Exhibit 99.1
NEWS RELEASE
Contact: |
| Suzy W. Taylor |
|
| 866-652-1810 |
FirstCity Financial (NASDAQ FCFC) Reports Fourth Quarter 2005 Earnings
Waco, Texas February 10, 2006
Highlights of the Quarter:
• FirstCity reports 4th quarter 2005 earnings of $1,948,137, or $.16 per diluted share.
• FirstCity invested $35 million in portfolio assets for the quarter.
• FirstCity reports continued earning asset growth of $25 million for the quarter.
Components of the quarterly results are detailed below (dollars in thousands except per share data):
|
| Three Months Ended |
| Twelve Months Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
| (unaudited) |
| (unaudited) |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||
Portfolio Asset Acquisition and Resolution |
| $ | 3,517 |
| $ | 4,310 |
| $ | 13,780 |
| $ | 14,437 |
|
Corporate interest |
| — |
| (374 | ) | — |
| (3,378 | ) | ||||
Corporate overhead |
| (1,500 | ) | (1,997 | ) | (5,702 | ) | (6,048 | ) | ||||
Earnings from continuing operations |
| 2,017 |
| 1,939 |
| 8,078 |
| 5,011 |
| ||||
Earnings (loss) from discontinued operations, net of taxes |
| (69 | ) | 50,639 |
| 153 |
| 58,623 |
| ||||
Net earnings to common stockholders |
| $ | 1,948 |
| $ | 52,578 |
| $ | 8,231 |
| $ | 63,634 |
|
Diluted earnings per common share |
| $ | 0.16 |
| $ | 4.41 |
| $ | 0.69 |
| $ | 5.37 |
|
Earnings from continuing operations of $2 million for the quarter reflected strong collections of $70 million as well as $793,000 of foreign currency gains for the quarter.
James T. Sartain, President and CEO said, “We are pleased with the strong purchases in the fourth quarter and the resulting growth in earning assets. The pipeline for prospective investments remains strong and the company is well positioned to take advantage of its strong liquidity to continue the growth of the asset base.”
Portfolio Asset Acquisition and Resolution
FirstCity purchased $82.7 million in portfolio assets during the fourth quarter of 2005. Purchases consisted of thirteen portfolios; two in Europe, two in South America and nine in the United States. Invested equity of $35 million for the quarter advanced total year investments to $71.4 million.
(more)
Portfolio purchases are detailed below (in millions):
|
| Domestic |
| Europe |
| Latin |
| Total |
| Invested |
| |||||||||
2005 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
4th Quarter |
| $ | 32.9 |
| $ | 37.2 |
| $ | 12.6 |
| $ | 82.7 |
| $ | 35.0 |
| ||||
3rd Quarter |
| 32.3 |
| — |
| 0.6 |
| 32.9 |
| 18.1 |
| |||||||||
2nd Quarter |
| 16.1 |
| — |
| — |
| 16.1 |
| 16.1 |
| |||||||||
1st Quarter |
| 12.1 |
| — |
| 2.8 |
| 14.9 |
| 2.2 |
| |||||||||
YTD 2005 |
| $ | 93.4 |
| $ | 37.2 |
| $ | 16.0 |
| $ | 146.6 |
| $ | 71.4 | * | ||||
2004 |
|
|
|
|
|
|
|
|
|
|
| |||||||||
4th Quarter |
| $ | 23.2 |
| $ | — |
| $ | 22.7 |
| $ | 45.9 |
| $ | 11.1 |
| ||||
3rd Quarter |
| 26.6 |
| — |
| 9.5 |
| 36.1 |
| 27.1 |
| |||||||||
2nd Quarter |
| 34.9 |
| 9.8 |
| 40.7 |
| 85.4 |
| 18.5 |
| |||||||||
1st Quarter |
| 6.5 |
| — |
| 0.2 |
| 6.7 |
| 3.1 |
| |||||||||
Total Year 2004 |
| $ | 91.2 |
| $ | 9.8 |
| $ | 73.1 |
| $ | 174.1 |
| $ | 59.8 |
| ||||
Total Year 2003 |
| $ | 92.6 |
| $ | 31.2 |
| $ | 5.4 |
| $ | 129.2 |
| $ | 22.9 | * | ||||
* In addition to the portfolio acquisitions above, FirstCity invested $3.2 million in partnerships during 2005 and $3.4 million in partnerships during 2003.
