SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 fiscal quarter ended April 3, 1999
[ ] 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 0-7087
ASTRONICS CORPORATION
_________________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
New York 16-0959303
_________________________________________________________________
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1801 Elmwood Avenue, Buffalo, New York 14207
_________________________________________________________________
(Address of Principal Executive Office) (Zip Code)
716-447-9013
_________________________________________________________________
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(g) of the Act:
$.01 par value Common Stock, $.01 par value Class B Stock
_________________________________________________________________
(Title of Class)
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 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 [ ]
As of April 3, 1999, 4,882,210 shares of $.01 par value common
stock and 688,364 shares of $.01 par value Class B common stock
were outstanding.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
____________________
ASTRONICS CORPORATION
Consolidated Balance Sheet
April 3, 1999
With Comparative Figures for December 31, 1998
(Dollars in
Thousands)
April 3, 1999 December 31,
(Unaudited) 1998
_____________ ____________
Current Assets:
Cash $ 24 $ 523
Accounts receivable 5,913 5,435
Inventories 4,984 4,935
Prepaid expenses 858 1,229
__________ _________
Total current assets 11,779 12,122
Property, Plant and Equipment 47,296 44,090
Less accumulated depreciation
and amortization 19,860 19,096
__________ _________
Net property, plant and
equipment 27,436 24,994
Unexpended Industrial Revenue
Bond Proceeds 2,488 4,657
Other Assets 2,013 1,934
__________ _________
$ 43,716 $ 43,707
========== =========
Current Liabilities:
Current maturities of
long-term liabilities $ 447 $ 446
Accounts payable 3,726 2,939
Accrued expenses 1,232 2,085
Income taxes 505 347
__________ _________
Total current liabilities 5,910 5,817
Other Liabilities 14,141 15,160
Shareholders' Equity:
Common stock, $.01 par value
Authorized 10,000,000 shares,
issued 5,231,397 in 1999,
5,225,001 in 1998 52 52
Class B common stock, $.01 par value
Authorized 5,000,000 shares,
issued 688,364 in 1999,
693,660 in 1998 7 7
- 2 -
<PAGE>
Additional paid-in capital 2,683 2,681
Retained earnings 21,865 20,932
__________ _________
24,607 23,672
Less shares in Treasury, at cost 942 942
__________ _________
Total shareholders' equity 23,665 22,730
__________ _________
$ 43,716 $ 43,707
========== =========
See notes to financial statements.
- 3 -
<PAGE>
ASTRONICS CORPORATION
Consolidated Statement of Income and Retained Earnings
Period Ended April 3, 1999
With Comparative Figures for 1998
(Dollars in Thousands)
(Unaudited)
1999 1998
____ ____
Net Sales $ 12,325 $ 11,057
Costs and Expenses:
Cost of products sold 8,726 7,692
Selling, general and
administrative expenses 2,137 2,104
Interest expenses, net of
interest income of $5
in 1999 and $0 in 1998 71 77
________ _______
Total costs and expenses 10,934 9,873
________ _______
Income before taxes 1,391 1,184
Provision for income taxes 458 439
________ _______
Net Income 933 745
Retained Earnings:
January 1 20,932 16,640
________ _______
April 3 $ 21,865 $ 17,385
======== ========
Earnings per share:
Basic $ .17 $ .14
======== ========
Diluted $ .16 $ .13
======== ========
See notes to financial statements.
