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 28, 1999
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 No. 0-23226
GRILL CONCEPTS, INC.
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3319172
- ------------------------------- --------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
11661 San Vicente Blvd., Suite 404, Los Angeles, California 90049
-------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(310) 820-5559
----------------------------------------------------
(Registrant's telephone number, including area code)
----------------------------------------------------
(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 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
----- -----
As of May 10, 1999, 16,015,553 shares of Common Stock of the issuer were
outstanding.
<PAGE>
GRILL CONCEPTS, INC.
INDEX
Page
Number
-------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheets - March 28, 1999
and December 27, 1998........................................... 1
Consolidated Condensed Statements of Operations - For the three
months ended March 28, 1999 and March 29, 1998.................. 3
Consolidated Condensed Statements of Cash Flows - For the three
months ended March 28, 1999 and March 29, 1998.................. 4
Notes to Consolidated Condensed Financial Statements............ 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations...................................... 6
Item 3. Quantitative and Qualitative Disclosures About Market Risk...... 9
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................................ 9
SIGNATURES .............................................................. 10
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GRILL CONCEPTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
ASSETS
March 28, December 27,
1999 1998
------------ ------------
(unaudited)
Current assets:
Cash and cash equivalents $ 396,478 $ 438,184
Inventories 387,919 385,131
Receivables 797,659 356,358
Prepaid expenses 665,491 884,602
----------- -----------
Total current assets 2,247,547 2,064,275
----------- -----------
Property and equipment, at cost 13,090,808 12,855,412
Less: accumulated depreciation (4,798,945) (4,513,075)
------------ -----------
Property and equipment, net 8,291,863 8,342,337
------------ -----------
Goodwill, net 227,441 229,441
Liquor licenses 641,603 641,603
Other assets 68,924 109,305
------------ -----------
Total assets $11,477,378 $11,386,961
============ ===========
The accompanying notes are an integral part of these consolidated condensed
financial statements.
1
<PAGE>
GRILL CONCEPTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Continued)
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
March 28, December 27,
1999 1998
---------- -----------
<S> <C> <C>
(unaudited)
Current liabilities:
Bank line of credit $ 600,000 $ 590,026
Accounts payable 1,397,803 1,648,465
Accrued expenses 1,250,457 1,045,832
Current portion of long term debt 458,943 455,470
Note payable - related party 624,500 624,500
----------- -----------
Total current liabilities 4,331,703 4,364,293
Long-term debt 1,915,202 2,001,760
Notes payable - related parties 855,174 926,038
----------- -----------
Total liabilities 7,102,079 7,292,091
----------- -----------
Minority interest 246,128 227,957
Stockholders' equity:
Series A, 10% Convertible Preferred Stock,
$.001 par value; 1,000,000 shares authorized,
none issued and outstanding in 1999 and 1998 -- --
Series B, 8% Convertible Preferred Stock,
$.001 par value; 1,000,000 shares authorized,
none issued and outstanding in 1999 and 1998 -- --
Series I, Convertible Preferred Stock,
$.001 par value; 1,000,000 shares authorized,
1000 shares issued and outstanding in 1999 and 1998 1 1
Series II, 10% Convertible Preferred Stock, $.001 par
value; 1,000,000 shares, 500 shares issued and
outstanding in 1999 and 1998 1 1
Common stock, $.00001 par value; 30,000,000 shares
authorized, 16,015,533 shares issued and outstanding in
1999 and 1998 160 160
Additional paid-in capital 11,071,062 11,071,062
Accumulated deficit (6,942,053) (7,204,311)
------------ -------------
Stockholders' equity 4,129,171 3,866,913
------------ -------------
Total liabilities and stockholders' equity $ 11,477,378 $ 11,386,961
============ =============
</TABLE>
The accompanying notes are an integral part of these consolidated condensed
financial statements.
