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) August
6, 2008
LSB INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
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1-7677
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73-1015226
|
||
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(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
||
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16 South Pennsylvania, Oklahoma
City, Oklahoma
(Address of principal executive offices) |
73107
(Zip
Code) |
|||
Registrant's telephone number,
including area code (405) 235-4546
Not applicable
(Former
name or former address, if changed since last report)
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):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section
2 – Financial Information
Item
2.02. Results of Operations and Financial Condition
On August
6, 2008, LSB Industries, Inc. (the “Company”) issued a press release to report
its unaudited financial results for the second quarter ended June 30,
2008. The press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
On August
6, 2008, at 5:15 p.m. EDT / 4:15 p.m. CDT, the Company held a conference
call broadcast live over the Internet to discuss the unaudited results of the
second quarter and six months ended June 30, 2008.
The
information contained in this Item 2.02 of this Form 8-K and the Exhibit
attached hereto are being furnished and shall not be deemed “filed” for the
purposes of Section 18 of the Securities Act of 1934 (as amended), or otherwise
subject to the liabilities of such section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 (as amended), except
as shall be expressly set forth by specific reference in such
filing.
Item
9.01. Exhibits
The
information contained in the accompanying Exhibit 99.1 shall not be deemed filed
for purposes of Section 18 of the Exchange Act or incorporated by reference in
any filing under the Exchange Act or the Securities Act, except as shall be
expressly set forth by specific reference in such filing.
(d)
Exhibits.
Exhibit Description
99.1 Press
Release issued by LSB Industries, Inc. dated August 6, 2008
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Dated: August
7, 2008
LSB
INDUSTRIES, INC.
By: /s/Tony M. Shelby
Name: Tony
M. Shelby
Title:
Executive Vice President of Finance,
Chief
Financial Officer
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COMPANY
CONTACT:
|
Investor
Relations Contact:
|
|
Tony
M. Shelby, Chief Financial Officer
|
Linda
Latman (212) 836-9609
|
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(405)
235-4546
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Lena
Cati (212) 836-9611
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|
|
The
Equity Group Inc.
|
FOR IMMEDIATE
RELEASE
LSB INDUSTRIES, INC. REPORTS
RESULTS
FOR THE 2008 SECOND
QUARTER
Oklahoma
City, Oklahoma . . . August 6, 2008
.. . . LSB Industries, Inc. (AMEX:LXU), today reported
results for the second quarter and six months ended June 30, 2008.
Second Quarter 2008 Compared
to Second Quarter 2007:
|
§
|
Net
sales increased 26.3% to $198.1 million from $156.8
million;
|
|
§
|
Operating
income rose 92.8% to $29.3 million from $15.2
million;
|
|
§
|
Net
income rose 35.6% to $17.9 million from $13.2
million;
|
|
§
|
Diluted
income per common share rose to $.75 per share from $.58 per
share.
|
Of
note:
▪ 2008
operating and net income, as well as diluted income per share include income
from a litigation judgment of approximately $7.6 million ($4.7 million net
of tax).
▪ The
provision for income taxes for the three months ended June 30, 2008, was $10.7
million compared to $0.2 million for the same period in 2007.
Six Months 2008 Compared to
Six Months 2007:
|
§
|
Net
sales increased 17.9% to $358.5 million from $304.1
million;
|
|
§
|
Operating
income rose 69.7% to $48.7 million from $28.7
million;
|
|
§
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Net
income rose 19.9% to $28.8 million from $24.0
million;
|
|
§
|
After
deducting preferred stock dividend requirements, net income applicable to
common stock was $28.5 million, compared to $18.6
million;
|
|
§
|
Diluted
income per common share rose to $1.21 per share from $.87 per
share.
|
(more)
LSB
Industries, Inc. News
Release
August 6,
2008
Of
note:
▪ 2008
operating and net income, as well as diluted income per share include income
from a litigation judgment of approximately $7.6 million ($4.7 million net
of tax).
▪ The
provision for income taxes for the six months ended June 30, 2008, was $17.4
million compared to $0.5 million for the same period in 2007.
