BLONDER TONGUE LABORATORIES INC - Annual Report: 2009 (Form 10-K)

 

 

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009, OR

 

[  ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________________ to _________________

 

 

 

Delaware		52-1611421
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Jake Brown Road, Old Bridge, New Jersey		08857
(Address of principal executive offices)		(Zip Code)

 

 

 

Title of each class		Name of Exchange on which registered
Common Stock, Par Value $.001		NYSE Amex

 

 

 

 

 

 

 

 

 

Large accelerated filer         Non-accelerated filer        (do not check if a smaller reporting company)

Accelerated filer         Smaller reporting company    X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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•	strengthening its core business,

•	continuing its heritage of technology development,

•	expanding into new markets,

•	enhancing its leadership structure, and

•	increasing gross margins.

 

 

 

 

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•	TV Broadcasters

 

•	Cable System Operators (both franchise and private, as well as cable contractors) that design, package, install and in most instances operate, upgrade and maintain the systems they build,

 

•	Lodging/Hospitality video and high speed data system operators that specialize in the Lodging/Hospitality Markets, and

 

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Institutional System Operators that operate, upgrade and maintain the systems that are in their facilities, or contractors that install, upgrade and maintain these systems in a variety of applications including schools, universities, hospitals, prisons, corporations, enterprises, sports stadiums and airports.

 

 

 

 

 

 

 

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•           Digital Video Headend Products used by a system operator for acquisition, processing and manipulation of digital video signals.  Blonder Tongue continues to expand its Digital Product offerings to meet the changing needs of its customers.  The latest additions include the EdgeQAM collection and the HDE encoder collection which includes a line of HD and SD MPEG-2 encoders and multiplexers.  Among the other digital products provided by Blonder Tongue are: the QTM line of transcoders, digital Quadrature Amplitude Modulation (QAM) up-converters and multiplexers and digital 8VSB/QAM HD television processors for delivery of HDTV programming and agile QAM Modulators.

 

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Reception Products used to receive television frequency modulated and satellite transmission from off-the-air prior to headend processing.  Sales of products in this category have not historically contributed significantly to the Company’s revenues, however with the FCC mandate for broadcasters to change from analog to digital, the Company experienced a significant increase

 

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Any substantial decrease in sales to our largest customer may adversely affect our results of operations or financial condition.

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•	the viability of those customers;

 

•	our ability to identify those customers with the greatest growth and growth prospects; and

 

•	our ability to maintain our position in the overall marketplace by shifting our emphasis to such customers.

 

 

 

 

 

 

 

 

 

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•	price reductions;

 

•	loss of market share;

 

•	delays in the timing of customer orders; and

 

•	an inability to increase our penetration into the cable television market.

 

 

 

•	access by private cable operators to financing for capital expenditures;

 

•	demand for their cable services;

 

•	availability of alternative video delivery technologies; and

 

•	general economic conditions.

 

 

 

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•	an inability to obtain sufficient quantities of these components;

 

•	our receipt of a significant number of defective components;

 

•	an increase in component prices; or

 

•	our inability to obtain lower component prices in response to competitive pressures on the pricing of our products.

 

 

 

•	political, economic and labor instability;

 

•	changes in foreign government laws and regulations;

 

•	infringement of our intellectual property rights; and

 

•	difficulties in managing foreign manufacturing operations.

 

 

 

 

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•	eliminates the right of our stockholders to act without a meeting;

 

•	does not provide cumulative voting for the election of directors;

 

•	does not provide our stockholders with the right to call special meetings;

 

•	provides for a classified board of directors; and

 

•	imposes various procedural requirements which could make it difficult for our stockholders to affect certain corporate actions.

 

 

•	delay or prevent a change in control of our company;

 

•	impede a merger, consolidation or other business combination involving us; or

 

•	discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of our company.

