SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 6-K
____________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month ofJuly 2003
CE FRANKLIN LTD.
(Translation of Registrant's Name into English)
Suite 1900, 300 5th Avenue S.W.
Calgary, Alberta, Canada T2P 3C4
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F___XXX___
Form 40-F _________
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnished the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes_________ No___XXX___
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________)
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: July 25, 2003
CE FRANKLIN LTD.
By: “signed”
Name: Denise Jones
Title: Controller
Management's Discussion and Analysis of Financial Condition and Results of Operations
(All amounts shown in CDN $'s)
Forward Looking Statements
Certain of the statements set forth in this MD&A, such as statements regarding planned activity and revenue levels, capital expenditures and the availability of capital resources to fund capital expenditures and working capital, are forward looking statements within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that expected results will be achieved. There are numerous risks and uncertainties that can affect the outcome and timing of such events, including many factors beyond the control of the Company. These factors include, but are not limited to, economic conditions, seasonality of drilling activity, shift in drilling activity from conventional oil to gas and heavy oil, commodity prices for oil and gas, currency fluctuations, and government regulations. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's actual results and plans for 2003 and beyond could differ materially from those expressed in the forward looking statements.
Results of Operations - For the Three and Six Months ended June 30, 2003
The price of oil and gas as at June 30, 2003 was U.S. $30.15 (West Texas Intermediate) and Cdn. $5.79 (AECO spot price) respectively. This compares to U.S. $25.51 for oil and Cdn. $3.03 for gas as at June 30, 2002, and U.S. $29.42 and Cdn. $5.97, respectively as at December 31, 2002.
The total number of oil and gas wells completed for the quarter ended June 30, 2003 (excluding dry/service wells) in western Canada increased 10.3% to 3,377 wells as compared to 3,062 wells completed for the quarter ended June 30, 2002. The total number of oil and gas wells completed for the quarter ended June 30, 2003 (excluding dry/service wells) in western Canada decreased 6.6% to 3,377 wells completed as compared to 3,615 wells completed for the quarter ended March 31, 2003. The average rig count increased 35.6% to 202 rigs for the quarter ended June 30, 2003 as compared to 149 rigs for the quarter ended June 30, 2002, and decreased by 303 rigs or 60% from the quarter ended March 31, 2003.
The number of oil and gas wells completed (excluding dry/service wells) for the first 6 months of 2003 increased 18.1% from 5,922 wells completed in the first six months of 2002 to 6,992 wells completed in the first six months of 2003. The average rig count increased by 32.6% to an average of 354 rigs for the six months ended June 30, 2003 from an average of 267 rigs for the six months ended June 30, 2002.
Sales
Sales for the quarter ended June 30, 2003 decreased 4.0% to $55.3 million from $57.6 million for the quarter ended June 30, 2002.
Tubulars sales for the quarter ended June 30, 2003 were $8.4 million, a decline of 48.9% or $8.0 million, as compared to $16.4 million in sales for the quarter ended June 30, 2002. The Tubulars sales shortfall is attributed to a large customer who now purchases tubular products directly from steel mills.
Sales for General Supplies increased $6.7 million or 16.9% to $46.4 million for the quarter ended June 30, 2003 from $39.7 million for the quarter ended June 30, 2002 due to the 10.3% increase in activity levels described above in comparison to the prior year.
Sales for the six months ended June 30, 2003 decreased $19.1 million or 13.9% to $118.3 million from $137.3 million for the six months ended June 30, 2002. Tubulars sales for the six months ended June 30, 2003 decreased by $27.6 million or 56.8% as compared to $48.6 million for the six months ended June 30, 2002. This decline was partially offset by an increase of $9.9 million or 11.6% in General Supplies sales from $85.7 million for the six months ended June 30, 2002 to $95.6 million for the six months ended June 30, 2003.
Page 1 of 9
Gross Profit
Total gross profit increased $1.6 million or 19.5% to $9.7 million for the quarter ended June 30, 2003 as compared to June 30, 2002 despite a $2.3 million decrease in sales. Total gross profit increased $1.6 million or 8.6% to $19.7 million for the six months ended June 30, 2003 as compared to the previous year despite a $19.1 million decline in sales.
