UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended June 30, 1995
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: 1-6417
GTE CALIFORNIA INCORPORATED
(Exact name of registrant as specified in its charter)
CALIFORNIA 95-0510200
(State or other jurisdiction of (IRS. Employer
Incorporation or organization) Identification No.)
One GTE Place, Thousand Oaks, California 91362-3811
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 805-372-6000
(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
The Company had 69,438,190 shares of $20 par value common stock outstanding
at July 31, 1995. The Company's common stock is 100% owned by GTE
Corporation.
<TABLE>
PART I. FINANCIAL INFORMATION
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(Thousands of Dollars)
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Local network services $ 315,133 $ 230,887 $ 627,916 $ 470,575
Network access services 167,588 168,562 356,936 330,334
Long distance services 110,056 245,428 216,060 479,454
Equipment sales and services 40,910 34,129 79,096 70,806
Other 25,893 9,857 46,899 33,059
659,580 688,863 1,326,907 1,384,228
OPERATING EXPENSES:
Cost of sales and services 155,131 146,309 306,214 296,972
Depreciation and amortization 148,066 143,397 295,760 287,946
Marketing, selling, general
and administrative 223,249 217,736 418,789 418,474
526,446 507,442 1,020,763 1,003,392
Net operating income 133,134 181,421 306,144 380,836
OTHER (INCOME) DEDUCTIONS:
Interest expense 26,837 26,681 53,973 46,988
Other - net (649) (1,535) (1,974) (2,609)
INCOME BEFORE INCOME TAXES 106,946 156,275 254,145 336,457
INCOME TAXES 46,310 63,537 105,606 136,763
NET INCOME $ 60,636 $ 92,738 $ 148,539 $ 199,694
</TABLE>
Per share data is omitted since the Company's common stock is 100% owned by GTE
Corporation (GTE).
See Notes to Condensed Consolidated Financial Statements.
1
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(DOLLARS IN MILLIONS)
RESULTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Net income $ 60.6 $ 92.7 $ 148.5 $ 199.7
Net income decreased 35% or $32.1 and 26% or $51.2 for the three and six
months ended June 30, 1995, respectively, compared to the same periods in
1994. These decreases are the result of lower operating income primarily
due to decreases in operating revenues associated with the Implementation
Rate Design (IRD) discussed below.
On January 1, 1995, pursuant to an order issued by the California Public
Utilities Commission (CPUC), competition in long distance services (without
customer pre-subscription) became effective in California. The order also
provided for rate rebalancing with significant rate reductions for long
distance services and network access services while increasing basic local
network services rates closer to the actual cost of providing such service.
Although the CPUC intended for the rate rebalancing to be revenue neutral,
its ultimate effect on total revenues is dependent, in part, on the extent
to which long distance services rate reductions result in increased calling
volumes. The decision does not permit rate increases to compensate for
competitive losses of market share. In the first six months of 1995, total
revenues decreased by approximately $105 as a result of the implementation
of this order.
OPERATING REVENUES
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Local network services $ 315.1 $ 230.9 $ 627.9 $ 470.6
Network access services 167.6 168.6 356.9 330.3
Long distance services 110.1 245.4 216.1 479.4
Equipment sales & services 40.9 34.1 79.1 70.8
Other 25.9 9.9 46.9 33.1
Total operating revenues $ 659.6 $ 688.9 $1,326.9 $1,384.2
Operating revenues decreased 4% or $29.3 and 4% or $57.3 for the three and
six months ended June 30, 1995, respectively, compared to the same periods
in 1994.
2
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
Local network services revenues increased 36% or $84.2 and 33% or $157.3
for the three and six months ended June 30, 1995, respectively, compared to
the same periods in 1994. These increases are primarily the result of
$70.4 and $136.2 in rate increases associated with the IRD for the three
and six months ended June 30, 1995, respectively. The number of access
lines increased 2% for the three and six months ended June 30, 1995,
compared to the same periods in 1994. This growth generated additional
revenues of $4.4 and $7.4, respectively.
