Claxson Reports 2005 Third Quarter Financial Results; Company Continues to Move along a Path of Profitability, Pay TV and Broadcast Divisions Consistently Outperform Last Two Years.BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. -- Claxson Interactive Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :XSONF) ("Claxson" or the "Company"), today announced financial results for the three and nine-month periods ended September September: see month. 30, 2005. As previously announced, the Company finalized See finalization. the sale of its TV Broadcast operation, Chilevision, on April 18. In addition, on May 6, Claxson completed the sale of the language localization Customizing software and documentation for a particular country. It includes the translation of menus and messages into the native spoken language as well as changes in the user interface to accommodate different alphabets and culture. See internationalization and l10n. operations of The Kitchen. 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 applicable accounting principles, the assets, liabilities and operations of Chilevision and the language localization operations of The Kitchen were reflected as assets and liabilities held for sale in the balance sheet and as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in the statement of operations See Income statement. of the Company until the time of their sale. Financial Highlights Third Quarter 2005 Net revenue for the third quarter of 2005 was $21.4 million, a 29% increase from net revenue of $16.6 million for the third quarter of 2004. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the three months ended September 30, 2005 was $16.4 million, a 15% increase from the $14.3 million for the third quarter of 2004. 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. was $4.9 million for the three-month period ended September 30, 2005 compared to $2.2 million for the three-month period ended September 30, 2004. Foreign currency exchange loss for the three-month period ended September 30, 2005 was $0.8 million compared to a foreign exchange loss of $0.2 million for the three-month period ended September 30, 2004. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three months ended September 30, 2005 was $2.4 million ($0.12 per common and $0.11 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), compared to $1.7 million ($0.09 per common and $0.08 per diluted share) for the same period in 2004. Net income for the three months ended September 30, 2005 was $2.6 million ($0.12 per common and diluted share), compared to $1.9 million ($0.10 per common and diluted share) for the same period in 2004. During the third quarter of 2005, the average exchange rate of the Argentine Argentine having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. and Chilean currencies compared to the U.S. dollar appreciated 3% and 12%, respectively, versus the same period in 2004. First Nine Months of 2005 Net revenue for the nine-month period ended September 30, 2005 was $58.2 million, a 24% increase compared to $47.1 million for the same period in 2004. Operating expense for the nine-month period ended September 30, 2005 was $46.7 million, a 12% increase compared to $41.6 million in the same period of 2004. Operating income was $11.5 million for the nine-month period ended September 30, 2005 compared to $5.6 million for the same period in 2004. Foreign currency exchange gain for the nine-month period ended September 30, 2005 was $0.3 million, a $0.8 million difference with the $0.5 million foreign currency exchange loss for the same period of 2004. Net income from continuing operations for the nine-month period ended September 30, 2005 was $7.5 million ($0.37 per common and $0.34 per diluted share), versus $4.1 million ($0.21 per common and $0.20 per diluted share) for the same period in 2004. Net income for the nine-month period ended September 30, 2005 was $5.2 million ($0.25 per common and $0.24 per diluted share), versus $4.4 million ($0.23 per common and $0.22 per diluted share) for the same period in 2004. During the nine-month period ended September 30, 2005, the average exchange rate of the Chilean currency compared to the U.S. dollar appreciated 7%, while the Argentine currency appreciated 1% versus the same period in 2004.