2
<PAGE>
GRILL CONCEPTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
--------------------------------
March 28, 1999 March 29, 1998
-------------- --------------
Revenues:
Sales $ 10,163,195 $ 8,270,895
Management and license fees 124,847 90,346
----------- -----------
Total Revenues 10,288,042 8,361,241
Cost of sales 2,815,682 2,203,050
----------- -----------
Gross Profit 7,472,360 6,158,191
----------- -----------
Costs and expenses:
Restaurant operating expenses 6,002,125 5,045,368
General and administrative 804,429 622,594
Depreciation and amortization 287,820 243,270
Preopening cost -- 75,498
----------- -----------
Total operating expenses 7,094,374 5,986,730
----------- -----------
Income from operations 377,986 171,461
Interest expense, net (95,556) (39,119)
----------- -----------
Income before provision for income taxes and
minority interest 282,430 132,342
Provision for income taxes (2,000) (1,200)
Minority interest (18,172) --
----------- -----------
Income before cumulative effect of change in
accounting principle 262,258 131,142
Cumulative effect of change in accounting
principle -- 70,281
Net income $ 262,258 $ 60,861
----------- -----------
Preferred stock:
Preferred dividends accrued or paid (12,500) (22,328)
Accounting deemed dividends -- (42,133)
----------- -----------
(12,500) (64,461)
Net income applicable to common stock $ 249,758 $ (3,600)
=========== ===========
Net income per share
Basic net income $ 0.02 $ 0.00
=========== ===========
Preferred Stock
Dividends 0.00 0.00
Accounting deemed dividends 0.00 0.00
----------- -----------
0.00 0.00
----------- -----------
Basic net income applicable to common stock $ 0.02 $ 0.00
----------- -----------
Average weighted shares outstanding 16,015,553 15,704,802
=========== ===========
The accompanying notes are an integral part of these consolidated
financial statements.
3
<PAGE>
GRILL CONCEPTS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
Three Months Ended
--------------------------------
March 28, 1999 March 29, 1998
-------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 262,258 $ 60,861
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 287,870 288,870
Minority interest in net income 18,172 --
Cumulative effect of change in accounting principle -- 70,281
Changes in operating assets and liabilities
Inventories (2,788) 6,680
Receivables (441,302) 45,397
Prepaid expenses 219,111 (137,642)
Other assets 40,381 22,211
Accounts payable (250,662) (317,178)
Accrued liabilities 204,625 268,281
---------- -----------
Net cash provided by operating activities 337,665 307,761
---------- -----------
Cash flows from investing activities:
Additions to furniture, equipment and improvements (235,395) (935,503)
---------- -----------
Net cash used in investing activities (235,395) (935,503)
---------- -----------
Cash flows from financing activities:
Proceeds from note payable -- 800,000
Proceeds from investment in L.L.C. -- 199,800
Proceeds from line of credit 9,974 55,000
Payments on long-term debt (153,950) (84,965)
---------- -----------
Net cash provided by financial activities (143,976) 969,835
---------- -----------
Net increase (decrease) in cash and cash equivalents (41,706) 342,093
Cash and cash equivalents, beginning of period 438,184 272,567
---------- -----------
Cash and cash equivalents, end of period $ 396,478 $ 614,660
========== ===========
Supplemental cash flow information:
Cash paid during the period for:
Interest $109,941 $38,830
Income taxes -- --
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
4
<PAGE>
GRILL CONCEPTS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(unaudited)
1. INTERIM FINANCIAL PRESENTATION
The interim consolidated financial statements are prepared pursuant to the
requirements for reporting on Form 10-Q. These financial statements have
not been audited by independent accountants. The December 27, 1998 balance
sheet data was derived from audited financial statements but does not
include all disclosures required by generally accepted accounting
principles. The interim financial statements and notes thereto should be
read in conjunction with the financial statements and notes included in the
Company's Form 10-KSB dated December 27, 1998. In the opinion of
management, these interim financial statements reflect all adjustments of a
normal recurring nature necessary for a fair statement of the results for
the interim periods presented. The current period results of operations are
not necessarily indicative of results which ultimately will be reported for
the full year ending December 26, 1999.
Certain prior year amounts have been reclassified to conform to current
year presentation.
2. PREOPENING COSTS
During fiscal 1998, the Company elected early adoption of AICPA Statement
of Position (SOP) 98-5, "Reporting on the Costs of Start-Up Activities."
This new accounting standard requires most entities to expense all start-up
and preopening costs as they are incurred. Preopening costs for all periods
presented herein reflect costs that were expensed as incurred. In addition,
the Consolidated Statement of Operations for the three months ended March
29, 1998 has been restated to reflect, as a one-time charge, the cumulative
effect of the change in accounting principle.
3. FUTURE ACCOUNTING REQUIREMENTS
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities". This Statement requires that all
derivative instruments be recorded on the balance sheet at their fair
value. Changes in the fair value of derivatives will be recorded each
period in current earnings or other comprehensive income, depending on
whether a derivative is designated as part of a hedge transaction and, if
it is, the type of hedge transaction. The new rules will be effective the
first quarter of 2000. The Company does not believe that the new standard
will have a material impact on the Company's financial statements.
