Exhibit 99.1
[LESCO LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Jeffrey L. Rutherford
Sr. Vice President & Chief Financial Officer
LESCO, Inc.
(216) 706-9250
LESCO ANNOUNCES SECOND QUARTER 2005 RESULTS
- COMPANY ANNOUNCES AGREEMENT TO SELL SUPPLY CHAIN ASSETS -
CLEVELAND, Ohio - July 27, 2005 - LESCO, Inc. (NASDAQ: LSCO), a leading provider
of products for the professional green and pest control industries, today
announced second quarter and six month results for the period ending June 30,
2005 and the signing of a definitive agreement to sell its supply chain assets
and to enter into a long-term supply agreement with Turf Care Supply Corp., an
affiliate of Platinum Equity, a global acquisition firm based in Los Angeles.
SECOND QUARTER 2005 RESULTS
Net sales for the three months ended June 30, 2005 increased 4.4% to $190.2
million from $182.2 million in the comparable period a year ago. Lawn Care gross
sales grew 9.7% to $154.9 million from $141.2 million in the second quarter of
2004, while Golf gross sales were $37.3 million versus $42.0 million in the same
quarter last year. Total Service Center gross sales increased 12.1% to $142.0
million from $126.7 million, while same-store Service Center sales grew 8.3%.
Gross profit on sales (defined as product margin less distribution costs)
increased to 26.8% of net sales, or $50.9 million, compared to 25.8% of net
sales, or $47.0 million, in the second quarter of 2004.
Product margin was $68.0 million, or 35.8% of net sales, versus $62.3 million,
or 34.2% of net sales, in the same quarter last year, and was driven by better
sell-through on seed and combination products. Distribution expense rose to
$17.1 million, or 9.0% of net sales, from $15.3 million, or 8.4% of net sales,
in the comparable period in 2004, as higher fuel costs, along with the Company's
larger store base and wider network of distribution end points, negatively
impacted year-over-year results.
Michael P. DiMino, President and Chief Executive Officer, stated, "I am pleased
by the solid effort of the entire LESCO team to drive such strong results in our
Service Center and Lawn Care business. Additionally, after fully evaluating
our business model, we believe our greatest opportunity for growth and the
highest level of return to our stakeholders will be achieved
1
Exhibit 99.1
through our commitment of capital resources to our Service Centers and
Stores-on-Wheels businesses."
Selling expense was $24.3 million, or 12.8% of net sales, versus $22.9 million,
or 12.6% of net sales, in the second quarter of 2004. Approximately $0.8 million
is attributable to incremental operating costs for Service Centers opened in
2004 and 2005, while $0.5 million is related to new direct marketing
initiatives, severance costs for sales management and related support staff, as
well as the accelerated migration to an expanded Stores-on-Wheels(R) program.
General and administrative expense was $6.3 million, or 3.3% of net sales,
versus $6.6 million, or 3.6% of net sales, in the same quarter last year.
Earnings before income tax increased 10.8% to $15.8 million in the second
quarter of 2005 from $14.2 million in the second quarter of 2004, an improvement
of 50 basis points to 8.3% of net sales. For the second quarter of 2005, the
Company reported on generally accepted accounting principles (GAAP) basis net
income of $15.8 million, or $1.71 per diluted share, compared to net income of
$14.2 million, or $1.58 per diluted share last year. The second quarter 2005
results were reduced by $0.03 per diluted share for settlement costs related to
the termination of its supply agreement with KPAC Holdings, Inc. (KPAC).
The Company's GAAP results do not reflect a tax provision related to the
Company's second quarter 2005 and second quarter 2004 earnings before income tax
because of the required accounting treatment for LESCO's deferred tax assets.
Assuming a 39% tax rate, which LESCO typically utilizes to evaluate
year-over-year performance, net income would have been reduced by $0.67 per
diluted share for the second quarter 2005 and $0.61 per diluted share for the
second quarter 2004.
FIRST SIX MONTHS 2005 RESULTS
Net sales for the six months ended June 30, 2005 increased 1.4% to $288.3
million from $284.2 million in the comparable period a year ago. For the first
six months of 2005, Lawn Care gross sales expanded 5.4% to $239.2 million from
$226.9 million for the same period of 2004, while Golf gross sales were $52.8
million versus $59.2 million for the first six months in 2004. Same-store
Service Center sales results rose 3.9%.
