UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 27, 2003
QUANEX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE |
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1-5725 |
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38-1872178 |
(State or other jurisdiction |
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(Commission File No.) |
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(I.R.S. Employer |
of incorporation) |
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Identification No.) |
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1900 West Loop South, Suite 1500, Houston, Texas 77027 |
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(Address of principal executive offices and zip code) |
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Registrants telephone number, including area code: (713) 961-4600 |
Item 7. Financial Statements, ProForma Financial Information and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits
99.1 Press Release dated August 27, 2003, announcing third quarter 2003 results.
Item 12. Results of Operations and Financial Condition.
This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On August 27, 2003, Quanex Corporation issued a press release (the Press Release) reporting its earnings results for the third quarter ended July 31, 2003. The foregoing is qualified by reference to the Press Release which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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QUANEX CORPORATION |
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Date: August 27, 2003 |
By: |
/s/ Terry M. Murphy |
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Terry M. Murphy |
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Vice President - Finance and Chief Financial Officer |
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(Principal Financial Officer) |
3
INDEX TO EXHIBITS
Item |
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Exhibit |
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99.1 |
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Press Release dated August 27, 2003, announcing third quarter 2003 results. |
4
Exhibit 99.1
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NEWS RELEASE |
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Financial Contact: Jeff Galow, 713/877-5327
Media Contact: Valerie Calvert, 713/877-5305
Houston, Texas, August 27, 2003 Quanex Corporation (NYSE:NX) announced fiscal third quarter results for the period ending July 31, 2003. Net sales were $260.3 million, down from $266.9 million reported a year ago. Operating income was $18.1 million compared to $25.0 million last year. Quanex commented that Engineered Products posted best-ever operating income for the quarter. Operating income at the Companys two large process businesses MACSTEEL and Nichols Aluminum was down primarily due to lower volumes. Net income was $13.6 million for the quarter versus $24.3 million a year ago. Diluted earnings per share for the quarter were $.84 versus $1.42 for the same period last year.
Net income for the third quarter and the quarter a year ago each included an executive life insurance benefit. The benefit to third quarters net income of $13.6 million was $2.2 million, or $.13 per diluted share. The benefit to last years third quarter net income of $24.3 million was $9.0 million, or $.54 per diluted share. Excluding these life insurance benefits, diluted earnings per share for the current quarter and the prior years quarter were $.71 and $.88, respectively.
Regarding the Companys results, Raymond A. Jean, chairman and chief executive officer stated, Were very pleased with the excellent results reported at our Engineered Products business, particularly after experiencing rather slow market conditions just a quarter ago. At MACSTEEL, where we are linked to Big 3 automotive performance, our new programs have been overshadowed by a drop in production schedules, while higher scrap costs have also taken a toll. Nichols Aluminum results were negatively impacted by lower volumes and higher conversion costs. Conversion costs are up, in part due to higher maintenance and energy costs. As to the balance sheet, cash provided by operating activities showed a marked improvement over both last quarter and year ago figures. Significant progress in managing our inventories and receivables was the key to this improvement.
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3rd qtr 2003 |
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3rd qtr 2002 |
|
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Net Sales |
|
$ |
260.3 |
|
$ |
266.9 |
|
Operating Income |
|
18.1 |
|
25.0 |
|
||
Net Income |
|
13.6 |
|
24.3 |
|
||
EPS: Basic |
|
$ |
.85 |
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$ |
1.56 |
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EPS: Diluted |
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$ |
.84 |
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$ |
1.42 |
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1
VEHICULAR PRODUCTS ($ in millions)
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3rd qtr 2003 |
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3rd qtr 2002 |
|
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Net Sales |
|
$ |
111.2 |
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$ |
117.4 |
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Operating Income |
|
9.5 |
|
14.7 |
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The Vehicular Products segment includes MACSTEEL, Piper Impact and Temroc Metals. The segments two main drivers are North American light vehicle builds and heavy truck builds.
