PAGE 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 1997
MOBIL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7555 13-2850309
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
3225 Gallows Road
Fairfax, Virginia 22037-0001
Telephone: (703) 846-3000
(Address of principal executive offices)
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<PAGE>
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Item 5. Other Events
The Registrant hereby incorporates by reference herein the
information set forth in its News Release dated January 27, 1997,
a copy of which is annexed hereto as exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits.
99. Mobil Corporation News Release dated January 27,
1997 reporting estimated earnings for the fourth
quarter and full year of 1996.
<PAGE>
PAGE 3
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.
REGISTRANT MOBIL CORPORATION
By /S/ Gordon G. Garney
NAME AND TITLE Gordon G. Garney, Senior Assistant Secretary
DATE January 27, 1997
<PAGE>
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EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
------- ----------------
99. Mobil Corporation, Electronic
News Release dated
January 27, 1997
EXHIBIT 99
CONTACT: David Dickson, +1 703 846 2378 or
Christopher Springham, +1 703 846 2500
MOBIL ANNOUNCES ESTIMATED FOURTH QUARTER AND 1996 RESULTS
Fairfax, VA, January 27, 1997 -- Mobil Corporation today reported
fourth quarter 1996 operating income of $879 million, a record
high. This is an increase of $119 million from the $760 million
earned in the comparable quarter last year. Operating earnings
per common share were $2.20 compared with $1.89 in 1995, an
increase of 16%. Including special items, reported income for the
quarter was $676 million, or $1.68 per share.
Full year 1996 operating income of $3,097 million was also a
record high, up $251 million from last year. On a per share
basis, operating earnings of $7.72 were up 9% from $7.06 in 1995.
Including special items, full year reported income was $2,964
million, or $7.38 per share.
In commenting on full year 1996 operating income compared with
1995, Chairman and Chief Executive Officer Lucio A. Noto said,
"This is the first time Mobil's operating earnings have surpassed
the $3 billion level. Earnings growth resulted from strong crude
oil and natural gas prices, increased international production of
crude oil and natural gas, higher petroleum product sales, and
expense reductions related to our initiatives programs. These
factors more than offset expenses related to increased volumes and
growth programs, opportunity losses related to our hydrocarbon
hedging program, and weaker industry margins in the international
downstream and petrochemical businesses where we have a
substantial presence. Our outlook for these businesses continues
to be favorable for the longer term. Additionally, results were
hurt by increased downtime in our refineries and reduced chemical
plant operating reliability. We are addressing these areas and
expect to show improvement. The absence of income from divested
chemical businesses and the expiration of the tax holiday for our
petrochemicals joint venture in Saudi Arabia also had negative
impacts.
"Savings from our expense initiatives, including the Staff
Redesign Project and other restructuring programs, totaled $600
million before tax for the full year. These savings were mostly
offset by higher volume-related expenses, including start-up costs
for alliances and other new programs for growth, and one-time
costs associated with exiting certain noncore businesses. Higher
purchased energy costs and the effects of inflation were also
offsetting factors. All of the programs required to support the
$1.3 billion reduction in costs announced over the past few years
were in place by the end of 1996 and contributed, as expected, to
the increase in earnings."
Mr. Noto concluded, "Mobil's overall strategy is to profitably
grow its core businesses, while continuing to improve the
performance of existing assets. In 1996, we were able to grow
volumes significantly in all sectors, while reducing per barrel
expenses by about 10%. Since we are in a very competitive
industry that is subject to significant price volatility, we must
continue these efforts. We are not counting on a continuation of
the current high oil and gas prices or an overall improvement in
business conditions to enhance shareholder value."
<PAGE>
On a reported basis, fourth quarter 1996 earnings were $676
million, a decrease of $99 million from 1995. Fourth quarter 1996
results included net special charges of $203 million -- $145
million for previously announced start-up costs for Mobil's
downstream European joint venture with British Petroleum and $69
million for the FAS 121 write-down of a Gulf of Mexico property,
partly offset by $11 million of various net favorable items,
mostly LIFO/other inventory adjustments. Fourth quarter 1995
results included a net special benefit of $15 million -- primarily
gains from the sale of certain Chemical and Mining assets which
were largely offset by impairment charges related to the adoption
of FAS 121 (refer to Table 3).
