Approved Financial Corp. Announces Results for the Third Quarter of 1999.VIRGINIA BEACH Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Va.--(BUSINESS WIRE)--Nov. 15, 1999-- Approved Financial Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APFN APFN American Patriot Friends Network ) announces results for the third quarter of 1999. FINANCIAL RESULTS Approved Financial Corp. ("Approved" or "Company") reports a net loss of $1.4 and $3.9 million or $.26 and $.72 per share for the three and nine months ended September September: see month. 30, 1999. This represents a significant decrease from net income of $.2 and $2.1 million or $.03 and $.38 per share for the three and nine months ended September 30, 1998. LOAN ORIGINATIONS The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Loan origination volume of $86.6 million and $282.3 million is reported for the three and nine months ended September 30, 1999, respectively, compared to $136.0 and $400.4 million for the same periods in 1998. The retail branch network contributed 74% and 72% of total loan volume in the three and nine months ended September 30, 1999 compared to 59% and 60% in the1998 periods. Retail loan volume for the three and nine month periods in 1999 include loans generated by the Company's retail division that are funded through other lenders ("brokered loans") of $37.0 and $125.9 million, respectively, for which the Company received fee income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.32% and 4.05% respectively. The brokered loans consist of non-conforming mortgages A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). that do not meet the Company's underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and conforming loans Conforming loans Mortgage loans that meet the qualifications of Freddie Mac or Fannie Mae, which are bought from lenders and issued as pass-through securities. . During the second quarter of 1999, the Company formed a conforming loan Conforming Loan A conventional mortgage under $203,150 that conforms to the loan amounts and mortgage guidelines used by Fannie Mae and/or Freddie Mac. Notes: Conventional mortgages or conforming loans are classified as non-conforming or jumbo loans when the amount of the department under its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Approved Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks . The retail division originated government (FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). and VA) and conforming loans of approximately $11.1 million and $18.6 million through this department during the three and nine months ended September 30, 1999. The Company's wholesale division, which originates loans through referrals from a network of mortgage brokers ("broker origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real ") produced $22.9 and $80.2 million in volume during the three and nine months ended September 30, 1999, respectively, compared to $56.2 and $161.3 million during the same periods in 1998. Continued pricing competition in this origination channel was the primary factor contributing to the reduction in broker origination volume of 59% and 50% for the respective periods when compared to the same periods in 1998. Average fees paid to mortgage brokers for the three and nine months ended September 30, 1999 were 0.36% and 0.33%, a significant reduction from 0.68% and 0.60% for the same periods ended September 30, 1998. Loans funded by the company with a prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. represented approximately 92% and 86% of the total during the three and six months ended September 30, 1999, respectively, as compared to 65% and 58% for the same periods in 1998. GAIN ON SALE OF LOANS The largest component of the Company's net income is gain on sale of loans. There is an active secondary market for most types of mortgage loans originated by the Company. The majority of the loans originated by the Company are sold to other financial institutions on a whole loan service-released basis. The Company receives cash at the time loans are sold. The loans are sold on a non-recourse basis, except for normal representations and warranties warranties, n.pl the details of a contract; considered less important than the conditions. Whereas the penalty for breach of conditions is the termination of the contract, the penalty for breach of warranties is payment of damages to the innocent party. , which is consistent with industry practices. By selling loans in the secondary mortgage market, the Company is able to obtain funds that may be used for