5
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The following discussion and analysis should be read in conjunction with the
Company's financial statements and notes thereto included elsewhere in this Form
10-Q. Except for the historical information contained herein, the discussion in
this Form 10-Q contains certain forward looking statements that involve risks
and uncertainties, such as statements of the Company's plans, objectives,
expectations and intentions. The cautionary statements made in this Form 10-Q
should be read as being applicable to all related forward statements wherever
they appear in this Form 10-Q. The Company's actual results could differ
materially from those discussed here. For a discussion of certain factors that
could cause actual results to be materially different, refer to the Company's
Annual Report on Form 10-KSB for the year ended December 27, 1998.
Material Changes in Results of Operations for the Three Months Ended March 28,
1999 as Compared to the Three Months Ended March 29, 1998.
The results of operations for the three month period ended March 28, 1999
include the operations of nine Daily Grill restaurants; three Pizzeria Uno
units; The Grill restaurant and the San Jose Grill restaurant. The results for
the first three months of 1998 include eight Daily Grill restaurants, three
Pizzeria Uno stores and The Grill.
The Company's revenues for the three month period increased 23.0% to $10,288,000
from $8,361,000 for the same period in 1998. Total revenues included $10,163,000
of sales revenues and $125,000 of management and licensing fees in 1999 as
compared to $8,271,000 of sales revenues and $90,000 of management and licensing
fees in 1998. The increase of $1.9 million, or 22.9%, in sales revenues is
primarily a result of (1) added sales by the inclusion of the Tyson's Corner
Daily Grill for the full three months ($0.7 million) and (2) a sales
contribution of $1.0 million from the San Jose Grill. Additionally, same store
sales increased 2.2%. Management and licensing fees during 1999 included (1)
$100,000 of fees from a newly implemented hotel restaurant management service
and (2) $25,000 of licensing and other fees from the LAX Daily Grill. Management
and licensing fees during 1998 included (1) $65,000 of fees from hotel
restaurant management services and (2) $25,000 of fees from the LAX Daily Grill.
While revenues increased by 23.0% in the 1999 three month period when compared
with the similar period in 1998, cost of sales increased 27.8% and increased as
a percentage of sales from 26.6% to 27.7%. This increase in cost of sales as a
percentage of sales during the 1999 period is attributable principally to higher
food costs associated with the San Jose Grill restaurant. As a result, gross
profit increased 21.3% from $6,158,000 (74.5% of sales) in 1998 to $7,472,000
(73.5% of sales) in 1999.
Restaurant operating expenses increased 19% to $6,002,000 in 1999 from
$5,045,000 in 1998. The dollar increase in restaurant operating expenses was
primarily attributable to the operation of the new San Jose Grill and Tyson's
Corner restaurants, which opened in May and October of 1998, respectively.
However, restaurant operating expenses as a percentage of sales decreased from
61.0% in 1998 to 59.1% in 1999.
General and administrative expenses increased 29.2% to represent 7.9% of sales
in the 1999 three months while amounting to 7.5% of sales in the 1998 period.
The dollar increase in the corporate overhead category amounted to $182,000 and
resulted primarily from added corporate personnel, merit increases and related
payroll costs.
Depreciation and amortization expense increased by $45,000 during the 1999 three
month period reflecting the operation of the Tyson's Corner and San Jose
restaurants.
During fiscal 1998, the Company elected early adoption of American Institute of
Certified Public Accountants ("AICPA") Statement of Position ("SOP") 98-5,
"Reporting on the Costs of Start-Up Activities." This new accounting standard
requires entities to expense start-up and preopening costs as they are incurred.
Consistent with the practice of most casual dining restaurant companies, the
Company previously deferred such costs and then wrote them off over the
twelve-month period following the opening of each restaurant. As a result of
this early adoption, preopening costs for all periods presented herein reflect
costs that were expensed as incurred. For the 1998 three month period, the
Company incurred preopening costs of $75,000 compared to none in the 1999
reporting period. Although the Company had three restaurant openings during the
1999 three month period, all preopening costs were fully funded through landlord
contributions, joint ventures, partnerships or a combination thereof.
6
<PAGE>
Additionally, during the 1998 period, the Company reported a charge of $70,000
attributable to the cumulative effect of a change in accounting principle as a
result of the early adoption of the SOP.
