2017 Q3 Form 10-Q Financial Statement

#000004960017000027 Filed on October 23, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $68.75M $63.19M
YoY Change 8.79% 7.92%
Cost Of Revenue $20.11M $18.55M
YoY Change 8.41% 10.42%
Gross Profit $48.64M $44.64M
YoY Change 8.96% 6.9%
Gross Profit Margin 70.75% 70.64%
Selling, General & Admin $3.210M $2.330M
YoY Change 37.77% -26.73%
% of Gross Profit 6.6% 5.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.01M $19.36M
YoY Change 8.52% 6.19%
% of Gross Profit 43.2% 43.37%
Operating Expenses $24.22M $21.69M
YoY Change 11.66% 1.31%
Operating Profit $24.42M $22.79M
YoY Change 7.17% 12.0%
Interest Expense $8.704M $8.841M
YoY Change -1.55% 4.11%
% of Operating Profit 35.64% 38.8%
Other Income/Expense, Net $260.0K $850.0K
YoY Change -69.41% 254.17%
Pretax Income $15.97M $14.80M
YoY Change 7.91% 22.31%
Income Tax
% Of Pretax Income
Net Earnings $15.97M $14.80M
YoY Change 7.92% 22.34%
Net Earnings / Revenue 23.23% 23.42%
Basic Earnings Per Share $0.46 $0.45
Diluted Earnings Per Share $0.46 $0.45
COMMON SHARES
Basic Shares Outstanding 34.22M shares 32.74M shares
Diluted Shares Outstanding 34.29M shares 32.82M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $10.00K $33.00K
Short-Term Investments
Other Short-Term Assets $7.700M $6.700M
YoY Change 14.93% 19.64%
Inventory
Prepaid Expenses
Receivables $33.90M $31.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $41.60M $38.40M
YoY Change 8.33% 10.34%
LONG-TERM ASSETS
Property, Plant & Equipment $1.778B $1.617B
YoY Change 9.96% 6.15%
Goodwill $990.0K $990.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.836M $7.707M
YoY Change 1.67% -3.02%
Other Assets
YoY Change
Total Long-Term Assets $1.852B $1.680B
YoY Change 10.26% 5.99%
TOTAL ASSETS
Total Short-Term Assets $41.60M $38.40M
Total Long-Term Assets $1.852B $1.680B
Total Assets $1.894B $1.718B
YoY Change 10.22% 6.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $35.70M $30.70M
YoY Change 16.29% 14.55%
Deferred Revenue
YoY Change
Short-Term Debt $7.600M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $83.20M $70.40M
YoY Change 18.18% 15.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.072B $1.019B
YoY Change 5.16% 4.14%
Other Long-Term Liabilities $12.60M $23.60M
YoY Change -46.61% 30.39%
Total Long-Term Liabilities $1.085B $1.043B
YoY Change 3.99% 4.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.20M $70.40M
Total Long-Term Liabilities $1.085B $1.043B
Total Liabilities $1.168B $1.113B
YoY Change 4.89% 5.23%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.032B $918.8M
YoY Change 12.28% 3.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $721.8M $600.8M
YoY Change
Total Liabilities & Shareholders Equity $1.894B $1.718B
YoY Change 10.22% 6.08%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $15.97M $14.80M
YoY Change 7.92% 22.34%
Depreciation, Depletion And Amortization $21.01M $19.36M
YoY Change 8.52% 6.19%
Cash From Operating Activities $55.50M $42.60M
YoY Change 30.28% -2.96%
INVESTING ACTIVITIES
Capital Expenditures -$40.30M -$88.50M
YoY Change -54.46% 162.61%
Acquisitions
YoY Change
Other Investing Activities -$4.200M $10.60M
YoY Change -139.62% -5400.0%
Cash From Investing Activities -$44.40M -$77.90M
YoY Change -43.0% 129.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.20M 35.40M
YoY Change -131.64% -468.75%
NET CHANGE
Cash From Operating Activities 55.50M 42.60M
Cash From Investing Activities -44.40M -77.90M
Cash From Financing Activities -11.20M 35.40M
Net Change In Cash -100.0K 100.0K
YoY Change -200.0% -66.67%
FREE CASH FLOW
Cash From Operating Activities $55.50M $42.60M
Capital Expenditures -$40.30M -$88.50M
Free Cash Flow $95.80M $131.1M
YoY Change -26.93% 68.94%

