|
Delaware
|
001-08174
|
|
95-0693330
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
|
|
|
|
|
200 Sandpointe Avenue, Suite 700, Santa Ana, California
|
|
92707-5759
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
¨
|
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))
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $.01 par value per share
|
|
DCO
|
|
New York Stock Exchange
|
|
|
|
Emerging growth company
|
|
¨
|
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.
|
|
¨
|
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d) Exhibits
|
|
Exhibit No.
|
Exhibit Title or Description
|
|
|
DUCOMMUN INCORPORATED
(Registrant)
|
|
Date: October 30, 2019
|
|
By:
|
/s/ Christopher D. Wampler
|
|
|
|
Christopher D. Wampler
|
|
|
|
Vice President, Interim Chief Financial Officer and Treasurer, and Controller and Chief Accounting Officer
|
•
|
Revenue increased 13.3% year-over-year to $181.1 million
|
•
|
Net income of $8.3 million, or $0.70 per diluted share
|
•
|
Gross margin increased 170 basis points year-over-year to 21.2%
|
•
|
Operating margin increased 380 basis points year-over-year to 8.1%
|
•
|
Adjusted EBITDA increased 30.8% year-over-year to $23.6 million
|
•
|
Acquired Nobles Worldwide, Inc. (“Nobles”) subsequent to quarter end
|
•
|
$12.6 million higher revenue in the Company’s commercial aerospace end-use markets due to additional content and higher build rates on large aircraft platforms; and
|
•
|
$9.0 million higher revenue in the Company’s military and space end-use markets due to higher build rates on other military and space platforms and various missile platforms.
|
•
|
$5.0 million higher revenue within the Company’s military and space end-use markets due to higher build rates on other military and space platforms and various missile platforms, partially offset by lower military rotary-wing aircraft due to timing of orders; and
|
•
|
$0.2 million higher revenue within the Company’s commercial aerospace end-use markets.
|
•
|
$12.4 million higher revenue within the Company’s commercial aerospace end-use markets due to additional content and higher build rates on large aircraft platforms; and
|
•
|
$4.0 million higher revenue within the Company’s military and space end-use markets due to higher build rates on military rotary-wing aircraft platforms and various missile platforms.
|
Christopher D. Wampler, Vice President, Interim Chief Financial Officer and Treasurer, and Controller and Chief Accounting Officer, 657.335.3665
|
||||||
Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com
|
|
|
September 28,
2019 |
|
December 31,
2018 |
||||
Assets
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
6,381
|
|
|
$
|
10,263
|
|
Restricted cash
|
|
361
|
|
|
—
|
|
||
Accounts receivable, net
|
|
77,002
|
|
|
67,819
|
|
||
Contract assets
|
|
102,475
|
|
|
86,665
|
|
||
Inventories
|
|
109,848
|
|
|
101,125
|
|
||
Production cost of contracts
