Dendrite International, Inc. (NASDAQ: DRTE) today reported its
financial results for the quarter ended June 30, 2006. Revenues for
the quarter were $106.4 million, down 8% compared to revenues of
$115.1 million in the prior year period. Year-over-year revenue
comparisons were negatively affected by approximately $13 million
of considerations, including a $4 million contract cancellation
settlement fee in the second quarter 2005 and $9 million of reduced
spending from the Company's largest customer in the second quarter
2006. The Company reported a loss of $0.02 per diluted share in the
second quarter 2006 which included $0.11 of items and charges
consisting of: $0.04 per share in severance and restructuring
charges, $0.02 per share in compensation expense (related to stock
options and shares issued under the Company's existing employee
stock purchase plan), $0.02 per share impact related to the
year-over-year increase in the Company's effective tax rate, and
$0.03 per share of additional expense related to the implementation
of its Operational Effectiveness program and strategic initiatives.
This compares to earnings of $0.28 per diluted share for the second
quarter 2005. Dendrite confirmed its commitment to deliver cost
reductions in excess of 5% from its 2005 run rate through its
Operational Effectiveness and restructuring program as communicated
during Dendrite's February 2006 Analyst Day. "I am pleased to
announce that we have identified in excess of $40 million of
expense reductions from our 2006 budget in order to meet our
commitment," stated Chief Operating Officer Joe Ripp. "We are
making significant progress towards the goals we set at the
beginning of the year. At that time, we promised to: -- develop and
implement a plan in 2006 to reduce our cost structure; -- increase
business performance transparency in the reporting format we
deploy; and -- position us to focus the second half of 2006 on
driving the Company towards profitable growth. We are on target to
deliver against all of these commitments," said Chairman and Chief
Executive Officer John Bailye. Segment Results The Company
introduced enhanced transparency with segment reporting in the
second quarter 2006. Sales solutions Sales solutions had a very
strong quarter in terms of new licenses, with over 9,000 new
licenses sold across 13 contracts worldwide, including another
competitive takeaway. These new licenses are expected to yield
future revenue for implementation and ongoing services.
Year-on-year revenues for the quarter were down 14% to $69.2
million compared to $80.3 million in the second quarter of 2005,
due largely to second quarter 2005 non-recurring project spending
by large customers. As a result, operating income in this segment
decreased to $12.1 million for the quarter compared to $21.7
million in the prior year period. Second quarter 2006 Sales
solutions operating income included approximately $0.8 million of
restructuring charges. Said Mr. Ripp, "Notwithstanding the
reduction in revenue from our largest customer, we continue to grow
our market share and remain confident about the prospects for
future growth opportunities." Marketing solutions Marketing
solutions revenue of $30.8 million in the second quarter 2006
increased 8% versus second quarter 2005. Marketing solutions
reported an operating loss of approximately $2.5 million in the
second quarter 2006 compared to operating income of approximately
$0.8 million in the second quarter of 2005. This change was due to
increased investments in this segment as well as second quarter
2006 restructuring costs of nearly $1.0 million. Ripp continued,
"We focused our efforts in the first half on investing for growth
and improved margins. This will continue in the second half as we
identify additional opportunities for growth." Emerging solutions
Emerging solutions revenue of $6.4 million increased 1% from
revenue of $6.3 million in the prior year period. Strong growth of
38% in the compliance business was offset by a previously reported
contraction in clinical revenues. The Emerging solutions segment
reported an operating loss in the second quarter of 2006 of
approximately $0.3 million, compared to operating income of nearly
$0.8 million in the second quarter 2005. Restructuring charges were
minimal in this segment. "We're very pleased with the growth of our
Compliance business and it will be an important component of our
growth strategy going forward," Mr. Ripp said. Corporate segment
Dendrite reported Corporate expenses of $9.5 million in the second
quarter of 2006 compared to $3.6 million in the second quarter of
2005, primarily reflecting the substantial charges the Company is
incurring as it implements its Operational Effectiveness
initiative. Costs associated with stock options and restricted
stock contributed nearly $2.1 million of additional expense in the
second quarter 2006. The second quarter 2006 Corporate segment
expense also included approximately $0.9 million of restructuring
charges. The remaining increase in Corporate segment expense is
attributable primarily to consulting and other miscellaneous costs
relating primarily to the Company's Operational Effectiveness
program and other strategic initiatives. Summary of Key Balance
Sheet Items -- The Company generated $8.8 million of cash from
operations in the second quarter 2006. -- Days sales outstanding
(DSO) improved to 58 days, down 4 days from the first quarter 2006.
