Arctic Glacier Income Fund
TSX : AG.UN

Arctic Glacier Income Fund

November 10, 2010 07:00 ET

Arctic Glacier Posts Third Quarter Results

WINNIPEG, MANITOBA--(Marketwire - Nov. 10, 2010) - Arctic Glacier Income Fund (TSX:AG.UN) today announced results for the third quarter ended September 30, 2010.

Summary *
  • Continued the expansion into Arizona and Colorado markets
  • Reached agreement with Michigan Attorney General
  • Sales totaled $104.8 million, up $4.0 million or 4% compared to 2009
  • EBITDA totaled $37.4 million, off $1.0 million or 3% compared to 2009
  • Recorded goodwill impairment charge of $76.0 million
  • Initiated strategic review of alternatives to enhance unitholder value
*All dollar amounts in U.S. currency unless otherwise specified

"Results for the third quarter were largely driven by our continued expansion into the Arizona and Colorado markets, which began earlier this year," said Mr. McMahon. "Sales also improved in the northeastern U.S. and central Canada due to hot weather, but that was partly offset by unseasonably cold conditions in U.S. west coast markets. We also continued to respond to increased competitive activity in certain markets, including the western U.S."

"The third quarter also saw the Fund continue to reinforce the foundation to resolve current challenges and build a stronger future," Mr. McMahon added. "We are seeking to refinance C$90.6 million of convertible debentures that mature on July 31, 2011. The refinancing process will be expedited by resolution of legal issues, and to that end we negotiated an agreement with the Michigan Attorney General that concluded the state's antitrust investigation. In addition, in September the board of trustees initiated a comprehensive review and evaluation of financing and strategic alternatives available to the Fund with the objective of enhancing unitholder value." 

"While revenues increased during the third quarter, Arctic Glacier's results were impacted by two main items," said Doug Bailey, the Fund's Chief Financial Officer. "Interest expense was significantly higher due to a refinancing completed in February 2010. In addition, an examination of goodwill value determined that the recorded value of goodwill exceeded fair value for our western U.S. reporting units. As a result, the Fund recorded a non-cash goodwill impairment charge of $76.0 million."

Third Quarter 2010 Review

Sales in the third quarter totaled $104.8 million, an increase of $4.0 million or 4% compared to the same period in 2009. The increase was primarily due to new sales related to expansion into Arizona and Colorado and increased product volumes due to hot weather in the northeastern U.S. and central Canada. However, this was partly offset by poor weather during the key summer months in west coast markets and increased competitive activity in California and Oregon. The stronger Canadian dollar increased the U.S. dollar value of sales in Canadian markets by $1.0 million. For the first nine months, sales totaled $198.6 million.

Cost of sales, selling, general and administration expenses totaled $67.4 million, an increase of $5.0 million or 8%. The increase was primarily due to expansion into Arizona and Colorado, incremental costs of servicing markets where demand temporarily outstripped supply, and increases in input costs. The stronger Canadian dollar increased the U.S. dollar value of costs incurred in Canadian operations by $0.5 million. For the first nine months, cost of sales totaled $149.2 million.

EBITDA for the third quarter of 2010 was $37.4 million, compared with $38.4 million for the same quarter in 2009. Nine-month EBITDA was $49.5 million.

Interest expense totaled $9.7 million in the third quarter, compared to $5.5 million in the same period last year. The change was primarily due to increased borrowing costs following the February 2010 refinancing, higher underlying interest rates, higher average debt levels and the stronger Canadian dollar. For the first nine months, interest expense totaled $26.8 million.

Legal fees and other expenses in connection with ongoing antitrust investigations and related civil litigation totaled $0.8 million in the third quarter, down from $7.3 million in the same period last year, which includes $6.4 million representing the discounted present value of the U.S. Department of Justice ("DOJ") fine. For the first nine months of 2010, these costs totaled $3.5 million, versus $9.9 million for the same period last year.

A goodwill impairment analysis of Arctic Glacier's reporting units on the U.S. west coast resulted in a writedown of $76.0 million. Net of a tax benefit, that resulted in a one-time charge of $48.2 million against earnings during the third quarter.

