$KTCC
KEY TRONIC CORP

2015 Q1 Form 10-Q Financial Statement

#000071973315000019 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q2 2014 Q1
Revenue $112.9M $72.13M $77.04M
YoY Change 46.56% -14.76% 0.0%
Cost Of Revenue $103.5M $65.50M $70.44M
YoY Change 46.91% -14.82% -7.91%
Gross Profit $9.436M $6.675M $6.607M
YoY Change 42.82% -13.1% 0.0%
Gross Profit Margin 8.36% 9.25% 8.58%
Selling, General & Admin $5.375M $3.000M $2.985M
YoY Change 80.07% 7.14% 1.6%
% of Gross Profit 56.96% 44.94% 45.18%
Research & Development $1.510M $1.400M $1.414M
YoY Change 6.79% 0.0% 6.4%
% of Gross Profit 16.0% 20.97% 21.4%
Depreciation & Amortization $1.570M $1.040M $1.000M
YoY Change 57.0% 2.97% 44.93%
% of Gross Profit 16.64% 15.58% 15.14%
Operating Expenses $6.885M $4.400M $4.399M
YoY Change 56.51% 4.76% 3.09%
Operating Profit $2.551M $2.275M $2.208M
YoY Change 15.53% -34.65% -38.55%
Interest Expense $317.0K $0.00 $12.00K
YoY Change 2541.67% -68.42%
% of Operating Profit 12.43% 0.0% 0.54%
Other Income/Expense, Net
YoY Change
Pretax Income $2.234M $2.239M $2.196M
YoY Change 1.73% -35.66% 0.0%
Income Tax $373.0K $900.0K $782.0K
% Of Pretax Income 16.7% 40.2% 35.61%
Net Earnings $1.861M $1.380M $1.414M
YoY Change 31.61% -42.43% 0.0%
Net Earnings / Revenue 1.65% 1.91% 1.84%
Basic Earnings Per Share $0.18 $0.13 $0.13
Diluted Earnings Per Share $0.16 $0.12 $0.12
COMMON SHARES
Basic Shares Outstanding 10.55M shares 10.54M shares 10.53M shares
Diluted Shares Outstanding 11.56M shares 11.35M shares 11.35M shares

Balance Sheet

Concept 2015 Q1 2014 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $5.800M $2.200M
YoY Change -86.36% -46.3% -31.25%
Cash & Equivalents $345.0K $5.803M $2.241M
Short-Term Investments
Other Short-Term Assets $15.23M $11.19M $9.464M
YoY Change 60.88% 48.99% 24.36%
Inventory $77.96M $55.63M $46.09M
Prepaid Expenses
Receivables $69.70M $49.70M $52.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $168.9M $123.2M $111.9M
YoY Change 50.88% 10.24% 3.77%
LONG-TERM ASSETS
Property, Plant & Equipment $28.71M $23.60M $21.19M
YoY Change 35.49% 31.74% 16.45%
Goodwill $9.957M $1.740M $1.740M
YoY Change 472.24%
Intangibles $7.337M $2.071M $2.138M
YoY Change 243.17%
Long-Term Investments
YoY Change
Other Assets $1.445M $2.712M $1.914M
YoY Change -24.5% 19.31% -50.87%
Total Long-Term Assets $47.74M $33.44M $30.03M
YoY Change 58.96% 43.15% 13.93%
TOTAL ASSETS
Total Short-Term Assets $168.9M $123.2M $111.9M
Total Long-Term Assets $47.74M $33.44M $30.03M
Total Assets $216.6M $156.7M $142.0M
YoY Change 52.59% 15.93% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.28M $32.46M $28.54M
YoY Change 76.16% 22.95% 4.6%
Accrued Expenses $7.700M $7.600M $6.300M
YoY Change 22.22% 2.7% -7.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $7.900M $0.00
YoY Change 1216.67% -100.0%
Total Short-Term Liabilities $73.57M $52.17M $39.86M
YoY Change 84.57% 37.5% 3.14%
LONG-TERM LIABILITIES
Long-Term Debt $27.50M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.660M $578.0K $564.0K
YoY Change 726.24% -60.0% -41.0%
Total Long-Term Liabilities $43.65M $848.0K $564.0K
YoY Change 7638.65% -72.01% -77.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.57M $52.17M $39.86M
Total Long-Term Liabilities $43.65M $848.0K $564.0K
Total Liabilities $117.2M $53.02M $40.42M
YoY Change 189.97% 29.4% -1.91%
SHAREHOLDERS EQUITY
Retained Earnings $59.06M $57.09M $55.71M
YoY Change 6.0% 15.39% 18.33%
Common Stock $44.76M $44.15M $44.02M
YoY Change 1.69% 1.8% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.43M $103.6M $101.6M
YoY Change
Total Liabilities & Shareholders Equity $216.6M $156.7M $142.0M
YoY Change 52.59% 15.93% 5.76%