 

 

 

 

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•	announcements of technological innovations or new products by us, our competitors or third parties;

 

•	quarterly variations in our actual or anticipated results of operations;

 

•	failure of revenues or earnings in any quarter to meet the investment community’s expectations; and

 

•	market conditions for cable industry stocks in general;

 

 

 

 

 

 

 

 

 

 

As of December 31, 2009, the Company’s Chief Executive Officer was indebted to the Company in the amount of $141,000, for which no interest has been charged.  This indebtedness arose from a series of cash advances made to the Chief Executive Officer, the latest of which was advanced in February, 2002.  This debt was being repaid at the rate of $1,000 per month, all of which represented principal payments on the indebtedness, until November 2008 when the Chief Executive Officer and his spouse filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code.  Since the time of filing, payments on this indebtedness have been subject to the automatic stay provisions of the United States Bankruptcy Code and, accordingly, no additional payments have been made.  On July 29, 2009 a plan of reorganization in connection with the Chief Executive Officer's bankruptcy case was confirmed by the United States Bankruptcy Court for the District of New Jersey.  Under the confirmed plan of reorganization, the Chief Executive Officer will be obligated to pay a distribution toward repayment of his pre-petition obligation to the Company pro rata with all of his other pre-petition debts in sixty (60) equal consecutive monthly installments, with payments to commence as soon as practicable under the terms of the confirmed plan.  The actual amount that the Company may expect to receive pursuant to the confirmed plan and the date on which payments would commence are not presently determinable.

 

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	Year Ended December 31,
	2009		2008
Net sales	100.0%		100.0%
Costs of goods sold	61.2		67.1
Gross profit	38.8		32.9
Selling expenses	13.7		12.4
General and administrative expenses	16.1		14.0
Research and development expenses	8.3		5.6
Earnings from operations	0.7		0.9
Other expense, net	0.6		1.1
Earnings (loss) from continuing operations before income taxes	0.1		(0.2)
Provision (benefit) for income taxes	0.3		-

 

 

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The Financial Accounting Standards Board (“FASB”), in June 2009, issued new accounting guidance that established the FASB Accounting Standards Codification, (“Codification” or “ASC”) as the single source of authoritative GAAP to be applied by nongovernmental entities, except for the rules and interpretive releases of the SEC under authority of federal securities laws, which are sources of authoritative GAAP for SEC registrants. The FASB will no longer issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts; instead the FASB will issue Accounting Standards Updates. Accounting Standards Updates will not be authoritative in their own right as they will only serve to update the Codification. These changes and the Codification itself do not change GAAP. This new guidance became effective for interim and annual periods ending after September 15, 2009. Other than the manner in which new accounting guidance is referenced, the adoption of these changes did not have a material effect on the Company’s consolidated financial statements.

 

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The FASB has published FASB Accounting Standards Update 2009-13, “Revenue Recognition (Topic 605)-Multiple Deliverable Revenue Arrangements,” which addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit.  Specifically, this guidance amends the criteria in Subtopic 605-25, “Revenue Recognition-Multiple-Element Arrangements,” for separating consideration in multiple-deliverable arrangements.  This guidance establishes a selling price hierarchy for determining the selling price of a deliverable, which is based on: (a) vendor-specific objective evidence; (b) third-party evidence; or (c) estimates.  This guidance also eliminates the residual method of allocation and requires that arrangement consideration be allocated at the inception of the arrangement to all deliverables using the relative selling price method and also requires expanded disclosures.  FASB Accounting Standards Update 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010.  Early adoption is permitted.  The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations and cash flows.

 

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(a)(1)                       Financial Statements and Supplementary Data.

 

Report of Independent Registered Public Accounting Firm	34
Consolidated Balance Sheets as of December 31, 2009 and 2008	35
Consolidated Statements of Operations for the Years Ended December 31, 2009  and 2008	36
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2009 and 2008	37
Consolidated Statements of Cash Flows for the Years Ended December 31, 2009 and 2008	38
Notes to Consolidated Financial Statements	39

 

 

 

 

 

 

 

 
 

Exhibit #	Description		Location
3.1	Restated Certificate of Incorporation of Blonder Tongue Laboratories, Inc.		Incorporated by reference from Exhibit 3.1 to Registrant’s S-1 Registration Statement No. 33-98070, originally filed October 12, 1995, as amended.
3.2	Restated Bylaws of Blonder Tongue Laboratories, Inc., as amended.		Incorporated by reference from Exhibit 3.2 to Registrant’s Annual Report on Form 10-K/A for the period ending December 31, 2007, originally filed May 9, 2008.