Because the goodwill provision and antitrust costs significantly contributed to the Fund's results in the third quarter of both years, a more appropriate measure of operating performance adjusts results to remove these expenses. Accordingly, adjusted earnings in the third quarter of 2010 were $1.3 million, compared to adjusted earnings of $15.2 million last year. That was equivalent to earnings of $0.03 (basic and diluted) per unit, compared to $0.39 (basic) and $0.37 (diluted) last year. The change was mainly due to a writedown of the value of future tax assets in U.S. subsidiaries, higher interest costs related to the February 2010 refinancing and reduced EBITDA. For the first nine months of 2010, adjusted loss totaled $13.7 million, versus adjusted earnings of $10.2 million for the same period last year.

Including the goodwill provision and antitrust expenses, net loss for the third quarter totaled $48.5 million or $1.24 per unit, compared to earnings of $8.3 million or $0.21 per unit in the same quarter of 2009.

Financial Position

As at September 30, 2010, Arctic Glacier's net debt, excluding convertible debentures, was $161.7 million, compared to $161.3 million at the same time last year.

At September 30, 2010 the Fund had a working capital deficiency of $62.8 million. This resulted from the classification of $85.5 million related to convertible debentures as current liabilities since they mature on July 31, 2011. Excluding these debentures, working capital was $22.7 million, an improvement of $5.7 million compared to working capital of $17.0 million at the same time in 2009, excluding the senior secured notes that were subsequently refinanced in February 2010. 

The Fund's net debt to EBITDA ratio at September 30, 2010 was 3.4 to 1, compared to a covenant maximum of 3.75 to 1 and 2.8 to 1 at the same time last year. The Fund's 12-month trailing EBITDA, as defined in the credit facility agreements, was $48.3 million compared to a covenant minimum of $48.0 million. As at September 30, 2010 the Fund was in compliance with all debt covenants.

At September 30, 2010 the Fund's credit facilities consisted of a $185 million term secured loan and a $70 million revolving term credit facility. The Fund had available liquidity of $18.9 million on the revolving term credit facility at September 30, 2010 within approved covenant restrictions. Cash on hand totaled $15.3 million.

U.S. DOJ Investigation and Related Litigation

On September 3, 2010, Arctic Glacier entered into an agreement with the Michigan Attorney General to resolve, without any admission of wrongdoing, all allegations that it violated Michigan's antitrust laws. Under terms of the agreement, the subsidiary agreed to pay the amount of $350,000 in two installments in September and December 2010, with the first installment of $125,000 paid on September 3, 2010.

On February 11, 2010, the U.S. District Court accepted an agreement entered into between a subsidiary of the Fund and the DOJ. The agreement concludes the DOJ Antitrust Division investigation as it relates in any way to the Fund, its board, management and staff in all markets.

Still ongoing is an investigation by the DOJ Civil Division to determine if the U.S. government has been overcharged in its purchases of packaged ice and a number of state investigations to determine if state antitrust laws have been broken. Also outstanding are several class action lawsuits initiated in Canada and the U.S. At this time, it is not possible to predict the timeline or final outcome of the investigations or litigation, or any potential effect they may have on the Fund or its operations.

Further information, including court decisions rendered to date, will be included in the MD&A section of the Fund's third quarter report.

Outlook

Going forward, Arctic Glacier management will continue to focus on the ongoing expansion into Arizona and Colorado. The Arizona market is being supplied by Arctic Glacier's modern and efficient manufacturing plant in Phoenix. In Colorado, customers are being supplied with ice from facilities in neighboring states and purchased from local suppliers.

Arctic Glacier is also focusing on the increase in competitive activity in its west coast U.S. markets during the second quarter, which has had an adverse effect on margins in the second quarter and beyond.

During the third quarter, Arctic Glacier benefited from an extended period of hot weather in the northeastern U.S. and central Canada during much of the summer, although the benefits were somewhat tempered by additional costs of servicing portions of these markets where demand outstripped supply. Unfortunately, the west coast experienced poor weather conditions throughout the quarter and saw a significant reduction in volumes and related fixed cost efficiencies.

