UNITED STATES |
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2001 |
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 0-29038 TANISYS TECHNOLOGY, INC. |
Wyoming (State or other jurisdiction of incorporation or organization) | 74-2675493 (I.R.S. Employer Identification Number) |
12201 Technology Blvd., Suite 125 Austin, Texas (Address of principal executive offices) | 78727 (Zip Code) |
(512) 335-4440 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 the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No Indicated below is the number of shares outstanding of the Registrant’s common stock at May 10, 2001: |
Title of Class | Number of Shares Outstanding | ||
---|---|---|---|
Common Stock, no par value | 24,157,534 |
1 |
TANISYS TECHNOLOGY, INC. AND SUBSIDIARIESINDEX |
PART I FINANCIAL INFORMATION | |||
Item 1. Interim Consolidated Financial Statements (Unaudited) | |||
Consolidated Balance Sheets - March 31, 2001 and September 30, 2000 | 3 | ||
Consolidated Statements of Operations - For the Three Months and Six Months Ended | |||
March 31, 2001 and 2000 | 4 | ||
Consolidated Statements of Cash Flows - For the Three Months and Six Months Ended | |||
March 31, 2001 and 2000 | 5 | ||
Notes to Interim Consolidated Financial Statements | 6 | ||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of | |||
Operations | 10 | ||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 13 | ||
PART II OTHER INFORMATION | |||
Item 1. Legal Proceedings | 13 | ||
Item 4. Submission of Matters to a Vote of Security Holders | 13 | ||
SIGNATURES | 14 |
2 |
PART 1. FINANCIAL INFORMATIONItem 1. Financial StatementsTANISYS TECHNOLOGY, INC. and SUBSIDIARIES |
March 31, 2001 | September 30, 2000 | ||||
---|---|---|---|---|---|
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 609,283 | $ 1,601,777 | |||
Restricted cash | 50,000 | — | |||
Trade accounts receivable, net of allowance of $121,632 and | |||||
$132,743, respectively | 1,214,775 | 1,713,417 | |||
Inventory | 1,210,154 | 694,529 | |||
Prepaid expenses and other | 113,393 | 137,654 | |||
Total current assets | 3,197,605 | 4,147,377 | |||
Property and equipment, net of accumulated depreciation of | |||||
$900,099 and $954,945, respectively | 483,423 | 394,468 | |||
Other noncurrent assets | 54,352 | 51,217 | |||
Total Assets | $ 3,735,380 | $ 4,593,062 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Accounts payable | $ 596,609 | $ 340,925 | |||
Accrued liabilities | 316,088 | 598,498 | |||
Revolving credit note | 675,000 | 600,000 | |||
Current portion of obligations under capital lease | 17,602 | 10,516 | |||
Net current liabilities of discontinued operations | 681,137 | 994,010 | |||
Total current liabilities | 2,286,436 | 2,543,949 | |||
Long-term portion of obligations under capital lease | 22,975 | 126 | |||
Net long-term liabilities of discontinued operations | 6,131 | 9,971 | |||
Total liabilities | 2,315,542 | 2,554,046 | |||
Stockholders’ equity: | |||||
Common stock, no par value, 50,000,000 shares authorized, | |||||
24,157,534 and 24,097,358 shares issued and outstanding, | |||||
respectively | 37,612,709 | 37,579,849 | |||
Additional paid-in capital | 1,711,719 | 1,711,719 | |||
Accumulated deficit | (37,904,590 | ) | (37,252,552 | ) | |
Total stockholders’ equity | 1,419,838 | 2,039,016 | |||
Total liabilities and stockholders’ equity | $ 3,735,380 | $ 4,593,062 | |||
The accompanying notes are an integral part of these interim consolidated financial statements. 3 |
TANISYS TECHNOLOGY, INC. and SUBSIDIARIES |
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2001 | 2000 | 2001 | 2000 | ||||||
Net sales | $ 1,068,038 | $ 2,044,950 | $ 3,208,315 | $ 4,061,610 | |||||
Cost of goods sold | 596,769 | 667,114 | 1,365,610 | 1,425,252 | |||||
Gross profit | 471,269 | 1,377,836 | 1,842,705 | 2,636,358 | |||||
Operating expenses: | |||||||||
Research and development | 718,245 | 437,631 | 1,274,764 | 756,256 | |||||
Sales and marketing | 426,602 | 305,802 | 752,019 | 630,360 | |||||
