<PAGE>
UNITED STATES
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
March 31, 1996.
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: 0-21070
International Tourist Entertainment Corporation
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
U.S. Virgin Islands 66-0426648
- ----------------------------- --------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
7030 Park Centre Drive, Salt Lake City, Utah 84121
- -------------------------------------------- ----------
(Address of principal executive offices) (ZIP Code)
(801) 566-9000
---------------------------------------------------
(Registrant's telephone number, including area code)
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.
1. X Yes No
----- ------
2. X Yes No
----- ------
The number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date is:
Class Outstanding at March 31, 1996
- ----------------------------- -----------------------------
Common Stock, $.001 Par Value 6,359,985 shares
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Page Number
Condensed Balance Sheets
March 31, 1996 and June 30, 1995 . . . . . . . . . . . .1
Condensed Statements of Operations
Three and Nine Months Ended March 31, 1996
and March 31, 1995 . . . . . . . . . . . . . . . . . . .2
Condensed Statement of Stockholders' Equity
Nine Months Ended March 31, 1996 . . . . . . . . . . . .3
Condensed Statements of Cash Flows
Nine Months Ended March 31, 1996,
and March 31, 1995 . . . . . . . . . . . . . . . . . . .4
Notes to Condensed Financial Statements . . . . . . . . . .5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations. . . .7
Part II. OTHER INFORMATION. . . . . . . . . . . . . . . .9
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
Condensed Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
March 31 June 30
ASSETS 1996 1995
------ ------------- ------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 154,273 163,587
Receivables 8,018 19,573
Deposits 8,650 8,264
Inventories 73,898 120,002
Prepaid expenses 39,630 54,884
Prepaid leases-current 166,915 166,915
Current portion of notes receivable - tenants 4,899 21,579
------------- ------------
Total current assets 456,283 554,804
Prepaid leases-non current 1,591,119 1,716,305
Notes receivable-tenants 8,452 14,682
Film development costs, net of amortization of
$452,890 in March and $148,151 in June 3,692,475 3,983,939
Property and equipment, at cost 7,967,987 7,793,623
Less accumulated depreciation 707,355 484,959
----------- ------------
Net property and equipment 7,260,632 7,308,664
Debenture issuance costs, net of amortization
of $56,186 in March and $39,855 in June 264,921 281,252
----------- ------------
TOTAL ASSETS $ 13,273,882 13,859,646
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $ 1,168,022 871,376
Accrued expenses 636,583 351,387
Current installments of capital lease obligations 27,406 24,068
Notes payable and current installments of long-term debt 818,768 690,257
Notes payable to related parties 508,824 528,824
----------- -----------
Total current liabilities 3,159,603 2,465,912
Long-term debt, excluding current installments:
Capital lease obligations 25,054 28,234
Credit facility, notes, and mortgages payable 3,970,160 4,077,970
10% Convertible debenture, due June 1, 2008 2,055,000 2,055,000
Accrued rent land lease-non current 154,956 112,696
Security deposits 27,800 17,950
Stockholders' equity
Preferred stock, $.001 par value. Authorized 5,000,000
shares, issued and outstanding 212,613 shares in March
and June (liquidation value $2,150,678) 213 213
Common stock, $.001 par value. Authorized 40,000,000
shares, issued and outstanding 6,359,985 shares in March
and June 6,360 6,360
Additional paid-in capital 9,412,009 9,574,416
Accumulated deficit (5,537,273) (4,479,105)
----------- -----------
Net stockholders' equity 3,881,309 5,101,884
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 13,273,882 13,859,646
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
1
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
Condensed Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31 March 31
1996 1995 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenue:
Theater admissions $ 178,157 230,253 1,322,328 1,295,389
Restaurant, concession and retail sales 153,830 45,880 1,229,301 266,943
Retail rental income 58,001 76,510 238,639 301,411
------------ ----------- ----------- -----------
389,988 352,643 2,790,268 1,863,743
Costs and expenses:
Direct exhibition expenses 52,259 67,711 196,892 277,453
Direct restaurant, concession and retail costs 78,826 22,969 451,488 125,082
Other operating expenses 77,162 98,844 318,453 357,626
Selling, general and administrative expenses:
Salaries and wages 198,101 150,127 831,868 443,256
Advertising 43,346 96,230 215,861 277,675
Depreciation and amortization 183,865 97,013 547,693 282,679
Occupancy 63,298 38,424 222,934 179,277
Write off of deferred stock offering costs 0 10,770 0 127,237
Other 163,730 189,068 498,213 439,696
----------- ----------- ----------- -----------
860,587 771,156 3,283,402 2,509,981
----------- ----------- ----------- -----------
Operating income (loss) (470,599) (418,513) (493,134) (646,238)
Other income (expense):
Interest income 709 3,048 5,782 6,670
Gain on sale of fixed assets 0 0 450 0
Interest expense (176,824) (148,965) (546,060) (409,432)
Interest expense on loans from related parties (11,902) (7,013) (25,206) (17,994)
------------ ------------ ------------ ------------
Other income (expense), net (188,017) (152,930) (565,034) (420,756)
Net loss (658,616) (571,443) (1,058,168) (1,066,994)
Less accrued series B preferred stock dividends (53,742) 0 (162,407) 0
------------- ------------ ------------- -------------
Loss applicable to common stock $ (712,358) (571,443) (1,220,575) (1,066,994)
============= ============ ============= =============
Net loss per common share $ (0.11) (0.09) (0.19) (0.17)
============= ============ ============= =============
Weighted average common
shares outstanding 6,359,985 6,359,995 6,359,985 6,359,995
</TABLE>
See accompanying notes to condensed financial statements.
