EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

NCI Building Systems Reports Second Quarter

Fiscal 2009 Results

— Net Cash from Operating Activities was $10 million —

— Sequential Improvement Achieved in Gross Profit Margin,

Exclusive of Special Charges —

— Implemented Further Cost Reductions to Achieve Additional Annualized

Savings of $60 million; Year-to-Date Annual Cost Savings Total $120 million —

— Buildings Group’s Backlog was $286 million, Stable with Prior Quarter after

Adjusting for Sequential Steel Price Decline —

HOUSTON (June 9, 2009) – NCI Building Systems, Inc. (NYSE: NCS) today reported financial results for the second quarter ended May 3, 2009.

Second Quarter 2009 Financial Results

“The market situation worsened in our second fiscal quarter, with nonresidential construction activity in our commercial and industrial sectors down approximately 60% in square feet from comparable 2008 levels, according to recent McGraw Hill data,” commented Norman C. Chambers, Chairman, President and Chief Executive. “The impact of this fall-off in demand and of the continued erosion of steel prices caused NCI to report an operating loss for the period that included a significant amount of non-cash impairment charges.”

“We were able, however, to increase gross profit margin, exclusive of special charges, to 21.0% from 17.9% in the prior quarter, despite a 13.7% sequential decline in revenues. This was driven by an 11% sequential reduction in the non-material component of cost of goods sold resulting from our substantial cost cutting measures and reasonable pricing on lower cost steel. On a GAAP basis, gross profit margins for the second quarter were 13.9%, as compared to 6.3% for the first quarter.”

For the second quarter, sales were $224.7 million compared to $416.1 million in last year’s second quarter and $260.4 million in the 2009 first quarter. The Company reported a net loss of $120.2 million, or $6.17 per diluted share, which included a non-cash goodwill and other intangible asset impairment charge of $104.9 million, a $10.6 million charge to cost of goods sold related to a required inventory markdown to net realizable value in all three of NCI’s business segments, a non-cash impairment charge related to plant closings of $5.3 million and a $3.8 million restructuring charge related to severance and plant closings. Exclusive of these charges, the net loss would have been $7.2 million, or $0.37 per diluted share. For the first quarter of 2009, the Company reported a net loss of $528.6 million, or $27.20 per diluted share. Exclusive of special charges, the Company’s net loss for the 2009 first quarter would have been $8.0 million, or $0.42 per diluted share. For last year’s second quarter the Company reported net income of $14.9 million, or $0.76 per diluted share. Included in the second quarter 2008 net income were special charges of approximately $2.8 million, related to executive retirement costs and exiting the Components segment’s residential overhead door product line. Exclusive of these charges, net income for the second quarter of 2008 would have been $16.6 million, or $0.85 per diluted share.

Second Quarter 2009 Segment Performance

The Company reported an adjusted operating loss of $7.5 million, which is reconciled with the reported GAAP operating loss in the table below.

NCI BUILDING SYSTEMS, INC.

BUSINESS SEGMENTS

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS EXCLUDING SPECIAL CHARGES

FOR THE THREE MONTHS ENDED MAY 3, 2009

(Unaudited)

(In thousands)

 

     Operating Loss,
GAAP Basis		     Goodwill and
Other Intangible
Asset
Impairment		    Lower of Cost
or Market Adj.		    Restructuring
Charges		    Asset
Impairment		    “Adjusted”
Operating Loss (A)		  

Metal coil coating

    $ (42,945 )   $ 39,105    $ 2,445    $ 29    $ —      $ (1,366 )

Metal components

      (28,095 )     31,108      2,668      580      714      6,975  

Engineered building systems

      (46,565 )     34,723      5,495      3,027      3,372      52  

Corporate

      (14,569 )     —        —        160      1,209      (13,200 )
                                            

Total operating loss

    $ (132,174 )   $ 104,936    $ 10,608    $ 3,796    $ 5,295    $ (7,539 )
                                            

 

(A) The Company discloses a tabular comparison of “Adjusted” operating loss, which is a non-GAAP measure because it is referred to in the text of our press release and is instrumental in comparing the results from period to period. “Adjusted” operating loss should not be considered in isolation or as a substitute for operating loss as reported on the face of our statement of income.

