SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report April 16, 1997
--------------
(Date of earliest event reported)
FORD MOTOR COMPANY
------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
1-3950 38-0549190
------ ----------
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
-------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
------------
<PAGE>
-2-
Item 5. Other Events.
- ---------------------
News release dated April 16, 1997, filed as Exhibit 20 to this Current
Report on Form 8-K, is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
- ---------------------------------------------------------------------------
EXHIBITS
--------
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 20 News release dated April 16, 1997 Filed with this Report
Exhibit 27.1 Financial Data Schedule -
Automotive Segment Filed with this Report
Exhibit 27.2 Financial Data Schedule -
Financial Services Segment Filed with this Report
Exhibit 27.3 Financial Data Schedule -
Conglomerate Total Filed with this Report
SIGNATURE
---------
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 on the date indicated.
FORD MOTOR COMPANY
(Registrant)
Date: April 16, 1997 By:/s/Peter Sherry, Jr.
--------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE>
-3-
EXHIBIT INDEX
-------------
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News release dated April 16, 1997
Exhibit 27.1 Financial Data Schedule - Automotive Segment
Exhibit 27.2 Financial Data Schedule - Financial Services Segment
Exhibit 27.3 Financial Data Schedule - Conglomerate Total
<PAGE>
Ford/News
Contact: Media Inquiries Institutional Investors Shareholder Inquiries
Christian Vinyard Mike Holland (800) 555-5259 or
(313) 322-3428 (313) 323-8221 (313) 845-8540
FOR RELEASE AT 7:30 A.M. (EASTERN) APRIL 16, 1997
FORD EARNS $1.5 BILLION IN FIRST QUARTER, UP 125%;
HIGHER MARGINS FROM LOWER COSTS, NEW PRODUCTS
DEARBORN, Mich., April 16, 1997 -- Improving automotive margins raised Ford
Motor Company's earnings for the first quarter to $1.5 billion, or $1.20 per
fully diluted share of common and Class B stock. The 1997 results compare with
earnings of $653 million, or 53 cents a share in the first quarter of 1996.
The first quarter's automotive improvement reflects new, successful, higher
margin products and lower total costs.
"We're off to a solid start in 1997," said Chairman and Chief Executive Officer
Alex Trotman. "The changes we have been making to our automotive operations for
the past two years are beginning to pay off. We have developed a very strong
product line-up around the world, particularly in the fastest growing segments."
"More quality cars and trucks are coming, designed to attract new customers and
retain loyal owners," Trotman said. "With our unrelenting focus on improving the
efficiency of our operations, we're very much on track to meet the tough
business objectives we've set, assuming the economies of our major markets
continue to perform as expected," he said.
AUTOMOTIVE OPERATIONS
Ford's first-quarter income from worldwide automotive operations was $1 billion,
up from $142 million a year ago and the fourth consecutive quarter in which
automotive results improved on a year-to-year basis.
- ------------------------------------------------------------------------------
Investor and Financial Media Relations, World Headquarters, Dearborn, Michigan
48126
Telephone: (313) 322-9600; Fax: (313) 845-0570
Internet: http://media.ford.com
<PAGE>
-2-
U.S. automotive operations, which contribute about two-thirds of Ford's
automotive revenue, earned $836 million, up from $48 million a year ago. The
improvement reflects successful new products with high demand and lower total
costs.
Outside the U.S., automotive operations earned $168 million, up from $94 million
a year ago. In Europe, which continues to be intensely competitive, Ford earned
$105 million, up from $73 million a year ago. In South America, Ford lost $47
million, compared with a loss of $60 million a year ago. These improvements stem
from cost reductions, the successful launch of new products, and a resurgence of
Ford's business in South America.
Automotive return on sales in the first quarter improved to 4.5 percent in the
U.S. (up 4.2 points from a year ago), and 3.5 percent worldwide (up 2.9 points).
FINANCIAL SERVICES
Financial Services Group earned $465 million, down from a record $511 million
earned in the first quarter of 1996. The decline of $46 million from a year ago
reflects primarily last year's sale of most of the assets of USL Capital. (First
quarter 1996 earnings included $40 million from USL Capital.)
