Vertro, Inc. (NASDAQ: VTRO), a software and technology company that
owns and operates the ALOT product portfolio, today reported
financial results for the third quarter ended September 30, 2011.
"This was a more challenging quarter for Vertro than we
initially expected, but I am pleased with the response from our
team, and believe we exited the quarter on a more sound footing and
better prepared for a rebound in our financial results," commented
Peter Corrao, President and CEO of Vertro, Inc. "A change to our
Search Engine Results Page (SERP), mandated by our monetization
partner significantly impacted our revenue and forced us to
re-evaluate our buying model. By the end of August, we had made
adjustments to our homepage which replaced much of the lost
revenue, and as a result, current average daily revenue rates are
well above the low point we saw during the quarter, validating our
belief that we have turned the corner and are poised for markedly
improved results."
Summary of third quarter 2011 results:
- Revenue of $6.3 million in Q3 2011, compared to revenue of $9.8
million in Q3 2010, and $7.5 million in Q2 2011;
- Gross margins, excluding customer acquisition costs, of 94% in
Q3 2011, compared to 94% in Q2 2011 and 95% in Q3 2010;
- Loss from Continuing Operations was $1.6 million in Q3 2011,
compared to a Loss from Continuing Operations of $0.3 million in Q2
2011, and Income from Continuing Operations of $0.4 million in Q3
2010;
- Income from Discontinued Operations was $13.0 million or $1.72
per diluted share in Q3 2011, compared to no income from
discontinued operations in both Q2 2011 and Q3 2010. Q3 amounts
represents the reversal of the accumulation of prior net foreign
currency translation adjustments of approximately $12.9 million
that arose as part of the former MIVA Media EU operations, which
were previously included in Stockholders' Equity Section of the
Balance Sheet;
- EBITDA was a loss of $1.3 million for Q3 2011, compared to a
loss of $0.2 million in Q2 2011 and EBITDA of $0.4 million in Q3
2010;
- Adjusted EBITDA was a loss of $0.8 million in Q3 2011, compared
to Adjusted EBITDA of $0.1 million in Q2 2011 and $0.4 million in
Q3 2010, and
- Live Users decreased to 8.2 million in Q3 2011 from 8.3 million
in Q2 2011 and 9.0 million in Q3 2010.
"In reaction to the mandated SERP change, we reduced our ad
spending until we had accumulated enough data to build a new,
reliable pricing history for our buying model," added Mr. Corrao.
"Further, we continued to improve upon our model, are currently
forecasting the Life Time Value (LTV) of users to rebound to
previous levels, and we are anticipating a return to growth."
The reduction in overall revenues was a result of the following
additive factors:
- A reduction in the number of advertising impressions due to the
mandated change to our SERP at the end of the second quarter,
driving down click-through rates on advertising.
- The decision to pull back on our customer acquisition spending
in June and July of this year, causing total live users to decline
and resulting in fewer total searches.
- A reduction in our revenue sharing rates during the months of
June through September 2011 from certain advertising partners based
on not achieving a gross revenue target in a tiered rate structure,
driving down net revenue per click and per search.
- The inability to acquire our desired number of users at
appropriate prices. Inefficiencies in our buying model arose from
(i) our lack of pricing history, causing the average cost to
acquire a user to increase, and (ii) changes to our direct
marketing advertisements due to third party requirements.
- A shift in customer composition, with a reduction in users in
English speaking countries (Region 1) and an increase in users in
the non-English speaking markets Vertro serves (Rest of World),
where growth is high, but advertising rates are lower.
"During the third quarter, we rolled out our new Homepage
product and it has shown significant increases in expected lifetime
values per user compared to recent trends," Mr. Corrao added.
"Based on these new expectations, we continued to spend through the
end of the quarter under the assumption that most of the benefits
of this spend would be received in subsequent quarters, over the
lifetime of the users. Conversely, customer acquisition costs are
recognized in the period in which they are spent, so our strong
spending late in the quarter was immediately expensed, which added
to our losses in Q3, while the majority of the revenues will be
realized in Q4."
Additionally, Vertro began to make significant progress on a
number of items late in Q3 and early in Q4:
- Attrition rates improved across key markets, on a worldwide
basis, due to better targeting as well as product
enhancements.