Average gross profit margin for the quarter ended June 30, 2003 increased to 17.5% from 14.1% for the quarter ended June 30, 2002. Average gross profit margin for the six months ended June 30, 2003 increased to 16.7% from 13.2% for the six months ended June 30, 2002.
General Supplies average gross profit margin for the quarter ended June 30, 2003 increased to 19.9% from 17.3% for the quarter ended June 30, 2002. Average gross profit margin for the six months ended June 30, 2003 increased to 18.9% from 17.2% for the six months ended June 30, 2002. This is the result of various profit margin initiatives implemented in 2002 and the early part of 2003.
Selling, General and Administrative Costs (SG&A)
For the quarter ended June 30, 2003, SG&A costs increased $677,000 or 7.9% to $9.2 million from $8.5 million for the quarter ended June 30, 2002. The increase in SG&A for the second quarter of 2003 is primarily due to the 16.9% increase in General Supplies sales. Approximately 96% of the Company's SG&A relates to the Company's General Supplies where sales increased 16.9% as compared to the quarter ended June 30, 2002.
For the six months ended June 30, 2003, SG&A was $18.0 million as compared to $18.1 million of SG&A for the six months ended June 30, 2002. The Company's General Supplies sales increased 11.6% for the comparable period.
EBITDA (1)
Earnings before interest, tax, depreciation, amortization and other expenses (EBITDA) for quarter ended June 30, 2003 increased $904,000 to $475,000 from a EBITDA loss of $429,000 for the quarter ended June 30, 2002. Despite the $2.3 million decrease in sales, gross profit improved $1.6 million offset by a $677,000 increase in SG&A.
EBITDA for the six months ended June 30, 2003 was $1.7 million as compared to EBITDA of $57,000 for the six months ended June 30, 2002. The $19.0 million decrease in sales was offset by an improvement in gross profit of $1.6 million and a reduction in SG&A expense.
Income (loss) before Income Taxes
Loss before income taxes improved $968,000 to a loss of $595,000 for the quarter ended June 30, 2003 as compared to a loss of $1.6 million for the quarter ended June 30, 2002. Loss before income taxes was $562,000 for the six months ended June 30, 2003 as compared to a loss of $2.4 million for the six months ended June 30, 2002.
Net Income (loss) and Earnings per Share
Net loss for the quarter ended June 30, 2003 was $476,000 or $0.03 per share (diluted) as compared to net loss of $1.1 million or $0.07 per share (diluted) for the quarter ended June 30, 2002.
Net loss for the six months ended June 30, 2003 was $538,000 or $0.03 per share (diluted) as compared to net loss of $1.5 million or $0.09 per share (diluted) for the six months ended June 30, 2002.
Liquidity and Capital Resources
Asset and Cash Management
CE Franklin maintains debt primarily to finance its working capital requirements. CE Franklin's total average capitalization (financed debt plus equity) for the second quarter of 2003 was comprised of average debt of 27.7% and average equity of 72.3%. In comparison, the average debt was 28.8% and the average equity was 71.2% in the second quarter of 2002.
Page 2 of 9
For the three months ended June 30, 2003, CE Franklin generated $375,000 in cash flow from operations. During this period the Company invested $1.2 million in working capital, and $375,000 in property and equipment and other financing activities. This activity resulted in CE Franklin increasing its bank line by $1.2 million.
For the six months ended June 30, 2003, CE Franklin generated $1.6 million in cash flow from operations, $2.5 million in working capital and $538,000 in proceeds from the sale of a 50% interest in Brittania. During this period, the Company invested $438,000 in property and equipment and other financing activities. This activity resulted in CE Franklin reducing its bank line by $4.2 million.
At June 30, 2003, CE Franklin had a $35.0 million credit facility, of which $17.7 million was unused. In management's opinion, this is considered sufficient to finance its current operating needs.
