Exhibit 99.1
Company Contact:
Gregg Bodnar
Chief Financial Officer
(630) 410-4633
Investors/Media Contacts:
ICR, Inc.
Allison Malkin/Alecia Pulman
(203) 682-8225/(203) 682-8224
ULTA ANNOUNCES SECOND QUARTER 2010 RESULTS
Second Quarter Comparable Store Sales Increase 10.8%
Second Quarter Diluted EPS of $0.22, Including $0.03 Non-Recurring Compensation Charge
Expects 3Q Comparable Store Sales Increase of 7% to 9%
CEO Transition Successfully Completed at the End of the Quarter
Bolingbrook, IL September 2, 2010 Ulta Salon, Cosmetics & Fragrance, Inc. [NASDAQ:ULTA],
today announced financial results for the thirteen week period (Second Quarter) and twenty-six
week period (First Six Months) ended July 31, 2010, which compare to the same periods ended
August 1, 2009.
For the Second Quarter:
|
|
|
Net sales increased 17.6% to $321.8 million from $273.5 million in the second
quarter of fiscal 2009; |
|
|
|
|
Comparable store sales (sales for stores open at least 14 months) increased 10.8%
compared to a decrease of 1.7% in the second quarter of fiscal 2009; |
|
|
|
|
Gross profit increased 350 basis points to 32.3% from 28.8% in the second quarter
fiscal 2009; |
|
|
|
|
Selling, general and administrative (SG&A) expense as a percentage of net sales
decreased 40 basis points, excluding the impact of the non-recurring compensation
charge, compared to the second quarter in fiscal 2009; including the impact of the
non-recurring compensation charge, SG&A as a percentage of net sales increased 50 basis
points; |
|
|
|
|
Operating income increased 117.4% to $22.3 million, or 6.9% of net sales, compared
to $10.2 million, or 3.7% of net sales, in the second quarter of fiscal 2009; |
|
|
|
|
Net income increased 127.2% to $13.1 million compared to $5.8 million in the second
quarter of fiscal 2009;
|
|
|
|
Income per diluted share more than doubled to $0.22, including $0.03 per diluted
share related to the non-recurring compensation charge. Income per diluted share was
$0.25, excluding the non-recurring compensation charge. This compares to $0.10 in the
second quarter of fiscal 2009. |
Lyn Kirby, CEO of Ulta stated: We are very pleased to report an excellent second quarter 2010
performance. Results include 10.8% comparable store sales increase for the quarter generated from
both an 8.0% increase in customer count and a 2.8% increase in average ticket. Accordingly, on a
two-year basis our comparable store sales are up 9.1%, which is an acceleration of the 2-year comp
trend from first quarter. Despite a slow economic recovery, the momentum on our business is very
strong, as we reap the benefits of our market share strategies implemented in 2009 and continue to
execute against these strategies in 2010. Growth was balanced across all major product categories.
Our performance reflects the continued strength of our business model with dynamic marketing,
compelling merchandising, new brand introductions and the continued leverage of our powerful
loyalty program. Our comparable store sales growth was accomplished with a 120 basis point
increase in merchandise margin and 40 basis points leverage in marketing. These operating
improvements along with our continued discipline in managing our cost structure led to a more than
doubling in our earnings and a 120% increase in earnings per share
for the quarter including the compensation charge, and a 150% increase
in earnings per share excluding the compensation charge.
We begin the third quarter with very strong momentum fueled by the continuation of our marketing,
merchandising and stores expansion strategies stated Chuck Rubin, President and Chief Operating
Officer. During the third quarter we expect to continue to drive traffic and average ticket
growth, as we leverage our loyalty program, offer compelling value and introduce new brands. The
third quarter will include the continued brand introduction of Philosophy skincare and the launch
of Tarte in prestige cosmetics. Our store expansion plans remain on track to deliver 28 new stores
in the third quarter and a 13% increase in square footage growth for the year. We will also
maintain our judicious control of expenses and inventory. As our guidance suggests, we expect to
deliver continued strong results in the third quarter.
