CTE Reports 2006 Second Quarter Results.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , Pa. -- Commonwealth Telephone Enterprises, Inc. (Nasdaq:CTCO CTCO Chicago Transportation Coordination Office ):
CTE Reports Second Quarter Diluted Earnings Per Share of $1.19
Consolidated Reported Operating Income Increases 6% Versus
Year Ago Quarter
Net New DSL Subscribers Increase 57% Versus Year Ago Quarter End
Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Mahoney Mahoney could refer to:
abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) today. Mr. Mahoney will review CTE's 2006 second quarter results. The call is expected to last approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 minutes. To access today's conference call, please call 1-877-277-1088. The conference call passcode is 2325911. The simultaneous webcast can be accessed via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.ct-enterprises.com. The conference call will be archived and available for replay for 48 hours following the call. To access the replay, please call 1-800-642-1687, passcode 2325911. The webcast will also be available for replay for 48 hours at www.ct-enterprises.com. Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq:CTCO), today announced financial results for the 2006 second quarter. CTE 2006 Second Quarter Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Results For the 2006 second quarter, CTE reported consolidated 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 ("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. ") of $1.19, versus reported 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. EPS of $0.66 in the 2005 second quarter. CTE's 2006 second quarter reported diluted EPS includes a $0.49 favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effect resulting from the net gain on CTE's investment in the Rural Telephone Bank ("RTB RTB Return(ed) to Base RTB Reasons to Believe (website) RTB Reasons to Believe (Pasadena, CA) RTB Right to Buy (UK home buying) "), which was dissolved dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. earlier this year. CTE's 2006 second quarter reported diluted EPS, versus last year's second quarter, also reflects the effect of including additional shares in the diluted EPS calculation due to the conversion rate adjustments made under CTE's Convertible Notes in connection with CTE's dividend strategy. Specifically, the 2006 second quarter average fully diluted share count includes an additional 0.4 million shares in connection with the payment of our dividends and their effect on our convertible debt, versus the prior year's comparable period. The additional shares had a $0.02 unfavorable impact on CTE's 2006 second quarter reported diluted EPS. CTE's 2006 second quarter reported diluted earnings per share of $1.19 was above the high end of its previous guidance, and, after adjusting for the $0.49 per share net gain on its Rural Telephone Bank investment, was above the First Call mean of $0.68. CTE's 2005 second quarter reported diluted EPS of $0.66 included a $0.16 unfavorable effect resulting from the execution of CTE's overall dividend strategy, which was announced on May 3, 2005, as well as a $0.02 favorable effect resulting from certain access revenue settlements and network costs settlements included in the CTSI CTSI Census Tract Street Index (US Census Bureau) CTSI California Traffic Safety Institute CTSI Corbett Technology Solutions, Inc. (Chantilly, VA) CTSI Central Terminal Signaling Interface , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("CTSI"), results. CTE ended the 2006 second quarter with a total of 454,297 switched access lines in service, reflecting a reduction of 3% versus the end of last year's second quarter. Over the same period, CTE added a record 13,494 net new DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary subscribers, which reflected a growth rate of 57%. In the 2006 second quarter, CTE installed 3,180 net new DSL subscribers and ended the quarter with 37,126 consolidated DSL subscribers. CTE's reported consolidated revenues in the 2006 second quarter were $81.5 million, versus 2005 second quarter reported revenues of $83.0 million. CTE's 2005 second quarter revenues would have been $82.6 without the effect of the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. access revenue settlements. CTE's reported consolidated 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. in the 2006 second quarter was $29.1 million, versus reported consolidated operating income of $27.5 million in last year's second quarter, reflecting an increase of 6%. Excluding the effect of the previously mentioned access revenue and network costs settlements, CTE's 2005 second quarter operating income would have been $26.6 million. For the 2006 second quarter, CTE reported net income of $32.4 million, versus reported net income of $17.2 million in the 2005 second quarter. CTE's 2006 second quarter net income includes a gain of $23.6 million, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , in connection with the previously mentioned RTB dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each . Consolidated capital expenditures ("CAPEX") were $12.3 million in the 2006 second quarter, versus CAPEX of $10.3 million in the year ago quarter. This year-over-year increase in CAPEX was due primarily to investments in broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. . The table below sets forth highlights of CTE's 2006 second quarter reported consolidated results, versus the 2005 second quarter:
2006 2005 % Change
Second Quarter Second Quarter Inc./(Dec.)