One of the most pressing issues for the Fund is the requirement to refinance convertible debentures with a face value of C$90.6 million that mature on July 31, 2011. During the third quarter, the Fund took steps to continue moving forward with the process of amending or refinancing the debentures.

In September 2010 the board of trustees initiated a comprehensive review and evaluation of financing and strategic alternatives available to the Fund with the objective of enhancing unitholder value. A special committee comprised of the Fund's independent trustees will oversee this process and has engaged TD Securities Inc. to act as exclusive financial advisor. The process of evaluation will take a few months to complete. Further information will be disclosed once the evaluation is complete and the board has approved a financing or strategic course of action, or if material developments occur. 

It has become clear that moving forward on any of these alternatives will be best served by seeking a resolution of the remaining antitrust issues and related civil litigation. 

Over the past 12 months, Arctic Glacier concluded two main antitrust investigations by signing and ratifying agreements with the Antitrust Division of the DOJ and the Michigan Attorney General. 

Further progress was made on October 29, 2010 when it was disclosed that the Antitrust Division of the U.S. DOJ will not be taking further action against Reddy Ice of Dallas, Texas related to its investigation into the U.S. packaged ice industry. This development indicates that the DOJ's extensive investigation of the leading manufacturers of packaged ice in the U.S. has now concluded. It further demonstrates that the wide-ranging allegations of antitrust activity among the industry leaders in pending civil claims have no basis in fact. 

This outcome should expedite the resolution of the civil claims and clear the way to refinancing the debentures prior to maturity.

Still ongoing are investigations by the Civil Division of the DOJ and a number of state investigations, for which the Fund and its subsidiaries are cooperating and have provided all requested information. Also outstanding are several class action lawsuits initiated in Canada and the U.S. At this time it is not possible to predict the timeline or final outcome of the investigations or litigation, or any potential effect they may have on the Fund or its operations.

The trustees expect the Fund to convert from an income trust to a corporation during 2011, subject to approval from unitholders and other stakeholders.

As the Fund addresses these issues, Arctic Glacier will continue to focus on core objectives of providing quality product and industry-leading service to our customers. 

Management will continue to follow a strategic direction defined by a number of objectives. The first is to improve profitability by closely monitoring expenses and capital outlays. The second is to gain strength and enhance liquidity by maximizing cash flow and ensuring credit availability. Third, the Fund aims to strengthen its financial position by effectively managing balance sheet leverage. The fourth is to capitalize on business opportunities as they arise. 

At the same time, the Fund will work to expedite the resolution of the remaining antitrust issues and civil litigation and complete the financial and strategic review.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 39.0 million trust units outstanding.

Conference Call and Webcast

Arctic Glacier will discuss third quarter 2010 results during a conference call with a live audio webcast for investors and analysts on Wednesday, November 10 at 11 a.m. (EDT). To access the simultaneous webcast, log on to Arctic Glacier's website at www.arcticglacier.com. Please note the webcast allows participants to listen only.

Forward-Looking Statements

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

Non-GAAP measures

EBITDA, adjusted earnings and distributable cash are not recognized measures under Canadian generally accepted accounting principles (GAAP). EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, acquisition integration expenses, gains or losses on foreign exchange, costs of antitrust investigations and related litigation and other non-recurring expenses. EBITDA is a performance measure used by management to provide an indication of cash available for distribution from ongoing operations prior to debt service, capital expenditures and income taxes and is often used to compare companies and income trusts on the basis of ability to generate cash from ongoing operations. Adjusted earnings is defined as earnings before one-time after tax costs of antitrust investigations and related litigation and goodwill impairment. Adjusted earnings is used by management to evaluate the ongoing profitability of the Fund by eliminating the effect of these material non-operating costs. Distributable cash is a performance measure used by management to summarize the funds available for distribution to unitholders in an income trust. Investors should be cautioned that EBITDA, adjusted earnings and distributable cash should not be construed as alternatives to earnings, cash from operating activities or other financial measures determined in accordance with GAAP as indicators of the Fund's performance. The Fund's method of calculating EBITDA, adjusted earnings and distributable cash may differ from other companies and income trusts and, accordingly, may not be comparable to measures used by them.