Ford Credit earned $276 million in the first quarter, compared with $339 million
in the prior year. The decline reflects increased credit losses.
The Associates reported a record $238 million for the first quarter, compared
with $192 million a year ago. Ford's share of The Associates' first-quarter 1997
earnings was $192 million.
The Hertz Corporation reported record first-quarter earnings of $20 million,
more than double the $9 million earned in the same period a year ago.
<PAGE>
-3-
MAKING PROGRESS
"There's still much to do," Trotman said. "But our progress is encouraging, and
the entire Ford team is focused on meeting our business objectives and making us
an even stronger competitor. I want to thank everyone at Ford for the tremendous
efforts they are making to speed the changes in our company."
Previously, Ford has announced:
- - executive compensation for 1997 has been tied directly to improvements in
quality;
- - the discontinuance this year of five vehicle lines in the U.S.;
- - manufacturing capacity realignments in the U.S., Europe and South America,
including an expansion of capacity for Expedition;
- - plans to sell the heavy truck and related service parts business to
Freightliner;
- - new products like the Lincoln Navigator, Town Car, and ZX2 in
North America, Puma in Europe and Ka, a Fiesta-derived pickup, and Ranger in
South America to strengthen an already strong product line-up in major
markets;
- - investments continue in new and emerging markets like China, India, Russia,
and Turkey;
- - the second-quarter stock dividend has been increased nine
percent, from 38.5 cents a share to 42 cents;
- - Hertz filed a registration statement with the Securities and Exchange
Commission for an initial public offering of up to 18.6 percent of its
common stock.
# # #
<PAGE>
-4-
SUMMARY OF FIRST QUARTER 1997 COMPARED WITH 1996
Overview
- --------
- - Total earnings were $1.5 billion, compared with $653 million in the first
quarter of 1996.
- - Fully-diluted earnings per share were $1.20, compared with 53 cents.
- - Worldwide sales and revenues were $36.2 billion, compared with $35.2
billion.
- - Stockholders' equity was $27.3 billion, compared with $24.5 billion.
Automotive
- ----------
- - Net income from worldwide automotive operations was $1 billion, compared
with $142 million in the first quarter of 1996.
- - U.S. automotive operations earned $836 million, compared with $48 million.
- - Outside the U.S., automotive operations earned $168 million, compared with
$94 million.
- - Worldwide vehicle unit sales were 1,681,000, compared with 1,638,000.
- - Combined car and truck share in the U.S. was 25.1 percent, compared with
25.8 percent.
- - Combined car and truck share in Europe was 11.4 percent, compared with
12.1 percent.
Financial Services
- ------------------
- - Financial Services Group earned $465 million, compared with $511 million
in 1996.
- - Ford Credit earned $276 million, compared with $339 million.
- - The Associates earned a record $238 million, compared with $192 million a
year ago.
- - Hertz earned a record $20 million, more than double the $9 million from
last year.
Automotive Balance Sheet
- ------------------------
- - Net cash was $7.8 billion, compared with $5.8 billion.
- - Cash and marketable securities were $16 billion, compared with $12.9
billion a year ago.
- - Debt was $8.2 billion, compared with $7.2 billion.
- - Capital spending was $1.6 billion, compared with $1.8 billion a year ago.
