Exhibit 99.2
Camtek Ltd. and its Subsidiaries Interim Condensed Consolidated Financial Statements As of September 30, 2021 (Unaudited) |
Camtek Ltd. and its Subsidiaries
Interim Unaudited Condensed Consolidated Financial Statements as at September 30, 2021
Contents
Page
F-3 | |
F-4 to F-5 | |
F-6 to F-7 | |
F-8 to F-9 | |
F-10 to F-16 |
Camtek Ltd. and its Subsidiaries
September 30, | December 31, | |||||||||||
2021 | 2020 | |||||||||||
Note | U.S. Dollars (in thousands) | |||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | 5A | 117,852 | 105,815 | |||||||||
Short-term deposits | 87,000 | 72,000 | ||||||||||
Trade accounts receivable, net | 61,178 | 41,001 | ||||||||||
Inventories | 5B | 56,968 | 39,736 | |||||||||
Other current assets | 5C | 4,681 | 3,366 | |||||||||
Total current assets | 327,679 | 261,918 | ||||||||||
Long term deposits | 10,000 | - | ||||||||||
Long term inventory | 5B | 4,832 | 4,416 | |||||||||
Deferred tax assets | - | 482 | ||||||||||
Other assets, net | 119 | 85 | ||||||||||
Property, plant and equipment, net | 5D | 22,414 | 20,398 | |||||||||
Intangible assets, net | 5E | 590 | 609 | |||||||||
Total non-current assets | 37,955 | 25,990 | ||||||||||
Total assets | 365,634 | 287,908 | ||||||||||
Liabilities and shareholders’ equity | ||||||||||||
Current liabilities | ||||||||||||
Trade accounts payable | 29,784 | 27,180 | ||||||||||
Other current liabilities | 5F | 52,888 | 30,204 | |||||||||
Total current liabilities | 82,672 | 57,384 | ||||||||||
Long term liabilities | ||||||||||||
Deferred tax liabilities, net | 222 | - | ||||||||||
Other long-term liabilities | 3,507 | 3,260 | ||||||||||
Total non-current liabilities | 3,729 | 3,260 | ||||||||||
Total liabilities | 86,401 | 60,644 | ||||||||||
Shareholders’ equity | ||||||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at September 30, 2021 and at December 31, 2020; | 3 | |||||||||||
45,934,072 issued shares at September 30, 2021 and 45,365,354 at December 31, 2020; | ||||||||||||
43,841,696 shares outstanding at September 30, 2021 and 43,272,978 at December 31, 2020; | 172 | 171 | ||||||||||
Additional paid-in capital | 174,948 | 170,497 | ||||||||||
Retained earnings | 106,011 | 58,494 | ||||||||||
281,131 | 229,162 | |||||||||||
Treasury stock, at cost (2,092,376 as of September 30, 2021 and December 31, 2020) | (1,898 | ) | (1,898 | ) | ||||||||
Total shareholders' equity | 279,233 | 227,264 | ||||||||||
Total liabilities and shareholders' equity | 365,634 | 287,908 |
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
F - 3
Camtek Ltd. and its Subsidiaries
(In thousands, except per share data)
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||
Note | U.S. dollars | U.S. dollars | U.S. dollars | |||||||||||||||||||||
Revenues | 4 | 195,488 | 107,240 | 70,686 | 40,061 | 155,859 | ||||||||||||||||||
Cost of revenues | 95,724 | 57,315 | 34,893 | 20,636 | 82,628 | |||||||||||||||||||
Gross profit | 99,764 | 49,925 | 35,793 | 19,425 | 73,231 | |||||||||||||||||||
Research and development costs | 16,774 | 13,952 | 5,530 | 5,068 | 19,575 | |||||||||||||||||||
Selling, general and | ||||||||||||||||||||||||
administrative expenses | 6A | 31,406 | 21,374 | 10,118 | 8,036 | 31,032 | ||||||||||||||||||
48,180 | 35,326 | 15,648 | 13,104 | 50,607 | ||||||||||||||||||||
Operating income | 51,584 | 14,599 | 20,145 | 6,321 | 22,624 | |||||||||||||||||||
Financial income, net | 6B | 911 | 958 | 349 | 307 | 775 | ||||||||||||||||||
Income from continuing | ||||||||||||||||||||||||
operations before taxes | 52,495 | 15,557 | 20,494 | 6,628 | 23,399 | |||||||||||||||||||
Income tax expense | (4,978 | ) | (1,445 | ) | (1,989 | ) | (604 | ) | (1,621 | ) | ||||||||||||||
Net income | 47,517 | 14,112 | 18,505 | 6,024 | 21,778 |
F - 4
Camtek Ltd. and its Subsidiaries
Interim Unaudited Condensed Consolidated Statements of Operations (contd.)
