UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 1997
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 0-21952
AMERICAN SAFETY RAZOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware 54-1050207
------------------------ --------------------------------------
(State of incorporation) (I.R.S. Employer Identification Number)
One Razor Blade Lane, P.O. Box 979, Verona, Virginia 24482-0979
---------------------------------------------------------------
(Address of principal executive offices, including zip code)
(540) 248-8000
-----------------------------
Registrant's telephone number
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 [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of July 18, 1997.
Class Outstanding at July 18, 1997
----- ----------------------------
Common Stock, $.01 Par Value 12,092,849
<PAGE>
AMERICAN SAFETY RAZOR COMPANY
Index
-----
Page Number
-----------
Part I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
June 30, 1997 (Unaudited) and December 31, 1996 1
Condensed Consolidated Statements of Income (Unaudited)
Three and six months ended
June 30, 1997 and June 30, 1996 3
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30, 1997 and June 30, 1996 4
Notes to Condensed Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Part II. Other Information
Item 1. Legal Proceedings 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
<PAGE>
<TABLE>
<CAPTION>
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
1997 1996
--------- ------------
(Unaudited)
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 1,240 $ 1,979
Trade receivables, net 46,187 37,904
Inventories 53,199 43,866
Deferred income taxes 3,526 3,760
Prepaid expenses 2,343 1,833
-------- --------
Total current assets 106,495 89,342
Property and equipment 107,516 95,034
Less accumulated depreciation (37,448) (34,012)
-------- --------
70,068 61,022
Intangible assets, net:
Goodwill 70,026 70,678
Other 4,721 5,055
-------- --------
74,747 75,733
Prepaid pension cost and other 4,365 3,900
-------- --------
Total assets $255,675 $229,997
======== ========
</TABLE>
See accompanying notes.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30, December 31,
1997 1996
--------- ------------
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current liabilities:
Accounts payable $ 18,323 $ 14,212
Accrued expenses and other 21,962 19,649
Income taxes payable 584 370
Current maturities of long-term obligations 2,110 1,419
-------- --------
Total current liabilities 42,979 35,650
Long-term obligations 127,738 110,762
Retiree benefits and other 25,786 25,675
Deferred income taxes 8,950 13,387
Stockholders' equity:
Common Stock, $.01 par value, 25,000,000
shares authorized; 12,092,849 shares issued and
outstanding at June 30, 1997 and December 31, 1996 121 121
Additional capital 65,756 65,756
Deficit (14,775) (20,714)
Foreign currency translation (880) (640)
-------- --------
50,222 44,523
-------- --------
Total liabilities and stockholders' equity $255,675 $229,997
======== ========
</TABLE>
See accompanying notes.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------
1997 1996 1997 1996
------- ------- -------- --------
<S> <C> <C> <C> <C>
Net sales $75,683 $64,862 $138,786 $122,322
Cost of sales 51,411 42,485 92,836 80,028
------- ------- -------- --------
Gross profit 24,272 22,377 45,950 42,294
Selling, general and
administrative expenses 14,915 13,964 28,859 26,695
Amortization of intangibles 618 604 1,238 1,206
------- ------- -------- --------
Operating income 8,739 7,809 15,853 14,393
Interest expense 3,130 3,061 6,036 5,864
------- ------- -------- --------
Income before income taxes 5,609 4,748 9,817 8,529
Income taxes 2,224 1,898 3,878 3,412
------- ------- -------- --------
Net income $3,385 $2,850 $5,939 $5,117
======= ======= ======== ========
Weighted average shares
outstanding 12,093,000 12,093,000 12,093,000 12,093,000
========== ========== ========== ==========
Earnings per share:
Net income $.28 $.24 $.49 $.42
==== ==== ==== ====
</TABLE>
See accompanying notes.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN SAFETY RAZOR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
Six Months Ended
June 30,
-------------------
1997 1996
------- -------
<S> <C> <C>
Operating activities
Net income $ 5,939 $ 5,117
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 5,412 5,100
Interest and financing costs 271 401
Retiree benefits and other (629) 375
Deferred income taxes 289 (122)
Changes in operating assets and liabilities,
net of effects of acquisitions:
Trade receivables (8,595) (2,065)
Inventories (5,330) (1,677)
Prepaid expenses (510) 172
Accounts payable 4,111 1,123
Accrued and other expenses 763 1,119
Income taxes (4,243) (172)
------- -------
Net cash (used in) provided by operating activities (2,522) 9,371
Investing activities
Capital expenditures (5,509) (5,616)
Acquisitions, net of cash acquired (10,352) (16,628)
Other (1) (101)
------- -------
Net cash used in investing activities (15,862) (22,345)
Financing activities
Proceeds from borrowings 17,926 17,851
Repayment of long-term obligations (281) (6,589)
------- -------
Net cash provided from financing activities 17,645 11,262
------- -------
Net decrease in cash and cash equivalents (739) (1,712)
Cash and cash equivalents, beginning of period 1,979 2,147
------- -------
Cash and cash equivalents, end of period $1,240 $435
====== ====
</TABLE>
See accompanying notes.
