EXHIBIT 99.1
[MEADOWBROOK LOGO]
MEADOWBROOK INSURANCE GROUP, INC.
(NYSE - MIG)
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CONTACT: ROBERT S. CUBBIN, PRESIDENT & CHIEF EXECUTIVE OFFICER, (248) 204-8031
KAREN M. SPAUN, SVP & CHIEF FINANCIAL OFFICER, (248) 204-8178
JENNIFER LA, DIRECTOR OF FINANCIAL ANALYSIS, (248) 204-8159
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MEADOWBROOK INSURANCE GROUP, INC.
REPORTS FIRST QUARTER 2004
NET OPERATING INCOME OF $3.3 MILLION
EARNINGS PER DILUTED SHARE OF $0.11 UP FROM $0.09 IN 2003
SOUTHFIELD, MICHIGAN
MAY 6, 2004
First Quarter Results:
Meadowbrook Insurance Group (NYSE: MIG) reported net operating income for the
quarter ended March 31, 2004 of $3.3 million, or $0.11 per diluted share,
compared to net operating income of $2.6 million, or $0.09 per diluted share, in
2003. The improvement in net operating income reflects the increase of net
earned premium resulting from the controlled growth of premium in profitable
programs written in 2003, continued rate increases, growth in agency
commissions, and overall expense management.
"Our consistent and improving earnings pattern continues," commented Robert S.
Cubbin, President and Chief Executive Officer of Meadowbrook. "The net operating
income for the first quarter met our expectations and is in line with the full
year estimates outlined during the 2003 year-end review. Our management team
remains committed to maintaining underwriting discipline and is focused on
growing our profitable specialty program and fee-for-service businesses."
During the quarter, gross written premium increased $12.3 million, or 17.8%, to
$81.1 million from $68.8 million for the comparable period in 2003. This
increase reflects the anticipated growth from premium rate increases, the
conversion of existing controlled programs to the Company's underwriting
subsidiary, the growth of existing programs coupled with the implementation of
new programs with proven track records of profitability.
Revenues:
Revenues increased $20.2 million, or 45.5%, to $64.5 million for the quarter
ended March 31, 2004, from $44.3 million for the comparable period in 2003.
Net earned premium increased $22.3 million, or 81.5%, to $49.7 million for the
quarter ended March 31, 2004, from $27.4 million a year ago. This increase
reflects the earnings pattern of programs written in the last three quarters of
2003, which include the conversion of a controlled managed program to the
PRESS RELEASE PAGE 2
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Company's insurance subsidiaries, the impact of the previously announced renewal
rights contract, the implementation of a public entity excess-liability program,
and the impact of an overall 13.6% rate increase achieved in 2003.
As anticipated, net commissions and fees decreased $2.1 million, or 15.5%, to
$11.3 million for the quarter. This decrease is primarily related to a reduction
of $2.4 million in net fees from a managed program. These fees are now
considered intercompany fees and, as such, are eliminated upon consolidation.
Gross commissions and fees, before consolidation, increased $642,000, or 3.0%,
to $22.0 million for the quarter.
Net investment income increased $244,000, or 7.3%, to $3.6 million for the
quarter ended March 31, 2004, from $3.4 million for the comparable period in
2003. Average invested assets increased $41.4 million, or 14.3%, to $331.1
million in 2004, from $289.6 million for the comparable period in 2003. The
increase in average invested assets reflects cash flows from underwriting
activities, growth in gross written premium during 2003 and 2004, and $9.7
million in net proceeds received in conjunction with the junior subordinated
debentures issued on September 30, 2003. This increase was partially offset by a
decrease in the average investment yield to 4.4%, compared to 4.6% for the
comparable period in 2003. The current pre-tax book yield is 4.2%. The decrease
in investment yield reflects accelerated prepayments on mortgage-backed
securities and reinvestment of cash flows in municipal bonds and other
securities in an interest rate environment where macro interest rates are still
relatively low.
