Union Acceptance Corporation Announces Results for the Quarter Ended December 31, 2001; Status of Strategic Initiatives Disclosed
INDIANAPOLIS--Jan. 23, 2002--Union Acceptance Corporation ("UAC") today announced financial and operational results for the quarter ended December 31, 2001, including preliminary results of new strategic initiatives designed to reposition the Company by improving operating efficiencies, decreasing expenses, and increasing revenues. These initiatives include: extensive technology upgrades in the collections area, a fee income program aimed at growing fees to become a significant revenue source, and an expense reduction plan targeting a consistent and historically low operating expense ratio.For the quarter ended December 31, 2001, net earnings totaled $0.6 million or $0.02 per diluted share based on 30.9 million weighted average shares outstanding. This compares with $3.8 million or $0.29 per diluted share for the quarter ended December 31, 2000 based on 13.3 million weighted average shares outstanding. Management elected to forego executing a new securitization in the December 2001 quarter, to allow for a larger transaction in the first quarter of 2002, taking advantage of the economies of scale with a larger transaction.
"While this decision was the right economic choice for the Company, it obviously meant reporting a marginally profitable quarter," stated Rick Brown, Chief Financial Officer. "We understood this tradeoff and elected to make the right economic choice for the Company."
Previously, the Company announced a change in fiscal year end from June 30 to December 31. For the six months ended December 31, 2001 the Company reported a net loss of $23.2 million or $0.75 per share, compared with net earnings of $6.8 million or $0.51 per diluted share for the six months ended December 31, 2000. Excluding the charge for the revaluation of retained interest in the quarter ended September 30, 2001, net earnings for the six months ended December 31, 2001, would have totaled $4.8 million or $0.15 per diluted share, compared with $8.1 million or $0.61 per diluted share (excluding a $2.1 million charge for the revaluation of retained interest) for the six months ended December 31, 2000.
"We embraced many operational and technological challenges this quarter, all as part of our mission to transition the Company into a highly profitable and soundly capitalized business," commented Mike Stout, Chairman of the Board of Directors. "I am pleased with the speed at which many of our strategic initiatives have taken hold and believe our shareholders should begin to see the results of our efforts starting in the March 2002 quarter."
Receivable Acquisitions
For the quarter ended December 31, 2001, receivable acquisitions totaled $180.0 million, compared with $489.2 million in the quarter ended December 31, 2000. Early in October, management made a decision to again tighten credit standards given the recessionary economic environment. The result was record credit quality for the December 2001 quarter's acquisitions with the average credit bureau score at a historical high of 699, and the average loan to value ratio at a historical low. In addition, the Company experienced pricing at the high end of historical experience for receivables acquired in the December 2001 quarter, with an average net pricing spread over the hedge rate of 6.48%, an increase from 6.17% for the quarter ended September 30, 2001. Pricing was also well ahead of budgeted levels.
"We purposely allowed volume to fall this quarter as we focused on credit quality and pricing discipline with a view toward the long-term impact on the portfolio," stated Lee Ervin, President and Chief Operating Officer. "Certainly, many of our customers were qualifying for 0% financing offered by the captives in recent months which also impacted our volume. It is our belief, however, that the prudent course of action was to remain disciplined in our credit quality and pricing objectives despite the potential for a reduction in volume. There was ample opportunity during the quarter to maintain volume in our credit grades at the wrong price. We decided to maintain our pricing discipline even though it meant reporting numbers based on a shrinking average servicing portfolio."
Securitization Transactions
The Company did not complete a new securitization transaction during the December 2001 quarter, to allow for a larger transaction during the first quarter of 2002 to maximize efficiencies. However, in October 2001, $60.0 million of receivables were delivered into the 2001-C securitization that closed in September 2001. The Company had previously delivered $270.0 million into the 2001-C securitization in September 2001. This compares with $510.0 million of receivables securitized and delivered in the quarter ended December 31, 2000.
In connection with the $60.0 million of receivables delivered, the Company recognized a gain on sale of $2.1 million for the quarter ended December 31, 2001. This compares with a net gain on sale of $9.9 million (excluding a $2.1 million pre-tax charge for revaluation of retained interest) on $510.0 million of receivables securitized in the quarter ended December 31, 2000.
