2016 Q1 Form 10-Q Financial Statement

#000162053316000203 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q2
Revenue $54.17M $37.81M
YoY Change 36.31%
Cost Of Revenue $15.03M $11.00M
YoY Change 37.64%
Gross Profit $39.13M $26.80M
YoY Change 35.77%
Gross Profit Margin 72.25% 70.9%
Selling, General & Admin $13.20M $23.00M
YoY Change 228.57%
% of Gross Profit 33.73% 85.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.106M $2.191M
YoY Change 64.24%
% of Gross Profit 7.94% 8.17%
Operating Expenses $49.45M $48.76M
YoY Change 90.49%
Operating Profit $4.714M -$10.95M
YoY Change -611.16%
Interest Expense $87.00K -$100.0K
YoY Change 0.0%
% of Operating Profit 1.85%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $4.650M -$11.03M
YoY Change -628.62%
Income Tax $1.299M $233.0K
% Of Pretax Income 27.94%
Net Earnings $1.462M -$12.67M
YoY Change -111.2% -749.97%
Net Earnings / Revenue 2.7% -33.51%
Basic Earnings Per Share $0.07 -$1.06
Diluted Earnings Per Share $0.07 -$1.06
COMMON SHARES
Basic Shares Outstanding 20.35M shares 11.95M shares
Diluted Shares Outstanding 20.81M shares 11.95M shares

Balance Sheet

Concept 2016 Q1 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.90M $60.80M
YoY Change 948.28%
Cash & Equivalents $65.86M $60.83M
Short-Term Investments
Other Short-Term Assets $3.600M $2.000M
YoY Change 566.67%
Inventory $621.0K $404.0K
Prepaid Expenses
Receivables $3.337M $2.842M
Other Receivables $0.00 $0.00
Total Short-Term Assets $73.41M $66.14M
YoY Change 687.38%
LONG-TERM ASSETS
Property, Plant & Equipment $102.3M $75.70M
YoY Change 61.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.352M $2.972M
YoY Change 98.13%
Total Long-Term Assets $349.1M $84.76M
YoY Change 71.59%
TOTAL ASSETS
Total Short-Term Assets $73.41M $66.14M
Total Long-Term Assets $349.1M $84.76M
Total Assets $422.5M $150.9M
YoY Change 161.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.035M $4.618M
YoY Change 28.28%
Accrued Expenses $5.442M $4.201M
YoY Change 10.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.22M $13.67M
YoY Change 64.69%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $300.0K
YoY Change 0.0%
Other Long-Term Liabilities $4.326M $8.893M
YoY Change -28.86%
Total Long-Term Liabilities $4.326M $8.893M
YoY Change -30.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.22M $13.67M
Total Long-Term Liabilities $4.326M $8.893M
Total Liabilities $255.1M $41.87M
YoY Change 98.45%
SHAREHOLDERS EQUITY
Retained Earnings $5.735M -$897.0K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.4M $110.2M
YoY Change
Total Liabilities & Shareholders Equity $422.5M $150.9M
YoY Change 161.08%

Cashflow Statement

Concept 2016 Q1 2015 Q2
OPERATING ACTIVITIES
Net Income $1.462M -$12.67M
YoY Change -111.2% -749.97%
Depreciation, Depletion And Amortization $3.106M $2.191M
YoY Change 64.24%
Cash From Operating Activities $8.478M $5.176M
YoY Change -24.11%
INVESTING ACTIVITIES
Capital Expenditures $14.13M $8.558M
YoY Change -189.24%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.13M -$8.558M
YoY Change -10.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $30.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $656.0K $61.54M
YoY Change -3657.17%
NET CHANGE
Cash From Operating Activities $8.478M $5.176M
Cash From Investing Activities -$14.13M -$8.558M
Cash From Financing Activities $656.0K $61.54M
Net Change In Cash -$4.994M $58.16M
YoY Change -1392.38%
FREE CASH FLOW
Cash From Operating Activities $8.478M $5.176M
Capital Expenditures $14.13M $8.558M
Free Cash Flow -$5.650M -$3.382M
YoY Change -120.61%