Exhibit #	Description		Location
10.3	First Amendment to the 1995 Plan.		Incorporated by reference from Exhibit 10.5(a) to Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 1997.
10.4	Second Amendment to the 1995 Plan.		Incorporated by reference from Exhibit 4.3 to S-8 Registration Statement No. 333-52519 originally filed on May 13, 1998.
10.5	Third Amendment to the 1995 Plan.		Incorporated by reference from Exhibit 4.4 to S-8 Registration Statement No. 333-37670, originally filed May 23, 2000.
10.6	Fourth Amendment to the 1995 Plan.		Incorporated by reference from Exhibit 4.5 to S-8 Registration Statement No. 33-96993, originally filed July 24, 2002.
10.7	Amended and Restated 1996 Director Option Plan.		Incorporated by reference from Appendix B to Registrant’s Proxy Statement for its 1998 Annual Meeting of Stockholders, filed March 27, 1998.
10.8	First Amendment to the Amended and Restated 1996 Director Option Plan.		Incorporated by reference from Exhibit 4.2 to S-8 Registration Statement No. 333-111367, originally filed on December 19, 2003.
10.9	Form of Indemnification Agreement entered into by Blonder Tongue Laboratories, Inc. in favor of each of its Directors and Officers.		Incorporated by reference from Exhibit 10.10 to Registrant’s S-1 Registration Statement No. 33-98070, filed October 12, 1995, as amended.
10.10	Bargaining Unit Pension Plan.		Incorporated by reference from Exhibit 10.22 to S-1 Registration Statement No. 33-98070, filed October 12, 1995, as amended.
10.11	Executive Officer Bonus Plan.		Incorporated by reference from Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 1997, filed May 13, 1997.
10.12	Blonder Tongue Laboratories, Inc. 2005 Employee Equity Incentive Plan		Incorporated by reference from Appendix A to the Registrant’s Definitive Proxy Statement for its 2005 Annual Meeting of Stockholders held on May 24, 2005.
10.13	Blonder Tongue Laboratories, Inc. 2005 Director Equity Incentive Plan		Incorporated by reference from Appendix B to the Registrant’s Definitive Proxy Statement for its 2005 Annual Meeting of Stockholders held on May 24, 2005.

Exhibit #	Description		Location
10.14	Form of Option Agreement under the 1995 Long Term Incentive Plan.		Incorporated by reference from Exhibit 10.33 to Registrant’s Annual Report on Form 10-K for the period ending December 31, 2004, filed April 15, 2005.
10.15	Form of Option Agreement under the 1996 Director Option Plan.		Incorporated by reference from Exhibit 10.34 to Registrant’s Annual Report on Form 10-K for the period ending December 31, 2004, filed April 15, 2005.
10.16	Form of Option Agreement under the 2005 Employee Equity Incentive Plan.		Incorporated by reference from Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the period ending June 30, 2005, filed August 15, 2005.
10.17	Form of Option Agreement under the 2005 Director Equity Incentive Plan.		Incorporated by reference from Exhibit 10.24 to Registrant’s Annual Report on Form 10-K for the period ending December 31, 2007, filed March 31, 2008.
10.18	First Amendment to Blonder Tongue Laboratories, Inc. 2005 Employee Equity Incentive Plan.		Incorporated by reference from Appendix B to Registrant’s Definitive Proxy Statement for its 2007 Annual Meeting of Stockholders held on May 23, 2007.
10.19	Revolving Credit, Term Loan and Security Agreement, dated August 6, 2008, between Sovereign Business Capital and Blonder Tongue Laboratories, Inc.		Incorporated by reference from Exhibit 99.1 to Registrant’s Current Report on Form 8-K dated August 6, 2008, filed August 8, 2008.
21	Subsidiaries of Blonder Tongue Laboratories, Inc.		Filed herewith.
23.1	Consent of Marcum LLP.		Filed herewith.
31.1	Certification of James A. Luksch pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		Filed herewith.
31.2	Certification of Eric Skolnik pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		Filed herewith.
32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		Filed herewith.

