FORM 10Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1999
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: 0-610
EQUITY OIL COMPANY
(Exact name of registrant as specified in its charter)
COLORADO 87-0129795
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 806, #10 West Third South, Salt Lake City, Utah 84101
(Address of principal executive offices)
(Zip Code)
(801) 521-3515
Registrant's telephone number, including area code
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 12,643,440
<PAGE>
ITEM I: Financial Statements
EQUITY OIL COMPANY
Statement of Operations
For the Six Months Ended June 30, 1999 and 1998
(Unaudited)
1999 1998
REVENUES ---- ----
Oil and gas sales ......... $ 6,118,585 $ 6,517,271
Partnership income ........ 15,000 15,500
Interest income ........... 19,195 40,326
Other ..................... 56,196 101,705
------------ ------------
6,208,976 6,674,802
EXPENSES
Operating costs ........... 2,655,396 3,030,862
Depreciation, depletion and
amortization ............ 2,050,000 2,450,000
Equity loss in
Symskaya Exploration .... 106,206 319,113
Leasehold abandonments .... 8,854 164,091
3D seismic ................ -- 430,773
Exploration ............... 743,650 745,882
General and administrative 918,406 1,097,139
Interest .................. 592,634 569,905
------------ ------------
7,075,146 8,807,765
Loss before income taxes ........... (866,170) (2,132,963)
Benefit for income taxes ........... (405,416) (597,229)
------------ ------------
NET LOSS ........................... $ (460,754) $(1,535,734)
============ ============
Basic and diluted net
loss per common share ..... $ (0.04) $ (0.12)
============ ============
Weighted average shares outstanding 12,636,671 12,612,824
The accompanying notes are an integral part of these statements.
2
<PAGE>
EQUITY OIL COMPANY
Statement of Operations
For the Three Months Ended June 30, 1999 and 1998
(Unaudited)
1999 1998
REVENUES ---- ----
Oil and gas sales ......... $ 3,507,733 $ 3,016,811
Partnership income ........ 7,500 7,500
Interest income ........... 12,080 6,297
Other ..................... 31,653 66,749
------------ ------------
3,558,966 3,097,357
EXPENSES
Operating costs ........... 1,369,238 1,381,932
Depreciation, depletion and
amortization ............ 950,000 1,200,000
Equity loss in
Symskaya Exploration .... 62,781 235,615
Leasehold abandonments .... 8,854 164,091
3D seismic ................ -- 21,030
Exploration ............... 369,397 355,754
General and administrative 490,136 658,561
Interest .................. 294,307 290,371
------------ ------------
3,544,713 4,307,354
Income (loss) before income taxes .. 14,253 (1,209,997)
Benefit for income taxes ........... (97,692) (316,269)
------------ ------------
NET INCOME (LOSS) .................. $ 111,945 $ (893,728)
============ ============
Net income (loss) per common share:
Basic ..................... $ 0.01 $ (0.07)
Diluted ................... $ 0.01 $ (0.07)
Weighted average shares outstanding:
Basic ..................... 12,633,075 12,615,440
Diluted ................... 13,653,440 12,615,440
The accompanying notes are an integral part of these statements.
3
<PAGE>
EQUITY OIL COMPANY
Balance Sheet
as of June 30, 1999 and December 31, 1998
June 30, December 31,
ASSETS 1999 1998
- ------ ---------- ----------
(Unaudited)
Current assets:
Cash and cash equivalents ........ $ 491,641 $ 444,476
Accounts and advances receivable . 3,007,466 2,696,160
Income taxes receivable .......... 47,892 291,597
Deferred income taxes ............ 19,417 19,417
Other current assets ............. 222,616 318,904
------------- -------------
3,789,032 3,770,554
Property and equipment ............. 105,070,719 104,407,815
Less accumulated depreciation,
depletion and amortization ........ 63,232,136 61,191,368
------------- -------------
41,838,583 43,216,447
Other assets:
Investment in Raven Ridge
Pipeline Partnership ........... 235,997 220,997
Other assets ..................... 42,113 63,170
------------- -------------
278,110 284,167
TOTAL ASSETS ....................... $ 45,905,725 $ 47,271,168
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable ................. $ 1,191,218 $ 1,675,759
Accrued liabilities .............. 185,187 164,163
Federal, state and foreign
income taxes payable ........... 114,509 212,583
Accrued profit sharing ........... 124,741 90,413
------------- -------------
1,615,655 2,142,918
Revolving credit facility .......... 16,500,000 16,500,000
Deferred income taxes .............. 1,246,024 1,642,700
------------- -------------
17,746,024 18,142,700
Stockholders' Equity:
Common stock ..................... 12,808,040 12,794,040
Paid in capital .................. 3,719,743 3,714,493
Less cost of treasury stock ...... (528,302) (528,302)
Retained earnings ................ 10,544,565 11,005,319
------------- -------------
26,544,046 26,985,550
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY ............. $ 45,905,725 $ 47,271,168
============= =============
The accompanying notes are an integral part of these statements.