For the First Six Months:
|
|
|
Net sales increased 18.4% to $642.0 million from $542.4 million in the first six
months of fiscal 2009; |
|
|
|
|
Comparable store sales (sales for stores open at least 14 months) increased 10.8%
compared to a decrease of 2.0% in the first six months of fiscal 2009; |
|
|
|
|
Gross profit increased 330 basis points to 32.5% from 29.2% in the first six months
of fiscal 2009; |
|
|
|
|
SG&A expense as a percentage of net sales decreased 40 basis points, excluding the
non-recurring compensation charge, compared to the first six months of fiscal 2009;
including the non-recurring compensation charge, SG&A as a percentage of net sales was
flat to the first six month period in fiscal 2009; |
|
|
|
|
Operating income increased to $45.6 million, or 7.1% of net sales, compared to $19.2
million, or 3.5% of net sales, in the first six months of fiscal 2009; |
|
|
|
|
Net income increased to $26.7 million compared to $10.7 million in the first six
months of fiscal 2009;
|
|
|
|
Income per diluted share increased to $0.44, which includes $0.03 per share of
non-recurring compensation charge. This compares to $0.18 in the first six months of
fiscal 2009. |
Balance Sheet and Cash Flow
Merchandise inventories at the end of the second quarter totaled $224.3 million, compared to
$209.2 million at the end of second quarter fiscal 2009, representing an increase of $15.1 million.
The increase is primarily due to the addition of 23 net new stores opened since August 1, 2009.
Inventory per store was flat compared to the prior year reflecting the combined effects of
inventory reductions due to management initiatives coupled with inventory increases to support the
10.8% increase in comparable store sales.
The Company did not utilize its credit facility during the six month period ended July 31,
2010.
Store Expansion
During the second quarter, the Company opened 10 stores located in Modesto, CA; Stockton, CA;
Avon, CT; Hammond, LA; St. Cloud, MN; Cincinnati, OH; Horsham, PA; Quakertown, PA; Chattanooga, TN;
Union Gap, WA, relocated 1 store in Folsom, CA and remodeled 3 stores. In addition, the Company
closed 1 store. The Company ended the second quarter with 356 stores and square footage of
3,721,681, which represents a 7% increase compared to the second quarter of fiscal 2009.
Outlook
For the third quarter of fiscal 2010, the Company currently expects net sales in the range of
$324 million to $330 million, compared to actual net sales of $284.0 million in the third quarter
of fiscal 2009. This assumes comparable stores sales increase 7% to 9%, compared to an increase of
1.5% in the third quarter last year.
Income per diluted share for the third quarter of fiscal 2010 is estimated to be in the range
of $0.18 to $0.20, which includes $0.02 per share of non-recurring compensation expense related to
the addition of the Companys President and COO. The Companys third quarter guidance reflects the
incremental cost related to its planned expanded new store program which includes approximately 28
stores for the third quarter fiscal 2010 compared to 12 for the same period in fiscal 2009.
Adjusted income per diluted share, excluding the non-recurring compensation expense, is estimated
in the range of $0.20 to $0.22. This compares to income per diluted share for third quarter fiscal
2009 of $0.14.
For fiscal
2010, the Company plans to:
|
|
|
open approximately 46 new stores, remodel 13 stores and relocate 6 stores; |
|
|
|
|
incur capital expenditures of approximately $105 million, compared to $68.1 million in
fiscal 2009; |
|
|
|
|
reduce inventory by approximately 5% on an average per store basis by year end 2010 |
|
|
|
deliver permanent operating expense efficiencies of $7 million; and |
|
|
|
|
generate free cash flow. |
Chuck Rubin Appointed CEO
At the end of the second quarter we completed the CEO transition with Chuck now
having responsibility for all areas of the business, Ms. Kirby stated. As a result,
effective at the end of business today, Chuck will be the Chief Executive Officer. I look
forward to assisting Ulta, as a member of the Board through March of next year. I have
been honored to lead Ulta over the past ten years and want to thank our employees, our
vendor partners and the Ulta Board of Directors for the support provided to me and the
trust you placed in my leadership. Together we have revolutionized beauty retailing, as
we repositioned a beauty discounter into a specialty retailer, as we grew sales from $200
million to over $1.2 billion, and as we transformed a small regional chain into a national
presence. I leave with tremendous pride in the company and look forward to watching
Ulta grow and take its place in the future as one of this nations great retailers.