 

 

 

 

 

 

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	Page
Report of Independent Registered Public Accounting Firm	34
Consolidated Balance Sheets as of December 31, 2009 and 2008	35
Consolidated Statements of Operations for the Years Ended December 31, 2009 and 2008	36
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2009 and 2008	37
Consolidated Statements of Cash Flows for the Years Ended December 31, 2009 and 2008	38
Notes to Consolidated Financial Statements	39

 

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BLONDER TONGUE LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
	December 31,
		2009		2008
Assets
Current assets:
Cash		$14		$2,469
Accounts receivable, net of allowance for doubtful accounts of $164 and $304 respectively		4,059		3,787
Inventories		8,149		8,976
Prepaid and other current assets		590		372
Deferred income taxes		383		436
Total current assets		13,195		16,040
Inventories, net non-current		5,637		4,392
Property, plant and equipment, net of accumulated depreciation and amortization		4,000		4,176
License agreements, net		207		155
Other assets, net		235		359
Deferred income taxes		1,898		1,920
		$25,172		$27,042
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt		$228		$237
Accounts payable		1,065		1,744
Accrued compensation		199		681
Accrued benefit liability		297		714
Income taxes payable		49		49
Other accrued expenses		114		402
Total current liabilities		1,952		3,827
Long-term debt		3,065		3,779
Commitments and contingencies		-		-
Stockholders’ equity:
Preferred stock, $.001 par value; authorized 5,000 shares; no shares outstanding		-		-
Common stock, $.001 par value; authorized 25,000 shares, 8,465 shares Issued		8		8
Paid-in capital		25,339		25,188
Retained earnings		3,411		3,336
Accumulated other comprehensive loss		(1,264)		(1,757)
Treasury stock, at cost, 2,273 shares		(7,339)		(7,339)
Total stockholders’ equity		20,155		19,436
		$25,172		$27,042

 

 

See accompanying notes to the consolidated financial statements.

 

 

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		Year ended December 31
		2009		2008
Net sales		$29,034		$35,320
Cost of goods sold		17,758		23,713
Gross profit		11,276		11,607
Operating expenses:
Selling expenses		3,983		4,377
General and administrative		4,669		4,935
Research and development		2,420		1,989
		11,072		11,301
Earnings from operations		204		306
Other expense:
Interest expense		(179)		(409)
Interest and other income		17		17
		(162)		(392)
Earnings (loss) from continuing operations  before income taxes		42		(86)
Provision (benefit) for income taxes		75		-
Loss from continuing operations after income taxes		(33)		(86)
Discontinued operations:
Earnings (loss) from discontinued operations		46		(35)
Gain (loss) on disposal of subsidiary		62		(290)
Total discontinued operations		108		(325)
Net earnings (loss)		$75		$(411)
Basic and diluted (loss) per share from continuing operations		$(0.01)		$(0.01)
Basic and diluted earnings (loss) per share from discontinued operations		$0.01		$(0.01)
Basic and diluted gain (loss) per share on disposal		$0.01		$(0.05)
		$0.02		$(0.06)
Basic and diluted net earnings (loss) per share		$0.01		$(0.07)
Basic weighted average shares outstanding		6,191		6,220
Diluted weighted average shares outstanding		6,206		6,220