-------------- --------------- ---------------
Total Access Lines 454,297 466,524 (3%)
DSL Subscribers 37,126 23,632 57%
Revenues $81.5M $83.0M (2%)
Operating Income $29.1M $27.5M 6%
Depreciation and
Amortization $10.9M $14.1M (23%)
CAPEX $12.3M $10.3M 19%
Reported EPS $1.19 $0.66 80%
"We have completed a solid 2006 second quarter," said Michael J. Mahoney, CTE's president and chief executive officer. "I am particularly pleased with our continued strong DSL performance, where we added a record 13,494 net new subscribers over the past year - a growth rate of 57%. We came out of the second quarter with a strong balance sheet and cash position, and we continue to be well positioned, both operationally and financially, as we move ahead in the second half of 2006." Rural Telephone Bank Stock Redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. Payment Received on April 11, 2006 In connection with the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy and dissolution of the Rural Telephone Bank ("RTB"), CTE received cash proceeds of just over $30 million on April 11, 2006. These proceeds represented the liquidation of CTE's $6.4 million book investment in RTB Class C stock. This gain on CTE's RTB investment was recorded in the 2006 second quarter. After taking into account the effect of state and federal income taxes, the net cash proceeds to CTE were approximately $19 million. CTE's investment in RTB stock was made many years ago in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with RTB debt incurred by Commonwealth Telephone Company. Commonwealth Telephone Company Results Commonwealth Telephone Company ("CT") had a total of 316,314 switched access lines in service at the end of the 2006 second quarter - reflecting a reduction of 4% versus last year's second quarter. CT's residential additional line penetration The successful unauthorized breach of a security perimeter. See penetration test. was 32% at the end of the quarter, down from 35% in the year ago quarter, and flat versus 32% at the end of the 2006 first quarter. In the 2006 second quarter, CT installed 2,898 net new DSL subscribers. CT had 32,586 DSL subscribers in service at the end of the 2006 second quarter, having added a record total of 12,010 net new subscribers over the past four quarters, which reflected a growth rate of 58% versus the end of last year's second quarter. CT's 2006 second quarter reported revenues were $57.1 million, slightly above CT's reported revenues of $57.0 million in the 2005 second quarter. CT's 2006 second quarter reported operating income was $30.8 million, versus $28.4 million in the 2005 second quarter, or an increase of 8%. CT's 2006 second quarter CAPEX were $7.3 million, versus $6.1 million in the 2005 second quarter. The increase in CAPEX versus last year was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to CT's DSL expansion. CTSI Results CTSI had a total of 137,983 switched access lines in service at the end of the 2006 second quarter - reflecting a 1% increase versus the 137,139 switched access lines in service at the end of the 2005 second quarter. CTSI's general business access lines in service increased 5% over the past year, while CTSI's access lines in service to ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. customers continued to decline, as the dial-up Refers to using the regular "dial-up" telephone network to send data from a computer to a remote network or to a remote device. The computer's digital data are converted to analog signals in the same frequency range as human voice by a modem. ISP business continued to weaken. At the end of the 2006 second quarter, 99% of CTSI's access lines were "on-switch," and 54% were "on-net Connected to the Internet, or connected to a LAN or WAN. Contrast with off-net. " (defined as 100% on CTSI's owned network). CTSI's business/residential line split at the end of the 2006 second quarter was 92%/8%, reflecting a slightly higher business component versus the end of the 2005 second quarter. In the 2006 second quarter, CTSI installed 282 net new DSL subscribers. CTSI had 4,540 DSL subscribers in service at the end of the 2006 second quarter, having added a total of 1,484 net new subscribers over the past four quarters, which reflected a growth rate of 49% versus the end of last year's second quarter. CTSI's 2006 second quarter reported revenues were $20.4 million, versus revenues of $21.5 million in the 2005 second quarter. CTSI's 2005 second quarter revenues included a favorable effect of $0.5 million resulting from certain access revenue settlements. CTSI's reported operating income in the 2006 second quarter was $2.0 million, versus reported operating income of $3.3 million in the 2005 second quarter. CTSI's 2005 second quarter reported operating income included a $0.9 million favorable effect resulting from certain access revenue settlements and network costs settlements. CTSI's 2006 second quarter capital expenditures were $4.4 million, versus $3.8 million in the year ago quarter. 2006 Guidance Outlined The table below sets forth CTE's consolidated 2006 full year guidance and 2006 third quarter EPS guidance, which Mr. Mahoney will review on this morning's conference call and webcast:
Previously Updated
Communicated 2006
2006 Full Year Full Year
Item Guidance (1) Guidance (1)
----------------------- -------------- --------------
Consolidated CTE Access Line Growth (3%) - (1%) Unchanged
Revenue Growth (1%) - 0% Unchanged
Operating Income $109M - $111M Unchanged
Depreciation and
Amortization $45M - $46M Unchanged
Effective Tax Rate 38% - 39% Unchanged
Diluted EPS - 3Q06 (2) n/a $0.59 - $0.61
Diluted EPS - FY06 (2) $2.97 - $3.02 $3.01 - $3.05
CAPEX $44M - $47M Unchanged
(1) Does not reflect any conversions of notes.