<PAGE>
AMERICAN SAFETY RAZOR COMPANY
Notes to Condensed Consolidated Financial Statements (Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q
and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting of only normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results
for the three and six month periods ended June 30, 1997, are not
necessarily indicative of the results that may be expected for the
year ended December 31, 1997. For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Registrant's Annual Report on Form 10-K for the year ended December 31, 1996.
NOTE B - INVENTORIES
<TABLE>
<CAPTION>
Classifications of inventories are as follows:
June 30, December 31,
1997 1996
-------- ------------
(In thousands)
<S> <C> <C>
Raw materials $20,234 $15,463
Work-in-process 6,620 5,951
Finished goods 24,062 20,289
Operating supplies 3,313 2,819
------- -------
54,229 44,522
Excess of current cost over LIFO inventory value 1,030 656
------- -------
$53,199 $43,866
======= =======
</TABLE>
NOTE C - OTHER INFORMATION
The Company's federal income tax returns for 1989 through 1994 have been
examined by the IRS. The Company acquired certain intangible assets at the
time of acquisition of the Company and of Ardell for $29 million, and to
date the Company has claimed federal income tax deductions of $29 million
for the amortization of those assets. In connection with such acquisitions,
the Company also incurred approximately $10 million of loan costs and
certain other costs, and has expensed certain of those costs and claimed
amortization deductions with respect to other such costs. During March 1995,
and January 1997, the Company received revenue agent's reports proposing
adjustments to the value of the intangible assets which value is
substantially below the value paid for such assets by the Company, resulting
in the disallowance of substantially all of the Company's amortization
deductions with respect to those assets. In addition, the IRS has proposed
adjustments disallowing substantially all of the Company's other deductions
described above and certain other deductions taken by the Company. During
April 1997, the Company settled certain of the outstanding tax issues with
the IRS related to its tax years 1992, 1993 and 1994. In addition, during
June 1997, the Company settled the tax issues relating to the approximately
$10 million of loan costs and certain other costs with the IRS. These
settlements did not have a material impact on the consolidated financial
position or results of operations of the Company. With respect to the
proposed disallowances relating to the $29 million of intangible assets,
the Company disagrees with the IRS's proposed disallowances and is
vigorously contesting such proposed disallowances at the IRS appellate
level. The Company believes that, with respect to these proposed
disallowances, it is likely that its case will proceed to U.S. Tax Court.
The outcome of these proceedings cannot be predicted at this time and the
Company will continue to evaluate the potential impact on its tax reserves
for these issues. However, the Company believes that the ultimate outcome
of these issues will not have a materially adverse impact on the
consolidated financial position or results of operations of the Company.
NOTE D - PURCHASE OF THE COTTON DIVISION OF AMERICAN WHITE CROSS, INC.
On April 22, 1997, the Company purchased certain assets of The Cotton
Division of American White Cross, Inc. ("Cotton") for net consideration of
approximately $10.4 million including estimated acquisition related
expenses. The acquisition was accounted for under the purchase method of
accounting and was financed primarily by additional borrowings under the
Company's revolving credit facility.
Cotton is engaged in the manufacture and distribution of private-brand and
value-brand cotton swabs, cotton rounds and squares, cotton balls and puffs,
pharmaceutical coil and cotton rolls. Shortly after the acquisition, the
Company began to consolidate the Cotton operations into its fiber and foot
care operations. Pro forma combined results of operations of the Company and
Cotton are not presented as the effects are not material.