<PAGE>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
First Quarter
----------------
1997 1996
------ ------
(unaudited)
Worldwide vehicle unit sales of
cars and trucks (in thousands)
- United States 979 940
- Outside United States 702 698
----- -----
Total 1,681 1,638
===== =====
Sales and revenues (in millions)
- Automotive $28,925 $28,297
- Financial Services 7,277 6,928
------- -------
Total $36,202 $35,225
======= =======
Net income (in millions)
- Automotive $ 1,004 $ 142
- Financial Services 465 511
------- -------
Total $ 1,469 $ 653
======= =======
Capital expenditures (in millions)
- Automotive $ 1,613 $ 1,789
- Financial Services 126 113
------- -------
Total $ 1,739 $ 1,902
======= =======
Automotive capital expenditures as a
percentage of sales 5.6% 6.3%
Stockholders' equity at March 31
- Total (in millions) $27,252 $24,540
- After-tax return on Common and
Class B stockholders' equity 22.1% 10.7%
Automotive cash and marketable
securities at March 31 (in millions) $15,967 $12,937
Automotive debt at March 31
(in millions) $ 8,202 $ 7,175
After-tax return on sales
- U.S. Automotive 4.5% 0.3%
- Total Automotive 3.5 0.6
Shares of Common and Class B Stock
(in millions)
- Average number outstanding 1,190 1,168
- Number outstanding at March 31 1,191 1,175
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income assuming full dilution
- Automotive $ 0.82 $ 0.11
- Financial Services 0.38 0.42
------- -------
Total $ 1.20 $ 0.53
======= =======
Cash dividends $ 0.385 $ 0.35
FS-1
<PAGE>
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
------------------
For the Periods Ended March 31, 1997 and 1996
(in thousands)
First Quarter
-----------------------
1997 1996
------- -------
(unaudited)
North America
United States
Cars 367 378
Trucks 612 562
----- -----
Total United States 979 940
Canada 69 50
Mexico 18 12
----- -----
Total North America 1,066 1,002
Europe
Germany 115 118
Britain 98 118
Italy 64 56
Spain 46 48
France 36 51
Other countries 97 84
----- -----
Total Europe 456 475
Other international
Brazil 53 47
Australia 30 32
Taiwan 25 31
Argentina 17 16
Japan 10 16
Other countries 24 19
----- -----
Total other international 159 161
----- -----
Total worldwide vehicle unit sales 1,681 1,638
===== =====
Vehicle unit sales are reported worldwide on a "where sold" basis and include
sales of all Ford-badged units, as well as units manufactured by Ford and sold
to other manufacturers.
FS-2
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Periods Ended March 31, 1997 and 1996
(in millions)
First Quarter
-------------------------
1997 1996
-------- --------
<S> <C> <C>
(unaudited)
AUTOMOTIVE
Sales $28,925 $28,297
Costs and expenses (Note 2)
Costs of sales 25,683 26,510
Selling, administrative and other expenses 1,538 1,472
------- -------
Total costs and expenses 27,221 27,982
Operating income 1,704 315
Interest income 249 184
Interest expense 194 172
------- -------
Net interest income 55 12
Equity in net (loss) of affiliated companies (144) (52)
Net expense from transactions with Financial Services (19) (20)
------- -------
Income before income taxes - Automotive 1,596 255
FINANCIAL SERVICES
Revenues 7,277 6,928
Costs and expenses
Interest expense 2,356 2,421
Depreciation 1,765 1,691
Operating and other expenses 1,500 1,428
Provision for credit and insurance losses 845 576
------- -------
Total costs and expenses 6,466 6,116
Net revenue from transactions with Automotive 19 20
------- -------
Income before income taxes - Financial Services 830 832
------- -------
TOTAL COMPANY
Income before income taxes 2,426 1,087
Provision for income taxes 898 413
------- -------
Income before minority interests 1,528 674
Minority interests in net income of subsidiaries 59 21
------- -------
Net income $ 1,469 $ 653
======= =======
Income attributable to Common and Class B Stock
after preferred stock dividends $ 1,455 $ 634
Average number of shares of Common and Class B
Stock outstanding 1,190 1,168
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Income $ 1.22 $ 0.54
Income assuming full dilution $ 1.20 $ 0.53
Cash dividends $ 0.385 $ 0.35
The accompanying notes are part of the financial statements.