ARCTIC GLACIER INCOME FUND
Interim Consolidated Balance Sheets
As at September 30, 2010 and 2009 (unaudited) and December 31, 2009 (audited)
 
(thousands of U.S. dollars)   September 30, 2010     September 30, 2009     December 31, 2009  
ASSETS                        
Current assets                        
  Cash   $ 15,333     $ 6,321     $ 727  
  Accounts receivable     25,787       26,049       12,011  
  Inventories     9,548       9,839       8,688  
  Prepaid expenses     4,372       3,653       4,877  
      55,040       45,862       26,303  
                         
Future income taxes     8,068       -       -  
Property, plant and equipment     138,799       144,947       142,136  
Investments     -       818       -  
Intangible assets     116,686       124,633       122,547  
Goodwill     71,061       146,441       146,807  
    $ 389,654     $ 462,701     $ 437,793  
                         
LIABILITIES AND UNITHOLDERS' EQUITY                        
Current liabilities                        
  Accounts payable and accrued liabilities   $ 30,519     $ 28,824     $ 23,169  
  Convertible debentures     85,484       -       -  
  Principal due within one year on long-term debt     1,840       61,053       61,099  
      117,843       89,877       84,268  
                         
Long-term debt     175,223       106,532       101,960  
Convertible debentures     -       79,330       81,515  
Future income taxes     -       6,920       8,685  
                         
Unitholders' equity                        
  Units     325,209       325,207       325,209  
  Contributed surplus     2,404       1,652       1,848  
  Warrants     1,484       -       -  
  Equity portion of convertible debentures     8,358       8,358       8,358  
  Deficit     (221,184 )     (138,156 )     (155,774 )
  Accumulated other comprehensive loss     (19,683 )     (17,019 )     (18,276 )
      96,588       180,042       161,365  
    $ 389,654     $ 462,701     $ 437,793  
 
 
 
ARCTIC GLACIER INCOME FUND
Interim Consolidated Statements of Operations
Three months and nine months ended September 30, 2010 and 2009 (unaudited)
 
    Three Months     Nine Months  
(thousands of U.S. dollars, except per unit amounts)   2010     2009     2010     2009  
Sales   $ 104,818     $ 100,825     $ 198,616     $ 194,307  
Cost of sales, selling, general and administration expenses     67,428       62,389       149,154       138,662  
Earnings before the undernoted     37,390       38,436       49,462       55,645  
Amortization     8,046       7,521       24,185       22,693  
Interest     9,658       5,489       26,831       14,909  
Loan amendment fees     -       1,554       400       2,062  
Acquisition integration expenses     -       5       -       228  
Loss (gain) on disposal of property, plant and equipment     (5 )     69       123       388  
Loss (gain) on foreign exchange     -       (1,314 )     283       (2,111 )
Costs of antitrust investigations and related litigation     760       7,297       3,535       9,913  
Goodwill impairment     76,008       -       76,008       -  
Earnings (loss) before income taxes     (57,077 )     17,815       (81,903 )     7,563  
Income taxes                                
  Current     37       (138 )     292       380  
  Future (reduction)     (8,625 )     9,677       (16,785 )     5,439  
      (8,588 )     9,539       (16,493 )     5,819  
                                 
Earnings (loss) for the period   $ (48,489 )   $ 8,276     $ (65,410 )   $ 1,744  
                                 
Earnings (loss) per unit – basic and diluted   $ (1.24 )   $ 0.21     $ (1.68 )   $ 0.04  
                                 
                                 
                                 
ARCTIC GLACIER INCOME FUND
Interim Consolidated Statements of Changes in Unitholders' Equity
Three months and nine months ended September 30, 2010 and 2009 (unaudited)
 
    Three Months     Nine Months  
(thousands of U.S. dollars)   2010     2009     2010     2009  
                                 
Units                                
Balance, beginning and end of period     325,209       325,207       325,209       325,207  
                                 
Contributed surplus                                
Balance, beginning of period     2,215       1,526       1,848       1,320  
Unit-based compensation expense     189       126       556       332  
Balance, end of period     2,404       1,652       2,404       1,652  
                                 