Operating contribution from the portfolio asset acquisition business for the fourth quarter was $3.5 million. The earnings were comprised of revenues of $6.4 million and $3.1 million of equity in earnings of investments, net of $6.2 million in expenses and $224,000 of net recoveries of loan and impairment losses. The business generated 56% of the revenues (including equity in earnings of investments) from domestic investments, 32% from investments in Latin America and 12% from investments in Europe. The major components of revenue for the quarter included servicing fees of $2.8 million, gain on resolution of portfolio assets of $1.1 million, interest income of $1.5 million and other income of $1.0 million.
Operating contribution from the portfolio asset acquisition business for the fourth quarter included net foreign currency gains of $793,000 comprised of $690,000 in Mexican peso gains and $103,000 of Euro gains.
The following table details the impact of these items on corporate earnings:
Illustration of the Effects of Currency |
| Three Months Ended |
| Twelve Months Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
| (unaudited) |
| (unaudited) |
| ||||||||
Net earnings to Common Stockholders as reported |
| $ | 1,948 |
| $ | 52,578 |
| $ | 8,231 |
| $ | 63,634 |
|
Mexican peso gains |
| 690 |
| 288 |
| 1,470 |
| 247 |
| ||||
Euro gains (losses) |
| 103 |
| (178 | ) | 793 |
| 675 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Peso exchange rate at valuation date |
| 10.78 |
| 11.30 |
|
|
|
|
| ||||
Euro exchange rate at valuation date |
| 0.84 |
| 0.75 |
|
|
|
|
| ||||
2
Conference Call
A conference call will be held today at 9:00 a.m. Central time to discuss fourth quarter 2005 results. A question and answer session will follow the prepared remarks. Details to access the call and webcast are as follows:
Event: |
| FirstCity Financial Corporation Fourth Quarter 2005 Conference Call | |||||
Date: |
| Friday, February 10, 2006 | |||||
Time: |
| 9:00 a.m. Central Time | |||||
Host: |
| James T. Sartain, FirstCity’s President and Chief Executive Officer | |||||
Web Access: |
| FirstCity’s web page- |
| www.fcfc.com/invest.htm or, | |||
|
| CCBN’s Investor websites- |
| www.streetevents.com and, | |||
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|
|
| www.earnings.com | |||
Dial In |
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| |||
Access: |
| Domestic |
| 866-578-5747 | |||
|
| International |
| 617-213-8054 | |||
|
| Pass code - |
| 91948358 | |||
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|
|
| |||
Replay |
| Domestic |
| 888-286-8010 | |||
|
| International |
| 617-801-6888 | |||
|
| Pass code - |
| 82525743 | |||
The replay will be available until Friday, February 24, 2006.
Forward Looking Statements
Certain statements in this press release, which are not historical in fact, including, but not limited to, statements relating to future performance, may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, performance or achievements, and may contain the words “expect”, “intend”, “plan”, “estimate”, “believe”, “will be”, “will continue”, “will likely result”, and similar expressions. Such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. There are many important factors that could cause the Company’s actual results to differ materially.
