have been
prepared by the registrant, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Registrant believes that the disclosures which are made are adequate to
make the information presented not misleading, particularly when read in
conjunction with the financial statements and notes thereto included in the
registrants' latest annual report on Form 10-K. In management's opinion,
the attached interim financial statements reflect all adjustments which
are necessary for a fair statement of the results for the periods
presented. All adjustments made were of a normal and recurring nature.
B. EARNINGS PER SHARE
Earnings per common share are based on the weighted average
number of shares and common share equivalents actually outstanding during
the period. The effect of employee stock options which are included as
common share equivalents is to increase the number of shares outstanding by
2,095 in 1996 and 32 in 1995.
C. COMMITMENTS AND CONTINGENCIES
In March, 1993, an outside contractor spilled a small amount
of mercury while working at Consumers Ohio Water Company's water treatment
plant. Several areas in an around the plant were contaminated by the spill,
although no mercury contaminated Consumers Ohio's water supply. The
cleanup was completed at a total cost of approximately $900,000. Consumers
Ohio has received $100,000 from its insurer and is currently seeking
recovery of all the cleanup costs from the contractor. While there can
be no assurances to the ultimate outcome of Consumers Ohio's efforts to
obtain such recovery, management believed it probable that Consumers Ohio
would recover cleanup costs from the contractor and/or the contractor's
insurer and deferred the cost incurred in connection with the spill. Due
to the progress of the case and to the expected cost of the litigation,
Consumers Ohio reserved $375,000 in 1995 for possible losses on this
claim.
D. REVERSAL OF GAIN ON SALE
In 1994, Consumers Illinois recorded a gain, net of taxes of
$394,000 from the sale of nine acres of land. In 1996, as part of a rate
hearing, the Illinois Commerce Commission ordered Consumers Illinois to
return the gain from this sale to the customers through reduced rates.
Therefore, the gain was reversed in the second quarter of 1996.
Consumers Illinois intends to challenge this decision in court.
PART I ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
The following discussion and analysis sets forth certain factors relative to
the Company's financial condition at June 30, 1996 and the results of its
operations for the three months and six months then ended as compared to
the same period of the prior year.
LIQUIDITY AND CAPITAL RESOURCES
CONSTRUCTION PROGRAM
Capital construction expenditures totaled $11.0 million, net of
contributions and advances, in the first six months of 1996,
substantially all of which relates to the Company's utility subsidiaries.
Projects include $2.7 million spent on a new water treatment plant
expansion in Ohio, which is expected to cost $6.3 million when it is
completed in 1996; and many smaller projects throughout the Company.
The Company expects capital expenditures for 1996 through 1998 to be $92
million, net of contributions and advances. The capital construction
budget is down from the $103 million for the 1995-1997 planning period.
The Company's capital spending is beginning to decrease as the Company
has made many of the improvements required by the Safe Drinking Water
Act (SDWA), the Clean Water Act (CWA), and other regulations.
The Company has started planning a major plant upgrade at Consumers
Pennsylvania Water Company - Shenango Valley Division. This project is
expected to cost approximately $30 million when it is completed in 2000.
This upgrade of one of the Company's older water treatment plants is
required to keep it in compliance with current and future regulations and
to meet expected increases in demand. The project is still in the
planning stage. Several design and financing alternatives for this
project are still being explored.
Several of the Company's water utility subsidiaries have filed or plan
to file cases in their respective jurisdictions for recovery of and
return on capital used to fund their capital expenditure programs.
Costs, which have been prudently incurred in the judgement of the
appropriate public utility commission, have been, and are expected to
continue to be, recognized in rate setting. Given the large rate
increases in recent years, management expects the current increased
scrutiny of rate requests by the state public utility commissions to
continue even with decreasing capital construction budgets.
FINANCING AND CAPITALIZATION
The table below shows the cash generated and used by the Company during
the first six months of 1996.
Cash was generated from:
Dollars in millions
Operations $ 10.2
Common stock issued 2.3
Proceeds from sale of properties .1
Increase in short-term debt 8.9
--------
Total Cash Generated $ 21.5
--------
Cash was used for:
Capital expenditures, net of Contributions
and Advances $ (11.0)
Repayment of long-term debt (1.2)
Payment of dividends (5.2)
Net change in working capital (2.2)
Other (1.0)
-------
Total Cash Used $ (20.6)
-------
Increase in Cash $ .9
=======
Water utilities require high equity ratios to maintain favorable debt
ratings due to the recognition by Standard & Poor's rating system of
additional risk of the SDWA requirements and the uncertainty of
future regulatory treatment of the cost of these requirements. This,
coupled with the size of the Company's capital expenditure program,
makes it likely that the Company will return to the equity market again
in the next few years. Any cash flow not provided through a stock
issuance will, as usual, be financed with short-term lines of credit
until the subsidiary's short-term debt level is high enough to warrant
placement of long-term debt, generally, in the $4-$6 million range. The
Company had unused lines of credit available at June 30, 1996 of $53.4
million. In addition, the Company has two lines of credit totaling
$25 million, which are committed until mid-1997. At June 30, 1996,
$14.9 million was outstanding on these lines, which are recorded as
current maturities on the balance sheet. In addition to the short-term
debt, the Company plans to continue to use tax-exempt, long-term debt
financing in appropriate situations.