Network access services revenues decreased less than 1% or $1.0 and
increased 8% or $26.6 for the three and six months ended June 30, 1995,
respectively, compared to the same periods in 1994. Minutes of use
increased 9% and 8% for the three and six months ended June 30, 1995,
respectively, compared to the same periods in 1994. These increases
generated additional revenues of $4.4 and $11.6, respectively. The
decrease for the three months ended June 30, 1995 is primarily due to a
$4.7 reduction in interstate access revenues associated with price
reductions and a $0.4 reduction in intrastate access revenues associated
with the annual California rate index filing, partially offset by a $0.7
increase in revenues associated with the IRD and the increase in minutes of
use. The increase for the six months ended June 30, 1995 is primarily the
result of $22.1 in nonrecurring favorable carrier settlement activities
recorded in the first quarter of 1995, primarily reflecting a switched
access meet point billing settlement with Pacific Bell for the period
January 1, 1990 through December 31, 1994. In addition, the increase for
the six months ended June 30, 1995 is due to a $3.3 increase in revenues
associated with the IRD and the increase in minutes of use, partially
offset by a $6.8 reduction in interstate access revenues associated with
price changes and a $0.9 reduction in intrastate access revenues associated
with the annual California rate index filing.
Long distance services revenues decreased 55% or $135.3 and 55% or $263.3
for the three and six months ended June 30, 1995, respectively, compared to
the same periods in 1994. These decreases are primarily the result of
$128.5 and $248.8 in rate reductions associated with the previously
mentioned IRD for the three and six months ended June 30, 1995,
respectively.
Equipment sales and services revenues increased 20% or $6.8 and 12% or $8.3
for the three and six months ended June 30, 1995, respectively, compared to
the same periods in 1994. These increases are primarily due to growth in
voice messaging, increases in radio paging revenues and increases in
billing and collection revenues.
Other operating revenues increased $16.0 and $13.8 for the three and six
months ended June 30, 1995, respectively, compared to the same periods in
1994. The increase for the three months ended June 30, 1995 is primarily
due to a $2.3 increase in revenues associated with the IRD, a $1.8 growth
in operator services revenue, a $0.9 increase in collections of late
3
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
payment fees and a $7.0 increase in directory publication revenues
resulting from the delay of certain directory publications from the first
quarter to the second quarter of 1995. The increase for the six months
ended June 30, 1995 is primarily due to a $4.6 increase in revenues
associated with the IRD, a $4.0 growth in operator services revenues and a
$3.7 increase in collections of late payment fees.
OPERATING EXPENSES
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Operating expenses $ 526.4 $ 507.4 $1,020.8 $1,003.4
Operating expenses increased 4% or $19.0 and 2% or $17.4 for the three and
six months ended June 30, 1995, respectively, compared to the same periods
in 1994.
The increase for the three months ended June 30, 1995, is primarily due to
a $4.9 increase in labor charges related to flood damage incurred during
the first quarter of 1995, a $4.7 increase in depreciation primarily
associated with additions to plant balances, an increase of $5.4 related to
changes in plan participation in the Company's incentive compensation
program and $10.2 of higher costs associated with shared assets,
uncollectible inter-exchange carrier receivables and advertising expenses.
These increases are partially offset by $7.9 of lower labor and benefits
costs associated with the Company's re-engineering plan initiated in 1994
and a $4.9 settlement gain recorded in the second quarter of 1995 which
resulted from lump-sum payments from the Company's pension plans.
The increase for the six months ended June 30, 1995, is primarily due to a
$16.9 increase in labor charges related to flood damage incurred during the
first quarter of 1995, a $7.8 increase in depreciation primarily associated
with additions to plant balances, an increase of $5.4 related to changes in
plan participation in the Company's incentive compensation program and
$12.0 of higher costs associated with shared assets, uncollectible
inter-exchange carrier receivables and advertising expenses. These
increases are partially offset by $14.0 of lower labor and benefits costs
associated with the previously mentioned re-engineering plan, $5.0 of costs
incurred during 1994 related to earthquake damage, a $4.9 settlement gain
referred to above and $2.9 of insurance proceeds received in 1995 that were
related to 1994 earthquake damage.
