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Section 1: 8-K (FORM 8-K)

 


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

 

                      May 9, 2019                       

Date of Report (Date of earliest event reported)

 

 

International Seaways, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

            1-37836-1            

Commission File Number

 

 

Marshall Islands   98-0467117
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification Number)

 

 

600 Third Avenue, 39th Floor 

           New York, New York  10016           

 

(Address of Principal Executive Offices) (Zip Code)

  

 

Registrant's telephone number, including area code (212) 578-1600

  

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x
 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Symbol Name of each exchange on which registered
Common Stock (no par value) INSW New York Stock Exchange
8.5% Senior Notes due 2023 INSW - PA New York Stock Exchange

 

 

 

 

 

Section 2 – Financial Information

 

Item 2.02Results of Operations and Financial Condition.

 

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 — Results of Operations and Financial Condition of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

 

On May 9, 2019, International Seaways, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing first quarter 2019 earnings.

 

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

 

Exhibit No. Description
99.1 Press Release dated May 9, 2019.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  INTERNATIONAL SEAWAYS, INC.
  (Registrant)
   
   
Date: May 9, 2019 By      /s/ James D. Small III
   

Name:

James D. Small III

    Title: Chief Administrative Officer, Senior Vice
President, Secretary and General Counsel

 



 

 

 

 

 

 

EXHIBIT INDEX

 

 

Exhibit No. Description
99.1 Press Release dated May 9, 2019.

 

 

 

 

 

 

 

 

 

(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit 99.1

 

 

 

INTERNATIONAL SEAWAYS REPORTS

FIRST QUARTER 2019 RESULTS

 

New York, NY – May 9, 2019 – International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the first quarter 2019.

 

Highlights

·Net income for the first quarter was $10.9 million, or $0.37 per share, compared to a net loss of $29.3 million, or $1.01 per share, in the first quarter of 2018.
·Time charter equivalent (TCE) revenues(A) for the first quarter were $94.0 million, compared to $48.8 million in the first quarter of 2018.
·Adjusted EBITDA(B) for the first quarter was $47.3 million, compared to $6.5 million in the same period of 2018.
·Cash(C) was $137.2 million as of March 31, 2019; total liquidity was $187.2 million, including $50.0 million undrawn revolver.

 

“During the first quarter, we generated strong cash flow and earnings, as our significant operating leverage to a strengthening market enabled International Seaways to take advantage of a rate environment that was favorable for the majority of the quarter,” said Lois K. Zabrocky, International Seaways’ president and CEO. “We also further strengthened our balance sheet during the quarter, increasing total liquidity to $187.2 million, $19.5 million higher than at December 31, 2018, and $46.0 million higher than one year ago.”

 

Ms. Zabrocky continued, “With a sizeable fleet and significant upside to a market recovery in the crude and product tanker sectors, we remain well positioned to capitalize on supportive long-term tanker fundamentals, driven by strong and sustained global oil demand, increasing US gulf exports and a manageable order book. We also continue to expect to benefit from incremental demand for both our crude and product tankers as a result of IMO 2020 low sulfur regulations, which we believe will begin to impact the market in the second half of the year. Along with these positive developments, our disciplined capital allocation strategy, strong corporate governance standards and commitment to provide safe, reliable service to our energy customers puts us in an excellent position to create lasting shareholder value going forward.”

 

First Quarter 2019 Results

Net income for the first quarter of 2019 was $10.9 million, or $0.37 per diluted share, compared to a net loss of $29.3 million, or $1.01 per diluted share, in the first quarter of 2018. The increased net income in the first quarter of 2019 primarily reflects higher TCE revenues, lower vessel expenses and a $6.6 million decrease in losses on disposal of vessels and other property. These positive factors were partially offset by a $1.3 million provision for credit losses in the Company’s Lightering business, a $5.9 million increase in interest expense and an increase in charter hire expenses, principally attributable to increased activity in the Company’s Lightering business.

 

Consolidated TCE revenues for the first quarter of 2019 were $94.0 million, compared to $48.8 million in the first quarter of 2018. Shipping revenues for the first quarter of 2019 were $101.9 million, compared to $52.0 million in the first quarter of 2018.

 

The increase in interest expense in the first quarter of 2019 compared to the first quarter of 2018 was primarily attributable to the impact of debt facilities entered into by the Company during the second quarter of 2018 in connection with the completion of the acquisition of six VLCCs from Euronav NV, and higher average interest rates under the Company’s 2017 Credit Agreement.

 

  1

 

 

Adjusted EBITDA was $47.3 million for the quarter, compared to $6.5 million in the first quarter of 2018, principally driven by higher daily rates across all the Company’s fleet sectors.