2
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
Condensed Statement of Stockholders' Equity
Nine Months Ended March 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
Additional Net
Preferred Common paid-in Accumulated stockholders'
Stock stock capital Deficit equity
---------- ------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Balances at June 30, 1995 $ 213 6,360 9,574,416 (4,479,105) 5,101,884
Dividend accrued on
Series B preferred stock 0 0 (162,407) 0 (162,407)
Net loss 0 0 0 (1,058,168) (1,058,168)
-------- ------- ---------- ----------- -----------
Balance, March 31, 1996 $ 213 6,360 9,412,009 (5,537,273) 3,881,309
======== ======= ========== =========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
3
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
Condensed Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
March 31,
1996 1995
------------ ----------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (1,058,168) (1,066,994)
Adjustments to reconcile net loss to net cash provided
by (used in) operating activities:
Depreciation and amortization 547,693 282,679
Write off of deferred stock offering costs 0 127,237
Changes in operating assets and liabilities:
Decrease (increase) in receivables and notes receivable-tenants 34,465 57,934
Decrease (increase) in inventories 46,104 (15,031)
Decrease (increase) in deposits and prepaid expenses 14,868 (8,498)
Decrease (increase) in prepaid leases 125,186 124,960
Increase (decrease) in accounts payable and other accrued expenses 461,694 644,620
Increase (decrease) in other operating liabilities 9,850 (1,000)
---------- -----------
Net cash provided by (used in) operating activities 181,692 145,907
Cash flows from investing activities:
Capital expenditures (163,636) (1,225,899)
Proceeds from sale of fixed assets 5,951 0
---------- -----------
Net cash provided by (used in) investing activities (157,685) (1,225,899)
Cash flows from financing activities:
Principal payments under capital lease obligations (13,218) (14,228)
Principal payments on long-term debt (120,103) 192,060
Proceeds from mortgage loan and note payable 100,000 587,099
Proceeds from issuance of bridge financing notes 0 500,000
Conversion of bridge financing notes to Series A preferred stock 0 (300,000)
Proceeds from issuance of Series B preferred stock 0 331,910
Payment of deferred stock offering costs 0 (222,215)
---------- ----------
Net cash provided by (used in) financing activities (33,321) 1,074,626
---------- ----------
Increase (decrease) in cash and cash equivalents (9,314) (5,366)
Cash and cash equivalents at beginning of period 163,587 186,632
---------- ----------
Cash and cash equivalents at end of period $ 154,273 181,266
========== ==========
Supplemental cash flow information:
Cash paid during the period for interest (net of amount capitalized) 304,819 416,828
Supplemental disclosure of non-cash investing and financing activities:
Capital lease obligations incurred for property and equipment 11,013 29,783
Short-term notes payable and long-term debt incurred for fixed assets 20,804 2,393,042
Accrual of dividends on Series B preferred stock 162,407 1,771
</TABLE>
See accompanying notes to condensed financial statements.
