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): May 6, 2010
LSB INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-7677
|
73-1015226
|
||
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
||
|
16 South Pennsylvania Avenue,
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))
|
|
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 May 6,
2010, LSB Industries, Inc. (the “Company”) issued a press release to report its
financial results for the first quarter ended March 31, 2010. The
press release is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
On May 6,
2010, at 5:15 p.m. EST / 4:15 p.m. CST, the Company held a conference call
broadcast live over the Internet to discuss the financial results of the first
quarter ended March 31, 2010.
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 to this Item 2.02 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 to such Exhibit 99.1 in such
filing.
(d)
Exhibits.
Exhibit Description
|
99.1
|
Press
Release issued by LSB Industries, Inc. dated May 6,
2010
|
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:
May 6, 2010
LSB
INDUSTRIES, INC.
By: /s/Tony M. Shelby
Name: Tony
M. Shelby
Title: Executive
Vice President of Finance,
Chief
Financial Officer
|
COMPANY
CONTACT:
|
Investor
Relations Contact:
|
|
Tony
M. Shelby, Chief Financial Officer
|
Linda
Latman (212) 836-9609
|
|
(405)
235-4546
|
Lena
Cati (212) 836-9611
|
|
|
The
Equity Group Inc.
|
FOR IMMEDIATE
RELEASE
LSB INDUSTRIES, INC. REPORTS
RESULTS FOR THE
2010 FIRST
QUARTER
OKLAHOMA
CITY, Oklahoma…May 6, 2010… LSB Industries, Inc. (NYSE: LXU) announced today
results for the first quarter ended March 31, 2010. These results
include $6.0 million of losses and start up expenses related to the chemical
plant in Pryor, Oklahoma (“Pryor Facility”).
First Quarter 2010 Results
Compared to First Quarter 2009:
|
·
|
Net
sales were $130.4 million compared to $150.2
million;
|
|
·
|
Operating
income was $4.4 million compared to $19.4
million;
|
|
·
|
Net
income was $1.7 million compared to $11.7
million;
|
|
·
|
Net
income applicable to common shareholders was $1.4 million compared to
$11.4 million;
|
|
·
|
Diluted
earnings per common share were $.07 compared to
$.51.
|
Discussion of First Quarter
of 2010:
For the
2010 first quarter, the decline in net sales was primarily attributable to our
Climate Control Business due to the continued weakness in commercial and
institutional construction in the markets they serve.
Operating
income declined $15.0 million, including $3.5 million in our Climate Control
Business and $10.8 million in our Chemical Business.
The
decline in Climate Control’s operating income was primarily attributable to a
$4.0 million or an 18% reduction in gross profit due primarily to a 26%
reduction in net sales. The decline in Chemical’s operating income
was attributable to a number of variances, including:
LSB Industries, Inc. News Release
May 6, 2010 Page
2
|
|
2010
Increase/(Decrease)
vs. 2009
(in millions)
|
|
·
|
Gross
profit – agricultural
products
|
$ ( 3.4) |
|
·
|
Gains
from precious metals
recoveries
|
( 2.1) |
|
·
|
Higher
margins in 2009 on firm sales commitments contracted at earlier dates and
higher prices
|
( 1.7) |
|
·
|
Timing
of planned major
maintenance
|
( 1.3) |
|
·
|
Embedded
loss on firm sales commitments – Pryor
Facility
|
( 0.8) |
|
·
|
Reduced
losses – natural gas and ammonia contracts
|
0.8 |
|
·
|
Other
|
0.5 |
|
|
Decrease in gross
profit
|
( 8.0) |
|
·
|
Increase
in start up expenses – Pryor Facility ($5.2 million in 2010 vs.
$2.0 million in 2009)
|
( 3.2) |
|
·
|
Insurance
recoveries and other
|
0.4 |
|
|
Decrease
in operating
income
|
$ (10.8) |
Consolidated
pre-tax income in the first quarter of 2009 benefited from a $1.3 million gain
from the extinguishment of debt as a result of acquiring $5.7 million of our
2007 Debentures at discounts to face value.
Climate Control
Business:
Net sales
for the Climate Control Business for the first quarter 2010 totaled $53.7
million, a 26% decrease from the first quarter of 2009 due primarily to reduced
commercial and institutional construction activity.