Net income per ordinary share:
Nine months ended | Three months ended | Year ended | ||||||||||||||||||||||
September 30, | September 30, | December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||
Note | U.S. dollars | U.S. dollars | U.S. dollars | |||||||||||||||||||||
Basic net earnings | 1.09 | 0.36 | 0.42 | 0.15 | 0.55 | |||||||||||||||||||
Diluted net earnings | 1.06 | 0.35 | 0.41 | 0.15 | 0.54 | |||||||||||||||||||
Weighted average number of | ||||||||||||||||||||||||
ordinary shares outstanding | ||||||||||||||||||||||||
(in thousands): | ||||||||||||||||||||||||
Basic | 43,577 | 38,957 | 43,826 | 39,176 | 39,383 | |||||||||||||||||||
Diluted | 44,627 | 39,878 | 44,658 | 40,066 | 40,372 |
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
F - 5
Camtek Ltd. and its Subsidiaries
Ordinary Shares | Number of | Additional | Total | |||||||||||||||||||||||||
NIS 0.01 par value | Treasury | Treasury | paid-in | Retained | shareholders' | |||||||||||||||||||||||
Number of | U.S. Dollars | Shares | capital | earnings | capital | equity | ||||||||||||||||||||||
Shares Issued | (in thousands) | U.S. Dollars (in thousands) | ||||||||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
December 31, 2019 | 40,742,355 | 157 | (2,092,376 | ) | (1,898 | ) | 101,327 | 36,716 | 136,302 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense | - | - | - | - | 1,768 | - | 1,768 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs | 382,359 | 1 | - | - | 333 | - | 334 | |||||||||||||||||||||
Net income | - | - | - | - | - | 8,088 | 8,088 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
June 30, 2020 | 41,124,714 | 158 | (2,092,376 | ) | (1,898 | ) | 103,428 | 44,804 | 146,492 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense | - | - | - | - | 1,297 | - | 1,297 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs | 179,043 | 1 | - | - | 184 | - | 185 | |||||||||||||||||||||
Net income | - | - | - | - | - | 6,024 | 6,024 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
September 30, 2020 | 41,303,757 | 159 | (2,092,376 | ) | (1,898 | ) | 104,909 | 50,828 | 153,998 | |||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
December 31, 2020 | 45,365,354 | 171 | (2,092,376 | ) | (1,898 | ) | 170,497 | 58,494 | 227,264 | |||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense | - | - | - | - | 2,681 | - | 2,681 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs | 439,508 | 1 | - | - | 205 | - | 206 | |||||||||||||||||||||
Net income | - | - | - | - | - | 29,012 | 29,012 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
June 30, 2021 | 45,804,862 | 172 | (2,092,376 | ) | (1,898 | ) | 173,383 | 87,506 | 259,163 |
F - 6
Camtek Ltd. and its Subsidiaries
Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity (cont’d)
Ordinary Shares | Number of | Additional | Total | |||||||||||||||||||||||||
NIS 0.01 par value | Treasury | Treasury | paid-in | Retained | shareholders' | |||||||||||||||||||||||
Number of | U.S. Dollars | Shares | capital | earnings | capital | equity | ||||||||||||||||||||||
Shares Issued | (in thousands) | U.S. Dollars (in thousands) | ||||||||||||||||||||||||||
Share-based | ||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||
expense | - | - | - | - | 1,512 | - | 1,512 | |||||||||||||||||||||
Exercise of share | ||||||||||||||||||||||||||||
options and RSUs | 129,210 | * | - | - | 53 | - | 53 | |||||||||||||||||||||