Risks and Uncertainties
CE Franklin's financial performance may be influenced favourably or adversely by certain external factors, as described below:
Adverse weather conditions could decrease the demand for CE Franklin's products and services. CE Franklin's financial performance is tied closely to the seasonality of drilling activity, and fieldwork including construction completions and rig activity. Higher drilling activity in Canada is generally experienced in the winter months. In the spring and early summer, drilling activity slows due to the difficulty in moving equipment during the spring thaws. To the extent that unseasonable weather conditions such as excessive rain or unusually warm winters affect the ability of CE Franklin's customers to access their oil and gas wells, then the demand for CE Franklin's products and services would temporarily decrease and the Company's cash generated from operations would be adversely affected.
The loss of CE Franklin's major supplier for its tubular goods business could adversely affect the Company's revenue and gross profit. A substantial portion of CE Franklin's business is the sale of tubular goods that are primarily obtained from one supplier. For the year ended December 31, 2002, 29.5% of CE Franklin's revenue and 11.6% of CE Franklin's gross profit was from the sale of oilfield tubular goods. Although the Company believes that it has historically had and continues to have a good relationship with its supplier, there can be no assurance that such relationship will continue. In the event the Company is unable to source tubular supplies from its existing supplier, then CE Franklin would need to search for an alternate supplier of these goods. Such suppliers are available.
Fluctuations in oil and gas prices could adversely affect demand for CE Franklin's products and services and, therefore, CE Franklin's revenues, cash flows and profitability. CE Franklin's operations are materially dependent upon the level of activity in oil and gas exploration and production. Both short-term and long-term trends in oil and gas prices affect the level of such activity. Oil and gas prices and, therefore, the level of drilling, exploration and production activity can be volatile. Factors that can cause price fluctuations include:
relatively minor changes in the worldwide supply of and demand for oil and natural gas;
the ability of the members of the Organization of Petroleum Exporting Countries ("OPEC") to maintain price stability through voluntary production limits;
the level of production by non-OPEC countries;
North American demand for gas;
general economic and political conditions; and
the presence or absence of drilling incentives such as Canadian provincial royalty holidays, fluctuation in the value of the Canadian dollar, availability of new leases and concessions and government regulations regarding, among other things, export controls, environmental protection, taxation, price controls and product allocation.
Page 3 of 9
Worldwide military, political and economic events, including initiatives by OPEC, affect both the demand for, and the supply of, oil and gas. Fluctuations during the last few years in the demand and supply of oil and gas have contributed to, and are likely to continue to contribute to, price volatility. CE Franklin believes that any prolonged reduction in oil and gas prices would depress the level of exploration and production activity. This would likely result in a corresponding decline in the demand for CE Franklin's products and services and could have a material adverse effect on CE Franklin's revenues, cash flows and profitability. There can be no assurances as to the future level of demand for CE Franklin's products and services or future conditions in the oil and gas and oilfield supply industries.
CE Franklin operates in a highly competitive industry, which may adversely affect CE Franklin's results of operations and profitability. The Canadian oilfield supply industry in which CE Franklin operates is very competitive. The Company believes that its future profitability is partially influenced by competitive factors beyond its control, including:
the ability of some customers to purchase oilfield supplies directly from the manufacturer rather than from independent oilfield supply distributors;
the ability for new brokers and distributors to enter the tubular supply business and the general supply business if the oil and gas industry were to experience significant growth in drilling activity; and
price competitions among major supply companies.
CE Franklin and its largest competitors are generally operating at low profit margins due to price competition. Price competition is due in part to consumer price pressure, in addition to the major supply companies competing for the same business.
Shifts in drilling activity from conventional oil to gas affect CE Franklin's revenues, cash flows and profitability. CE Franklin sells an average of 3.5 times more product into an oil well versus a gas well and as a result a change in oil well completion activity has an impact on sales.
CE Franklin and its competitors are subject to changes in its customer base due to a high degree of merger and acquisition activity. This could adversely or positively impact the customer's revenues.
(1) Non-GAAP Earnings Measures
EBITDA is defined as earnings before interest, tax and amortization. The Company's EBITDA results are presented to provide the reader with operating financial information that is comparable to prior years operating financial information. It should be noted that EBITDA is not defined by Canadian generally accepted accounting principles and has no standardized meaning. Therefore, these results may not be readily comparable to other companies' presentations of operating results.