4
<PAGE>
EQUITY OIL COMPANY
Statement of Cash Flows
For the Six Months Ended June 30, 1999 and 1998
(Unaudited)
1999 1998
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ............................. $ (460,754) $(1,535,734)
Adjustments
Depreciation, depletion and
amortization ..................... 2,050,000 2,450,000
Partnership income ................. (15,000) 47,181
Loss on property dispositions ...... 8,854 164,091
Decrease in deferred income taxes .. (396,676) (810,771)
Equity loss in
Symskaya Exploration ............. 106,206 319,113
Change in other assets ............. 21,057 21,057
Common stock issued for services ... 19,250 47,351
Net cash provided before changes in ----------- -----------
working capital items ............. 1,332,937 702,288
Increase (decrease) from changes in:
Accounts and advances receivable . (311,306) 420,274
Other current assets ............. 96,288 (15,053)
Accounts payable and accrued
liabilities .................... (463,517) 63,008
Income taxes receivable/payable .. 145,631 116,935
Accrued profit sharing ........... 34,328 (92,973)
----------- -----------
Net cash provided
by operating activities ............ 834,361 1,194,479
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Advances to Symskaya Exploration ..... (106,206) (319,113)
Capital expenditures ................. (680,990) (2,257,063)
----------- -----------
Net cash used in investing
activities ......................... (787,196) (2,576,176)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under
revolving credit facility ........... -- 1,021,170
----------- -----------
Net cash provided by
financing activities .............. -- 1,021,170
----------- -----------
NET INCREASE (DECREASE) IN CASH ......... 47,165 (360,527)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD ............... 444,476 378,801
----------- -----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD ..................... $ 491,641 $ 18,274
=========== ===========
The accompanying notes are an integral part of these statements.
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1. INTERIM FINANCIAL STATEMENTS
The accompanying financial statements of Equity Oil Company ("Equity" or
"the Company") have not been audited by independent accountants, except for the
Balance Sheet as of December 31, 1998. In the opinion of the Company's
management, the financial statements reflect the adjustments, all of which are
of a normal and recurring nature, necessary to present fairly the financial
position of the Company as of June 30, 1999, and the results of its operations
for the three and six month periods ended June 30, 1999 and 1998, and its cash
flows for the six month periods ended June 30, 1999 and 1998.
The financial statements and the accompanying notes to financial statements
have been prepared according to rules and regulations of the Securities and
Exchange Commission. Accordingly, certain notes and other information have been
condensed or omitted from the interim financial statements presented in this
Quarterly Report on Form 10-Q. These financial statements should be read in
conjunction with the Company's 1998 Annual Report on Form 10-K, and the
Company's Form 10-Q for the first quarter of 1999.
The results for the three and six month periods ended June 30, 1999 are not
necessarily indicative of future results.
NOTE 2. NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share was computed by dividing the net income
(loss) by the weighted average number of common shares outstanding. Diluted net
income (loss) per share was computed by dividing the net income (loss) by the
sum of the weighted average number of common shares and the effect of dilutive
unexercised stock options. Options to purchase approximately 1,024,000 shares of
common stock at prices of $2.50 to $6.00 per share were outstanding during the
first six months of 1999 and were included in the computation of diluted net
income per share for the three months ended June 30, 1999. Options to purchase
approximately 985,000 shares of common stock at prices of $3.56 to $6.00 per
share were outstanding during the first six months of 1998. For all other
periods presented, options were not included in the computation of net loss per
share because the effect would have been antidilutive.
6
<PAGE>
PART I
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION
RESULTS OF OPERATIONS
Financial Results
- -----------------
Significant reductions in most expense categories during the first six
months of 1999 offset decreases in oil and gas sales, enabling the Company to
lessen its net loss to $(460,754), or $(.04) per share, compared to a net loss
of $(1,535,734), or $(.12) per share, during the same period of 1998. Total
revenues of $6,208,976 were 7% lower than total revenues of $6,674,802 recorded
in the first half of 1998.