These factors include, but are not limited to, the performance of the Company’s subsidiaries and affiliates, availability of portfolio assets, assumptions underlying portfolio asset performance, risks associated with foreign operations, currency exchange rate fluctuations, interest rate risk, risks of declining value of loans, collateral or assets, the degree to which the Company is leveraged, the Company’s continued need for financing, availability of the Company’s credit facilities, the impact of certain covenants in loan agreements of the Company and its subsidiaries, the ability of the Company to utilize net operating loss carry forwards, general economic conditions, foreign social and economic conditions, changes (legislative and otherwise) in the asset securitization industry, fluctuation in residential and commercial real estate values, capital markets conditions, including the markets for asset-backed securities, uncertainties of any litigation arising from discontinued operations, factors more fully discussed and identified under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and risk factors and other risks identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, filed with the SEC on March 22, 2005, as well as in the Company’s other filings with the SEC.
Many of these factors are beyond the Company’s control. In addition, it should be noted that past financial and operational performance of the Company is not necessarily indicative of future financial and operational performance. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements.
The forward-looking statements in this release speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
The Company is a diversified financial services company with operations dedicated to portfolio asset acquisition and resolution with offices in the U.S. and with affiliate organizations in France and Mexico. Its common stock is listed on the NASDAQ National Market System under the symbol “FCFC.”
3
FirstCity Financial Corporation
Summary of Operations
(In thousands, except per share data)
(Unaudited)
|
| Three Months Ended |
| Year Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||
Servicing fees from affiliates |
| $ | 2,782 |
| $ | 3,671 |
| $ | 11,754 |
| $ | 13,747 |
|
Gain on resolution of Portfolio Assets |
| 1,072 |
| 811 |
| 5,438 |
| 1,649 |
| ||||
Interest income from affiliates |
| 545 |
| 570 |
| 1,838 |
| 2,263 |
| ||||
Loan interest income |
| 921 |
| 483 |
| 2,824 |
| 823 |
| ||||
Other income |
| 1,160 |
| 356 |
| 2,239 |
| 2,659 |
| ||||
Total revenues |
| 6,480 |
| 5,891 |
| 24,093 |
| 21,141 |
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Interest and fees on notes payable to affiliates |
| 12 |
| 8 |
| 39 |
| 65 |
| ||||
Interest and fees on notes payable - other |
| 1,344 |
| 1,266 |
| 3,963 |
| 6,846 |
| ||||
Interest on shares subject to mandatory redemption |
| — |
| 66 |
| — |
| 265 |
| ||||
Salaries and benefits |
| 3,787 |
| 4,912 |
| 15,200 |
| 16,139 |
| ||||
Provision (recovery) for loan and impairment losses |
| (224 | ) | 7 |
| 212 |
| 30 |
| ||||
Occupancy, data processing, communication and other |