Commenting on the transition, Dennis Eck, Ultas Non-Executive Chairman, stated We
are very pleased with Chucks transition into his new role at Ulta. We believe that under
his leadership Ulta will continue to execute its strategy and continue its successful track
record of growth. We would like to thank Lyn Kirby for her leadership in helping to
build the platform for Ultas future success and growth and thank the Ulta employees for
their support during this important changeover.
Conference Call Information
A conference call to discuss second quarter results is scheduled for today, September 2, 2010,
at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the call are
invited to dial (877) 407-0784 approximately ten minutes prior to the start of the call. The
conference call will also be web-cast live at http://ir.ulta.com and remain available for 90 days.
A replay of this call will be available until 11:59 p.m. (ET) on September 9, 2010 and can be
accessed by dialing (877) 660-6853 and entering account number 3055 and conference ID number
355010.
About Ulta
Ulta is the largest beauty retailer that provides one-stop shopping for prestige, mass and
salon products and salon services in the United States. Ulta provides affordable indulgence to its
customers by combining the product breadth, value and convenience of a beauty superstore with the
distinctive environment and experience of a specialty retailer. Ulta offers a unique combination
of over 21,000 prestige and mass beauty products across the categories of cosmetics, fragrance,
haircare, skincare, bath and body products and salon styling tools, as well as salon haircare
products. Ulta also offers a full-service salon in all of its stores. The Company currently
operates 356 retail stores across 38 states and also distributes its products through the Companys
website: wellnessformetoday.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934 and the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, which reflect our current views with respect to,
among other things, future events and financial performance. You can identify these forward-looking
statements by the use of forward-looking words such as outlook, believes, expects, plans,
estimates, or other comparable words. Any forward-looking statements contained in this press
release are based upon our historical performance and on current plans, estimates and expectations.
The inclusion of this forward-looking information should not be regarded as a representation by us
or any other person that the future plans, estimates or expectations contemplated by us will be
achieved. Such forward-looking statements are subject to various risks and uncertainties, which
include, without limitation: the impact of weakness in the economy; changes in the overall level
of consumer spending; changes in the wholesale cost of our products; the possibility that we may be
unable to compete effectively in our highly competitive markets; the possibility that our continued
opening of new stores could strain our resources and have a material adverse effect on our business
and financial performance; the possibility that new store openings and existing locations may be
impacted by developer or co-tenant issues; the possibility that the capacity of our distribution
and order fulfillment infrastructure may not be adequate to support our recent growth and expected
future growth plans; the possibility of material disruptions to our information systems; weather
conditions that could negatively impact sales and other risk factors detailed in our public filings
with the Securities and Exchange Commission (the SEC), including risk factors contained in our
Annual Report on Form 10-K for the year ended January 30, 2010 and our Quarterly Report on Form
10-Q for the quarterly period ended July 31, 2010. Our filings with the SEC are available at
www.sec.gov. The Company does not undertake to publicly update or revise its forward-looking
statements, whether as a result of new information, future events or otherwise.
