SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________________ to_____________________
Commission file number 0-17541
PRESSTEK, INC.
(Exact name of registrant as specified in its charter)
Delaware 02-0415170
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8 Commercial Street, Hudson, New Hampshire 03051-3907
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (603) 595-7000
__________________________________________________________
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: As of November 2, 1995,
there were 14,663,653 shares outstanding of the Registrant's common stock, $.01
par value per share.
<PAGE>
PRESSTEK, INC.
INDEX
PAGE
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Balance Sheets as of September 30, 1995
(unaudited) and December 31, 1994 3
Statements of Operations for the
three and nine month periods ended
September 30, 1995 and 1994 (unaudited) 4
Statements of Cash Flows for the nine
month periods ended September 30, 1995
and 1994 (unaudited) 5
Notes to Financial Statements (unaudited) 6
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K 11
Signatures 12
-2-
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
PRESSTEK, INC.
BALANCE SHEETS
September 30, December 31,
1995 1994
------------ ------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,737,550 $ 1,532,636
Marketable securities 1,069,834 254,381
Accounts receivable - net 6,391,000 4,187,049
Inventory 5,047,859 2,796,165
Other current assets 388,818 756,592
---------- ----------
Total current assets 15,635,061 9,526,823
---------- ----------
MARKETABLE SECURITIES - NON CURRENT 1,975,394 4,807,821
---------- ----------
PROPERTY AND EQUIPMENT:
Machinery and equipment 4,746,409 3,820,160
Furniture and fixtures 360,642 281,844
Leasehold improvements 1,247,803 956,574
Other 42,572 38,184
---------- ----------
Total 6,397,426 5,096,762
Less accumulated depreciation
and amortization ( 2,821,748) ( 2,322,770)
---------- ----------
Property and equipment, net 3,575,678 2,773,992
---------- ----------
OTHER ASSETS:
Patent application costs, net 840,321 685,044
Software development costs, net 579,319 530,350
Other, net 97,500 -
---------- ----------
Total other assets 1,517,140 1,215,394
---------- ----------
TOTAL $ 22,703,273 $ 18,324,030
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,152,009 $ 1,275,492
Accrued expenses 742,524 226,834
Accrued salaries and employee benefits 358,506 348,784
---------- ----------
Total current liabilities 3,253,039 1,851,110
---------- ----------
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; authorized
1,000,000 shares; no shares issued or
outstanding - -
Common stock, $.01 par value; authorized
25,000,000 shares; issued and outstanding
14,643,600 shares at September 30, 1995;
7,194,020 shares at December 31, 1994 146,436 71,940
Additional paid-in capital 19,961,888 18,437,839
Unrealized loss on marketable securities ( 29,164) ( 199,334)
Deficit ( 628,926) ( 1,837,525)
---------- ----------
Stockholders' equity 19,450,234 16,472,920
---------- ----------
TOTAL $ 22,703,273 $ 18,324,030
========== ==========
See notes to financial statements
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<PAGE>
PRESSTEK, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------------ ------------------------------
1995 1994 1995 1994
------------ ------------ ------------ --------
<S> <C> <C> <C> <C>
REVENUES:
Product sales $ 5,933,587 $ 2,593,236 $ 13,432,541 $ 6,345,858
Royalties and fees from licensees 1,695,000 1,847,093 4,783,744 4,989,189
---------- ---------- ---------- ----------
Total revenues 7,628,587 4,440,329 18,216,285 11,335,047
---------- ---------- ---------- ----------
COSTS AND EXPENSES:
Cost of products sold 4,249,736 1,761,981 9,799,321 4,785,202
Engineering and product development 1,589,777 1,629,544 4,466,677 3,835,546
Marketing 408,035 341,331 1,361,971 873,354
General and administrative 492,635 242,663 1,519,519 972,600
---------- ---------- ---------- ----------
Total costs and expenses 6,740,183 3,975,519 17,147,488 10,466,702
---------- ---------- ---------- ----------
OTHER INCOME:
Dividend and interest 74,536 103,590 246,579 314,888
Other ( 10,003) ( 12,654) ( 1,777) 7,180
---------- ---------- ---------- ----------
Other income - net 64,533 90,936 244,802 322,068
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 952,937 555,746 1,313,599 1,190,413
PROVISION FOR INCOME TAXES 81,000 45,000 105,000 95,000
---------- ---------- ---------- ----------
NET INCOME $ 871,937 $ 510,746 $ 1,208,599 $ 1,095,413