Expenses:
Incurred losses increased $15.3 million, or 89.2%, to $32.5 million for the
quarter ended March 31, 2004, from $17.2 million for the comparable period in
2003. The loss and loss adjustment expense ratio for the quarter ended March 31,
2004 was 70.2%, compared to 69.0% for the comparable period in 2003. The
increase in the loss ratio reflects the impact of a $1.8 million increase in net
ultimate loss estimates on prior accident years. This change relates to two
specific claims in older accident years and a re-estimate of the ultimate losses
in two single state programs. This increase in net ultimate loss estimates on
prior accident years equals 0.9% of the Company's net loss and loss adjustment
expense reserves of $192.0 million as of December 31, 2003 and was partially
offset by continued rate increases and the growth of earned premium from
profitable programs.
Commenting on the calendar year loss ratio, Mr. Cubbin stated: "We remain
focused on the fundamentals of our business. Prior year reserves have remained
relatively stable. The current accident year results reflect year-over-year
improvement and are consistent with our expectations."
Salaries and employee benefits for the quarter ended March 31, 2004 increased
$876,000, or 7.3%, to $12.8 million, from $11.9 million for the comparable
period in 2003, due primarily to merit increases and performance-based variable
compensation. These increases were partially offset by a slight decrease in
staffing levels.
Policy acquisition and other underwriting expenses increased $3.8 million, or
101.3%, to $7.6 million for the quarter ended March 31, 2004, from $3.8 million
for the comparable period in 2003. The GAAP expense ratio was 31.8% for the
quarter ended March 31, 2004, compared to 36.5% for the quarter ended March 31,
2003. The decrease in the expense ratio reflects an overall improvement in gross
commissions in relation to an increased net earned premium base and a decrease
in insurance related assessments.
Other administrative expenses decreased $456,000, or 6.4%, to $6.6 million for
the quarter ended March 31, 2004, from $7.1 million for the comparable period in
2003. This decrease is primarily attributable to a reduction in bad debt expense
which was partially offset by an increase in accrued policyholder dividends.
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Interest expense increased $78,000, or 32.9%, to $315,000 for the quarter, from
$237,000 for the comparable period in 2003. Interest expense increased $136,000
related to the junior subordinated debentures that were issued on September 30,
2003. Partially offsetting this increase was a reduction in interest expense of
$58,000, or 24.5%, to $179,000 in the first quarter of 2004 from $237,000 for
the comparable period in 2003, associated with the Company's term loan and line
of credit. This decrease reflects a lower average outstanding balance of $17.6
million during the quarter ended March 31, 2004, from $26.8 million for the
comparable period in 2003 and an increase in the effective interest rate from
3.5% for the first quarter of 2003, to 4.1% for the comparable period of 2004.
The increase in the effective interest rate is a result of the increase in the
underlying Eurocurrency based rate. At March 31, 2004, the Company's
debt-to-equity ratio was 14.4%, compared to 15.7% at December 31, 2003.
Other Matters:
Shareholders' equity increased to $160.3 million, or $5.52 per common share, at
March 31, 2004, compared to $155.1 million, or $5.34 per common share, at
December 31, 2003. The increase in shareholders' equity reflects year-to-date
net income and unrealized appreciation of $1.8 million in the Company's
investment portfolio.
On April 29, 2004, the Company issued $13.0 million of senior notes to an
institutional investor in a pooled transaction. The Company received a total of
$12.6 million in net proceeds, after the deduction of approximately $390,000 of
issuance costs associated with the notes. The notes have a floating rate equal
to the three-month LIBOR, plus 4.0%, and mature in 30 years. The proceeds will
be used to support future premium growth through contributions to the surplus of
its insurance company subsidiaries and other general corporate purposes.
Statutory surplus decreased in the quarter to $98.4 million at March 31, 2004
from $99.9 million at December 31, 2003. This decrease is primarily the result
of the growth in written premium and the up-front expensing of acquisition
costs.
Cash flow provided by operations was $16.2 million for the quarter ended March
31, 2004, compared to $12.8 million in 2003. This increase in positive cash flow
primarily reflects growth in written premium and increased earnings.
ABOUT MEADOWBROOK INSURANCE GROUP
A leader in the alternative risk market, Meadowbrook is a program-based risk
management company, specializing in alternative risk management solutions for
agents, brokers, and insureds of all sizes. Meadowbrook Insurance Group, Inc.
common shares are listed on the New York Stock Exchange under the symbol "MIG".
For further information, please visit Meadowbrook's corporate web site at
www.meadowbrook.com.