Facts In Submission

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990000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5221000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
10586000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-2061000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-881000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
8841000 USD
us-gaap Interest Expense
InterestExpense
27078000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
8704000 USD
us-gaap Interest Expense
InterestExpense
26405000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3737000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
4242000 USD
us-gaap Interest Paid Net
InterestPaidNet
25977000 USD
us-gaap Interest Paid Net
InterestPaidNet
24978000 USD
CY2016Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
3822000 USD
CY2017Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
4329000 USD
CY2016Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
4546000 USD
CY2017Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
4183000 USD
CY2016Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
2578000 USD
CY2017Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
1552000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1435309000 USD
CY2017Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1569982000 USD
CY2016Q4 us-gaap Land
Land
308931000 USD
CY2017Q3 us-gaap Land
Land
341141000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
1183898000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
1167819000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1825764000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1893993000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Consumer Real Estate
LoansAndLeasesReceivableConsumerRealEstate
4752000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
4205000 USD
CY2017Q3 us-gaap Minority Interest
MinorityInterest
4326000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
308000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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-42910000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-18461000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-64057000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-104757000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
106952000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
122706000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
139000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
88000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
329000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14661000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
80285000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15884000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65593000 USD
CY2016Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
190990000 USD
CY2017Q3 us-gaap Notes Payable To Bank
NotesPayableToBank
216643000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
22788000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
63986000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
24421000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
69747000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
104830000 USD
CY2017Q3 us-gaap Other Assets
OtherAssets
108499000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2606000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6253000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
224000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
650000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2606000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6253000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
224000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
650000 USD
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
29864000 USD
CY2017Q3 us-gaap Other Liabilities
OtherLiabilities
28990000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
16000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
16000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
278000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
765000 USD
CY2016Q3 us-gaap Other Operating Income
OtherOperatingIncome
12000 USD
us-gaap Other Operating Income
OtherOperatingIncome
68000 USD
CY2017Q3 us-gaap Other Operating Income
OtherOperatingIncome
34000 USD
us-gaap Other Operating Income
OtherOperatingIncome
90000 USD
CY2016Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
853000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1502000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
255000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
725000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
17591000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
18378000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
11588000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
11240000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1165000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
129000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
60418000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
64623000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
24955000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
36739000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
94781000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
80462000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7606000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7731000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
444314000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
281342000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
29643000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
78956000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
105000000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2599000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2711000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
77298000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
39934000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
14800000 USD
us-gaap Profit Loss
ProfitLoss
80723000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
15972000 USD
us-gaap Profit Loss
ProfitLoss
65922000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
694250000 USD
CY2017Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
732566000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2406981000 USD
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2510214000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1712731000 USD
CY2017Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1777648000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
63178000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
186628000 USD
CY2017Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
68712000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
202704000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
388569000 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
255988000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
89295000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
55478000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
80000000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
CY2016Q3 us-gaap Revenues
Revenues
63190000 USD
us-gaap Revenues
Revenues
186696000 USD
CY2017Q3 us-gaap Revenues
Revenues
68746000 USD
us-gaap Revenues
Revenues
202794000 USD
CY2016Q4 us-gaap Secured Debt
SecuredDebt
257505000 USD
CY2017Q3 us-gaap Secured Debt
SecuredDebt
202178000 USD
CY2016Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
14782000 USD
CY2017Q3 us-gaap Security Deposit Liability
SecurityDepositLiability
16361000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3959000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4266000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
2097 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1037605 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
637661000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
170000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
78956000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
721848000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
641866000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
726174000 USD
CY2016Q4 us-gaap Tenant Improvements
TenantImprovements
368833000 USD
CY2017Q3 us-gaap Tenant Improvements
TenantImprovements
394894000 USD
CY2016Q4 us-gaap Unsecured Debt
UnsecuredDebt
652838000 USD
CY2017Q3 us-gaap Unsecured Debt
UnsecuredDebt
653178000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32823000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32519000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34290000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33905000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32741000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32458000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34215000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33857000 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;">2016</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 </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> consolidated financial statements to conform to the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> 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, liabilities, 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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