Cashflow Statement

Concept 2015 Q1 2014 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income $1.861M $1.380M $1.414M
YoY Change 31.61% -42.43% 0.0%
Depreciation, Depletion And Amortization $1.570M $1.040M $1.000M
YoY Change 57.0% 2.97% 44.93%
Cash From Operating Activities $1.840M -$890.0K $2.890M
YoY Change -36.33% -110.55% -65.68%
INVESTING ACTIVITIES
Capital Expenditures -$2.450M -$3.290M -$1.860M
YoY Change 31.72% 370.0% 238.18%
Acquisitions
YoY Change
Other Investing Activities $2.540M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $100.0K -$3.300M -$1.850M
YoY Change -105.41% 385.29% 236.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.790M 7.760M -230.0K
YoY Change 678.26% -5273.33% -95.33%
NET CHANGE
Cash From Operating Activities 1.840M -890.0K 2.890M
Cash From Investing Activities 100.0K -3.300M -1.850M
Cash From Financing Activities -1.790M 7.760M -230.0K
Net Change In Cash 150.0K 3.570M 810.0K
YoY Change -81.48% -53.09% -72.54%
FREE CASH FLOW
Cash From Operating Activities $1.840M -$890.0K $2.890M
Capital Expenditures -$2.450M -$3.290M -$1.860M
Free Cash Flow $4.290M $2.400M $4.750M
YoY Change -9.68% -73.74% -47.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q1 us-gaap Inventory Net
InventoryNet
77960000 USD
CY2014Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
42740000 USD
CY2015Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
56731000 USD
CY2014Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
7068000 USD
CY2015Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
11671000 USD
us-gaap Inventory Write Down
InventoryWriteDown
227000 USD
us-gaap Inventory Write Down
InventoryWriteDown
254000 USD
CY2015Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
300000 USD
CY2014Q2 us-gaap Liabilities
Liabilities
53015000 USD
CY2015Q1 us-gaap Liabilities
Liabilities
117213000 USD
CY2014Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
156660000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
216641000 USD
CY2014Q2 us-gaap Liabilities Current
LiabilitiesCurrent
52167000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
73567000 USD
CY2014Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
848000 USD
CY2015Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
43646000 USD
CY2015Q1 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
11500000 USD
CY2015Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
18200000 USD
CY2015Q1 us-gaap Long Term Debt
LongTermDebt
32500000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
35000000 USD
CY2014Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
CY2015Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
27500000 USD
CY2015Q1 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.0325
CY2014Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 USD
CY2015Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
11486000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-436000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36187000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10494000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48642000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2352000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6997000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
1414000 USD
us-gaap Net Income Loss
NetIncomeLoss
6233000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
1861000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23596000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
4399000 USD
us-gaap Operating Expenses
OperatingExpenses
13145000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
6885000 USD
us-gaap Operating Expenses
OperatingExpenses
19550000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2208000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7034000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2551000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3363000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
11186000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
15226000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2712000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1445000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
203000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
515000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1438000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6788000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
100000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
300000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-700000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-3500000 USD
CY2014Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4293000 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10633000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
578000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4660000 USD
CY2014Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
7853000 USD
CY2015Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
5000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
23000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
44000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6027000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
47964000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4467000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7147000 USD
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
4500000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
99379000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
0 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
35000000 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
6469000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1147000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
79000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
19000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
48000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28707000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
37000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
111000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
49658000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
69690000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
87893000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
576000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2500000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
8969000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1414000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4181000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1510000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4143000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
57091000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
59055000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
77043000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
233267000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
112915000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
313568000 USD
CY2014Q2 us-gaap Secured Debt Repurchase Agreements
SecuredDebtRepurchaseAgreements
7900000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2985000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8964000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5375000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15407000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
483000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
540000 USD
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
300000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
540000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
17000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
103645000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
99428000 USD
CY2015Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
5400000 USD
CY2015Q1 us-gaap Tax Credit Carryforward Deferred Tax Asset
TaxCreditCarryforwardDeferredTaxAsset
2100000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3300000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11350000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11350000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11556000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11457000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10533000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10523000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10552000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10551000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s reporting period is a 52/53 week fiscal year ending on the Saturday closest to June&#160;30. The three and nine month periods ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;29, 2014</font><font style="font-family:inherit;font-size:10pt;"> were 13 and 39 week periods, respectively. Fiscal year </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> will end on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 27,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;"> which is a 52 week year, and fiscal year </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> which ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, was also a 52 week year.</font></div></div>
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:8px;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:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported income, comprehensive income, cash flows, total assets, or shareholders&#8217; equity as previously reported. </font></div></div>

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