| 2,613 |
| 2,186 |
| 8,187 |
| 7,560 |
| ||||
Total expenses |
| 7,532 |
| 8,445 |
| 27,601 |
| 30,905 |
| ||||
Equity in earnings of investments |
| 3,139 |
| 4,443 |
| 12,013 |
| 14,913 |
| ||||
Earnings from continuing operations before income taxes and minority interest |
| 2,087 |
| 1,889 |
| 8,505 |
| 5,149 |
| ||||
Income taxes |
| (53 | ) | 70 |
| (374 | ) | (75 | ) | ||||
Minority interest |
| (17 | ) | (20 | ) | (53 | ) | (63 | ) | ||||
Earnings from continuing operations |
| 2,017 |
| 1,939 |
| 8,078 |
| 5,011 |
| ||||
Discontinued operations |
|
|
|
|
|
|
|
|
| ||||
Earnings (loss) from operations of discontinued components |
| (100 | ) | 51,716 |
| (478 | ) | 60,382 |
| ||||
Income taxes |
| 31 |
| (1,077 | ) | 631 |
| (1,759 | ) | ||||
Earnings (loss) from discontinued operations |
| (69 | ) | 50,639 |
| 153 |
| 58,623 |
| ||||
Net earnings |
| $ | 1,948 |
| $ | 52,578 |
| $ | 8,231 |
| $ | 63,634 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per common share are as follows: |
|
|
|
|
|
|
|
|
| ||||
Earnings from continuing operations |
| $ | 0.18 |
| $ | 0.17 |
| $ | 0.72 |
| $ | 0.45 |
|
Discontinued operations |
| $ | (0.01 | ) | $ | 4.50 |
| $ | 0.01 |
| $ | 5.22 |
|
Net earnings per common share |
| $ | 0.17 |
| $ | 4.67 |
| $ | 0.73 |
| $ | 5.67 |
|
Wtd. avg. common shares outstanding |
| 11,306 |
| 11,253 |
| 11,285 |
| 11,230 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Diluted earnings per common share are as follows: |
|
|
|
|
|
|
|
|
| ||||
Earnings from continuing operations |
| $ | 0.17 |
| $ | 0.16 |
| $ | 0.68 |
| $ | 0.42 |
|
Discontinued operations |
| $ | (0.01 | ) | $ | 4.25 |
| $ | 0.01 |
| $ | 4.95 |
|
Net earnings per common share |
| $ | 0.16 |
| $ | 4.41 |
| $ | 0.69 |
| $ | 5.37 |
|
Wtd. avg. common shares outstanding |
| 12,009 |
| 11,913 |
| 12,012 |
| 11,840 |
|
Selected Unaudited Balance Sheet Data
|
| December 31, |
| December 31, |
| ||
Cash |
| $ | 12,901 |
| $ | 9,724 |
|
Portfolio Assets, net |
| 49,346 |
| 37,952 |
| ||
Loans receivable |
| 19,606 |
| 21,255 |
| ||
Equity investments |
| 83,785 |
| 57,815 |
| ||
Deferred tax asset, net |
| 20,101 |
| 20,101 |
| ||
Service fees receivable and other assets |
| 8,973 |
| 10,193 |
| ||
Discontinued mortgage assets held for sale |
| 157 |
| 1,817 |
| ||
Total assets |
| $ | 194,869 |
| $ | 158,857 |
|
|
|
|
|
|
| ||
Notes payable to affiliates |
| $ | 606 |
| $ | 491 |
|
Notes payable - other |
| 89,653 |
| 50,812 |
| ||
Minority interest and other liabilities |
| 5,578 |
| 6,048 |
| ||
Liabilities from discontinued consumer operations |
| 121 |
| 9,033 |
| ||
Liabilities from discontinued mortgage operations |
| — |
| 50 |
| ||
Total liabilities |
| 95,958 |
| 66,434 |
| ||
Total equity |
| 98,911 |
| 92,423 |
| ||
Total liabilities and equity |
| $ | 194,869 |
| $ | 158,857 |
|
4
FirstCity Financial Corporation
Supplemental Information
(Dollars in thousands)
(Unaudited)
|
| Three Months Ended |
| Year Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Portfolio Asset Acquisition and Resolution: |
|
|
|
|
|
|
|
|
| ||||