Warrants                                
Balance, beginning of period     1,484       -       -       -  
Warrants issued     -       -       1,484       -  
Balance, end of period     1,484       -       1,484       -  
                                 
Equity portion of convertible debentures                                
Balance, beginning and end of period     8,358       8,358       8,358       8,358  
                                 
Deficit                                
Balance, beginning of period     (172,695 )     (146,432 )     (155,774 )     (139,900 )
Earnings (loss) for the period     (48,489 )     8,276       (65,410 )     1,744  
Balance, end of period     (221,184 )     (138,156 )     (221,184 )     (138,156 )
                                 
Accumulated other comprehensive loss                                
Balance, beginning of period     (17,168 )     (11,539 )     (18,276 )     (8,193 )
Other comprehensive loss     (2,515 )     (5,480 )     (1,407 )     (8,826 )
Balance, end of period     (19,683 )     (17,019 )     (19,683 )     (17,019 )
                                 
Total Unitholders' Equity   $ 96,588     $ 180,042     $ 96,588     $ 180,042  
 
 
 
ARCTIC GLACIER INCOME FUND
Interim Consolidated Statements of Comprehensive Income (Loss)
Three months and nine months ended September 30, 2010 and 2009 (unaudited)
 
    Three Months     Nine Months  
(thousands of U.S. dollars)   2010     2009     2010     2009  
                                 
Earnings (loss) for the period   $ (48,489 )   $ 8,276     $ (65,410 )   $ 1,744  
                                 
Other comprehensive loss                                
                                   
  Net unrealized foreign currency translation loss     (2,533 )     (5,498 )     (1,460 )     (8,879 )
  Amortization of transitional adjustment to earnings (loss) for the period     18       18       53       53  
Other comprehensive loss     (2,515 )     (5,480 )     (1,407 )     (8,826 )
                                 
Comprehensive income (loss) for the period   $ (51,004 )   $ 2,796     $ (66,817 )   $ (7,082 )
 
 
 
ARCTIC GLACIER INCOME FUND
Interim Consolidated Statements of Cash Flows
Three months and nine months ended September 30, 2010 and 2009 (unaudited)
 
    Three Months     Nine Months  
(thousands of U.S. dollars)   2010     2009     2010     2009  
Cash from (used in):                                
Operating activities                                
  Earnings (loss) for the period   $ (48,489 )   $ 8,276     $ (65,410 )   $ 1,744  
  Adjustments for:                                
    Amortization     8,046       7,521       24,185       22,693  
    Amortization of deferred financing     1,413       370       3,539       1,033  
    Amortization of transitional adjustment on interest rate swap     18       18       53       53  
    Accretion of convertible debenture principal     497       431       1,445       1,176  
    Accretion of long-term debt     186       36       566       89  
    Accrual of payment-in-kind interest     472       -       1,190       -  
    Recognition of rents on a straight-line basis     179       179       537       537  
    Unit-based compensation expense     189       126       556       332  
    Loss (gain) on disposal of property, plant and equipment     (5 )     69       123       388  
    Unrealized foreign exchange loss (gain) on long-term debt     -       (1,090 )     283       (1,691 )
    Unrealized gain on foreign exchange contracts     -       (262 )     -       (515 )
    Changes in fair value of interest rate swap     (571 )     (112 )     (1,635 )     (524 )
    Costs of antitrust investigations and related litigation     -       6,374       -       6,374  
    Goodwill impairment     76,008       -       76,008       -  
    Future income taxes (reduction)     (8,625 )     9,677       (16,785 )     5,439  
      29,318       31,613       24,655       37,128  
  Changes in non-cash working capital items     2,557       4,873       (5,501 )     (10,046 )
      31,875       36,486       19,154       27,082  
                                 
Investing activities                                
  Additions to property, plant and equipment     (3,821 )     (2,422 )     (14,642 )     (8,627 )
  Proceeds from disposal of property, plant and equipment     28       36       162       188  
  Additions to intangibles     -       (23 )     -       (23 )
  Acquisition of business operations     -       (228 )     -       (228 )
      (3,793 )     (2,637 )     (14,480 )     (8,690 )
                                 