Exhibit 1
Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Income
(In thousands, except per share amounts)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
13 Weeks Ended |
|
|
|
July 31, |
|
|
August 1, |
|
|
|
2010 |
|
|
2009 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net sales |
|
$ |
321,804 |
|
|
|
100.0 |
% |
|
$ |
273,539 |
|
|
|
100.0 |
% |
Cost of sales |
|
|
217,846 |
|
|
|
67.7 |
% |
|
|
194,825 |
|
|
|
71.2 |
% |
|
|
|
|
|
|
|
Gross profit |
|
|
103,958 |
|
|
|
32.3 |
% |
|
|
78,714 |
|
|
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
|
79,909 |
|
|
|
24.8 |
% |
|
|
66,468 |
|
|
|
24.3 |
% |
Pre-opening expenses |
|
|
1,793 |
|
|
|
0.6 |
% |
|
|
2,010 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
|
Operating income |
|
|
22,256 |
|
|
|
6.9 |
% |
|
|
10,236 |
|
|
|
3.7 |
% |
Interest expense |
|
|
214 |
|
|
|
0.1 |
% |
|
|
645 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
22,042 |
|
|
|
6.8 |
% |
|
|
9,591 |
|
|
|
3.5 |
% |
Income tax expense |
|
|
8,980 |
|
|
|
2.8 |
% |
|
|
3,841 |
|
|
|
1.4 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
13,062 |
|
|
|
4.1 |
% |
|
$ |
5,750 |
|
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
|
|
|
|
|
$ |
0.10 |
|
|
|
|
|
Diluted |
|
$ |
0.22 |
|
|
|
|
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
58,727 |
|
|
|
|
|
|
|
57,819 |
|
|
|
|
|
Diluted |
|
|
60,672 |
|
|
|
|
|
|
|
59,045 |
|
|
|
|
|
Exhibit 2
Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Income
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
26 Weeks Ended |
|
|
|
July 31, |
|
|
August 1, |
|
|
|
2010 |
|
|
2009 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net sales |
|
$ |
642,000 |
|
|
|
100.0 |
% |
|
$ |
542,364 |
|
|
|
100.0 |
% |
Cost of sales |
|
|
433,507 |
|
|
|
67.5 |
% |
|
|
384,108 |
|
|
|
70.8 |
% |
|
|
|
|
|
|
|
Gross profit |
|
|
208,493 |
|
|
|
32.5 |
% |
|
|
158,256 |
|
|
|
29.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
|
160,638 |
|
|
|
25.0 |
% |
|
|
135,861 |
|
|
|
25.0 |
% |
Pre-opening expenses |
|
|
2,267 |
|
|
|
0.4 |
% |
|
|
3,205 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
Operating income |
|
|
45,588 |
|
|
|
7.1 |
% |
|
|
19,190 |
|
|
|
3.5 |
% |
Interest expense |
|
|
332 |
|
|
|
0.1 |
% |
|
|
1,316 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
45,256 |
|
|
|
7.0 |
% |
|
|
17,874 |
|
|
|
3.3 |
% |
Income tax expense |
|
|
18,533 |
|
|
|
2.9 |
% |
|
|
7,204 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
26,723 |
|
|
|
4.2 |
% |
|
$ |
10,670 |
|
|
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.46 |
|
|
|
|
|
|
$ |
0.18 |
|
|
|
|
|
Diluted |
|
$ |
0.44 |
|
|
|
|
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
58,517 |
|
|
|
|
|
|
|
57,781 |
|
|
|
|
|
Diluted |
|
|
60,505 |
|
|
|
|
|
|
|
58,914 |
|
|
|
|
|
Exhibit 3
Ulta Salon, Cosmetics & Fragrance, Inc.
Condensed Balance Sheets
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, |
|
|
January 30, |
|
|
August 1, |
|
|
|
2010 |
|
|
2010 |
|
|
2009 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,916 |
|
|
$ |
4,017 |
|
|
$ |
3,663 |
|
Receivables, net |
|
|
11,418 |
|
|
|
13,477 |
|
|
|
13,135 |
|
Merchandise inventories, net |
|
|
224,329 |
|
|
|
206,948 |
|
|
|
209,152 |
|
Prepaid expenses and other current
assets |
|
|
30,989 |
|
|
|
30,272 |
|
|
|
25,373 |
|
Prepaid income taxes |
|
|
7,280 |
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
8,060 |
|
|
|
8,060 |
|
|
|
8,097 |
|
|
|
|
Total current assets |
|
|
297,992 |
|
|
|
262,774 |
|
|
|
259,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
301,333 |
|
|
|
290,861 |
|
|
|
288,537 |
|
|
|
|
Total assets |
|
$ |
599,325 |
|
|
$ |
553,635 |
|
|
$ |
547,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current portion notes payable |
|
$ |
|
|
|
$ |
|
|
|
$ |
23,086 |
|
Accounts payable |
|
|
61,316 |
|
|
|
56,387 |
|
|
|
40,393 |
|
Accrued liabilities |
|
|
68,833 |
|
|
|
59,189 |
|
|
|
53,350 |
|
Accrued income taxes |
|
|
|
|
|
|
10,781 |
|
|
|
3,846 |
|
|
|
|
Total current liabilities |
|
|
130,149 |
|
|
|
126,357 |
|
|
|
120,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable less current portion |
|
|
|
|
|
|
|
|
|
|
42,365 |
|
Deferred rent |
|
|
120,313 |
|
|
|
113,718 |
|
|
|
108,245 |
|
Deferred income taxes |
|
|
20,952 |
|
|
|
20,952 |
|
|
|
17,616 |
|
|
|
|
Total liabilities |
|
|
271,414 |
|
|
|
261,027 |
|
|
|
288,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
327,911 |
|
|
|
292,608 |
|
|
|
259,056 |
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
599,325 |
|
|
$ |
553,635 |
|
|
$ |
547,957 |
|
|
|
|
Exhibit 4
Ulta Salon, Cosmetics & Fragrance, Inc.