|
|
10,704
|
|
|
11,679
|
|
||
Other current assets
|
|
5,947
|
|
|
6,531
|
|
||
Total Current Assets
|
|
312,718
|
|
|
284,082
|
|
||
Property and equipment, Net
|
|
112,597
|
|
|
107,045
|
|
||
Operating lease right-of-use assets
|
|
18,602
|
|
|
—
|
|
||
Goodwill
|
|
136,057
|
|
|
136,057
|
|
||
Intangibles, net
|
|
103,977
|
|
|
112,092
|
|
||
Non-current deferred income taxes
|
|
313
|
|
|
308
|
|
||
Other assets
|
|
5,290
|
|
|
5,155
|
|
||
Total Assets
|
|
$
|
689,554
|
|
|
$
|
644,739
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
78,310
|
|
|
$
|
69,274
|
|
Contract liabilities
|
|
11,850
|
|
|
17,145
|
|
||
Accrued and other liabilities
|
|
37,701
|
|
|
37,786
|
|
||
Operating lease liabilities
|
|
2,915
|
|
|
—
|
|
||
Current portion of long-term debt
|
|
2,281
|
|
|
2,330
|
|
||
Total Current Liabilities
|
|
133,057
|
|
|
126,535
|
|
||
Long-term debt
|
|
222,600
|
|
|
228,868
|
|
||
Non-current operating lease liabilities
|
|
17,156
|
|
|
—
|
|
||
Non-current deferred income taxes
|
|
18,107
|
|
|
18,070
|
|
||
Other long-term liabilities
|
|
14,855
|
|
|
14,441
|
|
||
Total Liabilities
|
|
405,775
|
|
|
387,914
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
||||
Common stock
|
|
116
|
|
|
114
|
|
||
Additional paid-in capital
|
|
86,828
|
|
|
83,712
|
|
||
Retained earnings
|
|
203,682
|
|
|
180,356
|
|
||
Accumulated other comprehensive loss
|
|
(6,847
|
)
|
|
(7,357
|
)
|
||
Total Shareholders’ Equity
|
|
283,779
|
|
|
256,825
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
689,554
|
|
|
$
|
644,739
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 28,
2019 |
|
September 29,
2018 |
|
September 28,
2019 |
|
September 29,
2018 |
||||||||
Net Revenues
|
|
$
|
181,101
|
|
|
$
|
159,842
|
|
|
$
|
534,162
|
|
|
$
|
465,124
|
|
Cost of Sales
|
|
142,774
|
|
|
128,726
|
|
|
422,076
|
|
|
375,225
|
|
||||
Gross Profit
|
|
38,327
|
|
|
31,116
|
|
|
112,086
|
|
|
89,899
|
|
||||
Selling, General and Administrative Expenses
|
|
23,724
|
|
|
20,956
|
|
|
71,031
|
|
|
61,476
|
|
||||
Restructuring Charges
|
|
—
|
|
|
3,373
|
|
|
—
|
|
|
10,784
|
|
||||
Operating Income
|
|
14,603
|
|
|
6,787
|
|
|
41,055
|
|
|
17,639
|
|
||||
Interest Expense
|
|
(4,363
|
)
|
|
(2,497
|
)
|
|
(13,140
|
)
|
|
(9,159
|
)
|
||||
Income Before Taxes
|
|
10,240
|
|
|
4,290
|
|
|
27,915
|
|
|
8,480
|
|
||||
Income Tax Expense
|
|
1,937
|
|
|
119
|
|
|
4,325
|
|
|
118
|
|
||||
Net Income
|
|
$
|
8,303
|
|
|
$
|
4,171
|
|
|
$
|
23,590
|
|
|
$
|
8,362
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
|
$
|
0.72
|
|
|
$
|
0.37
|
|
|
$
|
2.05
|
|
|
$
|
0.73
|
|
Diluted earnings per share
|
|
$
|
0.70
|
|
|
$
|
0.36
|
|
|
$
|
2.00
|
|
|
$
|
0.72
|
|
Weighted-Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
11,551
|
|
|
11,404
|
|
|
11,501
|
|
|
11,382
|
|
||||
Diluted
|
|
11,794
|
|
|
11,683
|
|
|
11,784
|
|
|
11,639