ACQUISITIONS AND DISPOSITIONS
Over the past five years, the Company has acquired six water systems. The
Company currently has no material acquisitions pending, however, the
Company has agreed to purchase two small systems in Maine. Management
anticipates continuing the acquisition policy of recent years.
The Company has sold four divisions with customers totaling approximately
15,000 under the threat of eminent domain in the last several years.
The gain on these sales totaled over $7 million. The Company is working
with the local communities in its service areas in an effort to prevent
future eminent domain proceedings.
OTHER
In March, 1993, an outside contractor spilled a small amount of mercury
while working at Consumers Ohio Water's water treatment plant. Several
areas in and around the plant were contaminated by the spill, although no
mercury contaminated Consumers Ohio Water's water supply. The cleanup has
been completed at a total cost of approximately $900,000. Consumers Ohio
Water has received $100,000 from its insurer and is currently seeking
recovery of all the cleanup costs from the contractor. While there can
be no assurances to the ultimate outcome of Consumers Ohio Water's efforts
to obtain such recovery, Management believed it probable that Consumers
Ohio Water would recover cleanup costs from the contractor and/or the
contractor's insurer and, therefore, deferred the costs incurred in
connection with the spill. Due to the progress of the case to date and
to the expected cost of the litigation, Consumers Ohio reserved $375,000
in 1995 for possible losses on this claim.
RESULTS OF OPERATIONS
First Half, 1996 versus First Half, 1995
Utilities revenues increased $3,567,000 or 8.6% compared to the first half
of 1995, primarily due to $3,467,000 in rate increases. During 1996, the
Company settled five rate cases allowing for total annual revenues of $2.6
million. Currently, there are three rate cases pending in which $2.6
million in additional revenue is sought.
UTILITY OPERATING EXPENSES
Utility operating expenses increased $2,021,000 or 6.8%. Depreciation
increased $598,000 due to higher plant balances and higher depreciation
rates. Property taxes increased $517,000 due to higher plant balances.
The remainder of the increase was due to increased operating expenses at
the new treatment plant at the Roaring Creek Division in Pennsylvania
which went on line in May, 1995, and normal expense increases.
OTHER OPERATIONS - REVENUE AND EXPENSE
Other operating revenues increased $121,000 or 1.8%, while other operating
expenses increased $208,000 or 3.0%. Consumers Applied Technologies has
begun work on three new meter installation contracts, which are expected
to generate $4.9 million in revenue over the life of the projects. In
addition, CAT has increased sales in corrosion engineering work which
provides higher margins then its meter installation operations. CAT
continued to operate at a loss, however. It lost $378,000 in the first
six months of 1996 compared to a loss of $285,000 in the first six months
of 1995.
OTHER
Gains (losses) from sale of properties is down $1,396,000 in the first six
months of 1996 as compared to the same period in 1995. The reversal of
the gain in Illinois, net of the gains from some small land sales in
Pennsylvania and Ohio in 1996, compares to the gain on the Damariscotta
Division of Consumers Maine Water Company and the gain on the sale of
Girard Lake in Ohio in 1995.
Second Quarter, 1996 versus Second Quarter, 1995
UTILITY REVENUE
Utility revenues increased $1,330,000, or 6.1%, for the three months ended
June 30, 1996, as compared to the same period in 1995, due primarily to
$1,570,000 in rate increases offset by $270,000 in reduced consumption
due to the wet spring throughout the service territories of the Company's
utility subsidiaries.
UTILITY OPERATING EXPENSES
Utility operating expenses increased $959,000 or 6.3% for the three months
ended June 30, 1996, as compared to the same period in 1995. Depreciation
increased $337,000 due to higher plant balances and higher depreciation
rates. Property taxes increased $214,000 due to higher plant balances.
The remainder of the increase was due to increased operating expenses
at the new treatment plant at the Roaring Creek Division in Pennsylvania
which went on line in May, 1995, and normal expense increases.
OTHER OPERATIONS - REVENUE AND EXPENSE
Other operating revenues decreased $167,000 or 4.4%, while other operating
expenses increased $83,000 or 2.2%. Consumers Applied Technologies has
begun work on three new water installation contracts, which are expected to
generate $4.9 million in revenue over the life of the projects. Increases
in the revenue from the meter installation projects were offset by lower
sales in environmental engineering business in the three months ended
June 30, 1996, as compared to the same period in 1995.