- 4 -
<PAGE>
ASTRONICS CORPORATION
Consolidated Statement of Cash Flows
Three Months Ended April 3, 1999
With Comparative Figures for 1998
(Dollars in
Thousands)
(Unaudited)
1999 1998
____ ____
Cash Flows from Operating Activities:
Net income $ 933 $ 745
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 855 693
Provision for doubtful accounts 35 (30)
Provision for deferred taxes 41 (16)
Cash flows from changes in
operating assets and liabilities:
Accounts receivable (513) (749)
Inventories (49) 81
Prepaid expenses 371 385
Accounts payable 788 1,436
Accrued expenses (853) (666)
Income taxes 158 135
Deferred compensation 52 28
_______ ______
Net Cash provided (used) by
Operating Activities $ 1,818 $2,042
_______ ______
Cash Flows from Investing Activities:
Change in other assets (170) (5)
Capital expenditures (3,206) (3,013)
_______ ______
Net Cash provided (used) by
Investing Activities $(3,376) $(3,018)
_______ _______
Cash Flows from Financing Activities:
New long-term debt 0 1,200
Principal payments on long-term
debt and capital lease
obligations (1,112) (715)
Unexpended industrial revenue
bond proceeds 2,169 0
Proceeds from issuance of stock 2 19
_______ _______
Net Cash provided (used) by
Financing Activities $ 1,059 $ 504
_______ _______
Net increase (decrease) in
Cash and Cash Equivalents (499) (472)
Cash and Cash Equivalents at
Beginning of Year 523 740
_______ _______
<PAGE> - 5 -
Cash and Cash Equivalents at
April 3 $ 24 $ 268
======= =======
Disclosure of cash payments for:
Interest $ 101 $ 95
Income taxes 258 322
See notes to financial statements.
- 6 -
<PAGE>
ASTRONICS CORPORATION
Notes to Financial Statements
April 3, 1999
The accompanying unaudited statements have been prepared in
accordance with generally accepted accounting principles for
interim financial information. 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 considered
necessary for a fair presentation have been included. The results
of operations for any interim period are not necessarily
indicative of results for the full year. Operating results for
the three-month period ended April 3, 1999 are not necessarily
indicative of the results that may be expected for the year ended
December 31, 1999.
The balance sheet at December 31, 1998 has been derived from
the audited financial statements at that date, but does not
include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements.
For further information, refer to the financial statements
and footnotes thereto included in the Company's 1998 annual
report.
Inventories are stated at the lower of cost or market, cost
being determined in accordance with the first-in, first-out
method. Inventories at April 3 are as follows:
(in thousands)
April 3, 1999 December 31,
(Unaudited) 1998
_____________ ____________
Finished goods $ 1,423 $ 1,357
Work in progress 1,068 1,064
Raw material 2,493 2,514
________ ________
$ 4,984 $ 4,935
Other liabilities consist of the following:
(in thousands)
April 3, 1999 December 31,
(Unaudited) 1998
_____________ ____________
Long-Term Debt $ 10,309 $ 11,319
Long-Term Obligations under
Capital Leases 687 789
Deferred Income Taxes 1,111 1,070
Deferred Compensation 2,034 1,982
________ ________
$ 14,141 $ 15,160
======== ========
<PAGE> - 7 -
ASTRONICS CORPORATION
Notes to Financial Statements (Continued)
April 3, 1999
The Company adopted SFAS No. 131, "Disclosures About
Segments of an Enterprise and Related Information," at
December 31, 1998 which changes the way the Company reports
information about its operating segments.
The Company operates in two areas: Aerospace and
Electronics, and Specialty Packaging. Operations in Aerospace and
Electronics involve the design, manufacturing and marketing of
state-of-the-art and advanced technological components
incorporated into functional systems including instrument panels,
photo reproductions and keyboard technologies. Customers are
typically well known companies in the automotive, aerospace,
defense, and electronics industries worldwide. Operations in
Specialty Packaging involve the design, manufacturing and
marketing of folding paperboard packaging for customers' delivery
of their products and high quality custom imprinting of napkins,
invitation and other paper products. The Company is a dominant
provider of custom folding boxes in chosen markets.