Certain statements made by Meadowbrook Insurance Group, Inc. in this release may
constitute forward-looking statements including, but not limited to, those
statements that include the words "believes", "expects", "anticipates",
"estimates", or similar expressions. Please refer to the Company's most recent
10-K, 10-Q, and other Securities and Exchange Commission filings for more
information on risk factors. Actual results could differ materially. These
forward-looking statements involve risks and uncertainties including, but not
limited to the following: the frequency and severity of claims; uncertainties
inherent in reserve estimates; catastrophic events; a change in the demand for,
pricing of, availability or collectibility of reinsurance; increased rate
pressure on premiums; obtainment of certain rate increases in current market
conditions; investment rate of return; changes in and adherence to insurance
regulation; actions taken by regulators, rating agencies or lenders; obtainment
of certain processing efficiencies; changing rates of inflation; and general
economic conditions. Meadowbrook is not under any obligation to (and expressly
disclaims any such obligation to) update or alter its forward-looking statements
whether as a result of new information, future events or otherwise.
EARNINGS RELEASE PAGE 4
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MEADOWBROOK INSURANCE GROUP, INC.
FINANCIAL INFORMATION
SUPPLEMENT TO THE EARNINGS RELEASE
UNAUDITED BALANCE SHEET INFORMATION
MARCH 31, DECEMBER 31,
(IN THOUSANDS, EXCEPT PER SHARE DATA) 2004 2003
- ------------------------------------ -------- ------------
BALANCE SHEET DATA
ASSETS
Cash and invested assets $337,908 $ 324,234
Premium & agents balances 88,699 77,554
Reinsurance recoverable 169,083 165,012
Deferred policy acquisition costs 22,340 19,564
Prepaid reinsurance premiums 22,556 20,492
Goodwill 28,997 28,997
Other assets 55,395 56,413
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TOTAL ASSETS $724,978 $ 692,266
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LIABILITIES
Loss and loss adjustment expense reserves $349,801 $ 339,465
Unearned premium reserves 124,554 109,677
Debt 17,692 17,506
Junior subordinated debentures 10,310 10,310
Other liabilities 62,356 60,195
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TOTAL LIABILITIES 564,713 537,153
STOCKHOLDERS' EQUITY
Common stockholders' equity 160,265 155,113
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $724,978 $ 692,266
======== ============
BOOK VALUE PER COMMON SHARE $ 5.52 $ 5.34
BOOK VALUE PER COMMON SHARE EXCLUDING
UNREALIZED GAIN/LOSS ON AVAILABLE FOR SALE
SECURITIES, NET OF DEFERRED TAXES $ 5.20 $ 5.09
EARNINGS RELEASE PAGE 5
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MEADOWBROOK INSURANCE GROUP, INC.
FINANCIAL INFORMATION
SUPPLEMENT TO THE EARNINGS RELEASE
UNAUDITED INCOME STATEMENT INFORMATION
(IN THOUSANDS, EXCEPT FOR THE QUARTER
SHARE & PER SHARE DATA) ENDED MARCH 31,
- ------------------------- ---------------
SUMMARY DATA 2004 2003
- ------------ ------------ ------------
Gross premiums written $ 81,054 $ 68,789
Net premiums written 62,951 51,802
REVENUES
Net premiums earned $ 49,713 $ 27,384
Commissions and fees (net) 11,281 13,356
Net investment income 3,597 3,353
Net capital (losses) gains (120) 205
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TOTAL REVENUES 64,471 44,298
EXPENSES
Net losses & loss adjustment expenses (1) 32,509 17,186
Salaries & employee benefits 12,808 11,932
Interest on notes payable 315 237
Policy acquisition and other underwriting expenses (1) 7,562 3,756
Other administrative expenses 6,628 7,084
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TOTAL EXPENSES 59,822 40,195
INCOME BEFORE INCOME TAXES AND EQUITY EARNINGS 4,649 4,103
Federal income tax expense 1,440 1,347
Equity earnings of affiliates 23 --
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NET INCOME $ 3,232 $ 2,756
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NET OPERATING INCOME (2) $ 3,311 $ 2,621
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DILUTED EARNINGS PER COMMON SHARE
Net income $ 0.11 $ 0.09
Net operating income $ 0.11 $ 0.09
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 29,395,208 29,510,681
GAAP RATIOS:
Loss & LAE ratio 70.2% 69.0%
Other underwriting expense ratio 31.8% 36.5%
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GAAP combined ratio 102.0% 105.5%
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(1) Both the loss and loss adjustment and expense ratios are calculated based
upon the unconsolidated insurance company operations. The supplemental
information contained on page 6 sets forth the intercompany fees, which are
eliminated in consolidation.