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

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		Common Stock				Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
		Shares		Amount
Balance at January 1, 2008		8,465		$8		$24,887		$3,747		$(654)		$(7,311)		$20,677
Net loss		-		-		-		(411)		-		-		(411)
Recognized pension expense, net of taxes		-		-		-		-		(1,103)		-		(1,103)
Comprehensive loss		-		-		-		-		-		-		(1,514)
Acquisition of treasury stock		-		-		-		-		-		(28)		(28)
Stock-based Compensation		-		-		301		-		-		-		301
Balance at December 31, 2008		8,465		$8		$25,188		$3,336		$(1,757)		$(7,339)		$19,436
Net earnings		-		-		-		75		-		-		75
Recognized pension gain, net of taxes		-		-		-		-		493		-		493
Comprehensive income		-		-		-		-		-		-		568
Stock-based Compensation		-		-		151		-		-		-		151
Balance at December 31, 2009		8,465		$8		$25,339		$3,411		$(1,264)		$(7,339)		$20,155

 

 

 

See accompanying notes to the consolidated financial statements.

 

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		Year ended December 31,
		2009		2008
Cash Flows From Operating Activities:
Net earnings (loss) )		$75		$(411)
Adjustments to reconcile net earnings (loss) to cash provided by (used in) operating activities:
Depreciation		412		401
Amortization		178		78
Stock-based compensation expense		151		301
Gain on disposal of assets of subsidiary		(62)
Loss on Hybrid’s property and equipment		-		290
Provision for inventory reserves		540		799
Provision for doubtful accounts		38		(45)
Non cash pension expense		76		(198)
Deferred income taxes		75		-
Changes in operating assets and liabilities:
Accounts receivable		(310)		(816)
Inventories		(958)		273
Prepaid and other current assets		(218)		376
Other assets		124		55
Income taxes		-		-
Accounts payable, accrued expenses and accrued compensation		(1,449)		178
Net cash provided by (used in) operating activities		(1,328)		1,281
Cash Flows From Investing Activities:
Capital expenditures		(236)		(374)
Acquisition of licenses		(230)		(159)
Proceeds from sale of subsidiary .		62		37
Net cash used in investing activities		(404)		(496)
Cash Flows From Financing Activities:
Repayments of debt		(1,040)		(22,571)
Borrowings of debt		317		24,013
Acquisition of treasury stock		-		(28)
Net cash provided by (used in) financing activities		(723)		1,414
Net increase (decrease) in cash		(2,455)		2,199
Cash, beginning of year		2,469		270
Cash, end of year		$14		$2,469
Supplemental Cash Flow Information:
Cash paid for interest		$183		$417
Cash paid for income taxes		-		-

 

 

 

See accompanying notes to the consolidated financial statements.

 

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	December 31, 2009		December 31, 2008
License agreements	$1,779		$1,549
Accumulated amortization	$1,572		$1,394
	$   207		$   155

 

 

 

 

 

 

 

 

 

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		December 31,
		2009		2008
Raw materials		$6,726		$6,854
Work in process		1,508		3,116
Finished goods		8,125		6,445
		16,359		16,415
Less current inventory		(8,149)		(8,976)
		8,210		7,439
Less reserve for slow moving and obsolete inventory		(2,573)		(3,047)
		$5,637		$4,392

 

 

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		December 31,
		2009		2008
Land		$1,000		$1,000
Building		3,361		3,361
Machinery and equipment		8,843		8,671
Furniture and fixtures		408		406
Office equipment		2,094		2,073
Building improvements		1,029		988
		16,735		16,499
Less:  Accumulated depreciation and amortization		(12,735)		(12,323)
		$4,000		$4,176

 

 

 

 

 

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		December 31,
		2009		2008
Revolving loan		$   -		$   -
Term loan		3,233		3,933
Capital leases (Note 5)		60		83
		3,293		4,016
Less:  Current portion		(228)		(237)
		$3,065		$3,779

 

 

 

 

		Capital		Operating
2010		33		$162
2011		25		77
2012		4		36
2013		4		18
2014		1		2
Thereafter		-		-
Total future minimum lease payments		67		$295
Less:  amounts representing interest		7
Present value of minimum lease payments		$ 60

 

 