4
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
OTHER DEDUCTIONS
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Interest expense $ 26.8 $ 26.7 $ 54.0 $ 47.0
Income taxes 46.3 63.5 105.6 136.8
Interest expense remained virtually unchanged for the three months and
increased 15% or $7.0 for the six months ended June 30, 1995, respectively,
compared to the same periods in 1994. The increase for the six months
ended June 30, 1995 is primarily due to higher average long-term debt
levels compared to the same period in 1994.
Income taxes decreased 27% or $17.2 and 23% or $31.2 for the three and six
months ended June 30, 1995, respectively, compared to the same periods in
1994. These decreases are primarily due to corresponding decreases in
pretax income partially offset by an increase in temporary differences that
flow through to income in accordance with CPUC requirements.
CAPITAL RESOURCES AND LIQUIDITY
Management believes that the Company has adequate internal and external
resources available to meet ongoing operating requirements for construction
of new plant, modernization of facilities and payment of dividends. The
Company generally funds its construction program from operations, although
external financing is available. Short-term borrowings can be obtained
through commercial paper borrowings or borrowings from GTE. In addition,
at June 30, 1995, a $3,490 line of credit was available to the Company
through shared lines of credit with GTE and other affiliates to support
short-term financing needs.
The Company's primary source of funds during the first six months of 1995
was cash from operations of $424.7 compared to $427.0 for the same period
in 1994. The year-to-year decrease in cash from operations is the result
of lower results from operations, partially offset by a decrease in working
capital, primarily accounts receivable.
The Company's capital expenditures during the first six months of 1995 were
$183.6 compared to $169.7 for the same period in 1994. The 1995
expenditures reflect the Company's continued growth in access lines,
modernization of current facilities and the provisioning of new products
and services, including broadband digital services and switched digital
services. The Company anticipates construction costs for 1995 to
approximate capital expenditures of $467.9 incurred during 1994.
5
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
Cash used in financing activities was $274.7 during the first six months of
1995 compared to $251.7 for the same period in 1994. The Company retired
$35.2 in long-term debt during the first six months of 1995 compared to
$85.2 for the same period in 1994. Cash used in financing activities also
included dividend payments of $193.8 during the first six months of 1995
compared to $194.8 for the same period in 1994. External financing
included long-term borrowings of $840.4 during the first six months of
1994. Proceeds from these borrowings were used primarily to reduce
short-term debt.
OTHER MATTERS
As previously reported, results for 1993 included a one-time pretax
restructuring charge of $445.2, which reduced net income by $274.2,
primarily for incremental costs related to implementation of the Company's
three-year re-engineering plan. The re-engineering plan will redesign and
streamline processes to improve customer-responsiveness and product
quality, reduce the time necessary to introduce new products and services
and further reduce costs.
Implementation of the re-engineering plan began during 1994 and is expected
to be completed by the end of 1996. Expenditures of $177.8 have been made
since inception of the re-engineering plan, including $64.4 during the
first six months of 1995. These expenditures were primarily associated
with the consolidation of customer contact, network operations and operator
service centers, separation benefits from employee reductions and
incremental expenditures to redesign and streamline processes. There have
been no significant changes made to the overall re-engineering plan as
originally reported. As of June 30, 1995, $267.4 remains in the
restructuring reserve, of which $116.7 is classified as a current
liability. Management believes the reserve is adequate to cover future
expenditures.
In March 1995, the Federal Communications Commission (FCC) adopted interim
rules to be utilized by local exchange carriers (LECs), including the
Company, for their 1995 Annual Price Cap Filing. The interim rules allowed
LECs to select from three productivity/sharing options for each tariff
entity. Each of the three options reflected an increase to the 3.3%
productivity factor used since 1991. The Company selected a 4.0%
productivity factor for use in the 1995-1996 tariff year. The Company must
share with customers 50% of returns over a 12.25% ROR and up to a
13.25% ROR, and share with customers 100% of returns over a 13.25% ROR.
