Sonus Networks Reports Financial Results for Q4 FY2003, Fiscal Year 2003 and Q1 FY2004.CHELMSFORD Chelmsford, city, England Chelmsford, city (1991 pop. 91,109), county seat of Essex, SE England. It is a market center (especially for cattle) for the surrounding agricultural district. , Mass. -- Sonus History and Origin Sonus is a Latin word which means "noise, sound" or "tone, character, style". It is also the root word for sonic and sound. Therefore, it was an inspirational word for many well known companies and other words such as Sony (from the combination of sonus Networks, Inc. (Nasdaq: SONSE), a leading supplier of service provider voice over IP (VoIP) infrastructure solutions, today reported its financial results for the fourth quarter and fiscal year ended December December: see month. 31, 2003, and for its first quarter ended March 31, 2004. Sonus has restated its 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: financial results for fiscal years 2001 and 2002 and the first three quarters of fiscal 2003 in its Form 10-K/A filed with the Securities and Exchange Commission (SEC) on July July: see month. 28, 2004. Sonus today also filed its Form 10-Q Form 10-Q See 10-Q. for the first quarter of 2004 with the SEC. Sonus will hold a conference call to review its financial results at 8:15 am Eastern time, Thursday Thursday: see week. , July 29, 2004. Today's filings bring the Company into compliance with the SEC requirements for the filing of its periodic reports. The Company received notice today from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. that it has determined to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. the Company's stock from the Nasdaq National Market effective as of the opening of the market on Monday Monday: see week. , August 2, 2004. The Company has notified Nasdaq that it has filed its delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. SEC reports. The Company has requested that its common stock remain listed on the Nasdaq National Market because the Company is now in compliance with Nasdaq's filing requirement and is awaiting a determination from Nasdaq. "Today we reported our financial results through the first quarter of 2004, filed all the related securities filings and are once again in compliance with the SEC financial reporting requirements. The completion of our financial review forms a strong foundation for us to continue to build the company and expand our position in the market," said Hassan Hassan (häsän`), d. 1894, sultan of Morocco (1873–94). He brought the weak and disorganized country firmly under his control and held in check attempts by European powers at domination. Ahmed, chief executive officer and chairman, Sonus Networks. "During this period in which we have invested significant energy in our financial review, our business has continued to thrive. We have announced new customers, extended our industry-leading solutions further into the wireless and access markets, significantly expanded our engineering, sales and services resources, and taken actions to strengthen our internal controls, processes and infrastructure. We are excited about the market opportunity for voice over IP and are confident in our ability to play a leadership role." Revenues for the first quarter of fiscal 2004 were $36.5 million compared with $9.2 million in the first quarter of 2003. Net income for the first quarter of fiscal 2004 was $3.0 million, or $0.01 per share, compared with a net loss for the first quarter of fiscal 2003 of $9.7 million, or $0.05 per share. Revenues for the fourth quarter of fiscal 2003 were $46.4 million compared with $12.5 million in the fourth quarter of fiscal 2002. Net income for the fourth quarter of fiscal 2003 was $6.9 million, or $0.03 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 with a net loss for the fourth quarter of fiscal 2002 of $13.4 million, or $0.07 per share. Revenues for fiscal year 2003 were $93.2 million compared with $93.9 million for fiscal year 2002. Net loss for fiscal year 2003 was $15.1 million, or $0.07 per share, compared with a net loss for fiscal year 2002 of $73.8 million, or $0.39 per share. Restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge As a result of the financial review, Sonus has restated its consolidated financial results for fiscal years 2001 and 2002 and the first three quarters of fiscal 2003 as embodied em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: in its Form 10-K/A. As previously reported, the primary impact of the restatements is the adjustment to the timing of revenue recognition and certain other financial statement accounts. Principal adjustments to revenue relate to the timing of revenue where the revenue has been deferred and recognized in subsequent periods. In addition, other material restatements include adjustments to purchase accounting, impairments, accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and deferred compensation. An overview of adjustments by period is as follows: --2003 - Restated revenues for the first nine months of 2003 were $46.8 million compared with $66.0 million as initially reported. Restated deferred revenues as of September September: see month. 