North American light vehicle sales remained at a relatively healthy pace during the quarter and vehicle inventories receded as overall light vehicle builds were down 7% for the quarter versus a year ago. MACSTEELs largest market base is with the Big 3 automakers, and builds there were off about 10%. MACSTEELs volume was off about 7% from last year and operating income was down. While we were successful in obtaining price relief in 2003, higher scrap prices largely offset those gains, even with the benefit of our scrap surcharges. MACSTEEL continues to work with the automotive transplants (NAMs) on domestic part sourcing. Weve recently qualified on additional components and our share continues to grow. Qualification efforts are long term initiatives with the NAMs, Jean said.
As has been the story with Piper Impact all year, the erosion in demand for its aluminum and steel airbag components continues. We suffered a setback in the quarter on what looked to be a very promising, high volume automotive drive train component which, as it turns out, was not selected for use by the automotive OEM. For the quarter, Piper had a sizeable loss, versus breaking even a year ago. Because of dimming prospects to develop major new programs targeting the automotive market in a reasonable timeframe, we are revisiting our strategic options for the business, continued Jean.
BUILDING PRODUCTS ($ in millions)
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3rd qtr 2003 |
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3rd qtr 2002 |
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Net Sales |
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$ |
149.1 |
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$ |
149.5 |
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Operating Income |
|
12.3 |
|
14.3 |
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The Building Products segment includes Engineered Products and Nichols Aluminum. The main drivers of the segment are residential housing starts and remodeling expenditures.
Engineered Products results for the quarter were record-setting and surpassed our expectations. Many of our larger door and window customers who suffered through a difficult late winter season came back stronger than expected during the third quarter and we saw very strong order entry at all of their businesses, said Jean.
Nichols Aluminum results for the quarter benefited from higher selling prices and a slightly improved spread versus a year ago, the result of a better mix of painted sheet sales versus mill finished sheet. Building and construction customer activity remained at healthy levels during the quarter. However, slow business conditions in the other markets we serve reduced volumes, and along with higher conversion costs, caused results to trail last year, continued Jean.
2
The Companys two target markets are vehicular products and building products. Overall North American light vehicle builds year-to-date are below comparable year-ago levels by 4%. More important to the Companys results are the Big 3 light vehicle builds, which are down 7% for the year, and are expected to be down 10% for the third calendar quarter versus last year. As a result, Quanex expects MACSTEEL to report modestly lower results in its fiscal fourth quarter compared to a year ago. Share gains and higher prices will be a plus for MACSTEEL in the quarter but will be offset by lower volumes and high scrap prices. Piper Impact is expecting another difficult quarter, and at this time the Company expects the business to report a fourth quarter loss.
Within the Building Products segment, the Company expects Nichols Aluminum to post lower volumes and earnings for the fourth quarter versus a year ago. Business activity at Engineered Products remains robust and Quanex expects the division to exceed quarterly results from last year. Housing starts and remodeling expenditures for 2003 are now expected to be flat to up slightly over last years excellent performance. Based on the factors discussed above, the Company expects its fourth quarter diluted earnings per share to be in the range of $.70 to $.85.
The Company continues to account for stock options using the current transition provisions of SFAS No. 123. Accordingly, Quanex does not reflect the option expense in its income statement or diluted earnings per share. However, the Company does disclose the impact on net income and diluted earnings per share in the footnotes to its financial statements. Expensing stock options would have reduced net income by about $397,000 and $326,000 for the third quarter of 2003 and 2002 respectively, and would have reduced diluted earnings per share by $.02 and $.02 respectively.
The Board of Directors declared a quarterly cash dividend of $.17 per share on the Companys common stock, payable September 30, 2003 to shareholders of record on September 15, 2003.
Quanex is an industry-leading manufacturer of engineered materials and components for the vehicular products and building products markets.
Financial Statistics as of 07/31/03
Book value per common share: $26.93; Total debt to capitalization: 13.89%; Return on invested capital: 10.00%; Return on common equity: 10.67%; Actual number of common shares outstanding: 16,079,973
Definitions
Book value per common share calculated as total stockholders equity as of balance sheet date divided by actual number of common shares outstanding;
Total debt to capitalization calculated as the sum of both the current and long term portion of debt, as of balance sheet date, divided by the sum of both the current and long term portion of debt plus total stockholders equity as of balance sheet date;
Return on invested capital calculated as the total of the prior 12 months net income plus prior 12 months after-tax interest expense and capitalized interest, the sum of which is divided by the trailing five quarters average total debt (current and long term) and total stockholders equity;
3
Return on common equity calculated as the prior 12 months net income, divided by the trailing five quarters average common stockholders equity.