Higher oil prices during the second quarter of 1999 accentuated the impact
of the Company's expense reductions. The Company recorded net income in the
second quarter of 1999 of $111,945, or $.01 per share, compared to a second
quarter 1998 net loss of $(893,728), or $(.07) per share. Second quarter
revenues in 1999 of $3,558,966 were 15% higher than the $3,097,357 reported in
the second quarter of 1998.
Operating Results
- -----------------
In recognition of recently depressed prices and the ongoing volatility in
the oil markets, the Company has decreased the number of wells drilled in 1999,
in addition to cutting its operating and administrative expenses. During the
first half of 1999, the Company participated in a total of 5 wells, 3 of which
have been completed as producing wells. During the first half of 1998, the
Company participated in 8 wells, 6 of which were completed as producing wells.
Included in the 1999 successful well count is an exploratory well drilled
in California on the Company's Merlin 3D seismic project. The Equity P51B tested
at a rate of 1.8 million cubic feet per day from the Kione formation at a depth
of 3,800 feet, and was placed on production in May of 1999. Equity operates and
has a 50% working interest in the well and the Merlin project.
The second successful well is the #2-9 Davis Ranch drilled on Equity's
Davis Ranch 3-D seismic project. The well was drilled to a total depth of 7,550
feet and encountered three potentially productive sands that tested at a rate of
2 MMCFD. The well was placed on production in July of 1999. Equity operates and
has a 60% working interest in the well.
The third successful 1999 well is the #1-30 Wallace well drilled at the
Moon Bend 3D survey in the Sacramento Basin. The well was completed in the
Forbes formation at an initial production rate of 2.2 MMCFD. The Company has a
12% working interest in the well, which is operated by Slawson Exploration.
7
<PAGE>
The initial exploratory test well at the Company's Sequoia project in the
San Joaquin Basin was a dry hole. Drilling results are currently being
evaluated, and the data acquired will be used to help identify the next drilling
location.
CAPITAL RESOURCES AND LIQUIDITY
- -------------------------------
Cash and cash equivalents totaled $491,641 as of June 30, 1999, an increase
of $47,165 since year-end 1998. Working capital at June 30, 1999 improved to
$2,173,377, compared to $1,627,636 at December 31, 1998. The Company's ratio of
current assets to current liabilities likewise improved to 2.35 to 1 at June 30,
1999, compared to 1.76 to 1 at December 31, 1998. Cash provided by operating
activities before working capital changes increased 90%, from $702,288 in the
first six months of 1998 to $1,332,937 recorded during the same period of 1999.
Investment in property and equipment for the first six months of 1999
totaled $680,990, a 70% decrease from the amount recorded during the
corresponding six months of 1998. As a result of depressed oil prices, and their
negative effects on cash flows, the Company has reduced its 1999 capital budget
to ensure that the bulk of its projects will be funded by discretionary cash
flows. The Company's current revised budget includes 9 exploratory wells and 9
recompletions. The bulk of the Company's drilling should occur during the fourth
quarter of the year.
The Company borrowed $1,021,170 on its credit facility during the first
half of 1998, primarily for working capital purposes. The Company did not draw
down any funds on its credit facility during the first half of 1999. The
Company's current commitment under its credit facility is $17 million.
Accordingly, as of June 30, 1999, the Company had $500,000 of remaining
availability on the facility. The Company is in compliance with all covenants in
the facility, and expects to be in compliance for the remainder of 1999.
The Company believes that existing cash balances, cash flow from operating
activities, and funds available under the Company's credit facility will provide
adequate resources to meet its capital and exploration spending objectives for
1999, which have been significantly curtailed due to volatile oil prices. Should
oil prices return to their depressed levels of the first quarter of the year,
the Company may have difficulty in meeting its ongoing exploration and
development drilling objectives. The Company has adequate liquidity to maintain
its operations as they currently exist.
8
<PAGE>
COMPARISON OF SECOND QUARTER 1999 WITH SECOND QUARTER 1998
- ----------------------------------------------------------
Oil and gas sales in the second quarter of 1999 of $3,507,733 were 16%
higher than the $3,016,811 recorded for the same quarter of last year. The
higher revenues were primarily a function of higher oil prices, as oil and gas
production both declined during the quarter. The average net price for crude oil
received by the Company during the quarter was $15.50 per barrel, compared to
$11.58 during the second quarter of 1998, an increase of 34%. Average gas prices
were constant at $1.95 per Mcf during the second quarter of both years. Oil
production decreased from 170,000 barrels in the second quarter of 1998 to
164,000 barrels during the same quarter of 1999, primarily due to low-margin oil
properties being shut-in during the early part of the quarter. Gas production
dropped from 550,000 Mcf in 1998 to 475,000 Mcf in 1999 due to natural
production declines.
