UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Mark one
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) of the Securities Exchange
Act of 1934
For the 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
0-2545
----------------------
Allied Research Corporation
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 04-2281015
- ----------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer Number)
incorporation or organization)
8000 Towers Crescent Drive, Suite 260
Vienna, Virginia 22182
- ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 847-5268
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.
Yes X No _________
------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of March 31, 2001: 4,906,678.
ALLIED RESEARCH CORPORATION
INDEX
PAGE
PART I. FINANCIAL INFORMATION - UNAUDITED NUMBER
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
March 31, 2001 and December 31, 2000......................... 2
Condensed Consolidated Statements of Earnings
Three months ended March 31, 2001 and 2000................... 3
Condensed Consolidated Statements of Cash Flows
Three months ended March 31, 2001 and 2000.................... 4
Notes to Condensed Consolidated Financial Statements................ 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations........................................... 9
PART II. OTHER INFORMATION................................................... 13
Allied Research Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
ASSETS March 31, 2001 December 31, 2000
--------------- ------------------
CURRENT ASSETS
Cash and equivalents $ 5,031 $ 7,570
Restricted cash 3,700 3,010
Accounts and note receivable 17,313 18,662
Costs and accrued earnings on uncompleted contracts 32,128 34,136
Inventories 7,598 5,911
Fair value of forward exchange contracts 2,099 -
Prepaid expenses 3,487 2,996
------- -------
Total current assets 71,356 72,285
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 11,470 11,675
OTHER ASSETS
Intangibles, net of accumulated amortization 3,046 3,252
Deferred taxes 295 406
Other 267 139
------- -------
3,608 3,797
------- -------
$86,434 $87,757
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $ 4,545 $ 3,699
Current maturities of long-term debt 1,044 1,079
Accounts payable 14,546 22,009
Accrued liabilities 7,017 4,823
Customer deposits 7,614 5,777
Forward exchange contract commitments 2,099 -
------- -------
Total current liabilities 36,865 37,387
LONG-TERM DEBT, less current maturities 3,198 3,529
DEFERRED INCOME TAXES - 121
STOCKHOLDERS' EQUITY
Preferred stock, no par value; authorized, 10,000 shares; none issued - -
Common stock, par value, $.10 per share; authorized 10,000,000 shares; issued and
outstanding, 4,906,678 in 2001 and 4,812,464 in 2000 491 481
Capital in excess of par value 14,398 13,689
Retained earnings 41,449 40,306
Accumulated other comprehensive loss (9,967) (7,756)
------- -------
46,371 46,720
------- -------
$86,434 $87,757
======= =======
The accompanying notes are an integral part of these consolidated financial
statements.
2
Allied Research Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
Three months ended March 31
-----------------------------
2001 2000
---------- ----------
Revenue $ 17,010 $ 23,474
Cost and expenses
Cost of sales 12,022 18,957
Selling and administrative 2,702 2,337
Research and development 453 396
---------- ----------
Operating income 1,833 1,784
Other income (deductions)
Interest income 135 114
Interest expense (395) (154)
Other 441 (133)
---------- ----------
181 (173)
---------- ----------
Earnings before discontinued operation and income taxes 2,014 1,611
Income tax expense 871 644
---------- ----------
Earnings from continuing operations 1,143 967
Discontinued operation
Engineering and technical segment
Income from operations, net of income taxes - 54
Gain on sale, net of income taxes - 431
---------- ----------
- 485
---------- ----------
NET EARNINGS $ 1,143 $ 1,452
========== ==========
Earnings per share
Basic
Continuing operations $ .23 $ .20
Discontinued operation - .10
---------- ----------
Net income $ .23 $ .30
========== ==========
Diluted
Continuing operations $ .23 $ .20
Discontinued operation - .10
---------- ----------
Net income $ .23 $ .30
========== ==========
Weighted average number of common shares:
Basic 4,870,515 4,840,337
Diluted 4,871,773 4,842,059
The accompanying notes are an integral part of these consolidated financial
statements.