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			2009		2008
Change in Benefit Obligation
Benefit obligation at beginning of year			$2,650		$2,530
Service cost			0		0
Interest cost			150		154
Plan participants’ contributions			0		0
Amendments			0		0
Actuarial loss (gain)			(37)		130
Business combinations			0		0
Divestitures			0		0
Curtailments			0		0
Settlements			0		0
Special termination benefits			0		0
Benefits paid			(303)		(164)
Currency translation adjustment			0		0
Benefit obligation at end of year			$2,460		$2,650
Change in Plan Assets
Fair value of plan assets at beginning of year			$1,936		$2,721
Actual return on plan assets			430		(821)
Employer contribution			100		200
Business combinations			0		0
Divestitures			0		0
Settlements			0		0
Plan participants’ contributions			0		0
Benefits paid			(303)		(164)
Administrative Expenses Paid			0		0
Currency Translation Adjustment			0		0
Fair value of plan assets at end of year			$2,163		$1,936

Funded status			$(297)		$(714)
Amounts Recognized in the Statement of Financial Position consists of:
Noncurrent assets			$        0		$        0
Current liabilities			$        0		$        0
Noncurrent liabilities			$  (297)		$  (714)
Net amount recognized			$  (297)		$  (714)
			2009		2008
Change in Accumulated Other Comprehensive Income			-		-
Amounts Recognized in Accumulated Other Comprehensive Income consist of:
Net actuarial loss (gain)			$1,264		$1,757
Prior service cost (credit)			-		-
Unrecognized net initial obligation (asset)			-		-
Total (before tax effects)			$1,264		$1,757
Accumulated benefit Obligation End of Year			$2,460		$2,650
			2009		2008
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets:
Projected benefit of obligation			$2,460		$2,650
Accumulated benefit obligation			$2,460		$2,650
Fair value of plan assets			$2,163		$1,936
Weighted-Average Assumptions Used to Determine Benefit Obligation in Excess of Plan Assets:
Discount Rate			6.00%		6.00%
Salary Scale			N/A		N/A
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income
Net periodic cost
Service cost			$0		$0
Interest cost			150		154
Expected return on plan assets			(133)		(187)
Recognized prior service cost (credit)			0		0
Recognized actuarial (gain) loss			159		35
Recognized net initial obligation (asset)			0		0
Recognized actuarial (gain) loss due to curtailments			0		0
Recognized actuarial (gain) loss due to settlements			0		0
Recognized actuarial (gain) loss due to special termination benefits			0		0
Net periodic benefit cost			$176		$2
Other Changes in Plan Assets and Benefit Obligations Recognized in Other comprehensive Income
Net actuarial loss (gain)			$(334)		$1,138

Recognized actuarial loss (gain)			(159)		(35)
Prior service cost (credit)			0		0
Recognized prior service cost (credit)			0		0
Total net obligation			0		0
Total recognized in other comprehensive income (before tax effects)			$(493)		$1,103
Total recognized in net periodic benefit cost and other comprehensive income (before tax effects)			$(317)		$1,105
			2009		2008
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
(Gain)/loss recognition			$106		$155
Prior service cost recognition			$0		$0
Net initial obligations/(asset) recognition			$0		$0
Weighted-Average Assumptions Used to Determine Net Periodic Cost for Fiscal Periods Ending as of December 31
Discount rate			6.00%		6.50%
Expected asset return			7.00%		7.00%
Salary Scale			N/A		N/A
Plan Assets
Asset Category	Expected Long-Term Return	Target Allocation	2009		2008
Equity securities	8.50%	55%	63%		51%
Debt securities	5.50%	45%	37%		49%
Total	7.00%	100%	100%		100%
Estimated Future Benefit Payments
Expected company contributions in the following fiscal year			$200
Expected Benefit Payments:
In the first year following the disclosure date			$93
In the second year following the disclosure date			$126
In the third year following the disclosure date			$78
In the fourth year following the disclosure date			$165
In the fifth year following the disclosure date			$93
In the sixth year following the disclosure date			$758