UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
|
||||||||||||||
Washington,
D.C. 20549
|
||||||||||||||
Form
10-Q
|
||||||||||||||
X
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
|
|||||||||||||
EXCHANGE
ACT OF 1934
|
||||||||||||||
For
the quarter ended November 30, 2005
|
||||||||||||||
Or
|
||||||||||||||
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
|
|||||||||||||
EXCHANGE
ACT OF 1934
|
||||||||||||||
For
the transition period from
|
|
to
|
|
|||||||||||
Commission
file number 0-261
|
||||||||||||||
ALICO,
INC.
|
||||||||||||||
(Exact
name of registrant as specified in its charter)
|
||||||||||||||
Florida
|
59-0906081
|
|||||||||||||
(State
or other jurisdiction of
|
IRS
Employer
|
|||||||||||||
incorporation
or organization)
|
identification
number
|
|||||||||||||
P.O.
Box 338, La Belle, Florida
|
33975
|
|||||||||||||
(Address
of principal executive offices)
|
Zip
code
|
|||||||||||||
Registrant's
telephone number including area code
|
(863)
675-2966
|
|||||||||||||
Indicate
by check mark whether the registrant (1) has filed all reports required
to
be filed
|
||||||||||||||
by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the
preceding 12
|
||||||||||||||
months
(or for such shorter period that such registrant was required to
file such
reports),
|
||||||||||||||
and
(2) has been subject to such filing requirements for the past 90
days.
|
||||||||||||||
Yes
|
X
|
No
|
|
|||||||||||
Indicate
by check mark whether the registrant is an accelerated filer (as
defined
in Rule
|
||||||||||||||
12b-2
of the Exchange Act).
|
||||||||||||||
Yes
|
X
|
No
|
|
|||||||||||
There
were 7,368,612 shares of common stock, par value $1.00 per share,
outstanding
|
||||||||||||||
at
November 30, 2005.
|
Part
I. Financial information
|
|||||||
Item
1. Financial statements
|
|||||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||||
(Unaudited)
|
|||||||
(in
thousands except per share data)
|
|||||||
Three
months ended November 30,
|
|||||||
2005
|
2004
|
||||||
Revenue:
|
|||||||
Citrus
|
$
|
1,208
|
$
|
879
|
|||
Sugarcane
|
1,986
|
2,453
|
|||||
Ranch
|
2,224
|
2,135
|
|||||
Rock
& sand royalties
|
236
|
880
|
|||||
Oil
lease & land rentals
|
417
|
476
|
|||||
Plants
and trees
|
566
|
628
|
|||||
Retail
land sales
|
25
|
187
|
|||||
Operating
revenue
|
6,662
|
7,638
|
|||||
Cost
of sales:
|
|||||||
Citrus
production, harvesting & marketing
|
588
|
75
|
|||||
Sugarcane
production, harvesting and hauling
|
2,623
|
2,079
|
|||||
Ranch
|
1,711
|
1,902
|
|||||
Plants
and trees
|
875
|
555
|
|||||
Retail
land sales
|
11
|
102
|
|||||
Casualty
losses
|
5,707
|
408
|
|||||
Total
costs of sales
|
11,515
|
5,121
|
|||||
Gross
profit (loss)
|
(4,853
|
)
|
2,517
|
||||
General
& administrative expenses
|
1,824
|
1,734
|
|||||
Income
(loss) from operations
|
(6,677
|
)
|
783
|
||||
