2016 Q3 Form 10-Q Financial Statement

#000092182516000047 Filed on October 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $93.56M $92.16M
YoY Change 1.52% 6.71%
Cost Of Revenue $27.50M $28.00M
YoY Change -1.79% 2.56%
Gross Profit $66.00M $64.10M
YoY Change 2.96% 8.46%
Gross Profit Margin 70.54% 69.55%
Selling, General & Admin $6.000M $5.900M
YoY Change 1.69% 9.26%
% of Gross Profit 9.09% 9.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00M $30.20M
YoY Change -0.66% 1.0%
% of Gross Profit 45.45% 47.11%
Operating Expenses $62.46M $63.20M
YoY Change -1.18% 4.37%
Operating Profit $3.544M $896.0K
YoY Change 295.54% -161.58%
Interest Expense $14.41M $16.67M
YoY Change -13.6% -3.74%
% of Operating Profit 406.52% 1860.94%
Other Income/Expense, Net $1.613M -$14.50M
YoY Change -111.13% -16.8%
Pretax Income $32.72M $14.46M
YoY Change 126.32% 72.52%
Income Tax $51.00K -$14.00K
% Of Pretax Income 0.16% -0.1%
Net Earnings $31.52M $13.92M
YoY Change 126.48% -34.74%
Net Earnings / Revenue 33.69% 15.1%
Basic Earnings Per Share $0.27 $0.13
Diluted Earnings Per Share $0.27 $0.13
COMMON SHARES
Basic Shares Outstanding 116.5M shares 110.4M shares
Diluted Shares Outstanding 116.9M shares 110.8M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $66.90M
YoY Change -87.89% 367.83%
Cash & Equivalents $8.074M $66.94M
Short-Term Investments
Other Short-Term Assets $76.90M $71.10M
YoY Change 8.16% 1.57%
Inventory $0.00 $7.500M
Prepaid Expenses
Receivables $4.000M $5.900M
Other Receivables $66.20M $63.00M
Total Short-Term Assets $155.2M $214.4M
YoY Change -27.61% 31.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.569B $2.448B
YoY Change 4.93% 3.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $13.40M $13.00M
YoY Change 3.08% 16.07%
Total Long-Term Assets $2.612B $2.492B
YoY Change 4.82% 3.24%
TOTAL ASSETS
Total Short-Term Assets $155.2M $214.4M
Total Long-Term Assets $2.612B $2.492B
Total Assets $2.768B $2.707B
YoY Change 2.25% 5.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.7M $89.60M
YoY Change 14.62% 9.4%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $126.1M $104.7M
YoY Change 20.44% 11.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.325B $1.471B
YoY Change -9.91% 9.45%
Other Long-Term Liabilities $53.50M $51.40M
YoY Change 4.09% 11.98%
Total Long-Term Liabilities $1.379B $1.522B
YoY Change -9.43% 9.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.1M $104.7M
Total Long-Term Liabilities $1.379B $1.522B
Total Liabilities $1.505B $1.627B
YoY Change -7.51% 9.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.170M $1.151M
YoY Change 1.65% 0.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $140.0M
YoY Change 0.0%
Treasury Stock Shares 4.324M shares
Shareholders Equity $1.218B $1.038B
YoY Change
Total Liabilities & Shareholders Equity $2.768B $2.707B
YoY Change 2.25% 5.05%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $31.52M $13.92M
YoY Change 126.48% -34.74%
Depreciation, Depletion And Amortization $30.00M $30.20M
YoY Change -0.66% 1.0%
Cash From Operating Activities $53.10M $46.00M
YoY Change 15.43% 3.84%
INVESTING ACTIVITIES
Capital Expenditures -$74.40M -$92.40M
YoY Change -19.48% 65.59%
Acquisitions
YoY Change
Other Investing Activities $35.40M $4.600M
YoY Change 669.57% -93.87%
Cash From Investing Activities -$39.00M -$87.70M
YoY Change -55.53% -556.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.40M 103.5M
YoY Change -110.05% -292.02%
NET CHANGE
Cash From Operating Activities 53.10M 46.00M
Cash From Investing Activities -39.00M -87.70M
Cash From Financing Activities -10.40M 103.5M
Net Change In Cash 3.700M 61.80M
YoY Change -94.01% 543.75%
FREE CASH FLOW
Cash From Operating Activities $53.10M $46.00M
Capital Expenditures -$74.40M -$92.40M
Free Cash Flow $127.5M $138.4M
YoY Change -7.88% 38.26%

Facts In Submission

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13917000 USD
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30302000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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31519000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q3 us-gaap Nonoperating Income Expense
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1613000 USD
us-gaap Nonoperating Income Expense
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13136000 USD
us-gaap Number Of Businesses Acquired
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CY2016Q3 us-gaap Number Of Real Estate Properties
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545 Property
CY2016Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
24 State
CY2015Q4 us-gaap Off Market Lease Unfavorable
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11841000 USD
CY2016Q3 us-gaap Off Market Lease Unfavorable
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us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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-18824000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13554000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-13105000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-131000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-393000 USD
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-96000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-294000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-8393000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-15181000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3768000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-13848000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
21205000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
21699000 USD
CY2015Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
455970000 USD
CY2016Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
456471000 USD
CY2015Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
50000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
141000 USD
CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
110000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
329000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
375000 USD
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PaymentsForDerivativeInstrumentInvestingActivities
11546000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
4882000 USD
us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
0 USD
us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
100799000 USD
us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
117630000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
554000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
41136000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
59678000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2101000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5242000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
200000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
73179000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
95157000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
76395000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
76932000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2760000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
43000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
126000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
124936000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
260000000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
210000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
397000000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
138970000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
48393000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
133602000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
14465000 USD
us-gaap Profit Loss
ProfitLoss
31499000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
32668000 USD
us-gaap Profit Loss
ProfitLoss
101071000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
748000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
567000 USD
CY2015Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
2510000 USD
CY2016Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
791330000 USD
CY2016Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
795323000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2502638000 USD
CY2016Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2568716000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
92159000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
272614000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
93562000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
280044000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-5719000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
340000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
286000000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9054000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
66551000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
159125000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
23005000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13350000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
561241000 USD
CY2016Q3 us-gaap Secured Debt
SecuredDebt
500176000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
388695 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
406855 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5600000 shares
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
124584000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3828000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1073100000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
1218386000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1115135000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1262841000 USD
us-gaap Straight Line Rent
StraightLineRent
5325000 USD
us-gaap Straight Line Rent
StraightLineRent
5121000 USD
CY2015Q3 us-gaap Tenant Reimbursements
TenantReimbursements
21011000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
63370000 USD
CY2016Q3 us-gaap Tenant Reimbursements
TenantReimbursements
21470000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
63929000 USD
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
364457000 USD
CY2016Q3 us-gaap Unsecured Debt
UnsecuredDebt
204945000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110848000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110735000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116864000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114809000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110356000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110338000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116467000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
114491000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income, which was included in other income and expense on the consolidated statement of operations for the three and nine months ended September 30, 2015, has been reclassified to be included in tenant recoveries and other income to conform to the presentation of the same data as reported for the nine months ended September 30, 2016.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2016 and December 31, 2015, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2016 and 2015. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2016 and December 31, 2015, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2016 and 2015, and our cash flows for each of the nine months ended September 30, 2016 and 2015; all adjustments are of a normal recurring nature.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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