Full year 1996 reported income was $2,964 million, $588 million
higher than the $2,376 million reported in 1995. Net special
charges in 1996 totaled $133 million. In addition to the net
special charges in the fourth quarter, there were implementation
costs associated with the Staff Redesign Project during the first
nine months of the year which were more than offset by gains on
U.S. and Canadian upstream asset sales. Last year's reported
earnings included net special charges of $470 million, the result
of various restructuring programs and the adoption of FAS 121,
partly offset by net benefits from the sale of certain Chemical
and Mining assets and a favorable litigation settlement (refer to
Table 3).
The following comments address the operating performance of the
major business segments during the fourth quarter and full year
1996, as compared with the same periods in 1995 (refer to Table
2):
COMPARISON OF FOURTH QUARTER 1996 WITH FOURTH QUARTER 1995
. Exploration and Producing income was a record $649 million,
$306 million higher than last year's fourth quarter.
In the United States, income was $212 million, up $117
million, mainly due to significantly higher prices for crude
oil and natural gas. Benefits from the crude price increase
were, however, reduced somewhat due to the weakening of
prices for California heavy crudes relative to light crudes.
These heavy crudes make up about 40% of Mobil's U.S.
production. Reduced operating expenses from restructuring
initiatives also contributed to earnings. These benefits
were partially offset by the impact of lower production
volumes, primarily resulting from asset disposals and natural
field declines.
International income of $437 million was $189 million higher,
principally due to higher crude oil and natural gas prices
and higher production volumes. Growth in production was due
to the streaming of a new field in Equatorial Guinea, new
production from existing fields in Nigeria, higher production
in Indonesia to meet contract demand, and new production from
Ampolex and the Tengiz field. Production also commenced from
the Qatargas liquefied natural gas project in November.
Higher exploration expenses partially offset these favorable
items.
<PAGE>
. Marketing and Refining income of $256 million was $116
million lower than fourth quarter 1995.
United States income was $61 million, down $34 million,
mainly due to higher refinery downtime and higher purchased
energy costs. In spite of higher refinery downtime, combined
gasoline and distillate production was an all-time high for a
quarter.
International income of $195 million was $82 million lower
than in 1995, primarily due to lower integrated margins and
higher expenses. Margins in Australia and Japan were weaker
as crude prices increased and competitive pressures precluded
recovery of these higher costs. Benefits from higher
refining margins at Mobil's Singapore refinery were more than
offset by lower paraxylene margins, as income from the
aromatics complex at this facility is shared between
Marketing and Refining and Chemical. Higher petroleum
product sales in Asia-Pacific contributed favorably to
earnings.
. Chemical income of $81 million was $59 million lower than
last year's fourth quarter. The decline primarily reflected
lower petrochemical margins, notably for paraxylene, the
expiration of the tax holiday in Saudi Arabia, and the
absence of income from divested businesses.
. Corporate and Other expense was $26 million, $11 million
higher than the comparable period last year, primarily due to
one-time costs associated with exiting the land development
business.
. Net Financing Expense of $81 million was essentially the same
as last year as the impact of slightly higher average debt
levels and average interest rates offset the favorable
impacts of higher capitalized interest for new projects in
Nigeria and Qatar and certain other nonrecurring items.
COMPARISON OF FULL YEAR 1996 WITH 1995
. Exploration and Producing income was $2,053 million, $656
million higher than last year.
In the United States, income was $686 million, up $354
million, as a result of higher prices for crude oil and
natural gas, lower producing expenses and decreased capital
recovery charges resulting from the impact of adopting FAS
121 in the fourth quarter of 1995. These positive factors
were somewhat offset by the effects of lower production
volumes, primarily resulting from asset disposals and natural
field declines. Opportunity losses on forward sales of
natural gas, primarily during the first half of 1996, also
impacted earnings. The weakening of prices for California
heavy crudes relative to light crudes somewhat reduced the
benefits from higher crude oil prices.
