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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Horizon Tech. | HOR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 92.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 92.50 | 92.50 |
| Top Posts |
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Posted at 02/9/2004 07:02 by blackbear Hehe thanx denpotResult's look stunning , yet another 29% earning's growth in just 6 month's RNS Number:5183C Horizon Technology Group PLC 02 September 2004 Horizon Technology Group plc Dublin: HOR.I London: HOR.L ADR OTC:HZNTY Interim Results for the six months to 30 June 2004 First Half EPS growth of 29% 2 September 2004, London and Dublin Horizon Technology Group plc, a leading system integrator and distributor of information technology products in the UK and Ireland, announces its interim results for the six months to 30 June 2004. Financial & Operational Highlights * Turnover growth of 17.3% driven by market share gains in the UK and Ireland. * First-half operating profit increased 31.6% year-on-year to Euro3.3 million, representing the fifth consecutive increase in half-yearly operating profit. * Adjusted diluted earnings per share increased 29% to 4.29 cent. * Over the last five half-years, operating profit and adjusted diluted EPS have increased by a compounded half-yearly 22.5% and 35.8% respectively. * Net asset value per share increased 26% year on year. * Continuing focus on productivity and efficiency has increased turnover per head by 20% to over Euro1.5 million. Commenting on the 2004 first half results, Samir Naji, Horizon's Chairman said: "Horizon's turnover growth, at 17.3%, was significantly ahead of the broader market. Sustainable efficiency and productivity gains are driving growth in market share and delivering superior financial performance. Active management of these factors translates to a 28.8% growth in adjusted diluted EPS during the period in review. Horizon's unique combination of leading market positions, proven relationships with blue-chip customers and leading IT vendors, a solid financial base, cost leadership and a strong management team continue to provide us with the capacity to deliver superior financial performance." Cathal O'Caoimh, Horizon's Chief Financial Officer also commented: "These results reflect our ability to deliver consistency, performance and growth. Our focus on operational efficiency and cost containment has translated a 9.7% increase in gross profit into a 31.6% increase in EBIT. Our competitive advantages and operational gearing have enabled the group to increase earnings at a faster rate than growth in revenue. We are well positioned to continue to deliver growth in shareholder value ahead of the market." ABOUT HORIZON Horizon Technology Group plc is a leading technical integrator and distributor of information technology products in the UK and Ireland. Providing enabling technologies and services, Horizon assists organisations in maximising the business benefits from their information technology investment, while minimising disruption and risk. The group partners with world-leading hardware manufacturers, independent software vendors, system integrators and value-added resellers to deliver complete turnkey solutions to the customer. Horizon operates through two trading divisions - Enterprise Solutions and Distribution and Channel Services. Enterprise Solutions: This division assists customers with the implementation of their IT strategies through the provision of infrastructure, application development, implementation consulting and training services. Its customer base consists primarily of blue-chip corporations and government departments in the UK and Ireland. Distribution and Channel Services: Horizon is the leading value-added distributor of computer and networking products in Ireland, offering leading edge supply chain management and technical services to global technology vendors and value-added resellers. Founded in 1988, Horizon has offices in Dublin, Lisburn, Cork and Manchester. Annualised turnover exceeds Euro300 million. For more information about Horizon, visit www.horizon.ie Investor, analyst and media enquiries: Mark Kenny K Capital Source Tel: +353-1- 631 5500 Email: mkenny@kcapitalsourc Paul McSharry/Joe Doyle Financial