4
<PAGE>
INTERNATIONAL TOURIST ENTERTAINMENT CORPORATION
Notes to Condensed Financial Statements
March 31, 1996
(Unaudited)
NOTE 1. BASIS OF PRESENTATION AND BANKRUPTCY FILING
International Tourist Entertainment Corporation (the "Company") commenced
operations in October 1993. The accompanying interim condensed financial
statements are unaudited, but in the opinion of management reflect all
adjustments (consisting of normal recurring accruals) necessary for a fair
presentation of the results for such periods. The results of operations
for any interim period are not necessarily indicative of results for the
respective full year. These condensed financial statements should be
read in conjunction with the financial statements and notes thereto
contained in the Company's annual report on Form 10-K for the years
ended June 30, 1995, 1994 and 1993 as filed with the Securities and
Exchange Commission.
On January 25, 1996, the Company filed for protection under Chapter 11
of the U.S. Bankruptcy Code. Included in the filing was a proposed
sale of substantially all of the Company's assets to a third party.
Subsequently, the offer from this third party was withdrawn.
As a result of the bankruptcy filing, there will likely be an impairment
of the value of the Company's assets. Management does not have sufficient
information to make a determination of the extent of such impairment,
however, once a determination is made, the appropriate write downs of
existing assets will be recognized.
NOTE 2. NET LOSS PER SHARE
For all periods presented, the Company's loss per share is based on the
weighted average number of common shares outstanding. Common share
equivalents resulting from options or warrants outstanding during the
periods have not been included as they are antidilutive.
NOTE 3. AMORTIZATION
Amounts amortized for prepaid leases and deferred debenture costs at
March 31, were:
<TABLE>
<CAPTION>
Nine Months 1996 Nine Months 1995
---------------- ----------------
<S> <C> <C>
Prepaid land lease $37,963 $37,963
Prepaid equipment lease 87,223 87,671
Deferred debenture costs 16,331 27,812
</TABLE>
<PAGE>
NOTE 4. NOTES PAYABLE
Included in short-term notes payable is $480,000 interim financing for
the Branson theme film borrowed from Scotia Bank, U.S. Virgin Islands
with interest at the bank's base rate plus 3 percent as of March 31,
1996 and secured by the Company's real estate in St. Thomas. The note
was due November 30, 1995. The Company is delinquent in payments and
has received a default notice.
Also included in short-term notes payable is $100,000 due to Destination
Cinema, borrowed during the bankruptcy with interest at the Wall Street
Journal prime rate plus 2 percent (10.25 percent at March 31, 1996) and
was due April 30, 1996. ITEC plans to repay Destination Cinema with
funds received from a replacement "debtor in possession" loan which
it is currently in process of negotiating.
Additionally, $280,000 borrowed for the production of the Branson theme
film is due to a director of the Company. A promissory note of $228,824
is also due to Dynatronics Corporation, an affiliate of the Company.
These promissory notes are both short-term notes with interest payable
at 10 percent.
NOTE 5. LONG-TERM DEBT
Long-term debt included the following:
<TABLE>
<CAPTION>
March 31, June 30,
1996 1995
----------- ----------
<S> <C> <C>
Credit facility on theater complex $3,462,663 3,500,000
Promissory notes 1,155,472 1,095,033
Mortgage loans on other property 170,793 173,194
----------- ----------
Total long-term debt 4,788,928 4,768,227
Less current installments 818,768 690,257
----------- ----------
Long-term debt, excluding
current installments $3,970,160 4,077,970
========== ==========
</TABLE>
Included in promissory notes above is an outstanding balance of $475,996
borrowed from Zions Bank, Utah as interim financing for the Branson theme
film with interest at the bank's index rate plus 1/2 percent (8.75% at
3-31-96). This long-term note has a maturity date of August 30, 2000.
Repayment has been guaranteed by Dynatronics Corporation, an affiliate
of the Company. The Company defaulted on this note and has been charged
an additional default interest rate of 3 percent since February, 1996.
Pursuant to the guarantee, Dynatronics repaid the note with interest
and other loan charges on April 30, 1996, and is now the holder of the
note.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
ITEC Attractions (the trade name of the Company) began
operations with the opening of its first giant screen theater
and mall facility in Branson, Missouri in October, 1993. This
facility is known as the OZARKS DISCOVERY IMAX THEATER AND
MALL. It contains a 532 seat IMAX theater with a screen that
is 62 feet tall and 83 feet wide. In addition, the facility
includes an enclosed shopping mall with approximately 22,000
square feet of leasable retail space. MCFARLAIN'S, a family
restaurant has been owned and operated by the Company since
May 1, 1995. Fifteen shops, restaurants and kiosks are
currently leased to third parties. One kiosk in the mall is
owned and operated by the Company. The retail store
Gingerbread Kids which was owned by the Company was closed
during the reporting quarter.