Fee Income
Origination and funding fees received on receivable acquisitions for the quarter ended December 31, 2001 totaled $0.6 million, compared with $0.3 million for the quarter ended December 31, 2000. This represents a 100% increase in fees received despite a 63% decrease in receivables acquired during the December 2001 quarter. These fees are deferred until the related receivables are sold in a securitization and will be recognized as a component of gain on sale when sold.
Late in the quarter, a fee program for payments made over the phone was launched generating $0.3 million in fee income during the quarter ended December 31, 2001. This combined level of fees is the highest in the Company's history and provides support for management's strategy of growing fee income to become a significant revenue source for the Company.
Operating Expenses
During the December 2001 quarter, management implemented several expense reduction initiatives, aimed at lowering the operating expense ratio through operating efficiencies, improved technology and appropriate staffing levels. A company wide operational review was performed and numerous cost-saving improvements were put into practice. Total staff reductions beginning in October 2001 represented approximately 11% of the Company workforce and are also expected to positively impact the operating expense ratio in the March 2002 quarter.
Operating expenses totaled $14.7 million or 1.94% of the average servicing portfolio for the quarter ended December 31, 2001. This compares with $14.4 million or 1.75% for the quarter ended December 31, 2000. This increase is primarily due to slower receivable acquisition growth resulting in a smaller portfolio. In addition, the Company recognized $0.6 million in executive severance expense during the quarter ended December 31, 2001. Absent this non-recurring item, the operating expense ratio would have been 1.86%.
Capital Resources
Total shareholders' equity was $174.7 million at December 31, 2001 resulting in an equity to managed assets ratio of 5.42% and book value of $5.65. There were 30.9 million shares outstanding at December 31, 2001.
At December 31, 2001, $100.3 million of warehouse capacity was utilized, and an additional $66.2 million was available to borrow based on the outstanding principal balance of eligible receivables. In addition, the Company maintained cash on hand of $14.2 million, for total available cash of $80.4 million at December 31, 2001. Total available cash was $25.7 million at December 31, 2000.
In the first calendar quarter of 2001, management initiated a process to restructure and recapitalize the Company. Pursuant to that plan, the Company completed an oversubscribed rights offering in the second calendar quarter of 2001, raising $88.0 million (before offering costs) in new equity capital. The ongoing recapitalization process continued in the third calendar quarter of 2001 as management began the process of arranging for additional capital to insure the orderly repayment of senior debt over the next fifteen months. While this process is ongoing, management has thus far deferred early refinancing to pay off outstanding indebtedness ahead of scheduled maturities, to avoid paying substantial premiums that would be required in connection with such prepayment. Management expects this phase of the recapitalization process to be completed by June 30, 2002.
Delinquency and Collections
Extensive technological enhancements implemented throughout the December 2001 quarter in the collections area are proving effective. The state of the art system designed to increase the frequency of collectors being connected to the appropriate party (known in the industry as "right party connects") resulted in a 30% improvement in one month. Management expects improvement in this measurement to continue for several months.
Recently established Internet and voice response telephonic payment programs have been very successful, reducing the number of calls routed to customer service representatives, allowing the representatives to focus on more problematic accounts.
In January 2002, one of the two new behavioral scoring models was installed and immediately enhanced the efficiency of the Company's automatic dialer. The second behavioral scoring model is in the development phase and is expected to help management prioritize later stage delinquent accounts based on risk. Management believes these scoring models in conjunction with other technology advancements should have a positive impact on delinquency and ultimately credit losses.
"If we fully utilize the technology available to us and provide our staff with the necessary tools, we will certainly improve the productivity of our collection efforts and expect to enhance the performance of the portfolio. Our objective is to be operationally excellent in our servicing and collection areas in a reasonably short time frame," stated Mr. Ervin.
Delinquency totaled 4.93% of the servicing portfolio at December 31, 2001, compared with 3.73% at September 30, 2001 and 3.58% at December 31, 2000. Annualized net credit losses totaled 4.38% for the quarter ended December 31, 2001, compared with 3.67% for the quarter ended September 30, 2001 and 2.42% for the quarter ended December 31, 2000. Delinquency and credit loss figures, reported, as is customary, as a percentage of the average servicing portfolio, continue to be negatively affected by the impact of lower receivable acquisition volume resulting in a shrinking servicing portfolio.