 

Crude Tankers

TCE revenues for the Crude Tankers segment were $72.6 million for the quarter compared to $29.2 million in the first quarter of 2018. This increase primarily resulted from the impact of higher average blended rates in the VLCC, Suezmax, Aframax and Panamax sectors, with spots rates climbing to approximately $32,000, $28,900, $20,900 and $17,600 per day, respectively, increasing TCE revenues by approximately $28.8 million in the aggregate compared to the first quarter of 2018. Increased activity in the Crude Tankers Lightering business generated an additional TCE revenue increase of $13.1 million. In addition, the impact of increased revenue days in the VLCC sector accounted for an increase of $5.2 million and reflected the acquisitions of one 2015-built and five 2016-built VLCCs, which were delivered to the Company in June 2018, partially offset by the disposals of two older VLCCs in 2018. The balance of the increase was substantially attributable to higher activity in the Company’s Lightering business in the 2019 quarter compared with the first quarter of 2018. Partially offsetting the TCE revenue increases was a $3.8 million decrease in TCE revenues due to a 355-day reduction in Aframax and Panamax revenue days, which was driven primarily by the sale of two 2001-built Aframaxes and a 2002-built Panamax in 2018. Shipping revenues for the Crude Tankers segment were $80.4 million for the quarter compared to $32.4 million in the first quarter of 2018.

 

Excluding depreciation and amortization, the provision for credit losses and general and administrative expenses, operating income for the Crude Tankers Lightering business was $4.2 million for the first quarter of 2019 compared to $0.1 million for the first quarter of 2018 and $4.2 million for the fourth quarter of 2018. The increase in the current quarter’s operating income as compared to prior year’s period primarily reflects a higher volume of full service and service support only lighterings in the current period. Increased U.S. exports will likely continue to require transshipment during 2019, regardless of the eventuality of any deep-water terminals. Because of the increased level of activity in the Crude Tankers Lightering business over the last three quarters and positive near-term prospects, the Company withdrew a 2002-built Aframax from the pool in which it was operating in March 2019 and is now employing it in the Lightering business.

 

Product Carriers

TCE revenues for the Product Carriers segment were $21.4 million for the quarter, compared to $19.6 million in the first quarter of 2018. This increase primarily resulted from the impact of higher average daily blended rates earned by the LR1, LR2 and MR fleets, with spot rates rising to approximately $24,000, $22,100 and $13,500 per day, respectively, increasing TCE revenues by approximately $7.1 million in the aggregate compared to the first quarter of 2018. This was partially offset by the impact of a decline in revenue days in the MR sector accounting for $5.1 million, arising primarily as a result of the sales of five older MRs in 2018 and the redelivery of two MRs to their owners during the second quarter of 2018 at the expiry of their respective bareboat charters. Shipping revenues for the Product Carriers segment were $21.5 million for the quarter, compared to $19.6 million in the first quarter of 2018.

 

Share Repurchase Reauthorization

On March 5, 2019, the Company’s Board of Directors reauthorized the Company’s $30 million share repurchase program for a 24-month period. The amount and timing of any repurchases made under the stock repurchase program will depend on a variety of factors, including market conditions and available liquidity. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time.

 

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Conference Call

The Company will host a conference call to discuss its first quarter 2019 results at 9:00 a.m. Eastern Time (“ET”) on Thursday, May 9, 2019.

 

To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call.

 

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.intlseas.com.

 

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Thursday, May 9, 2019 through 11:59 p.m. ET on Thursday, May 16, 2019 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10131143.

 

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 48 vessels as of December 31, 2018, including 13 VLCCs, two Suezmaxes, six Aframaxes/LR2s, 11 Panamaxes/LR1s and 10 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com.

 

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2018 for the Company, the Quarterly Report on Form 10-Q for the quarter ending March 31, 2019, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

 

Investor Relations & Media Contact:

David Siever, International Seaways, Inc.

(212) 578-1635

dsiever@intlseas.com

 

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Consolidated Statements of Operations        
($ in thousands, except per share amounts)        
   Three Months Ended 
   March 31, 
   2019   2018 
   (Unaudited)   (Unaudited) 
Shipping Revenues:        
Pool revenues  $67,637   $35,514 
Time and bareboat charter revenues   5,520    7,913 
Voyage charter revenues   28,717    8,551 
     Total Shipping Revenues   101,874    51,978 
           
