UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2008
| Commission File Number | Registrant, State of Incorporation Address and Telephone Number |
I.R.S. Employer Identification No. | ||
| 333-42427 | 22-2894486 |
J.CREW GROUP, INC.
(Incorporated in Delaware)
770 Broadway New York, New York 10003 Telephone: (212) 209-2500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| q | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| q | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| q | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| q | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On March 11, 2008, J.Crew Group, Inc. issued a press release announcing the Company’s financial results for the fourth quarter ended February 2, 2008. The Company is furnishing a copy of the press release hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Press Release issued by J.Crew Group, Inc. on March 11, 2008.
The information in this Current Report is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), nor shall such information be deemed incorporated by reference into any filing under the Act, or the Exchange Act, except as expressly stated by specific reference in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| J.CREW GROUP, INC. | ||
| By: | /s/ James S. Scully | |
| Name: | James S. Scully | |
| Title: | Executive Vice President and | |
| Chief Financial Officer | ||
Date: March 11, 2008
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EXHIBIT 99.1
| Company Contact:
James Scully Chief Financial Officer (212) 209-8040 | ||||
| Investor Contact:
Allison Malkin/Chad Jacobs/Joe Teklits Integrated Corporate Relations (203) 682-8200 | ||||
J. CREW GROUP, INC. ANNOUNCES FOURTH QUARTER AND FISCAL 2007 RESULTS
Fourth Quarter Diluted EPS of $0.39, including impact of severance charge of $0.02
Introduces Guidance for Fiscal 2008 Diluted EPS Range of $1.85 to $1.87
New York, NY – March 11, 2008 – J. Crew Group, Inc. [NYSE:JCG] today announced financial results for the fourth quarter and fiscal year ended February 2, 2008 (fiscal 2007). The Company noted that the prior year, fiscal 2006, consisted of 53 weeks, resulting in a 14-week fiscal fourth quarter in the prior year. The 53 rd week is not included in comparable store sales calculations for fiscal 2006 periods.
For the three months ended February 2, 2008 (fourth quarter):
| • |
Revenues increased 9% to $399.9 million. Store sales (Retail and Factory) increased 8% to $260.6 million, with comparable store sales remaining flat. Realigning last year’s calendar weeks to be consistent with the current year retail calendar weeks would result in a comparable store sales increase of 4% in the fourth quarter of fiscal 2007. Comparable store sales rose 7% in the fourth quarter of fiscal 2006. Direct sales (Internet and Catalog) rose by 11% to $126.0 million. Direct sales increased 43% in the fourth quarter of fiscal 2006. The impact of the 53rd week of fiscal 2006 on Store and Direct sales was $8.2 million and $4.0 million, respectively. |
| • | Gross margin increased to 41.3% of revenues from 40.8% of revenues in the fourth quarter of fiscal 2006. |
| • | Operating income increased 16% to $43.3 million, or 10.8% of revenues, compared to $37.3 million, or 10.2% of revenues, in the fourth quarter of fiscal 2006. Operating income in the fourth quarter of the current period includes the impact of the recognition of severance costs of $2.3 million. Operating income adjusted for severance costs increased 22% to $45.6 million, or 11.4% of revenues. |
| • | Net income available to common stockholders in the fourth quarter of fiscal 2007 was $25.0 million, or $0.39 per diluted share and includes the impact of the recognition of severance costs of approximately $0.02 per diluted share. The current year period reflects an effective tax rate of 39.8%. |
| • | Net income available to common stockholders in the fourth quarter of fiscal 2006 was $44.0 million, or $0.71 per diluted share, and includes a non-recurring tax benefit of $10.9 million related to the recognition of deferred tax assets that were previously reserved. |
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| • | Adjusted net income for the fourth quarter of fiscal 2007 totaled $26.3 million, or $0.41 per diluted share (see Exhibit 3), as compared to adjusted net income of $20.5 million, or $0.33 per diluted share for the fourth quarter of fiscal 2006 (see Exhibit 4). |
| • | A reconciliation of net income on a GAAP basis to adjusted net income is included in Exhibits (3) and (4) of this press release. |
Millard Drexler, J. Crew’s Chairman and CEO stated: “We are very pleased with our fourth quarter and fiscal year results. It’s our mission that every single customer who shops with us knows the lengths we are willing to go in order to satisfy them. We couldn’t be happier with what our customers are saying about our quality, our design and their experience with us. At the end of the day, when they are happy we see the results.”