The Company's allowance for estimated credit losses on securitized receivables was 5.49%, compared with 5.87% at September 30, 2001 and 4.47% at December 31, 2000. Management's decisions regarding the adequacy of the allowance for estimated credit losses are based on the use of predictive loss curves developed using the Company's historic database which goes back to 1992 and incorporates approximately 650,000 consumers representing over $9.6 billion in acquired receivables. Management is aware, however, that the historical database may not fully take account of general recessionary trends and will continue to assess that risk.
"We've priced our portfolio to the major risk parameters that determine loss experience in our credit grades, but we remain exposed to any lingering impacts of the recession on our customers," stated Mr. Ervin. "Offsetting this to some degree will be the improvements we have made in collections, and the historic wide spreads we are earning on new business."
Delinquency and Credit Loss Data
The following tables set forth delinquency and credit loss experience:
----------------------------------------------------------------------
Delinquency Experience
----------------------
At December 31, At September 30, At December 31,
2001 2001 2000
------------------- ----------------- -------------------
(Dollars in thousands)
Number of Number of Number of
Receivables Amount Receivables Amount Receivables Amount
----------- ------ ----------- ------ ----------- -------
Servicing
portfolio 241,178 $2,961,737 252,638 $3,127,164 267,199 $3,348,589
Delinquencies
30-59 days 7,329 84,748 5,879 65,780 6,071 66,905
60-89 days 3,605 44,100 3,001 36,804 3,085 36,467
90 days
or more 1,504 17,121 1,223 14,054 1,460 16,543
-------- ---------- -------- --------- ------- ----------
Total
delinquencies 12,438 $ 145,969 10,103 $ 116,638 10,616 $ 119,915
======== ========== ======== ========= ======= ==========
Delinquency as
a percentage
of servicing
portfolio 5.16% 4.93% 4.00% 3.73% 3.97% 3.58%
----------------------------------------------------------------------
----------------------------------------------------------------------
Credit Loss Experience
----------------------
Three Months Ended Six Months Ended
--------------------------------- ----------------------
(Dollars in thousands)
Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
2001 2001 2000 2001 2000
---------- ---------- ---------- ---------- -----------
Average
servicing
portfolio $3,027,302 $3,151,192 $3,300,116 $3,089,247 $3,180,620
Gross charge-offs 47,776 46,652 32,547 94,428 60,355
Recoveries 14,600 17,704 12,614 32,304 23,973
---------- ---------- ---------- ---------- -----------
Net charge-
offs $ 33,176 $ 28,948 $ 19,933 $ 62,124 $ 36,382
========== ========== ========== ========== ===========
Gross charge-offs
as a percentage
of average
servicing
portfolio(1) 6.31% 5.92% 3.94% 6.11% 3.80%
Recoveries as a
percentage of
gross charge-
offs 30.56% 37.95% 38.76% 34.21% 39.72%
Net charge-offs
as a percentage
of average
servicing
portfolio(1) 4.38% 3.67% 2.42% 4.02% 2.29%
----------------------------------------------------------------------
(1) Annualized
Earnings Before the Impact of Derivative Instruments
In accordance with generally accepted accounting principles, ("GAAP"), the Company marks to market derivative instruments. These instruments are only used to hedge receivable acquisitions prior to securitization. The Company is required to record adjustments to earnings every accounting period favorably or unfavorably, depending on changes in market interest rates, regardless of the offsetting effect that would normally only be recognized at the time the Company securitizes. Therefore, each quarter, in addition to GAAP earnings, the Company presents results of operations before giving effect to the earnings impact of the derivative instruments used to hedge held for sale receivables. Before giving effect to the earnings impact of derivative instruments on held for sale receivables, net earnings for the quarter ended December 31, 2001 were $0.1 million, compared with $5.3 million or $0.40 per diluted share for the quarter ended December 31, 2000.
Pro Forma Portfolio-Based Financial Statements
In addition, the Company has elected to present pro forma portfolio-based statements of earnings which account for securitization transactions as secured financings rather than sales of receivables. In its consolidated financial statements prepared in accordance with GAAP, the Company records a gain on the sale of receivables in securitization transactions primarily representing the discounted estimated future servicing cash flows to be received by the Company related to the receivables sold. Future servicing cash flows are the projected cash flows resulting from the difference between the weighted average coupon rate of the receivables sold and the weighted average note rate paid to investors in the securitized trusts, less an allowance for estimated credit losses, the Company's contractual servicing fee of 1.00% and ongoing trust and credit enhancement fees.