Summary Operating Statement Data |
|
|
|
|
|
|
|
|
| ||||
Revenues |
| $ | 6,340 |
| $ | 5,758 |
| $ | 23,591 |
| $ | 20,537 |
|
Equity in earnings of investments |
| 3,139 |
| 4,443 |
| 12,013 |
| 14,913 |
| ||||
Expenses |
| (6,186 | ) | (5,884 | ) | (21,612 | ) | (20,983 | ) | ||||
Operating contribution before provision for loan and impairment losses |
| 3,293 |
| 4,317 |
| 13,992 |
| 14,467 |
| ||||
Provision (recovery) for loan and impairment losses |
| (224 | ) | 7 |
| 212 |
| 30 |
| ||||
Operating contribution, net of direct taxes |
| $ | 3,517 |
| $ | 4,310 |
| $ | 13,780 |
| $ | 14,437 |
|
Aggregate purchase price of portfolios acquired: |
|
|
|
|
|
|
|
|
| ||||
Acquisition partnerships |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 32,930 |
| $ | 23,227 |
| $ | 93,410 |
| $ | 91,300 |
|
Latin America |
| 12,611 |
| 22,735 |
| 15,999 |
| 73,002 |
| ||||
Europe |
| 37,172 |
| — |
| 37,172 |
| 9,837 |
| ||||
Total |
| $ | 82,713 |
| $ | 45,962 |
| $ | 146,581 |
| $ | 174,139 |
|
|
|
|
|
|
|
|
|
|
| ||||
|
| Purchase |
| FirstCity’s |
|
|
|
|
| ||||
Historical Acquisitions - Annual: |
|
|
|
|
|
|
|
|
| ||||
2005 |
| $ | 146,581 |
| $ | 71,405 |
|
|
|
|
| ||
2004 |
| 174,139 |
| 59,762 |
|
|
|
|
| ||||
2003 |
| 129,192 |
| 22,944 |
|
|
|
|
| ||||
2002 |
| 171,769 |
| 16,717 |
|
|
|
|
| ||||
2001 |
| 224,927 |
| 24,319 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| December 31, |
| December 31, |
|
|
|
|
| ||||
Portfolio acquisition and resolution assets by region: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 105,938 |
| $ | 77,280 |
|
|
|
|
| ||
Latin America |
| 19,764 |
| 20,876 |
|
|
|
|
| ||||
Europe |
| 27,699 |
| 19,859 |
|
|
|
|
| ||||
Total |
| $ | 153,401 |
| $ | 118,015 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||||
|
| Three Months Ended |
| Year Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Revenues and equity in earnings of investments by region: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 5,290 |
| $ | 5,864 |
| $ | 20,707 |
| $ | 18,899 |
|
Latin America |
| 3,050 |
| 2,576 |
| 10,508 |
| 10,189 |
| ||||
Europe |
| 1,139 |
| 1,761 |
| 4,389 |
| 6,362 |
| ||||
Total |
| $ | 9,479 |
| $ | 10,201 |
| $ | 35,604 |
| $ | 35,450 |
|
|
|
|
|
|
|
|
|
|
| ||||
Revenues and equity in earnings of investments by source: |
|
|
|
|
|
|
|
|
| ||||
Equity earnings |
| $ | 3,139 |
| $ | 4,443 |
| $ | 12,013 |
| $ | 14,913 |
|
Servicing fees |
| 2,782 |
| 3,671 |
| 11,754 |
| 13,747 |
| ||||
Interest income - loans |
| 1,466 |
| 1,052 |
| 4,662 |
| 3,085 |
| ||||
Gain on resolution of Portfolio Assets |
| 1,072 |
| 811 |
| 5,438 |
| 1,649 |
| ||||
Other |
| 1,020 |
| 224 |
| 1,737 |
| 2,056 |
| ||||
Total |
| $ | 9,479 |
| $ | 10,201 |
| $ | 35,604 |
| $ | 35,450 |
|
5
|
| Three Months Ended |
| Year Ended |
| ||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
Analysis of Equity Investments in Acquisition Partnerships: |
|
|
|
|
|
|
|
|
| ||||
FirstCity’s Average investment in Acquisition Partnerships |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 48,771 |
| $ | 36,885 |
| $ | 39,612 |
| $ | 36,941 |
|
Latin America |