<PAGE>
International income of $1,367 million was $302 million
higher, principally due to higher crude oil and natural gas
prices. Production volumes were higher due to additional
production in Nigeria, reflecting the success of our capital
program, and the acquisitions of Ampolex and our interest in
the Tengiz field. Additionally, production commenced from
Equatorial Guinea during the year. These favorable factors
were partially offset by higher exploration expenses.
. Marketing and Refining income of $1,079 million was $56
million lower than 1995.
United States income was $372 million, $42 million higher
than 1995. This year's results benefited from higher
margins, although margins declined somewhat in the second
half when continued increases in crude costs could not be
recovered in the marketplace. The improvement in earnings
this year also reflects continued growth in retail automotive
gasoline sales, up about 3% versus an estimated industry
growth of 1%, due to the success of new marketing programs.
Wider price spreads between heavy and light crudes also
benefited Mobil's refineries which are among the best in the
industry at processing heavy crudes. Partly offsetting these
favorable items was a higher level of refinery downtime.
International income of $707 million was $98 million lower
than in 1995, primarily due to lower marketing margins in
Europe and Asia-Pacific. U.K. marketing margins were
particularly weak due to competitive pressures, although they
improved in the fourth quarter. Lower paraxylene margins,
which impacted Mobil's Singapore results, and a higher level
of scheduled refinery downtime also reduced earnings this
year. These factors were partly offset by improved refining
margins at Singapore and higher product sales volumes.
. Chemical income of $306 million was $373 million lower than
1995's record $679 million when results benefited from very
strong worldwide petrochemical margins. Petrochemical
margins in 1996 were significantly lower and results were
also adversely impacted by the absence of income from
divested businesses, the expiration of the Yanpet Saudi tax
holiday, and reduced plant operating reliability. Partly
offsetting these negative factors were higher earnings from
the oriented polypropylene (films) and chemical products
businesses.
. Corporate and Other expense was $88 million compared with $70
million last year. This increase was due to lower earnings
from real estate operations, one-time costs associated with
exiting the land development business, and the absence of
certain favorable, nonrecurring items reported in last year's
results.
. Net Financing Expense of $253 million was $42 million lower
than last year due to higher capitalized interest for major
projects in Canada, Nigeria, and Qatar and certain other
favorable, nonrecurring items.
<PAGE>
Capital and Exploration Expenditures for the fourth quarter of
1996 were estimated at $1,571 million, an increase of $200 million
from the comparable period last year. For full year 1996,
worldwide capital and exploration expenditures were estimated at
$6,276 million, compared with $4,268 million for full year 1995.
Mobil's estimated Return on Average Shareholders' Equity for
calendar year 1996, based upon reported income, was 16.0%,
compared with 13.5% for calendar year 1995. (On an operating
basis, excluding special items, returns were 16.7% and 16.2% for
the same periods.) Estimated Return on Average Capital Employed
for calendar year 1996, based upon reported income, was 12.7%,
compared with 10.9% for calendar year 1995. (On an operating
basis, excluding special items, returns were 13.2% and 12.8% for
the same periods.)
Mobil's estimated Debt-to-capitalization Ratio was 29% at December
31, 1996, compared with 27% at December 31, 1995, which followed
the sale of Mobil's plastics business. The increase in debt was
mainly due to funding of the Ampolex and Tengiz acquisitions.
Common Stock Dividends were $1.00 per share in the fourth quarter
of 1996 and $3.925 per share for full year 1996, $.075 and $.30
per share higher than the comparable periods last year.
Estimates of key financial and operating data are shown on the
attached tables.