Statements of Cash Flows
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended |
|
|
|
July 31, |
|
|
August 1, |
|
|
|
2010 |
|
|
2009 |
|
|
|
(Unaudited) |
|
Operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
26,723 |
|
|
$ |
10,670 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
31,593 |
|
|
|
31,360 |
|
Non-cash stock compensation charges |
|
|
4,222 |
|
|
|
2,648 |
|
Excess tax benefits from stock-based
compensation |
|
|
(924 |
) |
|
|
(283 |
) |
Loss on disposal of property and equipment |
|
|
157 |
|
|
|
184 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
2,059 |
|
|
|
5,133 |
|
Merchandise inventories |
|
|
(17,381 |
) |
|
|
4,450 |
|
Prepaid expenses and other assets |
|
|
(717 |
) |
|
|
(1,079 |
) |
Income taxes |
|
|
(17,137 |
) |
|
|
12,474 |
|
Accounts payable |
|
|
4,929 |
|
|
|
(7,418 |
) |
Accrued liabilities |
|
|
6 |
|
|
|
4,775 |
|
Deferred rent |
|
|
6,595 |
|
|
|
6,957 |
|
|
|
|
Net cash provided by operating activities |
|
|
40,125 |
|
|
|
69,871 |
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(32,584 |
) |
|
|
(29,756 |
) |
|
|
|
Net cash used in investing activities |
|
|
(32,584 |
) |
|
|
(29,756 |
) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
Proceeds on long-term borrowings |
|
|
|
|
|
|
561,662 |
|
Payments on long-term borrowings |
|
|
|
|
|
|
(602,258 |
) |
Proceeds from issuance of common stock under stock
plans |
|
|
3,434 |
|
|
|
223 |
|
Excess tax benefits from stock-based compensation |
|
|
924 |
|
|
|
283 |
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
4,358 |
|
|
|
(40,090 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
11,899 |
|
|
|
25 |
|
Cash and cash equivalents at beginning of period |
|
|
4,017 |
|
|
|
3,638 |
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
15,916 |
|
|
$ |
3,663 |
|
|
|
|
Exhibit 5
2010 Store Expansion
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stores open |
|
Number of stores |
|
Number of stores |
|
|
|
|
at beginning of the |
|
opened during the |
|
closed during the |
|
Total stores open |
Fiscal 2010 |
|
quarter |
|
quarter |
|
quarter |
|
at end of the quarter |
|
1st Quarter |
|
|
346 |
|
|
|
2 |
|
|
|
1 |
|
|
|
347 |
|
2nd Quarter |
|
|
347 |
|
|
|
10 |
|
|
|
1 |
|
|
|
356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross square feet for |
|
|
|
|
|
|
Total gross square |
|
stores opened or |
|
Gross square feet for |
|
Total gross square |
|
|
feet at beginning of |
|
expanded during the |
|
stores closed |
|
feet at end of the |
Fiscal 2010 |
|
the quarter |
|
quarter |
|
during the quarter |
|
quarter |
|
1st Quarter |
|
|
3,613,840 |
|
|
|
28,977 |
|
|
|
10,796 |
|
|
|
3,632,021 |
|
2nd Quarter |
|
|
3,632,021 |
|
|
|
105,596 |
|
|
|
15,936 |
|
|
|
3,721,681 |
|