Operating Expenses:          
Voyage expenses   7,845    3,177 
Vessel expenses   30,538    36,658 
Charter hire expenses   17,185    8,623 
Depreciation and amortization   18,929    17,624 
General and administrative   6,773    6,029 
Provision for credit losses   1,298    - 
Third-party debt modification fees   30    - 
(Gain)/loss on disposal of vessels and other property   (48)   6,573 
Total operating expenses   82,550    78,684 
Income/(loss) from vessel operations   19,324    (26,706)
Equity in income of affiliated companies   8,070    8,340 
Operating income/(loss)   27,394    (18,366)
Other income   1,036    679 
Income/(loss) before interest expense and income taxes   28,430    (17,687)
Interest expense   (17,533)   (11,621)
Income/(loss) before income taxes   10,897    (29,308)
Income tax provision   -    (8)
Net income/(loss)  $10,897   $(29,316)
           
Weighted Average Number of Common Shares Outstanding:          
Basic   29,181,233    29,106,180 
Diluted   29,223,187    29,106,180 
           
Per Share Amounts:          
Basic and diluted net income/(loss) per share  $0.37   $(1.01)

 

 

  4

 

 

Consolidated Balance Sheets        
($ in thousands)        
   March 31,   December 31, 
   2019   2018 
   (Unaudited)   (Unaudited) 
ASSETS        
Current Assets:        
Cash and cash equivalents  $79,537   $58,313 
Voyage receivables   95,818    94,623 
Other receivables   3,872    5,246 
Inventories   4,122    3,066 
Prepaid expenses and other current assets   9,008    5,912 
Current portion of derivative asset   151    460 
Total Current Assets   192,508    167,620 
           
Restricted Cash   57,618    59,331 
Vessels and other property, less accumulated depreciation   1,320,642    1,330,795 
Deferred drydock expenditures, net   19,114    16,773 
Total Vessels, Deferred Drydock and Other Property   1,339,756    1,347,568 
Investments in and advances to affiliated companies   267,518    268,322 
Long-term derivative asset   104    704 
Operating lease right-of-use assets   30,570    - 
Other assets   2,996    5,056 
Total Assets  $1,891,070   $1,848,601 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $33,234   $23,008 
Current portion of operating lease liabilities   8,348    - 
Current installments of long-term debt   57,680    51,555 
Current portion of derivative liability   1,188    707 
Total Current Liabilities   100,450    75,270 
Long-term operating lease liabilities   19,512    - 
Long-term debt   747,955    759,112 
Long-term derivative liability   2,862    1,922 
Other liabilities   2,304    2,442 
Total Liabilities   873,083    838,746 
           
Equity:          
Total Equity   1,017,987    1,009,855 
Total Liabilities and Equity  $1,891,070   $1,848,601 

 

On January 1, 2019, the Company adopted the provisions of ASU 2016-02, Leases (ASC 842), using the modified retrospective transition approach. Accordingly, the condensed consolidated balance sheet as of March 31, 2019 reflects right of use assets of $30,570 and corresponding lease liabilities aggregating $27,860. The adoption of this new standard did not have an impact on our lease expenses for the three months ended March 31, 2019.

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Consolidated Statements of Cash Flows        
($ in thousands)        
   Three Months Ended March 31, 
   2019   2018 
   (Unaudited)   (Unaudited) 
Cash Flows from Operating Activities:          
Net Income/(loss)  $10,897   $(29,316)
Items included in net income/(loss) not affecting cash flows:          
Depreciation and amortization   18,929    17,624 
Amortization of debt discount and other deferred financing costs   1,765    1,250 
Stock compensation, non-cash   761    629 
Earnings of affiliated companies   (8,452)   (8,425)
Other – net   36    - 
Items included in net income/(loss) related to investing and financing activities:          
(Gain)/loss on disposal of vessels and other property, net   (48)   6,573 
Cash distributions from affiliated companies   2,050    6,212 
Payments for drydocking   (4,438)   (1,249)
Insurance claims proceeds related to vessel operations   555    1,061 
Changes in operating assets and liabilities   1,936    1,187 
Net cash provided by/(used in) operating activities   23,991    (4,454)
Cash Flows from Investing Activities:          
Expenditures for vessels and vessel improvements   (2,962)   (1,911)
Proceeds from disposal of vessels and other property, net   (82)   57,430 
Expenditures for other property   (208)   (126)
Investments in and advances to affiliated companies, net   478    869 
Repayments of advances from affiliated companies   5,450    2,488 
   Net cash provided by/(used in) investing activities   2,676    58,750 
Cash Flows from Financing Activities:          
Payments on debt   (6,764)   (33,438)
Cash paid to tax authority upon vesting of stock-based compensation   (149)   (278)
Other – net   (243)   - 
   Net cash used in financing activities   (7,156)   (33,716)
Net increase in cash, cash equivalents and restricted cash   19,511    20,580 
Cash, cash equivalents and restricted cash at beginning of year   117,644    70,606 
Cash, cash equivalents and restricted cash at end of period  $137,155   $91,186 

 

 

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Spot and Fixed TCE Rates Achieved and Revenue Days

 

The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2019 and the comparable period of 2018. Revenue days in the quarter ended March 31, 2019 totaled 3,548 compared with 4,066 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions averaging approximately $617 and $571 per day for the three months ended March 31, 2019 and 2018, respectively.

