Bally Total Fitness Reports Third Quarter 2001 Results.Business Editors CHICAGO--(BUSINESS WIRE)--Nov. 6, 2001 Revenues Up 5% and Net Income Up 14% Over Prior Year Quarter Before Net Benefit Of Unusual Items EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for Third Quarter $.61 versus $.58 Last Year Before Net Benefit of $.27 and $.72, Respectively Bally Total Fitness Bally Total Fitness is an American health club chain with 400 gyms in 70 cities, and claims 4 million customers [1]. The chain has recently opened gyms in South Korea, China & the Bahamas. Holding Corporation (NYSE NYSE See: New York Stock Exchange : BFT (Binary File Transfer) An extension to the fax protocol that allows transmission of raw data. A page of text is transmitted faster than a bitmap of the page and is displayed at normal printer resolution at the receiving side. ) today reported its financial results for the third quarter of 2001, with net income of $18.2 million, up 14% over the prior year quarter, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter of $.61, before the net benefit of unusual items of $8.3 million ($.27 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share). Net revenues increased 5% to $209.9 million, while operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , exclusive of special charges for the quarter, was up 6% over the prior year to $16.1 million. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
"The third quarter was a uniquely challenging period for business," said Lee Hillman Hillman was a famous British automobile marque, manufactured by the Rootes Group. It was based in Ryton-on-Dunsmore, near Coventry, England, from 1907 to 1976. Before 1907 the company had built bicycles. , chairman of the board, 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. of Bally Total Fitness. "While a number of obvious factors made this period one of the most difficult, Bally bally Adjective, adv Brit old-fashioned, slang extreme or extremely: a bally nuisance, he's too bally charming for his own good Adj. 1. remained strong and resilient See resiliency. . Continued revenue and profit growth in our core operations and continued strength of our contracts receivable portfolio highlighted Bally's performance this quarter. In October October: see month. , new membership sales rebounded to levels above those experienced for the same month a year ago and personal training revenues reached an all time high. Our products and services businesses have continued to grow despite disruptions during September September: see month. ." "During this quarter, we also made progress on our goal to monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. our more than $500 million receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed portfolio, completing another bulk sale and reducing debt. In 2001, we have reduced debt by 15%, nearly $105 million, strengthening our financial position. We also made significant progress toward our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. goal with a pending new agreement to replace our existing securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. facility. This new facility is expected to be completed in the coming weeks," Hillman added. "Also, in October, we announced a merger agreement with Crunch (1) To process data. See number crunching. (2) To compress data. See data compression. 1. (jargon) crunch - To process, usually in a time-consuming or complicated way. Fitness, the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae fitness brand serving the very important and fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive young, upscale, urban market segment. Crunch will give us terrific new positioning in exceptionally visible, high-growth markets, including New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Miami and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . All in all, we have made a lot of progress in difficult times," Hillman concluded. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standard No. 109, Accounting for Income Taxes, the Company reviewed the likelihood of realizing the future benefit of its unrecognized tax loss carryforwards tax loss carryforward See carryforward. . Based on consistent and growing profitability over the past four years and reasonably expected continuation of these trends, the Company has now cumulatively reduced its valuation allowance against its loss carryforwards Loss Carryforward An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability. Notes: by $35 million. In the previous year quarter, the Company reduced its valuation allowance by $20 million and, based on continued improving results, a further unusual benefit was recorded to reduce the valuation allowance by an additional $15 million this period. Valuation allowances totaling more than $75 million remain and may be reversed benefiting results in future periods. As a result of the September 11th attacks On September 11, 2001, in the deadliest case of domestic Terrorism in the history of the United States, a group of 19 terrorists hijacked four U.S. airliners for use as missiles against targets in New York City and Washington, D.C. , management estimates that net membership originations were reduced by as much as $4 million systemwide. In addition, the Company recorded $6.7 million of special charges of which $4.2 million were principally related to cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. or reformatted marketing events and other direct or indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra of retail apparel in connection with management's strategic repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of in-club retail stores, adding juice bars to replace slow moving, lower margin fashion apparel. Recent experience indicates retail revenue is nearly 35% greater and profits 60% higher from in-club stores that include a juice bar. The Company plans to double the number of in-club stores with juice bars from 100 to 200 over the next 12 months. Discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: apparel has been marked down and is being sold to allow for the space requirements of the new juice bars. Financial statement presentation change Consistent with the Company's stated objectives and successful initiatives to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. a substantial portion of its member financing activities, the staff of the Securities and Exchange Commission ("SEC") requested the Company reformat (1) To change the record layout of a file or database. (2) To initialize a disk over again. its primary financial statements to simplify and clarify their presentation. The changes are merely reclassifications and have no effect on operating results, EBITDA or net income and do not change the Company's revenue recognition methods previously set forth by the SEC in its Staff Accounting Bulletin 101. With this new format, finance charges earned are presented as nonoperating income nonoperating income Income derived from a source other than a firm's regular activities. For example, a firm may record as nonoperating income the profit gained from the sale of an asset other than inventory. and classified with interest expense. Together, these amounts demonstrate the low net leverage of the Company's operations. Additionally, revenues and expenses are now reported net of deferral deferral - Waiting for quiet on the Ethernet. accounting to clarify the trend in earned membership revenues and the provision for bad debts has also been reclassified to directly offset membership revenues. Prior period presentations have been conformed to the new format. Comparison of the three months ended September 30, 2001 and 2000 Operating income for the third quarter of 2001, excluding the special charges, was $16.1 million compared to $15.1 million in 2000. This increase of $1.0 million (6%) was due to an $11.0 million (6%) increase in net revenue, offset by a $10.0 million (5%) increase in operating costs operating costs npl → gastos mpl operacionales and expenses, including an increase in depreciation and amortization of $2.2 million. The EBITDA margin, before special charges, was 25%, unchanged from the year ago quarter. Operating income from products and services increased to $13.9 million from $10.5 million in the 2000 quarter, with an EBITDA margin of 37% in the 2001 quarter compared to 36% during the prior year period. The weighted-average number of fitness centers increased to 384 from 380 in the third quarter of 2000, an increase of 1%, including an increase in the weighted-average number of centers operating under the Company's four upscale brands from 34 to 37. Net revenue from comparable fitness centers increased 4%. Membership revenue recognized was up $2.3 million (1%) over the prior year quarter. New membership units originated decreased by 1% over the prior year as a result of disruptions to sales activities brought about by the September 11th events. Management estimates that new membership units originated would have increased by as much as 2% absent these events. The weighted-average selling price of membership contracts sold decreased by 2% compared to last year as a result of the net addition of five clubs in markets that offer lower initiation initiation, the transition and attendant ceremonies, such as ordeals and rites, involved in passing from one state or status to another, often from childhood to adulthood. It was among the most important social institutions of early humans. fees due to statutory limits on initiation fees or length of finance term, and the continued availability of a selection of shorter-term and seasonal membership programs designed to attract incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. members with lower average initiation fees than the Company's full membership plans. As a result, membership fees originated decreased by $4.6 million or 3% versus the prior year quarter. The provision for doubtful receivables combined with the provision for cancellations, both of which are now included as direct reductions of membership revenue, totaled 41% of the gross financed portion of originations for both periods. Dues revenues were comparable with prior periods, although management believes disruptions in mail services during September 2001 negatively impacted these amounts. Finance charges earned in excess of net interest costs totaled $2.5 million for the third quarter of 2001, an increase of $1.4 million over the 2000 period resulting from the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. strategy of reducing the Company's net borrowings, in part, through the sale of installment contracts installment contract n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. receivable. Comparison of the nine months ended September 30, 2001 and 2000 Operating income for the first nine months of 2001, excluding the special third quarter charges, was $49.7 million compared to $43.1 million in 2000. This increase of $6.6 million (15%) was due to a $56.0 million (10%) increase in net revenue, offset by a $49.4 million (9%) increase in operating costs and expenses, including an increase in depreciation and amortization of $7.1 million. The EBITDA margin, before special charges, was 