30, 2003 were $85.2 million compared with $34.0 million as initially reported. Accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. as of September 30, 2003 were $17.5 million compared with $32.9 million as initially reported. Restated net loss was $22.0 million, or $0.10 per share, compared with $6.4 million, or $0.03 per share, as initially reported. --2002 - Restated revenues for fiscal 2002 were $93.9 million compared with $62.6 million as initially reported. Restated deferred revenues as of December 31, 2002 were $59.8 million compared with $29.2 million as initially reported. Accrued expenses as of December 31, 2002 were $16.5 million compared with $33.4 million as initially reported. Restated net loss was $73.8 million, or $0.39 per share, compared with $68.5 million, or $0.36 per share, as initially reported. --2001 - Restated revenues for fiscal 2001 were $128.8 million compared with $173.2 million as initially reported. Restated deferred revenues as of December 31, 2001 were $60.4 million compared with $13.3 million as initially reported. Accrued expenses as of December 31, 2001 were $18.4 million compared with $27.7 million as initially reported. Restated net loss was $635.6 million, or $3.68 per share compared with $645.4 million, or $3.74 per share, as initially reported. Sonus' restated annual financial statements are included in its Amendment No. 1 on Form 10-K/A on file with the SEC. Investors are encouraged to read this filing for a more complete description of the financial restatement. For the purpose of restating its consolidated financial statements for the first three quarters of 2003 and 2002, consistent with the restatements in the Company's Form 10-K/A, Sonus anticipates amending its previously filed quarterly reports on Form 10-Q for each of the first three quarters of 2003, as soon as practicable practicable adj. when something can be done or performed. . Sonus also reported that Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and J. Nill, its vice president of business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and former chief financial officer, has resigned at the request of the company. Company Conference Call, Webcast and Replay Information Date: Thursday, July 29, 2004 Time: 8:15 am Eastern To listen via telephone: Dial-in number: +1-800-633-8410 or +1-212-896-6053 To listen 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 : Sonus will host a live webcast of the conference call. To access the webcast, visit the Sonus Networks Investor Relations Investor relations The process by which the corporation communicates with its investors. site at http://www.sonusnet.com. Replay: A telephone playback Playback could mean:
The webcast will be available on the Sonus Networks Investor Relations site through July 29, 2005. To access the replay of the webcast, visit the Investor Relations site at http://www.sonusnet.com. About Sonus Networks Sonus Networks, Inc. is a leading provider of voice over IP (VoIP) infrastructure solutions for wireline and wireless service providers. With its Open Services Architecture The Open Service Access or OSA is part of the 3rd generation mobile telecommunications network or UMTS. OSA describes how services are architected in an UMTS network. The standards for OSA are being developed as part of the 3rd Generation Partnership Project (3GPP). (OSA 1. OSA - Open Scripting Architecture. 