For the fiscal year ended February 2, 2008 (fiscal 2007):
| • |
Revenues increased 16% to $1,334.7 million. Store sales (Retail and Factory) increased 13% to $914.8 million, with comparable store sales increasing 6%. Realigning last year’s calendar weeks to be consistent with the current year retail calendar weeks would result in a comparable store sales increase of 6% in fiscal 2007. Comparable store sales rose 13% in fiscal 2006. Direct sales (Internet and Catalog) increased 22% to $377.4 million. As previously noted, the impact of the 53rd week of fiscal 2006 on Store and Direct sales was $8.2 million and $4.0 million, respectively. |
| • | Gross margin increased to 44.1% of revenues from 43.4% of revenues in fiscal 2006. |
| • | Operating income increased 37% to $172.5 million, or 12.9% of revenues, compared to $125.6 million, or 10.9% of revenues, in fiscal 2006. Operating income in fiscal 2007 includes the impact of the recognition of severance costs of $2.3 million. Operating income adjusted for severance costs increased 39% to $174.7 million, or 13.1% of revenues. |
| • | Net income available to common stockholders for fiscal 2007 was $97.1 million, or $1.52 per diluted share, and includes the impact of the recognition of severance costs of approximately $0.02 per diluted share. The current year period reflects an effective tax rate of 39.8%. |
| • | Net income available to common stockholders for fiscal 2006 was $71.6 million, or $1.49 per diluted share and includes pre-tax charges of $10.0 million related to the refinancing of debt and a non-recurring tax benefit of $10.9 million related to the recognition of deferred tax assets that were previously reserved. |
| • | Adjusted net income for fiscal 2007 totaled $98.5 million, or $1.54 per diluted share (see Exhibit 3), as compared to adjusted net income of $65.2 million, or $1.05 per diluted share, for fiscal 2006 (see Exhibit 4). |
| • | A reconciliation of net income on a GAAP basis to adjusted net income is included in Exhibits (3) and (4) of this press release. |
Balance Sheet highlights as of February 2, 2008:
| • | Inventories were $158.5 million, reflecting the impact of 33 net stores opened since the end of fiscal 2006. |
| • | Long-term debt was reduced to $125 million, which reflects the Company’s voluntary principal prepayments of $75 million made during fiscal 2007. |
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Guidance
The Company’s long-term financial targets include comparable store sales growth in the mid single digit range, Direct sales growth in the high single digits, net square footage expansion in the 7% to 9% range, and diluted EPS growth in excess of 20%.
The Company currently expects fiscal 2008 diluted earnings per share in the range of $1.85 to $1.87.
Use of Non-GAAP Financial Measures
In addition to providing financial results in accordance with GAAP, the Company has provided non-GAAP adjusted interest expense, loss on refinancing of debt, income taxes, net income, preferred stock dividends and earnings per share information for the three months and fiscal year ended February 3, 2007 in this release. This information reflects, on a non-GAAP adjusted basis, the Company’s adjusted interest expense, loss on refinancing of debt, income taxes, net income, preferred stock dividends and earnings per share after excluding the effects of transactions which resulted from the Company’s initial public offering, refinancings and adjusted tax rates. The Company has provided non-GAAP adjusted selling, general and administrative expenses, operating income, income taxes, net income and earnings per share information for the three months and fiscal year ended February 2, 2008. This information reflects, on a non-GAAP adjusted basis, the Company’s adjusted SG&A, operating income, income taxes, net income and earnings per share after excluding the severance costs recorded in connection with the departure of a senior executive. This non-GAAP financial information is provided to enhance the user’s overall understanding of the Company’s current financial performance. Specifically, the Company believes the non-GAAP adjusted results provide useful information to both management and investors by excluding expenses that the Company believes are not indicative of the Company’s future results. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, net income, earnings per share or other measures of financial performance prepared in accordance with GAAP. This non-GAAP information and a reconciliation of this information to GAAP amounts for the three months and fiscal year ended February 2, 2008 and the three months and fiscal year ended February 3, 2007 are included in Exhibits (3) and (4), respectively.