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Gross Profit %
|
|
21.2
|
%
|
|
19.5
|
%
|
|
21.0
|
%
|
|
19.3
|
%
|
||||
SG&A %
|
|
13.1
|
%
|
|
13.1
|
%
|
|
13.3
|
%
|
|
13.2
|
%
|
||||
Operating Income %
|
|
8.1
|
%
|
|
4.3
|
%
|
|
7.7
|
%
|
|
3.8
|
%
|
||||
Net Income %
|
|
4.6
|
%
|
|
2.6
|
%
|
|
4.4
|
%
|
|
1.8
|
%
|
||||
Effective Tax Rate
|
|
18.9
|
%
|
|
2.8
|
%
|
|
15.5
|
%
|
|
1.4
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||
|
|
%
Change
|
|
September 28,
2019 |
|
September 29,
2018 |
|
%
of Net Revenues
2019
|
|
%
of Net Revenues
2018
|
|
%
Change
|
|
September 28,
2019 |
|
September 29,
2018 |
|
%
of Net Revenues
2019
|
|
%
of Net Revenues
2018
|
||||||||||||||
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electronic Systems
|
|
5.7
|
%
|
|
$
|
90,588
|
|
|
$
|
85,696
|
|
|
50.0
|
%
|
|
53.6
|
%
|
|
4.5
|
%
|
|
$
|
264,045
|
|
|
$
|
252,606
|
|
|
49.4
|
%
|
|
54.3
|
%
|
Structural Systems
|
|
22.1
|
%
|
|
90,513
|
|
|
74,146
|
|
|
50.0
|
%
|
|
46.4
|
%
|
|
27.1
|
%
|
|
270,117
|
|
|
212,518
|
|
|
50.6
|
%
|
|
45.7
|
%
|
||||
Total Net Revenues
|
|
13.3
|
%
|
|
$
|
181,101
|
|
|
$
|
159,842
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
14.8
|
%
|
|
$
|
534,162
|
|
|
$
|
465,124
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Segment Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electronic Systems
|
|
|
|
$
|
9,657
|
|
|
$
|
9,050
|
|
|
10.7
|
%
|
|
10.6
|
%
|
|
|
|
$
|
28,750
|
|
|
$
|
23,463
|
|
|
10.9
|
%
|
|
9.3
|
%
|
||
Structural Systems
|
|
|
|
12,877
|
|
|
3,963
|
|
|
14.2
|
%
|
|
5.3
|
%
|
|
|
|
35,199
|
|
|
13,380
|
|
|
13.0
|
%
|
|
6.3
|
%
|
||||||
|
|
|
|
22,534
|
|
|
13,013
|
|
|
|
|
|
|
|
|
63,949
|
|
|
36,843
|
|
|
|
|
|
||||||||||
Corporate General and Administrative Expenses(1)
|
|
|
|
(7,931
|
)
|
|
(6,226
|
)
|
|
(4.4
|
)%
|
|
(3.9
|
)%
|
|
|
|
(22,894
|
)
|
|
(19,204
|
)
|
|
(4.3
|
)%
|
|
(4.1
|
)%
|
||||||
Total Operating Income
|
|
|
|
$
|
14,603
|
|
|
$
|
6,787
|
|
|
8.1
|
%
|
|
4.3
|
%
|
|
|
|
$
|
41,055
|
|
|
$
|
17,639
|
|
|
7.7
|
%
|
|
3.8
|
%
|
||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electronic Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income
|
|
|
|
$
|
9,657
|
|
|
$
|
9,050
|
|
|
|
|
|
|
|
|
$
|
28,750
|
|
|
$
|
23,463
|
|
|
|
|
|
||||||
Depreciation and Amortization
|
|
|
|
3,569
|
|
|
3,707
|
|
|
|
|
|
|
|
|
10,602
|
|
|
11,022
|
|
|
|
|
|
||||||||||
Restructuring Charges
|
|
|
|
—
|
|
|
1,150
|
|
|
|
|
|
|
|
|
—
|
|
|
2,406
|
|
|
|
|
|
||||||||||
|
|
|
|
13,226
|
|
|
13,907
|
|
|
14.6
|
%
|
|
16.2
|
%
|
|
|
|
39,352
|
|
|
36,891
|
|
|
14.9
|
%
|
|
14.6
|
%
|
||||||
Structural Systems
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income
|
|
|
|
12,877
|
|
|
3,963
|
|
|
|
|
|
|
|
|
35,199
|
|
|
13,380
|
|
|
|
|
|
||||||||||
Depreciation and Amortization
|
|
|
|
3,350
|
|
|
2,576
|
|
|
|
|
|
|
|
|
9,750
|
|
|
7,510
|
|
|
|
|
|
||||||||||
Restructuring Charges
|
|
|
|
—
|
|
|
1,612
|
|
|