PART II
Item 1. LEGAL PROCEEDINGS
a. ILLINOIS REGULATORY APPEAL. Consumers Illinois Water Company
("Consumers Illinois"), a subsidiary of the Company, has filed in the
Appellate Court for the Third District of Illinois a Notice of Appeal and
Petition for Review of an Order of the Illinois Commerce Commission
entered on May 8, 1996 (the "Order"). The Order requires the transfer
of the net gain of approximately $394,000 resulting from the sale of land
owned by Consumers Illinois from the shareholders of Consumers Illinois to
ratepayers in Consumers Illinois' Kankakee district in the form of reduced
rates over a seven year period. The Notice of Appeal, dated July 17, 1996,
was also directed to the City of Kankakee, the NutraSweet Group, Governors
State University and the Village of University Park, who had intervened
in the underlying rate case giving rise to the Order.
b. SCHIAVI HOMES LITIGATION. As previously reported, on
October 25, 1995, the United States District Court for the District of
Maine issued an order granting the Summary Judgement Motions of certain
defendants including the Company, its current and former subsidiaries
and John J. Schiavi, a director of the Company, in a case brought by the
Penobscot Indian Nation in which it alleged, among other things, that
one or all of the defendants defrauded the Penobscot Indian Nation
by breaching their duty of good faith and fair dealing and by making
misrepresentations in connection with the acquisition of the assets of
SHC Corporation, then a subsidiary of the Company, by a Maine limited
partnership in which the Penobscot Indian Nation held a limited partnership
interest. On or about June 6, 1996, the Penobscot Indian Nation filed an
appeal from the granting of summary judgement by the District Court
with the United States First Circuit Court of Appeals alleging that the
District Court erred in granting summary judgement to the Company and
the other defendants. In connection with this litigation, John Palmer,
who is a co-defendant in the suit brought by the Penobscot Indian Nation
and was formerly a director and officer of SHC Corporation, brought suit
against the Company and its former subsidiary, SHC Corporation, in
Cumberland County Superior Court in the State of Maine on May 29, 1996
seeking reimbursement of all of his legal fees incurred in connection
with his defense of the claims raised by the Penobscot Indian Nation
in their original complaint. The Company has filed a motion seeking
dismissal of the complaint brought by Mr. Palmer on the grounds that
it fails to state a claim for which relief may be granted and is time
barred.
Item 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
(a) ELECTION OF DIRECTORS
At the Annual Meeting of Shareholders held in South Portland, Maine on
May 1, 1996, (the "Annual Meeting") the shareholders of the Company
elected the following directors until the 1997 Annual Meeting and until
their successors are elected and qualified, each receiving the vote of the
holders of the Company's outstanding common and preferred shares, voting
as one class, as follows:
----------SHARES VOTED------------- BROKER
FOR AGAINST WITHHELD NON-VOTES
David R. Hastings 7,389,640 --- 46,566 ---
Peter L. Haynes 7,401,061 --- 35,145 ---
Jack S. Ketchum 7,398,278 --- 37,928 ---
John E. Menario 7,399,099 --- 37,107 ---
Jane E. Newman 7,383,397 --- 52,509 ---
John E. Palmer, Jr. 7,395,672 --- 40,534 ---
Elaine D. Rosen 7,370,464 --- 65,742 ---
William B. Russell 7,396,223 --- 39,983 ---
John H. Schiavi 7,303,988 --- 132,218 ---
No existing director's term of office continued after the meeting.
There was no solicitation in opposition to managment's nominees and all
nominees were elected without contest.
(b) PROPOSAL OT APPROVE THE COMPANY'S SENIOR MANAGEMENT LONG-TERM
INCENTIVE PLAN
At the Annual Meeting, the shareholders of the Company approved the
adoption of the Company's Senior Managmenet Long-Term Incentive Plan by the
affirmative vote of the holders of a majority of all of the company's issued
and outstanding common and preferred shares, voting as one class as follows:
BROKER
FOR AGAINST ABSTAIN NON-VOTES
5,893,651 398,949 130,210 1,013,396
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
10.10 Consumers Water Company Senior Management Long-Term Incentive
Plan is incorporated by reference to Appendix A to definitive
proxy statement dated March 29, 1996.
27. Financial Data Schedule is submitted herewith as Exhibit 27.
(b) REPORTS ON FORM 8-K
No reports on Form 8-K have been filed during the quarter ended
June 30, 1996.
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.
CONSUMERS WATER COMPANY
(Registrant)
08/05/96 /s/ Peter L. Haynes
- ---------------------- -----------------------
Date Peter L. Haynes
Chief Executive Officer
08/05/96 /s/ John F. Isacke
- ---------------------- -----------------------
Date John F. Isacke
Chief Financial Officer
EXHIBIT INDEX
10.10 Consumers Water Company Senior Management Long-Term Incentive
Plan is incorporated by reference Appendix A to definitive
proxy statement dated March 29, 1996.
27. Financial Data Schedule is submitted herewith as Exhibit 27.
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