<TABLE>
Table 1
MOBIL CORPORATION
<CAPTION>
Fourth Quarter Twelve Months
----------------------- -----------------------
1995 1996 Incr/ 1995 1996 Incr/
INCOME ($MM) Act Est (Decr) Act Est (Decr)
------ ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Petroleum Operations
E&P: United States (292) 173 465 (107) 729 836
International 160 411 251 952 1,374 422
------ ------ ------- ------ ------ -------
Total E&P (132) 584 716 845 2,103 1,258
M&R: United States 95 96 1 226 407 181
International 216 22 (194) 447 534 87
------ ------ ------- ------ ------ -------
Total M&R 311 118 (193) 673 941 268
------ ------ ------- ------ ------ -------
Total Petroleum 179 702 523 1,518 3,044 1,526
Chemical 641 81 (560) 1,164 306 (858)
Corporate and Other (a) 35 (26) (61) (11) (133) (122)
Net Financing Expense (80) (81) (1) (295) (253) 42
------ ------ ------- ------ ------ -------
Net Income 775 676 (99) 2,376 2,964 588
========== ====== ====== ======= ====== ====== =======
COMMON SHARES OUTSTANDING (MM)
Average 394.6 393.9 (0.7) 395.4 394.1 (1.3)
End of Period ... ... ... 394.6 393.8 (0.8)
EARNINGS PER COMMON SHARE ($)
Based on Net Income (b) 1.93 1.68 (0.25) 5.87 7.38 1.51
DIVIDENDS
Common Stock
Total Paid ($MM) 365 394 29 1,434 1,547 113
Per Share ($) 0.925 1.00 0.075 3.625 3.925 0.300
Preferred Stock ($MM) 14 14 - 56 54 (2)
(a) Includes the results of Real Estate operations, Mining and Minerals,
corporate administrative expenses, and other items.
(b) The earnings per common share calculation is based on income, less
preferred stock dividend requirements, divided by the weighted average
number of common shares outstanding.
</TABLE>
<TABLE>
Table 2
MOBIL CORPORATION
<CAPTION>
Fourth Quarter Twelve Months
----------------------- -----------------------
INCOME ADJUSTED FOR 1995 1996 Incr/ 1995 1996 Incr/
SPECIAL ITEMS ($MM) Act Est (Decr) Act Est (Decr)
------ ------ ------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Petroleum Operations
E&P: United States 95 212 117 332 686 354
International 248 437 189 1,065 1,367 302
------ ------ ------- ------ ------ -------
Total E&P 343 649 306 1,397 2,053 656
M&R: United States 95 61 (34) 330 372 42
International 277 195 (82) 805 707 (98)
------ ------ ------- ------ ------ -------
Total M&R 372 256 (116) 1,135 1,079 (56)
------ ------ ------- ------ ------ -------
Total Petroleum 715 905 190 2,532 3,132 600
Chemical 140 81 (59) 679 306 (373)
Corporate and Other (a) (15) (26) (11) (70) (88) (18)
Net Financing Expense (80) (81) (1) (295) (253) 42
------ ------ ------- ------ ------ -------
Oper. Income Before
Special Items 760 879 119 2,846 3,097 251
Special Items 15 (203) (218) (470) (133) 337
------ ------ ------- ------ ------ -------
Net Income 775 676 (99) 2,376 2,964 588
========== ====== ====== ======= ====== ====== =======
EARNINGS PER COMMON SHARE ($)
BASED ON:
Operating Income Before
Special Items (b) 1.89 2.20 0.31 7.06 7.72 0.66
Net Income (b) 1.93 1.68 (0.25) 5.87 7.38 1.51
(a) Includes the results of Real Estate operations, Mining and Minerals,
corporate administrative expenses, and other items.
(b) The earnings per common share calculation is based on income, less
preferred stock dividend requirements, divided by the weighted average
number of common shares outstanding.