Gross profit increased to $74.3 million, or 25.8% of net sales, from $70.6
million, or 24.8% of net sales, in the first half of 2004. Earnings before
income taxes were $5.1 million for the first six months, or 1.8% of sales,
compared to $6.6 million, or 2.3% of sales, for the same period in 2004. For the
first half of 2005, the Company reported GAAP basis net income of $5.1 million,
or $0.55 per diluted share, compared to net income of $6.3 million, or $0.70 per
diluted share, last year. The first half 2005 results were reduced $0.03 per
diluted share for settlement costs paid to KPAC. Assuming a tax rate of 39%, net
income would have been reduced by $0.21 per diluted share for the first six
months of 2005 and $0.25 per diluted share for the first six months of 2004.
NEW SERVICE CENTERS
LESCO opened ten new Service Centers during the second quarter of 2005 in areas
where the Company already had a market presence. On June 30, 2005, there were
285 Service Centers in operation, versus 272 at the end of the second quarter of
2004. The 59 Service Centers opened
2
Exhibit 99.1
from 2003 through the second quarter of 2005 generated net sales of $17.0
million for the quarter and four-wall, pre-tax income of $1.4 million. These 59
Service Centers generated net sales of $24.0 million for the first six months of
2005 and four-wall, pre-tax income of $0.5 million.
SALE OF SUPPLY CHAIN ASSETS
On July 26, 2005, the Company signed a definitive agreement, subject to the
satisfaction of customary closing conditions, to sell substantially all of its
supply chain assets along with its consumable products inventory stored at those
locations including fertilizer, seed, control products, combination products,
pest control and related products. The supply chain assets to be sold are
composed of all four of LESCO's blending facilities and the majority of the
Company's warehouse and distribution centers.
Turf Care Supply Corp. will pay the Company a cash purchase price equal to the
value of the inventory at closing. The Company expects to harvest approximately
$25.0 million in cash after settling all requirements associated with the
transaction including the outstanding accounts payable due to vendors for the
inventory. The Company anticipates the proceeds to be returned to shareholders
in the form of a stock repurchase plan, tender offer, or special one-time
dividend to be determined by LESCO's Board of Directors. The transaction is
expected to close by the end of October 2005 and the Company expects a pre-tax
charge associated with the proposed transaction of $27.0 million to $30.0
million.
Concurrent with and subject to the execution of the sale agreement, the Company
will enter into a long-term supply contract that includes negotiated pricing
terms and built-in cost incentives.
Mr. DiMino continued, "We have selected an elite business partner that we
believe has the capital and the resources to leverage the production and
distribution capacity of our supply chain network over the long-term. We
continue to believe in our long-term strategic direction and expect that the
continued expansion of our Stores-on-Wheels and Service Centers, along with
other margin enhancing initiatives, including the right-sizing of our cost
structure, will provide increased earnings in 2006."
OPERATING CASH FLOW AND BALANCE SHEET
As of June 30, 2005, LESCO's total debt was $3.8 million and consisted of $3.0
million in revolving bank debt along with a $0.8 million interest free,
forgivable loan from the City of Cleveland, Ohio. This compares to total debt of
$5.9 million as of June 30, 2004. The Company also reported a June 30, 2005 cash
and cash equivalent balance of $8.5 million versus $26.9 million at the same
time last year.
FULL YEAR 2005 GUIDANCE
The Company adjusted guidance for 2005 full-year revenue growth to range from
1.0% to 2.5%, with an 8.0% to 9.0% increase in Service Center sales. The sales
of Other Selling Locations are expected to decline approximately $22.0 to $25.0
million related to the acceleration of the Company's strategy to reduce its
sales representative model and to concentrate on the higher profit Service
Center and Stores-on-Wheels models. For the full year, the Company estimates a
3
Exhibit 99.1
diluted EPS range of $0.74 to $0.82 before the $27.0 to $30.0 million expected
charge associated with the supply chain transaction. Assuming a 39% tax rate,
the Company estimates a diluted EPS range of $0.45 to $0.50 which includes a
$0.03 effect from the settlement of our dispute with KPAC.