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CY2015Q2 us-gaap Increase Decrease In Employee Related Liabilities
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CY2016Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2015Q2 us-gaap Increase Decrease In Inventories
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CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2015Q2 us-gaap Increase Decrease In Other Current Liabilities
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CY2016Q1 us-gaap Increase Decrease In Other Current Liabilities
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202000 USD
CY2015Q2 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
234000 USD
CY2015Q2 us-gaap Increase Decrease In Other Noncurrent Liabilities
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-202000 USD
CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-48000 USD
CY2015Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
599000 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-345000 USD
CY2015Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
108000 USD
CY2016Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 USD
CY2015Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
186000 USD
CY2016Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
87000 USD
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-78000 USD
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-64000 USD
CY2015Q2 us-gaap Interest Paid
InterestPaid
149000 USD
CY2016Q1 us-gaap Interest Paid
InterestPaid
15000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
543000 USD
CY2016Q1 us-gaap Inventory Net
InventoryNet
621000 USD
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
23000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
222528000 USD
CY2016Q1 us-gaap Liabilities
Liabilities
255092000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
379547000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
422510000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
24005000 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
313000 USD
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
313000 USD
CY2016Q1 us-gaap Liabilities Current
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20221000 USD
CY2015Q4 us-gaap Minority Interest
MinorityInterest
56404000 USD
CY2016Q1 us-gaap Minority Interest
MinorityInterest
54063000 USD
CY2015Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.454
CY2016Q1 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.402
CY2015Q4 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.546
CY2016Q1 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.598
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
61539000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
656000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8558000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14128000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5176000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8478000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-12668000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
1462000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1408000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1889000 USD
CY2016Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
88 Restaurant
CY2015Q2 us-gaap Occupancy Net
OccupancyNet
3183000 USD
CY2016Q1 us-gaap Occupancy Net
OccupancyNet
4323000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
48757000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
49451000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10949000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4714000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5615000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5352000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-2000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000 USD
CY2015Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3480000 USD
CY2016Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4919000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4614000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5026000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4350000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4326000 USD
CY2015Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
551000 USD
CY2016Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
731000 USD
CY2015Q2 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
11125000 USD
CY2016Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
0 USD
CY2015Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
92000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2015Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4636000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8558000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14128000 USD
CY2015Q2 us-gaap Pre Opening Costs
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CY2016Q1 us-gaap Pre Opening Costs
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2025000 USD
CY2015Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2016Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3325000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3600000 USD
CY2015Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
109362000 USD
CY2016Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2015Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4000000 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2015Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
628000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-11260000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
3351000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
116560000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
128904000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93041000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102279000 USD
CY2015Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
36000000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4273000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5735000 USD
CY2015Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1073000 USD
CY2016Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1368000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
36047000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
52153000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
37808000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
54165000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
13159000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1030000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
628000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
100615000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
113355000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
157019000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
167418000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11953000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20812000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11953000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20353000 shares
CY2016Q1 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:16px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;color:#619f42;font-style:normal;font-weight:bold;text-decoration:none;">Fiscal Year</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">We operate on a 52/53 week fiscal year ending on the last Wednesday in December. Fiscal </font><font style="font-family:Arial Narrow;font-size:10pt;">2016</font><font style="font-family:Arial Narrow;font-size:10pt;"> contains </font><font style="font-family:Arial Narrow;font-size:10pt;">52</font><font style="font-family:Arial Narrow;font-size:10pt;"> weeks and ends on </font><font style="font-family:Arial Narrow;font-size:10pt;">December&#160;28, 2016</font><font style="font-family:Arial Narrow;font-size:10pt;">. Fiscal </font><font style="font-family:Arial Narrow;font-size:10pt;">2015</font><font style="font-family:Arial Narrow;font-size:10pt;"> contained </font><font style="font-family:Arial Narrow;font-size:10pt;">52</font><font style="font-family:Arial Narrow;font-size:10pt;"> weeks and ended on </font><font style="font-family:Arial Narrow;font-size:10pt;">December&#160;30, 2015</font><font style="font-family:Arial Narrow;font-size:10pt;">. Unless otherwise stated, references to years in this report relate to fiscal years.</font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:16px;font-size:12pt;"><font style="font-family:Arial Narrow;font-size:12pt;color:#619f42;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">The preparation of these condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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