Net income | - | - | - | - | - | 18,505 | 18,505 | |||||||||||||||||||||
Balances at | ||||||||||||||||||||||||||||
September 30, 2021 | 45,934,072 | 172 | (2,092,376 | ) | (1,898 | ) | 174,948 | 106,011 | 279,233 |
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
F - 7
Camtek Ltd. and its Subsidiaries
(In thousands)
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
U.S. dollars | U.S. dollars | U.S. dollars | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | 47,517 | 14,112 | 18,505 | 6,024 | 21,778 | |||||||||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 1,982 | 1,625 | 704 | 568 | 2,234 | |||||||||||||||
Deferred tax expense | 704 | 738 | 36 | 512 | 476 | |||||||||||||||
Loss on disposal of fixed assets | 31 | - | - | - | - | |||||||||||||||
Share based compensation expense | 4,193 | 3,065 | 1,512 | 1,297 | 4,235 | |||||||||||||||
Change in provision for doubtful debts | (33 | ) | (83 | ) | - | (83 | ) | (87 | ) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Trade accounts receivable, gross | (20,364 | ) | (2,360 | ) | (1,130 | ) | 5,748 | (9,696 | ) | |||||||||||
Inventories | (19,045 | ) | (12,838 | ) | (3,863 | ) | (5,824 | ) | (19,330 | ) | ||||||||||
Due from related parties, net | (13 | ) | 56 | (1 | ) | 36 | 72 | |||||||||||||
Other assets | (1,336 | ) | (146 | ) | (269 | ) | 455 | (501 | ) | |||||||||||
Trade accounts payable | 2,379 | 9,136 | (3,661 | ) | (83 | ) | 15,661 | |||||||||||||
Other current liabilities | 23,110 | 4,008 | 4,713 | (3,757 | ) | 10,686 | ||||||||||||||
Liability for employee severance benefits, net | 7 | 110 | (36 | ) | 64 | 224 | ||||||||||||||
Net cash provided by operating activities | 39,132 | 17,423 | 16,510 | 4,957 | 25,752 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Release from (investment in) short-term deposits | (15,000 | ) | (28,500 | ) | 22,000 | (11,000 | ) | (20,500 | ) | |||||||||||
Investment in long-term deposits | (10,000 | ) | - | - | - | - | ||||||||||||||
Purchase of fixed assets | (2,514 | ) | (1,390 | ) | (1,246 | ) | (615 | ) | (2,410 | ) | ||||||||||
Purchase of intangible assets | (60 | ) | (196 | ) | (15 | ) | (70 | ) | (216 | ) | ||||||||||
Net cash provided by (used in) investing activities | (27,574 | ) | (30,086 | ) | 20,739 | (11,685 | ) | (23,126 | ) |
Cash flows from financing activities: | ||||||||||||||||||||
Share issuance, net | - | - | - | - | 64,288 | |||||||||||||||
Proceeds from exercise of share options | 259 | 519 | 53 | 185 | 629 | |||||||||||||||
Net cash provided by financing activities | 259 | 519 | 53 | 185 | 64,917 | |||||||||||||||
Effect of change in exchange rate on cash and cash equivalents | 220 | 139 | 211 | 116 | 225 | |||||||||||||||
Net increase (decrease) in cash and cash | ||||||||||||||||||||
equivalents | 12,037 | (12,005 | ) | 37,513 | (6,427 | ) | 67,768 | |||||||||||||
Cash and cash equivalents at beginning of | ||||||||||||||||||||
the period | 105,815 | 38,047 | 80,339 | 32,469 | 38,047 | |||||||||||||||
Cash and cash equivalents at end of the | ||||||||||||||||||||
period | 117,852 | 26,042 | 117,852 | 26,042 | 105,815 |
F - 8
Camtek Ltd. and its Subsidiaries
Interim Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
U.S. dollars | U.S. dollars | U.S. dollars | ||||||||||||||||||
Supplementary cash flows information: | ||||||||||||||||||||
Income taxes paid | 197 | 308 | 44 | 97 | 546 | |||||||||||||||
Interest received | 785 | 825 | 386 | 382 | 1,420 | |||||||||||||||
