Document jB8grB0EjyaLw8p6OY5Ykqmk

^i^rfSifiDUFFA PHELPS CREDIT RATING Credit Analysis I Owens Corning Mark A Oim (312) 368-2073 Steven P Altman. CPA (312) 368-2090 March 12. 1996 Ratings: Rating Watcht Security Class Debentures OCR BBS No Latest Change 03/96 Prior BBB- Moody's/SAP Baa3/B3B/N Rating Rationale Ratings for Owens Coming (OCF) are based on moderate debt levels in relation to the company's operating cash ilow and strong mattet positions in rre primary products. Asbestos-related labilities will continue to lay claim to the company's cash flows over the near term CCF continues to benefit from steady growth m its primary markets, and has diversified rts cash flow base through its grow ing mternat'iM operations Debt levels have been reduced and remain moderate w fetation to cash Itow. Balance sheet improvement m me first half of 1995 was aided by the conversion to equity of $f?3 mihon in convertible junior subordinated debentures and me issuance of $194 million m convertible monthly income preferred stock. Asbestos claims against the company continued to be fried at a high level through 1995, However, we expect that the in crease m the level of claims has been an effort to Deaf numerous state and federal tort reform efforts, and that the quality of the ctems has deteriorated We e*pa that new clems will begin to decline ft 1996. although casn outlays will increase over the near term The receni settlement with insurance companies confirming coverage of approximately $330 million emi rates previous uncertainty regarc&ng these funds allowing CCF additional flexibility. CCF has had ihe capacity to make a number of growTh-oriented investments over the pas! several years, focusmg firs? on cost-cutting and productivity enhancements and men increasingly on growth-oriented acquisitions and capacity expansion LtquSdity/Debt Structure OCF's balance shoe: reflects the significant capital to be expended m me future io settle asbestos claims. OCF projects mat on claims made through 1999. * wiu spend approximately $45? million m excess of insurance proceeds to settle asbestos claims (although the tiffing of the actual payments wi be spread out over a longer period) These payments, vrtve?. combined wrih me company's capita! expenditure program, have pushed the company inu> a negative cash flow position over the.pasllwo years, which could continue over ihe near term in the event of a downturn m economic conditions However, debt protection provided 'hrough operating cash How remains healthy, with 1993 EBPiT/inserest expense comfcnably increasng over 1994 levels. Healthy cash flows and the $367 million m new equity provided by ihe converted debentures and ihe preferred stock have con?,need to improve the company's capital position Long-term debt maturities are not large over the next several years, and liquidity from operations is supplemented by unused bank tines totalling $596 million (as of i2/3t/95) Recent Developments Favorabfe end markets ana the company's productivity im provements have resulted in continuing margin improvement. Global pnemg strength sccotmted for the majority of ihe sales gam in 1995. aided by the acquisition of the Piikington Busi nesses in the second Quarter of 19&4 Management is .ac tively expanding capacity m its global composites business to take advantage of growing global demand, although indi vidual projects are moderate tn size Acquisitions will con tinue to play an active roie m OCF's stiategy through the year 2000. with a particular emphasis on product line extensions or technology opportunities, and on continued international expansion. The recent settlement of OCPs insurance cover age amounts to the confirmation ol $330 million in coverage (plus the ability to purchase additional coverage), with OCF having accessto BG% ot arrow* p*y to 1999. Major Risks The major nsk laced by OCF continues to be * the area of asbestos-related kaMiHes. At yearend 1995.144.000 claims were outstanding against the company (up from 107,200 at ihe yearend 19945 with pretax reserves of $707 million hav ing been established fo< claims made through 1999. Claims maefe after that date, or ftigher-than-proiecfed settlement costs n clam made pno* io 1999. lemam an uncertainly OCF remains exposed to cyclical downturns m construction activity, and these risks may be augmented by the company's aggressive growth targets. Negative cash flows could ex pand upon a deterioration m the economy and a continuation of the.company`s.capitai expenditure pr-ogwn Fundamentals Owens Corning