Total expenses in 1999 decreased 18% over 1998 second quarter levels.
Depreciation, depletion and amortization (DD&A) per unit charges decreased from
$4.59 per BOE in 1998 to $3.91 per BOE in 1999. The primary reason for the per
unit decrease was the elimination of approximately $4 million from the Company's
depletable base through a property impairment charge in the fourth quarter of
1998. In addition, higher oil prices at June 30, 1999 enabled the Company to
record positive reserve revisions, which in turn decreased DD&A rates for many
of the Company's oil properties.
The equity loss in Symskaya Exploration decreased by $172,834 during the
second quarter of 1999. The 1998 amount included a writedown of approximately
$125,000 in interest income on a senior note between Symskaya and the Company
that had been accrued in prior periods, as well as the Company's share of a
bottom hole contribution. Neither of these two events were recurring.
The Company abandoned certain undeveloped leaseholds during the second
quarter of 1998, associated with a Lodgepole prospect, that were acquired in
1995 and 1996. There was no corresponding event in 1999.
General and administrative expenses decreased 16% from 1998 first half
levels. The decrease was due to reduced compensation and other administrative
expenses. Higher interest costs in 1999 reflect the higher amount of debt
outstanding under the Company's credit facility.
9
<PAGE>
COMPARISON OF FIRST HALF 1999 WITH FIRST HALF 1998
Rising oil prices during the latter part of the first half of 1999 enabled
the Company to record higher average prices compared to the first half of 1998.
Average oil prices received by the Company during the first six months of 1999
were $13.40 per barrel, compared to $12.51 per barrel during the same period in
1998. Gas prices dropped during the first half of 1999, averaging $1.80 per Mcf,
compared to $1.97 per Mcf during the first half of 1998.
With much of the low-margin oil production shut-in during the first quarter
of 1999 due to low oil prices, oil production decreased in the first half of the
year. Oil production of 318,000 barrels was down 6% from 340,000 barrels in
1998. Reduced exploratory drilling in 1998, combined with natural production
declines, resulted in lower gas production for the 1999 first half. Gas
production decreased from 1,170,000 Mcf produced in 1998 to 1,025,000 Mcf
produced during the first half of 1999, a decrease of 12%.
Total expenses in 1999 decreased 20% over 1998 first half levels. Lower
production levels contributed to lower lease operating costs and depreciation,
depletion, and amortization (DD&A) charges. Lease operating costs decreased 4%
on a per BOE basis, declining from $5.67 per BOE to $5.43 per BOE, a further
reflection of high-cost, low margin oil properties being shut in during the
first quarter 1999.
DD&A per unit charges decreased from $4.58 per BOE in 1998 to $4.19 per BOE
in 1999. The primary reason for the per unit decrease was the elimination of
approximately $4 million from the Company's depletable base through a property
impairment charge in the fourth quarter of 1998. In addition, higher oil prices
at June 30, 1999 enabled the Company to record positive reserve revisions, which
in turn decreased DD&A rates for many of the Company's oil properties.
The Company recorded an equity loss in Symskaya of $106,206 during the
first half of 1999, down from $319,113 in the first half of 1998. The 1998
amount included a writedown of approximately $125,000 in interest income on a
senior note between Symskaya and the Company that had been accrued in prior
periods, as well as the Company's share of a bottom hole contribution. Neither
of these two events were recurring. Costs associated with the Symskaya project
are expected to be minimal during 1999, with expenses being lower than those
incurred in 1998.
The Company abandoned certain undeveloped leaseholds during the first half
of 1998, associated with a Lodgepole prospect, that were acquired in 1995 and
1996. This resulted in a charge to expense of $164,091. There was no
corresponding event in 1999.
The Company incurred 3D seismic charges of $430,773 in 1998 associated with
its Sequoia project in the San Joaquin Basin of California. The Company did not
participate in any 3D seismic programs during the first half of 1999.
General and administrative expenses decreased 16% from 1998 first half
levels. The decrease was due to reduced compensation and other administrative
expenses. Higher interest costs in 1999 reflect the higher amount of debt
outstanding under the Company's credit facility.