Business
Overview
Jack
Golsen, LSB’s Chairman & CEO stated, “The favorable trend of the first
quarter continued into the second quarter producing the best first half in the
history of LSB with growth in net sales and profits of both our Climate Control
and Chemical businesses. It is especially gratifying that the bottom
line gains were achieved despite the significant tax provision in the current
periods versus a nominal tax provision for the 2007 reporting
periods.”
Discussing
the Climate Control Business, Barry H. Golsen, President & COO, noted, “Net
sales increased 8% in the second quarter, due primarily to higher selling
prices, sales mix and to a lesser extent, higher hydronic fan coil unit
shipments. The 23% improvement in operating income was achieved
as a result of favorable raw materials hedging decisions as well as from our
continued efforts to reduce costs and enhance manufacturing efficiencies.
Despite continued weakness in the non-residential and residential construction
markets, we booked $75.6 million in new orders in the second quarter, up 16%
compared to $65.2 million in the same period of 2007. New orders for
our residential geothermal products were particularly strong. At
mid-year 2008, our backlog of confirmed orders was approximately $63.3 million
compared to $62.1 million and $54.5 million at March 31, 2008 and December 31,
2007, respectively. Equally important, we have maintained leadership
in our niche markets.”
He
continued, “While Chemical Business’s sales increased 43% due to significantly
higher spot market prices for agricultural products as well as higher selling
prices for industrial acids and mining products related to increased raw
material feedstock prices, operating income rose even more sharply from $7.9
million to $20.5 million. Excluding the impact of $7.6 million (net
of attorneys’ fees) from the previously noted litigation judgment, our Chemical
Business’s operating income increased 63%, to $12.9 million.”
Tony
Shelby, LSB’s Executive Vice President & CFO noted, “Our financial position
continues to strengthen. We closed the second quarter with working
capital of nearly $154.8 million and a 1 to 1 ratio of long-term debt to
stockholders’ equity, before $48.5 million of cash on hand. Our $50
million working capital revolver remains undrawn and available to fund
operations, if needed.”
(more)
LSB
Industries, Inc. News
Release
August 6,
2008
Conference
Call
LSB’s
management will host a conference call on Wednesday, August 6, 2008 at 5:15 pm
EDT/4:15 pm CDT to discuss these results and recent corporate
developments. Participating in the call will be CEO, Jack E. Golsen;
President and COO, Barry H. Golsen and Executive Vice President and CFO, Tony M.
Shelby. Interested parties may participate in the call by dialing
706-679-3079. Please call in ten minutes before the conference is
scheduled to begin and ask for the LSB conference call.
To listen
to a web cast of the call, please go to the Company’s website at www.lsb-okc.com at
least 15 minutes before the conference call to download and install any
necessary audio software. If you are unable to listen live, the
conference call web cast will be archived on the Company’s website for 90 days.
We suggest listeners use Microsoft Explorer as their web browser.
LSB Industries,
Inc.
LSB is a
manufacturing, marketing and engineering holding company through its
subsidiaries. LSB’s principal business activities consist of the
manufacture and sale of commercial and residential climate control products,
such as geothermal and water source heat pumps, hydronic fan coils, large custom
air handlers, the manufacture and sale of chemical products for the mining,
agricultural and industrial markets, and the provision of specialized
engineering services and other activities. LSB is included in the
Russell 2000 Index and the Russell 3000 Index.
This
press release contains certain statements which may constitute forward-looking
statements within the meaning of the Private Securities Reform Act of
1996. Investors are cautioned that such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from the forward-looking
statements as a result of various factors, including, but not limited to,
general economic conditions and the “Risk Factors” contained in, and the other
factors listed under the heading “Special Note Regarding Forward-Looking
Statements” in our 2007 Form 10-K as amended by our 10-K/A Amendment No.
1.