operates m two primary markets* Building Products (67% of 1995 sates) and Composite Materials (33%). Through the building products segment, OCF manu factures insulation, ropfmg maseate. and specialty products for home exteriors such as patio doors and windows Through ihe Composite Materials division. OCF is the worfd's largest manufacturer of glass fiber composites OCF produces these composites to? end uses in more than 40,000 industrial and cwisumer picducis. OCF >a aggressively pursuing a target of $5 bdion in sates by Ihe year 200 New product include me first new glass fiber product for use as insulation m nearly60years. This product. Miraftex, can be compressed into rolls that are 25% of the size of existing products, con serving storage and transportation costs, and also has sig nificant cost advantages m the manufacturing process 55 EAST MONROE STREET CMfCAGO. lUJNOtS50603{313) 508-3131 FAX (312) 3&415S * *fle* cumww Wt * te********** newM anfl w* ofmcukm m ft* * ***** ft*iB9 Co. nungs * epram *r m mteiwitew <o9w vy wcie mwMortt>yswtfaioDuft*Cfl WV-04649 ' Puff S PhetPi Cir<J< fUtlftg Co. Corporate Profit and Strategy "Hie Budding Products segment of Owens Coming (CCFJ fo cuses on three primary categories: insulation, rowing materi als end home exterior products, such as windows and patio doors. 7h*company's primary locus isornhe homeirrywcwement market, and estimates that only 18% of consolidated sales are tied to U S housing starts. OCF products sold through home arsprovement retail outlets comprised approxi mately 40% of this segment's sales, with remaining sates made directly to a wide range of contractors, fabricators and manufacturers. The company has a tremendous franchise in its U.S ihstdation business, with strong brand identification and a high market share position that the company s now try ing to establish overseas. Recent Developments Structural Developments The Composite Materials segment is me world's leading guppiter of glass composites, whose major uses include rooting shingles, internal building components (such as tubs and showe/s). automotive components and pipsng Growing ap plications nave resulted m its use m over 40,000 end prod ucts. diversifying the company's customer and revenue base. OCF's operations have undergone a number of structural changes over the past several years, with the intent of focus ing on core product strengths and improved manufacfumig efficiency in the past three years the company has sold us underground storage tank business, spun oil its polyester resin business into a joint-venture, closed its resol product line and sold its remaining 28% share in a Japanese liber glass pint venture. Additionally, the company exchanged its commercial roofing business for a resiQentiaf roofing busi ness. which is less cyclical and is a better fit with me company's existing distribution channels. Thesetransactions. Aflafril* along with a number of facility consolidations, manufacturing process improvements, product line rationalizations and other steps, have resulted m a number of changes being taken over the past live years (see Chart i). Year 1994 1993 1992 19SQ Chart 1 Special Charges Pretax Charge SHHIion* Purpose $2S 320 $22 3 $17 se $6 S14 $2 $65 Personnel reductions Disposition of commercial roofing Business Divestiture of non-strateg*: businesses and feezes Business realignments Oirter Personnel reductions *n European operations Write-down of hydrocsrbonventu'es Write-down of European assets Personnelreductions moulding products segment Astei wnte-bown$ associated wiin centrafizanon of accoonMigandenfonnatron systems Restructuring charge These steps have sacj to an improvement in reported gross margms, as shown in Chart 2. wWpft breaks down me company's recent operating performance and extracts the numerous charges involved with these steps. Although this improvement has occurred during a period of refettveiy strong economic conditions (and simply returns margins to 1389 peak levels), we believe that the company has reduced costs on a SiStainaSSe basis and me recem margm improve* men? has exceeded what would be explained by the asset write-downs, price increases and operating leverage. 1895 Operating Segments Sales Operating Profit Z I>(T & rtwtps RatWig Co. Citm (Analysts Chart 2 Productivity Enhancement im 1994 Gross Margin (%) Operating Margin (%} Operating Margin excluding charges {%) 26.1 114 11.4 24 3 67 10? 