Since the Company's access fees are priced significantly below the FCC's
maximum price, the Company was permitted to file tariffs effective May 24,
1995 to increase rates $26.0, annually. In addition, the Company filed
tariffs effective August 1, 1995 under the interim rules to reduce rates
$21.4, annually. The FCC is continuing to consider how the price cap plan
should be modified in order to adapt the system to the emergence of
competition.
6
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
In April 1995, GTE filed a motion with the U.S. District Court for the
District of Columbia to remove the 1984 Consent Decree, which restricts the
manner in which the Company can provide interLATA services. GTE believes
that the Consent Decree is no longer required since GTE has since divested
its interests in the entities whose purchase gave rise to the Consent
Decree.
In May 1995, the FCC approved GTE's applications to construct a new fiber-
optic and coaxial-cable video network in four markets, including Ventura
County, California. GTE expects to submit tariffs that set the rates for
use of its video network to the FCC for approval and to commence the
initial deployment of the network in late 1995 and early 1996.
In December 1994, the CPUC issued a decision which adopts an initial
procedural plan to facilitate opening local exchange telecommunications
markets to competition by January 1, 1997. On April 26, 1995, the CPUC
issued a formal rulemaking proceeding and investigation as a procedural
vehicle to develop and adopt rules for local competition. The rulemaking
document contained proposed interim rules that would authorize competitive
LECs to seek authority to offer local exchange services beginning in June
1995. The parties filed comments on the proposed rules on May 24, 1995.
The Company's comments asserted the need for evidentiary hearings to
address critical issues such as regulatory parity and interconnection prior
to authorizing local competition. On July 19, 1995, the CPUC issued
interim Universal Service rules and obligations as a precursor to local
competition. The CPUC concurrently commenced a proceeding to examine, and
revise as appropriate, the Price Cap regulation by January 1, 1996. The
CPUC issued interim rules for local competition on July 24, 1995 which
permit facilities-based local competition on January 1, 1996, with resale
authority granted three months later.
REGULATORY ACCOUNTING
The Company follows the accounting for regulated enterprises prescribed by
SFAS No. 71, "Accounting for the Effects of Certain Types of Regulation."
In general, SFAS No. 71 requires companies to depreciate plant and
equipment over lives approved by regulators which may extend beyond the
assets' actual economic and technological lives. SFAS No. 71 also requires
deferral of certain costs and obligations based upon approvals received
from regulators to permit recovery in the future. Consequently, the
recorded net book value of certain assets and liabilities, primarily
telephone plant and equipment, may be greater than that which would
otherwise be recorded by unregulated enterprises. On an ongoing basis, the
Company reviews the continued applicability of SFAS No. 71 based on the
current regulatory and competitive environment. Although recent
developments suggest that the telecommunications industry will become
increasingly competitive, the degree to which regulatory oversight of LECs,
including the Company, will be lifted and competition will be permitted to
establish the cost of service to the consumer is uncertain. As a result,
7
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (CONTINUED)
the Company continues to believe that accounting under SFAS No. 71 is
appropriate. If the Company were to determine that the use of SFAS No. 71
was no longer appropriate, it would be required to write-off the deferred
costs and obligations referred to above. It may also be necessary for the
Company to reduce the carrying value of its plant and equipment to the
extent that it exceeds fair market value. At this time, it is not possible
to estimate the amount of the Company's plant and equipment, if any, that
would be considered unrecoverable in such circumstances. The financial
impact of such a determination, however, which would be non-cash, could be
material.
8
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, December 31,
1995 1994
(Thousands of Dollars)
CURRENT ASSETS:
Cash $ 15,030 $ 43,118
Accounts and notes receivable, less allowances
of $45,007 and $38,537, respectively 467,588 572,310
Materials and supplies 35,715 40,303
Deferred income tax benefits 71,741 78,924
Prepayments and other 12,395 18,152
Total current assets 602,469 752,807
PROPERTY, PLANT AND EQUIPMENT:
Original cost 8,561,636 8,420,252
Accumulated depreciation (3,835,430) (3,582,965)
Net property, plant and equipment 4,726,206 4,837,287
PREPAID PENSION COSTS 381,044 323,979
OTHER ASSETS 138,861 153,571
TOTAL ASSETS $ 5,848,580 $ 6,067,644
See Notes to Condensed Consolidated Financial Statements.