- Management believes that average daily revenue reached its
bottom in Q3 and current rates are 20% above that low point.
- The introduction of the new Homepage has resulted in
significant improvements in revenue per install, with increases in
revenue achieving average rates above 30%.
- Vertro's app strategy continues to build momentum. Vertro
released a number of apps that engage users in interaction with the
internet on a regular basis. The company has built on its already
strong base of app offerings, adding apps designed to appeal to the
user in established areas of interest such as general user friendly
utility apps, and those that focus on entertainment and music,
online shopping, food, games, and social media networks.
"As we look to the future, we will continue to focus on
attracting new, high quality, long term users that will further
increase distribution and Life Time Value through greater user
retention, as well as diversify revenue streams through multiple
product offerings," Mr. Corrao continued. "Overall, we believe that
we have met the challenges presented during Q2 and Q3 regarding the
SERP change with an aggressive strategy to overcome it. We are
expecting a return to growth in Q4. Many of the challenges we faced
during this quarter, including the mandated SERP change from our
monetization partner, reinforce the rational for the planned merger
with Inuvo, Inc. Diversifying our monetization partners with Bing
and Yahoo! will help to minimize the impact of these adjustments in
the future. In addition, as a larger company, we will be in a
better position to negotiate favorable advertising rates and terms.
We look forward to the coming quarters and the prospects of both
organic growth and the synergistic growth that we expect to achieve
from this planned merger."
Third quarter 2011 results
Revenue of $6.3 million in Q3 2011,
compared to revenue of $9.8 million in Q3 2010 and $7.5 million in
Q2 2011.
Gross Margins, which exclude customer
acquisition costs, were 94% in Q3 2011, compared to 94% in Q2 2011
and 95% in Q3 2010.
Customer Acquisition Costs (CAC) were $5.2
million in both Q3 2011 and Q2 2011 versus $6.7 million in Q3 2010,
which are included in Operating Expenses within the Marketing and
Sales operating expense category.
Customer Acquisition Costs (CAC) were $5.2
million in both Q3 2011 and Q2 2011 versus $6.7 million in Q3 2010,
which are included in Operating Expenses within the Marketing and
Sales operating expense category.
Operating Expenses, excluding CAC from
Marketing and Sales costs, were $2.2 million in both Q3 2011
and Q2 2011, as well as in Q3 2010. Operating expenses included
$0.2 million of non-cash compensation expense in all referenced
quarters.
Loss from Continuing Operations was $1.6
million in Q3 2011, or ($0.22) per diluted share, compared to a
Loss from Continuing Operations of $0.3 million, or ($0.05) per
diluted share in Q2 2011 and Income from Continuing Operations of
$0.4 million, or $0.05 per diluted share, in Q3 2010.
Income from Discontinued Operations was
$13.0 million or $1.72 per diluted share in Q3 2011, compared to no
income from discontinued operations in both Q2 2011 and Q3 2010.
This quarter's figure represents an accumulation of prior net
foreign currency translation adjustments of approximately $12.9
million that arose as part of the former MIVA Media EU operations.
During the third quarter, the accumulated balance was released to
net income as the related former MIVA Media EU entities' net assets
have been substantially liquidated.
Adjusted Net Income was a gain of $12.0
million or $1.60 per diluted share in Q3 2011, compared to minimal
Adjusted Net Income in Q2 2011 and $0.4 million or $0.06 per
diluted share in Q3 2010. Q3 2011 Adjusted Net Income excluded $0.2
million in non-cash compensation expense in Q3 2011, Q2 2011 and Q3
2010. Adjusted Net Income excluded a non-recurring $0.3 million
expense in deferred rent adjustment expense in Q3 2011 and a
non-recurring $0.2 million gain in deferred rent adjustment expense
in Q3 2010.
EBITDA was a loss of $1.3 million in Q3
2011, compared to a loss of $0.2 million in Q2 2011 and income of
$0.4 million in Q3 2010. EBITDA included $0.2 million in non-cash
compensation expense in Q3 2011, Q2 2011 and Q3 2010. EBITDA
included a non-recurring $0.3 million expense in deferred rent
adjustment expense in Q3 2011 and a non-recurring $0.2 million gain
in deferred rent adjustment expense in Q3 2010.