(2) While net operating income is a non-GAAP disclosure, management believes
this information is beneficial to reviewing the financial statements. Net
operating income is net income less realized gains (losses) net of taxes
associated with such gains (losses).
EARNINGS RELEASE PAGE 6
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MEADOWBROOK INSURANCE GROUP, INC.
FINANCIAL INFORMATION
SUPPLEMENT TO THE EARNINGS RELEASE
SUPPLEMENTAL INFORMATION
FOR THE QUARTER
(IN THOUSANDS) ENDED MARCH 31,
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2004 2003
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UNCONSOLIDATED GAAP DATA - RATIO CALCULATION TABLE:
Net earned premium $ 49,713 $ 27,384
Consolidated net loss and LAE (1) $ 32,509 $ 17,186
Intercompany claim fees 2,402 1,720
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Unconsolidated net loss and LAE $ 34,911 $ 18,906
======== ========
GAAP loss and LAE ratio 70.2% 69.0%
Consolidated policy acquisition and other underwriting expenses (1) $ 7,562 $ 3,756
Intercompany administrative and other underwriting fees 8,270 6,235
-------- --------
Unconsolidated policy acquisition and other underwriting expenses $ 15,832 $ 9,991
======== ========
GAAP other underwriting expense ratio 31.8% 36.5%
GAAP combined ratio 102.0% 105.5%
</Table>
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<Table>
2004 2003
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UNCONSOLIDATED GAAP DATA - GROSS COMMISSIONS AND FEES:
Managed programs:
Management fees $ 4,711 $ 5,348
Claims fees 2,701 4,382
Loss control fees 545 577
Reinsurance brokerage 147 55
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Total managed programs 8,104 10,362
Agency commissions 4,779 4,147
Intersegment revenue (1,602) (1,153)
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Net commissions and fees 11,281 13,356
Intercompany commissions and fees 10,672 7,955
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Gross commissions and fees $ 21,953 $ 21,311
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(1) Both the loss and loss adjustment and expense ratios are calculated based
upon the unconsolidated insurance company operations. The above table sets forth
the intercompany fees, which are eliminated in consolidation. The GAAP combined
ratio is the sum of the GAAP loss and loss adjustment expense ratio and the GAAP
expense ratio. The GAAP loss and loss adjustment expense ratio is the
unconsolidated net loss and loss adjustment expense in relation to net earned
premium. The GAAP expense ratio is the unconsolidated policy acquisition and
other underwriting expenses in relation to net earned premium.
EARNINGS RELEASE PAGE 7
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MEADOWBROOK INSURANCE GROUP, INC.
FINANCIAL INFORMATION
SUPPLEMENT TO THE EARNINGS RELEASE
UNAUDITED INCOME STATEMENT INFORMATION
(IN THOUSANDS, EXCEPT
SHARE & PER SHARE DATA)
- ----------------------
2001A 2002A Q103A Q203A
------------ ------------ ------------ ------------
SUMMARY DATA
Gross premiums written $ 299,104 $ 183,637 $ 68,789 $ 56,220
Net premiums written 186,083 139,795 51,802 40,177
INCOME STATEMENT
REVENUES
Net premiums earned $ 163,665 $ 145,383 $ 27,384 $ 36,230
Commissions and fees (net) 40,675 37,581 13,356 11,271
Net Investment income 14,228 13,958 3,353 3,577
Net capital gains (losses) 735 666 205 374
(Loss) gain on sale of subsidiary (1,097) 199 -- --
------------ ------------ ------------ ------------
TOTAL REVENUES 218,206 197,787 44,298 51,452
EXPENSES
Net losses & loss adjustment expenses 125,183 98,734 17,186 24,109