General and administrative | 203,544 | 164,457 | 359,241 | 329,525 | |||||
Depreciation and amortization | 36,802 | 25,021 | 68,913 | 79,473 | |||||
Total operating expenses | 1,385,193 | 932,911 | 2,454,937 | 1,795,614 | |||||
Operating income (loss) | (913,924 | ) | 444,925 | (612,232 | ) | 840,744 | |||
Other income (expense): | |||||||||
Interest income | 7,131 | 4,730 | 19,512 | 6,989 | |||||
Interest expense | (23,465 | ) | (115,587 | ) | (35,955 | ) | (205,508 | ) | |
Other | (19,421 | ) | 151,448 | (23,363 | ) | 123,155 | |||
Net income (loss) | (949,679 | ) | 485,516 | (652,038 | ) | 765,380 | |||
Preferred stock dividend | — | (16,809 | ) | — | (44,021 | ) | |||
Net income (loss) applicable to common stockholders | $ (949,679 | ) | $ 468,707 | $ (652,038 | ) | $ 721,359 | |||
Basic income (loss) per common share: | |||||||||
Income (loss) applicable to common stockholders | $ (.04 | ) | $ 0.03 | $ (.03 | ) | $ 0.05 | |||
Diluted income (loss) per common share: | |||||||||
Income (loss) applicable to common stockholders | $ (.04 | ) | $ 0.02 | $ (.03 | ) | $ 0.04 | |||
The accompanying notes are an integral part of these interim consolidated financial statements. 4 |
TANISYS TECHNOLOGY, INC. and SUBSIDIARIES |
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2001 | 2000 | 2001 | 2000 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income (loss) | $ (949,679 | ) | $ 485,516 | $ (652,038 | ) | $ 765,380 | |||
Adjustment to reconcile net income to net cash | |||||||||
provided by (used in) operating activities: | |||||||||
Depreciation and amortization | 58,415 | 58,406 | 109,066 | 150,481 | |||||
Gain (loss) on sale of fixed assets | (937 | ) | (2,326 | ) | (186 | ) | (2,326 | ) | |
Changes in operating assets: | |||||||||
Restricted cash | — | — | (50,000 | ) | 290,511 | ||||
Accounts receivable, net | 1,104,670 | 947,461 | 498,642 | 1,339,058 | |||||
Inventory, net | (484,738 | ) | (65,387 | ) | (515,625 | ) | 162,161 | ||
Prepaid expenses and other | 1,135 | 24,600 | 24,261 | (21,741 | ) | ||||
Other noncurrent assets | — | (1,270 | ) | (8,679 | ) | 1,816 | |||
Accounts payable | 275,128 | (188,758 | ) | 255,684 | (655,218 | ) | |||
Accrued liabilities | 21,078 | (232,815 | ) | (282,409 | ) | (281,433 | ) | ||
Net cash provided by operating | |||||||||
activities of continuing operations | 25,072 | 1,025,427 | (621,284 | ) | 1,748,689 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Purchases of fixed assets | (99,098 | ) | (13,090 | ) | (192,292 | ) | (13,090 | ) | |
Proceeds from sales of fixed assets | — | 4,000 | — | 4,000 | |||||
Net cash used in investing activities of | |||||||||
continuing operations | (99,098 | ) | (9,090 | ) | (192,292 | ) | (9,090 | ) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Draws (repayments) on revolving credit note, net | (25,000 | ) | (528,497 | ) | 75,000 | (1,761,001 | ) | ||
Payment of debt financing costs | — | 91,863 | — | 149,554 | |||||
Issuance of common stock for payment of services | 32,500 | 406,036 | 32,500 | 406,036 | |||||
Repayments of debt to stockholders | — | (200,000 | ) | — | — | ||||
Proceeds from exercise of stock options and warrants | 360 | 108,333 | 360 | 108,333 | |||||
Proceeds from issuance of common stock | — | 1,223,000 | — | 1,223,000 | |||||
Proceeds (payments) on capital lease obligations | 33,210 | (10,434 | ) | 29,935 | (15,978 | ) | |||
Net cash provided by financing | |||||||||
activities of continuing operations | 41,070 | 1,090,301 | 137,795 | 109,944 | |||||
Net cash used in discontinued operations | (165,912 | ) | (842,758 | ) | (316,713 | ) | (1,205,836 | ) | |
Net increase (decrease) in cash and cash equivalents | (198,868 | ) | 1,263,880 | (992,494 | ) | 643,707 | |||
Cash and cash equivalents at beginning of period | 808,151 | 64,776 | 1,601,777 | 684,949 | |||||
Cash and cash equivalents at end of period | $ 609,283 | $ 1,328,656 | $ 609,283 | $ 1,328,656 | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||
Cash paid for interest | $ 16,932 | $ 103,767 | $ 30,233 | $ 188,719 | |||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||