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES 16,066,947 15,217,694 15,837,946 14,781,348
========== ========== ========== ==========
NET INCOME PER COMMON AND
COMMON EQUIVALENT SHARE $ .05 $ .03 $ .08 $ .07
=== === === ===
</TABLE>
See notes to financial statements
-4-
<PAGE>
PRESSTEK, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Nine Months
September 30, September 30,
1995 1994
------------- -------------
<S> <C> <C>
CASH FLOWS - OPERATING ACTIVITIES:
Net income $ 1,208,599 $ 1,095,413
Adjustments to reconcile net income to net
cash used for operating activities:
Tax benefit of disposition of stock options 76,000 50,000
Depreciation and amortization 668,413 471,826
Provision for warranty cost 322,500 77,000
(Gain) loss on sale of assets 1,777 ( 23,703)
(Increase) decrease in:
Inventory (2,251,694) ( 494,031)
Other current assets 366,935 ( 14,092)
Accounts receivable (2,203,951) (2,832,992)
Increase (decrease) in:
Accounts payable and accrued expenses 1,069,707 ( 105,245)
Accrued salaries and employee benefits 9,722 ( 20,834)
--------- ---------
Net cash used for
operating activities ( 731,992) (1,796,658)
--------- ---------
CASH FLOWS - INVESTING ACTIVITIES:
Purchases of property and equipment (1,407,767) (1,190,667)
Increase in other assets ( 413,290) ( 516,962)
Proceeds from sale of equipment 76,300 25,436
Sales and maturities of marketable securities 2,159,119 2,027,313
--------- ---------
Net cash provided by
investing activities 414,362 345,120
--------- ---------
CASH FLOWS - FINANCING ACTIVITIES:
Net proceeds from sale of common stock
and warrants 1,522,544 2,096,889
--------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS 1,204,914 645,351
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 1,532,636 990,004
--------- ---------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 2,737,550 $ 1,635,355
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Income taxes paid $ 52,000
=========
</TABLE>
See notes to financial statements
-5-
<PAGE>
PRESSTEK, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1995
1. BASIS OF PRESENTATION
The unaudited financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Rule 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. The financial
information included in the quarterly report should be read in conjunction with
the Company's audited financial statements and related notes thereto for the
year ended December 31, 1994. In the opinion of management, all adjustments
considered necessary for a fair presentation have been included and all such
adjustments were normal and recurring.
The Company was organized as a Delaware corporation on September 3, 1987
and was a development stage company through 1991. In September 1991,
Heidelberger Druckmaschinen A.G. ("Heidelberg"), the world's largest printing
press manufacturer introduced the Company's initial spark discharge based
imaging technology, in a jointly developed product, the Heidelberg GTO-DI. In
1993, after investing substantial effort and resources, the Company completed
the development of PEARL(R), a patented, proprietary, nonphotographic,
toxic-free, digital imaging and printing plate technology for the printing and
graphic arts industries. PEARL's laser diode technology is capable of imaging
various types of Presstek printing plates either off- press or on-press which
may then be used to produce high quality, full-color lithographic printed
materials. PEARL has completely replaced the Company's spark discharge
technology. The GTO-DI was reintroduced in September 1993, utilizing PEARL as
its Direct Imaging technology. The Company is now building an installed base of
customers which utilizes its proprietary consumable printing plates on PEARL
equipped Heidelberg presses. During the second quarter of 1995 the Company
commenced shipments of kits to be utilized on Heidelberg's recently introduced
Quickmaster DI 46-4. Presstek is also engaged in the development of additional
products and applications that incorporate its proprietary PEARL technologies
and consumables, including both computer-to-plate and other direct-to-press
applications. At this time, the Company relies on Heidelberg to generate
substantially all of its revenues.
On June 19, 1995, the Company's Board of Directors determined to change its
fiscal year from a calendar year ending December 31 to a fiscal year ending on
the Saturday closest to December 31. Accordingly, the third quarter and nine
month periods of 1995 ended on September 30, 1995. Fiscal 1995 will end on
December 30, 1995.