-- The Company ended the second quarter 2006 with $80.4 million in
cash and cash equivalents. -- Total capital expenditures were $5.4
million in the second quarter 2006. Business Highlights The
Company's Sales solutions segment experienced significant growth in
licenses by selling more than 9,000 new sales force effectiveness
licenses in the second quarter -- Secured an unprecedented,
strategic agreement in the United States with Schering-Plough to
implement components of Dendrite's flagship Mobile Intelligence(TM)
Sales Force Effectiveness (SFE) solution and Sample Compliance
solutions into Schering-Plough's existing internal sales force
system. -- Added four new European clients and signed two new
agreements in Latin America. -- Added sanofi-aventis K.K.
(announced in May 2006), Wyeth, Kowa Nikken, ALTANA, and its second
new domestic customer in China in its Asia region. -- Launched
j-ForceWIRELESS(TM), the first wireless operating environment
designed to provide pharmaceutical sales forces in emerging
pharmaceutical markets with a turnkey sales force effectiveness
solution. -- Announced Dendrite's breakthrough U.S. development
environment for mobile applications to address the increasing need
for more convenient, portable solutions to enable communication
between the home office, the sales representative, prescribers and
patients. The Company's Marketing solutions segment underwent
significant change to drive future results: -- Announced the
appointment of Carl L. Cohen as President of its North American
division in June. -- Patient adherence programs remained the
fastest growing new business area in the US. During the first half
of 2006, Dendrite signed patient adherence agreements that are
expected to result in nearly the same number of programs as the
full year in 2005, including a master services agreement with
GlaxoSmithKline to orchestrate patient adherence programs for all
of the Company's participating brands. -- In Europe, the Company's
strategic Marketing solutions saw a 40% increase in revenue
compared to the same period in 2005, primarily due to an
accelerated demand for Dendrite's Physician Connect(TM) solution to
target prescribing influencers at a local, regional and country
level. Thirty-four new agreements were signed in the second
quarter. -- Launched the newest version of its web-based marketing
solution, Campaign Manager(TM) 6.0, that enables pharmaceutical
companies to deliver highly targeted, multi-channel marketing
campaigns to prescribers and their patients. The Company's Emerging
solutions segment enjoyed another strong growth quarter with its
Compliance solutions, which grew 38% from second quarter 2005 and
year-to-date has grown 39% over the first half of 2005. -- Signed a
comprehensive, three-year contract with Astellas Pharma US, Inc.,
to manage their sample accountability and compliance solutions, an
important competitive win for the Company, as the trend towards
outsourcing of sample accountability and compliance solutions
continues to grow. -- Experienced increased penetration for the
Company's State Solutions with 25 additional agreements signed in
the second quarter amid growing state-level legislation intended to
regulate gift giving, promotional activities and advertising to
doctors by pharmaceutical sales representatives. Outlook The
Company revised its 2006 revenue outlook to approximately $427 to
$437 million, down from its previous outlook of $437 to $463
million, primarily as a result of lower than anticipated spending
from its largest customer and weaker than expected performance in
its Marketing solutions group for the second half of the year. To
participate in Dendrite's earnings call to be telecast on August 8,
2006 at 5 p.m. EDT, or to obtain replay information, please visit
the Investors' Highlights Section of our website at
www.dendrite.com. About Dendrite Founded in 1986, Dendrite
International (NASDAQ: DRTE) enables sales, marketing, clinical and
compliance solutions for the global, pharmaceutical industry. The
Company's clients are located in more than 50 countries and include
the world's top 20 pharmaceutical companies. For more information,
please visit www.dendrite.com. Note: Dendrite is a registered
trademark of Dendrite International, Inc. FORWARD LOOKING
INFORMATION: This document contains forward-looking statements that
may be identified by such forward-looking terminology as "expect,"
"believe," "anticipate," "will," "intend," "plan," "target,"
"outlook," "guidance," and similar statements or variations. Such
forward-looking statements are based on our current expectations,
estimates, assumptions and projections and involve significant
risks and uncertainties, including risks which may result from our
dependence on the pharmaceutical industry; our fixed expenses in
relation to fluctuating revenues and variations in customers'
budget cycles; dependence on certain major customers, including the
risk associated with one substantial customer currently assessing
its U.S. sales force effectiveness services needs; fluctuations in
quarterly revenues due to lengthy sales and implementation cycles;
our ability to successfully implement our Operational Effectiveness
program and to achieve the cost savings in the amounts and time
periods expected or budgeted; changes in demand for our products
and services attributable to any weakness in the economy or
mergers, acquisitions and consolidations in the pharmaceutical
industry; and risks associated with foreign currency fluctuations
and our ability to adopt and respond successfully to the other
unique risks involved in our non-U.S. operations. Other important
factors that should be reviewed and carefully considered are
included in the Company's 10-K under "Factors That May Affect
Future Results" and its 10-Qs and other reports filed with the SEC.
