2018 Q4 Form 10-Q Financial Statement

#000157408518000084 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $98.95M $108.8M $108.1M
YoY Change 6.9% 0.67% 8.5%
Cost Of Revenue $32.60M $68.82M $74.54M
YoY Change 18.98% -7.67% 164.31%
Gross Profit $66.30M $40.03M $33.58M
YoY Change 1.69% 19.19% -52.96%
Gross Profit Margin 67.01% 36.78% 31.06%
Selling, General & Admin $43.90M $45.40M $46.20M
YoY Change 11.14% -1.73% 3.82%
% of Gross Profit 66.21% 113.41% 137.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.14M $14.52M $14.18M
YoY Change 18.93% 2.4% 26.95%
% of Gross Profit 22.84% 36.27% 42.22%
Operating Expenses $63.20M $65.50M $62.10M
YoY Change 13.87% 5.48% 3.33%
Operating Profit $3.187M $11.22M $9.586M
YoY Change -90.46% 17.08% -14.77%
Interest Expense -$17.10M -$11.00M -$9.100M
YoY Change 307.14% 20.88% -35.46%
% of Operating Profit -536.55% -98.01% -94.93%
Other Income/Expense, Net -$100.0K -$100.0K $0.00
YoY Change 0.0% -100.0%
Pretax Income -$14.00M $114.0K $116.0K
YoY Change -150.72% -1.72% -99.44%
Income Tax -$100.0K $740.0K $333.0K
% Of Pretax Income 649.12% 287.07%
Net Earnings -$12.36M -$1.869M -$1.000M
YoY Change -149.6% 86.9% -105.93%
Net Earnings / Revenue -12.49% -1.72% -0.92%
Basic Earnings Per Share -$0.12 -$0.09
Diluted Earnings Per Share -$0.44 -$0.12 -$0.09
COMMON SHARES
Basic Shares Outstanding 32.51M shares 32.02M shares 31.48M shares
Diluted Shares Outstanding 32.06M shares 32.02M shares 31.48M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.6M $163.8M $126.8M
YoY Change 32.8% 29.18% -1.4%
Cash & Equivalents $182.6M $163.8M $126.8M
Short-Term Investments
Other Short-Term Assets $4.400M $6.000M $4.500M
YoY Change 18.92% 33.33% 0.0%
Inventory $1.862M $1.836M $1.739M
Prepaid Expenses
Receivables $12.70M $23.70M $20.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $201.6M $195.3M $153.5M
YoY Change 28.49% 27.23% 0.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.300B $1.283B $1.231B
YoY Change 13.45% 4.24% 20.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.766M $1.854M $11.80M
YoY Change -84.29%
Other Assets $75.90M $75.40M $32.40M
YoY Change 56.49% 132.72% -21.36%
Total Long-Term Assets $1.435B $1.415B $1.338B
YoY Change 13.26% 5.68% 20.35%
TOTAL ASSETS
Total Short-Term Assets $201.6M $195.3M $153.5M
Total Long-Term Assets $1.435B $1.415B $1.338B
Total Assets $1.636B $1.610B $1.492B
YoY Change 14.94% 7.9% 18.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.10M $67.40M $59.90M
YoY Change 12.85% 12.52% 17.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.50M $82.00M $72.50M
YoY Change 14.77% 13.1% 19.24%
LONG-TERM LIABILITIES
Long-Term Debt $985.9M $985.7M $906.8M
YoY Change 20.09% 8.7% 18.38%
Other Long-Term Liabilities $29.00M $16.70M $5.200M
YoY Change 457.69% 221.15% 4.0%
Total Long-Term Liabilities $1.015B $1.002B $912.0M
YoY Change 22.84% 9.91% 18.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.50M $82.00M $72.50M
Total Long-Term Liabilities $1.015B $1.002B $912.0M
Total Liabilities $1.093B $1.085B $984.5M
YoY Change 22.23% 10.16% 18.35%
SHAREHOLDERS EQUITY
Retained Earnings -$115.4M -$99.24M -$106.9M
YoY Change 29.96% -7.2% 17.96%
Common Stock $325.0K $325.0K $319.0K
YoY Change 1.25% 1.88% 24.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.5M $375.1M $360.8M
YoY Change
Total Liabilities & Shareholders Equity $1.636B $1.610B $1.492B
YoY Change 14.94% 7.9% 18.02%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$12.36M -$1.869M -$1.000M
YoY Change -149.6% 86.9% -105.93%
Depreciation, Depletion And Amortization $15.14M $14.52M $14.18M
YoY Change 18.93% 2.4% 26.95%
Cash From Operating Activities $17.84M $14.23M $16.02M
YoY Change -25.64% -11.17% 4.36%
INVESTING ACTIVITIES
Capital Expenditures -$33.04M -$19.18M -$11.03M
YoY Change 123.24% 73.89% 14.06%
Acquisitions
YoY Change
Other Investing Activities $7.700M $0.00 $0.00
YoY Change -93.3% -100.0%
Cash From Investing Activities -$25.33M -$19.19M -$11.03M
YoY Change -125.28% 73.98% -115.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.18M -8.570M -11.08M
YoY Change -127.95% -22.65% -87.56%
NET CHANGE
Cash From Operating Activities 17.84M 14.23M 16.02M
Cash From Investing Activities -25.33M -19.19M -11.03M
Cash From Financing Activities 27.18M -8.570M -11.08M
Net Change In Cash 19.69M -13.53M -6.090M
YoY Change -26.99% 122.17% 866.67%
FREE CASH FLOW
Cash From Operating Activities $17.84M $14.23M $16.02M
Capital Expenditures -$33.04M -$19.18M -$11.03M
Free Cash Flow $50.88M $33.41M $27.05M
YoY Change 31.17% 23.51% 8.11%