The results of operations for the three and nine month periods ended
September 30, 1995 are not indicative of results of operations to be expected
for the full year. Certain amounts in the 1994 financial statements have been
reclassified to conform with the 1995 presentation.
2. INVENTORY
Inventory is valued at the lower of cost or market, with cost determined on
the first-in, first-out method. At September 30, 1995 and December 31, 1994,
inventory consisted of the following:
September 30, 1995 December 31, 1994
------------------ -----------------
Raw material $1,947,859 $1,269,607
Work in process 2,420,000 952,704
Finished goods 680,000 573,854
--------- ---------
Total $5,047,859 $2,796,165
========= =========
Finished goods include $425,000 and $393,000 of consumable products available
for resale at September 30, 1995 and December 31, 1994, respectively.
-6-
<PAGE>
3. NET INCOME PER COMMON SHARE
Net income per common share is computed by dividing net income by the
weighted average number of Common Stock and Common Stock equivalent shares
outstanding. Common Stock equivalents represent the dilutive effect of the
assumed exercise of outstanding stock options and warrants.
On April 19, 1995, the Company's Board of Directors declared a two-for-one
stock split, effected in the form of a 100% stock dividend, during the second
quarter of 1995. The split resulted in the issuance of 7,275,972 new shares of
common stock. On August 2, 1994, the Company's Board of Directors authorized a
five-for-four stock split, effected in the form of a 25% stock dividend, during
the third quarter of 1994. All references to average number of shares
outstanding and prices per share have been restated retroactively to reflect the
splits.
A summary of the calculations for the three and nine month periods ended
September 30, 1995 and 1994 follows:
<TABLE>
<CAPTION>
1995
------------------------------------------------------
Three Months Nine Months
------------------------ -----------------------
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net income $ 871,937 $ 871,937 $ 1,208,599 $ 1,208,599
========== ========== ========== ==========
Weighted average common
shares outstanding 14,605,296 14,643,585 14,515,090 14,643,585
Common equivalent shares
from assumed conversion
of outstanding options and
warrants whose effect are
not antidilutive on earnings
per share 1,919,111 1,919,111 1,864,861 1,914,111
Less shares assumed repurchased
using the treasury method for
calculation of net shares
outstanding ( 457,460) ( 457,460) ( 542,005) ( 471,965)
---------- ---------- ---------- ----------
Weighted average common and
common equivalent shares
outstanding 16,066,947 16,105,236 15,837,946 16,085,731
========== ========== ========== ==========
Net income per common and
common equivalent share $.05 $.05 $.08 $.08
=== === === ===
</TABLE>
<TABLE>
<CAPTION>
1994
---------------------------------------------------------
Three Months Nine Months
--------------------------- ------------------------
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net income $ 510,746 $ 510,746 $ 1,095,413 $ 1,095,413
========== ========== ========== ==========
Weighted average common
shares outstanding 14,104,236 14,301,988 13,917,464 14,301,988
Common equivalent shares
from assumed conversion
of outstanding options and
warrants whose effect are
not antidilutive on earnings
per share 2,086,418 2,086,418 2,083,918 2,086,418
Less shares assumed repurchased
using the treasury method for
calculation of net shares
outstanding ( 972,960) ( 925,068) ( 1,220,034) ( 925,068)
---------- ---------- ---------- ----------
Weighted average common and
common equivalent shares
outstanding 15,217,694 15,463,338 14,781,348 15,463,338
========== ========== ========== ==========
Net income per common and
common equivalent share $.03 $.03 $.07 $.07
=== === === ===
</TABLE>
-7-
<PAGE>
4. INCOME TAXES
There was no provision for federal income taxes for the three and nine
month periods ended September 30, 1995 or 1994 as a result of net operating loss
carryforwards.
As of September 30, 1995, the Company had net operating loss carryforwards
totaling approximately $13,500,000. The amount of the net operating loss
carryforwards which may be utilized in any future period may be subject to
certain limitations, based upon changes in the ownership of the Company's common
stock.