Issuance of stock warrants for compensation | — | 60,000 | — | 60,000 | |||||
Preferred stock dividends paid in common stock | — | 28,103 | — | 55,315 | |||||
Conversion of preferred stock to common stock | — | 1,709,383 | — | 1,831,482 | |||||
The accompanying notes are an integral part of these interim consolidated financial statements. 5 |
NOTE 3: CASH AND CASH EQUIVALENTSThe Company invests its excess cash in money market funds, U.S. Treasury obligations, and short-term debt instruments of U.S. corporations with strong credit ratings. The Company has established guidelines with respect to the diversification and maturities that maintain safety and liquidity. The Company considers all highly liquid investments with an original maturity of three months or less and money market funds to be cash equivalents. Restricted cash consists of a certificate of deposit pledged as collateral for a letter of credit to a specific vendor which is expected to expire in April 2001. NOTE 4: INVENTORYInventory consists of the following: |
March 31, 2001 | September 30, 2000 | ||||
---|---|---|---|---|---|
Raw materials | $1,024,267 | $453,573 | |||
Work-in-proces | 36,165 | 93,941 | |||
Finished goods | 149,722 | 147,015 | |||
Total inventor | $1,210,154 | $694,529 | |||
Inventory is stated at the lower of cost or market value. Inventory is accounted for on a first in, first out basis. Inventory costs include direct materials and certain manufacturing overhead costs. NOTE 5: LONG-TERM DEBTAs of March 31, 2001, and September 30, 2000, the Company had no long-term debt. During the quarter ended March 31, 2000, all of the debt to certain stockholders was converted to 4,000,000 shares of Common Stock. There was, however, interest paid on this debt during the quarter ended March 31, 2000. Along with the notes payable to these stockholders, all related discounts and debt issuance costs have been charged to Common Stock on the Consolidated Balance Sheet for the fiscal year ended September 30, 2000. NOTE 6: PREFERRED STOCKPursuant to a Convertible Stock Purchase Agreement dated June 30, 1998, the Company issued 400 shares of its 5% Series A Convertible Preferred Stock, par value $1 per share (“Series A Stock”), for $4,000,000. As of March 31, 2000, the Company had converted all of the Series A Stock into shares of Common Stock. NOTE 7: STOCKHOLDERS’ EQUITYAt the Company’s Annual Meeting of Stockholders on May 23, 2000, the Company’s stockholders approved a one-for-two reverse stock split of the Company’s Common Stock (the “Reverse Split”) effective May 25, 2000. The Reverse Split had no effect on the number of authorized shares of Common Stock, Preferred Stock or Series A Preferred Stock. Any stockholder otherwise entitled to any fractional share interest due to the Reverse Split received in lieu thereof, one additional share of Common Stock for the fractional share such stockholder would have been entitled to as a result of the Reverse Split. 7 |
The number of shares and per share amounts of the Company’s Common Stock set forth herein have been retroactively adjusted for all periods presented to reflect the Reverse Split. On December 6, 2000, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission requesting that 7,000,000 shares of Common Stock be registered and set aside for the Company’s stock option plans. NOTE 8: EARNINGS PER SHAREBasic income or loss per common share is computed based on the weighted average number of common shares outstanding during each period. For the quarters ended March 31, 2001 and 2000, diluted income per common share is computed based on the weighted average number of common shares outstanding after giving effect to the potential issuance of Common Stock on the exercise of options and warrants. All Common Stock amounts and per share information have been restated to reflect the Reverse Split for all periods presented. The following table provides a reconciliation between net income and net income applicable to common stockholders, and between basic and diluted shares outstanding: |