The 1999 three month operations also reflect a minority interest of $18,000 from
the inclusion of the results of the San Jose Grill L.L.C.
The Company reported accrued or paid dividends on preferred stock of $12,500
during the current period and $22,000 during the same period in 1998.
Additionally, in accordance with the position of the Securities and Exchange
Commission relating to accounting for Preferred Stock which is convertible into
common stock at a discount from the market price of the common stock, the
Company reported a "deemed dividend" of approximately $42,000 during the three
month period in 1998. The Company reported no similar "deemed dividend" in the
current period. The "deemed dividend," which relates to the issuance of
convertible preferred stock during 1997, is a non-cash, non-recurring accounting
entry which, along with the accrued dividends on preferred stock, is a deduction
from net income in calculating income (loss) applicable to common stock.
Material Changes in Financial Condition, Liquidity and Capital Resources.
At March 28, 1999 the Company had negative working capital of $2.1 million and a
cash balance of $0.4 million compared to negative working capital of $2.3
million and a cash balance of $0.4 million at December 27, 1998. The favorable
change in working capital was primarily attributable to the operating profit
during the period along with an increase in receivables and accrued expenses and
decreases in prepaid expenses and payables.
The Company's need for capital resources has resulted from, and for the
foreseeable future is expected to relate primarily to, the construction of
restaurants. Historically, the Company has funded its day-to-day operations
through its operating cash flow, while funding growth through a combination of
bank borrowing, loans from stockholders/officers, the sale of Debentures, the
sale of Preferred Stock, the issuance of warrants, loans and tenant allowances
from certain of its landlords and, beginning in 1998, through joint venture
arrangements. At March 28, 1999, the Company had existing bank borrowing of $1.9
million, a loan from a San Jose Grill L.L.C. member of $0.8 million, an SBA loan
of $0.1 million, loans from stockholders/officers of $0.8 million, equipment
loans of $0.8 million and loans/advances from a landlord and others of $0.1
million.
As of May 1, the Company had opened three Daily Grill restaurants in 1999, all
of which are hotel-based managed facilities. In addition, the Company expects to
open a non-hotel based Daily Grill restaurant in 1999, under a joint venture
agreement. Finally, the Company expects to open a majority owned hotel-based
Grill restaurnat in late 1999 or early 2000. Management anticipates that new
non-hotel based restaurants will cost between $1 million and $2 million per
restaurant to build and open depending upon the location and available tenant
allowances. Hotel based restaurants may involve remodeling existing facilities,
substantial capital contributions from the hotel operators and other factors
which will cause the cost to the Company of opening such restaurants to be less
than the Company's cost to build and open non-hotel based restaurants.
The Company may enter into investment/loan arrangements in the future on terms
similar to the San Jose Fairmont Grill and Chicago Westin Grill arrangements to
provide for the funding of selected restaurants. Management believes that the
Company has adequate resources on hand and operating cash flow to sustain
operations for at least the following 12 months. In order to fund the opening of
additional restaurants, the Company will require, and intends to raise,
additional capital through additional bank borrowings, the issuance of debt or
equity securities, or the formation of additional investment/loan arrangements,
or a combination thereof. The Company presently has no commitments in that
regard.
Future Accounting Requirements
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities". This Statement requires that all derivative
instruments be recorded on the balance sheet at their fair value. Changes in the
fair value of derivatives will be recorded each period in current earnings or
other comprehensive income, depending on whether a derivative is designated as
part of a hedge transaction and, if it is, the type of hedge transaction. The
new rules will be effective the first quarter of 2000. The Company does not
believe that the new standard will have a material impact on the Company's
financial statements.
7
<PAGE>
Certain Factors Affecting Future Operating Results
In addition to the opening of new restaurants during 1999, as described above,
and the various factors described in the Company's Annual Report on Form 10-KSB
for the year ended December 27, 1998, the following developments during the
first half of this year may impact future operating results.
The Company's operations during 1999 are expected to reflect the opening during
the last three quarters of a 50% owned restaurant in Universal Studios,
California. In addition, pursuant ot the Company's hotel restaurant management
agreement, the Company opened two hotel-based Daily Grill restaurants in the
Spring of 1999 which had no material impact on operating results during the
first quarter, and is scheduled to open a majority owned hotel-based Grill
restaurant in late 1999 or early 2000.
The Company continues in its efforts to sell its Pizza Restaurants.