(2) Includes the effect of anticipated quarterly dividends to be paid
in 2006 (subject to declaration by CTE's Board of Directors).
About CTE Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves business and residential customers with a full array of technologically advanced data and voice telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. products and services, including broadband data services and high-speed Internet See broadband. access, delivered over its 100% digitally switched, fiber-rich network. CTE's primary operating segments are: Commonwealth Telephone Company ("CT"), the nation's eighth largest publicly held independent local exchange carrier, which has been operating in various rural Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating in competitive markets outside CT's territory, that formally commenced operations in 1997. CTE deploys broadband DSL technology to offer high-speed Internet access in the CT and CTSI service territories. CTE's support businesses include epix(R) Internet Services (www.epix.net), a rural dial-up Internet service provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. ("ISP"), and Commonwealth Communications, a provider of telecommunications equipment and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. services. A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc., can be found on the Internet at www.ct-enterprises.com. However, the information on this web site does not form a part of this release. 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. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and CTE intends that such forward-looking statements be subject to these safe harbors 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. . Such forward-looking statements involve risks and uncertainties that could significantly affect expected results in the future differently than expressed in any forward-looking statements made by CTE. These risks and uncertainties include, but are not limited to, uncertainties related to CTE's ability to further penetrate its markets and the related costs of that effort, economic conditions, acquisitions and divestitures, government and 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. policies, the pricing and availability of equipment, materials and inventories, technological developments, reductions in rates or traffic that are subject to access charges, changes in the competitive environment in which CTE operates and receipt of necessary regulatory approvals.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
THREE MONTHS ENDED JUNE 30, 2006
---------------------------------------
CT CTSI OTHER TOTAL
--------- --------- --------- ---------
Sales $57,122 $20,418 $3,926 $81,466
Costs & Expenses (excluding
depreciation and
amortization) 20,410 13,688 7,390 41,488
Depreciation & Amortization 5,941 4,711 237 10,889
Restructuring Reversals - - - -
--------- --------- --------- ---------
Operating Income (Loss) 30,771 2,019 (3,701) 29,089
Interest and Dividend Income 618
Interest Expense (3,451)
Gain on Dissolution of Rural
Telephone Bank 23,623
Other Income (Expense), Net 621
Equity in Income of
Unconsolidated Entities 2,173
---------
Income before Income Taxes 52,673
Provision for Income Taxes 20,274
---------
Net Income $32,399
=========
THREE MONTHS ENDED JUNE 30, 2005
---------------------------------------
CT CTSI OTHER TOTAL
--------- --------- --------- ---------
Sales $56,955 $21,500 $4,563 $83,018
Costs & Expenses (excluding
depreciation and
amortization) 19,490 13,421 8,552 41,463
Depreciation & Amortization 9,077 4,776 255 14,108
Restructuring Reversals - (31) - (31)
--------- --------- --------- ---------
Operating Income (Loss) 28,388 3,334 (4,244) 27,478
Interest and Dividend Income 2,910
Interest Expense (3,431)
Gain on Dissolution of Rural
Telephone Bank -
Other Income (Expense), Net (1,397)
Equity in Income of
Unconsolidated Entities 1,865
---------
Income before Income Taxes 27,425
Provision for Income Taxes 10,231
---------
Net Income $17,194
=========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
SIX MONTHS ENDED JUNE 30, 2006
---------------------------------------
CT CTSI OTHER TOTAL
--------- --------- --------- ---------
Sales $114,220 $40,930 $8,507 $163,657
Costs & Expenses (excluding
depreciation and
amortization) 41,315 27,572 15,895 84,782
Depreciation & Amortization 11,891 9,393 452 21,736
Restructuring Reversals - - - -
--------- --------- --------- ---------
Operating Income (Loss) 61,014 3,965 (7,840) 57,139
Interest and Dividend Income 2,486
Interest Expense (6,962)
Gain on Dissolution of Rural
Telephone Bank 23,623
Other Income (Expense), Net 470
Equity in Income of
Unconsolidated Entities 2,618
---------
Income before Income Taxes 79,374