CLAXSON
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS -
INFORMATION BY SEGMENT
(In Thousands of U.S. dollars)
Operating
expenses
(before Consolidated
depr. Depreciation Operating
Net and & Total Income
Revenues amort.) amortization expenses (loss)
-------- ---------- ------------ --------- ------------
For the Three
Months Ended
September 30,
2005
Pay TV $14,870 $10,037 $ 628 $10,665 $ 4,205
Broadcast 6,404 3,818 496 4,314 2,090
Broadband &
Internet 11 385 - 385 (374)
Corporate 73 1,047 - 1,047 (974)
-------- ---------- ------------ --------- ------------
Total $21,358 $15,287 $ 1,124 $16,411 $ 4,947
2004
Pay TV $12,281 $ 9,013 $ 743 $ 9,756 $ 2,525
Broadcast 4,256 2,798 388 3,186 1,070
Broadband &
Internet 19 265 - 265 (246)
Corporate - 1,117 - 1,117 (1,117)
-------- ---------- ------------ --------- ------------
Total $16,556 $13,193 $ 1,131 $14,324 $ 2,232
Operating
expenses
(before Consolidated
depr. Depreciation Operating
Net and & Total Income
Revenues amort.) amortization expenses (loss)
-------- ---------- ------------ --------- ------------
For the Nine
Months Ended
September 30,
2005
Pay TV $41,144 $29,183 $ 1,632 $30,815 $10,329
Broadcast 16,792 10,540 1,418 11,958 4,834
Broadband &
Internet 71 830 - 830 (759)
Corporate 217 3,103 - 3,103 (2,886)
-------- ---------- ------------ --------- ------------
Total $58,224 $43,656 $ 3,050 $46,706 $11,518
2004
Pay TV $34,888 $26,331 $ 2,263 $28,594 $ 6,294
Broadcast 12,180 7,949 1,206 9,155 3,025
Broadband &
Internet 76 805 7 812 (736)
Corporate - 3,021 - 3,021 (3,021)
-------- ---------- ------------ --------- ------------
Total $47,144 $38,106 $ 3,476 $41,582 $ 5,562
"We are really proud of the overall results for the third quarter and first nine months of 2005. Our net revenues improved significantly compared to last year and, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite higher operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , we delivered a larger net profit," said Roberto Roberto Rome, Berlin, Tokyo (WW2 Axis) Vivo, Chairman 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. . "We're we're Contraction of we are. we're we are especially pleased with the performance of the broadcasting and pay TV units, as they continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. last years' results on a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis. This consistent performance puts us in a position to face future challenges as well as to take advantage of growth opportunities." Pay TV Net revenue for the third quarter of 2005 was $14.9 million, a 21% increase from net revenue of $12.3 million for the third quarter of 2004. The increase in net revenue is principally attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase in subscriber-based fees and to a lesser extent to advertising. Net revenue for the nine-month period ended September 30, 2005 was $41.1 million compared to $34.9 million for the same period of 2004. The increase in net revenue is principally attributable to an increase in subscriber-based fees and to a lesser extent to advertising and content and production services sold to third parties. Operating expense (before depreciation and amortization) for the third quarter of 2005 was $10.0 million compared to $9.0 million for the same period in 2004. The increase is principally attributable to higher programming expenditures as a result of increased original productions. Operating expense (before depreciation and amortization) for the nine-month period ended September 30, 2005 was $29.2 million compared to $26.3 million for the same period of 2004 primarily as a result of higher programming expenditures. Operating income for the third quarter of 2005 was $4.2 million compared to operating income of $2.5 million for the same period in 2004. Operating income for the nine-month period ended September 30, 2005 was $10.3 million compared to $6.3 million for the same period of 2004. As of September 30, 2005, the Company's owned basic and premium channels reached 49.9 million aggregate subscribers, a 20% growth compared to its subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. base as of September 30, 2004. Playboy TV Playboy TV is a pay-per-view adult television channel on cable and satellite services, and available in Brazil, United States, Canada, New Zealand, the United Kingdom, Spain, Ireland and Norway. The channel is owned by Playboy Enterprises. , FTV FTV Fashion TV FTV First Time Video FTV Free to View (satellite television) FTV Flight Test Vehicle FTV Finish the Verse FTV Functional Test Vehicle FTV Franchise Tax voucher (California ) , and Retro were the Company's channels that reported the strongest growth compared to the same period in 2004. Broadcast Radio Net revenue for the third quarter of 2005 was $6.4 million, a 49% increase from net revenue of $4.3 million for the third quarter of 2004. The increase is primarily attributable to an increase in Radio Chile's audience share to 38% as compared to 37% in the 2004 period as well as a 12% appreciation in the Chilean peso as compared to 2004. Net revenue for the nine-month period ended September 30, 2005 was $16.8 million compared to $12.2 million for the same period of 2004. The increase is primarily attributable to improved audience share in Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. as well as a 7% appreciation in the Chilean peso as compared to 2004. Operating expense (before depreciation and amortization) for the third quarter of 2005 was $3.8 million compared to $2.8 million for the same period in 2004. The increase is due to the appreciation of the Chilean peso, the increase in sales and marketing costs directly related to the increase in revenues, as well as increased production costs. Operating expense (before depreciation and amortization) for the nine-month period ended September 30, 2005 was $10.5 million compared to $7.9 million for the same period of 2004. As was the case in the third quarter, this increase is due to the appreciation of the Chilean Peso, the increase in sales and marketing costs and the increased production expenditures. Operating income for the third quarter of 2005 was $2.1 million, compared to $1.1 million for the same period in 2004. Operating income for the nine-month period ended September 30, 2005 was $4.8 million compared to $3.0 million for the same period of 2004. 