additional lending, investment and business purposes. Gains from the sale of loans is comprised of several components, as follows: (a) the difference between the sales price and the net carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the loan; plus (b) loan origination fee income collected at loan closing and deferred until the loan is sold; less (c) recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. premiums and loan selling costs. Non-conforming loan A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. sales totaled $58.5 and $192.8 million including loans owned by the Company in excess of 180 days ("seasoned loans") for the three and nine months ended September 30, 1999, compared to $100.7 and $331.9 million including seasoned loans for the same period in 1998. The decrease was caused primarily by the decrease in loan origination volume. Seasoned loan sales totaled $10.9 million during the three month period ended September 30, 1999 at a weighted average discount to par value of 7%. The loss was fully reserved for in prior periods. For the three and nine month periods ended September 30, 1998, the Company sold $2.3 million and $12.0 million of seasoned loans, at a weighted average discount to par value of 21% and 10.5% respectively. Loan loss reserves related to the loss on this sale of seasoned loans during the third quarter of 1999 were provided for and charged against earnings in prior periods. Conforming con·form v. con·formed, con·form·ing, con·forms v.intr. 1. To correspond in form or character; be similar. 2. and government loan sales were $11.0 million and $16.4 million for the three and nine months ended September 30, 1999. The company did not originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. conforming or government loans during the same periods ended in 1998. The combined gain on the sale of loans was $2.9 and $10.4 million for the three and nine months ended September 30, 1999, which compares with $7.1 and $25.6 million for the same period in 1998. The decrease for the three and nine months ended September 30, 1999, was the direct result of a decrease in the weighted-average premium paid by investors for the Company's loans, the addition of conforming and government loan sales that normally carry lower loan sale premiums and a lower volume of loans sold. Gain on the sale of mortgage loans represented 44.3% and 45.1% of total revenue during the three and nine months ended September 30, 1999, compared to 58.0% and 65.4% of total revenue for the same period in 1998. Average retail loan origination fee income recorded in gain on sale revenue during the three and nine months ended September 30, 1999 was 4.40% and 4.58%, including government and conforming loans that normally carry lower origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. . Total origination fees earned on retail non-conforming loans sold during the three and nine months ended September 30, 1999, were approximately 5.30% and 5.10%, respectively. Weighted-average loan sale premium realized by the Company on its non-conforming loan sales decreased to 3.04% and 3.16% (excluding seasoned loan sales), during the three and nine months ended September 30, 1999, from 5.29% and 5.73% (excluding seasoned loan sales) for the same period in 1998. The decrease in premium percentage was caused by material changes in the secondary market conditions for non-conforming mortgage loans. The weighted-average premium realized by the Company on its conforming and government loan sales was 1.88% and 1.91% during the three and nine months ended September 30, 1999. EXPENSE REDUCTION Total expenses decreased 25% and 17% for the three and nine months ended September 30, 1999 compared to 1998. The compensation and related benefits expense decreased 29% and 24%, loan production expense that includes fees paid to mortgage brokers for services rendered declined by 53% and 48% during the three and nine months ended September 30, 1999 compared to 1998. These items are the result of the Company's expense reduction program implemented over the past year. However, these reductions were offset by an increase of approximately 6% and 4% in general and administrative expenses for the three and nine month periods, which was directly related to expenses associated with the centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. of the Company's marketing efforts. NEW HEADQUARTERS LOCATION AND CORPORATE INITIATIVES The Company's new centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. Virginia Beach headquarters building was purchased in October October: see month. of 1999. The new facility consolidates four existing office locations in Virginia Beach and is located in the office park where the Company owns a parcel of land originally purchased for the purpose of building a new centralized location. The new facility was not available for purchase at the time the Company acquired the land. The move is scheduled for completion by the end of the year. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Wykle, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , remarks, "We are very pleased with our new facility. This represents a significant achievement in our ongoing initiatives to enhance operating efficiencies, create easier interaction between departments and enable us to better serve our customer base, which includes individual borrowers, mortgage brokers, as well as our retail branch employees. The building adequately meets the Company's needs and provides a less expensive alternative to constructing a new facility." Mr. Wykle continued, "Over the past five quarters we have focused on streamlining our mortgage origination and secondary market operations, reducing expenses, investing in and implementing new technology, and centralizing cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. advertising and marketing efforts. We have made significant progress in each of these areas and continue to prioritize pri·or·i·tize v. pri·or·i·tized, pri·or·i·tiz·ing, pri·or·i·tiz·es Usage Problem v.tr. To arrange or deal with in order of importance. v.intr. these initiatives. Our long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. are to develop new business units that will complement our mortgage business, diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. revenue sources and better service our customers and to prudently pru·dent adj. 1. Wise in handling practical matters; exercising good judgment or common sense. 2. Careful in regard to one's own interests; provident. 3. Careful about one's conduct; circumspect. develop the untapped business opportunities available to the Company through our federal savings bank subsidiary." THE COMPANY Approved Financial Corp., chartered as a Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). financial institution in 1952, and its wholly owned subsidiary, Approved Federal Savings Bank, a federally chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , are headquartered in Virginia Beach, Virginia Virginia Beach is an independent city located in the South Hampton Roads area in the Commonwealth of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated . The Company's primary business is the origination, service and sale of non-conforming and conforming mortgage loans secured primarily by first and second liens A Second lien financing is a form of financing secured on a second ranking basis by (more or less) the same security, which secures the first ranking financing. The first lien lenders and the second lien lenders agree that, in the event of a security enforcement or bankruptcy, the on one-to-four family residential properties. The Company originates loans on a retail basis through its wholly owned subsidiaries, Approved Federal Savings Bank, Approved Residential Mortgage and MOFC d/b/a ConsumerOne Financial and originates broker-referred loans through its subsidiaries, Approved Residential Mortgage and Approved Federal Savings Bank. The Company's common stock currently trades on the Bulletin Board under the symbol APFN. Investors can access an archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. of the Company's press releases and Securities and Exchange Commission filings on the internet at: http://www.businesswire.com/cnn/apfn.shtml. Certain statements in this press release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 concerning items such as Approved's future loan production volume, profits from future loan production and loan sales, ability to achieve new operating efficiencies, ability to profitably implement a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , expense reduction and revenue expansion plan, ability to profitably develop a conforming loan department, ability to develop new sources of revenues and any other mentioned business strategy concerning the sustainable profitability of any current or future operation of the Company are forward-looking statements. There are a number of important factors that could cause the actual results of Approved Financial Corp. to differ materially from those indicated in such forward-looking statements. Those factors include, but are not