NOTE E - LONG TERM OBLIGATIONS
On April 22, 1997, in connection with its acquisition of Cotton, the Company
borrowed $9.8 million under its revolving credit facility. At June 30, 1997,
the Company had utilized $24.1 million of its revolving credit facility and
had approximately $25.9 million available for future borrowings under this
facility.
NOTE F - EARNINGS PER SHARE
Stock options outstanding during the three and six months ended June 30,
1997 and 1996, did not have a material dilutive effect on weighted average
shares outstanding or earnings per share.
In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, "Earnings Per Share" ("FAS 128").
FAS 128 establishes standards for computing and presenting earnings per
share ("EPS") and supersedes APB Opinion No. 15, "Earnings Per Share"
("Opinion 15"). FAS 128 replaces the presentation of primary EPS with a
presentation of basic EPS which excludes dilution and is computed by
dividing income available to common stockholders by the weighted-average
number of common shares outstanding during the period. This statement also
requires dual presentation of basic EPS and diluted EPS on the face of the
income statement for all periods presented. Diluted EPS is computed
similarly to fully diluted EPS pursuant to Opinion 15, with some
modifications. FAS 128 is effective for financial statements issued for
periods ending after December 15, 1997, including interim periods. Early
adoption is not permitted and the statement requires restatement of all
prior-period EPS data presented after the effective date.
The Company will adopt FAS 128 effective with its 1997 year end. Pro forma
earnings per share data calculated in accordance with FAS 128 for the three
and six months ended June 30, 1997 and 1996, are as follows (in thousands,
except per share data):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net income $3,385 $2,850 $5,939 $5,117
====== ====== ====== ======
Basic EPS $.28 $.24 $.49 $.42
==== ==== ==== ====
Weighted average
shares outstanding 12,093 12,093 12,093 12,093
====== ====== ====== ======
Diluted EPS $.28 $.23 $.49 $.42
==== ==== ==== ====
Weighted average
shares outstanding 12,229 12,135 12,223 12,116
====== ====== ====== ======
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
INTRODUCTION
The following discussion and analysis should be read in conjunction with the
consolidated financial statements and notes thereto included in this report
and the Registrant's Annual Report on Form 10-K for the year ended December
31, 1996. On April 22, 1997, the Company purchased certain assets of The
Cotton Division of American White Cross, Inc. ("Cotton"), a manufacturer and
distributor of private-brand and value-brand cotton swabs, cotton rounds and
squares, cotton balls and puffs, pharmaceutical coil and cotton rolls. Sales
by Cotton since its acquisition of $6.6 million had an immaterial effect on
net income.
Three Months Ended June 30, 1997 Compared to Three Months Ended June 30, 1996
Net Sales. Net sales for the three months ended June 30, 1997 and 1996, were
$75.7 million and $64.9 million, respectively, an increase of $10.8 million,
or 16.7%. Sales by Cotton, since its acquisition contributed $6.6 million to
the increase. Net sales of the Company's shaving blades and razors for the
three months ended June 30, 1997 totaled $30.2 million, a 6.3% increase over
net sales for the three months ended June 30, 1996, of $28.4 million. Net
sales of domestic branded shaving products increased 16.2% primarily
resulting from increased sales of the Company's MBC trademark products which
benefited from the introduction of the Revlon Perfect Finish trademark
shaving system for women. Net sales of domestic private-brand shaving
products increased 6.8% primarily benefiting from continued growth in sales
of the Company's MBC trademark products and increased promotional support of
products by customers. Net sales of international shaving products were
substantially unchanged and were negatively impacted approximately 2% by
unfavorable exchange rates.
Net sales of bladed hand tools and blades for the three months ended June
30, 1997 and 1996, were $11.0 million and $10.5 million, respectively, an
increase of $0.5 million, or 5.2%. This increase primarily reflects
increased sales of the Company's American Line trademark and Personna
registered line of products.
Net sales of industrial and specialty and medical blades for the three
months ended June 30, 1997 and 1996, were $4.1 million and $4.4 million,
respectively, a decrease of $0.3 million, or 6.0%. Sales of industrial and
specialty products decreased 19.7% due primarily to cyclical usage and
purchasing patterns by certain customers. Sales of these products were
particularly strong during the three months ended June 30, 1996 compared to
the three months ended June 30, 1997. Sales of medical products increased
14.6% primarily due to an expanding customer base and increased sales of
several new products.