Dynamics Ireland Tel: +353-1-663 3600 Email: paulmc@fdireland.ie RESULTS OVERVIEW Horizon Technology Group plc's interim results reflect the group's ability to deliver consistency, performance and growth. Significant operational progress was achieved in each division. Turnover increased by 17.3%, while EBIT increased by 31.6% and diluted adjusted EPS increased 28.8%. Half-yearly operating profit increased for the fifth consecutive time, reflecting the consistency of the group's performance. Over the last five half-years, operating profit and diluted adjusted EPS have increased by a compounded half-yearly 22.5% and 35.8% respectively. In the first half of 2004, the IT markets in the UK and Ireland experienced the initial stages of a measured recovery, in line with the board's expectation. Industry unit volumes grew at rates of 15% to 20% but continued unit price depreciation, albeit at a lower rate than in 2003, limited industry turnover growth to approximately 5%. Against that backdrop, Horizon's turnover, at Euro150.8 million, increased 17.3% year-on-year. Horizon's above average turnover growth was a direct result of continued market share gains in all of the group's key areas of operation. The Enterprise Solutions division's turnover grew by 16.4% while turnover in the Distribution and Channel Services division grew by 18.5%. The group's strategy has been to compete aggressively on price and service in order to increase market share and earnings. This top and bottom line strategy has resulted in a contraction in gross profit margin from 11.6% in the first half of 2003 to 10.9% in the first half of 2004. However, strong turnover growth and a focus on efficiency have delivered an increase in gross profit. First half gross profit, at Euro16.4 million, is up 9.7% on the first half of 2003 and up 15.9% on the second half of 2003. The group, through increased efficiencies and reduced costs, continues to deliver on its stated objective of increasing earnings, independent of turnover growth. The group translated a 9.7% increase in gross profit into a 31.6% increase in EBIT. As a percentage of turnover, EBIT has increased from 2.0% to 2.2%, and annualised turnover per employee increased by 20% to over Euro1.5 million. This financial performance reflects Horizon's competitive advantages - leading market positions, cost leadership and efficient processes, a strong financial position and proven relationships with blue-chip customers and global IT vendors. The following market share gains have been achieved during the first half: * The group's UK enterprise infrastructure and services operation increased its market share following a number of large ticket implementations. Horizon is now one of Sun Microsystems' largest partners in the combined area of the UK and Ireland. * In Ireland, the group's enterprise applications and services operation has built on its market-leading position and delivered strong growth. Horizon achieved a number of large project wins in the telecommunications and finance sectors, including projects in O2, Hibernian Insurance and IIB. * The group's distribution and channel services operation in Ireland increased its market share with unit shipment growth of over 30% - in a market which delivered 20% unit growth. This division has added another of Ireland's largest resellers to its client base and Horizon is now the primary HP source to eight of the ten largest Irish resellers. The following table sets out a summary of the profit and loss account for the six months to June 2004 and a comparison with the two previous six-month periods. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 150,800 121,754 128,520 Gross profit 16,363 14,120 14,914 EBITDA 4,665 3,946 3,924 EBIT 3,326 2,583 2,527 Retained profit 2,107 151 148 EPS (Diluted adjusted - Euro cent) 4.29 3.78 3.33 The group continued its focus on cost control and efficiency gains during this period. Average headcount in the six months to June 2004 was 198, broadly unchanged from 2003. This figure is skewed by an increase in revenue generating technical consultants offset by a reduction in back office headcount. Consultant utilisation rates inclusive of new headcount remain very high at around 90%. The group's cash flow and financial position remains strong. Net asset value per share