1993 221 00 9' 1992 214 74 eo 1991 21 5 70 7.0 1990 24 9 94 11.5 New Product Devetopmenr Through the 1990s. in addition to ns cost-cutting and produc tive emphasis. OCF maintained a steady lows on new prod uct development The most visible evidence of this has been tne 1994 introduction of Pink Plus (which includes the company's new Miraflex fiber). This product is much more compact than cussing products and is less costly to produce OCF is in the process of roiling out this product in a number of test markets, with further expansion tied to additional pro duction capacity coming on stream. A second product still in its infancy is the company's Promi nence roofing shingle, which management believes is supe rior to existing products on the market This product is also m the process of being gradually rolled out in Nne with growing market acceptance and incremental production capacity Atmough these products are expected to involve some can nibalization of existing product, a certain degree o? market segmentation (contactor vs. bidding material retailer, new construction vs remodeling) and price differential will serve to o08M seme of this effect Regardless, the company's ca pacity to maintain a leadership position Nioorporates a level erf pricing strength when negotiating with customers OCF cs also seeking to capitalize on its proprietary technolo gies and materials through brand-name marketing. By pro moting brand name awareness, primary through joint marketing agreements with end products made from its ma terials, OCF attempts fo position its products as technologi cal leaders. The company then hopes to leverage this brand awareness into additional product opportunities. ConsoKdeitng a number of Vie company's products (including insula tion. roofing shingles, vinyl siding and windows, etc.) Wo a single energy-efficient Pink House concept is expected to benefit the companythrough an integrated systems and mar keting approach tnvestm&nts OCF has dramatically expanded iss capita! investment pro gram over the past several years, characterized by increased levels of scquisrtichs. capacity expansion and growth initia tives. We also note the changing nature of the investments, with internal productivity *and cos! reduction expenditures being replaced by more external, growth-related expendi tures. Concerning acquisitions, OCF is expected lo continue to make moderate-sized acquisitions while continuing to fo cus on its core businesses. Acquisitions will no? be a driving torce'behind the company's growth, but as in the recent past. OCF wrf! take advantage of available opportunities fo add complementary product lines and/o-r technologies. Recent acquisitions are detailed in Chari 3. The company's focus on maintaining target debt levels indicates a high likelihood that the company wii! continue to use stock, where appropriate, to finance acquisitions. As for the company's capital expenditure program, the ma jority of OCF's capiat expenditures prior to 1934 have been si the nature of consolidation and rationalization, efficiency and productivity, and cost reductions. Since 1994, the com pany has been able to focus investment on mote discretion ary capital expenditures such as: capacity expansions to support growing end markets, new product introductions and geographic expansion OCF's capacity expansion is primarily focused on taking ad vantage 6fgrowth iri'gfobaT demaid fonts composite mate** sis products. With sold out production worldwide, OCF has been rapidly ratcheting up Its expenditure pans in 1995, OCF announced that by the end of 1996 tts composites ca pacity would grow by more than 30% over yearend 1994 lev els through a $200 million expenditure program. Specifics include mcremeniai capacity additions af ils operations in the U.S. (Texas aixJTennessee). Brazil, South Korea. France and the UK. and a joint venture agreement to begin production m India. Although large inthe aggregate, the incremental nature of planned capacity additions entails modest outlays per Chart 3 1994-55 Acquisition Activity Company Sate Product Un* Annual Sales{$> UC industries MMnglon InsuiatioV Kasoro Insulation Products WesternFiberglass Group Fete* Manufacturing Soitech.lnc. Fiber-Ike Men inouMrin 5/94 6*4 1/95 9/95 11/95 1395 1295 Foam boardinsulation Fiber glassIneutalico. rockwoo* insulation, thermaland acoustical insulation Fiberglass products Foam insulation products Structural, thermal and acoustical insulation products Fiberglassmok&ng products Vinylwindows, patio doors, accessories NA 33 49 33 10 *UC MduSif ana ion eomu*ff$134 nvHico to OCF* 1994 uses Price (S) 45 no 26 35 NA NA NA 3 Dug & Pftdps Omit tetteg