Other
income (expenses):
|
|||||||
Sale
of real estate
|
5,555
|
-
|
|||||
Cost
of real estate sales
|
1,162
|
-
|
|||||
Net
profit on the sale of real estate
|
4,393
|
-
|
|||||
Interest
& investment income
|
4,985
|
1,264
|
|||||
Interest
expense
|
(991
|
)
|
(508
|
)
|
|||
Other
|
89
|
(32
|
)
|
||||
Total
other income, net
|
8,476
|
724
|
|||||
Income
before income taxes
|
1,799
|
1,507
|
|||||
Provision
for income taxes
|
646
|
542
|
|||||
Net
income
|
$
|
1,153
|
$
|
965
|
|||
Weighted-average
number of shares outstanding
|
7,369
|
7,312
|
|||||
Per
share amounts:
|
|||||||
Basic
|
$
|
0.16
|
$
|
0.13
|
|||
Fully
diluted
|
$
|
0.16
|
$
|
0.13
|
|||
Dividends
|
$
|
-
|
$
|
-
|
|||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
|||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|||||||
(in
thousands)
|
|||||||
November
30,
|
|||||||
2005
|
August
31,
|
||||||
(unaudited)
|
2005
|
||||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash and cash equivalents
|
$
|
43,620
|
$
|
13,384
|
|||
Marketable securities
|
34,926
|
70,824
|
|||||
Accounts receivable
|
9,035
|
11,216
|
|||||
Mortgages and notes receivable
|
415
|
2,370
|
|||||
Inventories
|
15,683
|
20,902
|
|||||
Deposits in escrow
|
5,599
|
6,812
|
|||||
Land held for development and sale
|
1,157
|
1,809
|
|||||
Prepaid expenses
|
1,339
|
1,660
|
|||||
Total current assets
|
111,774
|
128,977
|
|||||
Mortgages
and note receivable
|
9,316
|
6,395
|
|||||
Investments
|
724
|
692
|
|||||
Cash
surrender value of life insurance
|
5,736
|
5,676
|
|||||
Property,
buildings and equipment
|
160,265
|
150,997
|
|||||
Less:
accumulated depreciation
|
(44,470
|
)
|
(45,043
|
)
|
|||
Total assets
|
$
|
243,345
|
$
|
247,694
|
|||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
|||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|||||||
(in
thousands)
|
|||||||
November
30,
|
|||||||
2005
|
August
31,
|
||||||
(unaudited)
|
2005
|
||||||
LIABILITIES
& STOCKHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts payable
|
$
|
2,169
|
$
|
2,180
|
|||
Current portion of notes payable
|
3,312
|
3,309
|
|||||
Accrued expenses
|
2,063
|
3,588
|
|||||
Insurance claims payable
|
1,404
|
1,404
|
|||||
Dividend payable
|
1,844
|
1,842
|
|||||
Accrued ad valorem taxes
|
-
|
2,008
|
|||||
Deferred income taxes
|
1,406
|
2,280
|
|||||
Due to profit sharing
|
98
|
432
|
|||||
Donation payable
|
800
|
776
|
|||||
Total current liabilities
|
13,096
|
17,819
|
|||||
Notes
payable
|
51,509
|
48,039
|
|||||
Deferred
income taxes
|
12,941
|
13,424
|
|||||
Deferred
retirement benefits
|
4,415
|
4,376
|
|||||
Commissions
payable
|
2,833
|
2,125
|
|||||
Other
non-current liability
|
16,954
|
16,954
|
|||||
Donation
payable
|
761
|
771
|
|||||
Total liabilities
|
102,509
|
103,508
|
|||||
Stockholders'
equity:
|
|||||||
Common
stock
|
7,375
|
7,369