Statements that use the words expect, should, will, might, or similar words reflecting future expectations or beliefs are forward-looking statements. The statements found above are based on current expectations. Actual results or events may differ materially from this release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Companys future performance, please refer to the Companys most recent 10-K filing (December 20, 2002) under the Securities Exchange Act of 1934, in particular the sections titled, Private Securities Litigation Reform Act contained therein.
For further information visit the Company website at www.quanex.com.
###
4
QUANEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended |
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Nine months ended |
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||||||||
2003 |
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2002 |
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2003 |
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2002 |
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|
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|
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|
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$ |
260,277 |
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$ |
266,891 |
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Net sales |
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$ |
744,396 |
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$ |
720,634 |
|
|
|
|
|
|
|
|
|
|
|
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217,838 |
|
216,469 |
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Cost of sales |
|
625,331 |
|
591,882 |
|
||||
12,643 |
|
14,099 |
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Selling, general and administrative expense |
|
40,238 |
|
39,960 |
|
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11,728 |
|
11,292 |
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Depreciation and amortization |
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35,769 |
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33,884 |
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|
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|
|
|
|
|
|
|
|
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18,068 |
|
25,031 |
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Operating income |
|
43,058 |
|
54,908 |
|
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|
|
|
|
|
|
|
|
|
|
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(542 |
) |
(1,070 |
) |
Interest expense |
|
(2,113 |
) |
(9,179 |
) |
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|
|
346 |
|
Capitalized interest |
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|
|
1,879 |
|
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2,152 |
|
9,020 |
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Retired executive life insurance benefit |
|
2,152 |
|
9,020 |
|
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399 |
|
(375 |
) |
Other, net |
|
2,211 |
|
1,469 |
|
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20,077 |
|
32,952 |
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Income before income taxes |
|
45,308 |
|
58,097 |
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|
|
|
|
|
|
|
|
|
|
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(6,454 |
) |
(8,615 |
) |
Income tax expense |
|
(15,537 |
) |
(17,668 |
) |
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|
|
|
|
|
|
|
|
|
|
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$ |
13,623 |
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$ |
24,337 |
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Net income |
|
$ |
29,771 |
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$ |
40,429 |
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|
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|
|
|
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|
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|
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Weighted average common shares outstanding: |
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
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16,055 |
|
15,560 |
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Basic |
|
16,176 |
|
14,303 |
|
||||
16,267 |
|
16,557 |
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Diluted |
|
16,401 |
|
16,093 |
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Earnings per common share: |
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|
