2015 Q3 Form 10-Q Financial Statement

#000004960015000036 Filed on October 19, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $58.55M $55.96M
YoY Change 4.64% 9.34%
Cost Of Revenue $16.80M $15.90M
YoY Change 5.66% 9.2%
Gross Profit $41.76M $40.06M
YoY Change 4.24% 9.39%
Gross Profit Margin 71.32% 71.59%
Selling, General & Admin $3.180M $3.370M
YoY Change -5.64% 30.12%
% of Gross Profit 7.61% 8.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.23M $17.78M
YoY Change 2.55% 5.07%
% of Gross Profit 43.66% 44.38%
Operating Expenses $21.41M $21.15M
YoY Change 1.23% 8.41%
Operating Profit $20.35M $18.91M
YoY Change 7.62% 10.62%
Interest Expense $8.492M $8.781M
YoY Change -3.29% -0.72%
% of Operating Profit 41.74% 46.45%
Other Income/Expense, Net $240.0K $320.0K
YoY Change -25.0% 28.0%
Pretax Income $12.10M $17.86M
YoY Change -32.25% 110.12%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $12.10M $17.86M
YoY Change -32.27% 109.78%
Net Earnings / Revenue 20.66% 31.92%
Basic Earnings Per Share $0.37 $0.56
Diluted Earnings Per Share $0.37 $0.56
COMMON SHARES
Basic Shares Outstanding 32.13M shares 31.52M shares
Diluted Shares Outstanding 32.25M shares 31.64M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $300.0K
YoY Change 0.0% 50.0%
Cash & Equivalents $342.0K $323.0K
Short-Term Investments
Other Short-Term Assets $5.600M $5.200M
YoY Change 7.69% 13.04%
Inventory
Prepaid Expenses
Receivables $28.90M $29.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.80M $34.70M
YoY Change 0.29% 8.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.523B $1.457B
YoY Change 4.5% 6.14%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.947M $2.796M
YoY Change 184.23% 1.23%
Other Assets $0.00 $7.600M
YoY Change -100.0%
Total Long-Term Assets $1.585B $1.528B
YoY Change 3.72% 6.59%
TOTAL ASSETS
Total Short-Term Assets $34.80M $34.70M
Total Long-Term Assets $1.585B $1.528B
Total Assets $1.620B $1.563B
YoY Change 3.64% 6.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $26.80M $25.60M
YoY Change 4.69% 9.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.10M $65.20M
YoY Change -6.29% 22.56%
LONG-TERM LIABILITIES
Long-Term Debt $978.9M $921.0M
YoY Change 6.29% 2.62%
Other Long-Term Liabilities $18.10M $14.30M
YoY Change 26.57% 27.68%
Total Long-Term Liabilities $997.0M $935.3M
YoY Change 6.6% 2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.10M $65.20M
Total Long-Term Liabilities $997.0M $935.3M
Total Liabilities $1.058B $1.001B
YoY Change 5.75% 4.01%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $885.3M $853.2M
YoY Change 3.76% 10.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $557.5M $557.9M
YoY Change
Total Liabilities & Shareholders Equity $1.620B $1.563B
YoY Change 3.64% 6.64%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $12.10M $17.86M
YoY Change -32.27% 109.78%
Depreciation, Depletion And Amortization $18.23M $17.78M
YoY Change 2.55% 5.07%
Cash From Operating Activities $43.90M $41.30M
YoY Change 6.3% 15.36%
INVESTING ACTIVITIES
Capital Expenditures -$33.70M -$27.60M
YoY Change 22.1% -9.21%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$1.800M
YoY Change -88.89% -43.75%
Cash From Investing Activities -$34.00M -$29.50M
YoY Change 15.25% -12.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.600M -11.50M
YoY Change -16.52% 475.0%
NET CHANGE
Cash From Operating Activities 43.90M 41.30M
Cash From Investing Activities -34.00M -29.50M
Cash From Financing Activities -9.600M -11.50M
Net Change In Cash 300.0K 300.0K
YoY Change 0.0% 50.0%
FREE CASH FLOW
Cash From Operating Activities $43.90M $41.30M
Capital Expenditures -$33.70M -$27.60M
Free Cash Flow $77.60M $68.90M
YoY Change 12.63% 4.08%