(in thousands) Three Months Three Months
Ended April 3, 1999 Ended April 4, 1998
___________________ ___________________
Aerospace Aerospace
and Specialty and Specialty
Electronics Packaging Electronics Packaging
___________ _________ ___________ _________
Sales to external
customers $ 6,838 $ 5,487 $ 5,808 $ 5,249
Income before taxes 978 455 745 476
Segment assets 19,168 24,102 12,539 22,289
The Aerospace and Electronics segment is in the process of
completing an 80,000 square foot facility to replace four leased
facilities in its New Hampshire operation. The asset value of the
land, building construction in progress, equipment, and
unexpended Industrial Revenue Bond proceeds accounts for the
major increase in segment assets from 1998 to 1999.
A reconciliation of combined income before taxes for the
three-month period is as follows:
(in thousands)
Three Months Ended
April 3, 1999 April 4, 1998
_____________ _____________
Income before taxes from segments $1,433 $1,221
Corporate expenses, net (42) (37)
_______ ______
Income before taxes $1,391 $1,184
<PAGE> - 8 -
ASTRONICS CORPORATION
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The following table sets forth as a percent of net sales
certain items reflected in the financial data and the percentage
increase (decrease) of such items as compared to the prior
period.
Percent of Net Sales Period-to-Period
Sales
Three months Increase (Decrease)
ended April 3, ___________________
_____________________
1999 1998 1998-1999
____ ____ _________
Net Sales:
Aerospace and
Electronics 55.5% 52.5% 17.7 %
Specialty
Packaging 44.5 47.5 4.5 %
____ ____
100% 100% 11.5 %
Cost of products
sold 70.8 69.6 13.4 %
Selling, general and
administrative
expenses 17.3 19.0 1.6 %
Interest expenses,
net .6 .7 (7.8)%
____ ____
88.7% 89.3% 10.7 %
Income before
provision for
income taxes 11.3% 10.7% 17.5 %
Provision for
taxes 3.7 4.0 4.3 %
____ ____ ____
Net Income 7.6% 6.7% 25.2 %
==== ====
INTRODUCTION Astronics Corporation operates in two business
segments: Aerospace and Electronics; and Specialty
Packaging. The Company changed the name of its
Electronics Systems segment in 1997 to Aerospace
and Electronics to better reflect its products and
market focus. This business segment designs,
manufactures and markets electroluminescent lamps
and incorporates them into escape path lighting
systems, aircraft cockpit lighting systems,
military aircraft formation lighting, and
ruggedized and avionics keyboards.
<PAGE> - 9 -
On April 24, 1998, the Company announced that the
United States Air Force (USAF) had selected its
Luminescent Systems Inc. subsidiary to design,
develop and manufacture night vision lighting
modification kits for the NVIS F-16 program. The
contract with the Air Force is potentially valued
in excess of $50,000,000. The initial award is for
377 F-16 aircraft to be completed in year 2000 for
a revenue value in excess of $16,000,000. The USAF
exercised its second option on February 10, 1999
for an additional 305 units for approximately
$13,500,000. An additional 474 units, upon
exercise of the government's option, would be
manufactured in the following years.
On March 17, 1999, The Erie County Industrial
Development Agency, Buffalo, NY authorized the
issuance and sale of Industrial Revenue Bonds up
to $7,500,000 for Luminescent Systems, Inc. to
acquire land and construct a new manufacturing
facility in East Aurora, NY. On May 12, 1999, the
Company acquired 14.9 acres of land and plans to
construct a 70,000 square foot facility on this
new property.
On December 30, 1998, effective December 1, 1998,
the Company renewed its Revolving Line of Credit
for $10,000,000 at the bank's prime rate or LIBOR
plus 100 basis points. The Company may convert up
to $9,000,000 into a four-year term loan. This
credit facility expires June 1, 2001.
On December 30, 1998, the Company closed an
Industrial Revenue tax-exempt bond with the
Business Finance Authority of the State of New
Hampshire for $7,250,000. The interest rate floats
with tax exempt funds and is reset every seven
days. These funds are being used to finance the
new Lebanon, New Hampshire facility and
manufacturing equipment for expanded production
needs.