Conference Call Information
A conference call to discuss fourth quarter results is scheduled for today, March 11, 2008, at 4:30 PM Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 407-0784 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at www.jcrew.com. A replay of this call will be available until March 26, 2008 and can be accessed by dialing (877) 660-6853 and entering account number 3055 and conference ID number 276618.
About J. Crew Group, Inc.
J. Crew Group, Inc. is a nationally recognized multi-channel retailer of women’s and men’s apparel, shoes and accessories. As of March 8, 2008, the Company operates 203 retail stores (including four Crewcuts and seven Madewell stores), the J. Crew catalog business, jcrew.com, and 63 factory outlet stores. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company’s website www.jcrew.com.
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Forward-Looking Statements:
Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the overall level of consumer spending or preferences in apparel, the performance of the Company’s products within the prevailing retail environment, trade restrictions, political or financial instability in countries where the Company’s goods are manufactured, postal rate increases, paper and printing costs, availability of suitable store locations at appropriate terms and other factors which are set forth in the Company’s Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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Exhibit (1)
J. Crew Group, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| (In thousands, except percentages and per share amounts) |
Three Months Ended February 2, 2008 (13 weeks) |
Three Months Ended February 3, 2007 (14 weeks) |
Fiscal Year Ended February 2, 2008 (52 weeks) |
Fiscal Year Ended February 3, 2007 (53 weeks) |
||||||||||||
| Net sales |
||||||||||||||||
| Stores |
$ | 260,627 | $ | 241,832 | $ | 914,810 | $ | 808,542 | ||||||||
| Direct |
126,020 | 113,233 | 377,444 | 308,611 | ||||||||||||
| 386,647 | 355,065 | 1,292,254 | 1,117,153 | |||||||||||||
| Other |
13,288 | 11,605 | 42,469 | 34,947 | ||||||||||||
| Total Revenues |
399,935 | 366,670 | 1,334,723 | 1,152,100 | ||||||||||||
| Costs of goods sold, buying and occupancy costs |
234,956 | 216,886 | 746,180 | 651,748 | ||||||||||||
| Gross Profit |
164,979 | 149,784 | 588,543 | 500,352 | ||||||||||||
| As a percent of revenues |
41.3 | % | 40.8 | % | 44.1 | % | 43.4 | % | ||||||||
| Selling, general and administrative expenses |
121,678 | 112,463 | 416,064 | 374,738 | ||||||||||||
| As a percent of revenues |
30.4 | % | 30.7 | % | 31.2 | % | 32.5 | % | ||||||||
| Operating income |
43,301 | 37,321 | 172,479 | 125,614 | ||||||||||||
| As a percent of revenues |
10.8 | % | 10.2 | % | 12.9 | % | 10.9 | % | ||||||||
| Interest expense, net |
1,847 | 3,965 | 11,224 | 43,993 | ||||||||||||
| Loss on refinancing of debt |
— | — | — | 10,039 | ||||||||||||
| Income before income taxes |
41,454 | 33,356 | 161,255 | 71,582 | ||||||||||||
| Provision (benefit) for income taxes |
16,497 | (10,600 | ) | 64,180 | (6,200 | ) | ||||||||||
| Net income |
24,957 | 43,956 | 97,075 | 77,782 | ||||||||||||