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). & 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 Net revenue for the third quarter of 2005 decreased to $11,000 from $19,000 for the third quarter of 2004. Net revenue for the nine-month period ended September 30, 2005 remained practically unchanged at $71,000. Operating expense (before depreciation and amortization) for the third quarter of 2005 was $0.4 million compared to $0.3 million for the same period in 2004. Operating expense (before depreciation and amortization) for the nine-month period ended September 30, 2005 was $0.8 million, unchanged from the same period of 2004. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the third quarter of 2005 was $0.4 million compared to a $0.2 million loss for the same period in 2004. Operating loss for the nine-month period ended September 30, 2005 was $0.8 million compared to $0.7 million for the same period of 2004. "As part of a world-wide trend, this year we have been presented with a large number of opportunities for the Broadband & Internet division and we expect to be able to convert some of these into profitable business for the company in 2006," said Roberto Vivo, Chairman and CEO. Liquidity As of September 30, 2005, Claxson had cash and cash equivalents of $22.4 million and $68.3 million in principal and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. but unpaid interest of financial debt. In addition, future interest payments on the Company's 8.75% Senior Notes due in 2010, totaling $13.0 million as of September 30, 2005, are recorded as debt. For the nine-month period ended September 30, 2005, Claxson's operating activities generated cash flows of $11.0 million compared to $3.3 million for the same period of 2004. The difference is primarily due to improved operating results. Cash generated from operating activities was primarily used for the payment of debt obligations and for capital expenditures. In addition, during the nine-month period ended September 30, 2005, Claxson received $10.9 million, net of transaction expenses paid, from the sale of assets (primarily Chilevision). As part of the terms of the Chilevision sale, we retained approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5.9 million of Chilevision's accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying which are being collected as expected. About Claxson Claxson (XSONF.OB) is a multimedia company providing branded entertainment Branded Entertainment, also known as Branded content or Advertainment, is the combination of an audio-visual program (TV, radio, podcast, etc.) and a brand. It can be initiated either by the brand or by the broadcaster. content targeted to Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. and Portuguese speakers around the world. Claxson has a portfolio of popular entertainment brands that are distributed over multiple platforms Refers to two or more operating environments, which typically include the CPU family and operating system. For example, if versions of a program run on Windows and the Macintosh, the software is said to support multiple platforms. through its assets in pay television, radio and the Internet. Headquartered in Buenos Aires, Argentina and Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. , Claxson has a presence in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and all key Ibero-American countries, including without limitation, Argentina, Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , Chile, Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the . Claxson's principal shareholders are the Cisneros Group The Cisneros Group of Companies is one of the largest, privately held media, entertainment, telecommunications and consumer products organizations in the world. The Group owns or holds interests in companies ranging from broadcast television, networks and pay television businesses of Companies and funds affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: with Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Muse, Tate & Furst Inc. This press release contains 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 "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 U.S. 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 statements are based on the current expectations or beliefs of Claxson's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed discussion of these factors and other cautionary statements, please refer to Claxson's annual report on Form 20F filed with the U.S. Securities and Exchange Commission on July July: see month. 15, 2005.
CLAXSON
UNAUDITED BALANCE SHEETS
(In Thousands of U.S. dollars)
As of As of
September 30, December 31,
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 22,415 $ 7,270