|
|
|
|
|
|
—
|
|
|
6,748
|
|
|
|
|
|
||||||||||
Inventory Purchase Accounting Adjustments
|
|
|
|
—
|
|
|
293
|
|
|
|
|
|
|
|
|
—
|
|
|
622
|
|
|
|
|
|
||||||||||
|
|
|
|
16,227
|
|
|
8,444
|
|
|
17.9
|
%
|
|
11.4
|
%
|
|
|
|
44,949
|
|
|
28,260
|
|
|
16.6
|
%
|
|
13.3
|
%
|
||||||
Corporate General and Administrative Expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating loss
|
|
|
|
(7,931
|
)
|
|
(6,226
|
)
|
|
|
|
|
|
|
|
(22,894
|
)
|
|
(19,204
|
)
|
|
|
|
|
||||||||||
Depreciation and Amortization
|
|
|
|
73
|
|
|
37
|
|
|
|
|
|
|
|
|
399
|
|
|
103
|
|
|
|
|
|
||||||||||
Stock-Based Compensation Expense
|
|
|
|
2,051
|
|
|
1,299
|
|
|
|
|
|
|
|
|
5,322
|
|
|
3,414
|
|
|
|
|
|
||||||||||
Restructuring Charges
|
|
|
|
—
|
|
|
611
|
|
|
|
|
|
|
|
|
—
|
|
|
1,798
|
|
|
|
|
|
||||||||||
|
|
|
|
(5,807
|
)
|
|
(4,279
|
)
|
|
|
|
|
|
|
|
(17,173
|
)
|
|
(13,889
|
)
|
|
|
|
|
||||||||||
Adjusted EBITDA
|
|
|
|
$
|
23,646
|
|
|
$
|
18,072
|
|
|
13.1
|
%
|
|
11.3
|
%
|
|
|
|
$
|
67,128
|
|
|
$
|
51,262
|
|
|
12.6
|
%
|
|
11.0
|
%
|
||
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electronic Systems
|
|
|
|
$
|
1,768
|
|
|
$
|
879
|
|
|
|
|
|
|
|
|
$
|
4,820
|
|
|
$
|
5,091
|
|
|
|
|
|
||||||
Structural Systems
|
|
|
|
2,747
|
|
|
3,935
|
|
|
|
|
|
|
|
|
10,108
|
|
|
6,565
|
|
|
|
|
|
||||||||||
Corporate Administration
|
|
|
|
—
|
|
|
185
|
|
|
|
|
|
|
|
|
—
|
|
|
375
|
|
|
|
|
|
||||||||||
Total Capital Expenditures
|
|
|
|
$
|
4,515
|
|
|
$
|
4,999
|
|
|
|
|
|
|
|
|
$
|
14,928
|
|
|
$
|
12,031
|
|
|
|
|
|
(1)
|
Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||
GAAP To Non-GAAP Operating Income
|
|
September 28,
2019 |
|
September 29,
2018 |
|
%
of Net Revenues
2019
|
|
%
of Net Revenues
2018
|
|
September 28,
2019 |
|
September 29,
2018 |
|
%
of Net Revenues
2019
|
|
%
of Net Revenues
2018
|
||||||||||||
GAAP Operating income
|
|
$
|
14,603
|
|
|
$
|
6,787
|
|
|
|
|
|
|
$
|
41,055
|
|
|
$
|
17,639
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP Operating income - Electronic Systems
|
|
$
|
9,657
|
|
|
$
|
9,050
|
|
|
|
|
|
|
$
|
28,750
|
|
|
$
|
23,463
|
|
|
|
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges
|
|
—
|
|
|
1,150
|
|
|
|
|
|
|
—
|
|
|
2,406
|
|
|
|
|
|
||||||||
Adjusted operating income - Electronic Systems
|
|
9,657
|
|
|
10,200
|
|
|
10.7
|
%
|
|
11.9
|
%
|
|
28,750
|
|
|
25,869
|
|
|
10.9
|
%
|
|
10.2
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP Operating income - Structural Systems
|
|
12,877
|
|
|
3,963
|
|
|
|
|
|
|
35,199
|
|
|
13,380
|
|
|
|
|
|
||||||||
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges
|
|
—
|
|
|
1,612
|
|
|
|
|
|
|
|
—
|
|
|
6,748
|
|
|
|
|
|
|||||||
Inventory purchase accounting adjustments
|
|
—
|
|
|
293
|
|
|
|
|
|
|
—
|
|
|
622
|
|
|
|
|
|
||||||||
Adjusted operating income - Structural Systems
|
|
12,877
|
|
|
5,868
|
|
|
14.2
|
%
|
|
7.9
|
%
|
|
35,199
|
|
|
20,750
|
|