| 2,302 |
| 1,268 |
| 1,893 |
| 1,141 |
| ||||
Europe |
| 18,977 |
| 18,087 |
| 18,427 |
| 17,832 |
| ||||
Total |
| $ | 70,050 |
| $ | 56,240 |
| $ | 59,932 |
| $ | 55,914 |
|
|
|
|
|
|
|
|
|
|
| ||||
FirstCity Share of Equity Earnings: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 2,033 |
| $ | 2,942 |
| $ | 8,041 |
| $ | 9,905 |
|
Latin America |
| 70 |
| (143 | ) | 62 |
| (992 | ) | ||||
Europe |
| 1,036 |
| 1,644 |
| 3,910 |
| 6,000 |
| ||||
Total |
| $ | 3,139 |
| $ | 4,443 |
| $ | 12,013 |
| $ | 14,913 |
|
|
|
|
|
|
|
|
|
|
| ||||
Selected other data: |
|
|
|
|
|
|
|
|
| ||||
Average investment in wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 48,823 |
| $ | 36,738 |
| $ | 42,567 |
| $ | 19,028 |
|
Latin America |
| 16,629 |
| 17,893 |
| 18,068 |
| 16,568 |
| ||||
Europe |
| 953 |
| 173 |
| 652 |
| 1,112 |
| ||||
Total |
| $ | 66,405 |
| $ | 54,804 |
| $ | 61,287 |
| $ | 36,708 |
|
|
|
|
|
|
|
|
|
|
| ||||
Income from wholly owned portfolio assets and loans receivable: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 2,062 |
| $ | 1,344 |
| $ | 8,506 |
| $ | 2,653 |
|
Latin America |
| 463 |
| 504 |
| 1,559 |
| 2,017 |
| ||||
Europe |
| 13 |
| 15 |
| 35 |
| 64 |
| ||||
Total |
| $ | 2,538 |
| $ | 1,863 |
| $ | 10,100 |
| $ | 4,734 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenues: |
|
|
|
|
|
|
|
|
| ||||
Domestic partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 853 |
| $ | 1,405 |
| $ | 3,578 |
| $ | 4,858 |
|
Average servicing fee % |
| 2.9 | % | 4.5 | % | 3.5 | % | 4.0 | % | ||||
Latin American partnerships: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 1,881 |
| $ | 2,184 |
| $ | 7,817 |
| $ | 8,557 |
|
Average servicing fee % |
| 12.0 | % | 19.4 | % | 12.1 | % | 11.8 | % | ||||
Incentive service fees |
| $ | 48 |
| $ | 82 |
| $ | 359 |
| $ | 332 |
|
Total Service Fees: |
|
|
|
|
|
|
|
|
| ||||
Servicing fee revenue |
| $ | 2,782 |
| $ | 3,671 |
| $ | 11,754 |
| $ | 13,747 |
|
Average servicing fee % |
| 6.2 | % | 8.6 | % | 7.1 | % | 7.1 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Collections: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 29,460 |
| $ | 31,236 |
| $ | 101,468 |
| $ | 120,956 |
|
Latin America |
| 15,642 |
| 11,268 |
| 64,566 |
| 72,716 |
| ||||
Europe |
| 15,191 |
| 19,823 |
| 56,654 |
| 90,397 |
| ||||
Subtotal |
| 60,293 |
| 62,327 |
| 222,688 |
| 284,069 |
| ||||
Wholly-owned |
| 9,512 |
| 3,553 |
| 29,247 |
| 7,864 |
| ||||
Total |
| $ | 69,805 |
| $ | 65,880 |
| $ | 251,935 |
| $ | 291,933 |
|
|
|
|
|
|
|
|
|
|
| ||||
Servicing portfolio (face value) |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| $ | 532,473 |
| $ | 465,685 |
|
|
|
|
| ||
Latin America |
| 1,389,698 |
| 1,478,537 |
|
|
|
|
| ||||
Europe |
| 866,502 |
| 915,951 |
|
|
|
|
| ||||
Total |
| $ | 2,788,673 |
| $ | 2,860,173 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
| ||||
Number of personnel at period end: |
|
|
|
|
|
|
|
|
| ||||
Domestic |
| 64 |
| 65 |
|
|
|
|
| ||||
Latin America |
| 120 |
| 139 |
|
|
|
|
| ||||
Corporate |
| 30 |
| 33 |
|
|
|
|
| ||||
Total personnel |
| 214 |
| 237 |
|
|
|
|
|
6