Mr. DiMino concluded, "Our historical direct golf business can be bifurcated
between a high margin Stores-on-Wheels model and a low margin sales
representative model. Consistent with our commitment to invest capital in our
high growth, high return store model, we made the decision during the first
quarter to convert the resources of our sales representative model to our
Stores-on-Wheels model. The disbanding of our sales representative model
included the conversion of these individuals to regional manager or
Stores-on-Wheels positions. Unfortunately, the execution of this program was
less than we desired, resulting in a golf sales decline greater than we had
expected. We continue to manage this company and make the changes necessary to
create long-term value for our shareholders."
As part of the Company's refined strategy of opening new Service Centers
throughout the entire year, the Company expects to open approximately 30 to 35
in 2005, with 9 to 10 openings in the third quarter 2005.
This outlook is based upon various assumptions, which include industry trends
and internal expectations, including, but not limited to the following: 1) the
opening of up to 35 new Service Centers in 2005, 2) gross profit, including
distribution costs, of 24.7% to 25.0%, 3) selling expense continuing to increase
to approximately 17.0% of net sales due to new Service Centers, 4) merchant
discount expense of approximately 1.9% of net sales related to the outsourcing
of the Company's accounts receivable program, 5) general and administrative
expenses flat on a comparable basis, 6) average borrowings being $10.0 million
at an effective interest rate cost of approximately 7%, 7) an income tax rate of
39%, 8) no material change in the products or services offered at the Company's
locations as of December 31, 2004 or in the terms or procedures for offering
such products and services, and 9) no material adverse results from any
litigation or regulatory proceedings against the Company, either currently
existing or that may arise in the future.
CONFERENCE CALL
The Company will host a conference call and webcast with investors, analysts and
other interested parties today at 4:30 p.m. (Eastern). Hosting the call will be
Michael P. DiMino, President and Chief Executive Officer, and Jeffrey L.
Rutherford, Sr. Vice President, Chief Financial Officer. The live call can be
accessed by dialing 1-866-831-6234, passcode 71850317. Participants should
register at least fifteen minutes prior to the commencement of the call. The
conference call will also include a question and answer session. Management's
slide presentation will be available for downloading beginning today at 4:00
p.m. at LESCO's web site, www.lesco.com.
Additionally, a live webcast will be available to interested parties at
www.lesco.com. Participants should allow at least fifteen minutes prior to the
commencement of the call to register, download and install necessary audio
software. Questions can be submitted either in advance or during the webcast via
email to ir@lesco.com or through the Company's corporate web site where a link
will be provided on the "Home" page.
4
Exhibit 99.1
LESCO's culture demands the highest of ethical standards and accountability
manifested in full and fair financial disclosure to our shareholders. LESCO
management encourages the participation of our shareholders and other interested
parties in our conference calls and live webcasts. For those who cannot
participate in the conference call or the live webcast, a replay will be
available beginning approximately one hour after the conclusion of the event on
LESCO's web site.
ABOUT LESCO, INC.
LESCO serves more than 130,000 customers worldwide, through 285 LESCO Service
Center(R) locations, 110 LESCO Stores-on-Wheels vehicles, the Internet, and
other direct sales efforts, all of which are serviced by the support of eight
distribution hubs. Additional information about LESCO can be found on the
Internet at www.lesco.com.