Co. Credit Chart 4 Business Segment Breakdown Building Products Sa;es (S) GoereHtytottimeiS) Change * Sales (%) Change in Ocer. income {%) Operating Margin (%> 1995 2.404 237 5.8 254 99 1994* 2.273 189 16.6 80 8.3 1993 1.946 175 2.5 606 90 1992 1.699 109 3.2 135 5.7 1991 1.840 96 6.3 -17.2 52 1990 2,036 116 4.2 -36.6 ' 5.8 1989 1.952 183 54 -27.7 95 Composite Materials Sales (S) Operating income ($) Change in Satos (%) Change tnQocj Income (%) Operating Margin{%) 1,208 22S 12.1 1064 186 1,078 109 8.Q 112 10.1 998 SB 19 -29.0 98 979 943 1,075 1.046 138 127 213 277 3.6 -tt.2 2.4 87 40.4 -231 141 135 20.1 70 37 267 'tnrtaJesrsstructu'^D Oi*ew m :iyd>n0charges. The opeieim^ earningsir the Dicing P*oaucts segrnew end The ecmpcwie matertaw icgmani wouM ha-c neen. $2$g ano $131 tMpaciivev ____ project. v/ith the company retaining the discretion to post pone expenditures in the event of adverse market conations, in the bLKfdihg products segment, OCF's new products are Demg produced largely a? existfng feerfioes that requite rela tively moderate conversion expenditures. (me with the company's objective of having international rev enues account lor 4q% erf consolidated revenues by (he year 2000. As one example, OCF had no sales in China m 1993 trui expects to achieve sales of $60 million m 1996 sno could have as many as 10 plants there by the year 2000. Outlook OCF has aggressive growth targets in place, stating that it intends to grow saies to $5 billon bythe year 2000, with cash IJow and earmngs per share growing at twice the rate erfsates growth. Annual 6% productivity gains are pan of the plan lo heip it achieve these goafs As can be seen from Chart 4, Owens Ccromgs remits exhib ited a great degreeof cyclicalityduring the last downturn. The peak-to-trough decline m operating eammgs of she building ftedvete segment was more than 65% {1907-1991). while earnings at the composites segment declined 54% (1989Si). Although we expectthat OCF's results wilt continue to be closely tied to u.S. economic cycles, we have noted a num ber of factors thatmay resuttintossofa dkecicarnation than in the previous down cycle Despite recent strength in international operations. OCF's in ternational sales'smsTiperatfng-froome have been renvoiy constant as e percentage of consolidated results since 1990. However, we expectthe proportion of international operations to increase, as international investments have recently been taking a larger percentage of total capital expenditures. In ternational investments (primarily capacity expansion-re lated) have increased from approximately 29% erf segment capte? expendwes in 1993 Jo 57% in 1995. In absolute doc tor terms, international investments have increased during this period from $46 million to $126 million. We expect that these investments will result in a growing share of the companyS revenues comfng from international operations. Additionally, the growth in the composites business is occur ring not only on a geographic basis, but through growth tn applications. New applications provide a solid base for future volume growth and further diversify OCF's end makers Out assumption is mat although OCF's operations will remain strongly cyclical, me company should benefit from the fact that different global economies and productswill experience different cycles, and mis should help to moderate OCF's his torically tight correlation to U.S cyclical downturns. Financial Position From a capital structure poffil standpoint. OCF is also in a better position toface a deterioration in economic conditions At the end of 1991 (post-asbestos ^ability charge), OCF had a shareholder deficitoUS1.0761 Due to continued pw&tti#* ity, me recent conversion of $173 million in convertible sub ordinated debentures and the issuance of $194 million m preferred stock, OCF's equity should turn positive in 1996, while total -debt has 'been -reduced .tarn StJS bifsion at yearned 1991 to under S9CS million at yearend 1995 The company is certainly in a position to reduce dect further, but management is comfortable with current debt levels. OCF is instead channeling funds into increased levels of capital ex penditures, although maintaining intended levels of capita expenditures in the event of a downturn would fikefy result rfi increased debt towels. We believe that tower debt levels leave the company wen positioned to handle iho increased level of payments on as bestos claims expected over the nex? several years CCF } i 4 I ( tI ( I i ( Shjff L Ph<|pt CigQtl Racing Ct>. estimates (hat its asbestos liabilities tor claims made through 1999 m require cash expenditures Waling approximately $470 million (after la* and insurance proceeds) Assuming that titese payments sre spread over five years (although in realty (he actual payments wrff be spread out over a longer period of time), this calculates Jo approximately $94 million annually, as compared with approximately $80 million anno* alfy during the 1993-95 period. 