For Release October 26, 2006 Contacts:
5:00 p.m. EDT Media: Nancy Ledford
423-229-5264 / nledford@eastman.com
Investors: Greg Riddle
212-835-1620 / griddle@eastman.com
Eastman Announces Third-Quarter 2006 Financial Results, Record Quarterly Sales
KINGSPORT, Tenn., Oct. 26, 2006 - Eastman Chemical Company (NYSE:EMN) today announced earnings of $1.15 per diluted share for third quarter 2006 versus earnings of $1.50 per diluted share for third quarter 2005. Excluding asset impairments and restructuring charges, third-quarter 2006 earnings were $1.24 per diluted share, while third-quarter 2005 earnings were $1.53 per diluted share. For reconciliation to reported earnings per diluted share, see Table 6 in the accompanying third-quarter 2006 financial tables.
"In the third quarter, we established a record for sales revenue in a quarter driven by higher selling prices needed to offset high raw material and energy costs," said Brian Ferguson, chairman and CEO. "We continue to deliver strong results, particularly in our solid base of businesses that include the fibers; the coatings, adhesives, specialty polymers and inks; and the specialty plastics segments."
(In millions, except per share amounts) | 3Q2006 | 3Q2005 | ||
Sales revenue | $ | 1,966 | $ | 1,816 |
Earnings per diluted share | $ | 1.15 | $ | 1.50 |
Earnings per diluted share excluding asset impairments and | ||||
restructuring charges* | $ | 1.24 | $ | 1.53 |
Net cash provided by operating activities | $ | 70 | $ | 165 |
* For reconciliation to reported operating earnings and earnings per diluted share, see Table 6 in the accompanying third-quarter 2006 financial tables.
NOTE: Sales revenue and operating earnings for product lines being divested are in Tables 4 and 5 in the accompanying third-quarter 2006 financial tables.
Sales revenue for third quarter 2006 was $2 billion, an 8 percent increase over third quarter 2005. The increase in sales revenue was due to higher selling prices throughout the company.
Operating earnings in third quarter 2006 were $158 million compared with operating earnings of $198 million in third quarter 2005. Excluding asset impairments and restructuring charges for both periods, operating earnings were $171 million in third quarter 2006 compared with $202 million in third quarter 2005. The year-over-year decline was due to increased raw material and energy costs and minor operational disruptions that were partially offset by higher selling prices. The company's third-quarter 2006 raw material and energy costs increased by approximately $175 million compared with third quarter 2005.
Segment Results 3Q 2006 versus 3Q 2005
Coatings, Adhesives, Specialty Polymers and Inks - Sales revenue increased by 10 percent due to higher selling prices. The higher selling prices were in response to higher raw material and energy costs. Operating earnings declined, particularly for cyclical commodity and for adhesives product lines, as increased raw material and energy costs were partially offset by higher selling prices.
Fibers - Sales revenue was flat as higher selling prices were offset by lower sales volume and an unfavorable shift in product mix. The lower sales volume was primarily a result of reduced operating rates due to minor operational disruptions. Operating earnings declined slightly as higher raw material and energy costs and lower sales volume were partially offset by higher selling prices.
Performance Chemicals and Intermediates - Sales revenue increased by 7 percent due to higher selling prices, particularly for intermediates product lines, in response to higher raw material and energy costs. Third-quarter 2006 operating earnings included an asset impairment charge of $11 million related to the pending divestiture of the Arkansas manufacturing facility, assets and product lines. Third-quarter 2005 operating earnings included $10 million from the achievement of certain milestones under an acetyls technology licensing agreement.
Performance Polymers - Sales revenue increased by 10 percent due to higher selling prices that were partially offset by lower sales volume. The lower sales volume, primarily for PET polymers in North America and for polyethylene, was due to continued high levels of Asian PET polymers imports and minor polyethylene operational disruptions. The higher selling prices were due to efforts to offset higher raw material and energy costs. Operating earnings declined as increased raw material and energy costs and lower sales volume, particularly for PET polymers in North America, were partially offset by higher selling prices.