Despite
the decline in sales, Climate Control’s gross margin as a percent of sales was
34.3% compared to 31.1% in the first quarter of 2009 with the improvement
primarily related to product mix, i.e., a proportionately higher content of
residential product sales and efficiency improvements in our large air handler,
coil manufacturing and engineering and construction services
businesses.
Bookings
of new product orders during the first quarter of 2010 were $54.2 million
compared to $54.9 million in the first quarter of 2009 and $48.5 million for the
fourth quarter of 2009. While new product orders for commercial
products were down 8% from the same period one year earlier, there was a 30%
increase in orders for residential products, consisting of geothermal heat pumps
(“GHP”). At March 31, 2010, the backlog of confirmed customer product
orders was $36.0 million compared to $32.2 million at December 31,
2009.
Chemical
Business:
Net sales
for the Chemical Business for the first quarter 2010, were $74.9 million,
compared to $74.5 million for 2009.
In terms
of tons shipped, sales of industrial chemical products increased, while sales of
agricultural and mining products were lower. The effect of lower volume of
mining products shipped was partially offset by reimbursement of fixed costs and
profit for tons not taken pursuant to contractual arrangements with
LSB Industries, Inc. News Release
May 6, 2010 Page
3
our
largest mining customer. Sales of fertilizer grade ammonium nitrate
in the first quarter of 2010 were significantly lower than in the first quarter
of 2009, due to a late start of the spring fertilizer season, partly as a result
of cold and wet weather conditions. The lower volume of fertilizer
grade ammonium nitrate, coupled with higher ammonia raw material input costs,
resulted in lower agricultural gross margins.
In
connection with the Pryor Facility project, during January 2010, we began
production of anhydrous ammonia, but at production rates lower than our targeted
rates. In the first quarter, we began production of UAN on a limited basis.
However, the start up of the UAN plant has encountered delays, including
extended lead times to refurbish certain major equipment items, resulting in
significant increases in our previous estimates of the start up costs. For the
first quarter of 2010, we incurred approximately $6.0 million of expenses,
primarily consisting of start up costs. We continue to fund the start up of the
Pryor Facility from our available cash on hand and working capital. Although we
have produced UAN on a limited basis through April 2010, we have continued to
encounter mechanical issues that are delaying the production of UAN at a
meaningful sustained rate. We are continuing to produce and sell
anhydrous ammonia, which is the initial feedstock for the production of UAN,
while we are activating the UAN plant. During April 2010 we sold 10,000 tons of
anhydrous ammonia at current market prices.
CEO’s
Remarks:
Jack
Golsen, LSB’s Board Chairman and CEO stated: “Due to current economic
conditions, especially in the commercial construction sector, overall sales in
our Climate Control Business have declined. There have been some
bright spots including orders for GHP products for the residential market which
were up 30% in the current first quarter compared to one year earlier and sales
of our “other” HVAC products, rose 18%. We are also heartened by the
upward trend of our backlog since 2009 year-end.”
He
continued, “With respect to our Chemical Business, although the spring
agricultural season got off to a late start due to poor weather, fertilizer
demand was strong in April and the fundamentals appear to be favorable for the
current growing season. We also have noted a considerable improvement
in industrial acid sales and, to a much lesser degree, some resurgence in demand
for mining products.”
Discussing
LSB’s financial condition, Mr. Golsen noted, “During the first quarter, we
continued to maintain strong cash and liquidity positions and a debt-to-equity
ratio of less than .7 to 1. While we look forward to an economic recovery, we
will continue to invest in the areas that we believe have a long-term strategic
growth potential for LSB.”
Conference
Call
LSB’s
management will host a conference call covering the first quarter results on
Thursday, May 6, 2010 at 5:15 pm ET/4:15 pm CT 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 webcast 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 webcast will be archived on the Company’s website. We
suggest listeners use Microsoft Explorer as their web browser.
LSB Industries, Inc. News Release
May 6, 2010 Page
4
LSB Industries,
Inc.
LSB is a
manufacturing, marketing and engineering company. 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.