Net sales of fiber and foot care products, excluding Cotton, for the three
months ended June 30, 1997 and 1996, were $14.1 million and $13.4 million,
respectively, an increase of $0.7 million or 5.0%. Fiber and foot care
experienced sales growth in the cotton pads, balls, and swabs product lines.
Net sales of the Company's custom bar soap products for the three months
ended June 30, 1997 and 1996, were $9.7 million and $8.2 million,
respectively, an increase of $1.5 million or 18.6%. This increase primarily
reflects the continued strong growth in sales of the Company's
pharmaceutical/skin care products.
Gross Profit. Gross profit increased $1.9 million to $24.3 million during
the three months ended June 30, 1997, from $22.4 million for the three
months ended June 30, 1996. As a percentage of net sales, gross profit was
32.1% for the three months ended June 30, 1997, and 34.5% for the three
months ended June 30, 1996. This decrease was primarily due to lower
margins in the newly acquired Cotton operations and the negative impact of
unfavorable exchange rates.
Operating and Other Expenses. Selling, general and administrative expenses
were 19.7% of net sales for the three months ended June 30, 1997, compared
to 21.5% for the three months ended June 30, 1996, a 1.8% of net sales
decrease. This decrease primarily reflects the spreading of these costs
over increased sales resulting from the Cotton acquisition and management's
efforts to reduce costs in the soap operations. Amortization of goodwill
and other intangible assets was substantially unchanged at $0.6 million
for the three months ended June 30, 1997 and 1996. Interest expense was
substantially unchanged at $3.1 million for the three months ended June
30, 1997 and 1996.
Six Months Ended June 30, 1997 Compared to Six Months Ended June 30, 1996
Net Sales. Net sales for the six months ended June 30, 1997 and 1996, were
$138.8 million and $122.3 million, respectively, an increase of $16.5
million, or 13.5%. Sales by Cotton contributed $6.6 million to the increase
and sales by Bond, acquired on March 29, 1996, contributed $3.0 million to
the increase. Excluding Bond sales of $6.6 million and $3.6 million for the
six months ended June 30, 1997 and 1996, respectively, net sales of the
Company's shaving blades and razors for the six months ended June 30, 1997,
totaled $50.9 million, a 6.2% increase over net sales for the six months
ended June 30, 1996, of $47.9 million. Net sales of domestic private-brand
shaving products (excluding Bond) increased 8.7% primarily benefiting from
continued growth in sales of the Company's MBC trademark products and
increased promotional support of products by customers. Net sales of
domestic branded shaving products increased 6.2% primarily resulting from
increased sales of the Company's MBC trademark products which benefited
from the introduction of the Revlon Perfect Finish trademark shaving
system for women. Net sales of international shaving products (excluding
Bond) increased 5.0% reflecting stronger sales primarily in Canada, Latin
America, Europe, Asia and the Pacific Rim. International net sales were
negatively impacted approximately 3% by unfavorable exchange rates.
Net sales of bladed hand tools and blades for the six months ended June 30,
1997 and 1996, were $20.9 million and $20.0 million, respectively, an
increase of $0.9 million, or 4.6%. This increase primarily reflects
increased sales of the Company's American Line trademark and Personna
registered line of products.
Net sales of industrial and specialty and medical blades for the six months
ended June 30, 1997 and 1996, were $8.0 million and $8.3 million,
respectively, a decrease of $0.3 million, or 4.3%. Sales of industrial and
specialty products decreased 11.4% due primarily to cyclical usage and
purchasing patterns by certain customers. Sales of these products were
particularly strong during the three months ended June 30, 1996 compared to
the three months ended June 30, 1997. Sales of medical products increased
5.2% primarily due to an expanding customer base and increased sales of
several new products.
Net sales of fiber and foot care products, excluding Cotton, for the six
months ended June 30, 1997 and 1996, were $28.5 million and $27.1 million,
respectively, an increase of $1.4 million or 5.2%. Fiber and foot care
experienced sales growth in its cotton pads, balls, and puffs product lines.