24% in both periods. Operating income from products and services increased to $41.1 million from $28.8 million in the first nine months of 2000, with an EBITDA margin of 37% in 2001 compared to 35% during the prior year period. The weighted-average number of fitness centers increased to 385 from 374 in the first nine months of 2000, an increase of 3%, including an increase in the weighted-average number of centers operating under the Company's four upscale brands from 34 to 36. Net revenue from comparable fitness centers increased 7%. Membership revenue recognized increased 5% over the prior year period. New membership units originated increased by 1% over the prior year period, while the weighted-average selling price of membership contracts sold decreased 1% as a result of the net addition of five clubs in markets that offer lower initiation fees due to statutory limits on initiation fees or length of finance term, and the continued availability of a selection of shorter-term and seasonal membership programs. As a result, membership fees originated were essentially unchanged from the prior year. The provision for doubtful receivables combined with the provision for cancellations, both of which are now included as direct reductions of membership revenue, totaled 41% of the gross financed portion of originations for both periods. Dues revenues increased 6% during the first nine months of the year, despite disruptions in mail service during September 2001. Finance charges earned in excess of net interest costs totaled $7.5 million for the first nine months of 2001, an increase of $2.9 million over the 2000 period resulting from the aforementioned strategy of reducing the Company's net borrowings, in part, through the sale of installment contracts receivable. Cash Flow Cash flow from operating activities was $127.5 million for the first nine months in 2001 compared to $45.8 million in the 2000 period. The net effect of the bulk sales of receivables was to increase cash flow from operating activities during the first nine months of 2001 by $79.5 million. Exclusive of the receivable sales offset by the change in dues prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. of $10.2 million during the period, cash flow from operating activities increased by 27%. Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. outstanding has been reduced by $104.8 million since the start of 2001, a 15% reduction, while net debt (total debt, less net installment contracts receivable and cash), has been reduced by $80.1 million, a 67% reduction over the same period. As of September 30, 2001, the Company had drawn $14.5 million on its $100 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line and had outstanding letters of credit totaling $5.1 million. Bally Total Fitness is the largest commercial operator of fitness centers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. four million members and nearly 400 facilities located in 28 states and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . With more than 125 million annual visits by members to its fitness centers, Bally Total Fitness provides a unique platform for distribution of products and services to active, fitness-conscious adult consumers. The Company will be holding a conference call to further discuss its results and respond to questions on the morning of November November: see month. 6, 2001 at 11:00 am Eastern time. Those interested may listen to this conference call via www.vcall.com or the Company's website at www.ballyfitness.com. 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. in this release including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's plans, strategies, objectives, expectations, intentions, and adequacy of resources, are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: general economic and business conditions; the impact of our debt structure; risks related to acquisitions; success of operating initiatives, advertising and promotional efforts; existence of adverse publicity or 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. ; acceptance of new product and service offerings; changes in business strategy or plans; quality of management; availability, terms, and development of capital; business abilities and judgment of personnel; changes in, or the failure to comply with, government regulations; regional weather conditions and other factors described in filings of the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BALLY TOTAL FITNESS HOLDING CORPORATION
CONSOLIDATED INCOME SUMMARY
(In thousands, except share data)
(Unaudited)
Three months ended
September 30
-------------------
2001 2000
Net revenues: ------ ------
Membership revenues $168,665 $166,322
Products and services 37,105 29,142
Miscellaneous revenue 4,081 3,450
------ ------
209,851 198,914
Operating costs and expenses:
Fitness center operations 121,992 119,455
Products and services 23,241 18,686
Member processing and collection centers 10,718 10,517
Advertising 11,512 11,339
General and administrative 7,151 6,854
Special charges 6,700 -
Depreciation and amortization 19,155 16,954
------- -------
200,469 183,805
------- -------
Operating income 9,382 15,109
Finance charges earned 16,986 17,285
Interest expense (14,606) (16,680)
Other interest income 161 474
---- ----
2,541 1,079
------ -----
Income before income taxes 11,923 16,188
Income tax benefit 14,600 19,750
------- -------
Net income $26,523 $35,938
======= ========
Basic earnings per common share $.92 $1.50
========== ===========
Average common shares outstanding 28,703,778 24,001,923
Diluted earnings per common share $.88 $1.30