Specialty Plastics - Sales revenue increased by 16 percent due primarily to higher sales volume and higher selling prices. The higher sales volume was attributed to continued market development efforts, particularly for copolyester product lines. Operating earnings increased slightly as higher sales volume and higher selling prices were mostly offset by higher raw material and energy costs.
Cash Flow
Eastman generated $70 million in cash from operating activities during third quarter 2006 reflecting continued strong net earnings partially offset by an increase in working capital. During the quarter, the company made a $25 million contribution to its U.S. defined benefit pension plan, completing its planned 2006 contribution of $75 million.
Outlook
Commenting on the outlook for the fourth quarter, Ferguson said, "We anticipate normal seasonality will reduce demand in some of our businesses and product lines during the quarter. We also expect volatility in raw material and energy costs, particularly for paraxylene and propane. However, we expect continued solid results from our strong base of businesses and expect fourth-quarter 2006 earnings per share excluding gains and charges related to ongoing strategic decisions to be at or above fourth-quarter 2005 earnings per share of $0.90 excluding asset impairments and restructuring charges."
Eastman will host a conference call with industry analysts on Oct. 27 at 8:00 a.m. EDT. To listen to the live webcast of the conference call, go to www.investors.eastman.com. To listen via telephone, the dial-in number is 913-981-5571, passcode number 9177448. A telephone replay will be available continuously from 11:00 a.m. EDT, Oct. 27, to 12:00 midnight EDT, Nov. 3, at 888-203-1112, passcode number 9177448.
Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is the world’s largest producer of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2005 sales of $7 billion and approximately 12,000 employees. For more information about Eastman and its products, visit www.eastman.com.
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Forward Looking Statements: This news release includes forward-looking statements concerning current expectations for fourth-quarter 2006 sales volume, raw material and energy costs and earnings for the company and for certain segments and product lines, and gains and charges in fourth quarter 2006 related to recent and possible future strategic actions and decisions. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company’s filings with the Securities and Exchange Commission, including the Form 10-Q for second quarter 2006 and the Form 10-Q to be filed for third quarter 2006, available on the Eastman web site at www.eastman.com, Investors, SEC Filings.
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
5:00 PM EDT | |
FINANCIAL INFORMATION
October 26, 2006
For use in the Eastman Chemical Company Conference Call
at 8:00 AM (EDT), October 27, 2006.
Table of Contents
Item | Page | |
TABLE 1 | 1 | |
TABLE 2A | 2 | |
TABLE 2B | 2 | |
TABLE 2C | 3 | |
TABLE 2D | 3 | |
TABLE 2E | 3 | |
TABLE 3 | 4 | |
TABLE 4 | 5 | |
TABLE 5 | 6 | |
TABLE 6 | 7 | |
TABLE 7 | 9 | |
TABLE 8 | 10 |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
5:00 PM EDT | |
Page 1 |
Third Quarter | First Nine Months | |||||||
(Dollars in millions, except per share amounts) | 2006 | 2005 | 2006 | 2005 | ||||
Sales | $ | 1,966 | $ | 1,816 | $ | 5,698 | $ | 5,330 |
Cost of sales | 1,650 | 1,464 | 4,701 | 4,205 | ||||
Gross profit | 316 | 352 | 997 | 1,125 | ||||