Adjusted EBITDA was a loss of $0.8 million
in Q3 2011, compared to income of $0.1 million in Q2 2011 and
income of $0.4 million in Q3 2010. Adjusted EBITDA excluded $0.2
million in non-cash compensation expense in Q3 2011, Q2 2011 and Q3
2010. Adjusted EBITDA excluded a non-recurring $0.3 million expense
in deferred rent adjustment expense in Q3 2011 and a non-recurring
$0.2 million gain in deferred rent adjustment expense in Q3
2010.
Cash and cash equivalents were $ 4.0
million at September 30, 2011, a decrease of $0.9 million from June
30, 2011 cash of $4.9 million. The decrease was primarily due to
reduced cash flow from operations, and capitalized software
development costs.
As of September 30, 2011, Vertro had 34 full time employees, a
decrease of three from the 37 full time employees as of June 30,
2010.
Non-financial Metrics for the Three Months
Ended September 30, 2011 (in millions) (1):
------------------------------
Quarterly
------------------------------
Q3 2011(2) Q2 2011 Q3 2010
----------------------------------------------------------------------------
Total quarterly search queries (3)(4) 250.0 270.1 318.7
----------------------------------------------------------------------------
ALOT Region One 105.8 115.9 174.5
----------------------------------------------------------------------------
ALOT rest-of-world 144.2 151.6 144.2
----------------------------------------------------------------------------
ALOT Toolbar live users (5) 8.2 8.3 9.0
----------------------------------------------------------------------------
ALOT Region One 3.9 4.1 5.2
----------------------------------------------------------------------------
ALOT rest-of-world 4.3 4.2 3.8
----------------------------------------------------------------------------
(1) Certain quarterly breakdowns don't match totals due to
rounding; legacy brand users and search queries were de minimis in
Q4 2010 so we have ceased reporting these as part of our
non-financial metrics. (2) Q3 2011 total figures and other quarters
displayed do reflect Legacy Brand users and search queries. (3)
Source: internal statistics; total quarterly search volumes across
all products; includes error search. (4) Region One refers to ALOT
users in the U.S., Canada, U.K., Ireland, Australia and New
Zealand. (5) Source: Internal statistics; live users are defined as
the number of unique toolbar users active on the Internet in the
last 15 days of each period. This does not include legacy
brand.
Note: We no longer include metrics on our Homepage due to the
fact that we dramatically changed the product from a customizable
product to one that provides search only. The quarterly figures are
therefore no longer comparable.
Management Conference Call
Management will participate in a conference call to discuss the
full results for the Company on November 9, 2011, at 4:30 p.m. ET.
Details of the call for interested parties are as follows:
Date: November 9, 2011 Time: 4:30 p.m. ET Dial-in
numbers: (877) 353-0044 / (970) 315-0525 (Intl.) Live webcast: http://ir.vertro.com/events.cfm
Conference call replay:
http://ir.vertro.com/events.cfm
Vertro believes that certain non-GAAP financial measurements
such as "EBITDA," "Adjusted EBITDA," "Adjusted Net Income/Loss from
Continuing Operations" and "Adjusted Net Income/Loss per share from
Continuing Operations" provide meaningful measures for comparison
of the Company's current and projected operating performance with
its historical results. Vertro defines Adjusted EBITDA as EBITDA
(earnings from continuing operations before interest, income taxes,
depreciation and amortization) plus non-cash compensation expense
and plus or minus certain identified revenues or expenses that are
not expected to recur or be representative of future ongoing
operation of the business. Vertro uses EBITDA and Adjusted EBITDA
as internal measures of its business and believes they are utilized
as important measures of performance by the investment community.
Vertro sets goals and awards bonuses in part based on performance
relative to Adjusted EBITDA. Vertro defines Adjusted Net
Income/Loss from Continuing Operations as net income/loss from
continuing operations plus depreciation and amortization and
non-cash compensation expense, plus- or minus certain identified
revenues or expenses that are not expected to recur or be
representative of future ongoing operation of the business, in each
case including the tax effects (if any) of the adjustment. Vertro
believes the use of these measures does not lessen the importance
of GAAP measures.