|
|||||
Additional
paid in capital
|
9,386
|
9,183
|
|||||
Treasury
stock
|
(459
|
)
|
-
|
||||
Accumulated
other comprehensive income (loss)
|
(214
|
)
|
2,195
|
||||
Retained
earnings
|
124,748
|
125,439
|
|||||
Total stockholders' equity
|
140,836
|
144,186
|
|||||
Total liabilities and stockholders' equity
|
$
|
243,345
|
$
|
247,694
|
|||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
ALICO,
INC. AND SUBSIDIARIES
|
|||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(in
thousands)
|
|||||||
(Unaudited)
|
|||||||
Three
months ended November 30,
|
|||||||
2005
|
2004
|
||||||
Increase
(Decrease) in Cash and Cash Equivalents:
|
|||||||
Cash
flows from operating activities:
|
|||||||
Net cash (used for) provided by operating activities
|
$
|
(4,125
|
)
|
$
|
1,274
|
||
Cash
flows from investing activities:
|
|||||||
Increase in land inventories
|
652
|
-
|
|||||
Real estate deposits and commissions
|
(945
|
)
|
-
|
||||
Purchases of property and equipment
|
(12,537
|
)
|
(7,314
|
)
|
|||
Proceeds from sales of property and equipment
|
1,696
|
203
|
|||||
Proceeds from the sale of real estate
|
5,555
|
-
|
|||||
Purchases of marketable securities and investments
|
(21,241
|
)
|
(10,698
|
)
|
|||
Proceeds from sales of marketable securities
|
59,981
|
1,770
|
|||||
Other
|
30
|
67
|
|||||
Net cash provided by (used for) investing activities
|
33,191
|
(15,972
|
)
|
||||
Cash
flows from financing activities:
|
|||||||
Proceeds from exercising stock options
|
-
|
106
|
|||||
Proceeds from bank loan
|
42,645
|
6,089
|
|||||
Repayment of bank loan
|
(39,172
|
)
|
(4,313
|
)
|
|||
Treasury stock purchased
|
(459
|
)
|
-
|
||||
Dividends paid
|
(1,844
|
)
|
-
|
||||
|
|||||||
Net cash provided by financing activities
|
1,170
|
1,882
|
|||||
Net increase (decrease) in cash and cash equivalents
|
$
|
30,236
|
$
|
(12,816
|
)
|
||
Cash
and cash equivalents:
|
|||||||
At beginning of year
|
$
|
13,384
|
$
|
24,299
|
|||
At end of period
|
$
|
43,620
|
$
|
11,483
|
|||
Supplemental
disclosures of cashflow information:
|
|||||||
Cash
paid for interest, net of amount capitalized
|
$
|
858
|
$
|
620
|
|||
See
accompanying Notes to Condensed Consolidated Financial
Statements.
|
The
cost and estimated fair values of marketable securities available
for sale
at November 30, 2005 and August 31, 2005 were
as follows:
|
|||||||||||||||||||||||||
November
30, 2005
|
August
31, 2005
|
||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||
Gross
|
Estimated
|
Gross
|
Estimated
|
||||||||||||||||||||||
Unrealized
|
Fair
|
Unrealized
|
Fair
|
||||||||||||||||||||||
Equity
securities:
|
Cost
|
Gains
|
Losses
|
Value
|
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||||||
Preferred
stocks
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,363
|
$
|
81
|
$
|
(17
|
)
|
$
|
1,427
|
||||||||
Common