 

   Three Months Ended March 31, 2019   Three Months Ended March 31, 2018 
   Spot   Fixed   Total   Spot   Fixed   Total 
Crude Tankers                              
ULCC                              
Average TCE Rate  $-   $-        $-   $-      
Number of Revenue Days   -    -    -    90    -    90 
VLCC                              
Average TCE Rate  $31,993   $-        $12,926   $13,085      
Number of Revenue Days   1,134    -    1,134    617    89    706 
Suezmax                              
Average TCE Rate  $28,935   $-        $14,927   $-      
Number of Revenue Days   180    -    180    180    -    180 
Aframax                              
Average TCE Rate  $20,905   $-        $9,955   $-      
Number of Revenue Days   398    -    398    554    -    554 
Panamax                              
Average TCE Rate  $17,558   $12,313        $12,691   $11,562      
Number of Revenue Days   73    445    518    180    537    717 
Total Crude Tankers Revenue Days   1,785    445    2,230    1,621    626    2,247 
                               
Product Carriers                              
LR2                              
Average TCE Rate  $22,090   $-        $13,911   $-      
Number of Revenue Days   90    -    90    90    -    90 
LR1                              
Average TCE Rate  $24,017   $-        $11,639   $-      
Number of Revenue Days   339    -    339    354    -    354 
MR                              
Average TCE Rate  $13,462   $-        $11,235   $5,294      
Number of Revenue Days   889    -    889    1,285    90    1,375 
Total Product Carriers Revenue Days   1,318    -    1,318    1,729    90    1,819 
Total Revenue Days   3,103    445    3,548    3,350    716    4,066 

 

Revenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.

 

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Fleet Information

 

As of March 31, 2019, INSW’s owned and operated 48 vessels, 36 of which were owned, 6 of which were chartered in, and 6 were held through joint venture partnerships (2 FSO and 4 LNG vessels)

 

   Vessels Owned   Vessels Chartered-in   Total at March 31, 2019 
Vessel Type  Number   Weighted by
Ownership
   Number   Weighted by
Ownership
   Total
Vessels
   Vessels Weighted by Ownership   Total Dwt 
Operating Fleet                                   
FSO   2    1.0    -    -    2    1.0    864,046 
VLCC   13    13.0    -    -    13    13.0    3,950,110 
Suezmax   2    2.0    -    -    2    2.0    316,864 
Aframax   3    3.0    2    2.0    5    5.0    562,943 
Panamax   7    7.0    -    -    7    7.0    487,490 
Crude Tankers   27    26.0    2    2.0    29    28.0    6,181,453 
                                    
LR2   1    1.00    -    -    1    1.0    109,999 
LR1   4    4.00    -    -    4    4.0    297,710 
MR   6    6.00    4    4.0    10    10.0    498,471 
Product Carriers   11    11.00    4    4.0    15    15.0    906,180 
                                    
Total Crude Tanker & Product Carrier Operating Fleet   38    37.0    6    6.0    44    43.0    7,087,633 
LNG Fleet   4    2.0    -    -    4    2.0    864,800 cbm 
                                  7,087,633 
                                  and 
Total Operating Fleet   42    39.0    6    6.0    48    45.0    864,800 cbm 

 

Reconciliation to Non-GAAP Financial Information

 

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

 

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(A) Time Charter Equivalent (TCE) Revenues

 

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

         
   Three Months Ended March 31, 
($ in thousands)  2019   2018 
Time charter equivalent revenues  $94,029   $48,801 
Add: Voyage expenses   7,845    3,177 
Shipping revenues  $101,874   $51,978 

 

 

(B) EBITDA and Adjusted EBITDA

 

EBITDA represents net (loss)/income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:

         
   Three Months Ended March 31, 
($ in thousands)  2019   2018 
Net income/(loss)  $10,897   $(29,316)
Income tax provision   -    8 
Interest expense   17,533    11,621 
Depreciation and amortization   18,929    17,624 
EBITDA   47,359    (63)
Third-party debt modification fees and costs          
  associated with repurchase of debt   30    - 
(Gain(/loss on disposal of vessels and other property   (48)   6,573 
Adjusted EBITDA  $47,341   $6,510 

 

  9

 

 

(C) Total Cash

 

         
   March 31,   December 31, 
($ in thousands)  2019   2018 
Cash and cash equivalents  $79,537   $58,313 
Restricted cash   57,618    59,331 
Total Cash  $137,155   $117,644 

 

 

 

 

 

 

 

 

 

 

 

 

  10

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