During the Third Quarter of 1998, the Aerospace
and Electronics segment started construction on a
new 80,000 square foot building in Lebanon, New
Hampshire. This will allow the Company to
consolidate its New Hampshire operations,
currently in four leased locations, into a single
facility. The facility is scheduled for occupancy
during the Third Quarter of 1999.
During the Third Quarter of 1998, the New
Hampshire operations of the Aerospace and
Electronics segment received their ISO 9001
certification. In the Third Quarter of 1997, the
Specialty Packaging segment received its ISO 9001
certification.
<PAGE> - 10 -
SALES The Company set a new First Quarter sales record
with an increase in 1999 sales of 11.5 percent
which compares to a 14.9 percent increase in 1998.
Sales were $12,325,000 in 1999 compared to
$11,057,000 in 1998 and $9,625,000 in 1997.
Sales within the Aerospace and Electronics segment
increased 17.7 percent in 1999 compared to 28.3
percent in 1998, while they were nominally the
same in 1997, based on continuing operations.
Sales in 1999 and 1998 have been strong in cockpit
lighting, emergency egress lighting and formation
lights.
Sales in the Specialty Packaging segment increased
4.5 percent in 1999 compared to 3.0 percent in
1998, which compared to 14.2 percent in 1997. The
Company continues to expand its market share
through focus on customer service with on-time
deliveries, high quality products and short
turnaround times. Price increases have been
nominal, but the pressure to reduce pricing
continues to moderate.
BACKLOG The Company's backlog increased to a new record at
the end of the First Quarter of 1999 to
$40,977,000 compared to the First Quarter 1998
backlog of $14,600,000. This compares to
$29,887,000 at December 31, 1998. The backlog at
the end of the First Quarter of 1997 was
$10,500,000. The backlog is composed of
$39,660,000 in the Aerospace and Electronics
segment and $1,317,000 in the Specialty Packaging
segment.
EXPENSES Cost of products sold increased 13.4 percent in
1999, compared to sales growth of 11.5 percent.
As a percent of sales, these costs increased
slightly in 1999 to 70.8 percent of sales compared
to 69.6 percent of sales in 1998 and 69.0 percent
in 1997. Material costs were nominally the same in
1999, 1998, and 1997 at 20.6 percent of sales,
20.2 percent of sales and 20.2 percent of sales,
respectively. Employee costs have remained steady
in 1999 and 1998, while they were slightly lower
in 1997. As a percent of sales, they were 30.8
percent, 30.8 percent, and 28.0 percent,
respectively. As a percent of sales, supply costs
increased in 1999 to 7.3 percent, compared to 6.4
percent in 1998 and 8.5 percent in 1997. This
reflects timing of purchases and the cost of
bringing certain outsourced operations in house.
Depreciation, as a percent of sales, also
increased. As a percent of sales, depreciation for
the First Quarter of 1999, 1998 and 1997 was 5.7
percent, 5.2 percent, and 5.6 percent,
respectively. The remaining general categories
<PAGE> - 11 -
increased/decreased less than one percentage point
of sales. The net results of the above produced
gross profits of $3,599,000 in 1999, $3,365,000 in
1998, and $2,982,000 in 1997.
Selling, general and administrative expenses
continued to decrease as a percentage of sales:
17.3 percent in 1999, 19.0 percent in 1998 and
19.5 percent in 1997. The majority of these costs
are for employee services, marketing expenses and
operating supplies. Operating income increased to
$1,462,000, or 11.9 percent of sales, in 1999,
compared to $1,261,000, or 11.4 percent of sales,
in 1998, and compared to $1,109,000 in 1997, or
11.5 percent of sales.
INTEREST Interest costs, net, decreased. In 1999, the
expense was $71,000, or .6 percent of sales,
compared to $77,000, or .7 percent of sales in
1998, and $109,000, or 1.1 percent of sales in
1997. The decrease in borrowings reflect the
strong cash flow which allows steady reduction of
indebtedness. The interest costs on the December
1998 bonds is being capitalized as part of the
cost of the facility. As the project is completed,
the interest costs will be expensed, probably
starting in the Third Quarter.