stocks
|
1,575
|
-
|
-
|
1,575
|
6,483
|
1,066
|
(218
|
)
|
7,331
|
||||||||||||||||
Mutual
funds
|
-
|
-
|
-
|
-
|
17,029
|
2,846
|
(86
|
)
|
19,789
|
||||||||||||||||
Total
equity securities
|
1,575
|
-
|
-
|
1,575
|
24,875
|
3,993
|
(321
|
)
|
28,547
|
||||||||||||||||
Debt
securities
|
|||||||||||||||||||||||||
Municipal
bonds
|
$
|
15,550
|
$
|
22
|
$
|
(9
|
)
|
$
|
15,563
|
$
|
20,548
|
$
|
74
|
$
|
-
|
$
|
20,622
|
||||||||
Mutual
funds
|
-
|
-
|
-
|
-
|
4,344
|
155
|
(76
|
)
|
4,423
|
||||||||||||||||
Fixed
maturity funds
|
420
|
-
|
-
|
420
|
2,799
|
-
|
(41
|
)
|
2,758
|
||||||||||||||||
Corporate
bonds
|
17,723
|
-
|
(355
|
)
|
17,368
|
14,897
|
12
|
(435
|
)
|
14,474
|
|||||||||||||||
Total
debt securities
|
33,693
|
22
|
(364
|
)
|
33,351
|
42,588
|
241
|
(552
|
)
|
42,277
|
|||||||||||||||
Marketable
securities
|
|||||||||||||||||||||||||
available
for sale
|
$
|
35,268
|
$
|
22
|
$
|
(364
|
)
|
$
|
34,926
|
$
|
67,463
|
$
|
4,234
|
$
|
(873
|
)
|
$
|
70,824
|
Less
than 12 months
|
12
months or greater
|
Total
|
|||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||
Preferred
stocks
|
$
-
|
$
-
|
$
-
|
$
-
|
$
-
|
$
-
|
|||||||||||||
Common
stocks
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Equity
mutual funds
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Municipal
bonds
|
4,713
|
9
|
-
|
-
|
4,713
|
9
|
|||||||||||||
Debt
mutual funds
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Fixed
maturity funds
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
Corporate
bonds
|
13,667
|
268
|
3,701
|
87
|
17,368
|
355
|
|||||||||||||
Total
|
$
|
18,380
|
$
|
277
|
$
|
3,701
|
$
|
87
|
$
|
22,081
|
$
|
364
|
|||||||
Mortgage
and notes receivable arose from real estate sales. The balances
are as
follows:
|
|||||||
November
30,
|
|||||||
2005
|
August
31,
|
||||||
(Unaudited)
|
2005
|
||||||
Mortgage
notes receivable on retail land sales
|
$
|
579
|
$
|
580
|
|||
Mortgage
notes receivable on bulk land sales
|
56,976
|
56,976
|
|||||
Other
notes receivable
|
-
|
10
|
|||||
Total
mortgage and notes receivable
|
57,555
|
57,566
|
|||||
Less:
Deferred revenue
|
(45,230
|
)
|
(46,207
|
)
|
|||
Discount on note to impute market interest
|
(2,594
|
)
|
(2,594
|
)
|
|||
Current portion
|
(415
|
)
|
(2,370
|
)
|
|||
Non-current
portion
|
$
|
9,316
|
$
|
6,395
|
A
summary of the Company's inventories is shown below:
|
|||||||
November
30,
|
|||||||
2005
|
August
31,
|
||||||
(unaudited)
|
2005
|
||||||
Unharvested
citrus
|
$
|
7,223
|
$
|
8,176
|
|||
Unharvested
sugarcane
|
2,250
|
5,691
|
|||||
Beef
cattle
|
4,572
|
5,024
|
|||||
Unharvested
sod
|
540
|
831
|
|||||
Plants
in greenhouses
|
948
|
1,156
|
|||||
Unharvested
vegetables
|
150
|
24
|
|||||
Total
inventories
|
$
|
15,683
|
$
|
20,902
|
|||
The
Company's unharvested sugarcane and cattle are partially
uninsured.
