FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
[ ] TRANSMISSION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period
from_______________________to_________________________
Commission file number: 0-14684
RYAN, BECK & CO., INC.
(Exact name of registrant as specified in its charter)
New Jersey 22-1773796
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
80 Main Street, West Orange, New Jersey 07052
(Address of principal executive offices)
201-325-3000 (Issuer's telephone number)
______________________________________________________________________
_______
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check (X) whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No_________
APPLICABLE ONLY TO CORPORATE ISSUERS:
At May 13, 1996 there were 3,254,877 shares of Common Stock, par value
$. 10 per share, outstanding.
Part 1. Financial Information
Item 1. Financial Statements
The following consolidated financial statements of Ryan, Beck & Co.,
Inc. (the "Company") as of March 31, 1996 and for the three months
ended March 31, 1996 and March 31, 1995 reflect all adjustments and
disclosures which, in the opinion of management, are necessary for a
fair statement of results for the interim period. Certain information
and footnote disclosures required under generally accepted accounting
principles have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission, although the
Company believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these
financial statements be read in conjunction with the year-end
financial statements and notes thereto included in the Company's
Annual Report on Form 10-K for the year ended December 31, 1995 as
filed with the Securities and Exchange Commission.
The results of operations for the three month period ended March 31,
1996 are not necessarily indicative of the results to be expected for
the entire fiscal year or any other period.
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except per share data)
<CAPTION>
March 31, December 31,
1996 1995
(unaudited)
<S> <C> <C>
ASSETS
Cash $ 231$ 71
Cash segregated under federal and other regulations 11
11
Receivable from:
Brokers and dealers 31 909
Accrued revenues 102 110
Other 254 302
Securities owned, at market value 36,611 34,698
Prepaid income taxes - 228
Deferred income taxes 506 634
Property and equipment, at cost, less accumulated
depreciation and amortization 704 703
Other assets 472 460
Total assets $ 38,922 $ 38,126
LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to clearing broker $ 13,842 $ 16,180
Securities sold, but not yet purchased, at market value
7,017 5,809
Accrued employee compensation and benefits 2,392 1,698
Accounts payable and other accrued expenses 1,960
1,678
Income taxes payable 319 -
ESOP loan obligation 640 675
Total liabilities 26,170 26,040
Stockholders' equity:
Preferred stock - $.10 par value
Authorized - 2,000,000 shares
Issued and outstanding - 408,180 shares March 31, 1996
and 410,855 shares December 31, 1995 41
41
Common stock - $. 10 par value
Authorized - 30,000,000 shares
Issued and outstanding - 3,253,302 shares March 31, 1996
and 3,270,092 shares December 31, 1995 325
327
Additional paid-in capital 11,928 12,049
Retained earnings 1,698 818
Treasury Stock, at cost, 22,000 common shares March 31, 1996
and 13,618 common shares December 31, 1995 (160)
(91)
Unearned compensation - restricted stock grants (465)
(401)
Unearned ESOP compensation (615) (657)
Total stockholders' equity 12,752 12,086
Total liabilities and stockholders' equity $ 38,922 $ 38,126
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(UNAUDITED)
<CAPTION>
Three months ended
March 31, March 31,
1996 1995
<S> <C> <C>
Revenues:
Principal transactions $ 2,218 $ 3,278
Commissions 1,094 533
Investment banking 5,107 1,433
Interest and dividends 357 239
Other (1) 50
Total revenues 8,775 5,533
Operating expenses:
Compensation and benefits 4,842 3,678
Communications 355 295
Occupancy and equipment rental and depreciation 241 231
Floor brokerage, exchange and clearance fees 547 382
Interest 241 58
Other 753 602
Total operating expenses 6,979 5,246
Income before provision for income taxes 1,796 287
Provision for income taxes 698 100
Net income $ 1,098 $ 187
Earnings per common share
Primary $ 0.32 $ 0.05<F1>
Fully Diluted $ 0.31 $ 0.05<F1>
Weighted average number of shares
Primary 3,255 3,239<F1>
Fully Diluted 3,580 3,577<F1>
<FN>
<F1>
Restated to reflect a 5% stock dividend declared on January 26, 1996.
</FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY
(In thousands, except per share data)
<CAPTION>
UnearnedUnearned Total
Additional CompensationESOP Stock-
CommonPreferred Paid-in RetainedRestricted Co
mpen- Treasuryholders'
Stock StockCapital EarningsStock Grants sationStock
Equity
Three Months Ended March 31, 1995
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1995$308$ 44$10,907$2,547$(488)$(837)$ -$12,481
Unearned compensation -
restricted stock grants- - - - (116) - - (116)
Amortization of restricted stock grants -
unearned compensation - - - - 52 - - 52
Amoritization of ESOP
unearned compensation - - 4 - - 60 - 64
Conversion of preferred stock to
common stock (7,100 shares)1 - - - - (1) -
- -
Net income - - - 187 - - - 187
Dividends declared: Common stock - - - (
1,140) - - -(1,140)
Preferred stock - - -
(47) - - - (47)
Balance at March 31, 1995$309$ 44$10,911$1,547 $(552)$(778)$ -$11,481
Three months ended March 31, 1996
Balance at January 1, 1996$327$41$12,049 $818 $(401)$(657) $(91)$12,086
Retirement of 19,383 shares of
common stock (2) - (127) - - - 129 -
Unearned compensation -
restricted stock grants- - - - (125) - - (125)
Amortization of restricted stock grants -
unearned compensation - - - - 61 - - 61
Amortization of ESOP
unearned compensation - - 6 - - 42 - 48
Treasury stock (27,475 shares) - - - - - - (198)
(198)
Net Income - - - 1,098 - - - 1,098
Dividends declared: Common stock - - - (164) - -
- - (164)
Preferred stock - -
- - (54) - - - (54)
Balance at March 31, 1996$ 325$ 41$11,928$ 1,698$ (465)$ (615)$(160)$12,
752
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
INCREASE (DECREASE) IN CASH
(In Thousands) (UNAUDITED)
<CAPTION>
Three months ended
March 31, March 31,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net income $1,098 $187
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 78 59
Amortization of restricted stock grants 61
52
Amortization of ESOP unearned compensation 48
60
Deferred income taxes 128 (64)
(Increase) decrease in assets:
Receivables -
Customers - 20
Brokers, dealers and clearing organizations
878 (168)
Accrued revenues 8 (134)
Other 48 262
Securities owned, at market value (1,913) 3,212
Prepaid income taxes 228 -
Other assets (12) (19)
Increase (decrease) in liabilities:
Payables -
Payable to clearing broker (2,338) (165)
Securities sold, but not yet purchased -
at market value 1,208 148
Accrued employee compensation and benefits 694
(318)
Accounts payable and other accrued expenses
282 97
Income taxes payable 319 (1,373)
Total adjustments (283) 1,669
Net cash provided by operating activities 815 1,856
Cash flows from investing activities:
Capital expenditures $ (79) $ (255)
Cash flows from financing activities:
Common stock repurchased for restricted stock grants
(125) (116)
Principal payments of ESOP obligation (35) (87)
Purchase of Treasury Stock (198) -
Dividends paid
Common (164) (1,140)
Preferred (54) (43)
Net cash (used) in financing activities (576) (1,386)
Net increase in cash 160 215
Cash at beginning of period 71 64
Cash at end of period $ 231 $ 279
Supplemental disclosures of cash flow information:
Cash paid during quarter for:
Interest $ 265 $ 58
Income taxes 15 1,582
See accompanying notes to consolidated financial statements.
</TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1.In the opinion of management, the accompanying consolidated
financial statements contain all adjustments necessary to present
fairly the financial position of Ryan, Beck & Co., Inc. (the
"Company") as of March 31, 1996, and the results of its operations
and cash flows for the three months ended March 31, 1996 and March
31, 1995. All such adjustments are of a normal and recurring
nature.
The accounting policies followed by the Company are set forth in
the notes to the Company's financial statements as set forth in the
Company's Annual Report on Form 10-K for the year ended December
31, 1995. Certain reclassifications have been made to prior years'
financial statements to conform to the current year's presentation.
2.The results of operations for the three months ended March 31, 1996
are not necessarily indicative of the results to be expected for
the entire fiscal year or any other period.