limited to the ability of the Company to retain management personnel with the appropriate skills to implement restructuring, expense reduction and revenue expansion plans, management's ability to develop new origination centers and other sources of loan volume, any changes in residential real estate values, changes in industry competition, general economic conditions, changes in interest rates, changes in the demand for non-conforming or conforming mortgage loans, availability of capital resources and liquidity, changes in loan prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. , delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. , default and loss rates, changes in regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues concerning financial institutions or federally chartered savings banks, changes in accounting standards effecting the Company's financial statements, any changes which influence all markets for profitable sales of all types of mortgage loans and other risk factors disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the Company's filings with the Securities and Exchange Commission (SEC) on Form 10K and Form 10Q. -0-
LOAN ORIGINATION SUMMARY
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 30,
(dollars in thousands) 1999 1998 1999 1998
---------------- -----------------
Dollar Volume of Loans Originated:
Broker Division $22,912 $56,224 $80,222 $161,307
Retail Division:
Brokered Loans 37,017 23,524 125,873 59,954
Funded in-house
non-conforming 15,526 56,259 57,675 179,128
Funded in-house conforming
and government 11,114 0 18,565 0
Total $86,569 $136,007 $282,335 $400,389
Number of Loans Originated:
Broker Division 409 876 1,336 2,780
Retail Division:
Brokered Loans 453 288 1,495 711
Funded in-house
non-conforming 248 962 893 3,232
Funded in-house conforming
and government 114 0 193 0
Total 1,224 2,126 3,917 6,723
Percentage of Loans with
Prepayment Penalty 92% 65% 86% 58%
LOAN ORIGINATION STATISTICS
Third Quarter 1999 YTD 9/30/99
DESCRIPTION
---------------------------------------------------------------------------------------------------------------------
% of Volume WAC LTV % of Volume WAC LTV
Loan Class:
A 84.8% 10.06% 80.70% 77.5% 10.08% 82.18%
B 11.9% 11.67% 78.10% 14.9% 11.42% 78.95%
C 3.0% 12.37% 73.16% 6.6% 12.39% 72.84%
D 0.3% 13.33% 63.23% 1.0% 13.24% 63.35%
TOTAL 100.0% 10.40% 78.70% 100.0% 10.47% 80.38%
Primary Purpose:
Debt Consolidation 74.6% 73.3%
Refinance 18.4% 20.7%
Purchase 6.2% 5.3%
Home Improvement 0.8% 0.7%
Lien Position:
1st Mortgage 80.4% 85.0%
2nd Mortgage 19.6% 15.0%
Loan Type:
Fixed 86.7% 81.8%
ARM 13.3% 18.2%
Occupancy Status:
Owner Occupied 95.0% 95.2%
Non-Owner Occupied 5.0% 4.8%
APPROVED FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
As of September 30, 1999 and December 31, 1998
(Dollars in thousands, except per share amounts)
ASSETS (Unaudited) 1998
1999
Cash $ 6,668 $ 6,269
Mortgage loans held for sale, net 41,345 105,044
Real estate owned, net 2,238 1,707
Investments 2,531 3,472
Income taxes receivable 4,337 2,023
Deferred tax asset 1,140 3,330
Premises and equipment, net 4,693 5,579
Goodwill, net 3,936 4,554
Other assets 2,215 4,140
Total assets $ 69,103 $ 136,118
LIABILITIES AND EQUITY
Liabilities:
Revolving warehouse loan $ 13,885 $ 72,546
Mortgage payable 331 1,210
Notes payable-related parties 3,556 3,628
Certificate of indebtedness 2,325 2,414
Certificates of deposits 30,326 29,728
Loan proceeds payable 0 2,565
Accrued and other liabilities 3,429 4,760
Total liabilities 53,852 116,851
Shareholders' equity:
Preferred stock series A,
$10 par value;
Noncumulative, voting:
Authorized shares - 100
Issued and outstanding shares - 90 1 1
Common stock $1.00 par value in
1999 and 1998:
Authorized shares - 40,000,000
Issued and outstanding shares -
5,482,114 in 1999 and 1998 5,482 5,482
Accumulated other comprehensive
income (loss) (38) 30
Additional paid in capital 552 552
Retained earnings 9,254 13,202
Total equity 15,251 19,267
Total liabilities and equity $ 69,103 $ 136,118
The notes to financial statements appearing in the Company's
filings on SEC Form 10Q and 10K are an integral part of these
consolidated financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
for the three months ended September 30, 1999 and 1998
(Dollars in thousands, except share and per share amounts)
(Unaudited)
1999 1998
Revenue:
Gain on sale of loans $ 2,920 $ 7,060
Interest income 1,695 2,305
Gain on sale of securities 0 996
Other fees and income 1,971 1,810
6,586 12,171
Expenses:
Compensation and related benefits 4,189 5,879
General and administrative 3,023 2,839