-8-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Results of Operations
The Company was organized as a Delaware corporation on September 3, 1987
and was a development stage company through 1991. In September 1991,
Heidelberger Druckmaschinen A.G. ("Heidelberg"), the world's largest printing
press manufacturer introduced the Company's initial spark discharge based
imaging technology, in a jointly developed product, the Heidelberg GTO-DI. In
1993, after investing substantial effort and resources, the Company completed
the development of PEARL(R), a patented, proprietary, nonphotographic,
toxic-free, digital imaging and printing plate technology for the printing and
graphic arts industries. PEARL's laser diode technology is capable of imaging
various types of Presstek printing plates either off-press or on-press which may
then be used to produce high-quality, full-color lithographic printed materials.
PEARL can print in color or black and white, at a lower cost than competitive
processes. PEARL has completely replaced the Company's spark discharge
technology. The GTO-DI was reintroduced in September 1993, utilizing PEARL as
its Direct Imaging technology. PEARL Direct Imaging technology as implemented on
the GTO-DI has been well accepted by the market and the Company is now building
an installed base of customers which utilizes its proprietary consumable
printing plates on PEARL equipped Heidelberg presses. The Company's relationship
with Heidelberg has been expanded to include the development and manufacture of
Direct Imaging kits to be utilized in Heidelberg's new four color, fully
automated lithographic press, the Quickmaster DI 46-4. This press was introduced
in May of 1995 at DRUPA '95, the industry's largest trade show, and was well
received. Shipments of production kits to Heidelberg for use in the Quickmaster
commenced in the second quarter of 1995. This new press incorporates certain
improvements to the Company's PEARL Direct Imaging technologies and employs the
Company's recently developed automatic plate changing cylinder which eliminates
the need for manually changing plates between jobs. Presstek is also engaged in
the development of additional products and applications that incorporate its
proprietary PEARL technologies and consumables, including computer-to-plate and
other direct-to-press applications.
At this time, the Company relies on Heidelberg to generate substantially
all of its revenues.
On June 19, 1995, the Company's Board of Directors determined to change its
fiscal year from a calendar year ending December 31 to a fiscal year ending on
the Saturday closest to December 31. Accordingly, the third quarter and nine
month periods of 1995 ended on September 30, 1995. Fiscal 1995 will end on
December 30, 1995.
On April 19, 1995, the Company's Board of Directors authorized a
two-for-one stock split, effected in the form of a 100% stock dividend, during
the second quarter of 1995. The split resulted in the issuance of 7,275,972 new
shares of common stock.
Revenues
Revenues for the third quarter of 1995 totaled $7,629,000, an increase of
$3,189,000 (72%) compared to $4,440,000 recorded for the third quarter of 1994.
For the first nine months of 1995, revenues increased to 18,216,000 (61%)
compared to $11,335,000 recorded in the first nine months of 1994. Product sales
increased $3,340,000 and $7,087,000, respectively, comparing the three and nine
month periods in 1995 with the same periods in 1994, principally as a result of
increased sales of the Company's PEARL on-press direct imaging technology, used
in Heidelberg's GTO-DI and the new Quickmaster DI 46-4, and consumable printing
plates.
Costs of Products Sold
Costs of products sold for the third quarter and first nine months of 1995
totaled $4,250,000 and $9,799,000 respectively compared to $1,762,000 and
$4,785,000 for the same periods in 1994. These costs include materials, labor,
-9-
<PAGE>
and overhead associated with product sales as well as anticipated future
warranty costs.
Engineering and Product Development
Engineering and product development expenses for the third quarter and
first nine months of 1995 totaled $1,590,000 and $4,467,000, respectively,
compared to $1,630,000 and $3,836,000 for the same periods in 1994. The increase
for the first nine months of 1995 compared with the same period in 1994,
resulted principally from increased expenditures, incurred principally during
the first quarter of 1995, for parts, supplies, and labor related to the
Company's development programs with respect to the Quickmaster DI 46-4, as well
as other applications of and matters relating to the Company's technologies.
Marketing
Marketing expenses for the third quarter and first nine months of 1995
totaled $408,000 and $1,362,000, respectively, compared to $341,000 and $873,000
for the same periods in 1994. The increases of $67,000 (20%) for the quarter and
$489,000 (56%) for the first nine months of 1995 resulted from increased
expenditures for additional personnel and related costs as well as various
promotional activities which included one time DRUPA '95 trade show expenses
incurred principally during the second quarter of 1995.