Second quarter 2009 adjusted operating results include the benefits of phases one and two of the Company’s cost reduction program.

“In light of the unprecedented year-over-year declines in demand and pricing, the adjusted second quarter operating results of our three segments, Coil Coating, Components and Building Systems, benefited from the actions we have taken,” Mr. Chambers noted. “Their performance reflects NCI’s leadership in our markets, success in addressing those markets which have been most resilient, and the efficiencies created by our integrated business model and our restructuring initiatives.”

“Our Buildings group’s backlog was $286 million at the end of the second quarter which, on a steel price-adjusted basis, is approximately equal to the $302 million reported at the end of the 2009 first quarter,” Mr. Chambers said.

Update on Financing

On May 21, 2009, NCI announced that it had obtained waivers from its senior credit facility lenders that will remain in effect through July 15, 2009 and automatically extend to September 15, 2009, upon the signing of a definitive agreement for an equity investment. Previously, the Company had disclosed that it was assessing a comprehensive range of potential alternatives to strengthen its balance sheet and enhance its long term financial position. In its May 21st release, the Company disclosed that it is in advanced stages of negotiations with a leading private equity firm, with regard to a substantial equity investment in the Company, but that any transaction will require considerable cooperation from its lenders and note holders, and will be subject to customary closing conditions, including refinancing of its existing credit facilities and a recapitalization or redemption of its convertible notes, and would be very dilutive to current shareholders.

Outlook

“To date, we have not seen any indication of a pick-up in demand,” Mr. Chambers commented. “While there is some anecdotal evidence of increased activity due to seasonal factors, there is no discernible trend to report. At the same time, steel prices have declined approximately 54% over the last eight months and, while we believe we are close to the bottom, we remain cautious.”

“Within this difficult environment, NCI is moving forward to build upon our leading market position, sustain a continued market downturn and emerge even stronger once conditions improve. To that end, we are working closely with our builder network and key customers to provide them with the most efficient solutions; we continue to address subsets of our existing markets to capture additional business; and we are expanding our geographic reach.”

“We have completed approximately 90% of phase three of our cost reduction program,” Mr. Chambers said. “In the aggregate, phases one through three should result in annualized cost savings of almost $120 million. As a result, we expect to enter fiscal 2010 able to efficiently support all of our builder networks and customers throughout our various distribution channels with 25% fewer plants and a material reduction in labor costs, which will allow the Company to compete effectively as the economy improves.”

NCI Building Systems, Inc. is one of North America’s largest integrated manufacturers of metal products for the nonresidential building industry. NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada.

This release contains forward-looking statements concerning the potential equity investment in NCI and the outcome of related negotiations and NCI’s business, operations and industry conditions, including among others industry trends, steel pricing, growth expectations and margin expansion. These statements and other statements identified by words such as “guidance,” “potential,” “expect,” “should” and similar expressions are forward looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that may cause NCI’s actual performance to differ materially from that projected in such statements. Among the factors that could cause actual results to differ materially are industry cyclicality and seasonality; fluctuations in demand and prices for steel; the financial condition of NCI’s raw material suppliers; competitive activity and pricing pressure; ability to execute NCI’s acquisition strategy; and general economic conditions affecting the construction industry. Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2008, identifies other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. NCI expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any changes in its expectations.

 

Contact:   

Betsy Brod/Lynn Morgen

MBS Value Partners

(212) 750-5800

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NCI Building Systems Reports Second-Quarter Results

Page 4

June 9, 2009

NCI BUILDING SYSTEMS, INC.

STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

 

     For the Three Months Ended     For the Six Months Ended  
     May 3,
2009		     April 27,
2008		     May 3,
2009		     April 27,
2008		  

Sales

    $ 224,719     $ 416,143     $ 485,083     $ 777,632  

Cost of sales

      177,604       312,223       391,440       591,067  

Lower of cost or market adjustment

      10,608       —         39,986       —    

Asset impairment

      5,295       —         5,918       —    
                                

Gross profit

      31,212       103,920       47,739       186,565  
     13.9 %     25.0 %     9.8 %     24.0 %

Selling, general and administrative expenses

      54,654       73,768       108,961       137,691  

Goodwill and other intangible asset impairment

      104,936       —         622,564       —    

Restructuring charge

      3,796       640       6,275       866  
                                

Income (loss) from operations

      (132,174 )     29,512       (690,061 )     48,008  

Interest income

      84       102       279       760  

Interest expense

      (4,052 )     (5,591 )     (8,660 )     (12,495 )

Other income, net

      404       252       87       214  
                                

Income (loss) before income taxes

      (135,738 )     24,275       (698,355 )     36,487  

Provision (benefit) for income taxes

      (15,531 )     9,409       (49,538 )     14,111  
                                
     11.4 %     38.8 %     7.1 %     38.7 %

Net income (loss)

    $ (120,207 )   $ 14,866     $ (648,817 )   $ 22,376  
                                

Net income (loss) per share:

         

Basic

    $ (6.17 )   $ 0.77     $ (33.35 )   $ 1.16  

Diluted

    $ (6.17 )   $ 0.76     $ (33.35 )   $ 1.15  

Average shares outstanding:

         

Basic

      19,470       19,312       19,454       19,281  

Diluted

      19,470       19,440       19,454       19,420  

Depreciation/amortization expense

      8,634       8,845       17,157       18,189  

Decrease in sales

      -46.0 %       -37.6 %  

Gross profit percentage

      13.9 %     25.0 %     9.8 %     24.0 %

Selling, general and administrative expenses percentage

      24.3 %     17.7 %     22.5 %     17.7 %

 

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NCI Building Systems Reports Second-Quarter Results

Page 5

June 9, 2009

NCI BUILDING SYSTEMS, INC.

CONDENSED BALANCE SHEETS

(In thousands)

 

     May 3,
2009		     November 2,
2008
     (Unaudited)      

ASSETS

     

Cash and cash equivalents

    $ 91,721     $ 68,201

Accounts receivable, net

      72,347       163,005

Inventories

      96,595       192,011

Deferred income taxes

      23,922       24,259

Income taxes receivable

      26,625       —  

Prepaid expenses and other

      25,646       18,374
              

Total current assets

      336,856       465,850
              

Property and equipment, net

      244,816       251,163

Goodwill

      5,200       616,626

Other assets

      34,305       47,062
              

Total assets

    $ 621,177     $ 1,380,701
              

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

     

Current portion of long-term debt

    $ 473,940     $ 920

Note payable

      1,964       —  

Accounts payable

      58,961       104,348

Accrued expenses

      85,974       129,864
              

Total current liabilities

      620,839       235,132
              

Long-term debt

      —         473,480

Deferred income taxes

      20,284       44,332

Other long-term liabilities

      3,996       3,928

Stockholders’ equity (deficit)

      (23,942 )     623,829
              

Total liabilities and stockholders’ equity (deficit)

    $ 621,177     $ 1,380,701
              

 

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NCI Building Systems Reports Second-Quarter Results

Page 6

June 9, 2009

NCI BUILDING SYSTEMS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

     For the Six Months Ended  
     May 3,
2009		     April 27,
2008		  

Net cash provided by (used in) operating activities

    $ 40,038     $ (4,206 )
                

Cash flows from investing activities:

     

Capital expenditures

      (14,219 )     (13,285 )

Other

      637       2,795  
                

Net cash used in investing activities

      (13,582 )     (10,490 )
                

Cash flows from financing activities:

     

Payments on long-term debt

      (460 )     (22,177 )

Payment on note payable

      (245 )     (649 )

Proceeds from stock option exercises

      12       447  

Excess tax benefits from stock-based compensation arrangements

      —         154  

Payment of financing costs

      (1,796 )     —    

Purchase of treasury stock

      (446 )     (2,216 )
                

Net cash used in financing activities

      (2,935 )     (24,441 )
                

Effect of exchange rate changes on cash and cash equivalents

      (1 )     (170 )
                

Net (decrease) increase in cash

      23,520       (39,307 )

Cash at beginning of period

      68,201       75,054  
                

Cash at end of period

    $ 91,721     $ 35,747  
                

 

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NCI Building Systems Reports Second-Quarter Results

Page 7

June 9, 2009

NCI Building Systems, Inc.