Actual results may differ materially. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in expectations or assumptions or
other changes affecting such forward-looking statements, even if
such results or changes make it clear that any such projected
results will not be achieved. Any outlook and other forward-looking
information is as of the date of this release only. At any such
time in the future as the Company may provide revenue, earnings and
other outlook information, prior related outlook should no longer
be considered current. -0- *T TABLE 1 DENDRITE INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP (IN THOUSANDS, EXCEPT
PER SHARE DATA) (UNAUDITED) Three Months Ended June 30,
-------------------------------------------- 2006 % 2005 % Change
--------- ------ --------- ------ ------ Revenues: Services &
Technology: Sales solutions $ 69,214 65.1% $ 80,257 69.7% -14%
Marketing solutions 30,784 28.9% 28,467 24.7% 8% Emerging solutions
6,383 6.0% 6,342 5.5% 1% --------- --------- Total revenues 106,381
100.0% 115,066 100.0% -8% Operating Costs & Expenses: Operating
costs (including shipping) 59,398 55.8% 58,829 51.1% 1% Selling,
general and administrative 42,095 (1) 39.6% 34,075 (2) 29.6% 24%
Research and development 1,494 1.4% 1,454 1.3% 3% Restructuring and
other charges 2,578 (3) 2.4% - 0.0% NM Amortization of acquired
intangible assets 1,035 1.0% 1,130 1.0% -8% --------- ---------
Total operating costs & expenses 106,600 100.2% 95,488 83.0%
12% Operating (loss) income (219) -0.2% 19,578 17.0% 101% Interest
income, net (504) -0.5% (24) 0.0% NM Other expense, net 71 0.1% 20
0.0% NM --------- --------- Income before income tax expense 214
0.2% 19,582 17.0% 99% Income tax expense 927 (4) 0.9% 7,539 6.6%
88% --------- --------- Net (loss) income $ (713) -0.7% $ 12,043
10.5% 106% ========= ========= Net (loss) income per share: Basic $
(0.02) $ 0.28 NM ========= ========= Diluted $ (0.02) $ 0.28 NM
========= ========= Shares used in computing net (loss) income per
share: Basic 43,650 42,592 --------- --------- Diluted 43,650
43,630 --------- --------- (1) Includes $1,226 out of $1,300 total
stock-based compensation expense from the adoption of SFAS 123(R)
and $833 out of $845 total restricted stock expense. (2) Includes
$20 of restricted stock expense. (3) $2,027 of severance expense
and $536 of other expense. (4) The large income tax expense
compared to income before income tax expense is primarily driven by
the inability to benefit from losses in certain foreign
jurisdictions, the impact of FAS123 (R), and increased permanent
non-deductible items. NM - Not meaningful. TABLE 2 DENDRITE
INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Six Months Ended
June 30, -------------------------------------------- 2006 % 2005 %
Change --------- ------ -------- ------ ------ Revenues: Services
& Technology: Sales solutions $135,554 64.7% $147,998 69.0% -8%
Marketing solutions 61,579 29.4% 53,781 25.1% 14% Emerging
solutions 12,377 5.9% 12,734 5.9% -3% --------- --------- Total
revenues 209,510 100.0% 214,513 100.0% -2% Operating Costs &
Expenses: Operating costs (including shipping) 119,149 56.9%
112,480 52.4% 6% Selling, general and administrative 81,891 (1)
39.1% 69,863 (2) 32.6% 17% Research and development 3,228 1.5%
3,272 1.5% -1% Restructuring and other charges 2,578 (3) 1.2% 9,372
(4) 4.4% -72% Amortization of acquired intangible assets 2,057 1.0%
2,380 1.1% -14% --------- --------- Total operating costs &
expenses 208,903 99.7% 197,367 92.0% 6% Operating income 607 0.3%
17,146 8.0% 96% Interest income, net (958) -0.5% (165) -0.1% NM
Other expense (income), net 46 0.0% (3) 0.0% NM --------- ---------
Income before income tax expense 1,519 (5) 0.7% 17,314 8.1% 91%