Provision for Income Taxes 30,811
---------
Net Income $48,563
=========
SIX MONTHS ENDED JUNE 30, 2005
---------------------------------------
CT CTSI OTHER TOTAL
--------- --------- --------- ---------
Sales $113,332 $43,622 $9,593 $166,547
Costs & Expenses (excluding
depreciation and
amortization) 39,297 26,882 15,025 81,204
Depreciation & Amortization 21,429 9,705 712 31,846
Restructuring Reversals - (31) - (31)
--------- --------- --------- ---------
Operating Income (Loss) 52,606 7,066 (6,144) 53,528
Interest and Dividend Income 5,500
Interest Expense (6,945)
Gain on Dissolution of Rural
Telephone Bank -
Other Income (Expense), Net (1,424)
Equity in Income of
Unconsolidated Entities 2,110
---------
Income before Income Taxes 52,769
Provision for Income Taxes 19,657
---------
Net Income $33,112
=========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands, Except Per Share Amounts)
(GAAP)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Net Income $32,399 $17,194 $48,563 $33,112
Net Income Adjustment
for Interest on
Convertible Debt,
Net of Tax 1,879 1,870 3,757 3,739
----------- ----------- ----------- -----------
Net Income, as
Adjusted $34,278 $19,064 $52,320 $36,851
=========== =========== =========== ===========
Weighted Average
Common Shares
Outstanding - Basic 21,174,060 21,501,624 21,532,205 21,331,990
Effect of Dilutive
Securities on Shares
Outstanding:
Stock Options and
Restricted Stock 64,248 237,194 83,111 276,087
Convertible Debt 7,513,380 7,091,882 7,457,098 6,182,578
----------- ----------- ----------- -----------
Weighted Average
Common Shares
Outstanding - Diluted 28,751,688 28,830,700 29,072,414 27,790,655
=========== =========== =========== ===========
Basic Earnings per
Average Common Share:
Net Income $1.53 $0.80 $2.26 $1.55
=========== =========== =========== ===========
Diluted Earnings per
Average Common Share:
Net Income $1.19 $0.66 $1.80 $1.33
=========== =========== =========== ===========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
JUNE 30, DECEMBER 31,
2006 2005
-------------------------
ASSETS
CURRENT ASSETS:
Cash and Temporary Cash Investments $110,225 $104,968
Accounts Receivable and Unbilled Revenues,
Net of Allowance for Doubtful Accounts of
$1,465 in 2006 and $1,362 in 2005 38,022 36,528
Other Current Assets 15,310 8,830
Deferred Income Taxes 11,375 11,275
-------------------------
Total Current Assets 174,932 161,601
-------------------------
PROPERTY PLANT AND EQUIPMENT (NET OF
ACCUMULATED DEPRECIATION OF $564,763 IN
2006 AND $550,007 IN 2005) 369,794 368,506
INVESTMENTS 4,409 10,269
DEFERRED CHARGES AND OTHER ASSETS 13,615 15,018
-------------------------
TOTAL ASSETS $562,750 $555,394
=========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
JUNE 30, DECEMBER 31,
2006 2005
-------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes Payable $35,000 $35,000
Capital Lease Obligation 29 360
Accounts Payable 24,521 26,590
Advance Billings and Customer Deposits 5,672 5,248
Accrued Expenses 41,620 38,937
-------------------------
Total Current Liabilities 106,842 106,135
-------------------------
LONG TERM DEBT 300,000 300,000
DEFERRED INCOME TAXES 76,664 72,490
OTHER LONG TERM LIABILITIES 22,913 20,904
COMMON SHAREHOLDERS' EQUITY:
Common Stock 24,226 24,226
Additional Paid-in Capital 100,987 118,723
Deferred Compensation - (16,861)
Other Comprehensive Loss (2,289) (2,415)
Retained Earnings 53,168 26,327
Treasury Stock at Cost, 3,173,229 Shares at
June 30, 2006 and 2,383,564 at December
31, 2005 (119,761) (94,135)
-------------------------
Total Common Shareholders' Equity 56,331 55,865
-------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $562,750 $555,394
=========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
SIX MONTHS ENDED
JUNE 30,
-------------------
2006 2005
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES $48,195 $57,896
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant & Equipment (22,859) (18,124)
Other 1,901 1,764
Proceeds on Dissolution of Rural Telephone Bank 30,033 -
--------- ---------
Net Cash Provided by/(Used in) Investing
Activities 9,075 (16,360)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends Paid (21,429) (294,138)
Proceeds from Exercise of Stock Options 1,172 22,420
Capital Lease Payments (331) (361)
Stock Repurchases (31,456) -
Tax Benefit on Stock Compensation 31 -
--------- ---------
Net Cash Used in Financing Activities (52,013) (272,079)
--------- ---------
Net Increase/(Decrease) in Cash and Temporary Cash
Investments 5,257 (230,543)
--------- ---------
Cash and Temporary Cash Investments at Beginning
of Period 104,968 312,260
--------- ---------
Cash and Temporary Cash Investments at End of
Period $110,225 $81,717
========= =========
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