This
press release contains certain forward-looking statements within the meaning of
the Private Securities Litigation Act of 1995. These forward-looking
statements generally are identifiable by use of the words “believe,” “expects,”
“intends,” “anticipates,” “plans to,” “estimates,” “projects” or similar
expressions, and such forward-looking statements include, with respect to our
Chemical Business, the fundamentals appear to be favorable for the current
growing season, and we will continue to invest in the areas that we believe have
a long-term strategic growth potential for LSB. Investors are cautioned that
such forward-looking statements are not guarantees of future performance and
involve risk 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, effect of the recession on the
commercial and residential construction industry, acceptance by the market of
our geothermal heat pump products, acceptance of our technology, changes to
federal legislation or adverse regulations, available working capital, ability
to install necessary equipment and renovations at the Pryor facility in a timely
manner, ability to finance our investments, and other factors set forth under “A
Special Note Regarding Forward-Looking Statements” contained in the Form 10-K
for year ended December 31, 2009 and the Form 10-Q for the three months
ended March 31, 2010, for a discussion of a variety of factors which could cause
the future outcome to differ materially from the forward-looking statements
contained in this letter.
# #
#
See
Accompanying Tables
LSB Industries, Inc. News Release
May 6, 2010 Page
5
LSB
Industries, Inc.
Unaudited
Financial Highlights
Three
Months Ended March 31, 2010 and 2009
|
2010
|
2009
|
|
(in
thousands, except per share
amounts)
|
|
Net
sales
|
$
|
130,410
|
$
|
150,197
|
|||
|
Cost
of sales
|
102,144
|
109,469
|
|||||
|
Gross
profit
|
28,266
|
40,728
|
|||||
|
Selling,
general and administrative expense
|
24,589
|
21,375
|
|||||
|
Provisions
for losses on accounts receivable
|
9
|
52
|
|||||
|
Other
expense
|
58
|
43
|
|||||
|
Other
income
|
(806
|
)
|
(162
|
)
|
|||
|
Operating
income
|
4,416
|
19,420
|
|||||
|
Interest
expense
|
2,080
|
1,911
|
|||||
|
Gain
on extinguishment of debt
|
-
|
(1,322
|
)
|
||||
|
Non-operating
other income, net
|
(38
|
)
|
(23
|
)
|
|||
|
Income
from continuing operations before provisions for income
taxes and equity in earnings of affiliate
|
2,374
|
18,854
|
|||||
|
Provisions
for income taxes
|
912
|
7,349
|
|||||
|
Equity
in earnings of affiliate
|
(261
|
)
|
(240
|
)
|
|||
|
Income
from continuing operations
|
1,723
|
11,745
|
|||||
|
Net
loss from discontinued operations
|
5
|
2
|
|||||
|
Net
income
|
1,718
|
11,743
|
|||||
|
Dividends
on preferred stocks
|
305
|
306
|
|||||
|
Net
income applicable to common stock
|
$
|
1,413
|
$
|
11,437
|
|||
|
Weighted-average
common shares:
|
|||||||
|
Basic
|
21,226
|
21,110
|
|||||
|
Diluted
|
21,364
|
23,671
|
|||||
|
Income
per common share:
|
|||||||
|
Basic
|
$
|
.07
|
$
|
.54
|
|||
|
Diluted
|
$
|
.07
|
$
|
.51
|
|||
See
accompanying notes.
LSB Industries, Inc. News Release
May 6, 2010 Page
6
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Three
Months Ended March 31, 2010 and 2009
|
Note
1:
|
Net income
applicable to common stock is computed by adjusting net income by the
amount of preferred stock dividends and dividend
requirements. 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:
|
Provisions
for income taxes are as follows:
|
|
Three
Months Ended
March
31,
|
|||||
|
2010
|
2009
|
||||
|
(in
thousands)
|
|||||
| Current: | |||||
|
Federal
|
$
|
516
|
$
|
4,808
|
|
|
State
|
207
|
590
|
|||
|
Total
current
|
$
|
723
|
$
|
5,398
|
| Deferred: | |||||
|
Federal
|
$
|
177
|
$
|
1,751
|
|
|
State
|
12
|
200
|
|||
|
Total
current
|
$
|
189
|
$
|
1,951
|
|
|
Provision
for income taxes
|
$
|
912
|
$
|
7,349
|
|
|
The
tax provision for the three months ended March 31, 2010, was $912,000 or
34.7% of pre-tax income and included the impact of the increased domestic
manufacturer’s deduction available in 2010 and advanced energy credits.