</TABLE>
<TABLE>
Table 3
MOBIL CORPORATION
<CAPTION>
$MM 1995 by Quarter and Year 1996 by Quarter and Year
SPECIAL ITEMS ---------------------------- ---------------------------
AFFECTING INCOME 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year
Est Est
--- ----- ---- ----- ----- --- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
E&P United States
Asset Sales/Write-d - (22) - - (22) - - 82 37 119
Asset Impairment - - - (366) (366) - - - (69) (69)
Restructuring - (30) (a) - (21) (51) - - - (7) (7)
E&P International
Asset Sales/Write-d - - - 23 23 - - 33 (21) 12
Asset Impairment - - - (121) (121) - - - - -
Tax Adjustment - - - 26 26 - - - - -
Restructuring - (25) (a) - (16) (41) - - - (5) (5)
M&R United States
LIFO/Other Inv. Adj - - - - - - - - 35 35
Restructuring - (104) (b) - - (104) - - - - -
M&R International
LIFO/Other Inv. Adj - - - (13) (13) - - - 8 8
Asset Write-downs - - (29) - (29) - - - - -
Pension Suppl. - - - - - - - - (27) (27)
Restructuring - (268) (c) - (48) (316) - - - (154) (d(154)
Chemical
Asset Sales - - - 501 501 - - - - -
Restructuring - (16) (a) - - (16) - - - - -
Corp/Other
Asset Sales - - - 74 74 - - 14 16 30
Environmental - - - (24) (24) - - - - -
Restructuring - (62) (a) - - (62) - - - - -
Litigation Settle. - - 71 - 71 - - - - -
SRP Implementation - - - - - - (31) (28) (16) (75)
--- ----- ---- ----- ----- --- ---- ---- ----- -----
Total Special Items - (527) 42 15 (470) - (31) 101 (203) (133)
=== ===== ==== ===== ===== === ==== ==== ===== =====
(a) Staff redesign project (SRP).
(b) Includes $65 million for SRP and $39 million for restructuring of
marketing and refining operations.
(c) Includes $88 million for SRP and $180 million for European refining.
(d) Includes $145 million for Mobil/BP joint venture.
</TABLE>
<TABLE>
Table 4
MOBIL CORPORATION
<CAPTION>
Fourth Quarter Twelve Months
------------------------- -------------------------
CAPITAL AND EXPLORATION 1995 1996 Incr/ 1995 1996 Incr/
EXPENDITURES ($MM) Act Est (Decr) Act Est (Decr)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Petroleum Operations
Exploration & Producing
United States 253 183 (70) 830 550 (280)
International 577 760 183 1,844 3,832 (a) 1,988
------- ------- ------- ------- ------- -------
Total E&P 830 943 113 2,674 4,382 1,708
------- ------- ------- ------- ------- -------
Marketing & Refining
United States 151 124 (27) 484 385 (99)
International 306 390 84 808 1,120 312
------- ------- ------- ------- ------- -------
Total M&R 457 514 57 1,292 1,505 213
------- ------- ------- ------- ------- -------
Total Petroleum 1,287 1,457 170 3,966 5,887 1,921
Chemical 65 106 41 220 329 109
Other 19 8 (11) 82 60 (22)
------- ------- ------- ------- ------- -------
Total Mobil Corporation 1,371 1,571 200 4,268 6,276 2,008
======= ======= ======= ======= ======= =======
Memo:
Exploration expenses charged
to income, included above
United States 19 34 15 72 73 1
International 132 194 62 355 446 91
------- ------- ------- ------- ------- -------
Total Exploration Expense 151 228 77 427 519 92
======= ======= ======= ======= ======= =======
=============================================================================
OTHER FINANCIAL DATA ($MM)
Total Revenues 20,257 22,236 1,979 75,370 80,782 5,412
Income Taxes 404 721 317 2,015 3,148 1,133
AVERAGE U.S. PRICES
Crude ($/BBL) 13.88 19.32 5.44 14.52 17.38 2.86
NGL ($/BBL) 10.03 18.83 8.80 9.94 13.16 3.22
Natural Gas ($/MCF) (b) 1.84 2.58 0.74 1.58 2.17 0.59
AVERAGE INT'L. PRICES
Crude ($/BBL) 16.73 23.40 6.67 16.94 20.81 3.87
Natural Gas ($/MCF) 2.38 2.99 0.61 2.47 2.66 0.19
(a) Includes $1,394 million of Ampolex acquisition expenditures which were
reported in the second quarter as cash investment in equity companies.
(b) In 1996, the wellhead price is reported. In 1995, prices reflected gas
realizations, including transportation costs. This reporting change to
wellhead price is consistent with our gas marketing business realignment.