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|
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|
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|
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$ |
0.85 |
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$ |
1.56 |
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Basic |
|
$ |
1.84 |
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$ |
2.83 |
|
|
|
|
|
|
|
|
|
|
|
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$ |
0.84 |
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$ |
1.42 |
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Diluted |
|
$ |
1.82 |
|
$ |
2.55 |
|
|
|
|
|
|
|
|
|
|
|
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$ |
0.17 |
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$ |
0.16 |
|
Cash dividends per share |
|
$ |
0.51 |
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$ |
0.48 |
|
5
QUANEX CORPORATION INDUSTRY SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three months ended |
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|
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Nine months ended |
|
||||||||
2003 |
|
2002 |
|
|
|
2003 |
|
2002 |
|
||||
|
|
|
|
|
|
|
|
|
|
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|
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|
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Vehicular Products: |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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$ |
111,153 |
|
$ |
117,416 |
|
Net sales |
|
$ |
338,103 |
|
$ |
337,489 |
|
|
|
|
|
|
|
|
|
|
|
||||
$ |
9,459 |
|
$ |
14,709 |
|
Operating income |
|
$ |
33,682 |
|
$ |
41,807 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Building Products: |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
149,124 |
|
$ |
149,475 |
|
Net sales |
|
$ |
406,293 |
|
$ |
383,145 |
|
|
|
|
|
|
|
|
|
|
|
||||
$ |
12,298 |
|
$ |
14,330 |
|
Operating income |
|
$ |
20,683 |
|
$ |
24,347 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Corporate and Other: |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
|
|
$ |
|
|
Intercompany sales elimination |
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
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$ |
(3,689 |
) |
$ |
(4,008 |
) |
Corporate charges |
|
$ |
(11,307 |
) |
$ |
(11,246 |
) |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Total: |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
260,277 |
|
$ |
266,891 |
|
Net sales |
|
$ |
744,396 |
|
$ |
720,634 |
|
|
|
|
|
|
|
|
|
|
|
||||
$ |
18,068 |
|
$ |
25,031 |
|
Operating income |
|
$ |
43,058 |
|
$ |
54,908 |
|
6
QUANEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 31, |
|
|
|
October 31, |
|
||||||||
2003 |
|
2002 |
|
|
|
2002 |
|
2001 |
|
||||
|
|
|
|
Assets |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
10,831 |
|
$ |
1,340 |
|
Cash and equivalents |
|
$ |
18,283 |
|
$ |
29,573 |
|
|
|
|
|
|
|
|
|
|
|
||||
117,071 |
|
110,684 |
|
Accounts and notes receivable, net |
|
116,122 |
|
109,706 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
6,421 |
|
26,041 |
|
Other receivables |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
100,344 |
|
93,229 |
|
Inventories |
|
90,756 |
|
83,109 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
9,033 |
|
15,244 |
|
Other current assets |
|
10,640 |
|
14,490 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
243,700 |
|
246,538 |
|
Total current assets |
|
235,801 |
|
236,878 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
340,226 |
|
356,754 |
|
Property, plant and equipment, net |
|
353,132 |
|
357,635 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
66,436 |
|
66,436 |
|
Goodwill, net |
|
66,436 |
|
59,226 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
30,920 |
|
30,869 |
|
Other assets |
|
33,771 |
|
43,892 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
681,282 |
|
$ |
700,597 |
|
Total assets |
|
$ |
689,140 |
|
$ |
697,631 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Liabilities and stockholders equity |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
76,072 |
|
$ |
81,123 |
|
Accounts payable |
|
$ |
76,588 |
|
$ |
76,831 |
|
|
|
|
|
|
|
|
|
|
|
||||
37,886 |
|
51,931 |
|
Accrued liabilities |
|
48,973 |
|
50,659 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
1,602 |
|
3,544 |
|
Income taxes payable |
|
4,839 |
|
1,087 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
4,945 |
|
Other current liabilities |
|
3,970 |
|
5,593 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