</TABLE>
FS-3
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
March 31, December 31,
1997 1996
------------ ------------
<S> <C> <C>
ASSETS (unaudited)
Automotive
Cash and cash equivalents $ 3,299 $ 3,578
Marketable securities 12,668 11,836
-------- --------
Total cash and marketable securities 15,967 15,414
Receivables 3,375 3,133
Inventories (Note 3) 7,237 6,656
Deferred income taxes 3,195 3,296
Other current assets 2,925 3,193
Net current receivable from Financial Services 525 0
-------- --------
Total current assets 33,224 31,692
Equity in net assets of affiliated companies 2,290 2,483
Net property 33,039 33,527
Deferred income taxes 4,484 4,429
Other assets 7,385 7,527
-------- --------
Total Automotive assets 80,422 79,658
Financial Services
Cash and cash equivalents 2,499 3,689
Investments in securities 2,515 2,307
Net receivables and lease investments 161,615 161,906
Other assets 14,906 14,834
Net receivable from Automotive 0 473
-------- --------
Total Financial Services assets 181,535 183,209
-------- --------
Total assets $261,957 $262,867
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 11,298 $ 11,735
Other payables 2,229 2,206
Accrued liabilities 16,242 16,587
Income taxes payable 977 508
Debt payable within one year 1,756 1,661
Net current payable to Financial Services 0 473
-------- --------
Total current liabilities 32,502 33,170
Long-term debt 6,446 6,495
Other liabilities 27,400 26,793
Deferred income taxes 1,199 1,225
-------- --------
Total Automotive liabilities 67,547 67,683
Financial Services
Payables 5,059 4,695
Debt 149,669 150,205
Deferred income taxes 3,619 4,338
Other liabilities and deferred income 7,606 8,504
Net payable to Automotive 525 0
-------- --------
Total Financial Services liabilities 166,478 167,742
Company-obligated mandatorily redeemable preferred securities of a subsidiary
trust holding junior subordinated debentures of the Company (Note 5) 680 680
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate liquidation
preference of $671 million and $694 million) * *
Common Stock, par value $1.00 per share
(1,121 and 1,118 million shares issued) 1,121 1,118
Class B Stock, par value $1.00 per share (71 million shares issued) 71 71
Capital in excess of par value of stock 5,288 5,268
Foreign currency translation adjustments and other (559) (29)
Earnings retained for use in business 21,331 20,334
-------- --------
Total stockholders' equity 27,252 26,762
-------- --------
Total liabilities and stockholders' equity $261,957 $262,867
======== ========
- - - - - -
*Less than $1 million
</TABLE>
The accompanying notes are part of the financial statements.
FS-4
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
For the Periods Ended March 31, 1997 and 1996
(in millions)
First Quarter 1997 First Quarter 1996
---------------------- ----------------------
Financial Financial
Automotive Services Automotive Services
---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
(unaudited) (unaudited)
Cash and cash equivalents at January 1 $ 3,578 $ 3,689 $ 5,750 $ 2,690
Cash flows from operating activities before securities trading 3,161 2,342 2,916 3,014
Net (purchases)/sales of trading securities (832) 37 (197) 281
------- -------- ------- --------
Net cash flows from operating activities 2,329 2,379 2,719 3,295
Cash flows from investing activities
Capital expenditures (1,613) (126) (1,789) (113)
Acquisitions of receivables and lease investments - (26,481) - (28,164)
Collections of receivables and lease investments - 21,192 - 20,949
Net acquisitions of daily rental vehicles - (528) - (989)
Purchases of securities 0 (1,054) (10) (3,433)
Sales and maturities of securities 0 793 0 3,217
Proceeds from sales of receivables and lease investments - 807 - 1,775
Net investing activity with Financial Services 364 - (3) -
Other 78 151 (97) 209
------- -------- ------- --------
Net cash used in investing activities (1,171) (5,246) (1,899) (6,549)
Cash flows from financing activities
Cash dividends (472) (7) (428) -
Issuance of Common Stock 23 - 40 -
Changes in short-term debt (101) 1,033 (158) 34
Proceeds of other debt 210 3,842 14 6,126
Principal payments on other debt (64) (3,839) (3) (3,462)
Net financing activity with Automotive - (364) - 3
Other 0 106 1 43
------- -------- ------- --------
Net cash (used in)/provided by financing activities (404) 771 (534) 2,744
Effect of exchange rate changes on cash (35) (92) (28) (48)
Net transactions with Automotive/Financial Services (998) 998 66 (66)
------- -------- ------- --------
Net (decrease)/increase in cash and cash equivalents (279) (1,190) 324 (624)
------- -------- ------- --------
Cash and cash equivalents at March 31 $ 3,299 $ 2,499 $ 6,074 $ 2,066
======= ======== ======= ========
</TABLE>
The accompanying notes are part of the financial statements.