The tax provision for the three months ended March 31, 2009 was $7.3
million or 38.5% of pre-tax income and included the impact of domestic
manufacturer’s deduction and other permanent
items.
|
|
Note
3:
|
During
the three months ended March 31, 2009, we acquired $5.7 million aggregate
principal amount of the 2007 Debentures for $4.2 million with each
purchase being negotiated. Accordingly, we recognized a gain on
extinguishment of debt of $1.3 million after writing the unamortized debt
issuance costs associated with the 2007 Debentures
acquired.
|
|
Note
4:
|
Information
about the Company’s operations in different industry segments for three
months ended March 31, 2010 and 2009 is detailed on the following
page.
|
LSB Industries, Inc. News Release
May 6, 2010 Page
7
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Three
Months Ended March 31, 2010 and 2009
|
2010
|
2009
|
|
(in
thousands)
|
|
Net
sales:
|
|||||||
|
Climate
Control
|
$
|
53,671
|
$
|
72,048
|
|||
|
Chemical
|
74,872
|
74,478
|
|||||
|
Other
|
1,867
|
3,671
|
|||||
|
$
|
130,410
|
$
|
150,197
|
||||
|
Gross
profit: (1)
|
|||||||
|
Climate
Control
|
$
|
18,399
|
$
|
22,428
|
|||
|
Chemical
(2)
|
9,158
|
17,148
|
|||||
|
Other
|
709
|
1,152
|
|||||
|
$
|
28,266
|
$
|
40,728
|
||||
|
Operating
income: (3)
|
|||||||
|
Climate
Control
|
$
|
5,527
|
$
|
8,978
|
|||
|
Chemical
(2) (4)
|
1,885
|
12,638
|
|||||
|
General
corporate expenses and other business operations,
net
|
(2,996
|
)
|
(2,196
|
)
|
|||
|
4,416
|
19,420
|
||||||
|
Interest
expense
|
(2,080
|
)
|
(1,911
|
)
|
|||
|
Gain
on extinguishment of debt
|
-
|
1,322
|
|||||
|
Non-operating
other income, net:
|
|||||||
|
Climate
Control
|
1
|
-
|
|||||
|
Chemical
|
2
|
3
|
|||||
|
Corporate
and other business operations
|
35
|
20
|
|||||
|
Provisions
for income taxes
|
(912
|
)
|
(7,349
|
)
|
|||
|
Equity
in earnings of affiliate-Climate Control
|
261
|
240
|
|||||
|
Income
from continuing operations
|
$
|
1,723
|
$
|
11,745
|
LSB Industries, Inc. News Release
May 6, 2010 Page
8
LSB
Industries, Inc.
Notes
to Unaudited Financial Highlights
Three
Months Ended March 31, 2010 and 2009
|
|
(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)
|
As
the result of entering into sales commitments with higher firm sales
prices during 2008, we recognized sales with a gross profit of $761,000
and $2,500,000 higher than our comparable products sales made at lower
market prices available during the first quarter of 2010 and 2009,
respectively. In addition, during the first quarter of 2010 and
2009, we recognized gains on sales and recoveries of precious metals
totaling $112,000 and $2,213,000, respectively. The impact of
these transactions increased gross profit and operating income for each
respective period. During the first quarter of 2010 and 2009,
we incurred expenses of $1,432,000 and $120,000, respectively, relating to
planned major maintenance activities. During the first quarter
of 2010 and 2009, we recognized losses totaling $838,000 and $1,619,000
respectively, on our futures/forward contracts for natural gas and
ammonia. During the first quarter of 2010, we recognized net
losses on firm sales commitments of $790,000, most of which relates to the
Pryor Facility discussed below in note 4. The impact of these
expenses and losses decreased gross profit and operating income for each
respective period.
|
|
|
(3)
|
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 less selling, general and administrative expense
(“SG&A”) incurred plus other income and other expense earned/incurred
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.
|
|
|
(4)
|
During
the first quarter of 2010, we began limited production of anhydrous
ammonia and UAN at our Pryor Facility. However, the production
was at rates lower than our targeted production rates. As a
result, we incurred expenses of $6,037,000 (including the $770,000 net
loss on firm sales commitments discussed above in note
2). During the first quarter of 2009, we incurred start up
expenses of $1,996,000 relating to the Pryor
Facility. Excluding the net loss on firm sales commitments,
which are included in cost of sales, these expenses are primarily included
in SG&A for each respective
period.
|
LSB Industries, Inc. News Release
May 6, 2010 Page
9
LSB
Industries, Inc.