Income tax expense 1,524 0.7% 6,666 3.1% 77% --------- ---------
Net (loss) income $ (5) 0.0% $ 10,648 5.0% 100% ========= =========
Net (loss) income per share: Basic $ - $ 0.25 100% =========
========= Diluted $ - $ 0.24 100% ========= ========= Shares used
in computing net (loss) income per share: Basic 43,599 42,531
--------- --------- Diluted 43,599 43,687 --------- --------- (1)
Includes $2,561 out of $2,728 total stock-based compensation
expense from the adoption of SFAS 123(R) and $1,327 out of $1,339
total restricted stock expense. (2) Includes $34 of restricted
stock expense. (3) $2,027 of severance expense and $536 of other
expense. (4) $7,649 of facility related charges and $1,723 of
severance expense. (5) The large income tax expense compared to
income before income tax expense is primarily driven by the
inability to benefit from losses in certain foreign jurisdictions,
the impact of FAS123 (R), and increased permanent non-deductible
items. NM - Not meaningful. TABLE 3 DENDRITE INTERNATIONAL, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (SEE NOTES) (IN THOUSANDS,
EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended June 30,
------------------------------- 2006 2005 % Change ---------
--------- --------- Total revenue - GAAP $106,381 $115,066 -8%
Impact of foreign exchange rates (1) (259) - --------- ---------
Total revenue - Adjusted $106,122 $115,066 -8% ========= =========
Six Months Ended June 30, ------------------------------- 2006 2005
% Change --------- --------- --------- Total revenue - GAAP
$209,510 $214,513 -2% Impact of foreign exchange rates (1) 2,711 -
--------- --------- Total revenue - Adjusted $212,221 $214,513 -1%
========= ========= Three Months Ended June 30,
--------------------- 2006 2005 --------- --------- Operating
(loss) income - GAAP $ (219) $ 19,578 Stock option expense (2)
1,300 - Surplus facility charges (3) - - Severance charges 2,042
(5) - Other restructuring charges 536 (6) - --------- ---------
Operating income - Adjusted $ 3,659 $ 19,578 ========= =========
Six Months Ended June 30, --------------------- 2006 2005 ---------
--------- Operating (loss) income - GAAP $ 607 $ 17,146 Stock
option expense (2) 2,727 - Surplus facility charges (3) - 7,649 (3)
Severance charges 2,042 (5) 1,723 (4) Other restructuring charges
536 (6) - --------- --------- Operating income - Adjusted $ 5,912 $
26,518 ========= ========= Three Months Ended June 30,
--------------------- 2006 2005 --------- --------- Net income per
share: Diluted - GAAP $ (0.02) $ 0.28 Stock option expense (2) 0.02
(7) - Surplus facility charges (3) - - Severance charges 0.03 (8) -
Other restructuring charges 0.01 (9) - --------- --------- Diluted
- Adjusted $ 0.05 $ 0.28 ========= ========= Six Months Ended June
30, --------------------- 2006 2005 --------- --------- Net income
per share: Diluted - GAAP $ - $ 0.24 Stock option expense (2) 0.04
(7) - Surplus facility charges (3) - 0.10 (10) Severance charges
0.03 (8) 0.03 (11) Other restructuring charges 0.01 (9) - ---------
--------- Diluted - Adjusted $ 0.09 $ 0.37 ========= =========
Note: 2006 EPS does not foot down due to the mathematical rounding
of the individual calculations. (1) The impact of exchange rates
are calculated by taking 2006 local currency revenue and applying
the 2005 exchange rates for comparison purposes. (2) Prior to
January 1, 2006, the Company accounted for stock-based compensation
under Accounting Principles Board, Opinion No. 25, "Accounting for
Stock Issued to Employees" ("APB 25"). In accordance with APB 25,
the Company historically used the intrinsic value method to account
for stock-based compensation expense. Under APB 25, stock options
and shares issued under the Company's employee stock purchase plan