3
Allied Research Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
Three months ended March 31
-----------------------------
Increase (decrease) in cash and equivalents 2001 2000
------- --------
Cash flows from continuing operating activities
Net earnings $ 1,143 $ 1,452
Adjustments to reconcile net earnings to net cash provided by (used in) continuing operating
activities
Depreciation and amortization 417 387
Gain on sale of discontinued operation - (415)
Income from discontinued operation - (70)
Common stock award 533 -
Changes in assets and liabilities
Accounts receivable 776 851
Costs and accrued earnings on uncompleted contracts 116 (20,685)
Inventories (2,117) (1,143)
Prepaid expenses and other assets (127) (105)
Accounts payable, accrued liabilities and customer deposits (2,275) 13,006
Income taxes - 857
------- --------
Net cash (used in) provided by continuing operating activities (1,534) (5,865)
Cash flows (used in) investing activities
Capital expenditures (1,036) (1,294)
Proceeds from sale of stock of subsidiary - 2,791
Proceeds from sale of fixed assets 156 -
------- --------
Net cash (used in) provided by investing activities (880) 1,497
Cash flows from financing activities
Proceeds from long-term debt 372 826
Principal payments on long-term debt (738) (84)
Net increase in short-term borrowings 846 6,599
Proceeds from employee stock purchases 185 89
Options exercised - 121
Retirement of common stock - (70)
Restricted cash and restricted deposits (690) (3,105)
------- --------
Net cash (used in) provided by financing activities (25) 4,376
------- --------
Net (decrease) increase in cash from continuing operations (2,439) 8
Effects of exchange rate changes on cash (100) 735
------- --------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (2,539) 743
Cash and equivalents at beginning of period 7,570 5,968
------- --------
Cash and equivalents at end of period $ 5,031 $ 6,711
======= ========
Supplemental Disclosures of Cash Flow Information
- -------------------------------------------------
Cash paid during the period for
Interest $ 287 $ 205
Taxes 359 309
The accompanying notes are an integral part of these consolidated financial
statements.
4
Allied Research Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheets as of March 31, 2001 and December
31, 2000, the condensed consolidated statements of earnings and the condensed
consolidated statements of cash flows for the three months ended March 31,
2001 and 2000, have been prepared by the Company without audit. In the opinion
of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and changes in cash flow at March 31, 2001 and 2000 have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed consolidated financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's December 31,
2000 Form 10-K filed with the Securities and Exchange Commission, Washington,
D.C. 20549. The results of operations for the period ended March 31, 2001 and
2000 are not necessarily indicative of the operating results for the full
year.
NOTE 2 - PRINCIPLES OF CONSOLIDATION
The condensed consolidated financial statements include the accounts of Allied
Research Corporation (a Delaware corporation) and its wholly-owned
subsidiaries, ARC Europe, S.A. (ARC Europe), a Belgian company, Barnes &
Reinecke, Inc. (BRI), a Delaware corporation (which discontinued operations
effective March 2000), Allied Research Corporation Limited (Limited), a United
Kingdom company and ARC International Sales Corporation, a Barbados
corporation (both of which are inactive).
ARC Europe includes its wholly-owned subsidiaries Mecar S.A. (Mecar) and the
VSK Group of companies. Mecar includes a related Belgian subsidiary,
Sedachim, S.I. The VSK Group is comprised of Tele Technique Generale, S.A.,
I.D.C.S., N.V. and VSK Electronics N.V. and its wholly-owned subsidiaries,
Belgian Automation Units, N.V. and Vigitec S.A. (Vigitec).
Significant intercompany transactions have been eliminated in consolidation.
NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS
In June 1998, Statement of Financial Accounting Standards (SFAS) No. 133,
Accounting for Derivative Instruments and Hedging Activities" was issued.
SFAS No. 133 establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts and for hedging activities. It requires that an entity recognize
all derivatives as either assets or liabilities in the statement of financial
position and measure those instruments at fair value. It specifies necessary
conditions to be met to designate a derivative as a hedge. As amended by SFAS
No.'s 137 and 138, SFAS No. 133 is effective for all fiscal quarters of all
fiscal years beginning after June 15, 2000. As a result, the Company
implemented SFAS No. 133 effective January 1, 2001. Prior to adoption of SFAS
No. 133, gains and losses arising from the use of derivative instruments were
deferred until realized.