increased 26%, year on year. However, an Euro11.8 million net cash outflow from operating activities led to net debt of Euro8.1 million at the period end. This compares to net cash balances of Euro4.4 million at the end of 2003. This step change arises as a result of a reduction in supplier credit terms - creditors' days were reduced from 70 to 56 days over the six months while the group trimmed stock days and debtors' days marginally. Horizon retains significant financial capacity with unused credit facilities at 30 June of approximately Euro25 million. Horizon's net debt is well within comfortable levels representing less than one times annualised EBITDA and a debt/ equity ratio of 32 / 68. Interest cover, at 7.7 times, improved from 7.2 times in the first half of 2003. As in prior years, the interim taxation charge is an estimate based on the current expected full year tax rate. The group has successfully reduced the future lease obligations for properties that lay vacant after the restructuring process. Since January, Horizon has entered into three sub-let agreements and surrendered three leases. The directors have re-assessed the balance sheet provisions for future rental and associated payments and concluded that, at Euro4.7 million, the level of provision is adequate. OUTLOOK In the first half of 2004, the IT markets in the UK and Ireland experienced the initial stages of a measured recovery. The board anticipates that this measured recovery will continue. Unit volumes and services delivered will continue to grow but, as a result of unit price performance improvements, industry turnover growth will be measured. Horizon has continued to deliver consistent superior performance and sustained earnings growth. It has continued to increase its market penetration and leverage its competitive advantage and cost efficiencies to deliver significant earnings growth. Horizon's medium-term objective is to sustain the recent pace of earnings growth. The group's strategy is to continue to drive its competitive advantages to grow revenue and to utilise its operational gearing to increase earnings at a faster rate than turnover growth. Horizon is well positioned to convert market share gains and any further upturn in market demand into superior returns for its shareholders. Samir Naji Chairman 1 September 2004 OPERATING REVIEW for the six months to 30 June 2004 DIVISIONAL ANALYSIS The group operates through two separate trading divisions - Enterprise Solutions division and Distribution & Channel Services division. The performance of each division is detailed below. ENTERPRISE SOLUTIONS DIVISION This division assists customers in implementing IT strategies through the provision of IT infrastructure, development and consulting services. Its customer base is predominantly comprised of blue-chip companies. The division includes the Irish and UK-based enterprise infrastructure and services (EIS) businesses and the Irish enterprise application and services (EAS) business. It has a current full time equivalent staff count of 140 employees. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 83,697 67,052 71,896 Gross profit 12,417 10,637 11,451 Gross margin 14.8% 15.9% 15.9% The division's turnover, at Euro83.7 million increased 16.4% on the first half of 2003 and 24.8% on the second half of 2003. All businesses within the division posted turnover growth with the fastest rate of growth occurring in the UK EIS operation. The group competed aggressively on price and service to increase market share. This strategy, combined with a change in the sales mix, resulted in growth in gross profit of 16.7% to Euro12.4 million and a modest decline in gross profit margin from 15.9% to 14.8% year-on-year. Sectors within the group's EIS business that were particularly strong in the half-year included finance, telecommunications and government. Major wins included a 10,000-seat implementation of Linux-based software in AIB Bank and a data centre for the Irish Revenue Commissioners. In the group's Irish EAS business, strong demand for data warehousing projects continued but this growth was surpassed by demand for applications and bespoke development projects. New wins included projects in O2, Hibernian Insurance and IIB. In June, the group announced that it had entered into an