|
13.0
|
%
|
|
9.8
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP Operating loss - Corporate
|
|
(7,931
|
)
|
|
(6,226
|
)
|
|
|
|
|
|
(22,894
|
)
|
|
(19,204
|
)
|
|
|
|
|
||||||||
Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring charges
|
|
—
|
|
|
611
|
|
|
|
|
|
|
—
|
|
|
1,798
|
|
|
|
|
|
||||||||
Adjusted operating loss - Corporate
|
|
(7,931
|
)
|
|
(5,615
|
)
|
|
|
|
|
|
(22,894
|
)
|
|
(17,406
|
)
|
|
|
|
|
||||||||
Total adjustments
|
|
—
|
|
|
3,666
|
|
|
|
|
|
|
|
|
—
|
|
|
11,574
|
|
|
|
|
|
||||||
Adjusted operating income
|
|
$
|
14,603
|
|
|
$
|
10,453
|
|
|
8.1
|
%
|
|
6.5
|
%
|
|
$
|
41,055
|
|
|
$
|
29,213
|
|
|
7.7
|
%
|
|
6.3
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
GAAP To Non-GAAP Earnings
|
|
September 28,
2019 |
|
September 29,
2018 |
|
September 28,
2019 |
|
September 29,
2018 |
||||||||
GAAP Net income
|
|
$
|
8,303
|
|
|
$
|
4,171
|
|
|
$
|
23,590
|
|
|
$
|
8,362
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Restructuring charges (1)
|
|
—
|
|
|
2,800
|
|
|
—
|
|
|
9,090
|
|
||||
Inventory purchase accounting adjustments (1)
|
|
—
|
|
|
243
|
|
|
—
|
|
|
516
|
|
||||
Total adjustments
|
|
—
|
|
|
3,043
|
|
|
—
|
|
|
9,606
|
|
||||
Adjusted net income
|
|
$
|
8,303
|
|
|
$
|
7,214
|
|
|
$
|
23,590
|
|
|
$
|
17,968
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
GAAP Earnings Per Share To Non-GAAP Earnings Per Share
|
|
September 28,
2019 |
|
September 29,
2018 |
|
September 28,
2019 |
|
September 29,
2018 |
||||||||
GAAP Diluted earnings per share (“EPS”)
|
|
$
|
0.70
|
|
|
$
|
0.36
|
|
|
$
|
2.00
|
|
|
$
|
0.72
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Restructuring charges (1)
|
|
—
|
|
|
0.24
|
|
|
—
|
|
|
0.78
|
|
||||
Inventory purchase accounting adjustments (1)
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.04
|
|
||||
Total adjustments
|
|
—
|
|
|
0.26
|
|
|
—
|
|
|
0.82
|
|
||||
Adjusted diluted EPS
|
|
$
|
0.70
|
|
|
$
|
0.62
|
|
|
$
|
2.00
|
|
|
$
|
1.54
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used for adjusted diluted EPS
|
|
11,794
|
|
|
11,683
|
|
|
11,784
|
|
|
11,639
|
|
(1)
|
Includes effective tax rate of 17.0% for 2018 adjustments.
|
|
|
(In thousands)
|
||||||
|
|
September 28,
2019 |
|
December 31,
2018 |
||||
Consolidated Ducommun
|
|
|
|
|
||||
Military and space
|
|
$
|
372,492
|
|
|
$
|
339,443
|
|
Commercial aerospace
|
|
429,368
|
|
|
487,232
|
|
||
Industrial
|
|
33,314
|
|
|
37,774
|
|
||
Total
|
|
$
|
835,174
|
|
|
$
|
864,449
|
|
Electronic Systems
|
|
|
|
|
||||
Military and space
|
|
$
|
255,769
|
|
|
$
|
241,196
|
|
Commercial aerospace
|
|
68,100
|
|
|
48,032
|
|
||
Industrial
|
|
33,314
|
|
|
37,774
|
|
||
Total
|
|
$
|
357,183
|
|
|
$
|
327,002
|
|
Structural Systems
|
|
|
|
|
||||
Military and space
|
|
$
|
116,723
|
|
|
$
|
98,247
|
|
Commercial aerospace
|
|
361,268
|
|
|
439,200
|
|
||
Total
|
|
$
|
477,991
|
|
|
$
|
537,447
|
|