See
Accompanying Tables
|
LSB
INDUSTRIES, INC.
|
|
Notes
to Unaudited Financial Highlights
|
|
Six
and Three Months Ended June 30, 2008 and
2007
|
(Continued)
|
Six
Months
|
Three
Months
|
|
2008
|
2007
|
2008
|
2007
|
|
(In
Thousands, Except Per Share
Amounts)
|
|
Net
sales
|
$
|
358,507
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$
|
304,141
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$
|
198,052
|
$
|
156,756
|
|||||||
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Cost
of sales
|
277,009
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237,432
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154,311
|
122,099
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|||||||||||
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Gross
profit
|
81,498
|
66,709
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43,741
|
34,657
|
|||||||||||
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Selling,
general and administrative expense
|
40,222
|
36,994
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21,458
|
18,693
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|||||||||||
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Provisions
for losses on accounts receivable
|
292
|
621
|
202
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363
|
|||||||||||
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Other
expense
|
657
|
518
|
476
|
494
|
|||||||||||
|
Other
income
|
(8,329
|
)
|
(100
|
)
|
(7,719
|
)
|
(46
|
)
|
|||||||
|
Operating
income
|
48,656
|
28,676
|
29,324
|
15,153
|
|||||||||||
|
Interest
expense
|
3,720
|
4,580
|
1,266
|
1,992
|
|||||||||||
|
Non-operating
other income, net
|
(862
|
)
|
(73
|
)
|
(345
|
)
|
(31
|
)
|
|||||||
|
Income
from continuing operations before provisions for income taxes and equity
in earnings of affiliate
|
45,798
|
24,169
|
28,403
|
13,192
|
|||||||||||
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Provisions
for income taxes
|
17,429
|
532
|
10,709
|
188
|
|||||||||||
|
Equity
in earnings of affiliate
|
(462
|
)
|
(431
|
)
|
(230
|
)
|
(216
|
)
|
|||||||
|
Income
from continuing operations
|
28,831
|
24,068
|
17,924
|
13,220
|
|||||||||||
|
Net
loss from discontinued operations
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17
|
29
|
17
|
-
|
|||||||||||
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Net
income
|
28,814
|
24,039
|
17,907
|
13,220
|
|||||||||||
|
Dividends,
dividend requirements and stock dividend on preferred
stocks
|
306
|
5,405
|
-
|
217
|
|||||||||||
|
Net
income applicable to common stock
|
$
|
28,508
|
$
|
18,634
|
$
|
17,907
|
$
|
13,003
|
|||||||
|
Weighted-average
common shares:
|
|||||||||||||||
|
Basic
|
21,115
|
18,615
|
21,172
|
19,713
|
|||||||||||
|
Diluted
|
24,908
|
21,950
|
24,827
|
22,923
|
|||||||||||
|
Income
per common share:
|
|||||||||||||||
|
Basic
|
$
|
1.35
|
$
|
1.00
|
$
|
.85
|
$
|
.66
|
|||||||
|
Diluted
|
$
|
1.21
|
$
|
.87
|
$
|
.75
|
$
|
.58
|
(See
accompanying notes)
LSB
Industries, Inc. News
Release
August 6,
2008
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Six
and Three Months Ended June 30, 2008 and 2007
|
Note
1:
|
Net
income applicable to common stock is computed by adjusting net income by
the amount of preferred stock dividends, dividend requirements and stock
dividend. Basic income per common share is based upon net
income applicable to common stock and the weighted-average number of
common shares outstanding during each period. Diluted income
per share is based on net income applicable to common stock plus preferred
stock dividends and dividend requirements on preferred stock assumed to be
converted, if dilutive, and interest expense including amortization of
debt issuance costs, net of income taxes, on convertible debt assumed to
be converted, if dilutive, and the weighted-average number of common
shares and dilutive common equivalent shares outstanding and the assumed
conversion of dilutive convertible securities
outstanding.