During the reporting quarter the Company continued to show
increases in revenues over the preceding year due entirely to
increased revenue in the restaurant. However, because of the
heavy short term debt incurred during the past 18 months,
revenues were not sufficient to cover all costs of the
Company. As a result, on January 25, 1996, the Company found
it necessary to file for protection under Chapter 11 of the
U.S. Bankruptcy Code which calls for a reorganization of the
Company. The Company is working with various potential buyers
of its assets. However, it is anticipated that the results
from any sale of assets will not generate any proceeds for
distribution to equity holders.
RESULTS OF OPERATIONS
Revenues for the quarter ended March 31, 1996 were $389,988 as
compared with $352,643 for the same quarter the previous year.
The increase in revenue from the addition of the restaurant
was offset by decreases in revenue from theater admissions and
retail rental income. Decreases in theater admissions for the
reporting quarter were attributable to two main factors:
first, the publicity regarding the Chapter 11 bankruptcy
filing had a negative effect on theater attendance, and second,
the visitor traffic to Branson was generally down and impacted
all venues in the area. Revenues for the reporting quarter
were comprised of ticket sales (45.7%), restaurant sales,
concession and retail sales (39.4%) and retail rental income
(14.9%). Revenues for the nine month period ended March 31,
1996 were $2,790,268 as compared to $1,863,743 in the prior
<PAGE>
year period. This increase is primarily related to the
addition of the restaurant operation on May 1, 1995.
During the quarter ended March 31, 1995, the Company recorded
rent receipts from Frontier Pies Restaurant. Since the
Company began operating the restaurant it has not recorded
rental income on the restaurant space, which would otherwise
have been approximately $19,200.
Costs and expenses were $860,587 for the reporting quarter and
$3,283,402 for the nine months ended March 31, 1996 as
compared to expenses of $771,156 and $2,509,981 respectively
for comparable periods of the previous year. Costs were up
primarily due to the addition of the restaurant and increased
depreciation. Depreciation increased $86,852 during the
reporting quarter as the Company has produced and now exhibits
its own film, the costs of which have been capitalized and are
being depreciated.
The operating loss for the reporting quarter was $470,599 as
compared to $418,513 in the same quarter of the prior year.
Increased costs from operating the restaurant during the off
season and the increased depreciation on the film as explained
above, together with decreases in ticket sales and retail
rental income were the main reasons for the increased losses.
The operating loss for the nine month period ended March 31,
1996 equalled $493,134 as compared to $646,238 in the prior
year period. The contributing factor for the differential
in the nine month operating loss was the write-off of approximately
$127,000 of deferred stock offering costs in fiscal 1995 associated
with the conversion of certain debentures to preferred stock.
Interest expense increased by $27,859 for the quarter ended
March 31, 1996 and by $136,628 for the nine month period as
compared to the comparable periods of the prior year. The
primary reason for the difference in interest expense is the
increased interest on the short-term debt financing for the
Company's new theme film, "Ozarks: Legacy and Legend".
The net loss in the reporting quarter was $658,616 compared to
a net loss of $571,443 in the same quarter of the previous
year. The net loss for the nine month period ended March 31,
1996 was $1,058,168 as compared to $1,066,994 in the prior
year period.
LIQUIDITY AND CAPITAL RESOURCES
Total current assets as of March 31, 1996 were $456,283 as
compared to $554,804 at June 30, 1995. The Company's current
ratio at March 31, 1996 was .14 to 1 as compared to .22 to 1
at June 30, 1995. The Company's total current liabilities at
<PAGE>
March 31, 1996 were $3,159,603 as compared to $2,465,912 at
June 30, 1995. This increase is directly related to the
Company's delaying of payments to creditors under the bankruptcy.
The Company had a working capital deficit of $2,703,320 and
$1,911,108 at March 31, 1996 and June 30, 1995 respectively.
The Company's working capital deficit position arises
partially from operating losses. Additionally, the Company
expended over $3.2 million to produce the theme film for the
Branson Theater and incurred approximately $270,000 in costs
to finalize architecture work necessary to commence
construction on the St. Thomas complex. The Company made
these expenditures in anticipation of additional equity
financing during fiscal 1995. However, the equity financing
was not realized.
Several factors contributed to the Company's financial
problems, including:
1) The Company did not achieve its original projections for
attendance and revenue at the Branson facility.