The pro forma portfolio-based statements of earnings set forth below (following the presentation of the Company's historical selected financial data), present the Company's operating results under the assumption that securitization transactions are secured financings and no gain on sale, retained interest income, or servicing fee income is recognized. Instead, interest income, origination and funding fees, interest expense and other costs related to the asset-backed securities are recognized over the life of the securitized receivables. There is no provision or allowance for credit losses. Credit losses are recorded as incurred. The pro forma portfolio-based statements of earnings and related data do not present the Company's operating results in accordance with GAAP. The pro forma portfolio-based data is presented solely for illustrative purposes to assist readers in their understanding of the Company's business and its financial performance. Such data is not intended to be an indication of any future results of operations of the Company and such data does not provide all information that would be provided with financial statements prepared in accordance with GAAP if the Company had accounted for its securitizations as secured financings.
Conference Call
Union Acceptance Corporation will host a conference call on Thursday, January 24, at 12:00 p.m. Eastern Time. The dial-in number for participation in this conference call is 800-273-2385. For a replay of the conference call or for additional information on Union Acceptance Corporation, please go the Company's web site, www.unionacceptance.com.
Corporate Description
UAC is one of the nation's largest independent, indirect automobile finance companies. The Company's primary business is purchasing and servicing prime automobile retail installment sales contracts. These contracts are originated by dealerships affiliated with major domestic and foreign manufacturers, nationally recognized rental car outlets, and used car superstores. UAC focuses on acquiring receivables related to late model used and, to a lesser extent, new automobiles purchased by customers who exhibit favorable credit profiles. Union Acceptance Corporation commenced business in 1986 and currently acquires receivables from over 5,700 manufacturer-franchised dealerships in 40 states. By using state-of-the-art technology in a highly centralized underwriting and servicing environment, Union Acceptance Corporation enjoys one of the lowest cost operating structures in the independent prime automobile finance industry.
Forward Looking Information
This news release contains forward-looking statements regarding matters such as profitability, delinquency and credit loss trends and estimates, recoveries of repossessed vehicles, receivable acquisitions, the impact of new initiatives described on revenues and profits, plans to refinance debt, and other issues. Readers are cautioned that actual results may differ materially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, the difficulty inherent in predicting changes in delinquency and credit loss rates, changes in acquisition volume, the ability of the Company to collect newly implemented fees, limited availability of financing and other capital resources, general economic conditions that affect consumer loan performance and consumer borrowing practices and other important factors detailed in the Company's annual report on Form 10-K for the fiscal year ended June 30, 2001 which was filed with the Securities and Exchange Commission.
Union Acceptance Corporation
Selected Financial Data
(Unaudited)
(Dollars in thousands, except per share data)
Balance Sheet Data at: December 30, June 30,
2001 2001
----------------------------------------------------------------------
Assets
Cash and cash equivalents $ 14,244 $ 70,939
Restricted cash 4,650 4,331
Receivables held for sale, net 176,511 42,770
Retained interest in securitized assets 198,251 245,876
Accrued interest receivable 1,323 375
Property, equipment, and leasehold
improvements, net 8,516 9,047
Other assets 33,661 23,697
-----------------------
Total Assets $ 437,156 $ 397,035
=======================
Liabilities and Shareholders' Equity
Liabilities
Notes payable $ 100,300 $ 5,215
Term debt 133,000 155,000
Accrued interest payable 2,393 4,544
Amounts due to trusts 18,610 19,822
Current and deferred income taxes payable -- 5,856
Other payables and accrued expenses 8,153 6,730