Policy acquisition and other underwriting expenses 31,662 33,635 3,756 5,993
Other administrative expenses 22,778 23,016 7,084 5,306
Salaries & employee benefits 44,179 37,659 11,932 11,868
Gain on debt reduction -- (359) -- --
Interest on notes payable 4,516 3,021 237 212
------------ ------------ ------------ ------------
TOTAL EXPENSES 228,318 195,706 40,195 47,488
(LOSS) INCOME BEFORE TAXES AND EQUITY EARNINGS (10,112) 2,081 4,103 3,964
Federal income tax (benefit) expense (3,602) 431 1,347 1,285
Equity earnings of affiliates -- -- -- --
------------ ------------ ------------ ------------
NET (LOSS) INCOME $ (6,510) $ 1,650 $ 2,756 $ 2,679
Net realized capital (loss) gain, net of tax (239) 571 135 247
------------ ------------ ------------ ------------
OPERATING (LOSS) INCOME $ (6,271) $ 1,079 $ 2,621 $ 2,432
============ ============ ============ ============
Weighted average common shares outstanding 8,512,186 20,543,878 29,510,681 29,261,119
Shares O/S at end of the period 8,512,194 29,591,494 29,363,694 29,022,394
PER SHARE DATA (DILUTED)
Net (loss) income $ (0.76) $ 0.08 $ 0.09 $ 0.09
Net realized capital (loss) gain, net of tax $ (0.03) $ 0.03 $ -- $ 0.01
Operating (loss) income $ (0.73) $ 0.05 $ 0.09 $ 0.08
------------ ------------ ------------ ------------
OPERATING RATIO ANALYSIS
GAAP Loss & LAE ratio 81.1% 72.1% 69.0% 71.1%
GAAP Expense ratio 36.0% 36.5% 36.5% 35.3%
------------ ------------ ------------ ------------
GAAP combined ratio 117.1% 108.6% 105.5% 106.4%
============ ============ ============ ============
UNCONSOLIDATED GAAP DATA - RATIO CALCULATION TABLE:
------------ ------------ ------------ ------------
Net earned premium $ 163,665 $ 145,383 $ 27,384 $ 36,230
Consolidated net loss and LAE $ 125,183 $ 98,734 $ 17,186 $ 24,109
Intercompany claim fees 7,520 6,154 1,720 1,635
------------ ------------ ------------ ------------
Unconsolidated net loss and LAE $ 132,703 $ 104,888 $ 18,906 $ 25,744
============ ============ ============ ============
GAAP net loss and LAE ratio 81.1% 72.1% 69.0% 71.1%
Consolidated Policy acquisition and other underwriting expenses $ 31,662 $ 33,635 $ 3,756 $ 5,993
Intercompany administrative and other underwriting fees 27,309 19,445 6,235 6,784
------------ ------------ ------------ ------------
Unconsolidated policy acquisition and other underwriting expenses $ 58,971 $ 53,080 $ 9,991 $ 12,777
============ ============ ============ ============
GAAP expense ratio 36.0% 36.5% 36.5% 35.3%
GAAP combined ratio 117.1% 108.6% 105.5% 106.4%
------------ ------------ ------------ ------------
UNCONSOLIDATED COMMISSIONS & FEES
Managed programs:
Management fees $ 13,318 $ 12,761 $ 5,348 $ 4,840
Claims fees 8,594 8,076 4,382 3,755
Loss control fees 2,326 2,590 577 549
Reinsurance brokerage 1,233 309 55 106
------------ ------------ ------------ ------------
Total managed programs 25,471 23,736 10,362 9,250
Agency commissions 15,706 14,330 4,147 3,675
Intersegment commissions and fees (502) (485) (1,153) (1,654)
------------ ------------ ------------ ------------
Net Commissions and fees 40,675 37,581 13,356 11,271
Intercompany commissions and fees 34,829 25,599 7,955 8,419
------------ ------------ ------------ ------------
Gross commissions and fees $ 75,504 $ 63,180 $ 21,311 $ 19,690
============ ============ ============ ============
Q303A Q403A 2003A Q104A
------------ ------------ ------------ ------------
SUMMARY DATA
Gross premiums written $ 65,839 $ 62,432 $ 253,280 $ 81,054
Net premiums written 50,568 47,280 189,827 62,951
INCOME STATEMENT
REVENUES
Net premiums earned $ 40,187 $ 47,404 $ 151,205 $ 49,713
Commissions and fees (net) 10,803 9,861 45,291 11,281