Selling, general and administrative expenses | 105 | 108 | 316 | 339 | ||||
Research and development expenses | 40 | 42 | 126 | 120 | ||||
Asset impairments and restructuring charges, net | 13 | 4 | 23 | 23 | ||||
Other operating income | -- | -- | -- | (2) | ||||
Operating earnings | 158 | 198 | 532 | 645 | ||||
Interest expense, net | 21 | 23 | 62 | 77 | ||||
Income from equity investment in Genencor | -- | -- | -- | (173) | ||||
Early debt extinguishment costs | -- | -- | -- | 46 | ||||
Other (income) charges, net | 1 | (2) | (2) | (3) | ||||
Earnings before income taxes | 136 | 177 | 472 | 698 | ||||
Provision for income taxes | 41 | 54 | 158 | 207 | ||||
Net earnings | $ | 95 | $ | 123 | $ | 314 | $ | 491 |
Earnings per share | ||||||||
Basic | $ | 1.16 | $ | 1.51 | $ | 3.84 | $ | 6.10 |
Diluted | $ | 1.15 | $ | 1.50 | $ | 3.79 | $ | 6.01 |
Shares (in millions) outstanding at end of period | 82.3 | 81.5 | 82.3 | 81.5 | ||||
Shares (in millions) used for earnings per share calculation | ||||||||
Basic | 82.1 | 81.3 | 81.8 | 80.5 | ||||
Diluted | 83.1 | 82.0 | 82.8 | 81.7 | ||||
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 2 |
Third Quarter | First Nine Months | |||||||
(Dollars in millions) | 2006 | 2005 | 2006 | 2005 | ||||
Sales by Segment | ||||||||
Coatings, Adhesives, Specialty Polymers, and Inks | $ | 367 | $ | 333 | $ | 1,078 | $ | 977 |
Fibers | 228 | 228 | 696 | 633 | ||||
Performance Chemicals and Intermediates | 457 | 428 | 1,321 | 1,214 | ||||
Performance Polymers | 707 | 646 | 2,007 | 1,944 | ||||
Specialty Plastics | 207 | 179 | 596 | 536 | ||||
Total Sales by Segment | 1,966 | 1,814 | 5,698 | 5,304 | ||||
Other | -- | 2 | -- | 26 | ||||
Total Eastman Chemical Company | $ | 1,966 | $ | 1,816 | $ | 5,698 | $ | 5,330 |
Third Quarter 2006 Compared to Third Quarter 2005 | |||||||||
Change in Sales Revenue Due To | |||||||||
Revenue % Change | Volume Effect | Price Effect | Product Mix Effect | Exchange Rate Effect | |||||
Coatings, Adhesives, Specialty Polymers, and Inks | 10 % | (1) % | 10 % | -- % | 1 % | ||||
Fibers | -- % | (3) % | 6 % | (3) % | -- % | ||||
Performance Chemicals and Intermediates | 7 % | -- % | 8 % | (1) % | -- % | ||||
Performance Polymers | 10 % | (3) % | 12 % | -- % | 1 % | ||||
Specialty Plastics | 16 % | 15 % | 4 % | (3) % | -- % | ||||
Total Eastman Chemical Company | 8 % | -- % | 9 % | (1) % | -- % | ||||
First Nine Months 2006 Compared to First Nine Months 2005 | |||||||||
Change in Sales Revenue Due To | |||||||||
Revenue % Change | Volume Effect | Price Effect | Product Mix Effect | Exchange Rate Effect | |||||
Coatings, Adhesives, Specialty Polymers, and Inks | 10 % | -- % | 10 % | 1 % | (1) % | ||||
Fibers | 10 % | 6 % | 8 % | (4) % | -- % | ||||
Performance Chemicals and Intermediates | 9 % | -- % | 9 % | -- % | -- % | ||||
Performance Polymers | 3 % | -- % | 3 % | -- % | -- % | ||||
Specialty Plastics | 11 % | 9 % | 5 % | (2) % | (1) % | ||||
Total Eastman Chemical Company | 7 % | 1 % | 7 % | (1) % | -- % |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 3 |
Third Quarter 2006 Compared to Third Quarter 2005 | |
Coatings, Adhesives, Specialty Polymers, and Inks | -- % |
Fibers | (3) % |
Performance Chemicals and Intermediates | -- % |
Performance Polymers | (4) % |
Specialty Plastics | 14 % |
Total Eastman Chemical Company | (1) % |
First Nine Months 2006 Compared to First Nine Months 2005 | |
Coatings, Adhesives, Specialty Polymers, and Inks | -- % |
Fibers | 6 % |
Performance Chemicals and Intermediates | (1) % |
Performance Polymers | -- % |
Specialty Plastics | 8 % |