INCOME BEFORE
TAXES As a result of the increase in sales of 11.5
percent in 1999 and 14.9 percent in 1998, and with
overall costs increasing at a slightly slower
pace, the Company reported income before taxes
$1,391,000, or 11.3 percent in 1999, compared to
$1,184,000, or 10.7 percent of sales in 1998,
compared to $1,000,000 or 10.4 percent of sales in
1997.
TAXES The Company's tax provision takes into account the
federal and state taxes for which it is liable.
The Company records its tax expense under the FASB
109 guidelines. As of January 1, 1999, the Company
established Astronics Foreign Sales Corporation,
which reduces its taxes on sales made to customers
in foreign countries. Normally, the First
Quarter's tax provision is higher as all minimum
taxes are accrued during this period. The 1999
provision for taxes is $458,000, or 3.7 percent of
sales, compared to the 1998 provision of $439,000,
or 4.0 percent of sales. The First Quarter of 1999
benefitted from the establishment of the Foreign
Sales Corporation and a revision of the 1998 tax
provision.
<PAGE> - 12 -
NET INCOME Net income for the First Quarter of 1999
established a new record for the quarter:
$933,000, or $.16 per diluted share, compared to
$745,000, or $.13 per diluted share, earned in
1998, and compared to $583,000, or $.10 per
diluted share in 1997.
LIQUIDITY Cash flow from operating activities was $1,818,000
in 1999 compared to $2,042,000 in 1998, and
compared to $675,000 in 1997. The Company invested
$3,206,000 in capital expenditures in 1999
compared to $3,013,000 in 1998, and compared to
$159,000 in the First Quarter of 1997. The Company
reduced its indebtedness by $1,112,000 in the
First Quarter of 1999, compared to $715,000 in the
First Quarter of 1998, while in 1998 it borrowed
$1,200,000 for working capital. This compared to a
reduction in indebtedness of $760,000 in the First
Quarter of 1997, when the Company borrowed
$250,000 for working capital purposes. The Company
has a $10,000,000 revolving line of credit
available for additional working capital needs, of
which it had utilized $2,800,000 at the end of the
First Quarter of 1999, $3,000,000 at the end of
the First Quarter of 1998, and $2,750,000 at the
end of the First Quarter of 1997. The Company
feels that its beginning cash balance, the cash
flow from internal operations and the available
balance of the revolving line of credit are
adequate to meet the Company's operational and
investment plans for 1999.
COMMITMENTS The Company has outstanding commitments for
capital investments of approximately $5,400,000 at
the end of the First Quarter of 1999, compared to
$2,400,000 at the end of the First Quarter of
1998, and compared to $2,000,000 at the end of
the First Quarter of 1997. The Company has
outstanding approximately $1,500,000 to complete
the New Hampshire manufacturing facility and
$2,800,000 for two new die cutters. The balance of
the commitments are in the normal course of
business. During the Second Quarter of 1997, the
Company repurchased its shares of common stock
owned by ATRO Companies Profit Sharing/401(k) Plan
for $532,000. The Company has commitments for
items that it purchases in the normal on-going
affairs of the business. The Company is not aware
of any obligations in excess of normal market
conditions, nor of any long-term commitments that
would affect its financial condition.
<PAGE> - 13 -
YEAR 2000 The Company employs several different computer
systems for financial, engineering and
manufacturing purposes. The Company purchases
these systems, both hardware and software.
Therefore, it does not have programmers writing
code internally. During 1998 and 1997, the Company
installed upgrades to some of its systems that are
Year 2000 compliant and switched software for
other functions that are Year 2000 compliant. All
operating systems are now Year 2000 compliant,
except for the Human Resources system and a voice
mail system. The Human Resource system will be
replaced in the Third Quarter of 1999. The voice
mail system software upgrade will also be
implemented in the Third Quarter. The Company has
tested various systems and will continue to test
applications it runs, as well as those it
interfaces with including customers, vendors, and
other outside sources. The Company believes it is
ready for Year 2000 except for the above-mentioned
programs. The total invested for software upgrades
to date is approximately $150,000 and the
Company's budget for additional upgrades and new
software in 1999 is approximately $40,000.