Accounts receivable, net 22,097 23,018
Assets held for sale 417 25,701
Other current assets 7,208 8,698
------------ ------------
Total current assets 52,137 64,687
PROPERTY AND EQUIPMENT, net 10,630 10,946
PROGRAMMING RIGHTS, net 4,520 4,028
INVESTMENTS IN UNCONSOLIDATED AFFILIATES 2,310 3,407
INVESTMENTS IN EQUITY SECURITIES - 54
GOODWILL 52,356 51,021
BROADCAST LICENSES, net 16,656 16,722
OTHER ASSETS 7,896 5,650
------------ ------------
TOTAL ASSETS $ 146,505 $ 156,515
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, accrued and other
liabilities $ 25,241 24,444
Liabilities related to assets held for
sale - 14,927
Current portion of programming rights
obligations 5,053 5,332
Current portion of long-term debt 14,613 8,172
------------ ------------
Total current liabilities 44,907 52,875
LONG-TERM LIABILITIES:
Long-term debt, net of current portion 66,721 77,680
Other long-term liabilities 2,507 2,795
------------ ------------
Total long-term liabilities 69,228 80,475
MINORITY INTEREST 323 562
SHAREHOLDERS' EQUITY 32,047 22,603
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 146,505 $ 156,515
============ ============
CLAXSON
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands of U.S. dollars, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
NET REVENUES:
Subscriber-based fees $ 12,021 $ 10,261 $ 33,700 $ 29,700
Advertising 8,245 5,669 21,250 16,066
Production services 387 291 1,038 537
Other 705 335 2,236 841
---------- ---------- ---------- ----------
Total net revenues 21,358 16,556 58,224 47,144
---------- ---------- ---------- ----------
OPERATING EXPENSES:
Product, content and
technology 7,746 6,481 21,644 18,693
Marketing and sales 3,816 3,118 10,537 8,570
Corporate and
administration 3,725 3,594 11,475 10,843
Depreciation and
amortization 1,124 1,131 3,050 3,476
---------- ---------- ---------- ----------
Total operating
expenses 16,411 14,324 46,706 41,582
---------- ---------- ---------- ----------
OPERATING INCOME 4,947 2,232 11,518 5,562
INTEREST EXPENSE (358) (471) (1,076) (1,345)
OTHER (EXPENSE) INCOME,
NET (799) 298 (8) 240
FOREIGN CURRENCY EXCHANGE
GAIN (LOSS) (774) (160) 321 (503)
NET (LOSS) INCOME FROM
UNCONSOLIDATED AFFILIATES (463) 116 (2,060) 992
---------- ---------- ---------- ----------
INCOME BEFORE INCOME
TAXES, MINORITY INTEREST
AND DISCONTINUED
OPERATIONS 2,553 2,015 8,695 4,946
INCOME TAXES (154) (406) (1,444) (927)
MINORITY INTEREST 10 49 246 52
---------- ---------- ---------- ----------
NET INCOME FROM CONTINUING
OPERATIONS 2,409 1,658 7,497 4,071
DISCONTINUED OPERATIONS
(Loss) income from
operations of
discontinued divisions -
net 147 267 (2,311) 318
---------- ---------- ---------- ----------
(LOSS) GAIN ON
DISCONTINUED OPERATIONS 147 267 (2,311) 318
---------- ---------- ---------- ----------
NET INCOME $ 2,556 $ 1,925 $ 5,186 $ 4,389
========== ========== ========== ==========
NET INCOME PER COMMON SHARE:
Income from continuing
operations
Basic $ 0.12 $ 0.09 $ 0.37 $ 0.21
========== ========== ========== ==========
Diluted $ 0.11 $ 0.08 $ 0.34 $ 0.20
========== ========== ========== ==========
(Loss) gain on discontinued
operations
Basic and diluted $ 0.01 $ 0.01 $ (0.11)$ 0.02
========== ========== ========== ==========
Diluted $ 0.01 $ 0.01 $ (0.11)$ 0.02
========== ========== ========== ==========
NET INCOME PER SHARE:
Basic $ 0.12 $ 0.10 $ 0.25 $ 0.23
========== ========== ========== ==========
Diluted $ 0.12 $ 0.10 $ 0.24 $ 0.22
========== ========== ========== ==========
NUMBER OF SHARES USED IN
PER SHARE CALCULATIONS:
Basic 20,468 19,481 20,395 19,461
========== ========== ========== ==========
Diluted 21,941 19,860 21,896 19,891
========== ========== ========== ==========
CLAXSON
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of U.S. dollars)
Nine Months Ended
September 30,
---------------------
2005 2004
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,186 $ 4,389
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization of programming rights 3,245 3,992
Share-based compensation 43 52
Depreciation and amortization 3,495 4,476
Accrued and (uncollected) unpaid interest (145) 546
Exchange rate loss 112 693
Net (gain) loss on disposal of assets (156) 27
Loss (income) from unconsolidated affiliates 2,060 (989)
Minority interest (246) (52)
Changes in operating assets and liabilities (2,602) (9,874)
---------- ----------
Net cash provided by operating activities 10,992 3,260
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment (1,785) (1,745)
Transaction costs paid - (1,438)
Distributions to minority owners of
unconsolidated subsidiaries - (380)
Investment in (distributions from)
unconsolidated affiliates (22) 247
Redemption of deposit for the sale of
subsidiary (506) -
Restricted cash released in guarantee of
Chilean syndicated loan - 907
Proceeds from sale of investments in
subsidiaries and affiliates, net 10,939 625
---------- ----------
Net cash provided by (used in) investing
activities 8,626 (1,784)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible
debentures - 3,500
Net repayments of short/long-term debt (5,631) (5,695)
Proceeds from exercised stock options 114 55
---------- ----------
Net cash (used in) financing activities (5,517) (2,140)
---------- ----------
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH
AND CASH EQUIVALENTS 1,044 158
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 15,145 (506)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 7,270 7,682
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 22,415 $ 7,176
========== ==========
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