|
|
Note
2:
|
In
2005, a subsidiary in our Chemical Business sued certain of its suppliers,
in connection with their faulty repair of a hot gas expander of one of the
subsidiary’s nitric acid plants. As a result of defects in the
repair, on October 8, 2004, the hot gas expander failed, leading to a fire
at the nitric acid plant. A trial was held in October 2006
resulting in a jury verdict awarding the subsidiary approximately $9.8
million in damages. During April 2008, the Arkansas Supreme
Court affirmed the award granted to the subsidiary by the lower
court. During June 2008, we received proceeds of approximately
$11.2 million for this litigation judgment, which includes interest of
approximately $1.4 million from which we paid attorneys’ fees of
approximately $3.6 million. The payment of attorneys’ fees of
31.67% of our recovery was contingent upon the cash receipt of the
litigation judgment. As a result, for the six and three months
ended June 30, 2008, we recognized income of approximately $7.6 million,
net of attorneys’ fees, which amount is classified as other income in the
above Unaudited Financial
Highlights.
|
|
Note
3:
|
Provisions
for income taxes are as
follows:
|
|
Six
Months Ended
June
30,
|
Three
Months Ended
June
30,
|
||||||||
|
2008
|
2007
|
2008
|
2007
|
||||||
|
(In
Thousands)
|
|||||||||
Current:
|
Federal
|
$ | 11,520 | $ | 446 | $ | 6,625 | $ | 232 | ||||||||
|
State
|
1,724 | 86 | 909 | (44 | ) | |||||||||||
|
Total
Current
|
$ | 13,244 | $ | 532 | $ | 7,534 | $ | 188 |
Deferred:
|
Federal
|
$ | 3,539 | $ | - | $ | 2,709 | $ | - | ||||||||
|
State
|
646 | - | 466 | - | ||||||||||||
|
Total
Deferred
|
4,185 | - | 3,175 | - | ||||||||||||
|
Provisions
for income taxes
|
$ | 17,429 | $ | 532 | $ | 10,709 | $ | 188 |
In the
first six months of 2007, we had significant income tax net operating loss
(“NOL”) carryforwards. In addition, we had valuation allowances in place against
our deferred tax assets arising from the NOL carryforwards and other temporary
differences. As a result, the provisions for federal and state income
taxes for the six months and three months ended June 30, 2007
were $0.5 million and $0.2 million, respectively. During 2008, we
anticipate that we will utilize the NOL carry forwards remaining at December 31,
2007 and recognize and pay income taxes at regular corporate rates.
|
Note
4:
|
Information
about the Company’s operations in different industry segments for the six
and three months ended June 30, 2008 and 2007 is detailed on the following
page.
|
|
LSB
INDUSTRIES, INC.
|
|
Notes
to Unaudited Financial Highlights
(Continued)
|
|
Six
and Three Months Ended June 30, 2008 and
2007
|
|
Six
Months Ended
June
30,
|
Three
Months Ended
June
30,
|
|
2008
|
2007
|
2008
|
2007
|
|
(In
Thousands)
|
|
Net
sales:
|
|||||||||||||||
|
Climate
Control
|
$
|
146,949
|
$
|
145,823
|
$
|
80,626
|
$
|
74,518
|
|||||||
|
Chemical
|
204,788
|
153,142
|
113,458
|
79,422
|
|||||||||||
|
Other
|
6,770
|
5,176
|
3,968
|
2,816
|
|||||||||||
|
$
|
358,507
|
$
|
304,141
|
$
|
198,052
|
$
|
156,756
|
||||||||
|
Gross
profit: (1)
|
|||||||||||||||
|
Climate
Control (2)
|
$
|
47,454
|
$
|
42,628
|
$
|
25,932
|
$
|
21,921
|
|||||||
|
Chemical
(3)
|
31,852
|
22,242
|
16,499
|
11,710
|
|||||||||||
|
Other
|
2,192
|
1,839
|
1,310
|
1,026
|
|||||||||||
|
$
|
81,498
|
$
|
66,709
|
$
|
43,741
|
$
|
34,657
|
||||||||
|
Operating
income (loss): (4)
|
|||||||||||||||
|
Climate
Control (2)
|
$
|
21,182
|
$
|
18,125
|
$
|
11,855
|
$
|
9,617
|
|||||||
|
Chemical
(3) (5)
|
32,627
|
15,646
|
20,502
|
7,936
|
|||||||||||