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2001 | 2000 | 2001 | 2000 | ||||||
Net income (loss) | $ (949,679) | $ 485,516 | $ (652,038 | ) | $ 765,380 | ||||
Less- | |||||||||
Series A Stock dividends | — | (16,809 | ) | — | (44,021 | ) | |||
Net income (loss) applicable to common | |||||||||
Stock (basic and diluted) | $ (949,679) | $ 468,707 | $ (652,038 | ) | $ 721,359 | ||||
Weighted average number of common | |||||||||
Shares used in basis earning per share | 24,155,733 | 17,446,846 | 24,126,225 | 14,935,965 | |||||
Effect of dilutive securities | |||||||||
Stock Options | 1,069,700 | 945,109 | 1,069,700 | 945,109 | |||||
Warrants | 358,334 | 393,333 | 358,334 | 393,333 | |||||
Weighted average number of common | |||||||||
Shares and dilutive potential | |||||||||
Common Stock used in dilutive earning | |||||||||
per share | 25,583,767 | 18,785,288 | 25,554,259 | 16,274,407 | |||||
NOTE 9: SUBSEQUENT EVENT(S)None. NOTE 10: CONTINGENCIESThe Company is a defendant in a lawsuit filed by one of its customers related to the discontinued memory module manufacturing business for alleged breach of contract. The suit asks for actual damages, including all related expenses, in the amount of $77,838. The Company believes the suit is without merit and is vigorously defending its position. The Company believes it is unlikely that the final outcome of this claim would have a material adverse effect on the Company’s financial position or results from operations. A former equipment financing company has filed a lawsuit claiming a breach of an agreement for certain manufacturing equipment previously utilized in the Company’s discontinued memory module manufacturing business. The manufacturing equipment has been sold at the direction of the equipment financing company. The Company is unable at this time to determine the outcome of this lawsuit. There can be no assurance that the resolution of this claim or any future proceeding would not have a material adverse effect on the Company’s results of operations for the fiscal period in which such resolution may occur. 8 |
The Company is a defendant in a lawsuit filed by the purchaser of the Company’s discontinued memory module manufacturing business for alleged breach of representations, warranties and covenants. The suit asks for $50,000 plus attorneys’ fees and court costs. The Company believes the suit is without merit and is vigorously defending its position. The Company believes it is unlikely that the final outcome would have a material adverse effect on the Company’s financial position or results from operations; however due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s results of operations for the fiscal period in which such resolution occurred. In December 1999, the Company sold assets and liabilities related to its memory module manufacturing business and exited the memory module manufacturing business. Included in the sale was all of the capital stock of Tanisys (Europe) Ltd., which was then a wholly owned subsidiary of the Company. Tanisys (Europe) Ltd. (the “Lessee”) had executed a 15-year lease in April 1998 covering industrial premises situated in High Blantyre, Scotland. In connection with the execution of the lease, the Company co-guaranteed the lease payments along with the Scottish Enterprise. The initial annual rental payment was approximately $200,000, plus increases based on reviews in 2003 and 2008. In March or April 2000, Tanisys (Europe) Ltd., which is now owned by the purchaser of the Company’s discontinued memory module manufacturing business, abandoned the premises, and accordingly, the landlord is seeking reimbursement for its losses resulting from the Lessee vacating the property. The Company is the first guarantor and the Scottish Enterprise is the second guarantor of the lease. The Company has reached an agreement with the landlord and the Scottish Enterprise in which the Company will be released from any guaranty of past or future rental payments and other related expenses in connection with the default of Tanisys (Europe) Ltd. The liability for this agreement is recorded in the liabilities for discontinued operations. 9 |