Loan production expense 460 976
Interest expense 1,039 1,477
Provision for loan and
foreclosed property losses 179 718
8,890 11,889
Income/(loss) before
income taxes (2,304) 282
Provision for (benefit from)
income taxes (901) 121
Net income/(loss) $ (1,403) $ 161
Other comprehensive income, net of tax:
Unrealized losses on securities:
Unrealized holding loss arising
during period (12) (5,153)
Comprehensive loss $ (1,415) $ (4,992)
Net income/(loss) per share:
Basic and Diluted $ (0.26) $ 0.03
Weighted average number of shares outstanding:
Basic 5,482,114 5,512,114
Diluted 5,482,114 5,515,702
The notes to financial statements appearing in the Company's
filings on SEC Form 10Q and 10K are an integral part of these
consolidated financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)
for the nine months ended September 30, 1999 and 1998
(Dollars in thousands, except share and per share amounts)
(Unaudited)
1999 1998
Revenue:
Gain on sale of loans $ 10,443 $ 25,593
Interest income 6,333 7,559
Gain on sale of securities 0 996
Other fees and income 6,370 4,971
23,146 39,119
Expenses:
Compensation and related
benefits 13,579 17,878
General and administrative 8,974 8,671
Loan production expense 1,491 2,844
Interest expense 3,934 4,561
Provision for loan and
foreclosed property losses 1,423 1,556
29,401 35,510
Income/(loss) before
income taxes (6,255) 3,609
Provision for (benefit from)
income taxes (2,307) 1,501
Net income/(loss) $ (3,948) $ 2,108
Other comprehensive income, net of tax:
Unrealized losses on securities:
Unrealized holding loss arising
during period (68) (5,879)
Comprehensive loss $ (4,016) $ (3,771)
Net income/(loss) per share:
Basic and Diluted $ (0.72) $ .38
Weighted average number of shares outstanding:
Basic 5,482,114 5,510,404
Diluted 5,482,114 5,513,744
The notes to financial statements appearing in the Company's
filings on SEC Form 10Q and 10K are an integral part of these
consolidated financial statements.
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the nine months ended September 30, 1999 and 1998
(In thousands)
(Unaudited)
1999 1998
Operating activities
Net income/(loss) $ (3,948) $ 2,108
Adjustments to reconcile
net income/(loss) to net
cash provided by operating
activities:
Depreciation of premises
and equipment 685 515
Amortization of goodwill 345 292
Provision for loan losses 1,227 1,657
Provision for losses on
real estate owned 196 (101)
Loss (gain) on sale
of securities 8 (994)
Loss on sale of real
estate owned 393 580
Gain on sale of loans (10,443) (25,961)
Proceeds from sale and
prepayments of loans 226,796 366,741
Originations - Loans held
for sale (156,462) (340,435)
Changes in assets and
liabilities:
Loan sale receivable (279) (3)
Other assets 2,205 (2,065)
Accrued and other
liabilities (1,056) (1,786)
Income tax payable (2,314) (2,689)
Deferred tax asset 2,225 1,110
Loan proceeds payable (2,565) 2,214
Net cash provided by
operating activities 57,013 1,183
Cash flows from investing activities:
Purchase of securities (125) 0
Sales of ARM Portfolio shares 4,692 0
Sales of securities 0 3,919
Purchase of premises and
equipment (1,210) (733)
Sales of premises and equipment 1,410 41
Sales of real estate owned 1,850 3,771
Real estate owned capital
improvements (408) (234)
Recoveries on loans charged off 19 150
Purchases of ARM Portfolio shares (3,594) (2,035)
Purchases of FHLB stock (146) (96)
Net cash provided by
investing activities 2,488 4,783
APPROVED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
for the nine months ended September 30, 1999 and 1998
(In thousands)
(Unaudited)
1999 1998
Cash flows from financing activities:
Borrowings - warehouse 134,511 300,437
Repayments of borrowings
- warehouse (193,171) (312,135)
Proceeds from FHLB advances 0 380
Principal payments on
mortgages payable (879) (61)
Net increase (decrease) in:
Notes payable (72) 60
Certificates of indebtedness (89) (18)
Certificates of deposit 598 8,428
Net cash used by financing activities (59,102) (2,909)
Net increase in cash 399 3,057
Cash at beginning of period 6,269 11,869
Cash at end of period $ 6,668 $ 14,926
Supplemental cash flow information:
Cash paid for interest $ 4,190 $ 5,068
Cash paid for income taxes 0 3,080
Supplemental non-cash information:
Loan balances transferred to
real estate owned $ 2,978 $ 3,618
Exchange of stock for
acquisition of Armada
Residential Mortgage LLC 0 669
The notes to financial statements appearing in the Company's
filings on SEC Form 10Q and 10K are an integral part of these
consolidated financial statements.
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