| Preferred stock dividends |
— | — | — | (6,141 | ) | |||||||||||
| Net income applicable to common shareholders |
$ | 24,957 | $ | 43,956 | $ | 97,075 | $ | 71,641 | ||||||||
| Income per share: |
||||||||||||||||
| Basic |
$ | 0.41 | $ | 0.75 | $ | 1.61 | $ | 1.61 | ||||||||
| Diluted |
$ | 0.39 | $ | 0.71 | $ | 1.52 | $ | 1.49 | ||||||||
| Weighted average shares outstanding: |
||||||||||||||||
| Basic |
60,752 | 58,328 | 60,346 | 44,558 | ||||||||||||
| Diluted |
64,003 | 62,144 | 63,748 | 48,039 | ||||||||||||
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Exhibit (2)
J. Crew Group, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| (In thousands) |
February 2, 2008 | February 3, 2007 | ||||
| Assets |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ | 131,510 | $ | 88,900 | ||
| Inventories |
158,525 | 140,670 | ||||
| Prepaid expenses and other currents assets |
33,293 | 30,728 | ||||
| Refundable income taxes |
9,794 | 8,600 | ||||
| Deferred income taxes, net |
— | 8,200 | ||||
| Total current assets |
333,122 | 277,098 | ||||
| Property and equipment, net |
168,292 | 121,814 | ||||
| Deferred income taxes, net |
20,188 | 15,600 | ||||
| Other assets |
13,994 | 13,554 | ||||
| Total assets |
$ | 535,596 | $ | 428,066 | ||
| Liabilities and Stockholders’ equity |
||||||
| Current liabilities: |
||||||
| Accounts payable |
$ | 101,277 | $ | 77,836 | ||
| Other current liabilities |
91,414 | 76,666 | ||||
| Income taxes payable |
— | 5,496 | ||||
| Deferred income taxes, net |
2,382 | — | ||||
| Total current liabilities |
195,073 | 159,998 | ||||
| Long-term debt |
125,000 | 200,000 | ||||
| Deferred credits |
67,600 | 62,448 | ||||
| Other liabilities |
7,601 | — | ||||
| Stockholders’ equity |
140,322 | 5,620 | ||||
| Total liabilities and stockholders’ equity |
$ | 535,596 | $ | 428,066 | ||
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Exhibit (3)
Reconciliation of net income on a GAAP basis to “Adjusted net income” – Fiscal 2007
| Three Months Ended February 2, 2008 | Fiscal Year Ended February 2, 2008 | |||||||||||||||||||||||
| (In thousands, except percentages and per share amounts) |
GAAP Basis |
Adjustments | As Adjusted |
GAAP Basis |
Adjustments | As Adjusted |
||||||||||||||||||
| Total Revenues |
$ | 399,935 | — | $ | 399,935 | $ | 1,334,723 | — | $ | 1,334,723 | ||||||||||||||
| Cost of goods sold, buying and occupancy costs |
234,956 | — | 234,956 | 746,180 | — | 746,180 | ||||||||||||||||||
| Gross profit |
164,979 | — | 164,979 | 588,543 | — | 588,543 | ||||||||||||||||||
| Selling, general and administrative expenses |
121,678 | (2,300 | )(a) | 119,378 | 416,064 | (2,300 | )(a) | 413,764 | ||||||||||||||||
| As a percent of revenues |
30.4 | % | 29.8 | % | 31.2 | % | 31.0 | % | ||||||||||||||||
| Operating income |
43,301 | 2,300 | 45,601 | 172,479 | 2,300 | 174,779 | ||||||||||||||||||
| As a percent of revenues |
10.8 | % | 11.4 | % | 12.9 | % | 13.1 | % | ||||||||||||||||
| Interest expense, net |
1,847 | — | 1,847 | 11,224 | — | 11,224 | ||||||||||||||||||
| Income before income taxes |
41,454 | 2,300 | 43,754 | 161,255 | 2,300 | 163,555 | ||||||||||||||||||
| Provision for income taxes |