Results of OperationsThe following table sets forth certain consolidated operations data of the Company expressed as a percentage of net sales (unaudited) for the three months and six months ended March 31, 2001 and 2000: |
For the Three Months Ended March 31, | For the Six Months Ended March 31, | ||||||||
---|---|---|---|---|---|---|---|---|---|
2001 | 2000 | 2001 | 2000 | ||||||
Net sales | 100 | % | 100 | % | 100 | % | 100 | % | |
Cost of goods sold | 56 | % | 33 | % | 43 | % | 35 | % | |
Gross profit | 44 | % | 67 | % | 57 | % | 65 | % | |
Operating expenses: | |||||||||
Research and development | 68 | % | 22 | % | 40 | % | 19 | % | |
Sales and marketing | 40 | % | 15 | % | 23 | % | 16 | % | |
General and administrative | 19 | % | 8 | % | 11 | % | 8 | % | |
Depreciation and amortization | 3 | % | 0 | % | 2 | % | 1 | % | |
Total operating expenses | 130 | % | 45 | % | 76 | % | 44 | % | |
Operating income (loss) | (86 | %) | 22 | % | (19 | %) | 21 | % | |
Other income (expense): | |||||||||
Interest income | 1 | % | 0 | % | 1 | % | 0 | % | |
Interest expense | (2 | %) | (5 | %) | (1 | %) | (5 | %) | |
Other income (expense) | (2 | %) | 7 | % | (1 | %) | 3 | % | |
Net income (loss) | (89 | %) | 24 | % | (20 | %) | 19 | % | |
Net SalesNet sales consist of sales of production-level automated test equipment along with related hardware and software, less returns and discounts. Impacted by the worldwide semiconductor industry slowdown, net sales decreased 48% to $1,068,038 in the second quarter of fiscal 2001 from $2,044,950 in the same period last year. With semiconductor and memory module manufacturers reducing their inventory levels and postponing new capital outlays, the resulting current business environment is very challenging. The Company, which continues to enhance and broaden its product line to support all memory technologies, is expected to be well-positioned to take advantage of a recovering economy as it occurs. Cost of Sales and Gross ProfitCost of sales includes the costs of all components and materials purchased for the manufacture of products, direct labor and related overhead costs. Cost of sales for the March 2001 quarter was $596,769, down in absolute dollars from the $667,114 of the previous year, but higher in terms of percent of sales at 56% versus 33% for the same quarter last year. The increase in cost of sales in terms of both dollars and percent of sales was due to lower sales volume in the March 2001 quarter, resulting in reduced absorption of fixed manufacturing costs. Gross profit for the March 2001 quarter was $471,269, as compared to $1,377,836 from the same quarter last year. Gross profit as a percent of sales was 44% and 67% for the quarters ended March 31, 2001 and 2000, respectively. The decrease in gross profit in terms of both dollars and percent of sales was due to lower sales volume in the March 2001 quarter, resulting in reduced absorption of fixed manufacturing costs. Research and DevelopmentResearch and development expenses, which consist of all costs associated with the engineering design and testing of new technologies and products, were $718,245 for the second quarter of fiscal year 2001 as compared to $437,631 for the same quarter last year. The higher costs reflect the ongoing development of test systems for both Double Data Rate (“DDR”) and Flash memory technologies, as well as a new multi-site architecture that can be applied to all memory technologies. In an effort to continually improve engineering productivity, the Company invested in additional software and hardware tools during the second fiscal quarter of 2001. 11 |