Net Investment income 3,197 3,357 13,484 3,597
Net capital gains (losses) 299 (55) 823 (120)
(Loss) gain on sale of subsidiary -- -- -- --
------------ ------------ ------------ ------------
TOTAL REVENUES 54,486 60,567 210,803 64,471
EXPENSES
Net losses & loss adjustment expenses 26,357 30,820 98,472 32,509
Policy acquisition and other underwriting expenses 5,996 7,873 23,618 7,562
Other administrative expenses 5,816 6,251 24,457 6,628
Salaries & employee benefits 12,372 12,066 48,238 12,808
Gain on debt reduction -- -- -- --
Interest on notes payable 207 321 977 315
------------ ------------ ------------ ------------
TOTAL EXPENSES 50,748 57,331 195,762 59,822
(LOSS) INCOME BEFORE TAXES AND EQUITY EARNINGS 3,738 3,236 15,041 4,649
Federal income tax (benefit) expense 1,238 1,075 4,945 1,440
Equity earnings of affiliates -- 3 3 23
------------ ------------ ------------ ------------
NET (LOSS) INCOME $ 2,500 $ 2,164 $ 10,099 $ 3,232
Net realized capital (loss) gain, net of tax 197 (36) 543 (79)
------------ ------------ ------------ ------------
OPERATING (LOSS) INCOME $ 2,303 $ 2,200 $ 9,556 $ 3,311
============ ============ ============ ============
Weighted average common shares outstanding 29,169,826 29,301,782 29,268,799 29,395,208
Shares O/S at end of the period 29,022,435 29,022,435 29,022,435 29,034,433
PER SHARE DATA (DILUTED)
Net (loss) income $ 0.09 $ 0.07 $ 0.35 $ 0.11
Net realized capital (loss) gain, net of tax $ 0.01 $ (0.01) $ 0.02 $ --
Operating (loss) income $ 0.08 $ 0.08 $ 0.33 $ 0.11
------------ ------------ ------------ ------------
OPERATING RATIO ANALYSIS
GAAP Loss & LAE ratio 70.6% 69.5% 70.1% 70.2%
GAAP Expense ratio 32.9% 33.6% 34.3% 31.8%
------------ ------------ ------------ ------------
GAAP combined ratio 103.5% 103.1% 104.4% 102.0%
============ ============ ============ ============
UNCONSOLIDATED GAAP DATA - RATIO CALCULATION TABLE:
------------ ------------ ------------ ------------
Net earned premium $ 40,187 $ 47,404 $ 151,205 $ 49,713
Consolidated net loss and LAE $ 26,357 $ 30,820 $ 98,472 $ 32,509
Intercompany claim fees 2,022 2,137 7,514 2,402
------------ ------------ ------------ ------------
Unconsolidated net loss and LAE $ 28,379 $ 32,957 $ 105,986 $ 34,911
============ ============ ============ ============
GAAP net loss and LAE ratio 70.6% 69.5% 70.1% 70.2%
Consolidated Policy acquisition and other underwriting expenses $ 5,996 $ 7,873 $ 23,618 $ 7,562
Intercompany administrative and other underwriting fees 7,206 8,071 28,296 8,270
------------ ------------ ------------ ------------
Unconsolidated policy acquisition and other underwriting expenses $ 13,202 $ 15,944 $ 51,914 $ 15,832
============ ============ ============ ============
GAAP expense ratio 32.9% 33.6% 34.3% 31.8%
GAAP combined ratio 103.5% 103.1% 104.4% 102.0%
------------ ------------ ------------ ------------
UNCONSOLIDATED COMMISSIONS & FEES
Managed programs:
Management fees $ 4,522 $ 4,041 $ 18,751 $ 4,711
Claims fees 3,463 3,156 14,756 2,701
Loss control fees 603 574 2,303 545
Reinsurance brokerage 57 90 308 147
------------ ------------ ------------ ------------
Total managed programs 8,645 7,861 36,118 8,104
Agency commissions 3,527 3,605 14,954 4,779
Intersegment commissions and fees (1,369) (1,605) (5,781) (1,602)
------------ ------------ ------------ ------------
Net Commissions and fees 10,803 9,861 45,291 11,281
Intercompany commissions and fees 9,228 10,208 35,810 10,672
------------ ------------ ------------ ------------
Gross commissions and fees $ 20,031 $ 20,069 $ 81,101 $ 21,953
============ ============ ============ ============