Lease payments | 699 | 780 | 218 | 250 | 1,025 | |||||||||||||||
Non-cash transactions: | ||||||||||||||||||||
Fixed assets purchased with supplier credit | 81 | 152 | 81 | 152 | 159 |
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
Camtek Ltd. and its Subsidiaries
(Amounts in thousands, except per share data)
Note 1 - Nature of Operations
A. | Camtek Ltd. (“Camtek” or the “Company”), an Israeli corporation, is jointly controlled 20.9% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.9% by Chroma Ate Inc., a Taiwanese company (“Chroma”). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing product yield and reliability, and enabling and supporting customers’ latest technologies in the semiconductor fabrication industry. |
The Company’s shares are traded on the NASDAQ Global Market under the symbol “CAMT”, and also listed and traded on the Tel-Aviv stock exchange.
B. | As detailed in the annual financial statements as of December 31, 2020, since January 2020, the Covid-19 outbreak has dramatically expanded into a worldwide pandemic creating macro-economic uncertainty and disruption in the business and financial markets. At present, business activity is continuing at all of the Company’s locations, with new routines implemented as required by local Covid-19 regulations. |
From the beginning of the outbreak, the Company has been carefully managing the risks and its global operations. The Israeli facility has been able to maintain its required production levels. Worldwide, the Company has benefitted from its strategy of having in place local professional teams in each of its territories that can independently install and support systems. As such, the Company has been able to deliver most of its orders on time and the impact of the Covid-19 pandemic on the its business activity has not been significant.
F - 10
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 2 - Basis of Preparation
A. Statement of compliance
Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2020 annual audited consolidated financial statement for the year ended December 31, 2020.
The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2020 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2020.
In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021 or for any other future period.
B. Recent Accounting Pronouncements
In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance became effective in the first quarter of 2021 on a prospective basis. The adoption of this guidance has not had a material impact on the Company’s consolidated financial statements.
F - 11
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 3 - Shareholders’ Equity
A. Changes in Stock Options and RSUs
The number of stock options exercised in the three-month and nine-months period ended September 30, 2021, was 12,001 and 71,372, respectively. The number of restricted share units (RSUs) vested in the three-month and nine-month periods ended September 30, 2021, was 117,209 and 497,346, respectively.
B. Share-based Compensation Expense
In the first nine months of 2021, 191,842 RSUs and 5,704 stock options were granted by the Company. The RSUs and stock options vest over a four-year period.
The total share-based compensation expense amounted to $4,193, $3,065, $1,512, $1,297 and $4,235 for the nine-month periods ended September 30, 2021 and 2020, the three-month periods ended September 30, 2021 and 2020 and the year ended December 31, 2020, respectively.