|
Three
months ended November 30,
|
|||||||
(unaudited)
|
|||||||
2005
|
2004
|
||||||
Unharvested
citrus
|
$
|
3,448
|
$
|
408
|
|||
Unharvested
sugarcane
|
3,010
|
-
|
|||||
Unharvested
vegetables
|
147
|
-
|
|||||
Inventory
losses resulting from casualty
|
$
|
6,605
|
$
|
408
|
Three
months ended November 30,
|
|||||||
(unaudited)
|
|||||||
2005
|
2004
|
||||||
Current:
|
|||||||
Federal income tax
|
$
|
497
|
$
|
433
|
|||
State income tax
|
53
|
46
|
|||||
550
|
479
|
||||||
Deferred:
|
|||||||
Federal income tax
|
87
|
57
|
|||||
State income tax
|
9
|
6
|
|||||
96
|
63
|
||||||
Total
provision for income taxes
|
$
|
646
|
$
|
542
|
|||
Three
months ended November 30,
|
|||||||
Components
of net pension cost
|
2005
|
2004
|
|||||
Service cost, net of participant contributions
|
$
|
53
|
$
|
36
|
|||
Interest cost
|
68
|
70
|
|||||
Net
pension cost for defined benefit plan
|
$
|
121
|
$
|
106
|
|||
November
30, 2005
|
(Unaudited)
|
||||||||||||
Additional
|
|||||||||||||
Principal
|
Credit
|
Interest
|
|||||||||||
Balance
|
Available
|
Rate
|
Collateral
|
||||||||||
a)
Revolving credit line
|
$
|
40,120
|
$
|
134,880
|
Libor
+0.8
|
%
|
Unsecured
|
||||||
b)
Credit line
|
4,000
|
-
|
5.80
|
%
|
Unsecured
|
||||||||
c)
Mortgage note payable
|
10,556
|
-
|
6.68
|
%
|
Real
estate
|
||||||||
d)
Other
|
145
|
-
|
7.00
|
%
|
Real
estate
|
||||||||
Total
|
$
|
54,821
|
$
|
134,880
|
|||||||||
Additional
|
|||||||||||||
August
31, 2005
|
Principal
|
Credit
|
Interest
|
||||||||||
Balance
|
Available
|
Rate
|
Collateral
|
||||||||||
b)
Credit line
|
$
|
4,000
|
$
|
-
|
5.80
|
%
|
Unsecured
|
||||||
c)
Mortgage note payable
|
10,872
|
-
|
6.68
|
%
|
Real
estate
|
||||||||
d)
Other
|
146
|
-
|
7.00
|
%
|
Real
estate
|
||||||||
e)
Revolving credit line
|
21,330
|
4,670
|
Libor
+1
|
%
|
Unsecured
|
||||||||
f)
Demand note
|
-
|
3,000
|
Libor
+1
|
%
|
Unsecured
|
||||||||
g)
Revolving credit line
|
15,000
|
-
|
Libor
+0.8
|
%
|
Unsecured
|
||||||||
Total
|
$
|
51,348
|
$
|
7,670
|
|||||||||
a)
Terms described above
|
|||||||||||||
b)
5-year fixed rate term loan with commercial lender. $2 million
principal
due annually.
Interest due quarterly.
|
|||||||||||||
c)
First mortgage on 7,680 acres of cane, citrus, pasture and improvements
in
Hendry County,
Florida with commercial lender. Monthly principal payments of $106
thousand plus
accrued
interest.
|
|||||||||||||
d)
First mortgage on a parcel of land in Polk County, Florida with
private
seller. Annual equal
payments of $55 thousand.
|
|||||||||||||
e)
Line of credit with commerical bank, refinanced in October,
2005
|
|||||||||||||
f)
Working capital loan with commerical bank, due on demand, refinanced
in
October, 2005
|
|||||||||||||
g)
Line of credit with commercial lender, refinanced in October,
2005
|
|||||||||||||
Maturities
of the Company's debt at November 30, 2005 is as follows:
|
||||
Due
within 1 year
|
$
|
3,312
|
||
Due
between 1 and 2 years
|
3,315
|
|||
Due
between 2 and 3 years
|
1,318
|
|||
Due
between 3 and 4 years
|
1,267
|
|||
Due
between 4 and 5 years
|
41,387
|
|||
Due
beyond five years
|
4,222
|
|||