2. OSA - Open System Architecture. ), Sonus delivers end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. addressing a full range of carrier applications, including trunking See port aggregation. and tandem switching A telephone central office switch that links telco end offices together and does not connect to the customer directly. Also called a "Class 4 switch" or "TDM switch," a tandem switch is a computer that is specialized for TDM-based, circuit-switched telephone calls. , residential and business access, network border switching and enhanced services Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; . Sonus' voice infrastructure solutions, including media gateways, softswitches and network management systems, are deployed in service provider networks worldwide. Sonus, founded in 1997, is headquartered in Chelmsford, Massachusetts Chelmsford is a town in Middlesex County, Massachusetts in the Greater Boston area. It is located 24 miles from Boston and, bordering on the City of Lowell, it is part of the Greater Lowell metropolitan area. . Additional information on Sonus is available at http://www.sonusnet.com. This release may 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. regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the "Risk Factors" section of Sonus' Annual Report on Form 10-K/A dated July 28, 2004 and filed with the SEC, and the "Cautionary Statements" section of Sonus' Quarterly Report on Form 10-Q, dated July 28, 2004 and filed with the SEC, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Risk factors include, among others, uncertainties regarding the timing of the Company's completion of the filing of its Quarterly Report on Form 10-Q for the quarter ended June June: see month. 30, 2004, the possibility that Sonus may be delisted from Nasdaq, risks as to the 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. and SEC investigation with respect to the foregoing and related matters, unforeseen issues encountered in the completion of the audit and uncertainties regarding the extent to which prior period financial statements will be restated. In addition, any forward-looking statements represent Sonus' views only as of today and should not be relied upon as representing Sonus' views as of any subsequent date. While Sonus may elect to update forward-looking statements at some point, Sonus specifically disclaims any obligation to do so. Sonus is a registered trademark of Sonus Networks. Open Services Architecture, GSX GSX Gelled Slurry Explosive GSX Ground Storm X (VMware) GSX Gran Sport Extra (Buick Skylark) GSX Gasco Energy Company GSX Gender Sexuality XYZ 9000, Insignus and Sonus Insight are trademarks of Sonus Networks. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Year Ended December 31, 2001
-----------------------------------
As Reported Adjustments As Restated
----------- ----------- -----------
Revenues $173,199 $(44,399) $128,800
Cost of revenues 75,698 (12,920) 62,778
----------- ----------- -----------
Gross profit 97,501 (31,479) 66,022
Gross profit % 56.3% 70.9% 51.3%
Operating expenses:
Research and development 65,004 (1,108) 63,896
Sales and marketing 42,267 (1,391) 40,876
General and administrative 13,068 (241) 12,827
Stock-based compensation 75,500 (1,368) 74,132
Amort. Of goodwill and purchased
intangible assets 107,759 (37,208) 70,551
Write-off of goodwill and
purchased intangible assets 374,735 17,652 392,387
Restructuring charges, net 25,807 (18,486) 7,321
In-process research and
development 43,800 800 44,600
----------- ----------- -----------
Total operating expenses 747,940 (41,350) 706,590
----------- ----------- -----------
Income (loss) from operations (650,439) 9,871 (640,568)
Interest expense (567) (58) (625)
Interest income 5,574 - 5,574
----------- ----------- -----------
Net income (loss) $(645,432) $9,813 $(635,619)
=========== =========== ===========
Net income (loss) per share:
Basic $(3.74) $0.06 $(3.68)
Diluted $(3.74) $0.06 $(3.68)
Shares used in computation:
Basic 172,382 523 172,905
Diluted 172,382 523 172,905
SONUS NETWORKS, INC.
Condensed Consolidated Balance Sheet
(In thousands)
December 31, 2001
--------------------------------
As As
Reported Adjustments Adjusted
---------- ----------- ---------
Assets
Current assets:
Cash, cash equivalents and
marketable securities $125,067 $(54) $125,013
Accounts receivable, net 9,440 1,241 10,681
Inventory 18,865 11,437 30,302
Other current assets 2,952 3,356 6,308
---------- ----------- ---------
Total current assets 156,324 15,980 172,304
Property and equipment, net 23,335 208 23,543
Purchased intangible assets, net 4,536 15,453 19,989
Other assets, net 689 (319) 370
---------- ----------- ---------
$184,884 $31,322 $216,206
========== =========== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued
expenses $36,301 $(5,584) $30,717
Accrued restructuring expenses 8,596 (5,935) 2,661
Current portion of deferred
revenue 13,349 43,110 56,459
Current portion of long-term
obligations 1,055 (483) 572
---------- ----------- ---------
Total current liabilities 59,301 31,108 90,409