About Vertro, Inc. ALOT offers two primary
products to consumers, ALOT Home, a homepage product, and ALOT
Appbar, a piece of software that integrates into the users' web
browsers. Both ALOT Home and ALOT Appbar include a search box from
which consumers conduct type-in web search. The ALOT Appbar
provides access to a library of apps, which are used by consumers
to receive dynamic information, perform useful tasks, or access
their favorite content online. There are hundreds of apps available
for consumers to choose from, ranging from a weather app that
provides an at-a-glance snapshot of the weather for the coming four
days, to a radio app that enables consumers to listen to thousands
of radio stations from around the world. All ALOT products and apps
are free to download and use.
Source: VTRO-E
Forward-looking Statements This press
release contains certain forward-looking statements that are based
upon current expectations and involve certain risks and
uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words or expressions such as
"anticipate," "plan," "will," "intend," "believe" or "expect'" or
variations of such words and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and other factors, some of which are
beyond our control and difficult to predict and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements, including (1) our ability to
successfully execute upon our corporate strategies, (2) our ability
to distribute and monetize our international products at rates
sufficient to meet our expectations, (3) our ability to develop and
successfully market new products and services, (4) the potential
acceptance of new products in the market, (5) the impact of changes
to our monetization partners implementation guidelines and (6) our
proposed merger with Inuvo, Inc. Additional key risks are described
in Vertro's reports filed with the U.S. Securities and Exchange
Commission, including the Form 10-K for the year ended December 31,
2010, and Form 10-Q for quarters ended March 31, June 30, and
September 30, 2011.
Non-GAAP Financial Measures This press
release includes discussion of additional non-GAAP financial
measures such as "EBITDA," "Adjusted EBITDA," "Adjusted Net Loss
from Continuing Operations," "Adjusted Net Income from Continuing
Operations," "Adjusted Net Loss Per Share from Continuing
Operations" and "Adjusted Net Income Per Share from Continuing
Operations," which are not considered generally accepted accounting
principles (GAAP) measures by the Securities and Exchange
Commission, and may differ from non-GAAP financial measures used by
other companies. The presentation of this financial information is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
GAAP. Vertro provides reconciliations of these financial measures
to GAAP measures in its press releases regarding actual financial
results. A reconciliation of these financial measures to
income/loss from continuing operations and income/loss from
continuing operations per share for the three and nine month
periods ended September 30, 2011 are included in this press
release.
Three Months Three Months Nine Months Nine Months
September 30, September 30, September 30, September 30,
2011 2010 2011 2010
Revenues $ 6,281 $ 9,759 $ 22,176 $ 26,324
Cost of services 388 505 1,325 1,374
------------- ------------- ------------- -------------
Gross profit $ 5,893 $ 9,254 $ 20,851 $ 24,950
Operating
expenses
Marketing and
sales 5,398 7,028 16,514 18,084
General and
administrative 1,858 1,459 5,379 4,698
Product
development 191 405 812 1,488
------------- ------------- ------------- -------------
Total operating
expenses $ 7,447 $ 8,892 $ 22,705 $ 24,270
------------- ------------- ------------- -------------
Income (loss)
from operations $ (1,554) $ 362 $ (1,854) $ 680
Foreign exchange
rate gain (44) (1) (40) 118
Gain on sale of
domain name - - - 285
Other income
(expense), net 1 20 1 29
------------- ------------- ------------- -------------
Income (loss)
before provision
for income taxes $ (1,597) $ 381 $ (1,893) $ 1,112
Income tax
expense 8 13 59 55
------------- ------------- ------------- -------------