0 these payments arevwwed as a debt obligation, the sumof projected interest expense plus the annual payment obliga te 'Would be sightly more than DCF's annua; interest ex pense during the 1886*90 period A pnmary difference, of course, rstftat in the current situation the lability isamortizing and would be extinguished over the five-year period. OCF's free cash flow (E8DIT less interest, payments for asbestos claims and capital expenditures) ts not significantly different from that ju$( prior fo tiw fast downturn However. OCF is now reinvesting the funds to grow its business rathe* than chan nel^ funds into debt reduction (see Chan 5). The company estimates (hat us maintenance capital expenditure level is approximately $120 million annually (primarily for furnace rebui^sand environmental expenditures), wifh OCFhaving ability to reduce capacity expansion expenditures if demand does not materialize as forecast. Charts Capftri tnveatmanlfttebt Reduction Comparison 1996 1994 1993 1992 1991 1990 E8D*T (S> 537 *iAA 387 364 376 560 Asbestos Payments f$> 87 94 89 no 131 165 interest Expense {$) 57 128 59 <8 11 0 Cash Fiow ($) 393 122 239 262 234 395 Cacex/Sl 276 258 ITS 144 tf4 146 DDK Hepaymom ($) -158 M73 85 66 142 240 'XwesBec oeoi levers retD"nariix to S*55 miiion in cousino's Our- **OCF civ*<3 proceiws of S194 million iron a cxeTerrstock issue Air- pig 1995 Asbestos Liability Owens Coming appears to be fumir# the corner with regard 1o its asbestos liabilities, with a declining concern surround ing the company's ability to shoulder the financial impact Although the number of claims has continued unabated through 1995, we bel#ve that the current high level of new claims is due (o e `last sweep' of available potential litigants in the face of tort reform, and that these claims arc of increas ingly questionable quality. The number of claims increased to 56.000 m 1995 (up from 27,500 daims in 1994 and 31,700 in 1993), leaving a backlog of 144,000 unsettled clams as of yesrend 1996. Although annual cash payments to settle dams are expected to increase, we feel that the uncertainty surrounding these claims and the related financial risk, have decreased The following factors have influenced our views on me financial nsks posed by Ihese liabilities. 1) In 1995, Owens Corning reached an agreement with its insurers om approximately$330 mifcon in insurance coverage for asbestos liab&Sies This coverage, although previously recorded as an asset, had been to arbitration. The $330 mil* (ion supplements confirmed coverage of approximately $231 million (at 9/3Cy9S). The agreement allows Owens Coming to receive 80% of the insurance through 1999 and also provides the company with the ability to purchase additional coverage. 2) 'Hie most significant trend in Owens Coming's favor rs that of tort reform. A number of states are foofemg af. or have passed, legislation that would limit liability through a number of quaifficetions. These limns may include statutes o! limita tion on product liability, limits on punitive damages, the elimi nation or reduction of {Otnt aid several liability, and others. At the federal level, tort reform in Congress (although apparently shelved in the short term) is expected to address many ot the same issues. Accordingly, we expect that OCF wifi begin to see a decline in new cases filed beginning m esrty 1995. As a resuil of (he turning legislative tide, we believe that a large number o? du bious cairns have been filed in order !o get In under me wire ahead of ton reform. As an example, OCF received approxi mately 650 clams in the four monins preceding tort reform in Illinois (December 1994 lo March 1995) and received a total of fewer than SO cases in the remainder of 1995. in Texas. GCf received almost 16-GCOcases in-August 1995 alone (just poo? to the elective date of ton reform) and received fewer than 1.000 cases through ihe reminder of the yea. 3) The length of time smee the product has been rn potentially liable usage and the aging demographics of the potentially affected population mil inevitably lead to a decline m ehgtbie clams. Owens Coming stopped