2015 Q3 Form 10-Q Financial Statement

#000102163515000120 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $719.8M $754.7M
YoY Change -4.62% 4.36%
Cost Of Revenue $259.8M $305.3M
YoY Change -14.9% 11.83%
Gross Profit $460.0M $449.4M
YoY Change 2.36% -0.18%
Gross Profit Margin 63.91% 59.55%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.90M $71.70M
YoY Change 8.65% 9.63%
% of Gross Profit 16.93% 15.95%
Operating Expenses $209.2M $201.3M
YoY Change 3.92% 6.34%
Operating Profit $250.8M $248.1M
YoY Change 1.09% -4.91%
Interest Expense $37.00M $37.20M
YoY Change -0.54% 10.39%
% of Operating Profit 14.75% 14.99%
Other Income/Expense, Net -$66.10M $47.20M
YoY Change -240.04% -3.08%
Pretax Income $147.7M $258.1M
YoY Change -42.77% -6.45%
Income Tax $36.50M $70.80M
% Of Pretax Income 24.71% 27.43%
Net Earnings $111.2M $187.3M
YoY Change -40.63% -12.96%
Net Earnings / Revenue 15.45% 24.82%
Basic Earnings Per Share $0.55 $0.94
Diluted Earnings Per Share $0.55 $0.94
COMMON SHARES
Basic Shares Outstanding 199.7M shares 199.3M shares
Diluted Shares Outstanding 199.7M shares 200.2M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.00M $0.00
YoY Change -100.0%
Cash & Equivalents $43.30M $0.00
Short-Term Investments
Other Short-Term Assets $44.90M $46.00M
YoY Change -2.39% 51.82%
Inventory $86.20M $45.40M
Prepaid Expenses
Receivables $222.6M $238.2M
Other Receivables $18.00M $0.00
Total Short-Term Assets $753.1M $740.0M
YoY Change 1.77% -2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $7.167B $6.927B
YoY Change 3.46% 6.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.202B $1.311B
YoY Change -8.31% 1.18%
Other Assets $425.5M $417.1M
YoY Change 2.01% -22.56%
Total Long-Term Assets $8.848B $8.723B
YoY Change 1.43% 4.01%
TOTAL ASSETS
Total Short-Term Assets $753.1M $740.0M
Total Long-Term Assets $8.848B $8.723B
Total Assets $9.601B $9.463B
YoY Change 1.46% 3.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.7M $143.1M
YoY Change -12.16% -16.36%
Accrued Expenses $71.00M $77.00M
YoY Change -7.79% -11.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $411.4M
YoY Change -100.0% -7.96%
Long-Term Debt Due $110.0M $0.00
YoY Change
Total Short-Term Liabilities $586.8M $869.1M
YoY Change -32.48% -7.69%
LONG-TERM LIABILITIES
Long-Term Debt $2.646B $2.510B
YoY Change 5.41% 4.57%
Other Long-Term Liabilities $110.6M $107.4M
YoY Change 2.98% 19.73%
Total Long-Term Liabilities $2.756B $2.617B
YoY Change 5.31% 5.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $586.8M $869.1M
Total Long-Term Liabilities $2.756B $2.617B
Total Liabilities $6.264B $6.220B
YoY Change 0.72% 1.14%
SHAREHOLDERS EQUITY
Retained Earnings $2.285B $2.190B
YoY Change 4.37% 10.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.353B $3.243B
YoY Change
Total Liabilities & Shareholders Equity $9.618B $9.463B
YoY Change 1.64% 3.48%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $111.2M $187.3M
YoY Change -40.63% -12.96%
Depreciation, Depletion And Amortization $77.90M $71.70M
YoY Change 8.65% 9.63%
Cash From Operating Activities $303.3M $284.7M
YoY Change 6.53% 4.94%
INVESTING ACTIVITIES
Capital Expenditures -$147.3M -$139.8M
YoY Change 5.36% -32.76%
Acquisitions
YoY Change
Other Investing Activities $37.10M $9.500M
YoY Change 290.53% 3066.67%
Cash From Investing Activities -$110.2M -$130.3M
YoY Change -15.43% -37.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -149.8M -156.6M
YoY Change -4.34% 145.84%
NET CHANGE
Cash From Operating Activities 303.3M 284.7M
Cash From Investing Activities -110.2M -130.3M
Cash From Financing Activities -149.8M -156.6M
Net Change In Cash 43.30M -2.200M
YoY Change -2068.18% 1406090483809423.0%
FREE CASH FLOW
Cash From Operating Activities $303.3M $284.7M
Capital Expenditures -$147.3M -$139.8M
Free Cash Flow $450.6M $424.5M
YoY Change 6.15% -11.41%

Facts In Submission

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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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0 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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58800000 USD
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33800000 USD
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58100000 USD
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25500000 USD
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6400000 USD
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8900000 USD
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6700000 USD
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37600000 USD
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18800000 USD
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24800000 USD
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100000 USD
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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0 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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1500000 USD
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5000000 USD
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1100000 USD
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us-gaap Other Comprehensive Income Finalization Of Pension And Non Pension Postretirement Plan Valuation Tax
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us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Issuance Of Common Stock
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600000 USD
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CY2015Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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1700000 USD
CY2015Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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2700000 USD
CY2014Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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CY2015Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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2200000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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5400000 USD
CY2014Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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5300000 USD
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CY2015Q3 us-gaap Regulatory Liability Current
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CY2015Q3 us-gaap Regulatory Liability Noncurrent
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us-gaap Repayments Of Long Term Debt
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140100000 USD
us-gaap Repayments Of Long Term Debt
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100000 USD
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CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q3 us-gaap Revenues
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us-gaap Revenues
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CY2015Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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3800000 USD
CY2014Q4 us-gaap Short Term Borrowings
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98000000 USD
CY2015Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2015Q3 us-gaap Short Term Debt Weighted Average Interest Rate
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0.0095
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10100000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7200000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
3244400000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
3353400000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3037100000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3243000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3244400000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3353400000 USD
CY2014Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
21500000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
66500000 USD
CY2015Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
21900000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
68800000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
39700000 USD
CY2015Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
61400000 USD
CY2014Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
55500000 USD
CY2015Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
77900000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3800000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
200200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199900000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199600000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199100000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
199600000 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;color:#000000;font-weight:bold;text-decoration:none;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The Condensed</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements included herein have been prepared by</font><font style="font-family:inherit;font-size:10pt;"> the Company, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however,</font><font style="font-family:inherit;font-size:10pt;"> the Company </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">believes that the disclosures are adequate to prevent the information presented from being misleading.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">In the opinion of management, all adjustments necessary to fairly present the</font></font><font style="font-family:inherit;font-size:10pt;"> consolidated </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">financial position of</font></font><font style="font-family:inherit;font-size:10pt;"> the Company </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">at</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">and</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">the results of its operations for the </font></font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">and</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;"> and the results of its cash flows for the</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">and</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">have been included and are of a normal recurring nature except as otherwise disclosed.</font></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Due to seasonal fluctuations and other factors</font></font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">the Company's</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">operating results for the</font></font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">are not necessarily indicative of the results that may be expected for the year ending</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">or for any future period.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">The Condensed</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements and Notes thereto should be read in conjunction with the audited</font><font style="font-family:inherit;font-size:10pt;"> Consolidated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Financial Statements and Notes thereto included in</font><font style="font-family:inherit;font-size:10pt;"> the Company's </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Form 10-K.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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