Income (loss)
from continuing
operations $ (1,605) $ 368 $ (1,952) $ 1,057
Income (loss)
from
discontinued
operations, net
of income tax 12,952 3 12,870 756
------------- ------------- ------------- -------------
Net income (loss) $ 11,347 $ 371 $ 10,918 $ 1,813
============= ============= ============= =============
Basic earnings
(loss) per share
Continuing
operations $ (0.22) $ 0.05 $ (0.27) $ 0.15
============= ============= ============= =============
Discontinued
operations $ 1.81 $ - $ 1.80 $ 0.11
============= ============= ============= =============
Earnings (loss)
per share $ 1.59 $ 0.05 $ 1.53 $ 0.26
============= ============= ============= =============
Diluted earnings
(loss) per share
Continuing
operations $ (0.22) $ 0.05 $ (0.27) $ 0.15
============= ============= ============= =============
Discontinued
operations $ 1.72 $ - $ 1.72 $ 0.11
============= ============= ============= =============
Earnings (loss)
per share $ 1.50 $ 0.05 $ 1.45 $ 0.26
============= ============= ============= =============
Weighted-average
number of common
shares
outstanding
Basic 7,155 6,860 7,139 6,846
============= ============= ============= =============
Diluted 7,515 7,194 7,499 7,180
============= ============= ============= =============
Three Months Three Months
September 30,
2011 June 30, 2011
Revenues $ 6,281 $ 7,531
Cost of services 388 458
------------- -------------
Gross profit $ 5,893 $ 7,073
Operating expenses
Marketing and sales 5,398 5,416
General and administrative 1,858 1,686
Product development 191 265
------------- -------------
Total operating expenses $ 7,447 $ 7,367
------------- -------------
Income (loss) from operations $ (1,554) $ (294)
Foreign exchange rate gain (loss) (44) -
Other income (expense), net 1 -
------------- -------------
Income before provision for income taxes $ (1,597) $ (294)
Income tax expense (benefit) 8 44
------------- -------------
Income (loss) from continuing operations $ (1,605) $ (338)
Income (loss) from discontinued operations,
net of income tax 12,952 (2)
------------- -------------
Net income (loss) $ 11,347 $ (340)
============= =============
Basic earnings (loss) per share
Continuing operations $ (0.22) $ (0.05)
============= =============
Discontinued operations $ 1.81 $ -
============= =============
Earnings (loss) per share $ 1.59 $ (0.05)
============= =============
Diluted earnings (loss) per share
Continuing operations $ (0.22) $ (0.05)
============= =============
Discontinued operations $ 1.72 $ -
============= =============
Earnings (loss) per share $ 1.50 $ (0.05)
============= =============
Weighted-average number of common shares
outstanding
Basic 7,155 7,140
============= =============
Diluted 7,515 7,374
============= =============
Three Three Nine Nine
Additional information: Months Months Months Months
Ended Ended Ended Ended
September September September September
30, 2011 30, 2010 30, 2011 30, 2010
---------- ---------- ---------- ----------
Adjusted EBITDA $ (817) $ 421 $ (490) $ 1,320
========== ========== ========== ==========
Adjusted net income (loss) $ 12,045 $ 407 $ 12,325 $ 1,383
========== ========== ========== ==========
Adjusted net income (loss)
per share - basic $ 1.68 $ 0.06 $ 1.73 $ 0.20
========== ========== ========== ==========
Adjusted net income (loss)
per share - diluted $ 1.60 $ 0.06 $ 1.64 $ 0.19
========== ========== ========== ==========
Additional information: Three Three
Months Months
Ended Ended
September June 30,
30, 2011 2011
---------- ----------
Adjusted EBITDA $ (817) $ 59
========== ==========
Adjusted net income (loss) $ 12,045 $ 15
========== ==========
Adjusted net income (loss)
per share - basic $ 1.68 $ -
========== ==========
Adjusted net income (loss)
per share - diluted $ 1.60 $ -
========== ==========
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
September September September September
30, 2011 30, 2010 30, 2011 30, 2010
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
Income (loss) from
continuing operations $ (1,605) $ 368 $ (1,952) $ 1,057
Income tax expense (benefit) 8 13 59 55
Exchange rate loss (gain) 44 1 40 (118)
Depreciation 42 18 107 40