The Company has interfaced with the suppliers of
production, engineering and administrative
equipment that have embedded chips in their
products. The Company is seeking full assurances
that these are either Year 2000 compliant, have no
date sensitivity, or that necessary upgrades will
be available by June 30, 1999.
The risk that the Company faces is in their
suppliers of utilities, mainly electric, natural
gas, and telecommunication. These vendors have
stated that they have or will test their systems
before the end of the Second Quarter. They have
stated that they do not anticipate any problems.
Another area of risk is that several key pieces of
manufacturing equipment are made in Europe, where
companies reportedly are slowly addressing the
Year 2000 issues. The Company plans to have
assurance from these suppliers that they have
adequate parts in U.S.A. warehouses with Year 2000
compliant delivery systems. If assurances are not
adequate, the Company will increase its inventory
of vital spare parts. The Company has no other
specific contingency plans.
<PAGE> - 14 -
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
_________________
None.
Item 2. Changes in Securities.
_____________________
None.
Item 3. Defaults Upon Senior Securities.
_______________________________
None.
Item 4. Submission of Matters to a Vote of Securities Holders.
_____________________________________________________
At the annual meeting of shareholders held on April 29,
1999, the nominees to the Board of Directors were re-
elected based on the following results:
Votes Withholding
Nominees Votes For Authority
________ _________ _________________
Robert T. Brady 9,214,429 453,812
John B. Drenning 9,214,429 453,812
Kevin T. Keane 9,214,292 453,949
Robert J. McKenna 9,214,429 453,812
John M. Yessa 9,214,429 453,812
The selection of Ernst & Young LLP as the Registrant's
auditors was approved by the following vote: 9,468,936
in favor; 11,146 against; and 188,159 abstentions.
Under applicable New York law and the Company's charter
documents, abstentions and non-votes have no effect.
Item 5. Other Information.
_________________
None.
Item 6. Exhibits and Reports on Form 8-K.
________________________________
Exhibit 11. Computation of Per Share Earnings.
<PAGE> - 15 -
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.
DATED: May 17, 1999
ASTRONICS CORPORATION
______________________________
/s/ John M. Yessa
______________________________
(Signature)
John M. Yessa
Vice President-Finance
and Treasurer
<PAGE> - 16 -
EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
(in thousands, except for per share data)
Quarter Ended April 3
1999 1998
____ ____
Net income $ 933 $ 745
====== ======
Basic earnings per share
weighted average shares 5,570 5,526
Net effect of dilutive
stock options 398 364
______ ______
Diluted earnings per share
weighted average shares 5,968 5,890
====== ======
Basic earnings per share $ .17 $ .14
====== ======
Diluted earnings per share $ .16 $ .13
====== ======
<PAGE> - 17 -
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> APR-03-1999
<CASH> 24
<SECURITIES> 0
<RECEIVABLES> 6,124
<ALLOWANCES> 211
<INVENTORY> 4,984
<CURRENT-ASSETS> 11,779
<PP&E> 47,296
<DEPRECIATION> 19,860
<TOTAL-ASSETS> 43,716
<CURRENT-LIABILITIES> 5,910
<BONDS> 0
0
0
<COMMON> 59
<OTHER-SE> 23,606
<TOTAL-LIABILITY-AND-EQUITY> 43,716
<SALES> 12,325
<TOTAL-REVENUES> 12,325
<CGS> 8,726
<TOTAL-COSTS> 10,863
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 71
<INCOME-PRETAX> 1,391
<INCOME-TAX> 458
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 933
<EPS-PRIMARY> .17
<EPS-DILUTED> .16
</TABLE>