Financing activities                                
  Proceeds from long-term debt     -       -       212,598       36,560  
  Principal repayments on long-term debt     (18,024 )     (30,588 )     (184,596 )     (49,464 )
  Payment of deferred financing charges     (87 )     -       (18,163 )     -  
      (18,111 )     (30,588 )     9,839       (12,904 )
                                 
Foreign exchange gain on cash held in foreign currency     123       417       93       530  
Increase in cash     10,094       3,678       14,606       6,018  
Cash, beginning of period     5,239       2,643       727       303  
Cash, end of period   $ 15,333     $ 6,321     $ 15,333     $ 6,321  
 
 
 
ARCTIC GLACIER INCOME FUND
Interim Schedule of Distributable Cash
Three months and nine months ended September 30, 2010 and 2009 (unaudited)
 
    Three Months     Nine Months  
(in thousands of U.S. dollars, except per unit amounts)   2010     2009     2010     2009  
Cash from operating activities   $ 31,875     $ 36,486     $ 19,154     $ 27,082  
                                 
Adjustments:                                
                                 
  Changes in non-cash working capital items (1)     (2,557 )     (4,873 )     5,501       10,046  
  Less sustaining capital expenditures, net of dispositions (2)     (1,752 )     (2,169 )     (6,011 )     (6,493 )
Distributable cash     27,566       29,444       18,644       30,635  
Add back costs of antitrust investigations and related litigation     760       923       3,535       3,539  
Distributable cash before deducting costs of antitrust investigations and related litigation   $ 28,326     $ 30,367     $ 22,179     $ 34,174  
                                 
Weighted average number of units     39,043.4       39,042.2       39,043.4       39,042.2  
                                 
Distributable cash per unit   $ 0.71     $ 0.75     $ 0.48     $ 0.78  
Distributable cash per unit before deducting costs of antitrust investigations and related litigation   $ 0.73     $ 0.78     $ 0.57     $ 0.88  
  1. Changes in non-cash working capital items have been excluded from cash from operating activities so as to remove the effects of timing differences in cash receipts and cash disbursements, which have significant seasonal fluctuations and vary significantly across quarters but generally reverse themselves. These fluctuations are funded from cash resources or the revolving term credit facility.

  2. Sustaining capital expenditures represent the replacement of property, plant and equipment to sustain current business operations and are funded from operating cash flow. 

 
 
ARCTIC GLACIER INCOME FUND
Reconciliation of Adjusted Earnings (Loss)
Three months and nine months ended June 30, 2010 and 2009 (unaudited)
 
    Three Months   Nine Months
(in thousands of U.S. dollars)   2010     2009   2010   2009
Earnings (loss) for the period   $ (48,489 )   $ 8,276   $ (65,410   ) $ 1,744
Add:                            
  Costs of antitrust investigations and related litigation (1)     1,640       6,928     3,535       8,498
  Goodwill impairment (2)     48,190       -     48,190       -
Adjusted earnings (loss)     1,341       15,204     (13,685   )   10,242
Add dilutive effect of convertible debentures     -       1,784     -       -
Diluted adjusted earnings (loss)   $ 1,341     $ 16,988   $ (13,685   ) $ 10,242
                             
Basic weighted average number of units     39,043.4       39,042.2     39,043.4       39,042.2
Dilutive effect of:                            
  Convertible debentures     -       7,190.5     -       -
  Options     164.2       86.9     -       47.2
Diluted weighted average number of units     39,207.6       46,319.6     39,043.4       39,089.4
                             
Earnings (loss) per unit:                            
  Basic   $ (1.24 )   $ 0.21   $ (1.68   ) $ 0.04
  Diluted   $ (1.24 )   $ 0.21   $ (1.68   ) $ 0.04
                             
Adjusted earnings (loss) per unit                            
  Basic   $ 0.03     $ 0.39   $ (0.35   ) $ 0.26
  Diluted   $ 0.03     $ 0.37   $ (0.35   ) $ 0.26
                             
  1. Net of tax recovery effect of $880 and $nil for the three and nine months ended September 30, 2010 (2009 - $369 and $1,415 tax expense). 
  2. Net of tax effect of $27,818 for the three and nine months ended September 30, 2010 (2009 - $nil).

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