</TABLE>
<TABLE>
Table 5
MOBIL CORPORATION
<CAPTION>
Fourth Quarter Twelve Months
---------------------- ----------------------
1995 1996 Incr/ 1995 1996 Incr/
OPERATING HIGHLIGHTS Act Est (Decr) Act Est (Decr)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
NET PRODUCTION OF LIQUIDS (TBD)
United States 275 240 (35) 282 261 (21)
Canada 54 46 (8) 53 50 (3)
Indonesia 73 56 (17) 77 66 (11)
Nigeria 181 227 46 157 209 52
Norway 90 82 (8) 91 83 (8)
United Kingdom 77 75 (2) 75 65 (10)
Other 66 168 102 75 117 42
------ ------ ------ ------ ------ ------
Total International 541 654 113 528 590 62
------ ------ ------ ------ ------ ------
Worldwide 816 894 78 810 851 41
====== ====== ====== ====== ====== ======
NET PRODUCTION OF NATURAL GAS (MMCFD)
United States 1,318 1,229 (89) 1,439 1,332 (107)
Canada 441 398 (43) 432 416 (16)
Germany 387 335 (52) 404 463 59
Indonesia 1,491 1,847 356 1,542 1,556 14
United Kingdom 759 704 (55) 577 618 41
Other 214 248 34 160 167 7
------ ------ ------ ------ ------ ------
Total International 3,292 3,532 240 3,115 3,220 105
------ ------ ------ ------ ------ ------
Worldwide 4,610 4,761 151 4,554 4,552 (2)
====== ====== ====== ====== ====== ======
TOTAL NET
PRODUCTION (TBDOE) 1,635 1,740 105 1,619 1,660 41
====== ====== ====== ====== ====== ======
</TABLE>
<TABLE>
Table 6
MOBIL CORPORATION
<CAPTION>
Fourth Quarter Twelve Months
--------------------- -----------------------
1995 1996 Incr/ 1995 1996 Incr/
OPERATING HIGHLIGHTS Act Est (Decr) Act Est (Decr)
------ ------ ----- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
REFINERY RUNS (TBD)
Runs for and by Mobil
United States 891 941 50 895 921 26
Europe 356 318 (38) 411 324 (87)
Asia-Pacific 667 702 35 657 705 48
All Other 185 186 1 149 182 33
------ ------ ----- ------ ------ -------
Total 2,099 2,147 48 2,112 2,132 20
Runs for Mobil by Others 9 8 (1) 9 9 -
------ ------ ----- ------ ------ -------
Worldwide Runs for Mobil 2,108 2,155 47 2,121 2,141 20
====== ====== ===== ====== ====== =======
PETROLEUM PRODUCT SALES (TBD)
United States
Automotive Gasoline
Sales to Trade 551 557 6 539 553 14
Supply/Other Sales 232 195 (37) 215 214 (1)
------ ------ ----- ------ ------ -------
Total Automotive Sales 783 752 (31) 754 767 13
Distillates/Jet Fuel 377 407 30 324 355 31
Other 185 272 87 208 241 33
------ ------ ----- ------ ------ -------
Total United States 1,345 1,431 86 1,286 1,363 77
Europe 888 779 (109) 807 804 (3)
Asia-Pacific 814 837 23 799 800 1
All Other 373 405 32 330 374 44
------ ------ ----- ------ ------ -------
Total International 2,075 2,021 (54) 1,936 1,978 42
------ ------ ----- ------ ------ -------
Worldwide 3,420 3,452 32 3,222 3,341 119
====== ====== ===== ====== ====== =======
CHEMICAL SALES (MM LBS)
Worldwide Polyethylene Resin 633 578 (55) 2,383 2,437 54
CHEMICAL SALES BY PRODUCT CATEGORY ($MM)
Petrochemicals 646 457 (189) 2,914 1,878 (1,036)
Films Products 178 187 9 764 763 (1)
Chemical Products 29 35 6 115 126 11
Other Plastics 192 - (192) 1,155 78 (1,077)
------ ------ ----- ------ ------ -------
Total 1,045 679 (366) 4,948 2,845 (2,103)
====== ====== ===== ====== ====== =======
</TABLE>