16,497 | 916 | (b) | 17,413 | 64,180 | 916 | (b) | 65,096 | ||||||||||||||||
| Net income |
24,957 | 1,384 | 26,341 | 97,075 | 1,384 | 98,459 | ||||||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | — | ||||||||||||||||||
| Net income applicable to common shareholders |
$ | 24,957 | $ | 1,384 | $ | 26,341 | $ | 97,075 | $ | 1,384 | $ | 98,459 | ||||||||||||
| Earnings per share: |
||||||||||||||||||||||||
| Basic |
$ | 0.41 | $ | 0.02 | $ | 0.43 | $ | 1.61 | $ | 0.02 | $ | 1.63 | ||||||||||||
| Diluted |
$ | 0.39 | $ | 0.02 | $ | 0.41 | $ | 1.52 | $ | 0.02 | $ | 1.54 | ||||||||||||
| Weighted average shares outstanding: |
||||||||||||||||||||||||
| Basic |
60,752 | — | 60,752 | 60,346 | — | 60,346 | ||||||||||||||||||
| Diluted |
64,003 | — | 64,003 | 63,748 | — | 63,748 | ||||||||||||||||||
| (a) | to adjust selling, general and administrative expenses for severance costs recorded in connection with the departure of a senior executive. |
| (b) | to adjust provision for income taxes to reflect the tax impact of the adjustment described in (a) above. |
7
Exhibit (4)
Reconciliation of net income on a GAAP basis to “Adjusted net income” – Fiscal 2006
| Three Months Ended February 3, 2007 | Fiscal Year Ended February 3, 2007 | |||||||||||||||||||||
| (In thousands, except percentages and per share amounts) |
GAAP Basis |
Adjustments | As Adjusted |
GAAP Basis |
Adjustments | As Adjusted | ||||||||||||||||
| Total Revenues |
$ | 366,670 | — | $ | 366,670 | $ | 1,152,100 | — | $ | 1,152,100 | ||||||||||||
| Cost of goods sold, buying and occupancy costs |
216,886 | — | 216,886 | 651,748 | — | 651,748 | ||||||||||||||||
| Gross profit |
149,784 | — | 149,784 | 500,352 | — | 500,352 | ||||||||||||||||
| Selling, general and administrative expenses |
112,463 | — | 112,463 | 374,738 | — | 374,738 | ||||||||||||||||
| Operating income |
37,321 | — | 37,321 | 125,614 | — | 125,614 | ||||||||||||||||
| Interest expense, net |
3,965 | — | 3,965 | 43,993 | (24,556 | )(a) | 19,437 | |||||||||||||||
| Loss on refinancing of debt |
— | — | — | 10,039 | (10,039 | )(b) | — | |||||||||||||||
| Income before income taxes |
33,356 | — | 33,356 | 71,582 | 34,595 | 106,177 | ||||||||||||||||
| Provision (benefit) for income taxes |
(10,600 | ) | 23,475 | (c) | 12,875 | (6,200 | ) | 47,184 | (c) | 40,984 | ||||||||||||
| Net income |
43,956 | (23,475 | ) | 20,481 | 77,782 | (12,589 | ) | 65,193 | ||||||||||||||
| Preferred stock dividends |
— | — | — | (6,141 | ) | 6,141 | (d) | — | ||||||||||||||
| Net income applicable to common shareholders |
$ | 43,956 | $ | (23,475 | ) | $ | 20,481 | $ | 71,641 | $ | (6,448 | ) | $ | 65,193 | ||||||||
| Earnings per share: |
||||||||||||||||||||||
| Basic |
$ | 0.75 | $ | (0.40 | ) | $ | 0.35 | $ | 1.61 | $ | (0.48 | ) | $ | 1.13 | ||||||||
| Diluted |
$ | 0.71 | $ | (0.38 | ) | $ | 0.33 | $ | 1.49 | $ | (0.44 | ) | $ | 1.05 | ||||||||
| Weighted average shares outstanding: |
||||||||||||||||||||||
| Basic |
58,328 | — | 58,328 | 44,558 | 13,339 | (e) | 57,897 | |||||||||||||||
| Diluted |
62,144 | — | 62,144 | 48,039 | 14,242 | (e) | 62,281 | |||||||||||||||
| (a) |