-----------------------
Total Liabilities 262,456 197,167
-----------------------
Shareholders' Equity
Common stock $ 145,374 $ 145,208
Accumulated other comprehensive earnings,
net of taxes 450 2,632
Retained earnings 28,876 52,028
-----------------------
Total Shareholders' Equity 174,700 199,868
-----------------------
Total Liabilities and Shareholders' Equity $ 437,156 $ 397,035
=======================
----------------------------------------------------------------------
30+ Delinquency at: December 31, June 30, December 31,
2001 2001 2000
------------------------------------
4.93% 3.57% 3.58%
----------------------------------------------------------------------
Allowance Data at:
Allowance for estimated credit
losses on securitized receivables $ 152,985 $ 170,151 $ 138,906
Securitized receivables serviced $2,788,006 $3,166,542 $3,109,149
Allowance as a percentage
of securitized receivables
serviced 5.49% 5.37% 4.47%
----------------------------------------------------------------------
Managed Receivable Data at:
Receivables held for sale $ 173,731 $ 43,793 $ 239,440
Other 79 80 84
Securitized 2,788,006 3,166,542 3,109,149
Receivables serviced for others 259 340 460
------------------------------------
Total Servicing Portfolio $2,962,075 $3,210,755 $3,349,133
====================================
----------------------------------------------------------------------
Union Acceptance Corporation
Selected Financial Data
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
December 31, December 31,
------------------ ------------------
Income Statement
Data for the Period: 2001 2000 2001 2000
--------------------------------------------- -------------------
Interest on receivables
held for sale $3,077 $10,853 $ 8,534 $25,224
Retained interest
and other 6,070 8,005 12,018 15,305
------------------ ------------------
Total interest income 9,147 18,858 20,552 40,529
Interest expense 4,105 8,478 8,790 19,519
------------------ ------------------
Net interest margin 5,042 10,380 11,762 21,010
Provision for estimated
credit losses 1,816 1,250 2,466 2,225
------------------ ------------------
Net interest margin
after provision for
estimated credit losses 3,226 9,130 9,296 18,785
Gain (loss) on sales
of receivables, net 2,108 7,805 (33,930) 15,672
Gain (loss) on interest
rate derivatives on
securitized receivables -- (3,536) (2,584) (8,886)
Gain (loss) on interest
rate derivatives on held
for sale receivables 793 (2,269) 793 (4,709)
Servicing fee income 7,533 7,626 15,143 14,345
Late charges and
other fees 2,068 1,711 3,790 3,466
------------------ ------------------
Other revenues 12,502 11,337 (16,788) 19,888
------------------ ------------------
Salaries and benefits 8,832 8,490 17,137 16,408
Other expenses 5,843 5,928 11,756 11,440
------------------ ------------------
Total operating expenses 14,675 14,418 28,893 27,848
------------------ ------------------
Earnings (loss) before
provision for
income taxes 1,053 6,049 (36,385) 10,825
Provision (benefit)
for income taxes 408 2,234 (13,233) 4,001
------------------ ------------------
Net earnings (loss) $ 645 $ 3,815 $(23,152) $6,824
================== ===================
--------------------------------------------- -------------------
Per Common Share Data:
Net earnings (loss)
(basic and diluted) $0.02 $0.29 $(0.75) $0.51
Book value $5.65 $8.99 $ 5.65 $8.99
Weighted average
shares outstanding 30,921,238 13,296,593 30,915,656 13,310,436
--------------------------------------------- -------------------
Receivable Acquisitions: $179,985 $489,223 $438,409 $1,065,636
Receivables Sold: $ 59,999 $510,001 $330,000 $1,010,000
--------------------------------------------- -------------------
Ratios:
Return on average
managed assets 0.08% 0.42% -1.37% 0.39%
Return on average
shareholders' equity 1.48% 13.40% -25.52% 12.33%
Operating expenses as
a percentage of average
servicing portfolio 1.94% 1.75% 1.87% 1.75%
--------------------------------------------- -------------------
Portfolio Performance:
Net credit loss
(annualized for the
period ended) 4.38% 2.42% 4.02% 2.29%
--------------------------------------------- -------------------
Pro forma information for the
earnings impact of derivative
instruments on held for sale
receivables related to FAS 133:
Total revenues $21,649 $30,195 $3,764 $60,417
Pro forma adjustment (793) 2,269 (793) 4,709
------------------ ------------------
Pro forma total revenues $20,856 $32,464 $2,971 $65,126