producing asbestos prod ucts m 1972, while medical opinion generally agrees that seven years of consistent exposure is required before ad verse heaish effects a/e attributed. Therefore, the eligible population of those who have not filed claims lo this point should be shrinking. Owens Corning beganpiacinp labels on the product in 1966, and government standards have been >n place regarding the usage, storing ana disposal ot the product. As a result, later cases of in health effects have been the result of misuse and nwvcompfance with guidelines, (hereby reducing the tiketihood of fiabtfity. We emphasize, however, that payments to be made on exist ing claims are still significant, end will continue to claim a meaningful portion of the company's cash flow over the me dium term. Fuflyone*third of clams (although of guestionabfe merit) are in notoriously plaintiff-friendly Texas. However, we 5 Puff c>0l( ft*!!"# C. believe that the uncertatntiea associated with future claims and the potential to adversely impact GCF's financial position have diminished Financial implications Asfor me financial implications. Owens Corning has reserved $1,137million {at yearend 1995) fw payment on claims made through 1999 Against these reserves, Owens Corning has confirmed insurance proceeds of approximately $430 million, leaving a net liability (pretax) of $707 million. At a 36% tax rate, Owens Coming would have cash outflows of $452 mik ion on clams filed through 1999, (The actual timing of mess payments is drffcuU to project) fn the event that the factors Aftdty*ls listed above are not indicative of a positive trend in the company's SiaDiiity position, the company's operating cash flow and balance sheet position are able to support additional expenditures Balance Sheet OCF has taken several steps to improve their balance sheet m 1995 Th conversion of $173 million in convertible pre ferred stock, followed by the issuance of $200 million in monthly income preferred ccoyertibies, resultedin a subsisniiai improvement in the equity account. OCf has now settled on a target debt level of approximately $900 motion, exclud ing the S tOO million receivsWes facility. ) 6 figB Credil Co. c C*gdM Analysis Thrs pagn insenuorsaity Wt Kank c 7 Owens Corning <$ in Millions Exeepi As Noted) Coverage Ratios ftwd Charge (X) EBiTjimerest (X) EBDIT/tmerest {X} Profllabimv Revenues % Change % Foreign ESDI? % Revenges interest Expense DD&A Net Income % Revenues % Equity Cashflow From Operaiifios % Tolar Debt Change inOper Working Cap Other Net From Operating AclMies Capital Expenditures Acq & Divest. Net Other fnvesrments Net Debt Proceeds Net Equity Proceeds Dividends Other Planemo mef Forex Nei Change n Cash/MM Sec. Uouidltv Cash . ... Working Capital Current Ratio(X) Oiick Ratio (X) Days Hecftv. Outstanding inventory Turnover fX) Capitalization Short-Term Debi Senior Long-Term Debt Suborcwiaiftd LT Debt Total Debt On SaJAoce Sheet Debt Total A&usted Deb? 9 Months Ended 9/95 9/94 .16 IB 43 1.9 s& 32 2.648 7.4 ?6.7 405 153 73 82 m S3 nm 2,465 12.6 228 219 85 69 as 31 13 NM 3Si 45 6 -144 -123 79 -183 0 -34 -92 194 0 -3 -39 167 192 -110 -55 2 -165 0 82 268 0 0 4 7 20 50 15 -80 1.0 OS 0.4 04 44 50 83 9.6 155 793 0 953 234 1,167 250 877 1?3 1,300 0 1.300 Preferred &CCk Common qu4y Total Capital (%) S-T-D 1%) Tsai Adjusted Debt Tow DebtrEflCkT 0 -295 1.086 14.3 109.3 1.6 Ratings History (Debenture*) OCR Moody's Standard 5 Poors 868- 8aa3 586- Debt Maturities 1995 1996 1997 19% 1999 NA 35 27 120 20 0 -713 567 42.6 221.5 39 BBBBsa3 B3B- 1994 22 24 3.7 1993 2.7 30 4.3 1992 10 1.9 3.3 1991 14 15 29 3,351 138 24.0 344 10.3 94 118 74 22 NM 2,944 23 24 4 307 132 89 121 lie 40 NM 2.878 3.4 265 364 12.7 110 151 72 25 ' 2783 -105 281 376 135 131 180 19 07 NM 260 246 207 184 21.5 245 16 8 157 83 16 -29 56 -110 >9 u 11 233 253 192 253 -268 164 144 -114 0 000 97 -14 10 >6 173 -65 -66 v142 0 000 0 00 0 5 11 7 & 56 1 .1 -4 59 3 2 3 -143 >49 123 171 0.9 0.9 1.2 1.4 04 0.4 06 07 36 39 39 45 109 96 95 90 175 864 173 1,212 234 1,446 0 -630 766 22.9 188.8 35 106 725 173 1.004 119 1.123 0 -869 254 41.7 442.1 2.8 81 845 173 1.008 89 1,188 0 -1.006 180 45.0 60.0 3.0 24 735 413 1.172 78 1,250 0 -1.076 174 13.8 718.4 31 BBSBaa3 BBS- BBSBaa3 BBB- BBSBaaO BBB- Financing Alternative* Principal Bar* Facw*a(SMM> Revolver Committed Lines BBBSaa3 BBBUsed 298 64 1990 21 52 34 3.1H 37 292 560 180 165 202 126 41 NM 274 21 1 52 35 361 *14$ -2 5 -240 0 0 0 -22 7 58 1.1 0.6 49 9.1 214 657 429 1,300 74 1.374 0 -350 1,024 20.9 134.2 23 BBBBs2 BBS- Unused 357 239