Long-term deferred revenue, less
current portion - 3,942 3,942
Long-term liabilities, less current
portion 12,698 (11,409) 1,289
Convertible subordinated notes 10,000 - 10,000
Stockholders' equity:
Common stock 205 - 205
Capital in excess of par value 860,883 (1,778) 859,105
Accumulated deficit (729,398) 9,813 (719,585)
Deferred compensation (28,721) (354) (29,075)
Treasury stock (84) - (84)
---------- ----------- ---------
Total stockholders' equity 102,885 7,681 110,566
---------- ----------- ---------
$184,884 $31,322 $216,206
========== =========== =========
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Year
Ended
December
31, 2003 Year Ended December 31, 2002
--------- -------------------------------
As As As
Reported Reported Adjustments Restated
--------- --------- ----------- ---------
Revenues $93,210 $62,558 $31,359 $93,917
Cost of revenues 37,909 40,302 11,274 51,576
--------- --------- ----------- ---------
Gross profit 55,301 22,256 20,085 42,341
Gross profit % 59.3% 35.6% 64.0% 45.1%
Operating expenses:
Research and development 32,190 45,308 (717) 44,591
Sales and marketing 23,169 27,863 (77) 27,786
General and administrative 10,475 6,141 (893) 5,248
Stock-based compensation 3,418 19,495 (2,624) 16,871
Amort. Of goodwill and
purchased intangible
assets 2,408 1,514 2,715 4,229
Write-off of goodwill and
purchased intangible
assets - 1,848 9,102 10,950
Restructuring charges, net - (10,125) 17,864 7,739
--------- --------- ----------- ---------
Total operating expenses 71,660 92,044 25,370 117,414
--------- --------- ----------- ---------
Income (loss) from operations (16,359) (69,788) (5,285) (75,073)
Interest expense (610) (676) 1 (675)
Interest income 2,135 1,994 (1) 1,993
--------- --------- ----------- ---------
Income (loss) before
provision for income taxes (14,834) (68,470) (5,285) (73,755)
Provision for income taxes 302 - 86 86
--------- --------- ----------- ---------
Net income (loss) $(15,136) $(68,470) $(5,371) $(73,841)
========= ========= =========== =========
Net income (loss) per share:
Basic $(0.07) $(0.36) $(0.03) $(0.39)
Diluted $(0.07) $(0.36) $(0.03) $(0.39)
Shares used in computation:
Basic 220,696 189,889 1,119 191,008
Diluted 220,696 189,889 1,119 191,008
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three
Months
Ended
December
31, 2003 Three Months Ended December 31, 2002
--------- ------------------------------------
As As
Reported As Reported Adjustments Restated
--------- -------------- ----------- ---------
Revenues $46,384 $12,660 $(184) $12,476
Cost of revenues 17,295 6,298 911 7,209
--------- -------------- ----------- ---------
Gross profit 29,089 6,362 (1,095) 5,267
Gross profit % 62.7% 50.3% 595.1% 42.2%
Operating expenses:
Research and
development 7,945 8,783 494 9,277
Sales and marketing 6,990 5,656 788 6,444
General and
administrative 6,338 538 (2,001) (1,463)
Stock-based
compensation 802 3,841 (915) 2,926
Amort. Of goodwill and
purchased intangible
assets 602 359 317 676
Write-off of goodwill
and purchased
intangible assets - 175 (175) -
Restructuring charges,
net - 16 951 967
--------- -------------- ----------- ---------
Total operating
expenses 22,677 19,368 (541) 18,827
--------- -------------- ----------- ---------
Income (loss) from
operations 6,412 (13,006) (554) (13,560)
Interest expense (204) (238) - (238)
Interest income 897 424 - 424
--------- -------------- ----------- ---------
Income (loss) before
provision for income
taxes 7,105 (12,820) (554) (13,374)
Provision for income
taxes 204 - 21 21
--------- -------------- ----------- ---------
Net income (loss) $6,901 $(12,820) $(575) $(13,395)
========= ============== =========== =========
Net income (loss) per
share:
Basic $0.03 $(0.07) $- $(0.07)
Diluted $0.03 $(0.07) $- $(0.07)
Shares used in
computation:
Basic 242,983 195,648 459 196,107
Diluted 258,607 195,648 459 196,107
SONUS NETWORKS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
December December 31, 2002
31, 2003 ------------------------------
As As As
Reported Reported Adjustments Adjusted
---------- --------- --------------------
Assets
Current assets:
Cash, cash equivalents
and marketable
securities $305,392 $111,167 $6,971 $118,138
Accounts receivable, net 23,754 2,956 1,666 4,622
Inventory 13,739 10,776 (327) 10,449
Other current assets 6,935 3,806 (290) 3,516
---------- --------- ---------- ---------
Total current assets 349,820 128,705 8,020 136,725
Property and equipment, net 5,009 11,174 372 11,546
Purchased intangible assets,
net 2,402 1,174 3,636 4,810
Other assets, net 1,193 480 (44) 436