3.Securities owned are reflected at market value. Securities in the
Company's trading account consist of the following:
<TABLE>
March 31, December 31
1996 1995
(unaudited)
(In thousands)
<S> <C> <C>
State and municipal debt $ 21,606 $ 19,400
Corporate debt 1,980 1,833
Corporate equity 11,713 13,130
U.S. Government and Agency debt 1,287 310
Other 25 25
Total $ 36,611 $ 34,698
</TABLE>
4. The Company is subject to the net capital provision of Rule 15c3-1
under the Securities Exchange Act of 1934 which requires that the
Company's aggregate indebtedness shall not exceed 15 times net
capital as defined under such provision. Additionally, the
Company, as a market maker, is subject to supplemental
requirements of Rule 15c3-1(a)4 which provides for a minimum net
capital based on the number and price of issues in which markets
are made by the Company, not to exceed $1,000,000. At March 31,
1996 and December 31, 1995, the Company's net capital was
approximately $6,676,000 and $5,663,000, respectively, which
exceeded minimum net capital requirements by $5,676,000 and
$4,663,000 respectively.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
a. Results of Operations
Three Months Ended March 31, 1996 Compared With Three Months Ended
March 31, 1995
Net income for the three months ended March 31, 1996 was $ 1,098,000
compared to $187,000 during the same period ending March 31, 1995. On
a fully diluted basis, earnings per share increased to $.31 per share
for the three months ending March 31, 1996 from $.05 per share during
the same period in 1995.
Total revenues increased $ 3,243,000 or 58.6% to $8,775,000 in the
three months ended March 31, 1996 from $5,533,000 in the prior year
period.
Revenues from principal transactions decreased $ 1,060,000 or 32.3% to
$2,218,000 in the three months ended March 31, 1996 from $3,278,000 in
the comparable period in 1995. This decrease can be attributed to a
decrease of $338,000 from trading corporate debt securities and a
decrease of $867,000 from trading tax-exempt securities. These
decreases are partially offset by an increase of $145,000 from trading
equity securities. The decrease in revenues attributable to trading
corporate debt securities and tax-exempt securities reflected a weak
bond market due to a precipitous rise in interest rates. The increase
in revenues attributable to trading equity securities reflected
favorable market conditions, larger inventory positions and an
increase in trading activity.
Revenues from investment banking services increased $3,674,000 or
256.4% to $5,107,000 in the three months ended March 31, 1996 from
$1,433,000 in the comparable period in 1995. This was due to a
$2,006,000 increase in revenues related to consulting, placement and
valuation fees, an increase in revenue from underwriting tax-exempt
debt securities of $83,000 and an increase in revenue from
underwriting equity securities of $1,585,000. The increase in
consulting, placement and valuation fees resulted from an increase in
both revenues related to thrift conversions and merger and acquisition
advisory fees. The increase in revenues during 1996 from thrift
conversions resulted from the larger size transactions closing in the
first quarter of 1996 as compared to the first quarter of 1995.
Additionally, fee income from merger and acquisition advisory services
was significantly higher during the first quarter of 1996. This was a
result of the closing of a large merger and acquisition transaction in
the first quarter of 1996. There is expected to be greater
uncertainty in the future with respect to revenues resulting from
thrift conversions and mutual holding company formations because of
increased competition and a smaller universe of mutual institutions.
The increase in revenue from underwriting equity securities is due to
the closing of an underwriting for a financial institution seeking
additional capital for growth purposes as well as the closing of the
third Ryan Beck Banking Opportunity Trust. The increase in revenue
from underwriting tax-exempt debt securities reflects increased levels
of issuance of new municipal securities.
Commission revenue increased $561,000 or 105.3% to $1,094,000 for the
quarter ended March 31, 1996 from $533,000 in the comparable period in
1995. The increase in revenue includes an increase in equity security
commissions of $376,000 and an increase in mutual fund commissions of
$185,000 and is mainly attributable to increased retail trading
activity and higher mutual fund sales due to greater investor demand
and selection of mutual funds.
Revenue from interest and dividends increased $119,000 or 50.0% to
$357,000 for the quarter ended March 31, 1996 from $239,000 in the
comparable period in 1995. This income is a result of increased
average levels of inventory carried during the first quarter of 1996
as compared to the first quarter of 1995.
Total operating expenses increased $1,733,000 or 33.1% to $6,979,000
for the quarter ended March 31, 1996 from $5,246,000 in the comparable
period in 1995. This increase is primarily attributable to an
increase in compensation and benefits of $1,164,000 or 31.6%, an
increase in floor brokerage, exchange and clearance fees of $165,000
or 43.2%, an increase in interest expense of $184,000 or 322.8%, and
an increase in other expenses of $151,000 or 25.1%. The increase in
compensation and benefits is consistent with higher revenues during
the first quarter of 1996. The increase in floor brokerage, exchange
and clearance fees is a result of an increase in trade volume during
the first quarter of 1996 as compared with 1995. The increase in
interest expense reflects the costs to carry higher levels of
inventory that the Company maintained in the first quarter of 1996 as
compared to 1995. The increase in other operating expenses is a
result of an increase in professional fees.