Statements in this news release under the heading 2005 Guidance and other
statements relating to sales and earnings expectations, new Service Center
openings and profitability, and other statements that are not historical
information are forward-looking statements and, as such, reflect only the
Company's best assessment at this time. Investors are cautioned that
forward-looking statements involve risks and uncertainties that may cause actual
results to differ materially from such statements and that investors should not
place undue reliance on such statements. Factors that may cause actual results
to differ materially from those projected or implied in the forward-looking
statements include, but are not limited to, the final resolution of certain
contingencies relative to the collection of identified accounts receivable; the
Company's ability to add new Service Centers in accordance with its plans, which
can be affected by local zoning and other governmental regulations and its
ability to find favorable store locations, to negotiate favorable leases, to
hire qualified individuals to operate the Service Centers, and to integrate new
Service Centers into the Company's systems; the Company's ability to transition
quickly and effectively from a golf sales representative model to a
Stores-on-Wheels model; competitive factors in the Company's business, including
pricing pressures; lack of availability or instability in the cost of raw
materials which affects the costs of certain products; the Company's ability to
close its proposed transaction with Turf Care Supply Corp. an affiliate of
Platinum Equity LLC regarding its supply chain assets; the Company's ability to
impose price increases on customers without a significant loss in revenues;
potential rate increases by third-party carriers which affect the cost of
delivery of products; changes in existing law; the Company's ability to
effectively manufacture, market and distribute new products; the success of the
Company's operating plans; any litigation or regulatory proceedings against the
Company; regional weather conditions; and the condition of the industry and the
economy. For a further discussion of risk factors, investors should refer to the
Company's Securities and Exchange Commission reports, including but not limited
to its Form 10-K for the year ended December 31, 2004.
5
Exhibit 99.1
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
-------------------------------------- ---------------------------------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) 2005 2004 2005 2004
-------------------------------------- ---------------------------------
Net sales $ 190,201 $ 182,189 $ 288,255 $ 284,233
Cost of product (122,224) (119,928) (187,237) (188,396)
Distribution cost (17,061) (15,298) (26,750) (25,268)
----------- ----------- ----------- -----------
Gross profit on sales 50,916 46,963 74,268 70,569
Selling expense (24,296) (22,911) (48,107) (44,635)
General & administrative expense (6,271) (6,603) (14,039) (13,982)
Merchant discounts and provision for
doubtful accounts (3,803) (2,554) (5,853) (4,181)
Pre-opening expense (491) (597) (648) (910)
Vendor contract termination (464) -- (464) --
Other expense -- (90) (37) (78)
Other income 283 139 398 306
----------- ----------- ----------- -----------
Earnings before interest and taxes 15,874 14,347 5,518 7,089
Interest expense, net (124) (136) (441) (491)
----------- ----------- ----------- -----------
Earnings before taxes 15,750 14,211 5,077 6,598
Income tax (provision) benefit:
Current -- (905) -- (1,245)
Deferred (4,314) (4,637) (774) (1,328)
Change in valuation allowance 4,314 5,542 774 2,233
----------- ----------- ----------- -----------
-- -- -- (340)
Net income $ 15,750 $ 14,211 $ 5,077 $ 6,258
=========== =========== =========== ===========
Earnings per share of common stock:
Diluted $ 1.71 $ 1.58 $ 0.55 $ 0.70
=========== =========== =========== ===========
Basic $ 1.77 $ 1.63 $ 0.57 $ 0.72
=========== =========== =========== ===========
Average number of common shares and
common share equivalents outstanding:
Diluted 9,195,080 8,975,352 9,169,482 8,914,320
=========== =========== =========== ===========
Basic 8,887,944 8,697,694 8,853,033 8,687,601
=========== =========== =========== ===========
6
Exhibit 99.1
LESCO, INC.
CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
(DOLLARS IN THOUSANDS) JUNE 30, 2005 JUNE 30, 2004 DECEMBER 31, 2004
-------------------------------------------------
(UNAUDITED) (UNAUDITED) (AUDITED)
------------- ------------- ---------------
CURRENT ASSETS:
Cash and cash equivalents $ 8,495 $ 26,914 $ 8,101
Accounts receivable 13,938 12,839 16,931
Inventories 133,859 118,543 100,582
Other 2,546 2,864 3,126
--------- --------- ---------
TOTAL CURRENT ASSETS 158,838 161,160 128,740
Property, plant and equipment, net 25,290 28,192 26,019
Other 1,155 2,374 1,234
--------- --------- ---------
$ 185,283 $ 191,726 $ 155,993
========= ========= =========
CURRENT LIABILITIES:
Accounts payable $ 88,510 $ 88,511 $ 56,371
Accrued liabilities 18,087 18,836 24,184
Revolving credit facility 2,979 -- 7,303
--------- --------- ---------
TOTAL CURRENT LIABILITIES 109,576 107,347 87,858
Long-term debt 750 5,875 --
Deferred - other 1,804 509 1,612
SHAREHOLDERS' EQUITY:
Common shares--without par value--
19,500,000 shares authorized; 8,873,180 shares
issued and outstanding at June 30, 2005; 8,697,694
shares issued and outstanding at June 30, 2004 and
December 31, 2004 886 870 870
Paid-in capital 37,384 34,934 34,846
Retained earnings 36,714 43,521 31,637
Unearned compensation (1,831) (1,330) (830)
--------- --------- ---------
TOTAL SHAREHOLDERS' EQUITY 73,153 77,995 66,523
--------- --------- ---------
$ 185,283 $ 191,726 $ 155,993
========= ========= =========
</Table>
7
Exhibit 99.1
LESCO, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30,
(DOLLARS IN THOUSANDS) 2005 2004
------------- -------------
OPERATING ACTIVITIES:
Net Income $ 5,077 $ 6,258
Adjustments to reconcile net income to net cash (used in)
provided by operating activities:
Depreciation 3,302 3,716
Amortization of deferred financing fees and other 79 85
Decrease in accounts receivable 2,993 1,225
Sale of accounts receivable - 5,214
Increase in inventories (33,277) (24,963)
(Gain) loss on sale of fixed assets (92) 76
Increase in accounts payable 25,552 40,795
Amortization of unearned compensation 395 324
(Increase) decrease in current income tax (150) 3,984
(Decrease) increase in other current items (5,236) 1,271
---------- ----------
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (1,357) 37,985
INVESTING ACTIVITIES:
Proceeds on the sale of fixed assets 235 1,592
Purchase of property, plant and equipment (2,655) (2,095)
---------- ----------
NET CASH USED IN INVESTING ACTIVITIES (2,420) (503)
FINANCING ACTIVITIES:
(Increase) decrease in overdraft balances 6,587 (2,675)
Proceeds from borrowings 338,268 295,059
Reduction of borrowings (341,842) (310,600)
Exercised stock options, net of treasury shares 1,158 143
---------- ----------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 4,171 (18,073)
---------- ----------
Net change in cash and cash equivalents 394 19,409
Cash and cash equivalents - Beginning of the period 8,101 7,505
---------- ----------
CASH AND CASH EQUIVALENTS - END OF THE PERIOD $ 8,495 $ 26,914
========== ==========
Supplemental disclosure of cash flow information:
Interest paid, including letters of credit and unused facility fees $ (507) $ (479)
========== ==========
Income taxes refunded $ 72 $ 3,584
========== ==========
8
Exhibit 99.1
LESCO, INC
SALES BY CUSTOMER SECTOR AND TRANSACTING SELLING LOCATIONS
<Table>
<Caption>
THREE MONTHS ENDED JUNE 30,
-------------------------------------------------------------------------------------------------------
2005 2004 % CHANGE
-------------------------------------- ---------------------------------- -----------------------------
OTHER OTHER OTHER
SERVICE SELLING SERVICE SELLING SERVICE SELLING
(DOLLARS IN MILLIONS) CENTERS LOCATIONS TOTAL CENTERS LOCATIONS TOTAL CENTERS LOCATIONS TOTAL
------------ --------------- --------- ---------- ------------- --------- --------- ---------- --------
Lawn care $ 129.9 $ 25.0 $ 154.9 $ 116.1 $ 25.1 $ 141.2 11.9% -0.4% 9.7%
Golf 12.1 25.2 37.3 10.6 31.4 42.0 14.2 (19.7) (11.2)
------------ --------------- --------- ---------- ------------- --------- --------- ---------- --------