|
General
corporate expenses and other business operations, net (6)
|
(5,153
|
)
|
(5,095
|
)
|
(3,033
|
)
|
(2,400
|
)
|
|||||||
|
48,656
|
28,676
|
29,324
|
15,153
|
||||||||||||
|
Interest
expense
|
(3,720
|
)
|
(4,580
|
)
|
(1,266
|
)
|
(1,992
|
)
|
|||||||
|
Non-operating
other income (expense), net:
|
|||||||||||||||
|
Climate
Control
|
1
|
2
|
-
|
-
|
|||||||||||
|
Chemical
|
64
|
82
|
60
|
54
|
|||||||||||
|
Corporate
and other business operations
|
797
|
(11
|
)
|
285
|
(23
|
)
|
|||||||||
|
Provisions
for income taxes (7)
|
(17,429
|
)
|
(532
|
)
|
(10,709
|
)
|
(188
|
)
|
|||||||
|
Equity
in earnings of affiliate-Climate Control
|
462
|
431
|
230
|
216
|
|||||||||||
|
Income
from continuing operations (5)
|
$
|
28,831
|
$
|
24,068
|
$
|
17,924
|
$
|
13,220
|
|||||||
LSB
Industries, Inc. News
Release
August 6,
2008
|
(1)
|
Gross
profit by industry segment represents net sales less cost of sales. Gross
profit classified as “Other” relates to the sales of industrial machinery
and related components.
|
|
(2)
|
On
our futures contracts for copper, during the six months ended June 30,
2008 and 2007, we recognized gains (realized and unrealized) of $2,685,000
and $350,000, respectively. These gains contributed to an
increase in gross profit and operating
income.
|
|
(3)
|
During
the six months ended June 30, 2008 and 2007, the amounts expensed for
precious metals, net of recoveries and gains, were $3,562,000 and
$1,392,000, respectively. In addition, during the three months ended June
30, 2008 and 2007, the amounts expensed for precious metals, net of
recoveries were $1,102,000 and $494,000, respectively. These net expenses
contributed to a decrease in gross profit and operating
income.
|
|
(4)
|
Our
chief operating decision makers use operating income by industry segment
for purposes of making decisions, which include resource allocations and
performance evaluations. Operating income by industry segment represents
gross profit by industry segment less selling, general and administration
expense (“SG&A”) incurred by each industry segment plus other income
and other expense earned/incurred by each industry segment before general
corporate expenses and other business operations, net. General corporate
expenses and other business operations, net, consist of unallocated
portions of gross profit, SG&A, other income and other
expense.
|
|
(5)
|
For
each of the six and three-month periods ended June 30, 2008, we recognized
operating income of $7.6 million, relating to a litigation
judgment. Income from continuing operations for the six and
three month periods ended June 30, 2008 includes $7.6 million ($4.7
million net of provision for income taxes) relating to the litigation
judgment.
|
|
(6)
|
The
amounts included are not allocated to our Climate Control and Chemical
Businesses since these items are not included in the operating results
reviewed by our chief operating decision makers for purposes of making
decisions as discussed above.
|
|
(7)
|
In
the first six months of 2007, we had significant income tax net operating
loss (“NOL”) carry forwards. In addition, we had valuation allowances in
place against our deferred tax assets arising from the NOL carry forwards
and other temporary differences. As a result, the provisions
for federal and state income taxes for six months and three months ended
June 30, 2007, were nominal. During 2008, we anticipate that we will
utilize the NOL carry forwards remaining at December 31, 2007 and
recognize and pay income taxes at regular corporate
rates.
|
LSB
INDUSTRIES, INC.