to adjust interest expense for (i) the redemption of all outstanding preferred stock, (ii) the conversion of the 5% notes payable into common stock, (iii) the redemption of $21.7 million of the 13 1/8% debentures, (iv) the repayment of $275.0 million aggregate principal amount of 9 3/4% notes with the proceeds of the $285.0 million senior term loan, (v) the repayment of $35.0 million of the senior term loan with the proceeds of the IPO completed in July 2006 and (vi) the amortization of deferred financing costs related to the term loan entered into in May 2006, assuming each of these transactions had been completed at the beginning of the fiscal year. |
| (b) | to eliminate the loss on refinancing of debt. |
| (c) | to adjust the provision (benefit) for income taxes which includes a one-time benefit related to the recognition of deferred tax assets that were previously reserved for and to reflect the Company’s estimated future ongoing effective tax rate of 38.6% as the effective tax rate in the three months and fiscal year ended February 3, 2007 is not representative of the Company’s ongoing effective tax rate. |
| (d) | to reflect the redemption of $92.8 million of Series A preferred stock. |
| (e) | to reflect the number of common shares outstanding after the IPO on a basic and diluted basis. |
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Exhibit (5)
Actual and Projected Store Count and Square Footage
Actual Fiscal 2007
| Quarter |
Total stores open at beginning of the quarter |
Number of stores opened during the quarter |
Number of stores closed during the quarter |
Total stores open at end of the quarter | ||||
| 1st Quarter |
227 | 6 | 0 | 233 | ||||
| 2nd Quarter |
233 | 7 | 2 | 238 | ||||
| 3rd Quarter |
238 | 18 | 1 | 255 | ||||
| 4th Quarter |
255 | 6 | 1 | 260 |
Actual Fiscal 2007
| Quarter |
Total gross square feet at beginning of the quarter |
Gross square feet for stores opened or expanded during the quarter |
Reduction of gross square feet for stores closed or downsized during the quarter |
Total gross square feet at end of the quarter | ||||
| 1st Quarter |
1,543,904 | 22,615 | 0 | 1,566,519 | ||||
| 2nd Quarter |
1,566,519 | 33,961 | (20,939) | 1,579,541 | ||||
| 3rd Quarter |
1,579,541 | 87,645 | (6,662) | 1,660,524 | ||||
| 4th Quarter |
1,660,524 | 36,399 | (8,907) | 1,688,016 |
Projected Fiscal 2008
| Quarter |
Total stores open at beginning of the quarter |
Number of stores opened during the quarter |
Number of stores closed during the quarter |
Total stores open at end of the quarter | ||||
| 1st Quarter |
260 | 8 | 0 | 268 | ||||
| 2nd Quarter |
268 | 8 | 1 | 275 | ||||
| 3rd Quarter |
275 | 14 | 0 | 289 | ||||
| 4th Quarter |
289 | 13 | 0 | 302 |
Projected Fiscal 2008
| Quarter |
Total gross square feet at beginning of the quarter |
Gross square feet for stores opened or expanded during the quarter |
Reduction of gross square feet for stores closed or downsized during the quarter |
Total gross square feet at end of the quarter | ||||
| 1st Quarter |
1,688,016 | 43,712 | (2,261) | 1,729,467 | ||||
| 2nd Quarter |
1,729,467 | 28,340 | (16,368) | 1,741,439 | ||||
| 3rd Quarter |
1,741,439 | 69,271 | 0 | 1,810,710 | ||||
| 4th Quarter |
1,810,710 | 69,307 | 0 | 1,880,017 |
9