Page 4 of 9
CE Franklin Ltd. | |||||
Interim Consolidated Statements of Operations | |||||
(Unaudited) | |||||
Three Months Ended | Six Months Ended | ||||
June 30 | June 30 | June 30 | June 30 | ||
(in thousands of Canadian dollars, except per share data) | 2003 | 2002 | 2003 | 2002 | |
Sales | |||||
General supplies | 46,446 | 39,740 | 95,567 | 85,654 | |
Tubulars | 8,361 | 16,363 | 21,038 | 48,647 | |
Manufacturing | 494 | 1,498 | 1,675 | 3,034 | |
55,301 | 57,601 | 118,280 | 137,335 | ||
Cost of sales | |||||
General supplies | 37,204 | 32,846 | 77,505 | 70,943 | |
Tubulars | 7,983 | 15,489 | 19,794 | 46,016 | |
Manufacturing | 420 | 1,153 | 1,276 | 2,227 | |
45,607 | 49,488 | 98,575 | 119,186 | ||
Gross profit | |||||
General supplies | 9,242 | 6,894 | 18,062 | 14,711 | |
Tubulars | 378 | 874 | 1,244 | 2,631 | |
Manufacturing | 74 | 345 | 399 | 807 | |
9,694 | 8,113 | 19,705 | 18,149 | ||
Other expenses (income) | |||||
Selling, general and administrative expenses | 9,219 | 8,542 | 18,001 | 18,092 | |
Amortization | 1,076 | 1,063 | 2,148 | 2,118 | |
Interest expense | 254 | 222 | 524 | 448 | |
Foreign exchange gain | (252) | (151) | (370) | (114) | |
Other income | (8) | - | (36) | (13) | |
10,289 | 9,676 | 20,267 | 20,531 | ||
Loss before income taxes | (595) | (1,563) | (562) | (2,382) | |
Income tax expense (recovery) | |||||
Current | 230 | (381) | 372 | (647) | |
Future | (349) | (106) | (396) | (270) | |
(119) | (487) | (24) | (917) | ||
Net loss for the period | (476) | (1,076) | (538) | (1,465) | |
Net loss per share (note 4) | |||||
Basic and diluted | (0.03) | (0.07) | (0.03) | (0.09) | |
Weighted average basic number of | |||||
shares outstanding | 17,178,696 | 17,173,888 | 17,178,696 | 17,165,946 | |
Page 5 of 9
CE Franklin Ltd. | ||
Interim Consolidated Balance Sheets | ||
(Unaudited) | ||
June 30, | December 31, | |
(in thousands of Canadian dollars) | 2003 | 2002 |
ASSETS | ||
Current assets | ||
Accounts receivable | 37,267 | 36,992 |
Inventories | 41,373 | 40,679 |
Income taxes recoverable | 607 | 741 |
Other | 749 | 600 |
79,996 | 79,012 | |
Property and equipment | 10,526 | 12,757 |
Goodwill | 7,765 | 7,765 |
98,287 | 99,534 | |
LIABILITIES |
|
|
Current liabilities | ||
Bank overdraft | 328 | 1,148 |
Bank operating loan | 17,300 | 21,500 |
Accounts payable | 19,716 | 16,525 |
Accrued liabilities | 11,653 | 10,213 |
Current portion of long-term debt | 358 | 297 |
49,355 | 49,683 | |
Long-term debt | 314 | 299 |
Future income taxes | 1,985 | 2,381 |
51,654 | 52,363 | |
SHAREHOLDERS' EQUITY | ||
Capital stock | 19,268 | 19,268 |
Contributed surplus | 13,566 | 13,566 |
Retained earnings | 13,799 | 14,337 |
46,633 | 47,171 | |
98,287 | 99,534 |
Page 6 of 9
CE Franklin Ltd. | |||||
Interim Consolidated Statements of Cash Flows | |||||
(Unaudited) | |||||
Three Months Ended | Six Months Ended | ||||
June 30 | June 30 | June 30 | June 30 | ||
(in thousands of Canadian dollars) | 2003 | 2002 | 2003 | 2002 | |
Cash flows from operating activities | |||||
Net loss | (476) | (1,076) | (538) | (1,465) | |
Items not affecting cash - | |||||
Amortization | 1,076 | 1,063 | 2,148 | 2,118 | |
Gain on disposal of property and equipment | (1) | - | (22) | (11) | |
Future income taxes | (349) | (113) | (396) | (278) | |
Increase (decrease) in inventory reserves | 125 | (100) | 423 | (71) | |
375 | (226) | 1,615 | 293 | ||
Net change in non-cash working capital balances | |||||
related to operations - | |||||
Accounts receivable | 3,848 | 8,880 | (275) | 4,054 | |