Facts In Submission

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5682000 USD
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181134000 USD
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2000000 USD
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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158380000 USD
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185342000 USD
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238798000 USD
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158380000 USD
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238798000 USD
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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53456000 USD
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370000 USD
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660000 USD
CY2017Q4 us-gaap Commitments And Contingencies
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321000 USD
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13681000 USD
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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16498000 USD
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24125000 USD
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211575000 USD
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us-gaap Costs And Expenses
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285526000 USD
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5277000 USD
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7618000 USD
CY2017Q3 us-gaap Depreciation And Amortization
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14133000 USD
us-gaap Depreciation And Amortization
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39573000 USD
CY2018Q3 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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42291000 USD
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594000 USD
CY2018Q3 us-gaap Derivative Assets
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827000 USD
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594000 USD
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0 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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0 USD
CY2017 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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23800000 USD
CY2018Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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0 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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15711000 USD
us-gaap Dividends Common Stock Cash
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15823000 USD
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8840000 USD
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0 USD
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3182000 USD
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0 USD
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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0.25
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3800000 USD
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4900000 USD
CY2018Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
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0 USD
us-gaap Equity Method Investment Other Than Temporary Impairment
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Equity Method Investments
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us-gaap Fair Value Measured On Recurring Basis Gain Loss Included In Earnings
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1603000 USD
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1580000 USD
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0 USD
us-gaap Gain Loss On Contract Termination
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0 USD
us-gaap Gain Loss On Contract Termination
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0 USD
us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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1062000 USD
us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
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688000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
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0 USD
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us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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1008000 USD
us-gaap Impairment Of Real Estate
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1008000 USD
CY2017 us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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114000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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19012000 USD
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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740000 USD
us-gaap Income Tax Expense Benefit
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2514000 USD
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1025000 USD
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1626000 USD
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5100000 USD
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0 USD
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344000 USD
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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758000 USD
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2018Q3 us-gaap Inventory Net
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1836000 USD
CY2017Q3 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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475000 USD
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540000 USD
us-gaap Investment Income Interest
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970000 USD
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CY2018Q3 us-gaap Land
Land
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CY2018Q3 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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1609843000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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46624000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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52885000 USD
CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2017Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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2736000 USD
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1695000 USD
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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1742000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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8559000 USD
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us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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1075000 USD
CY2018Q3 us-gaap Notes Receivable Fair Value Disclosure
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8098000 USD
CY2018Q3 us-gaap Notes Receivable Net
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0 USD
us-gaap Number Of Operating Segments
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6 state
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CY2017Q3 us-gaap Operating Income Loss
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9586000 USD
us-gaap Operating Income Loss
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29243000 USD
CY2018Q3 us-gaap Operating Income Loss
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11223000 USD
us-gaap Operating Income Loss
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46927000 USD
CY2017Q3 us-gaap Operating Lease Expense
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84000 USD
us-gaap Operating Lease Expense
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252000 USD
us-gaap Operating Lease Expense
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84000 USD
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175400000 USD
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9426000 USD
CY2018Q3 us-gaap Other Assets
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2017Q4 us-gaap Other Liabilities
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1628000 USD
CY2018Q3 us-gaap Other Liabilities
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16734000 USD
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22000 USD
us-gaap Other Nonrecurring Income Expense
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292000 USD
CY2018Q3 us-gaap Other Nonrecurring Income Expense
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64000 USD
us-gaap Other Nonrecurring Income Expense
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190000 USD
us-gaap Payments For Capital Improvements
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32744000 USD
us-gaap Payments For Capital Improvements
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51610000 USD
us-gaap Payments Of Debt Issuance Costs
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10733000 USD
us-gaap Payments Of Debt Issuance Costs
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9407000 USD
us-gaap Payments Of Dividends
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19579000 USD
us-gaap Payments Of Dividends
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22661000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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243693000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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177874000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2000000 USD
us-gaap Payments To Minority Shareholders
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1628000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
538000 USD
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1707000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5087000 USD
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1707000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5122000 USD
CY2017Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3670000 USD
CY2018Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
5966000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
24663000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
66442000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
523500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
575000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
21000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
18000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
40163000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
0 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
2289000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
65336000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-217000 USD
us-gaap Profit Loss
ProfitLoss
-120000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
-626000 USD
us-gaap Profit Loss
ProfitLoss
16498000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1403110000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1536078000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
37855000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
31609000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
399804000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1145842000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1283392000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
172000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
186000 USD
CY2017Q4 us-gaap Recorded Third Party Environmental Recoveries Net
RecordedThirdPartyEnvironmentalRecoveriesNet
8825000 USD
CY2018Q3 us-gaap Recorded Third Party Environmental Recoveries Net
RecordedThirdPartyEnvironmentalRecoveriesNet
0 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
46627000 USD
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
49726000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
376385000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
47820000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
74973000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-88807000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-99238000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108119000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
321507000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108846000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
332453000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
108119000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
321507000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
108846000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
332453000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
-1992000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5709000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
58000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
204000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
381305000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
375130000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
376552000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
369465000 USD
CY2017Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
106123000 USD
CY2018Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
106123000 USD
CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-531000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1529000 USD
CY2018Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-578000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-803000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31483000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30089000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32023000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31922000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31483000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30089000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32023000 shares
CY2017Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
380000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2343000 USD
CY2018Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
4178000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of these </font><font style="font-family:inherit;font-size:10pt;">condensed consolidated</font><font style="font-family:inherit;font-size:10pt;"> financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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