Liquidity and Capital Funds
As of March 31, 1996, the Company's Consolidated Statement of
Financial Condition reflects an essentially liquid financial position,
with most of the Company's assets consisting of cash or assets readily
convertible into cash. The Company's securities positions (both long
and short) are, in most instances, readily marketable.
The Company finances its business through a number of sources,
consisting primarily of capital, funds generated by operations and
short-term secured borrowings. The Company maintains a facility
pursuant to which it may borrow additional funds on a secured short-
term basis from its clearing broker at the prevailing federal funds
rate plus 150 basis points. The amount available for borrowing under
this facility is related to the level of securities inventory at the
clearing broker which may be pledged as collateral.
Part II. Other Information
Item 1. Legal Proceedings
Set forth below is information concerning certain litigation
matters to which the Company is a party and in which there have been
developments of a material nature during the quarter ended March 31,
1996. For information concerning other legal proceedings involving
the Company, please see the Company's Annual Report on Form 10-K for
the year ended December 31, 1995.
On December 13, 1991, an action was filed in the United States
District Court for the District of New Jersey under the caption
Schiffli Embroidery Workers Pension Fund v. Ryan, Beck & Co., Inc., et
al (Civ. Act. No. 91-5433) ("Schiffli") alleging that the Company and
one of its former account executives had engaged in violations of
federal securities laws, the Employee Retirement Income Security Act
("ERISA"), the Racketeering Influenced and Corrupt Practices Act
("RICO"), and various common law claims in connection with the
purchase of securities. The plaintiff seeks compensatory damages in
excess of $1,400,000, punitive damages, treble damages, interest,
attorneys' fees and expenses and have submitted a preliminary expert's
report alleging damages in excess of $2,000,000. On February 20,
1992, the Company filed a Motion to Dismiss and on September 25, 1992,
the Court dismissed the plaintiff's RICO claims. All other claims
remain pending. The Company has also filed crossclaims against the
trustees of the Pension Fund. On December 29, 1994, a status
conference was held before the Magistrate Judge assigned to this
matter. On May 5, 1995, the Magistrate Judge entered a scheduling
order and discovery, which was stayed pending a motion to disqualify
plaintiff's counsel, recommenced. In addition, certain defendants,
other than the Company, have joined the former legal counsel to the
Pension Fund as a third-party defendant to the action. The parties
have entered a conditional agreement to settle all claims in this
matter, as well as a related case discussed below. The settlement is
conditioned upon the occurrence of several events which are beyond the
Company's control. Assuming these conditions are satisfied, the
Company will settle all claims asserted against it in this matter
without admitting liability and pursuant to terms which will not have
a material adverse effect on the Company.
On September 27, 1995, an action was filed in the United States
District Court for the District of New Jersey under the caption Luis
Lozada, Trustee of Local 211 Staff Employees' Pension Plan and Luis
Lozada, Individually v. Ryan, Beck & Co., Inc. and Douglas A.
MacWright Civ. Act. No. 95-4743 (AMW) (U.S.D.C.D.N.J.). The
allegations asserted by the plaintiffs in this action are
substantially similar to the allegations made by the plaintiffs in the
Schiffli matter above. The claims asserted against the Company are
for violations of ERISA and various state-law claims including breach
of trust agreement, negligence and breach of contract. On November 1,
1995, the Company filed a motion to dismiss for failure to state a
claim upon which relief can be granted. On January 2, 1996, the Court
granted the Company's motion in part and denied it in part. The Court
dismissed the breach of trust agreement claim on the grounds that the
Company was not a party to the trust agreement for the Local 211 Plan.
The remainder of the Company's motion to dismiss was denied. On or
about January 24, 1996, the Company filed its answer to the complaint
and asserted a counterclaim against the plaintiff, Luis Lozada. A
settlement of the Schiffli matter discussed above will also resolve
this matter.