Income taxes recoverable | (8) | - | 134 | - | |
Inventories | (2,477) | 569 | (979) | 5,550 | |
Other current assets | (202) | (1,821) | (149) | (1,795) | |
Accounts payable | 1,995 | (6,986) | 3,191 | (9,409) | |
Accrued liabilities | 1,464 | (854) | 1,440 | (4,088) | |
4,995 | (438) | 4,977 | (5,395) | ||
Cash flows from financing activities | |||||
Issuance of capital stock | - | 82 | - | 82 | |
Increase (decrease) in bank operating loan | 1,200 | 3,000 | (4,200) | 4,300 | |
Increase (decrease) in bank overdraft | (5,863) | (2,390) | (820) | 1,527 | |
Increase (decrease) in long-term debt | 146 | (57) | 76 | (127) | |
(4,517) | 635 | (4,944) | 5,782 | ||
Cash flows from investing activities | |||||
Purchase of property and equipment | (496) | (197) | (604) | (444) | |
Proceeds on disposal of property and equipment | 18 | - | 33 | 57 | |
Proceeds on sale of 50% interest in Brittania (note 2) | - | - | 538 | - | |
(478) | (197) | (33) | (387) | ||
Change in cash and cash equivalents during the period | - | - | - | - | |
Cash and cash equivalents - Beginning of period | - | - | - | - | |
Cash and cash equivalents - End of period | - | - | - | - | |
Cash paid during the period for: | |||||
Interest on bank operating loan | 246 | 206 | 504 | 419 | |
Interest on long-term debt | 8 | 16 | 20 | 29 | |
Income taxes | 238 | 358 | 238 | 440 | |
Page 7 of 9
CE Franklin Ltd. | |||||
Interim Consolidated Statement of Changes in Shareholders' Equity | |||||
(Unaudited) | |||||
Capital Stock | |||||
Number of | Contributed | Retained | Shareholders' | ||
(in thousands of Canadian dollars, except share amounts) | Shares | $ | surplus | earnings | equity |
Balance - December 31, 2001 | 17,158,091 | 19,186 | 13,566 | 17,205 | 49,957 |
Effect of change in accounting policy (note 3) | - | - | - | (375) | (375) |
Stock options exercised | 20,605 | 82 | - | - | 82 |
Net loss | - | - | - | (2,493) | (2,493) |
Balance - December 31, 2002 | 17,178,696 | 19,268 | 13,566 | 14,337 | 47,171 |
Balance - December 31, 2002 | 17,178,696 | 19,268 | 13,566 | 14,337 | 47,171 |
Net loss | - | - | - | (538) | (538) |
Balance - June 30, 2003 | 17,178,696 | 19,268 | 13,566 | 13,799 | 46,633 |
CE Franklin Ltd. | |||||
Notes to Consolidated Financial Statements (Unaudited) | |||||
Note 1 - Accounting policies | |||||
These interim consolidated financial statements are prepared following accounting policies consistent with the Company's financial statements for the years ended December 31, 2002 and 2001, except as described in note 2. These consolidated financial statements are in accordance with generally accepted accounting principles in Canada which, in the case of the Company, conform in all material respects with those in the United States. | |||||
The disclosures provided below are incremental to those included in the annual audited financial statements. The interim consolidated financial statements should be read in conjunction with the annual audited financial statements and the notes thereto for the year ended December 31, 2002. | |||||
These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented; all such adjustments are of a normal recurring nature. | |||||
Note 2 - Basis of presentation | |||||
On January 31, 2003, the Company transferred the property and equipment and operations of its Brittania Compression operations into a wholly owned subsidiary. Subsequently, 50% interest in the new subsidiary was sold. The Company accounts for its remaining 50% investment using the proportionate consolidation method of accounting. | |||||