Amortization 193 - 289 -
---------- ---------- ---------- ----------
EBITDA $ (1,318) $ 400 $ (1,457) $ 1,034
========== ========== ========== ==========
Non-cash compensation $ 199 $ 221 $ 534 $ 653
French litigation 39 - 39 -
Gain on sale of domain name - - - (285)
Rent 263 (200) 263 (200)
Severance - - 131 118
---------- ---------- ---------- ----------
Adjusted EBITDA $ (817) $ 421 $ (490) $ 1,320
========== ========== ========== ==========
Three Three
Months Months
Ended Ended
September June 30,
30, 2011 2011
---------- ----------
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
Income (loss) from
continuing operations $ (1,605) $ (338)
Income tax expense (benefit) 8 44
Exchange rate loss (gain) 44 -
Depreciation 42 42
Amortization 193 50
---------- ----------
EBITDA $ (1,318) $ (202)
========== ==========
Non-cash compensation 199 169
French litigation 39 -
Rent 263 -
Severance - 92
---------- ----------
Adjusted EBITDA $ (817) $ 59
========== ==========
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
September September September September
30, 2011 30, 2010 30, 2011 30, 2010
---------- ---------- ---------- ----------
Reconciliation of Net Income
(Loss) to Adjusted Net
Income (Loss)
Income (loss) from
continuing operations $ (1,605) $ 368 $ (1,952) $ 1,057
Depreciation 42 18 107 40
Amortization 193 - 289 -
French litigation 39 - 39 -
Non-cash compensation 199 221 534 653
Non-recurring other income
(expense), net 12,914 - 12,914 (285)
Rent 263 (200) 263 (200)
Severance - - 131 118
---------- ---------- ---------- ----------
Adjusted net income (loss) $ 12,045 $ 407 $ 12,325 $ 1,383
========== ========== ========== ==========
Adjusted net income (loss)
per share - basic $ 1.68 $ 0.06 $ 1.73 $ 0.20
Adjusted net income (loss)
per share - diluted $ 1.60 $ 0.06 $ 1.64 $ 0.19
Shares used in per share
calculation - basic 7,155 6,860 7,139 6,846
Shares used in per share
calculation - diluted 7,515 7,194 7,499 7,180
Three Three
Months Months
Ended Ended
September June 30,
30, 2011 2011
---------- ----------
Reconciliation of Net Income
(Loss) to Adjusted Net
Income (Loss)
Income (loss) from
continuing operations $ (1,605) $ (338)
Depreciation 42 42
Amortization 193 50
French litigation 39 -
Non-cash compensation 199 169
Non-recurring other income
(expense), net 12,914 -
Rent 263 -
Severance - 92
---------- ----------
Adjusted net income (loss) $ 12,045 $ 15
========== ==========
Adjusted net income per
share - basic $ 1.68 $ 0.00
Adjusted net income per
share - diluted $ 1.60 $ 0.00
Shares used in per share
calculation - basic 7,155 7,140
Shares used in per share
calculation - diluted 7,515 7,374
September 30, December 31,
2011 2010
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,016 $ 6,430
Restricted cash - 58
Accounts receivable, less allowances of $14
and $7, respectively 2,315 3,160
Income tax receivable 338 329
Prepaid expenses and other current assets 517 387
------------- -------------
TOTAL CURRENT ASSETS $ 7,186 $ 10,364
Property and equipment, net 308 319
Intangible assets, net 1,486 549
Other assets 284 329
------------- -------------
TOTAL ASSETS 9,264 11,561
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 2,995 3,663
Accrued expenses 2,508 2,482
Income tax payable 5 5
------------- -------------
TOTAL CURRENT LIABILITIES $ 5,508 $ 6,150
Long-term liabilities 737 697
------------- -------------
TOTAL LIABILITIES $ 6,245 $ 6,847
------------- -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.005 par value;
authorized, 500 shares; none issued and
outstanding - -
Common stock, $.005 par value; authorized,
40,000 shares; issued 7,618 and 7,401,
respectively; outstanding 7,155 and 6,985,
respectively $ 37 $ 36
Additional paid-in capital 272,439 271,908
Treasury stock, 463 and 416 shares at cost,
respectively (7,156) (6,924)
Accumulated other comprehensive income - 12,914
Accumulated deficit (262,301) (273,220)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY $ 3,019 $ 4,714
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,264 $ 11,561
============= =============
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