5
Allied Research Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -
CONTINUED
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS - Continued
The Company estimates fair value based on quotes obtained from the
counterparties to the derivative contracts. The Company recognizes the fair
value of derivative contracts that expire in less than one year as current
assets or liabilities. Those that expire in more than one year are recognized
as long-term assets or liabilities. If the derivative is designated as a
hedge, depending on the nature of the hedge, changes in fair value are either
offset against the change in fair value of the hedged assets, liabilities, or
firm commitments through earnings or recognized in other comprehensive income
until the hedged item is recognized in earnings.
Gains and losses from settlements of derivative contracts are reported as a
component of other income. Changes in the fair value of derivative contracts
prior to settlement are also reported as a component of other income.
NOTE 4 - RESTRICTED CASH
Mecar is generally required under the terms of its contracts with foreign
governments to provide performance bonds, advance payment guarantees and
letters of credit. The credit facility agreements used to provide these
financial guarantees place restrictions on cash deposits and other liens on
Mecar's assets. VSK has also pledged certain term deposits to secure
outstanding bank guarantees.
Restricted cash of $3,700 and $3,010 included in current assets at March 31,
2001 and December 31, 2000, respectively, was restricted or pledged as
collateral for these agreements and other obligations.
NOTE 5 - DISCONTINUED OPERATION
On December 10, 1999, the Company contracted to sell the engineering and
technical segment of its business. Settlement of the sale occurred on March
10, 2000 and resulted in a gain of $431, net of taxes, on the sale.
NOTE 6 - INVENTORIES
Inventories are composed of raw materials and supplies.
NOTE 7 - NOTES PAYABLE
Mecar has a line-of-credit of up to $8,780 for working capital. Approximately
$3,390 of the line was used at March 31, 2001 and $2,800 was outstanding at
December 31, 2000.
6
Allied Research Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -
CONTINUED
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
NOTE 8 - CREDIT FACILITY
The Company is obligated under various credit agreements (the "Agreements")
with its foreign banking pool which provides credit facilities primarily for
letters of credit, bank guarantees, performance bonds and similar instruments
required for specific sales contracts. The Agreements provide for certain
bank charges and fees as the line is used, plus fees of 2% of guarantees
issued and annual fees of 1.25% - 1.35% of letters of credit and guarantees
outstanding. These fees are charged to interest expense. As of March 31,
2001 and December 31, 2000, guarantees and performance bonds of $20,001 and
$9,700, respectively, remain outstanding.
Advances under the Agreements are secured by restricted cash at March 31, 2001
and December 31, 2000 of $3,700 and $3,010, respectively. Amounts outstanding
are also collateralized by the letters of credit received under the contracts
financed, and a pledge of approximately $26 million on Mecar's assets.
Certain Agreements provide for restrictions on payments or transfers to Allied
and its affiliates for management fees, intercompany loans, loan payments, the
maintenance of certain net worth levels and other provisions.
NOTE 9 - LONG-TERM FINANCING
Mecar is obligated on a mortgage of approximately $1,400 on its manufacturing
and administration facilities. The balance of the loan is payable in annual
principal installments of approximately $471 and matures in 2004. The Company
is also obligated on several mortgages on VSK Group's buildings which have a
balance of approximately $310 at March 31, 2001. These mortgages are payable
in annual installments of approximately $209 plus interest.
Scheduled annual maturities of long-term obligations as of March 31, 2001 are
approximately as follows:
Year Amount
---- ------
2002 $1,044
2003 1,016
2004 889
2005 1,124
2006 169
NOTE 10 - INCOME TAXES
As of March 31, 2001, the Company had unused foreign tax credit carryforwards
of approximately $288 which expire through 2004.
Deferred tax liabilities have not been recognized for basis differences
related to investments in the Company's Belgian and United Kingdom
subsidiaries. These differences, which consist primarily of unremitted
earnings intended to be indefinitely reinvested, aggregated approximately
$10,700 at December 31, 2000. Determination of the amount of unrecognized
deferred tax liabilities is not practicable.
7
Allied Research Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -
CONTINUED
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
NOTE 11 - EARNINGS (LOSS) PER SHARE
Incremental shares from the assumed conversion of stock options outstanding
have been included in the diluted per share computation.