9
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, December 31,
1995 1994
(Thousands of Dollars)
CURRENT LIABILITIES:
Short-term debt,
including current maturities $ 199,770 $ 272,199
Accounts payable 176,490 278,211
Accrued taxes 97,918 90,676
Accrued interest 23,002 24,478
Accrued payroll and vacations 93,286 89,918
Accrued dividends 67,877 133,402
Accrued restructuring costs and other 236,579 240,913
Total current liabilities 894,922 1,129,797
LONG-TERM DEBT 1,280,412 1,280,157
RESERVES AND DEFERRED CREDITS:
Deferred income taxes 733,484 739,984
Employee benefit obligations 86,795 36,983
Restructuring costs and other 508,863 556,900
Total reserves and deferred credits 1,329,142 1,333,867
SHAREHOLDERS' EQUITY:
Preferred stock 81,866 81,866
Common stock 1,388,764 1,388,764
Other capital 2,040 2,040
Reinvested earnings 871,434 851,153
Total shareholders' equity 2,344,104 2,323,823
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,848,580 $ 6,067,644
See Notes to Condensed Consolidated Financial Statements.
10
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
1995 1994
(Thousands of Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 148,539 $ 199,694
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation and amortization 295,760 287,946
Deferred income taxes and investment
tax credits 13,913 18,509
Provision for uncollectible accounts 39,465 39,432
Changes in current assets and current
liabilities (67,405) (121,314)
Other - net (5,575) 2,724
Net cash from operating activities 424,697 426,991
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (183,602) (169,656)
Other - net 5,469 --
Net cash used in investing activities (178,133) (169,656)
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-term debt issued -- 840,406
Long-term debt retired (35,214) (85,221)
Dividends paid to shareholders (193,785) (194,750)
Net change in affiliate notes 5,806 10,294
Decrease in short-term debt (51,459) (822,400)
Net cash used in financing activities (274,652) (251,671)
Increase (decrease) in cash (28,088) 5,664
Cash at beginning of period 43,118 6,620
Cash at end of period $ 15,030 $ 12,284
See Notes to Condensed Consolidated Financial Statements.
11
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) The unaudited condensed consolidated financial statements included
herein have been prepared by the Company 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. However, in
the opinion of management of the Company, the condensed consolidated
financial statements include all adjustments, which consist only of normal
recurring accruals, necessary to present fairly the financial information
for such periods. These condensed consolidated financial statements should
be read in conjunction with the financial statements and the notes thereto
included in the Company's 1994 Annual Report on Form 10-K.
(2) Reclassifications of prior year data have been made in the financial
statements where appropriate to conform to the 1995 presentation.
12
GTE CALIFORNIA INCORPORATED AND SUBSIDIARY
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports On Form 8-K
(a) Exhibits required by Item 601 of Regulation S-K.
(27) Financial Data Schedule.
(b) The Company filed no reports on Form 8-K during the second
quarter of 1995.
13
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 hereunto duly authorized.
GTE CALIFORNIA INCORPORATED
(Registrant)
Date: August 10, 1995 WILLIAM M. EDWARDS, III
WILLIAM M. EDWARDS, III
Controller
(Chief Accounting Officer)
14
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 15,030
<SECURITIES> 0
<RECEIVABLES> 512,595
<ALLOWANCES> 45,007
<INVENTORY> 35,715
<CURRENT-ASSETS> 602,469
<PP&E> 8,561,636
<DEPRECIATION> 3,835,430
<TOTAL-ASSETS> 5,848,580
<CURRENT-LIABILITIES> 894,922
<BONDS> 1,280,412
<COMMON> 1,388,764
0
81,866
<OTHER-SE> 873,474
<TOTAL-LIABILITY-AND-EQUITY> 5,848,580
<SALES> 1,326,907
<TOTAL-REVENUES> 1,326,907
<CGS> 306,214
<TOTAL-COSTS> 1,020,763
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 53,973
<INCOME-PRETAX> 254,145
<INCOME-TAX> 105,606
<INCOME-CONTINUING> 148,539
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 148,539
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