Gross sales $ 142.0 $ 50.2 $ 192.2 $ 126.7 $ 56.5 $ 183.2 12.1% -11.2% 4.9%
============ =============== ========= ========== ============= ========= ========= ========== ========
Agency sales
(0.7) (0.4) 75.0
Freight revenue 0.4 0.5 (20.0)
Customer discounts, rebates and sales adjustments (1.7) (1.1) 54.5
--------- -------- ----------
Net sales $ 190.2 $ 182.2 4.4%
========= ======== ==========
</Table>
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30,
-------------------------------------------------------------------------------------------------------
2005 2004 % CHANGE
-------------------------------------- ---------------------------------- -----------------------------
OTHER OTHER OTHER
SERVICE SELLING SERVICE SELLING SERVICE SELLING
(DOLLARS IN MILLIONS) CENTERS LOCATIONS TOTAL CENTERS LOCATIONS TOTAL CENTERS LOCATIONS TOTAL
------------ --------------- --------- ---------- ------------- --------- --------- ---------- --------
Lawn care $ 194.8 $ 44.4 $ 239.2 $ 181.3 $ 45.6 $ 226.9 7.4% -2.6% 5.4%
Golf 16.3 36.5 52.8 14.4 44.8 59.2 13.2 (18.5) (10.8)
----------- --------------- -------- ---------- ------------ ---------------------------------------
Gross sales $ 211.1 $ 80.9 $ 292.0 $ 195.7 $ 90.4 $ 286.1 7.9% -10.5% 2.1%
=========== =============== ======== ========== ============ =======================================
Agency sales (1.0) (0.4) 150.0
Freight revenue 0.6 0.8 (25.0)
Customer discounts, rebates and sales adjustments (3.3) (2.3) 43.5
-------- -------- -----------
Net sales $ 288.3 $ 284.2 1.4%
======== ======== ===========
</Table>
Exhibit 99.1
LESCO, Inc.
SERVICE CENTER RESULTS BY YEAR OF OPENING
<Table>
<Caption>
FOR THE THREE MONTHS ENDED JUNE 30,
---------------------------------------------------------------------------------------------------
2005 2004
------------------------------------------------------ -----------------------------------------
(DOLLARS IN THOUSANDS) CLASS OF 2005 CLASS OF 2004 CLASS OF 2003 CLASS OF 2004 CLASS OF 2003
(11 STORES) (27 STORES) (21 STORES) TOTAL (25 STORES) (21 STORES) TOTAL
------------------------------------------------------ ---------------------------------------
Sales $ 822 $ 8,562 $ 7,594 $ 16,978 $ 4,318 $ 6,283 $ 10,601
Cost of product (546) (5,577) (4,961) (11,084) (2,928) (4,253) (7,181)
Distribution cost (89) (359) (348) (796) (277) (266) (543)
-------- -------- -------- -------- -------- -------- --------
Gross profit on sales 187 2,626 2,285 5,098 1,113 1,764 2,877
Selling expense (509) (1,340) (1,122) (2,971) (1,050) (1,080) (2,130)
Merchant discount expense (14) (135) (121) (270) (56) (83) (139)
Pre-opening expense (491) -- -- (491) (597) -- (597)
-------- -------- -------- -------- -------- -------- --------
(Loss) income before
interest and taxes $ (827) $ 1,151 $ 1,042 $ 1,366 $ (590) $ 601 $ 11
======== ======== ======== ======== ======== ======== ========
</Table>
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30,
-----------------------------------------------------------------------------------------------------
2005 2004
----------------------------------------------------------------------------------------------------
(DOLLARS IN THOUSANDS) CLASS OF 2005 CLASS OF 2004 CLASS OF 2003 CLASS OF 2004 CLASS OF 2003
(11 STORES) (27 STORES) (21 STORES) TOTAL (25 STORES) (21 STORES) TOTAL
------------------------------------------------------- ----------------------------------------
Sales $ 862 $ 11,953 $ 11,205 $ 24,020 $ 4,768 $ 9,240 $ 14,008
Cost of product (574) (7,898) (7,400) (15,872) (3,230) (6,259) (9,489)
Distribution cost (96) (573) (553) (1,222) (376) (434) (810)
-------- -------- -------- -------- -------- -------- --------
Gross profit on sales 192 3,482 3,252 6,926 1,162 2,547 3,709
Selling expense (583) (2,652) (2,159) (5,394) (1,279) (2,126) (3,405)
Merchant discount expense (15) (175) (174) (364) (62) (123) (185)
Pre-opening expense (648) -- -- (648) (910) -- (910)
-------- -------- -------- -------- -------- -------- --------
(Loss) income before
interest and taxes $ (1,054) $ 655 $ 919 $ 520 $ (1,089) $ 298 $ (791)
======== ======== ======== ======== ======== ======== ========
</Table>
10