agreement with BMC Software to establish a new Business Service Management (BSM) unit within its EAS business. This unit will provide a complete range of BMC Software services including sales, consulting, implementation and support to existing and new BMC Software customers. BSM is a fast-growing segment of the IT market and represents an exciting opportunity for the group. DISTRIBUTION AND CHANNEL SERVICES DIVISION Clarity Distribution is Ireland's leading value-added distributor of computer and IT products. It offers leading edge supply chain management services to resellers and to global technology vendors. This division operates in the Irish market and has a current full time equivalent staff count of 51 employees. Six months to Six months to Six months to 30 June 2004 31 Dec 2003 30 June 2003 Euro'000 Euro'000 Euro'000 Turnover 67,103 54,702 56,624 Gross profit 3,946 3,482 3,463 Gross margin 5.9% 6.4% 6.1% Turnover in the distribution and channel services division increased 18.5% on the first half of 2003 and 22.7% on the second half of 2003. The division used its cost leadership position to increase market share - a strategy that led to growth in gross profit of 13.9% to Euro3.95 million while gross profit margin declined marginally from 6.1% to 5.9%. Industry PC volumes grew approximately 20% year-on-year but the continuing reduction in unit prices, albeit at a lower rate than last year, has restricted growth in total industry turnover. Clarity's unit shipments increased by over 30% reflecting the success of our strategy of competing on both cost leadership and service. As competition within the PC and low-end server market continues to intensify, margins have declined. However, Clarity has a cost leadership position in the Irish IT distribution sector and continues to focus on systems development, as well as on cost control, to maintain its position as the most efficient supply chain operator in the market. Clarity has leveraged its efficiencies to increase its share of the Irish HP distribution market and has added additional re-sellers to its client base during the period. Clarity is now the primary HP supplier to eight of the top ten resellers in Ireland. CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months to Six months to Year ended 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 TURNOVER 2 150,800 128,520 250,274 ________ ________ ________ GROSS PROFIT 2 16,363 14,914 29,034 ________ ________ ________ EARNINGS BEFORE INTEREST, DEPRECIATION AND GOODWILL AMORTISATION (EBITDA) 4,665 3,924 7,870 Depreciation (516) (633) (1,269) Amortisation of intangibles (823) (764) (1,491) ________ ________ ________ OPERATING PROFIT (EBIT) 3,326 2,527 5,110 NON-OPERATING EXCEPTIONAL ITEMS: Disposal and termination of business units - (1,693) (3,426) ________ ________ ________ 3,326 834 1,684 Net interest charge (431) (353) (670) Unwinding of discount factor (162) (164) (328) ________ ________ ________ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,733 317 686 Taxation on profit on ordinary activities (626) (169) (385) ________ ________ ________ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 2,107 148 301 Minority interests (including non-equity minority - - (2) interests) ________ ________ ________ PROFIT RETAINED FOR THE FINANCIAL PERIOD AND 2,107 148 299 ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY ________ ________ ________ Earnings per share: 3 Basic earnings per ordinary shares (cent) 3.00 0.23 0.46 Basic earnings per ordinary shares adjusted* 4.40 1.66 3.25 (cent) Diluted earnings per ordinary shares (cent) 2.93 0.21 0.44 Diluted earnings per ordinary shares adjusted* 4.29 1.52 3.13 (cent) *Earnings per share adjusted for amortisation of intangibles and unwinding of discount factor. GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Profit attributable to members of the parent company 2,107 148 299 Exchange difference on retranslation of net assets (106) (371) (417) of subsidiary undertakings __________ __________ __________ TOTAL RECOGNISED GAINS/(LOSSES) 2,001 (223) (118) RELATING TO THE PERIOD __________ __________ __________ MOVEMENTS ON PROFIT AND LOSS ACCOUNT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 At 1 January 2004 (45,848) (45,690) (45,690) Profit retained for the financial period 2,107 148 