Note 4 – Revenue Recognition
Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows:
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
U.S. Dollars (in thousands) | ||||||||||||||||||||
Asia Pacific | 167,157 | 97,317 | 57,812 | 35,403 | 137,555 | |||||||||||||||
United States | 15,268 | 4,425 | 6,441 | 1,167 | 9,847 | |||||||||||||||
Europe | 13,063 | 5,498 | 6,433 | 3,491 | 8,457 | |||||||||||||||
195,488 | 107,240 | 70,686 | 40,061 | 155,859 |
F - 12
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 5 - Supplementary Financial Statements Information
A. Cash and cash equivalents
The Company’s cash and cash equivalent balance at September 30, 2021 and December 31, 2020 is denominated in the following currencies:
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
US Dollars | 107,887 | 102,669 | ||||||
New Israeli Shekels | 8,754 | 1,542 | ||||||
Euro | 507 | 570 | ||||||
Other currencies | 704 | 1,034 | ||||||
117,852 | 105,815 |
B. Inventories
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Components | 31,256 | 19,630 | ||||||
Work in process | 10,350 | 10,123 | ||||||
Finished products (including systems at customer locations not yet sold) | 20,194 | 14,399 | ||||||
61,800 | 44,152 |
Inventories are presented in:
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Current assets | 56,968 | 39,736 | ||||||
Non-current assets | 4,832 | 4,416 | ||||||
61,800 | 44,152 |
F - 13
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 5 - Supplementary Financial Statements Information (cont’d)
C. Other Current Assets
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Prepaid expenses | 1,973 | 455 | ||||||
Due from Government institutions | 1,739 | 1,967 | ||||||
Income tax receivables | 324 | 302 | ||||||
Interest receivable | 268 | 207 | ||||||
Deposits for operating leases | 189 | 195 | ||||||
Other | 188 | 240 | ||||||
4,681 | 3,366 |
D. Property, Plant and Equipment, Net
September 30, | December, 31 | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Land | 863 | 863 | ||||||
Building | 14,698 | 14,438 | ||||||
Machinery and equipment | 13,170 | 11,260 | ||||||
Office furniture and equipment | 841 | 785 | ||||||
Computer equipment and software | 5,130 | 4,760 | ||||||
Automobiles | 479 | 263 | ||||||
Leasehold improvements | 1,120 | 630 | ||||||
Right of use assets | 3,376 | 3,014 | ||||||
39,677 | 36,013 | |||||||
Less accumulated depreciation | 17,263 | 15,615 | ||||||
22,414 | 20,398 |
F - 14
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 5 - Supplementary Financial Statements Information (cont’d)
E. Intangible Assets, Net
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Patent registration costs | 1,987 | 1,927 | ||||||
Accumulated amortization | 1,397 | 1,318 | ||||||
Total intangible assets, net | 590 | 609 |
F. Other Current Liabilities
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
U.S. Dollars | ||||||||
Commissions | 15,770 | 7,965 | ||||||
Advances from customers and deferred revenues | 14,887 | 6,155 | ||||||
Accrued employee compensation and related benefits | 10,643 | 9,698 | ||||||
Government institutions and income tax payable | 4,910 | 752 | ||||||
Accrued warranty costs | 3,549 | 2,328 | ||||||
Accrued expenses | 2,493 | 2,570 | ||||||
Operating lease obligations | 636 | 736 | ||||||
52,888 | 30,204 |
F - 15
Camtek Ltd. and its Subsidiaries
Notes to the Interim Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except per share data)
Note 6 - Statements of Operations
A. | Selling, general and administrative expenses |
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
U.S. Dollars (in thousands) | ||||||||||||||||||||
Selling (1) | 24,451 | 15,397 | 7,816 | 5,846 | 22,969 | |||||||||||||||
General and administrative | 6,955 | 5,977 | 2,302 | 2,190 | 8,063 | |||||||||||||||
31,406 | 21,374 | 10,118 | 8,036 | 31,032 | ||||||||||||||||
(1) Including shipping and handling costs | 1,274 | 1,694 | 434 | 557 | 2,356 |
B. Financial income (expenses), net
Nine months ended September 30, | Three months ended September 30, | Year ended December 31, | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
U.S. Dollars (in thousands) | ||||||||||||||||||||
Interest income | 900 | 1,047 | 339 | 318 | 1,281 | |||||||||||||||
Other, net (1) | 11 | (89 | ) | 10 | (11 | ) | (506 | ) | ||||||||||||
911 | 958 | 349 | 307 | 775 | ||||||||||||||||
(1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars | 228 | 13 | 77 | 34 | (351 | ) |
F - 16