Total Eastman Chemical Company | 1 % |
Third Quarter | First Nine Months | |||||||
(Dollars in millions) | 2006 | 2005 | 2006 | 2005 | ||||
Sales by Region | ||||||||
United States and Canada | $ | 1,111 | $ | 1,052 | $ | 3,278 | $ | 3,068 |
Europe, Middle East, and Africa | 371 | 332 | 1,080 | 1,051 | ||||
Asia Pacific | 243 | 235 | 702 | 685 | ||||
Latin America | 241 | 197 | 638 | 526 | ||||
$ | 1,966 | $ | 1,816 | $ | 5,698 | $ | 5,330 |
Third Quarter | First Nine Months | ||
Regional sales volume growth | |||
United States and Canada | (4) % | (1) % | |
Europe, Middle East, and Africa | 3 % | -- % | |
Asia Pacific | (6) % | (4) % | |
Latin America | 16 % | 24 % |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 4 |
Third Quarter | First Nine Months | |||||||
(Dollars in millions) | 2006 | 2005 | 2006 | 2005 | ||||
Operating Earnings by Segment and Certain Items | ||||||||
Coatings, Adhesives, Specialty Polymers, and Inks | ||||||||
Operating earnings | $ | 53 | $ | 63 | $ | 176 | $ | 194 |
Asset impairments and restructuring charges | -- | 1 | 8 | 3 | ||||
Other operating income | -- | -- | -- | (2) | ||||
Fibers | ||||||||
Operating earnings | 55 | 60 | 182 | 155 | ||||
Performance Chemicals and Intermediates | ||||||||
Operating earnings | 25 | 40 | 113 | 128 | ||||
Asset impairments and restructuring charges | 11 | -- | 11 | 4 | ||||
Performance Polymers | ||||||||
Operating earnings | 17 | 32 | 46 | 166 | ||||
Specialty Plastics | ||||||||
Operating earnings | 18 | 17 | 50 | 59 | ||||
Total Operating Earnings by Segment and Certain Items | ||||||||
Total operating earnings | 168 | 212 | 567 | 702 | ||||
Total asset impairments and restructuring charges | 11 | 1 | 19 | 7 | ||||
Total other operating income | -- | -- | -- | (2) | ||||
Other | ||||||||
Operating loss | (10) | (14) | (35) | (57) | ||||
Asset impairments and restructuring charges | 2 | 3 | 4 | 16 | ||||
Total Eastman Chemical Company | ||||||||
Total operating earnings | $ | 158 | $ | 198 | $ | 532 | $ | 645 |
Total asset impairments and restructuring charges | 13 | 4 | 23 | 23 | ||||
Total other operating income | -- | -- | -- | (2) | ||||
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 5 |
First Quarter | Second Quarter | Third Quarter | ||||||||
(Dollars in millions) | 2006 | 2006 | 2006 | |||||||
Sales Revenue | $ | 1,803 | $ | 1,929 | $ | 1,966 | ||||
Less: assets held for sale | ||||||||||
Coatings, Adhesives, Specialty Polymers and Inks (1) | 18 | 17 | 18 | |||||||
Performance Chemicals and Intermediates (2) | 30 | 29 | 38 | |||||||
Performance Polymers (1) | 180 | 168 | 169 | |||||||
Sales revenue - continuing product lines | $ | 1,575 | $ | 1,715 | $ | 1,741 | ||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Twelve Months | ||||||
(Dollars in millions) | 2005 | 2005 | 2005 | 2005 | 2005 | |||||
Sales Revenue | $ | 1,762 | $ | 1,752 | $ | 1,816 | $ | 1,729 | $ | 7,059 |
Less: assets held for sale | ||||||||||
Coatings, Adhesives, Specialty Polymers and Inks (1) | 16 | 17 | 15 | 16 | 64 | |||||
Performance Chemicals and Intermediates (2) | 26 | 27 | 22 | 29 | 104 | |||||
Performance Polymers (1) | 141 | 137 | 164 | 176 | 618 | |||||
Sales revenue - continuing product lines | $ | 1,579 | $ | 1,571 | $ | 1,615 | $ | 1,508 | $ | 6,273 |
(1) Definitive agreement entered into in October 2006 for the sale of the polyethylene and Epolene polymer businesses and related assets of the Performance Polymers and Coatings, Adhesives, Specialty Polymers, and Inks ("CASPI") segments located at the Longview, Texas site and the Company's ethylene pipeline.