Facts In Submission

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3373000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9779000 USD
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3179000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11529000 USD
CY2014Q4 us-gaap Goodwill
Goodwill
990000 USD
CY2015Q3 us-gaap Goodwill
Goodwill
990000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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8658000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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6765000 USD
us-gaap Increase Decrease In Operating Assets
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-2373000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-3559000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
8781000 USD
us-gaap Interest Expense
InterestExpense
26665000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
8492000 USD
us-gaap Interest Expense
InterestExpense
25780000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3682000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3903000 USD
us-gaap Interest Paid Net
InterestPaidNet
26788000 USD
us-gaap Interest Paid Net
InterestPaidNet
25958000 USD
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
3500000 USD
CY2015Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
2337000 USD
CY2014Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
812000 USD
CY2015Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
0 USD
CY2014Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
3314000 USD
CY2015Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
7029000 USD
CY2014Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1284961000 USD
CY2015Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1329723000 USD
CY2014Q4 us-gaap Land
Land
283116000 USD
CY2015Q3 us-gaap Land
Land
289039000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
1000209000 USD
CY2015Q3 us-gaap Liabilities
Liabilities
1058043000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1575824000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1619908000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Consumer Real Estate
LoansAndLeasesReceivableConsumerRealEstate
4991000 USD
CY2015Q3 us-gaap Loans And Leases Receivable Consumer Real Estate
LoansAndLeasesReceivableConsumerRealEstate
4904000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
4486000 USD
CY2015Q3 us-gaap Minority Interest
MinorityInterest
4363000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
513000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31489000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8792000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-126265000 USD
us-gaap Payments To Acquire Commercial Real Estate
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0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-94452000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
95091000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6233000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
17753000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
103575000 USD
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
132000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
398000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
129000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
390000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17729000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35219000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11968000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36431000 USD
CY2014Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
99401000 USD
CY2015Q3 us-gaap Notes Payable To Bank
NotesPayableToBank
143146000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
18906000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
54012000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20347000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
58847000 USD
CY2014Q4 us-gaap Other Assets
OtherAssets
93509000 USD
CY2015Q3 us-gaap Other Assets
OtherAssets
88609000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1063000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1714000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5140000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4553000 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1063000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1714000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5140000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4553000 USD
CY2014Q4 us-gaap Other Liabilities
OtherLiabilities
27593000 USD
CY2015Q3 us-gaap Other Liabilities
OtherLiabilities
31310000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
16000 USD
CY2015Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
223000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-53000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-87000 USD
CY2014Q3 us-gaap Other Operating Income
OtherOperatingIncome
61000 USD
us-gaap Other Operating Income
OtherOperatingIncome
114000 USD
CY2015Q3 us-gaap Other Operating Income
OtherOperatingIncome
33000 USD
us-gaap Other Operating Income
OtherOperatingIncome
67000 USD
CY2014Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
319000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
758000 USD
CY2015Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
242000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
851000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
12931000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
15705000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
6333000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
434000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1767000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
52231000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
56549000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
41751000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
80748000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
193000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
75768000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7446000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
5642000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
251033000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
273253000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59110000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6233000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
75000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
75000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2410000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2612000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
17269000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
5156000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
17861000 USD
us-gaap Profit Loss
ProfitLoss
35617000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
12097000 USD
us-gaap Profit Loss
ProfitLoss
36821000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
600526000 USD
CY2015Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
642142000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2074946000 USD
CY2015Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2165152000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1474420000 USD
CY2015Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1523010000 USD
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
55896000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
162474000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
58520000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
173922000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
255465000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
229508000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
43268000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
73031000 USD
CY2014Q3 us-gaap Revenues
Revenues
55957000 USD
us-gaap Revenues
Revenues
162588000 USD
CY2015Q3 us-gaap Revenues
Revenues
58553000 USD
us-gaap Revenues
Revenues
173989000 USD
CY2014Q4 us-gaap Secured Debt
SecuredDebt
453776000 USD
CY2015Q3 us-gaap Secured Debt
SecuredDebt
380715000 USD
CY2014Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
12803000 USD
CY2015Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
13234000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4005000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5185000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
3391 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
106751 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
571129000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
557502000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
575615000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
561865000 USD
CY2014Q4 us-gaap Tenant Improvements
TenantImprovements
326896000 USD
CY2015Q3 us-gaap Tenant Improvements
TenantImprovements
341409000 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
380000000 USD
CY2015Q3 us-gaap Unsecured Debt
UnsecuredDebt
455000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31644000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31256000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32248000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32160000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31515000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31156000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32126000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32068000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements of EastGroup Properties, Inc. (&#8220;EastGroup&#8221; or &#8220;the Company&#8221;) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to&#160;Form 10-Q and Rule 10-01 of Regulation S-X.&#160;&#160;Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.&#160;&#160;In management&#8217;s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160;&#160;The financial statements should be read in conjunction with the financial statements contained in the </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> annual report on Form 10-K and the notes thereto. Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements.&#160;&#160;Actual results could differ from those estimates.</font></div></div>

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