The Company, Ryan Beck Financial Corp., a wholly-owned subsidiary
of the Company, and a former account executive of the Company have
been named as third-party defendants in Inrevco Associates v. BDO
Seidman, et al., v. Ryan, Beck & Co., et al., Superior Court of New
Jersey, Law Division, No. MRS-L-2961-94. Inrevco is a New Jersey
limited partnership. Ryan, Beck Financial Corp. ("RBFC") is a special
limited partner in the partnership and such former account executive
is a limited partner. The third-party complaint alleges that certain
duties were owed to the partnership by the Company and RBFC. The
third-party plaintiffs allege that the Company and RBFC breached these
duties and are liable to the third-party plaintiffs for contribution
in the event the plaintiff prevails at trial.
On February 17, 1995, a motion to dismiss filed by the defendants
was granted in favor of RBFC and the former account executive. On
March 9, 1995, RBFC and the Company's former account executive were
dismissed by order of the Court. Discovery in this case is
proceeding. On September 5, 1995, certain defendants filed a new third-
party complaint seeking contribution from the Company, RBFC and
certain present and former employees and officers of the Company as
additional third-party defendants. All of the claims asserted against
the Company are for contribution. On October 15, 1995, the Company,
RBFC and all individual defendants named as third-party defendants in
the litigation entered into a settlement agreement with Inrevco. The
terms of the settlement agreement include a provision for an automatic
judgment reduction in the event any liability is apportioned against
the Company, RBFC or any individual third-party defendant on the
contribution claims. Subsequently, the third-party defendants filed a
motion to dismiss on the grounds that the claims against the third-
party defendants were moot as a result of the entering into of the
settlement agreement. On January 19, 1996 the Court heard argument on
the motion to dismiss and denied such motion. The third-party
defendants then filed a motion for permission to file an interlocutory
appeal with respect to the motion to dismiss with the Superior Court
of New Jersey, Appellate Division. The Company has been advised that
the Superior Court, Appellate Division entered an order denying the
motion for permission to file an interlocutory appeal. Discovery will
continue.
On January 11, 1996, the Company gave notice to Municipal Square
Associates ("Municipal Square"), its landlord at 80 Main Street, West
Orange, New Jersey that it had been constructively evicted as a result
of Municipal Square's breaches of the lease in failing to provide
adequate heating, air conditioning, security, janitorial and other
services.
On February 29, 1996 Municipal Square filed an action in the Superior
Court of New Jersey, Essex County, Law Division, under the caption
Municipal Square Associates v. Ryan, Beck & Co., Docket No. L 2751-96
in which Municipal Square seeks a declaratory judgment that the lease
is not terminated and alternatively, that the Company's January 11th
notice had terminated the lease and triggered an early termination
penalty of $375,000.
The Company has filed a counterclaim alleging that Municipal Square
breached the lease by failing to provide services which Municipal
Square was required to provide under the lease and alleging that
Municipal Square's conduct constituted a constructive eviction of the
Company by Municipal Square.
Since the suit has only recently been instituted, discovery is in its
preliminary stage. Although the outcome of this litigation is
inherently uncertain and no assurances regarding the final outcome of
this matter can be given, the Company intends to defend vigorously
this matter and to pursue its counterclaim for damages. The Company
believes that it has a meritorious defense, that it has sustained
substantial damages as a result of breaches of the lease by Municipal
Square, and that those damages significantly exceed the damages
claimed by Municipal Square.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submissions of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Materially Important Events
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) Reports of Form 8-K
The Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on February 2, 1996.
The Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on February 22, 1996.
SIGNATURES
In accordance with the requirements of the Exchange Act, the
registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
RYAN, BECK & CO., INC.
By:/S/ALLEN S. GREENE
Allen S. Greene
President and Chief Executive Officer
(Principal Executive Officer)
/S/LEONARD J. STANLEY
Leonard J. Stanley
Senior Vice President
Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated:
May 15, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> QTR-1
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 242
<SECURITIES> 36611
<RECEIVABLES> 387
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 973
<PP&E> 3311
<DEPRECIATION> 2607
<TOTAL-ASSETS> 38922
<CURRENT-LIABILITIES> 26170
<BONDS> 0
<COMMON> 325
0
41
<OTHER-SE> 12386
<TOTAL-LIABILITY-AND-EQUITY> 38922
<SALES> 8775
<TOTAL-REVENUES> 8775
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6979
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 241
<INCOME-PRETAX> 1796
<INCOME-TAX> 698
<INCOME-CONTINUING> 1098
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1098
<EPS-PRIMARY> .32
<EPS-DILUTED> .31
</TABLE>