========== ===========
Average diluted common shares outstanding
(includes 1,568,790 and 3,674,307
common equivalent shares in 2001
and 2000, respectively) 30,272,568 27,676,230
BALLY TOTAL FITNESS HOLDING CORPORATION
CONSOLIDATED INCOME SUMMARY
(In thousands, except share data)
(Unaudited)
Nine months ended
September 30
------------------
2001 2000
----- -----
Net revenues:
Membership revenues $516,070 $491,550
Products and services 111,105 82,522
Miscellaneous revenue 13,088 10,224
--------- --------
640,263 584,296
Operating costs and expenses:
Fitness center operations 368,549 346,522
Products and services 69,998 53,720
Member processing and collection centers 31,697 32,102
Advertising 43,929 40,249
General and administrative 21,350 20,673
Special charges 6,700 -
Depreciation and amortization 55,036 47,901
--------- --------
597,259 541,167
--------- --------
Operating income 43,004 43,129
Finance charges earned 52,140 50,762
Interest expense (45,239) (47,500)
Other interest income 645 1,409
--------- --------
7,546 4,671
--------- --------
Income before income taxes 50,550 47,800
Income tax benefit 13,850 19,275
--------- --------
Net income $64,400 $67,075
======== ========
Basic earnings per common share $2.35 $2.82
====== ======
Average common shares outstanding 27,394,485 23,797,183
Diluted earnings per common share $2.17 $2.44
====== ======
Average diluted common shares
outstanding (includes 2,306,202 and
3,746,601 common equivalent shares
in 2001 and 2000, respectively) 29,700,687 27,543,784
BALLY TOTAL FITNESS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
September 30 December 31
2001 2000
------------ -----------
ASSETS
Current assets:
Cash and equivalents $ 13,860 $ 13,074
Installment contracts receivable, net 268,153 286,053
Other current assets 62,632 61,516
------------ -----------
Total current assets 344,645 360,643
Installment contracts receivable, net 265,868 273,421
Property and equipment, less accumulated
depreciation and amortization of
$474,734 and $435,860 597,171 558,277
Intangible assets, less
accumulated amortization
of $78,201 and $72,071 149,201 153,113
Deferred income taxes 63,628 68,115
Deferred membership origination costs 115,925 114,129
Other assets 25,091 32,926
------------ -----------
$1,561,529 $1,560,624
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 53,593 $ 54,819
Income taxes payable 4,736 3,703
Deferred income taxes 23,985 49,217
Accrued liabilities 73,398 66,566
Current maturities of long-term debt 22,279 17,589
Deferred revenues 297,616 306,493
------------ -----------
Total current liabilities 475,607 498,387
Long-term debt, less current maturities 564,881 674,349
Other liabilities 6,635 7,299
Deferred revenues 80,261 82,747
Stockholders' equity 434,145 297,842
------------ -----------
$1,561,529 $1,560,624
============ ===========
BALLY TOTAL FITNESS HOLDING CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
Nine months ended
September 30
-------------------
2001 2000
----- ------
Operating:
Net income $ 64,400 $ 67,075
Adjustments to reconcile -
Depreciation and amortization,
including amortization included
in interest expense 57,800 51,174
Change in operating assets
and liabilities 5,259 (72,440)
-------- ----------
Cash provided by operating activities 127,459 45,809
Investing:
Purchases and construction of
property and equipment (67,101) (77,851)
Acquisitions of businesses and other (2,570) (3,816)
-------- ----------
Cash used in investing activities (69,671) (81,667)
Financing:
Debt transactions -
Net borrowings (repayments)
under revolving credit agreement (55,000) 36,500
Net repayments of other
long-term debt (70,144) (13,412)
-------- ----------
Cash provided by (used in)
debt transactions (125,144) 23,088
Equity transactions -
Proceeds from issuance of common stock
through public offering 53,827
Proceeds from exercise of warrants 11,609
Proceeds from issuance of common
stock under stock purchase
and option plans 2,706 1,721
-------- ----------
Cash provided by (used in)
financing activities (57,002) 24,809
-------- ----------
Increase (decrease) in
cash and equivalents 786 (11,049)
Cash and equivalents,
beginning of period 13,074 23,450
-------- ----------
Cash and equivalents,
end of period $ 13,860 $ 12,401
========= =========
Note to the Condensed Consolidated Balance Sheet (in thousands):
Installment contracts receivable
September 30 December 31
2001 2000
------------ -----------
Current:
Installment contracts receivable $ 391,258 $ 403,777
Unearned finance charges (45,991) (49,601)
Allowance for doubtful receivables
and cancellations (77,114) (68,123)
------------ -----------
$ 268,153 $ 286,053
============ ============
Long-term:
Installment contracts receivable $ 362,065 $ 361,812
Unearned finance charges (22,469) (24,237)
Allowance for doubtful receivables
and cancellations (73,728) (64,154)
------------ -----------
$ 265,868 $ 273,421
============ ===========
A summary of the allowance for doubtful receivables and cancellations
activity is as follows:
Three months ended Nine months ended
September 30 September 30
------------------ -----------------
2001 2000 2001 2000
----- ----- ----- -----
Balance at
beginning of period $ 144,912 $151,957 $132,277 $126,038
Contract cancellations
and write-offs of
uncollectible amounts,
net of recoveries (78,307) (84,485) (246,817) (238,672)
Provision for cancellations 40,143 46,203 125,236 142,550
Provision for doubtful
receivables 44,094 40,368 140,146 124,127
------- ------- -------- -------
Balance at end of period $150,842 $154,043 $150,842 $154,043
======== ======== ======== ========
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