425 |
|
81,434 |
|
Current portion of long-term debt |
|
434 |
|
420 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
115,985 |
|
222,977 |
|
Total current liabilities |
|
134,804 |
|
134,590 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
69,394 |
|
10,203 |
|
Long-term debt |
|
75,131 |
|
219,608 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
6,019 |
|
6,281 |
|
Deferred pension credits |
|
4,960 |
|
7,962 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
8,035 |
|
7,848 |
|
Deferred postretirement welfare benefits |
|
7,928 |
|
7,777 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
34,941 |
|
32,595 |
|
Deferred income taxes |
|
29,210 |
|
29,282 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
13,910 |
|
15,820 |
|
Other liabilities |
|
15,712 |
|
18,435 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
248,284 |
|
295,724 |
|
Total liabilities |
|
267,745 |
|
417,654 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
432,998 |
|
404,873 |
|
Total stockholders equity |
|
421,395 |
|
279,977 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
681,282 |
|
$ |
700,597 |
|
Total liabilities and stockholders equity |
|
$ |
689,140 |
|
$ |
697,631 |
|
7
QUANEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
Three months ended |
|
|
|
Nine months ended |
|
||||||||
2003 |
|
2002 |
|
|
|
2003 |
|
2002 |
|
||||
|
|
|
|
Operating activities: |
|
|
|
|
|
||||
$ |
13,623 |
|
$ |
24,337 |
|
Net income |
|
$ |
29,771 |
|
$ |
40,429 |
|
|
|
|
|
Adjustments to reconcile net income: |
|
|
|
|
|
||||
|
|
|
|
Gain on sale of Piper Utah property |
|
(405 |
) |
|
|
||||
|
|
922 |
|
Loss on early extinguishment of debt |
|
|
|
922 |
|
||||
(2,152 |
) |
(9,020 |
) |
Retired executive life insurance benefit |
|
(2,152 |
) |
(9,020 |
) |
||||
11,811 |
|
11,342 |
|
Depreciation and amortization |
|
36,032 |
|
34,107 |
|
||||
3,908 |
|
(43 |
) |
Deferred income taxes |
|
7,763 |
|
2,437 |
|
||||
(1,176 |
) |
(116 |
) |
Deferred pension and postretirement benefits |
|
1,166 |
|
(1,610 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
26,014 |
|
27,422 |
|
|
|
72,175 |
|
67,265 |
|
||||
|
|
|
|
Changes in assets and liabilities, net of effects from acquisitions and dispositions: |
|
|
|
|
|
||||
8,846 |
|
2,008 |
|
Decrease (Increase) in accounts and notes receivable |
|
(949 |
) |
293 |
|
||||
5,647 |
|
(5,835 |
) |
Decrease (Increase) in inventory |
|
(9,588 |
) |
(7,722 |
) |
||||
(7,691 |
) |
(5,878 |
) |
Increase (Decrease) in accounts payable |
|
(516 |
) |
3,678 |
|
||||
(914 |
) |
1,225 |
|
Increase (Decrease in accrued liabilities |
|
(11,087 |
) |
(697 |
) |
||||
291 |
|
858 |
|
Increase (Decrease) in income taxes payable |
|
(3,237 |
) |
2,457 |
|
||||
(70 |
) |
685 |
|
Other, net |
|
(4,861 |
) |
261 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
32,123 |
|
20,485 |
|
Cash provided by operating activities |
|
41,937 |
|
65,535 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Investment activities: |
|
|
|
|
|
||||
|
|
82 |
|
Acquisition of Colonial Craft, net of cash acquired |
|
|
|
(17,283 |
) |
||||
|
|
|
|
Proceeds from sale of Piper Utah property |
|
2,832 |
|
|
|
||||
(7,940 |
) |
(7,991 |
) |
Capital expenditures, net of retirements |
|
(22,752 |
) |
(28,100 |
) |
||||
(379 |
) |
(497 |
) |
Other, net |
|
(3,383 |
) |
(1,143 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
(8,319 |
) |
(8,406 |
) |
Cash used by investment activities |
|
(23,303 |
) |
(46,526 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Financing activities: |
|
|
|
|
|
||||
(11,700 |
) |
(19,000 |
) |
Bank revolver and note repayments, net |
|
(5,000 |
) |
(66,029 |
) |
||||
|
|
(1,314 |
) |
Redemption and purchase of subordinated debentures |
|
|
|
(1,314 |
) |
||||
|
|
|
|
Purchases of Quanex common stock |
|
(13,515 |
) |
|
|
||||
(2,741 |
) |
(2,600 |
) |
Common dividends paid |
|
(8,120 |
) |
(7,012 |
) |
||||
1,235 |
|
10,263 |
|
Issuance of common stock, net |
|
2,809 |
|
30,716 |
|
||||
(573 |
) |
(1,986 |
) |
Other, net |
|
(2,260 |
) |
(3,603 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
(13,779 |
) |
(14,637 |
) |
Cash used by financing activities |
|
(26,086 |
) |
(47,242 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
10,025 |
|
(2,558 |
) |
Increase (Decrease) in cash |
|
(7,452 |
) |
(28,233 |
) |
||||
|
|
|
|
|
|
|
|
|
|
||||
806 |
|
3,898 |
|
Beginning of period cash and equivalents |
|
18,283 |
|
29,573 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
$ |
10,831 |
|
$ |
1,340 |
|
End of period cash and equivalents |
|
$ |
10,831 |
|
$ |
1,340 |
|
8