(2) Definitive agreement entered into in July 2006 for the sale of the Company's Batesville, Arkansas manufacturing facility and related assets and the specialty organic chemicals product lines in the Performance Chemicals and Intermediates ("PCI") segment.
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 6 |
First Quarter | Second Quarter | Third Quarter | ||||||||
(Dollars in millions) | 2006 | 2006 | 2006 | |||||||
Sales Revenue | ||||||||||
Performance Polymers assets held for sale | $ | 180 | $ | 168 | $ | 169 | ||||
Continuing product lines | 446 | 506 | 538 | |||||||
Total sales revenue | $ | 626 | $ | 674 | $ | 707 | ||||
Operating earnings | ||||||||||
Performance Polymers assets held for sale (1) | $ | 23 | $ | 14 | $ | 15 | ||||
Continuing product lines | (6) | (2) | 2 | |||||||
Total operating earnings | $ | 17 | $ | 12 | $ | 17 | ||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Twelve Months | ||||||
(Dollars in millions) | 2005 | 2005 | 2005 | 2005 | 2005 | |||||
Sales Revenue | ||||||||||
Performance Polymers assets held for sale | $ | 141 | $ | 137 | $ | 164 | $ | 176 | $ | 618 |
Continuing product lines | 515 | 505 | 482 | 399 | 1,901 | |||||
Total sales revenue | $ | 656 | $ | 642 | $ | 646 | $ | 575 | $ | 2,519 |
Operating earnings | ||||||||||
Performance Polymers assets held for sale (1) | $ | 32 | $ | 13 | $ | 11 | $ | 20 | $ | 76 |
Continuing product lines | 52 | 37 | 21 | (8) | 102 | |||||
Total operating earnings | $ | 84 | $ | 50 | $ | 32 | $ | 12 | $ | 178 |
(1) Includes allocated costs consistent with the Company’s historical practices, some of which may remain and could be reallocated to the remainder of the segment and other segments.
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 7 |
EARNINGS PER DILUTED SHARE EXCLUDING CERTAIN ITEMS
Third Quarter 2006 | ||||||||
(Dollars in millions) | Operating Earnings | Earnings Before Tax | Net Earnings | Net earnings per diluted share | ||||
As reported | $ | 158 | $ | 136 | $ | 95 | $ | 1.15 |
Certain Items: | ||||||||
Asset impairments and restructuring charges | 13 | 13 | 8 | 0.09 | ||||
Excluding certain items | $ | 171 | $ | 149 | $ | 103 | $ | 1.24 |
Third Quarter 2005 | ||||||||
(Dollars in millions) | Operating Earnings | Earnings Before Tax | Net Earnings | Net earnings per diluted share | ||||
As reported | $ | 198 | $ | 177 | $ | 123 | $ | 1.50 |
Certain Items: | ||||||||
Asset impairments and restructuring charges | 4 | 4 | 3 | 0.03 | ||||
Excluding certain items | $ | 202 | $ | 181 | $ | 126 | $ | 1.53 |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 8 |
TABLE 6 - OPERATING EARNINGS, NET EARNINGS, AND EARNINGS PER SHARE RECONCILIATION
EARNINGS PER DILUTED SHARE EXCLUDING CERTAIN ITEMS (CONTINUED)
First Nine Months 2006 | ||||||||
(Dollars in millions) | Operating Earnings | Earnings Before Tax | Net Earnings | Net earnings per diluted share | ||||
As reported | $ | 532 | $ | 472 | $ | 314 | $ | 3.79 |
Certain Items: | ||||||||
Asset impairments and restructuring charges | 23 | 23 | 17 | 0.21 | ||||
Excluding certain items | $ | 555 | $ | 495 | $ | 331 | $ | 4.00 |
First Nine Months 2005 | ||||||||