299 Re-translation of overseas subsidiaries (net) (106) (371) (417) Redemption of minority interest preference shares - - (40) __________ __________ _________ At 30 June 2004 (43,847) (45,913) (45,848) __________ __________ _________ The profit and loss account is analysed as follows: Parent Company (46,901) (49,304) (47,118) Subsidiary undertakings 6,549 6,886 4,765 Cumulative goodwill previously written off directly (3,495) (3,495) (3,495) against reserves __________ __________ _________ (43,847) (45,913) (45,848) __________ __________ _________ CONSOLIDATED BALANCE SHEET at 30 June 2004 Unaudited Unaudited Audited 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 FIXED ASSETS Intangible assets 8,894 9,271 8,174 Tangible assets 3,714 4,224 3,843 __________ __________ __________ 12,608 13,495 12,017 __________ __________ __________ CURRENT ASSETS Stocks 18,538 15,136 16,130 Debtors 53,268 35,782 40,685 Cash at bank and in hand 11,876 17,786 11,251 __________ __________ __________ 83,682 68,704 68,066 CREDITORS: amounts falling due within 4 (74,349) (61,618) (59,532) one year __________ __________ __________ NET CURRENT ASSETS 9,333 7,086 8,534 __________ __________ __________ TOTAL ASSETS LESS CURRENT LIABILITIES 21,941 20,581 20,551 CREDITORS: amounts falling due after more than 5 (24) (1,263) (62) one year PROVISIONS FOR LIABILITIES AND CHARGES (4,666) (5,687) (5,906) __________ __________ __________ 17,251 13,631 14,583 __________ __________ __________ CAPITAL AND RESERVES Called up share capital 5,023 4,755 5,023 Shares to be issued after period end 1,834 3,085 1,167 Share premium 69,788 67,134 69,788 Profit and loss account (43,847) (45,913) (45,848) Cost of shares of the company held in an ESOP (15,547) (15,547) (15,547) __________ __________ __________ Shareholders' funds (all equity interests) 17,251 13,514 14,583 Minority interests: Non-equity - 117 - __________ __________ __________ 17,251 13,631 14,583 __________ __________ __________ CONSOLIDATED CASH FLOW STATEMENT for the six months to 30 June 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Note Euro'000 Euro'000 Euro'000 CASH (OUTFLOW)/INFLOW FROM OPERATING 6 (11,783) (1,221) 1,394 ACTIVITIES __________ __________ __________ RETURNS ON INVESTMENT AND SERVICING OF FINANCE Net interest paid (425) (334) (625) Dividends paid to minority interests - - (2) Interest element of finance lease rental (7) (31) (57) payments __________ __________ __________ NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS (432) (365) (684) AND SERVICING OF FINANCE __________ __________ __________ TAXATION Irish corporation tax (paid)/refund (313) 66 15 Overseas taxation refund/(paid) 250 - (327) __________ __________ __________ NET CASH (OUTFLOW)/INFLOW FROM TAXATION (63) 66 (312) __________ __________ __________ CAPITAL EXPENDITURE Payments to acquire tangible fixed assets (355) (158) (435) Receipts from sales of tangible fixed assets 3 4 32 __________ __________ __________ NET CASH OUTFLOW FROM INVESTING ACTIVITIES (352) (154) (403) __________ __________ __________ ACQUISITIONS AND DISPOSALS Purchase of subsidiary undertakings (97) (206) (3,495) Sale of subsidiaries 16 (555) 473 Purchase of minority interest - - (157) _________ _________ __________ NET CASH OUTFLOW FROM ACQUISITIONS AND (81) (761) (3,179) DISPOSALS _________ _________ __________ CASH OUTFLOW BEFORE USE OF LIQUID RESOURCES (12,711) (2,435) (3,184) AND FINANCING NET CASH (OUTFLOW)/INFLOW FROM FINANCING 7(c) (61) (237) 2,278 CASH OUTFLOW FROM MANAGEMENT OF LIQUID (404) - - RESOURCES __________ __________ __________ DECREASE IN CASH 7(b) (13,176) (2,672) (906) __________ __________ __________ NOTES TO THE INTERIM FINANCIAL STATEMENTS for the six months to 30 June 2004 1. BASIS OF PREPARATION The interim financial statements for the six months ended 30 June 2004 have been prepared in accordance with the accounting policies set out in the financial statements for the year ended 31 December 2003. The interim financial statements for the six months ended 30 June 2004 are unaudited. The summary financial statements for the year ended 31 December 2003 represent abbreviated versions of the group's full accounts for that period, on which the Auditors issued an unqualified audit report. 