Business Segments

(Unaudited)

(In thousands)

 

     Three Months Ended
May 3, 2009		     Three Months Ended
April 27, 2008		     $
Inc/(Dec)		     %
Change		  
           % of
Total
Sales		           % of
Total
Sales		              

Sales:

             

Metal coil coating

    $ 39,526     18     $ 80,171     19     $ (40,645 )   -50.7 %

Metal components

      101,554     44       165,384     40       (63,830 )   -38.6 %

Engineered building systems

      129,233     58       259,653     62       (130,420 )   -50.2 %

Intersegment sales

      (45,594 )   (20 )     (89,065 )   (21 )     43,471     -48.8 %
                                          

Total net sales

    $ 224,719     100     $ 416,143     100     $ (191,424 )   -46.0 %
                                          
           % of
Sales		           % of
Sales		              

Operating income (loss):

             

Metal coil coating

    $ (42,945 )   n/a     $ 6,705     8     $ (49,650 )   n/a  

Metal components

      (28,095 )   n/a       15,171     9       (43,266 )   n/a  

Engineered building systems

      (46,565 )   n/a       25,292     10       (71,857 )   n/a  

Corporate

      (14,569 )   —         (17,656 )   —         3,087     n/a  
                                  

Total operating income (loss) (% of sales)

    $ (132,174 )   n/a     $ 29,512     7     $ (161,686 )   n/a  
                                  
     Six Months Ended
May 3, 2009		     Six Months Ended
April 27, 2008		     $
Inc/(Dec)		     %
Change		  
           % of
Total
Sales		           % of
Total
Sales		              

Sales:

             

Metal coil coating

    $ 81,027     17     $ 142,446     18     $ (61,419 )   -43.1 %

Metal components

      223,034     46       310,551     40       (87,517 )   -28.2 %

Engineered building systems

      281,642     58       486,052     63       (204,410 )   -42.1 %

Intersegment sales

      (100,620 )   (21 )     (161,417 )   (21 )     60,797     -37.7 %
                                          

Total net sales

    $ 485,083     100     $ 777,632     100     $ (292,549 )   -37.6 %
                                          
           % of
Sales		           % of
Sales		              

Operating income (loss):

             

Metal coil coating

    $ (106,698 )   n/a     $ 9,400     7     $ (116,098 )   n/a  

Metal components

      (156,698 )   n/a       24,693     8       (181,391 )   n/a  

Engineered building systems

      (398,844 )   n/a       45,730     9       (444,574 )   n/a  

Corporate

      (27,821 )   —         (31,815 )   —         3,994     n/a  
                                  

Total operating income (loss) (% of sales)

    $ (690,061 )   n/a     $ 48,008     6     $ (738,069 )   n/a  
                                  

 

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NCI Building Systems Reports Second-Quarter Results

Page 8

June 9, 2009

NCI BUILDING SYSTEMS, INC.

BUSINESS SEGMENTS

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS EXCLUDING SPECIAL CHARGES

FOR THE THREE MONTHS AND SIX MONTHS ENDED MAY 3, 2009

(Unaudited)

(In thousands)

 

     For the Three Months Ended May 3, 2009  
     Operating Loss,
GAAP Basis		     Goodwill and
Other Intangible
Asset
Impairment		    Lower of Cost
or Market Adj.		    Restructuring
Charges		    Asset
Impairment		    “Adjusted”
Operating Loss (A)		  

Metal coil coating

    $ (42,945 )   $ 39,105    $ 2,445    $ 29    $ —      $ (1,366 )