Net sales of the Company's custom bar soap products for the six months
ended June 30, 1997 and 1996, were $17.3 million and $15.4 million,
respectively, an increase of $1.9 million or 11.9%. This increase
primarily reflects the continued strong growth in sales of the Company's
pharmaceutical/skin care products.
Gross Profit. Gross profit increased $3.7 million to $46.0 million during
the six months ended June 30, 1997, from $42.3 million for the six months
ended June 30, 1996. As a percentage of net sales, gross profit was 33.1%
for the six months ended June 30, 1997, and 34.6% for the six months ended
June 30, 1996. This decrease was primarily due to lower margins in the
newly acquired Cotton operations and the negative impact of unfavorable
exchange rates.
Operating and Other Expenses. Selling, general and administrative expenses
were 20.8% of net sales for the six months ended June 30, 1997, compared to
21.8% for the six months ended June 30, 1996. This 1.0% of net sales
decrease primarily reflects the spreading of these costs over increased
sales resulting from the Cotton acquisition and management's efforts to
reduce costs in the soap operations. Amortization of goodwill and other
intangible assets was substantially unchanged at $1.2 million for the six
months ended June 30, 1997 and 1996. Interest expense was substantially
unchanged at $6.0 million for the six months ended June 30, 1997 compared
to $5.9 million for the six months ended June 30, 1996.
<PAGE>
Liquidity and Capital Resources
The Company's principal sources of funds are cash generated from operating
activities and borrowings under its revolving credit facility. Net cash
used in operating activities amounted to $2.5 million for the six months
ended June 30, 1997, and net cash provided by operating activities amounted
to $9.4 million for the six months ended June 30, 1996. The decrease of
$11.9 million in net cash provided by operating activities for the six
month period ending June 30, 1997, as compared to the six month period
ended June 30, 1996, was primarily due to the increase in trade receivables
and inventories, partially resulting from the acquisition of Cotton, and
the payment of certain liabilities.
On April 22, 1997, in connection with its acquisition of Cotton, the
Company borrowed $9.8 million under its revolving credit facility. At
June 30, 1997, the Company had utilized $24.1 million of its revolving
credit facility and had approximately $25.9 million available for future
borrowings under this facility.
Management believes that the Company's cash on hand, anticipated funds from
operations, and the amounts available to the Company under its revolving
credit facility will be sufficient to cover its working capital, capital
expenditures, debt service requirements and tax obligations as well as
support the Company's growth-oriented strategy for its existing business
for at least the next 12 months. The Company anticipates that funding of any
additional acquisitions will require additional borrowings under its
revolving credit facility. The Company intends to maintain and further
strengthen its financial condition and, in connection therewith, may from
time to time consider other possible transactions, including other capital
market transactions or disposition of businesses that no longer meet
its strategic objectives. The Company has no present plans in this regard.
<PAGE>
PART II, OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits - Exhibit 27 - Financial Data Schedule
b. Reports on Form 8-K: No reports on Form 8-K have been filed during
the quarter ended June 30, 1997.
<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.
AMERICAN SAFETY RAZOR COMPANY
July 25, 1997 By /s/William C. Weathersby
------------- ------------------------
Date William C. Weathersby
President
July 25, 1997 By /s/Thomas G. Kasvin
------------- -------------------
Date Thomas G. Kasvin
Senior Vice President
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements included in the Form 10-Q of American Safety Razor Company
for the quarter ended June 30, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 1240
<SECURITIES> 0
<RECEIVABLES> 46187
<ALLOWANCES> 0
<INVENTORY> 53199
<CURRENT-ASSETS> 106495
<PP&E> 107516
<DEPRECIATION> 37448
<TOTAL-ASSETS> 255675
<CURRENT-LIABILITIES> 42979
<BONDS> 127738
0
0
<COMMON> 121
<OTHER-SE> 50101
<TOTAL-LIABILITY-AND-EQUITY> 255675
<SALES> 138786
<TOTAL-REVENUES> 138786
<CGS> 92836
<TOTAL-COSTS> 92836
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6036
<INCOME-PRETAX> 9817
<INCOME-TAX> 3878
<INCOME-CONTINUING> 5939
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5939
<EPS-PRIMARY> .49
<EPS-DILUTED> .49
</TABLE>