2. SEGMENTAL INFORMATION Segmental information in relation to turnover and gross profit is given in the operating review. 3. EARNINGS PER ORDINARY SHARE Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 The computation of basic and diluted earnings per share is set out below: Numerator Profit after tax and minority interests 2,107 148 299 Amortisation of intangibles 823 764 1,491 Unwinding of discount factor 162 164 328 __________ __________ _________ Adjusted profit before amortisation and 3,092 1,076 2,118 unwinding of discount factor __________ __________ _________ Denominator Weighted average number of shares in issue for 70,263 64,815 65,241 the period ('000) Dilutive potential ordinary shares: Deferred consideration - 5,477 1,297 Employee share options 1,746 387 1,053 __________ __________ _________ Diluted weighted average number of ordinary 72,009 70,679 67,591 shares ('000) __________ __________ _________ Earnings per share: Basic earnings per ordinary shares (cent) 3.00 0.23 0.46 Basic earnings per ordinary shares adjusted* 4.40 1.66 3.25 (cent) Diluted earnings per ordinary shares (cent) 2.93 0.21 0.44 Diluted earnings per ordinary shares adjusted* 4.29 1.52 3.13 (cent) *Earnings per share adjusted for amortisation of intangibles and unwinding of discount factor. 4. CREDITORS: amounts falling due within one year 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Trade Creditors 33,196 26,792 37,876 Accruals 17,466 17,701 12,797 PAYE/PRSI 393 (26) (31) VAT 2,176 1,226 1,472 Corporation taxation 1,086 372 529 Overseas taxation 71 404 71 Bank borrowings 19,860 14,983 6,698 Acquisition loan note - 37 - Obligations under finance leases 101 129 120 __________ __________ ___________ 74,349 61,618 59,532 __________ __________ ___________ 5. CREDITORS: amounts falling due after more than one year 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Obligations under finance leases 24 138 62 Other creditors and accruals - 1,125 - __________ __________ ___________ 24 1,263 62 __________ __________ ___________ 6. RECONCILIATION OF OPERATING PROFIT TO NET CASH(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Operating profit 3,326 2,527 5,110 Non-operating exceptional items - (1,693) (3,426) Non-cash exceptional items (1,853) (848) (732) Depreciation and amortisation of 1,339 1,397 2,760 intangibles Loss on disposal of tangible fixed assets 6 2 (8) (Increase)/decrease in debtors (11,939) 4,669 (1,661) (Increase)/decrease in stocks (1,978) 2,439 1,283 Decrease in creditors (684) (9,714) (1,932) ___________ ___________ ___________ Net cash (outflow)/inflow from operating (11,783) (1,221) 1,394 activities ___________ ___________ ___________ 7. ANALYSIS OF NET DEBT AND FINANCING AND RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (a) Analysis of net debt 31 Dec 2003 Translation 30 June 2004 Opening Cashflow Adjustment Closing Euro'000 Euro'000 Euro'000 Euro'000 Cash 11,251 (88) 309 11,472 Overdraft (6,698) (13,088) (74) (19,860) ________ ________ ________ ________ 4,553 (13,176) 235 (8,388) Liquid resources* - 404 - 404 Finance lease (182) 61 (4) (125) obligations ________ ________ ________ ________ 4,371 (12,711) 231 (8,109) ________ ________ ________ ________ * Liquid resources include monies held on deposit, which are pledged as security on lease obligaitons. (b) Reconciliation of net cash flow to movement in net debt Euro'000 Decrease in cash in period (13,176) Cash outflow from decrease in debt and lease financing 61 Cash outflow from increase in liquid resources 404 __________ Change in net debt resulting from cash flows (12,711) Translation adjustment 231 __________ Movement in net debt in the period (12,480) Net cash at 31 December 2003 4,371 __________ Net debt at 30 June 2004 (8,109) __________ (c) Net cash (outflow)/inflow from financing Six months ended Six months ended Year ended 30 June 2004 30 June 2003 31 Dec 2003 Euro'000 Euro'000 Euro'000 Net movements in short term borrowings - (20) (60) Net movements in long term borrowings - (99) (99) Issue of ordinary share capital - - 2,785 Expenses on issue of ordinary share - (8) (150) capital Capital element of finance lease (61) (110) (198) rental payments __________ __________ __________ Net cash (outflow)/inflow from (61) (237) 2,278 financing __________ __________ __________ |
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