================== ==================
Pro forma net
earnings (loss) $ 141 $ 5,256 $(23,656) $9,814
Pro forma earnings (loss)
per common share
(diluted and basic) $ 0.00 $ 0.40 $ (0.77) $ 0.74
Pro forma return on
average managed assets 0.02% 0.58% -1.40% 0.56%
Pro forma return on
average shareholders'
equity 0.33% 18.33% -26.09% 17.57%
----------------------------------------------------------------------
Union Acceptance Corporation
Pro Forma Portfolio-Based Financial Data (1)
(Dollars in thousands)
(Unaudited)
--------------------------------------------------------------------
The pro forma portfolio-based statements of earnings were as follows:
Three Months Ended Six Months Ended
December 31 December 31
---------------------- ----------------------
2001 2000 2001 2000
---------------------- ----------------------
Interest income, fee
and other income $ 95,430 $ 106,129 $ 195,994 $ 204,713
Funding costs (55,381) (63,115) (113,412) (120,552)
--------- --------- --------- ---------
Net margin 40,049 43,014 82,582 84,161
Operating expenses (14,675) (14,418) (28,893) (27,848)
Credit losses (33,176) (19,933) (62,124) (36,377)
--------- --------- --------- ---------
Pre-tax portfolio-
based earnings (7,802) 8,663 (8,435) 19,936
Income taxes (2) 2,879 (3,197) 3,113 (7,357)
--------- --------- --------- ---------
Net portfolio-
based earnings $ (4,923) $ 5,466 $ (5,322) $ 12,579
========= ========= ========= =========
Portfolio-based
earnings per share $ (0.16) $ 0.41 $ (0.17) $ 0.95
========= ========= ========= =========
---------------------------------------------------------------------
The pro forma return on average managed receivables was as follows:
Three Months Ended Six Months Ended
December 31 December 31
------------------ ------------------
2001 2000 2001 2000
------------------ ------------------
Interest income, fee
and other income 12.61% 12.86% 12.69% 12.87%
Funding costs -7.32% -7.65% -7.34% -7.58%
----- ----- ----- -----
Net margin 5.29% 5.21% 5.35% 5.29%
Operating expenses -1.94% -1.75% -1.87% -1.75%
Credit losses -4.38% -2.42% -4.02% -2.29%
----- ----- ----- -----
Pre-tax portfolio-
based earnings -1.03% 1.04% -0.54% 1.25%
Income taxes 0.38% -0.39% 0.20% -0.46%
----- ----- ----- -----
Net portfolio-
based earnings -0.65% 0.65% -0.34% 0.79%
===== ===== ===== =====
Average Managed
Receivables $3,027,366 $3,300,185 $3,089,311 $3,180,689
--------------------------------------------------------------------
The following is a reconciliation of the pro forma portfolio-based net
earnings to GAAP net earnings:
Three Months Ended Six Months Ended
December 31 December 31
-------------------- --------------------
2001 2000 2001 2000
-------------------- --------------------
GAAP Net income $ 645 $ 3,815 $(23,152) $ 6,824
Gain on sales of
receivables, net (2,019) (7,805) 34,074 (15,672)
Retained interest
and other (5,009) (5,608) (9,387) (10,797)
Servicing fee (7,533) (7,626) (15,143) (14,345)
Net margin 37,858 36,530 76,272 70,481
Credit losses (33,176) (19,933) (62,124) (36,377)
Provision for estimated
credit losses 1,816 1,250 2,466 2,225
Gain (loss) on interest
rate derivatives (792) 5,805 1,792 13,595
-------- -------- -------- --------
Net adjustments (8,855) 2,613 27,950 9,110
Tax effect of
adjustments 3,287 (962) (10,120) (3,355)
-------- -------- -------- --------
Net portfolio-
based earnings $ (4,923) $ 5,466 $ (5,322) $ 12,579
======== ======== ======== ========
(1) These portfolio-based financial statements do not present the
Company's results of operations in accordance with GAAP and are
provided for illustrative purposes only.
(2) Tax effect is based upon the Company's effective tax rate for the
respective period.
----------------------------------------------------------------------
Union Acceptance Corporation
Merrill Lynch Reclass
Fiscal 2000 Fiscal 1999
---------------------- ---------------------------------
Cumulative Monthly Cumulative Monthly Quarterly
JULY 49,957.76 49,957.76 95,763.99 95,763.99
AUGUST 100,461.48 50,503.72 96,970.16 1,206.17
SEPTEMBER 100,461.48 - 148,694.34 51,724.18 148,694.34
OCTOBER - (100,461.48) 154,738.76 6,044.42
NOVEMBER - - 282,454.35 127,715.59
DECEMBER - - 303,727.35 21,273.00 155,033.01
JANUARY - - 305,112.30 1,384.95
FEBRUARY - - 364,270.86 59,158.56
MARCH - - 374,883.21 10,612.35 71,155.86
APRIL - - 376,170.58 1,287.37
MAY - - 428,706.79 52,536.21
JUNE - - 428,706.79 - 53,823.58
---------- ---------- ----------
- 428,706.79 428,706.79