were not an expense for accounting purposes and, as a result, no
compensation expense is included in the 2005 reporting period
related to these items. As of January 1, 2006, the Company accounts
for stock-based compensation expense, including expense related to
stock options and shares issued under the employee stock purchase
program, under the fair value method of Statement of Financial
Accounting No. 123(R), "Shared-Based Payment" ("FAS 123(R)"). As
the Company adopted the modified prospective method, results for
prior periods have not been restated under the fair value method
for GAAP purposes. (3) The surplus facility charges relates to
vacating a New Jersey facility and for additional facilities
vacated in previous periods due to changes in market conditions, as
well as the write-off of leasehold improvements associated with the
exit of our New Jersey facility. (4) The 2005 severance charges
relates to the elimination of certain senior and mid-level
management positions. (5) The 2006 severance charges relates to the
elimination of certain positions relating to our Operational
Effectiveness initiative ("OE"). (6) The 2006 other restructuring
charges primarily relates to the refocusing of our Japanese
business. (7) The tax effect using the marginal tax rate is $430
and $896 for the three and six months ended June 30, 2006,
respectively. (8) The tax effect using the marginal tax rate is
$694 for the three and six months ended June 30, 2006. (9) The tax
effect using the marginal tax rate is $223 for the three and six
months ended June 30, 2006. (10) The tax effect using the marginal
tax rate is $3,075 for the six months ended June 30, 2005. (11) The
tax effect using the marginal tax rate is $487 for the six months
ended June 30, 2005. TABLE 4 DENDRITE INTERNATIONAL, INC. SEGMENT
REVENUE, OPERATING INCOME (LOSS) AND RESTRUCTURING AND OTHER
CHARGES (IN THOUSANDS) (UNAUDITED) For the Three Months Ended June
30, 2006 --------------------------------------------------------
Sales Marketing Emerging Solutions Solutions Solutions Corporate
Total --------- --------- --------- --------- --------- Revenue $
69,214 $ 30,784 $ 6,383 $ - $106,381 Operating income (loss) $
12,133 $ (2,493) $ (345) $ (9,514) $ (219) Restructuring charges $
759 $ 954 $ 4 $ 861 $ 2,578 For the Three Months Ended June 30,
2005 ----------------------------------------------------- Sales
Marketing Emerging Solutions Solutions Solutions Corporate Total
--------- --------- --------- --------- --------- Revenue $ 80,258
$ 28,467 $ 6,342 $ - $115,067 Operating income (loss) $ 21,675 $
750 $ 770 $ (3,617) $ 19,578 Restructuring charges $ - $ - $ - $ -
$ - For the Six Months Ended June 30, 2006
----------------------------------------------------- Sales
Marketing Emerging Solutions Solutions Solutions Corporate Total
--------- --------- --------- --------- --------- Revenue $135,555
$ 61,578 $ 12,377 $ - $209,510 Operating income (loss) $ 22,052 $
(3,776) $ (552) $(17,117) $ 607 Restructuring charges $ 759 $ 954 $
4 $ 861 $ 2,578 For the Six Months Ended June 30, 2005
----------------------------------------------------- Sales
Marketing Emerging solutions solutions solutions Corporate Total
--------- --------- --------- --------- --------- Revenue $147,998
$ 53,781 $ 12,734 $ - $214,513 Operating income (loss) $ 33,346 $
(422) $ 979 $(16,757) $ 17,146 Restructuring charges $ - $ - $ - $
9,372 $ 9,372 TABLE 5 DENDRITE INTERNATIONAL, INC. CONSOLIDATED
BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) June
30, Dec. 31, 2006 2005 --------- --------- Assets Current Assets:
Cash and cash equivalents $ 80,395 $ 66,145 Accounts receivable,
net 68,744 80,167 Prepaid expenses and other current assets 10,021
8,544 Deferred income taxes 9,088 8,848 --------- --------- Total