10
<PAGE>
OTHER ITEMS
- -----------
The Company has reviewed all recently issued, but not yet adopted,
accounting standards in order to determine their effects, if any, on the results
of operations or financial position of the Company. Based on that review, the
Company believes that none of these pronouncements will have a significant
effect on current or future earnings or operations.
YEAR 2000
- ---------
In 1998 the Company began a project to ensure that its computer systems
were year 2000 compliant. The Company identified this project as a priority and
has allocated personnel and financial resources to it in an effort to minimize
the impact of year 2000 date related problems. An officer of the Company is
supervising the project. In addition, the Company is conducting a year 2000
compliance assessment of those of its vendors and customers whose relationship,
in the Company's business judgment, is material. Although the Company's
assessment of its year 2000 issues is not complete, the Company has made a
preliminary determination of its mission-critical and non-mission-critical
items.
The Company's mission-critical items include its financial accounting,
engineering, and lease/land software. Each of these items has been certified by
the vendor as year 2000 compliant. All non-mission-critical systems have been
certified as being compliant. The Company is conducting tests to support these
claims.
The Company does not anticipate incurring any significant expense to ensure
compliance. Although the Company is undertaking this project, no assurance can
be given that such a program will be able to solve the year 2000 issues
applicable to the Company or that failure to solve them will not have a material
adverse effect on the Company.
11
<PAGE>
FORWARD LOOKING STATEMENTS
- --------------------------
The preceding discussion and analysis should be read in conjunction with
the consolidated financial statements, including the notes thereto, appearing in
the Company's annual report on Form 10-K. Except for the historical information
contained herein, the matters discussed in this report contain forward-looking
statements within the meaning of Section 27a of the Securities Act of 1933, as
amended, and Section 2le of the Securities Exchange Act of 1934, as amended,
that are based on management's beliefs and assumptions, current expectations,
estimates, and projections. Statements that are not historical facts, including
without limitation statements which are preceded by, followed by or include the
words "believes," "anticipates," "plans," "expects," "may," "should" or similar
expressions are forward-looking statements. Many of the factors that will
determine the Company's future results are beyond the ability of the Company to
control or predict. These statements are subject to risks and uncertainties and,
therefore, actual results may differ materially. The Company disclaims any
obligation to update any forward-looking statements whether as a result of new
information, future events or otherwise.
Important factors that may affect future results include, but are not
limited to: the risk of a significant natural disaster, the inability of the
Company to insure against certain risks, fluctuations in commodity prices, the
inherent limitations in the ability to estimate oil and gas reserves, changing
government regulations, as well as general market conditions, competition and
pricing, and other risks detailed from time to time in the Company's SEC
reports, copies of which are available upon request from the Company's investor
relations department.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The answers to items listed under Item 3 are inapplicable or negative.
PART II
OTHER INFORMATION
The answers to items listed under Part II are inapplicable or negative,
except as shown below.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
At the Company's annual meeting, held on May 12, 1999, two Directors,
Philip J. Bernhisel and W. Durand Eppler, were elected to the staggered board to
serve three year terms, expiring in 2002. The following votes were recorded.
Bernhisel Eppler
Affirmative votes 10,183,572 10,183,102
Withhold authority 181,763 182,233
Each director nominee received at least 98% of the shares voted at the meeting.
12
<PAGE>
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.
EQUITY OIL COMPANY
(Registrant)
DATE: August 12, 1999 By /s/ Paul M. Dougan
---------------------- ---------------------
Paul M. Dougan, President
DATE: August 12, 1999 By /s/ Clay Newton
---------------------- ---------------------
Clay Newton, Treasurer
Principal Accounting
Officer
13
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 491,641
<SECURITIES> 0
<RECEIVABLES> 3,007,466
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,789,032
<PP&E> 105,070,719
<DEPRECIATION> 63,232,136
<TOTAL-ASSETS> 45,905,725
<CURRENT-LIABILITIES> 1,615,655
<BONDS> 0
0
0
<COMMON> 12,808,040
<OTHER-SE> 3,719,743
<TOTAL-LIABILITY-AND-EQUITY> 45,905,725
<SALES> 6,118,585
<TOTAL-REVENUES> 6,208,976
<CGS> 0
<TOTAL-COSTS> 6,482,512
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 592,634
<INCOME-PRETAX> (866,170)
<INCOME-TAX> (405,416)
<INCOME-CONTINUING> (460,754)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (460,754)
<EPS-BASIC> (.04)
<EPS-DILUTED> (.04)
</TABLE>