Metal components

      (28,095 )     31,108      2,668      580      714      6,975  

Engineered building systems

      (46,565 )     34,723      5,495      3,027      3,372      52  

Corporate

      (14,569 )     —        —        160      1,209      (13,200 )
                                            

Total operating loss

    $ (132,174 )   $ 104,936    $ 10,608    $ 3,796    $ 5,295    $ (7,539 )
                                            
     For the Six Months Ended May 3, 2009  
     Operating Loss,
GAAP Basis		     Goodwill and
Other Intangible
Asset
Impairment		    Lower of Cost
or Market Adj.		    Restructuring
Charges		    Asset
Impairment		    “Adjusted”
Operating Loss (A)		  

Metal coil coating

    $ (106,698 )   $ 98,959    $ 8,102    $ 73    $ —      $ 436  

Metal components

      (156,698 )     147,239      17,152      1,162      714      9,569  

Engineered building systems

      (398,844 )     376,366      14,732      4,862      3,995      1,111  

Corporate

      (27,821 )     —        —        178      1,209      (26,434 )
                                            

Total operating loss

    $ (690,061 )   $ 622,564    $ 39,986    $ 6,275    $ 5,918    $ (15,318 )
                                            

 

(A) The Company discloses a tabular comparison of “Adjusted” operating loss, which is a non-GAAP measure because it is referred to in the text of our press release and is instrumental in comparing the results from period to period. “Adjusted” operating loss should not be considered in isolation or as a substitute for operating loss as reported on the face of our statement of income.

 

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NCI Building Systems Reports Second-Quarter Results

Page 9

June 9, 2009

NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

“ADJUSTED” EARNINGS (LOSS) PER DILUTED SHARE AND NET INCOME (LOSS) COMPARISON

(Unaudited)

 

     Fiscal Three Months Ended    Fiscal Six Months Ended
     May 3,
2009		     April 27,
2008		    May 3,
2009		     April 27,
2008

Earnings (loss) per diluted share, GAAP basis

    $ (6.17 )   $ 0.76    $ (33.35 )   $ 1.15

Goodwill and other intangible asset impairment

      5.13       —        30.84       —  

Lower of cost or market adjustment

      0.36       —        1.32       —  

Restructuring charges

      0.13       —        0.21       —  

Asset impairment

      0.18       —        0.20       —  

Executive retirement costs

      —         0.07      —         0.09

Exiting Component’s residential overhead door product line

      —         0.02      —         0.03
                             

“Adjusted” diluted earnings (loss) per share (A)

    $ (0.37 )   $ 0.85    $ (0.78 )   $ 1.27
                             
     Fiscal Three Months Ended    Fiscal Six Months Ended
     May 3,
2009		     April 27,
2008		    May 3,
2009		     April 27,
2008

Net income (loss), GAAP basis

    $ (120,207 )   $ 14,866    $ (648,817 )   $ 22,376

Goodwill and other intangible asset impairment

      100,084       —        599,966       —  

Lower of cost or market adjustment

      7,033       —        25,773       —  

Restructuring charges

      2,463       —        4,045       —  

Asset impairment

      3,417       —        3,814       —  

Executive retirement costs

      —         1,342      —         1,748

Exiting Component’s residential overhead door product line

      —         393      —         531
                             

“Adjusted” net income (loss) (A)

    $ (7,210 )   $ 16,601    $ (15,219 )   $ 24,655
                             

 

(A) The Company discloses a tabular comparison of “Adjusted” earnings (loss) per diluted share and net income (loss), which are non-GAAP measures because they are referred to in the text of our press releases and are instrumental in comparing the results from period to period. “Adjusted” diluted earnings (loss) per share and net income (loss) should not be considered in isolation or as a substitute for earnings (loss) per diluted share and net income (loss) as reported on the face of our statement of income.