8
Allied Research Corporation
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
The following is intended to update the information contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 2000 and presumes
that readers have access to, and will have read, "Management's Discussion and
Analysis of Financial Condition and Results of Operations" contained in such
Form 10-K.
The Company conducts its business through its wholly-owned subsidiaries:
Mecar, S.A. ("Mecar"), a Belgian corporation; and a group of Belgian
corporations led by VSK Electronics, N.V., Teletechnique General, S.A.,
Vigitec S.A. and IDCS, S.A. (collectively, the "VSK Group"). This discussion
refers to the financial condition and results of operations of the Company on
a consolidated basis. All dollars are in thousands except per share amounts.
Forward-Looking Statements
--------------------------
This Management's Discussion and Analysis of Financial Condition and Results
of Operations contains forward-looking statements that are based on current
expectations, estimates and projections about the Company and the industries
in which it operates. In addition, other written or oral statements which
constitute forward-looking statements may be made by or on behalf of the
Company. Words such as "expects", "anticipates", "intends", "plans",
"believes", "seeks", "estimates", or variations of such words and similar
expressions are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions ("Future Factors") which are difficult to
predict. Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements. The Company
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
Future Factors include substantial reliance on Mecar's principal customers to
continue to acquire Mecar's products on a regular basis; the cyclical nature
of the Company's military business; rapid technological developments and
changes and the Company's ability to continue to introduce competitive new
products and services on a timely, cost effective basis; the ability of the
Company to successfully continue to increase the commercial component of its
business; the mix of products/services; domestic and foreign governmental
fiscal affairs and public policy changes which may affect the level of
purchases made by customers; changes in environmental and other domestic and
foreign governmental regulations; continued availability of financing,
financial instruments and financial resources in the amounts, at the times and
on the terms required to support the Company's future business. These are
representative of the Future Factors that could affect the outcome of the
forward-looking statements. In addition, such statements could be affected by
general industry and market conditions and growth rates; general domestic and
international economic conditions, including interest rate and currency
exchange rate fluctuations; increasing competition by foreign and domestic
competitors, including new entrants; and other Future Factors.
9
Allied Research Corporation
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
Revenue
-------
Allied had revenue of $17,010 in the first quarter of 2001, which was 72% of
its revenue in the first three months of 2000.
Revenue by Segment
----------------------------------------------------------------------
1/st/ Quarter 2001 1/st/ Quarter 2000
---------------------------- ---------------------------
Percentage Percentage
Amount of total Amount of total
------ ------------------- ------ ------------------
Mecar $11,801 69% $18,653 79%
VSK 5,209 31% $ 4,795 21%
Mecar's first quarter 2001 revenue was 63% of its revenue in the first
quarter of 2000. The decline resulted from inclusion of some 2001 revenue
from indirect sales via Mecar's independent distributor/value added reseller.
In contrast, all Mecar revenue for the first quarter of 2000 was from direct
sales to governments and government agencies. While revenues from Mecar's
independent distributor/value reseller have a significantly lower unit selling
price, the net margins from such sales approximate those realized from direct
sales. The VSK Group's revenue in the first three (3) months of 2001
increased by $414, or 9% over its revenue in the first three (3) months of
2000. In each instance, the 2001 results were adversely affected by currency
fluctuations to a greater degree than in the first quarter of 2000. For
example, first quarter 2001 revenue of VSK Group increased by 16% over first
quarter 2000 revenue if currency fluctuations are eliminated.
Backlog
-------
As of March 31, 2001, the Company's backlog was $72,628 compared to $63,500 at
December 31, 2000 and $117,000 at March 31, 2000. The March 31, 2001 backlog
consists of approximately $63,848 and $8,780 at Mecar and VSK Group,
respectively.
Operating Costs and Expenses
----------------------------
Cost of sales as a percentage of sales for the first three months of 2001 was
approximately 71% compared with 81% from the same period in 2000. The
reduction in cost is primarily related to cost reductions associated with
sales to the Company's independent distributor/value added reseller.
Selling and administrative expenses in the first quarter of 2001 were 16% as a
percentage of revenue for the three months ended March 31, 2001 as compared to
10% as a percentage of revenue for the three months ended March 31, 2000.