Condensed
Consolidated Balance Sheets
(Information
at June 30, 2008 is unaudited)
|
June
30,
2008
|
December
31,
2007
|
|
(In
Thousands)
|
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 48,524 | $ | 58,224 | ||||
|
Restricted
cash
|
31 | 203 | ||||||
|
Accounts
receivable, net
|
95,540 | 70,577 | ||||||
|
Inventories:
|
||||||||
|
Finished
goods
|
39,558 | 28,177 | ||||||
|
Work
in process
|
2,947 | 3,569 | ||||||
|
Raw
materials
|
26,272 | 25,130 | ||||||
|
Total
inventories
|
68,777 | 56,876 | ||||||
|
Supplies,
prepaid items and other:
|
||||||||
|
Deferred
rent expense
|
433 | - | ||||||
|
Prepaid
insurance
|
1,523 | 3,350 | ||||||
|
Precious
metals
|
14,093 | 10,935 | ||||||
|
Supplies
|
4,228 | 3,849 | ||||||
|
Other
|
2,385 | 1,464 | ||||||
|
Total
supplies, prepaid items and other
|
22,662 | 19,598 | ||||||
|
Deferred
income taxes
|
6,190 | 10,030 | ||||||
|
Total
current assets
|
241,724 | 215,508 | ||||||
|
Property,
plant and equipment, net
|
89,230 | 79,692 | ||||||
|
Other
assets:
|
||||||||
|
Debt
issuance and other debt-related costs, net
|
4,942 | 4,639 | ||||||
|
Investment
in affiliate
|
3,608 | 3,426 | ||||||
|
Goodwill
|
1,724 | 1,724 | ||||||
|
Other,
net
|
2,655 | 2,565 | ||||||
|
Total
other assets
|
12,929 | 12,354 | ||||||
| $ | 343,883 | $ | 307,554 | |||||
(Continued
on following page)
LSB
INDUSTRIES, INC.
Condensed
Consolidated Balance Sheets
(Information
at June 30, 2008 is unaudited)
|
June
30,
2008
|
December
31,
2007
|
|
(In
Thousands
|
|
Liabilities
and Stockholders’ Equity
|
|||||||||||
|
Current
liabilities:
|
|||||||||||
|
Accounts
payable
|
$
|
51,508
|
$
|
39,060
|
|||||||
|
Short-term
financing and drafts payable
|
131
|
919
|
|||||||||
|
Accrued
and other liabilities
|
34,366
|
38,942
|
|||||||||
|
Current
portion of long-term debt
|
912
|
1,043
|
|||||||||
|
Total
current liabilities
|
86,917
|
79,964
|
|||||||||
|
Long-term
debt
|
120,676
|
121,064
|
|||||||||
|
Noncurrent
accrued and other liabilities:
|
|||||||||||
|
Deferred
income taxes
|
5,675
|
5,330
|
|||||||||
|
Other
|
7,547
|
6,913
|
|||||||||
|
13,222
|
12,243
|
||||||||||
|
Contingencies
|
|||||||||||
|
Stockholders'
equity:
|
|||||||||||
|
Series
B 12% cumulative, convertible preferred stock, $100 par value;
20,000 shares issued and outstanding
|
2,000
|
2,000
|
|||||||||
|
Series
D 6% cumulative, convertible Class C preferred stock, no par
value; 1,000,000 shares issued
|
1,000
|
1,000
|
|||||||||
|
Common
stock, $.10 par value; 75,000,000 shares authorized, 24,834,010
shares issued (24,466,506 at December 31, 2007)
|
2,483
|
2,447
|
|||||||||
|
Capital
in excess of par value
|
126,909
|
123,336
|
|||||||||
|
Accumulated
other comprehensive loss
|
(322
|
)
|
(411
|
)
|
|||||||
|
Retained
earnings (accumulated deficit)
|
12,071
|
(16,437
|
)
|
||||||||
|
144,141
|
111,935
|
||||||||||
|
Less
treasury stock at cost:
|
|||||||||||
|
Common
stock, 3,648,518 shares (3,448,518 at December 31, 2007)
|
21,073
|
17,652
|
|||||||||
|
Total
stockholders' equity
|
123,068
|
94,283
|
|||||||||
|
$
|
343,883
|
$
|
307,554
|
||||||||