FS-5
<PAGE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
1. Financial Statements - The financial data presented herein are unaudited,
but in the opinion of management reflect those adjustments necessary for a
fair presentation of such information. Results for interim periods should
not be considered indicative of results for a full year. Reference should
be made to the financial statements contained in the registrant's Annual
Report on Form 10-K (the "10-K Report") for the year ended December 31,
1996. For purposes hereof, "Ford" or the "Company" means Ford Motor Company
and its majority owned subsidiaries unless the context requires otherwise.
Certain amounts for prior periods have been reclassified to conform with
1997 presentations, including additional elimination of intercompany sales.
2. Selected Automotive costs and expenses are summarized as follows
(in millions):
First Quarter
--------------------------
1997 1996
-------- --------
Depreciation $683 $636
Amortization 787 764
3. Automotive inventories are summarized as follows (in millions):
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------ ------------
<S> <C> <C>
Raw materials, work in process and supplies $3,831 $3,374
Finished products 3,406 3,282
------ ------
Total inventories $7,237 $6,656
====== ======
U.S. inventories $2,795 $2,280
</TABLE>
4. Earnings per share - Statement of Financial Accounting Standards No. 128
("SFAS 128"), "Earnings per Share," was issued in February 1997. Adoption
of SFAS 128, effective for periods ending after December 15, 1997, is not
expected to have a material effect on reported earnings.
5. Company-Obligated Mandatorily Redeemable Preferred Securities of a
Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust I
(the "Trust"), which is the obligor on the Preferred Securities of such
Trust, is $632 million principal amount of 9% Junior Subordinated
Debentures due 2025 of Ford Motor Company.
6. Capacity realignment - In March, the Company announced it was discontinuing
production of four vehicle lines (Ford Thunderbird, Probe and Aerostar, and
Mercury Cougar) at the end of the 1997 model year and, in the third
quarter, idling the passenger car system at the Lorain (Ohio) Assembly
Plant. The financial effect of these actions has not yet been determined.
FS-6
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Automotive Segment - This schedule contains summary financial information
extracted from Ford's Current Report on Form 8-K dated April 16, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,299
<SECURITIES> 12,668
<RECEIVABLES> 3,375
<ALLOWANCES> 103
<INVENTORY> 7,237
<CURRENT-ASSETS> 33,224
<PP&E> 72,905
<DEPRECIATION> 39,866
<TOTAL-ASSETS> 80,422
<CURRENT-LIABILITIES> 32,502
<BONDS> 6,446
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 28,925
<TOTAL-REVENUES> 28,925
<CGS> 25,683
<TOTAL-COSTS> 27,221
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 194
<INCOME-PRETAX> 1,596
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Services Segment - This schedule contains summary financial
information extracted from Ford's Current Report on Form 8-K dated April 16,
1997 and is qualified in its entirety by reference to such financial statements.
The error message indicated on this FDS is a result of the EDGAR system's
inability to accept multiple Article 5 Financial Data Schedules. Accordingly,
the error message should be ignored.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 2,499
<SECURITIES> 2,515
<RECEIVABLES> 161,615
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 181,535
<CURRENT-LIABILITIES> 0
<BONDS> 149,669
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 7,277
<TOTAL-REVENUES> 7,277
<CGS> 0
<TOTAL-COSTS> 6,466
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 845
<INTEREST-EXPENSE> 2,356
<INCOME-PRETAX> 830
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<PAGE>
<TABLE> <S> <C>
<ARTICLE> CT
<LEGEND>
Conglomerate Totals - This schedule contains summary financial information
extracted from Ford's Current Report on Form 8-K dated April 16, 1997 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<TOTAL-ASSETS> 261,957
<COMMON> 1,192
0
0
<OTHER-SE> 26,060
<TOTAL-LIABILITY-AND-EQUITY> 261,957
<TOTAL-REVENUES> 36,202
<INCOME-TAX> 898
<INCOME-CONTINUING> 1,469
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,469
<EPS-PRIMARY> 1.22
<EPS-DILUTED> 1.20
</TABLE>