Total
|
$
|
54,821
|
||
Three
months ended November 30,
|
|||||||
(unaudited)
|
|||||||
2005
|
2004
|
||||||
$ | $ | ||||||
Interest
expense
|
991
|
508
|
|||||
Interest
capitalized
|
17
|
51
|
|||||
Total
interest costs
|
$ |
1,008
|
$ |
559
|
|||
Consolidated
|
||||||||||||||||
Citrus
|
Sugarcane
|
Ranch
|
Other
|
Total
|
||||||||||||
Revenue
|
$
|
1,208
|
$
|
1,986
|
$
|
2,224
|
$
|
11,873
|
$
|
17,291
|
||||||
Costs
and expenses
|
588
|
2,623
|
1,711
|
10,570
|
15,492
|
|||||||||||
Segment
profit (loss)
|
620
|
(637
|
)
|
513
|
1,303
|
1,799
|
||||||||||
Depreciation
and amortization
|
627
|
497
|
413
|
242
|
1,779
|
|||||||||||
Segment
assets
|
$
|
43,957
|
$
|
46,396
|
$
|
20,827
|
$
|
132,165
|
$
|
243,345
|
The
following table presents information for each of the Company's
operating
segments as of and
for the three months ended November 30, 2004:
|
||||||||||||||||
|
||||||||||||||||
Consolidated
|
||||||||||||||||
Citrus
|
Sugarcane
|
Ranch
|
Other
|
Total
|
||||||||||||
Revenue
|
$
|
879
|
$
|
2,453
|
$
|
2,135
|
$
|
3,435
|
$
|
8,902
|
||||||
Costs
and expenses
|
75
|
2,079
|
1,902
|
3,339
|
7,395
|
|||||||||||
Segment
profit (loss)
|
804
|
374
|
233
|
96
|
1,507
|
|||||||||||
Depreciation
and amortization
|
619
|
527
|
375
|
184
|
1,705
|
|||||||||||
Segment
assets
|
$
|
54,215
|
$
|
50,743
|
$
|
22,002
|
$
|
115,003
|
$
|
241,963
|
Three
months ended November 30,
|
|||||||
(Unaudited)
|
|||||||
2005
|
2004
|
||||||
Balance
of Other Comprehensive Income
|
|||||||
at
beginning of period
|
$
|
2,195
|
$
|
1,529
|
|||
Change
resulting from market flucuations, net of
|
|||||||
tax,
and realized gains and losses
|
(2,409
|
)
|
1,798
|
||||
Other
Comprehensive Income at end of period
|
$
|
(214
|
)
|
$
|
3,327
|
||
November
30,
|
November
30,
|
||||||
2005
|
2004
|
||||||
(unaudited)
|
(unaudited)
|
||||||
Inventoried
costs
|
$
|
6,605
|
$
|
408
|
|||
Basis
of property and equipment
|
|||||||
plus
repairs to other assets
|
1,969
|
-
|
|||||
Insurance
proceeds received
|
(2,158
|
)
|
-
|
||||
Insurance
proceeds receivable
|
(709
|
)
|
-
|
||||
Total
casualty losses
|
$
|
5,707
|
$
|
408
|
|||
Date
|
Total
Number of Shares Purchased
|
Average
price paid per share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans
or
Programs
|
Approximate
Dollar Value of Shares that May Yet Be Purchased Under Publicly
Announced
Plans or Programs
|
|||||||||
11/28/2005
|
10,000
|
$
|
45.98
|
10,000
|
$
|
919,600
|
|||||||
Director
elections
|
For
|
Withheld
|
Abstentions
|
Broker
non votes
|
|||||||||
John
R. Alexander
|
6,625,570
|
|
|
372,597
|
|
|
0
|
|
|
0
|
|
||
Robert
E. Lee Caswell
|
|
|
6,667,511
|
|
|
330,656
|
|
|
0
|
|
|
0
|
|
Evelyn
D'an
|
|
|
6,658,721
|
|
|
339,446
|
|
|
0
|
|
|
0
|
|
Phillip
S. Dingle
|
|
|
6,662,561
|
|
|
335,606
|
|
|
0
|
|
|
0
|
|
Gregory
T. Mutz
|
|
|
6,634,356
|
|
|
363,811
|
|
|
0
|
|
|
0
|
|
Charles
Palmer
|
|
|
6,673,833
|
|
|
324,334
|
|
|
0
|
|
|
0
|
|
Baxter
Troutman
|
|
|
6,639,875
|
|
|
358,292
|
|
|
0
|
|
|
0
|
|
Gordon
Walker
|
|
|
6,659,051
|
|
|
339,116
|
|
|
0
|
|
|
0
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|