2) The Company was structured to be a multi-facility
business. The general overhead has been too great for
one facility to bear, with the levels of revenue which
have been achieved.
3) The failed secondary public offering and associated plans
resulted in $400,000 of additional costs. The Company
borrowed $1,750,000 to finish the production of the
Ozarks film, which borrowings were expected to be
reimbursed from the secondary offering but were not.
4) The Company continued to carry some expenses during
calendar 1995 relating to St. Thomas in anticipation of
a merger or joint venture. However, with the hurricane
in the third quarter which caused damage to much of the
island of St. Thomas, the proposed development of the
Company's second facility was delayed indefinitely. The
costs relating to the proposed joint venture added to the
financial burden of the Company.
Due to the financial problems outlined above, the Company
filed its reorganization petition and is working with various
potential buyers for its assets.
RT II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Except for the bankruptcy filing described above,
there are no material legal proceedings pending to
which the Company is a party or of which any of its
property is the subject which require disclosure in
this statement.
Item 2. Changes in Securities
---------------------
Not applicable.
Item 3. Defaults Upon Senior Securities
-------------------------------
During the quarter ended December 31, 1995, the
Company defaulted on its $3,500,000 first mortgage
loan from Boatmen's Bank and on its $2,055,000
second mortgage loan from debentureholders. These
loans are secured by the Company's Branson
facility.
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable.
Item 5. Other Information
-----------------
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
A) Exhibits:
4.1 Specimen Certificate for the common stock of
the Registrant (incorporated by reference to the
Registrant's Registration Statement on Form S-1,
Registration No. 33-48630)
4.2 Specimen Certificate for the Series A Warrant
of the Registrant (incorporated by reference to the
Registrant's Registration Statement on Form S-1,
Registration No. 33-48630)
<PAGE>
4.3 Warrant agreement dated August 19, 1992
(incorporated by reference to the Registrant's
quarterly report on Form 10-Q for the quarter ended
December 31, 1992, Commission File No. 0-21070)
4.4 Indenture dated September 1, 1993 for the
Registrant's 10% Convertible Debentures due June 1,
2008 (incorporated by reference to the Registrant's
Annual Report on Form 10-K for the year ended June
30, 1993, Commission File No. 0-21070)
B) No Reports on Form 8-K have been filed during
the quarter for which this report is filed.
THE BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK
<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.
INTERNATIONAL TOURIST
---------------------
ENTERTAINMENT CORPORATION
-------------------------
Registrant
Date 5/14/96 /s/ Kelvyn H. Cullimore
-------------- -------------------------
Kelvyn H. Cullimore
President
Chief Executive Officer
Duly Authorized Officer
Date 5/14/96 /s/ Keith E. Turner
--------------- -------------------------
Keith E. Turner
Treasurer
Principal Financial Officer and
Chief Accounting Officer
<PAGE>
[ARTICLE] 5
[LEGEND]
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
BALANCE SHEET AND STATEMENT OF INCOME 3/31/96 AND IS QUALIFIED IN
ITS ENTIRETY BY SUCH FINANCIAL STATEMENTS.
<TABLE>
<S> <C>
[PERIOD-TYPE] 9-MOS
[FISCAL-YEAR-END] JUN-30-1996
[PERIOD-START] JUL-01-1995
[PERIOD-END] MAR-31-1996
[CASH] 154,273
[SECURITIES] 0
[RECEIVABLES] 8,018
[ALLOWANCES] 0
[INVENTORY] 73,898
[CURRENT-ASSETS] 456,283
[PP&E] 7,967,987
[DEPRECIATION] 707,355
[TOTAL-ASSETS] 13,273,882
[CURRENT-LIABILITIES] 3,159,603
[BONDS] 6,050,214
[COMMON] 6,360
[PREFERRED-MANDATORY] 0
[PREFERRED] 213
[OTHER-SE] 3,874,736
[TOTAL-LIABILITY-AND-EQUITY] 13,273,882
[SALES] 1,229,301
[TOTAL-REVENUES] 2,790,268
[CGS] 451,488
[TOTAL-COSTS] 648,380
[OTHER-EXPENSES] 318,453
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 546,060
[INCOME-PRETAX] <1,058,168>
[INCOME-TAX] 0
[INCOME-CONTINUING] <1,058,168>
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] <1,058,168>
[EPS-PRIMARY] <.192>
[EPS-DILUTED] 0
</TABLE>