---------- --------- ---------- ---------
$358,424 $141,533 $11,984 $153,517
========== ========= ========== =========
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and
accrued expenses $25,413 $37,521 $(17,407) $20,114
Accrued restructuring
expenses 565 3,143 (812) 2,331
Current portion of
deferred revenue 62,698 29,235 22,493 51,728
Current portion of long-
term obligations 182 1,606 - 1,606
---------- --------- ---------- ---------
Total current
liabilities 88,858 71,505 4,274 75,779
Long-term deferred revenue,
less current portion 24,302 - 8,024 8,024
Long-term liabilities, less
current portion 829 3,293 - 3,293
Convertible subordinated
notes 10,000 10,000 - 10,000
Stockholders' equity:
Common stock 247 207 - 207
Capital in excess of par
value 1,043,581 858,126 (4,566) 853,560
Accumulated deficit (808,562) (797,868) 4,442 (793,426)
Deferred compensation (564) (3,469) (190) (3,659)
Treasury stock (267) (261) - (261)
---------- --------- ---------- ---------
Total stockholders'
equity 234,435 56,735 (314) 56,421
---------- --------- ---------- ---------
$358,424 $141,533 $11,984 $153,517
========== ========= ========== =========
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three
Months
Ended
March 31,
2004 Three Months Ended March 31, 2003
---------- ---------------------------------
As As
Reported As Reported Adjustments Restated
---------- ----------- ----------- ---------
Revenues $36,532 $16,019 $(6,810) $9,209
Cost of revenues 12,400 5,430 (1,337) 4,093
---------- ----------- ----------- ---------
Gross profit 24,132 10,589 (5,473) 5,116
Gross profit % 66.1% 66.1% 80.4% 55.6%
Operating expenses:
Research and development 8,928 7,702 3 7,705
Sales and marketing 6,860 5,274 (1,303) 3,971
General and
administrative 4,827 1,080 759 1,839
Stock-based compensation 379 894 30 924
Amort. of goodwill and
purchased intangible
assets 600 271 331 602
---------- ----------- ----------- ---------
Total operating
expenses 21,594 15,221 (180) 15,041
---------- ----------- ----------- ---------
Income (loss) from
operations 2,538 (4,632) (5,293) (9,925)
Interest expense (122) (130) - (130)
Interest income 765 381 - 381
---------- ----------- ----------- ---------
Income (loss) before
provision for income
taxes 3,181 (4,381) (5,293) (9,674)
Provision for income taxes 167 - 33 33
---------- ----------- ----------- ---------
Net income (loss) $3,014 $(4,381) $(5,326) $(9,707)
========== =========== =========== =========
Net income (loss) per
share:
Basic $0.01 $(0.02) $(0.03) $(0.05)
Diluted $0.01 $(0.02) $(0.03) $(0.05)
Shares used in
computation:
Basic 244,607 198,703 - 198,703
Diluted 255,592 198,703 - 198,703
SONUS NETWORKS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2003
------------------------------
March 31, As As
2004 Reported Adjustments Adjusted
---------- --------- --------------------
Assets
Current assets:
Cash, cash equivalents
and marketable
securities $301,924 $106,236 $410 $106,646
Accounts receivable, net 32,062 2,454 2,300 4,754
Inventory 15,292 11,287 1,683 12,970
Other current assets 8,390 4,488 684 5,172
---------- --------- ---------- ---------
Total current assets 357,668 124,465 5,077 129,542
Property and equipment, net 5,607 9,226 391 9,617
Purchased intangible assets,
net 1,802 903 3,305 4,208
Long-term marketable
securities 5,814 - - -
Other assets, net 1,057 494 (79) 415
---------- --------- ---------- ---------
$371,948 $135,088 $8,694 $143,782
========== ========= ========== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and
accrued expenses $26,972 $33,840 $(17,232) $16,608
Accrued restructuring
expenses 285 1,513 - 1,513
Current portion of
deferred revenue 65,242 31,831 24,274 56,105
Current portion of long-
term obligations 153 1,527 - 1,527
---------- --------- ---------- ---------
Total current
liabilities 92,652 68,711 7,042 75,753
Long-term deferred revenue,
less current portion 29,518 - 7,263 7,263
Long-term liabilities, less
current portion 754 2,660 - 2,660
Convertible subordinated
notes 10,000 10,000 - 10,000
Stockholders' equity:
Common stock 248 207 - 207
Capital in excess of par
value 1,044,866 858,514 (4,553) 853,961
Accumulated deficit (805,548) (802,249) (884) (803,133)
Deferred compensation (275) (2,494) (174) (2,668)
Treasury stock (267) (261) - (261)
---------- --------- ---------- ---------
Total stockholders'
equity 239,024 53,717 (5,611) 48,106
---------- --------- ---------- ---------
$371,948 $135,088 $8,694 $143,782
========== ========= ========== =========
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