current assets 168,248 163,704 --------- --------- Property and
equipment, net 52,825 52,592 Other assets 9,378 8,856 Goodwill
90,257 90,440 Intangible assets, net 22,942 25,083 Capitalized
software development costs, net 10,591 10,341 Deferred income taxes
13,008 11,991 --------- --------- $367,249 $363,007 =========
========= Liabilities and Stockholders' Equity Current Liabilities:
Accounts payable $ 8,262 $ 7,677 Income taxes payable 10,785 9,518
Capital lease obligations 1,390 1,383 Accrued compensation and
benefits 19,219 17,950 Accrued professional and consulting fees
5,904 5,690 Accrued restructuring and other charges 1,373 1,490
Other accrued expenses 16,010 17,468 Purchase accounting
restructuring accrual 1,130 1,601 Deferred revenues 15,855 18,680
--------- --------- Total current liabilities 79,928 81,457
--------- --------- Capital lease obligations 816 1,648 Purchase
accounting restructuring accrual 2,428 3,009 Accrued restructuring
and other charges 3,800 4,143 Deferred rent 5,526 5,740 Other
non-current liabilities 5,590 5,595 Stockholders' Equity: Preferred
stock, no par value, 15,000,000 shares authorized, none issued - -
Common stock, no par value, 150,000,000 shares authorized,
46,528,807 and 46,353,252 shares issued; 43,667,504 and 43,491,949
shares outstanding at June 30, 2006 and December 31, 2005,
respectively 151,539 149,947 Retained earnings 148,943 148,948
Deferred compensation - (4,419) Accumulated other comprehensive
income (loss) 416 (1,324) Less treasury stock, at cost (31,737)
(31,737) --------- --------- Total stockholders' equity 269,161
261,415 --------- --------- $367,249 $363,007 ========= =========
TABLE 6 DENDRITE INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS (IN THOUSANDS) (UNAUDITED) Six Months Ended June 30,
------------------- 2006 2005 --------- --------- Operating
activities: Net (loss) income $ (5) $ 10,648 Adjustments to
reconcile net (loss) income to net cash provided by operating
activities: Depreciation and amortization 12,573 11,135 Write-off
of property and equipment - 1,030 Stock-based compensation 4,059 34
Deferred income taxes (931) (2,905) Excess tax benefits from
stock-based awards (348) - Changes in assets and liabilities, net
of effects from acquisitions: Decrease (increase) in accounts
receivable 12,799 (7,247) (Increase) decrease in prepaid expenses
and other current assets (1,330) 1,027 Increase in other assets
(387) (804) Decrease in accounts payable and accrued expenses (871)
(212) (Decrease) increase in accrued restructuring and other
charges (460) 7,339 Decrease in purchase accounting restructuring
accrual (789) (1,630) Increase in income taxes payable 1,480 2,045
(Decrease) increase in deferred revenue (3,154) 716 Decrease in
other non-current liabilities (26) (182) --------- --------- Net
cash provided by operating activities 22,610 20,994 ---------
--------- Investing activities: Acquisitions, net of cash acquired
- (10,172) Purchases of property and equipment (7,709) (17,753)
Additions to capitalized software development costs (2,689) (2,439)
--------- --------- Net cash used in investing activities (10,398)
(30,364) --------- --------- Financing activities: Payments on
capital lease obligations (825) (890) Excess tax benefits from
stock-based awards 348 - Issuance of common stock 1,723 2,527
--------- --------- Net cash provided by financing activities 1,246
1,637 --------- --------- Effect of foreign exchange rate changes
on cash 792 (149) Net increase (decrease) in cash and cash
equivalents 14,250 (7,882) Cash and cash equivalents, beginning of
year 66,145 64,020 --------- --------- Cash and cash equivalents,
end of period $ 80,395 $ 56,138 ========= ========= *T
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