 

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NCI Building Systems Reports Second-Quarter Results

Page 10

June 9, 2009

NCI BUILDING SYSTEMS, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

COMPUTATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION,

AMORTIZATION AND OTHER NONCASH ITEMS (“ADJUSTED EBITDA”)

(Unaudited)

(In thousands)

 

     Trailing 12 Months
     May 3,
2009		     April 27,
2008

Net income (loss)

    $ (592,312 )   $ 69,141

Add:

     

Provision for income taxes

      (12,150 )     44,271

Interest expense

      19,472       26,382

Depreciation and amortization

      33,703       36,372

Non-cash FAS 123(R)

      5,740       10,775

Goodwill and other intangible asset impairment

      622,564       —  

Lower of cost or market adjustment

      24,286       —  

Asset impairment

      6,111       —  
              

Adjusted EBITDA (1)

    $ 107,414     $ 186,941
              

 

(1) Adjusted EBITDA is calculated based on the terms contained in the Company’s credit agreement at the respective dates presented herein. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments, a lower of cost or market adjustment and stock compensation. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results.

 

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NCI Building Systems Reports Second-Quarter Results

Page 11

June 9, 2009

NCI Building Systems, Inc.

Reconciliation of Segment Sales to Third Party Segment Sales (Internal Information)

(Unaudited)

(In thousands)

 

     2nd Qtr 2009           2nd Qtr 2008           Inc/(Dec)     %
Change		     YTD
2nd Qtr 2009		           YTD
2nd Qtr 2008		           Inc/(Dec)     %
Change		  

Metal Coil Coating

                         

Total Sales

    39,526     15 %   80,171     16 %   (40,645 )   -51 %   81,027     14 %   142,446     15 %   (61,419 )   -43 %

Intersegment

    (27,313 )     (52,883 )     25,570     -48 %   (57,390 )     (95,776 )     38,386     -40 %
                                        

Third Party Sales

    12,213     5 %   27,288     7 %   (15,075 )   -55 %   23,637     5 %   46,670     6 %   (23,033 )   -49 %

Operating Income (Loss)

    (42,945 )   n/a     6,705     25 %   (49,650 )   n/a     (106,698 )   n/a     9,400     20 %   (116,098 )   n/a  

Metal Components

                         

Total

    101,554     37 %   165,384     33 %   (63,830 )   -39 %   223,034     38 %   310,551     33 %   (87,517 )   -28 %

Intersegment

    (14,874 )     (26,031 )     11,157     -43 %   (35,312 )     (47,835 )     12,523     -26 %
                                        

Third Party Sales

    86,680     39 %   139,353     33 %   (52,673 )   -38 %   187,722     39 %   262,716     34 %   (74,994 )   -29 %

Operating Income (Loss)

    (28,095 )   n/a     15,171     11 %   (43,266 )   n/a     (156,698 )   n/a     24,693     9 %   (181,391 )   n/a  

Engineered Building Systems

                         

Total

    129,233     48 %   259,653     51 %   (130,420 )   -50 %   281,642     48 %   486,052     52 %   (204,410 )   -42 %

Intersegment

    (3,407 )     (10,151 )     6,744     -66 %   (7,918 )     (17,806 )     9,888     -56 %
                                        

Third Party Sales

    125,826     56 %   249,502     60 %   (123,676 )   -50 %   273,724     56 %   468,246     60 %   (194,522 )   -42 %

Operating Income (Loss)

    (46,565 )   n/a     25,292     10 %   (71,857 )   n/a     (398,844 )   n/a     45,730     10 %   (444,574 )   n/a  

Consolidated

                         

Total

    270,313     100 %   505,208     100 %   (234,895 )   -46 %   585,703     100 %   939,049     100 %   (353,346 )   -38 %

Intersegment

    (45,594 )     (89,065 )     43,471     -49 %   (100,620 )     (161,417 )     60,797     -38 %
                                        

Third Party Sales

    224,719     100 %   416,143     100 %   (191,424 )   -46 %   485,083     100 %   777,632     100 %   (292,549 )   -38 %

Operating Income (Loss)

    (132,174 )   n/a     29,512     7 %   (161,686 )   n/a     (690,061 )   n/a     48,008     6 %   (738,069 )   n/a  

 

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