Note 3 - Changes in accounting policy | |||||
Effective January 1, 2002, the Company adopted the new Canadian Institute of Chartered Accountants' standard relating to goodwill and other intangible assets. The new standard requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, and are tested annually for a permanent impairment. As a result of adopting the new standard, the Company has determined that $415,000 of its goodwill ($375,000 after-tax) is impaired, and in accordance with the new standard, applied the $375,000 impairment against retained earnings as at January 1, 2002. | |||||
Note 4 - Share data | |||||
At June 30, 2003 the Company had 17,178,696 common shares and 1,303,162 options to acquire common shares outstanding. 455,576 of those options were currently vested and exercisable. | |||||
On January 1, 2002 the Company adopted the new CICA Handbook Section on "Stock-Based Compensation and Other Stock-Based Payments", and has continued to account for common share options granted to employees, officers and directors using the intrinsic method. Accordingly, no compensation cost has been recognized in the interim consolidated statements of operations. Had compensation cost been determined on the basis of fair values, net loss for the quarter ended June 30, 2003 would have increased by $205,000 or $0.01 per common share. The Company's net loss for the six months ended June 30, 2003 would have increased by $349,000 or $0.02 per common share. | |||||
Page 8 of 9
There were no common share options granted in the second quarter of 2003. The fair value of common share options granted in the six months ended June 30, 2003 is $83,000. The fair value of common share options granted is estimated as at the grant date using the Black-Scholes option pricing model, using the following assumptions: | |||||
Dividend yield | nil | ||||
Risk-free interest rate | 4.83% | ||||
Expected life | 7 years | ||||
Expected volatility | 0.700000 | ||||
Note 5 - Segment information | |||||
The Company has two identifiable industry segments. Distribution of equipment and supplies to producers of oil and gas and manufacturing of gas compression equipment for the producers of oil and gas. | |||||
(in thousands of dollars) | Distribution | Manufacturing | Total | ||
For the three months ended June 30, 2003 | |||||
Revenue | 54,807 | 494 | 55,301 | ||
Gross Profit | 9,620 | 74 | 9,694 | ||
Income (loss) before interest and taxes | (162) | (179) | (341) | ||
Assets | 95,296 | 2,991 | 98,287 | ||
Goodwill | 7,765 | - | 7,765 | ||
Capital expenditures | 491 | 5 | 496 | ||
For the three months ended June 30, 2002 | |||||
Revenue | 56,103 | 1,498 | 57,601 | ||
Gross Profit | 7,768 | 345 | 8,113 | ||
Loss before interest and taxes | (1,212) | (129) | (1,341) | ||
Assets | 94,247 | 5,287 | 99,534 | ||
Goodwill | 7,765 | - | 7,765 | ||
Capital expenditures | 197 | - | 197 | ||
For the six months ended June 30, 2003 | |||||
Revenue | 116,605 | 1,675 | 118,280 | ||
Gross Profit | 19,306 | 399 | 19,705 | ||
Income (loss) before interest and taxes | 194 | (232) | (38) | ||
Assets | 95,296 | 2,991 | 98,287 | ||
Goodwill | 7,765 | - | 7,765 | ||
Capital expenditures | 585 | 19 | 604 | ||
For the six months ended June 30, 2002 | |||||
Revenue | 134,301 | 3,034 | 137,335 | ||
Gross Profit | 17,342 | 807 | 18,149 | ||
Loss before interest and taxes | (1,696) | (238) | (1,934) | ||
Assets | 94,247 | 5,287 | 99,534 | ||
Goodwill | 7,765 | - | 7,765 | ||
Capital expenditures | 444 | - | 444 | ||
Page 9 of 9