This increase resulted from costs associated with the new management team
employed to implement Allied's growth plan.
Research and Development
------------------------
Research and development costs incurred in the first three months of 2001
increased by 14% from 2000 levels. This increase is related to increased
business activity at Mecar and the VSK Group.
10
Allied Research Corporation
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
Interest Income
---------------
Interest income increased in the first quarter of 2001 by 18%, from 2000
levels, principally due to increased amounts of cash invested.
Interest Expense
----------------
Interest expense increased in the first quarter of 2001 by 156% compared to
the amount incurred in the first quarter of 2000, principally as a result of
increased borrowings at Mecar via its line-of-credit.
Other - Net
-----------
Other - Net results were a $441 gain in the first quarter of 2001 and a $133
loss in the first quarter of 2000, largely due to net currency fluctuations at
Mecar and the VSK Group.
Pre-Tax Profit From Continuing Operations
-----------------------------------------
Pre-Tax Profit
by Segment
----------------------
2001 2000
------ ------
Mecar $1,350 $1,008
VSK 831 627
Corporate and other (167) (24)
Mecar's 2001 first quarter pre-tax profit increased by $259, or 27%, over its
2000 first quarter pre-tax profit. Approximately one-half of Mecar's first
quarter 2001 revenue was from indirect sales to its independent
distributor/value added reseller. Such contracts produce less revenue than
direct sales but do not adversely affect profitability.
The VSK Group's 2001 pre-tax profit increased by $204 or 33%, over its 2000
first quarter pre-tax profit, notwithstanding substantial currency
fluctuations, principally due to increased operating margins.
Income Taxes
------------
The effective income tax expense in the first three months of 2001 was 43%
compared to 40% in the first quarter of 2000.
Net Earnings
------------
The Company earned $1,143 profits from continuing operations in the first
quarter of 2001 and $967 in the first quarter of 2000.
11
Allied Research Corporation
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
March 31, 2001
(Thousands of Dollars)
(Unaudited)
- --------------------------------------------------------------------------------
In addition, in the first quarter of 2000, the Company reported (i) a net gain
of $431 on the sale of Barnes & Reinecke, Inc. (BRI) and (ii) a net income of
$54 from discontinued operation (i.e., the operations of BRI prior to
completion of sale).
Liquidity
---------
Working capital, which includes restricted cash, was approximately $34,491 at
March 31, 2001, which is $407 lower than the December 31, 2000 level.
Allied's current working capital is required for operations and to support
credit facility agreements.
During the first three months of 2001, Allied funded its operations
principally with internally generated cash and back-up credit facilities
required for foreign government contracts. In addition, Mecar utilized a
$8,780 line-of-credit, of which $3,390 was used at March 31, 2001 and is
scheduled to be repaid during May 2001.
As of March 31, 2001, the Company had unrestricted cash (i.e., cash not
required by the terms of the bank pool agreement to collateralize contracts)
of approximately $5,031 compared with approximately $7,570 at December 31,
2000. Restricted cash increased by $690 during the first quarter of 2001.
Restricted cash at March 31, 2001 would have been greater but for the bank
pool's partial waiver of this requirement which was provided to improve
Mecar's liquidity.
Allied's stockholders' equity as of March 31, 2001 was adversely affected by
the deterioration of the value of the Euro verses the U.S. dollar during the
first quarter of 2001, resulting in a $2,211 adjustment to "Accumulated other
comprehensive loss".
Allied is continuing to explore alternate methods of obtaining financing
necessary to implement its growth plans.
Allied's ability to cover its anticipated future operating and capital
requirements is dependent upon its ability to generate positive cash flow from
the operations of its subsidiaries, particularly the operations of Mecar.
12
Allied Research Corporation
- --------------------------------------------------------------------------------
PART II. OTHER INFORMATION
None.
13
Allied Research Corporation
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ALLIED RESEARCH CORPORATION
/s/ John G. Meyer, Jr.
-------------------------------------
Date: April 30, 2001 John G. Meyer, Jr.
Executive Vice President
Chief Operating Officer and Acting
Chief Financial Officer
14