General and Administrative
General and administrative expenses for the third quarter and first nine
months of 1995 totaled $493,000 and $1,520,000, respectively, compared to
$243,000 and $973,000 for the same periods in 1994. The increases of $250,000
(103%) for the quarter and $547,000 (56%) for the first nine months of 1995
relate principally to increased expenditures for salaries and other costs
required to conduct the various general and administrative functions of the
Company.
Net Income
As a result of the foregoing, the Company realized net income of $872,000
and $1,209,000 for the third quarter and first nine months of 1995 compared to
net income of $511,000 and $1,095,000 for the same periods in 1994.
Liquidity and Capital Resources
At September 30, 1995, the Company had working capital of $12,382,000, an
increase of $4,706,000 as compared to working capital of $7,676,000 at December
31, 1994. This increase was primarily attributable to net income from operations
of $1,209,000; noncash items of depreciation and amortization of $668,000, the
provision for warranty costs of $323,000, and the tax benefit of disposition of
stock options of 76,000; a decrease in noncurrent marketable securities of
$2,833,000 and proceeds from issuances of common stock and sales of equipment of
$1,523,000 and $76,000, respectively, offset by additions to property and
equipment and other assets of $1,408,000 and $413,000, respectively.
Net cash used for operating activities of $732,000 for the first nine
months of 1995 resulted primarily from increases in inventory and accounts
receivable of $2,252,000 and $2,204,000, respectively, offset by net income from
operations of $1,209,000 plus noncash items of depreciation and amortization,
the provision for warranty costs and the tax benefit of disposition of stock
options of $668,000, $323,000, and $76,000, respectively, a decrease in other
current assets of $367,000 and increases in accounts payable and accrued
expenses totaling $1,079,000.
Net cash provided by investing activities of $414,000 for the first nine
months of 1995 resulted principally from proceeds from the sales and maturities
of marketable securities of $2,159,000 and from the sale of equipment of $76,000
offset by additions to property and equipment used in the Company's business of
$1,408,000 and increases in other assets of $413,000.
Net cash provided by financing activities during the first nine months of
-10-
<PAGE>
1995, consisted of $1,523,000 received from the sale of common stock incident to
the exercise of various stock options and warrants.
The Company's agreements with Heidelberg provide that during 1995 the
Company will receive certain royalty payments and be reimbursed for certain
engineering and development work provided to Heidelberg. Further, during the
first nine months of 1995, the Company accepted orders totaling $26,800,000 from
Heidelberg. This sum represents equipment and royalty revenues that have
resulted and will result from shipments of the Company's PEARL digital imaging
hardware and software products.
The Company estimates that existing funds and the funds generated under its
agreements with Heidelberg will be sufficient to satisfy its anticipated cash
requirements for its current business operations for the foreseeable future.
Effect of Inflation
Inflation has not had, and is not expected to have, a material impact upon
the Company's operations.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit 27. Financial Data Schedule.
(b) No reports on Form 8-K were filed for the quarter for which this report is
filed.
-11-
<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.
Dated: November 10, 1995 PRESSTEK, INC.
(Registrant)
By: /s/ Richard A. Williams
----------------------------
Richard A. Williams
Executive Vice President
(Duly Authorized Officer)
By: /s/ Glenn J. DiBenedetto
----------------------------
Glenn J. DiBenedetto
Chief Financial Officer
(Principal Financial and
Accounting Officer)
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM
10-Q AT SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-END> SEP-30-1995
<CASH> 2,737,550
<SECURITIES> 1,069,834
<RECEIVABLES> 6,391,000
<ALLOWANCES> 0
<INVENTORY> 5,047,859
<CURRENT-ASSETS> 15,635,061
<PP&E> 6,397,426
<DEPRECIATION> 2,821,748
<TOTAL-ASSETS> 22,703,273
<CURRENT-LIABILITIES> 3,253,039
<BONDS> 0
<COMMON> 146,436
0
0
<OTHER-SE> 19,303,798
<TOTAL-LIABILITY-AND-EQUITY> 22,703,273
<SALES> 13,432,541
<TOTAL-REVENUES> 18,216,285
<CGS> 9,799,321
<TOTAL-COSTS> 17,147,488
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,313,599
<INCOME-TAX> 105,000
<INCOME-CONTINUING> 1,208,599
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,208,599
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>