There can be no assurance that the Company will be successful in opening new
restaurants in accordance with its anticipated opening schedule; that sufficient
capital resources will be available to fund scheduled restaurant openings and
start-up costs; that new restaurants can be operated profitably; that hotel
restaurant management services will produce satisfactory cash flow and operating
results to support such operations; that additional hotels will elect to retain
the Company's hotel restaurant management services; that the Pizza Restaurants
can be sold on terms satisfactory to the Company; that proceeds, if any, from
the sale of the Pizza Restaurants can be deployed in a manner so as to replace
the cash flows, revenues and operating profits from the Pizza Restaurants.
Year 2000 Issue
The Company recognizes the need to ensure that its operations, as well as those
of third parties with whom the Company conducts business, will not be adversely
impacted by Year 2000 software failures. Software failures due to processing
errors potentially arising from calculations using the year 2000 date are a
known risk. The Company is addressing this risk to the availability and
integrity of financial systems and the reliability of operational systems
through a combination of actions including the implementation of a new
financial, payroll, human resources software package that is Year 2000 compliant
and new hardware in both corporate headquarters and restaurants.
The corporate network of the Company's headquarters has been replaced with new
hardware with a Windows NT software package. The Company is about to order a new
accounting system software package which is Year 2000 compliant. Implementation
is anticipated for May of 1999.
Each new restaurant has had new year 2000 compliant software installed with the
new in restaurant point of sale and back office computer system.
The Company is evaluating the software currently being utilized in its 6 older
restaurants. While we have received assurance from the software's supplier that
such software is year 2000 compliant, we are investigating new more efficient
software to replace the older software and expect a decision before the end of
1999.
The Company has incurred approximately $40,000 for the new corporate hardware
and anticipates a cost of $60,000 for new corporate software.
New restaurant computer systems and software cost approximately $60,000 per
restaurant. This is however a part of the initial capital contribution for new
restaurants.
8
<PAGE>
Regarding the Year 2000 issue, the greatest risk to the Company is that the
systems placed in service by the Company itself and/or its vendors will not be
fully operational by the end of calendar year 1999. This could adversely impact
the day to day operations of the Company. However, it is the Company's belief
that all of its systems will be in full operation in adequate time to ensure the
Company is fully operational by mid 1999. Beginning in calendar year 1999, if
any current vendors are not Year 2000 compliant, the Company will identify
alternative vendors who are Year 2000 compliant. Should any part of the
implementation by the Company or its vendors not function as anticipated, the
Company believes that it has ample time to develop contingency plans to ensure
Company operations will not be materially affected.
Item 3. Quantative and Qualativie Disclosures About Market Risk
The Company is exposed to market risk from changes in interest rates on funded
debt. This exposure relates to its $2,000,000 revolving credit and term loan
facility (the "Credit Facility"). Borrowings outstanding under the Credit
Facility totaled $1,925,000 at March 28, 1999. Borrowings under the Credit
Facility bear interest at the lender's reference rate plus 0.25%. A hypothetical
1% interest rate change would not have a material impact on the Company's
results of operations.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No. Description
----------- -----------
27.1 Financial Data Schedule
(b) Reports on Form 8-K
None
9
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
GRILL CONCEPTS, INC.
Dated: May 12, 1999 By:/s/ ROBERT SPIVAK
---------------------------------
Robert Spivak, President and
Chief Executive Officer
Dated: May 12, 1999 By:/s/ LAWRENCE L. BYER
---------------------------------
Lawrence L. Byer, Controller and
Principal Accounting Officer
10
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-26-1999
<PERIOD-START> DEC-28-1998
<PERIOD-END> MAR-28-1999
<CASH> 396,478
<SECURITIES> 0
<RECEIVABLES> 797,659
<ALLOWANCES> 0
<INVENTORY> 387,919
<CURRENT-ASSETS> 2,247,547
<PP&E> 13,090,808
<DEPRECIATION> 4,798,945
<TOTAL-ASSETS> 11,477,378
<CURRENT-LIABILITIES> 4,331,703
<BONDS> 2,770,376
0
2
<COMMON> 160
<OTHER-SE> 4,129,009
<TOTAL-LIABILITY-AND-EQUITY> 11,477,378
<SALES> 10,163,195
<TOTAL-REVENUES> 10,288,042
<CGS> 2,815,682
<TOTAL-COSTS> 2,815,682
<OTHER-EXPENSES> 7,094,374
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 95,556
<INCOME-PRETAX> 282,430
<INCOME-TAX> 2,000
<INCOME-CONTINUING> 262,258
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 249,758
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