(Dollars in millions) | Operating Earnings | Earnings Before Tax | Net Earnings | Net earnings per diluted share | ||||
As reported | $ | 645 | $ | 698 | $ | 491 | $ | 6.01 |
Certain Items: | ||||||||
Asset impairments and restructuring charges | 23 | 23 | 16 | 0.18 | ||||
Other operating income | (2) | (2) | (1) | (0.01) | ||||
Net deferred tax benefit related to sale of certain businesses, product lines, and assets in the CASPI segment | -- | -- | (12) | (0.14) | ||||
Early extinguishment of debt costs | -- | 46 | 28 | 0.35 | ||||
Gain on sale of investment in Genencor | -- | (171) | (111) | (1.35) | ||||
Excluding certain items | $ | 666 | $ | 594 | $ | 411 | $ | 5.04 |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 9 |
First Nine Months | ||||
(Dollars in millions) | 2006 | 2005 | ||
Cash flows from operating activities | ||||
Net earnings | $ | 314 | $ | 491 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Income from equity investment in Genencor | -- | (173) | ||
Depreciation and amortization | 226 | 229 | ||
Gain on sale of assets | (5) | -- | ||
Early debt extinguishment costs | -- | 46 | ||
Asset impairments | 20 | 1 | ||
Provision for deferred income taxes | 49 | 130 | ||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in receivables | (189) | (35) | ||
(Increase) decrease in inventories | (134) | (141) | ||
Increase (decrease) in trade payables | 50 | (5) | ||
Increase (decrease) in liabilities for employee benefits and incentive pay | (60) | (108) | ||
Other items, net | (38) | (58) | ||
Net cash provided by operating activities | 233 | 377 | ||
Cash flows from investing activities | ||||
Proceeds from sale of equity investment in Genencor, net | -- | 417 | ||
Additions to properties and equipment | (279) | (224) | ||
Proceeds from sale of assets and investments | 12 | 50 | ||
Additions to capitalized software | (12) | (8) | ||
Other items, net | -- | (5) | ||
Net cash provided by (used in) investing activities | (279) | 230 | ||
Cash flows from financing activities | ||||
Net increase (decrease) in commercial paper, credit facility and other borrowings | 33 | (84) | ||
Repayment of borrowings | -- | (544) | ||
Dividends paid to stockholders | (108) | (106) | ||
Proceeds from stock option exercises and other items | 25 | 91 | ||
Net cash provided by (used in) financing activities | (50) | (643) | ||
Effect of exchange rate changes on cash and cash equivalents | 2 | (3) | ||
Net change in cash and cash equivalents | (94) | (39) | ||
Cash and cash equivalents at beginning of period | 524 | 325 | ||
Cash and cash equivalents at end of period | $ | 430 | $ | 286 |
EASTMAN CHEMICAL COMPANY - EMN | October 26, 2006 |
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Page 10 |
September 30, | December 31, | |||
(Dollars in millions) | 2006 | 2005 | ||
Current Assets | $ | 2,159 | $ | 1,924 |
Net Properties | 3,056 | 3,162 | ||
Other Assets | 851 | 687 | ||
Total Assets | $ | 6,066 | $ | 5,773 |
Payables and Other Current Liabilities | $ | 1,056 | $ | 1,047 |
Short-term Borrowings | 3 | 4 | ||
Long-term Borrowings | 1,586 | 1,621 | ||
Other Liabilities | 1,519 | 1,489 | ||
Stockholders’ Equity | 1,902 | 1,612 | ||
Total Liabilities and Stockholders’ Equity | $ | 6,066 | $ | 5,773 |