Consolidated
Balance Sheets
(Information at March 31, 2010 is unaudited)
(Information at March 31, 2010 is unaudited)
|
March
31,
|
December
31
|
|||||
|
2010
|
2009
|
|||||
|
(In
Thousands)
|
|
Assets
|
||||||
|
Current
assets:
|
||||||
|
Cash
and cash equivalents
|
$
|
45,067
|
$
|
61,739
|
||
|
Restricted
cash
|
582
|
30
|
||||
|
Short-term
investments
|
10,000
|
10,051
|
||||
|
Accounts
receivable, net
|
67,906
|
57,762
|
||||
|
Inventories
|
61,113
|
51,013
|
||||
|
Supplies,
prepaid items and other:
|
||||||
|
Prepaid
insurance
|
3,206
|
4,136
|
||||
|
Prepaid
income taxes
|
1,181
|
1,642
|
||||
|
Precious
metals
|
12,194
|
13,083
|
||||
|
Supplies
|
5,415
|
4,886
|
||||
|
Other
|
2,682
|
1,626
|
||||
|
Total
supplies, prepaid items and other
|
24,678
|
25,373
|
||||
|
Deferred
income taxes
|
5,459
|
5,527
|
||||
|
Total
current assets
|
214,805
|
211,495
|
||||
|
Property,
plant and equipment, net
|
122,877
|
117,962
|
||||
|
Other
assets:
|
||||||
|
Debt
issuance costs, net
|
1,547
|
1,652
|
||||
|
Investment
in affiliate
|
3,959
|
3,838
|
||||
|
Goodwill
|
1,724
|
1,724
|
||||
|
Other,
net
|
2,168
|
1,962
|
||||
|
Total
other assets
|
9,398
|
9,176
|
||||
|
$
|
347,080
|
$
|
338,633
|
(Continued
on following page)
LSB Industries, Inc. News Release
May 6, 2010 Page 10
LSB
Industries, Inc.
Consolidated
Balance Sheets
(Information
at March 31, 2010 is unaudited)
|
March
31
|
December
31
|
|||||
|
2010
|
2009
|
|||||
|
(In
Thousands)
|
||||||
|
Liabilities
and Stockholders’ Equity
|
||||||
|
Current
liabilities:
|
||||||
|
Accounts
payable
|
$
|
39,297
|
$
|
37,553
|
||
|
Short-term
financing
|
1,905
|
3,017
|
||||
|
Accrued
and other liabilities
|
25,367
|
23,054
|
||||
|
Current
portion of long-term debt
|
3,438
|
3,205
|
||||
|
Total
current liabilities
|
70,007
|
66,829
|
||||
|
Long-term
debt
|
101,775
|
98,596
|
||||
|
Noncurrent
accrued and other liabilities
|
10,776
|
10,626
|
||||
|
Deferred
income taxes
|
12,094
|
11,975
|
||||
|
Commitments
and 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 and outstanding
|
1,000
|
1,000
|
||||
|
Common
stock, $.10 par value; 75,000,000 shares authorized, 25,371,925
shares issued (25,369,095 at December 31, 2009)
|
2,537
|
2,537
|
||||
|
Capital
in excess of par value
|
130,349
|
129,941
|
||||
|
Retained
earnings
|
42,495
|
41,082
|
||||
|
178,381
|
176,560
|
|||||
|
Less
treasury stock at cost:
|
||||||
|
Common
stock, 4,143,362 shares
|
25,953
|
25,953
|
||||
|
Total
stockholders' equity
|
152,428
|
150,607
|
||||
|
$
|
347,080
|
$
|
338,633
|
|||