The Company will continue to invest in research and development to develop new test systems and enhance current test systems to meet the market demands for the testing of new memory technologies. Sales and MarketingSales and marketing expenses include compensation of sales and marketing related employees and independent sales representatives, plus costs for travel, advertising, trade shows and related overhead. Expenses of $426,602 for the second fiscal quarter of 2001 were up by 40% when compared to $305,802 for the same quarter last year. More aggressive marketing efforts and the launch of new products are the reasons for the increase in sales expenses. The Company continues to successfully sell tests systems to the world’s largest semiconductor and memory module manufacturers. General and AdministrativeGeneral and administrative expenses consist primarily of personnel costs, including employee compensation and benefits, and support costs including utilities, insurance, professional fees and all costs associated with a reporting company. General and administrative expenses for the second quarter of fiscal 2001 increased 24% to $203,544 from $164,457 for the same quarter of fiscal 2000. The increase was primarily associated with the filing of a Form S-8 with the Securities and Exchange Commission, which registered 7,000,000 shares of Common Stock to be set aside for the Company’s stock option plans. Depreciation and AmortizationDepreciation and amortization includes the depreciation for all fixed assets, exclusive of those used in the manufacturing process and included as part of “Cost of Goods Sold,” and the amortization of intangibles, including patents related to memory module test systems technology. Depreciation and amortization increased to $36,802 in the second quarter of fiscal 2001 from $25,021 in the same quarter of fiscal 2000. The increase reflects investment in new software and hardware tools designed to maximize engineering efficiency as well as additional amortization resulting from the issuance of new patents. Other Income (Expense), NetOther income (expense), net consists primarily of interest income less interest expense. Substantially all of the interest expense relates to the Company’s working capital loan facility which is utilized for short term inventory requirements and to fund accounts receivable. Interest income relates to the investment of available cash in short-term interest bearing accounts and cash equivalent securities. Other income (expense) decreased to $35,755 in net other expense for the March 2001 quarter from $40,591 in net other income from last year. While interest expense has been reduced from a year ago, non-recurring miscellaneous income enhanced results for the second quarter of last year. Liquidity and Capital ResourcesSince inception, Tanisys has utilized the funds acquired in equity financings of its Common Stock and preferred stock, the exercise of stock warrants and stock options, capital leases, operating leases, vendor credits, certain bank borrowings, and funds generated from operations to support its operations, carry on research and development activities, acquire capital equipment, finance inventories and accounts receivable balances and pay its general and administrative expenses. 12 |
For: | 18,569,586 | ||||
Against: | — | ||||
Abstentions: | 180,714 |
13 |
2. To elect as director Charles T. Comiso to serve until the 2004 Annual Meeting of Stockholders. |
For: | 18,572,553 | ||||
Against: | — | ||||
Abstentions: | 177,747 |
3. To elect as director William D. Jobe to serve until the 2003 Annual Meeting of Stockholders. |
For: | 18,571,586 | ||||
Against: | — | ||||
Abstentions: | 178,714 |
4. To ratify the appointment of Brown, Graham and Company, P.C. as independent public accountants of the Company for the fiscal year ending September 30, 2001. |
For: | 18,671,059 | ||||
Against: | 43,565 | ||||
Abstentions: | 35,676 |
TANISYS TECHNOLOGY, INC. | |||
Date: May 15, 2001 | By: /s/ CHARLES T. COMISO ————————————— | ||
Charles T. Comiso | |||
Chief Executive Officer, | |||
President and Director | |||
Date: May 15, 2001 | By: /s/ TERRY W. REYNOLDS ————————————— | ||
Terry W. Reynolds | |||
Vice President and Chief Financial Officer | |||
(Duly authorized and Principal Accounting Officer) |
14 |