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FRIEDMAN INDUSTRIES INC - Quarter Report: 2011 June (Form 10-Q)

e10vq
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
     
þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2011
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FROM THE TRANSITION PERIOD FROM                      TO
COMMISSION FILE NUMBER 1-7521
FRIEDMAN INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
     
TEXAS
(State or other jurisdiction of
incorporation or organization)
  74-1504405
(I.R.S. Employer Identification
Number)
4001 HOMESTEAD ROAD, HOUSTON, TEXAS 77028-5585
(Address of principal executive office) (zip code)

Registrant’s telephone number, including area code (713) 672-9433
 
Former name, former address and former fiscal year, if changed since last report
     Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ                    No o
     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes þ                    No o
     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer oAccelerated filer o Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company þ
     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o                    No þ
     At June 30, 2011, the number of shares outstanding of the issuer’s only class of stock was 6,799,444 shares of Common Stock.
 
 

 


TABLE OF CONTENTS

Part I — FINANCIAL INFORMATION
Item 1. Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II — OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. [Removed and Reserved]
Item 5. Other Information
Item 6. Exhibits
SIGNATURES
EXHIBIT INDEX
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT


Table of Contents

Part I — FINANCIAL INFORMATION
Item 1. Financial Statements
FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
                 
    JUNE 30, 2011     MARCH 31, 2011  
ASSETS
               
CURRENT ASSETS:
               
Cash and cash equivalents
  $ 17,004,461   $ 7,210,290
Accounts receivable, net of allowances for bad debts and cash discounts of $37,276 at June 30 and March 31, 2011
  11,370,200   12,594,954
Inventories
  29,615,433   34,679,270
Other
  165,815   77,830
 
       
TOTAL CURRENT ASSETS
  58,155,909   54,562,344
PROPERTY, PLANT AND EQUIPMENT:
   
Land
  1,082,331   1,082,331
Buildings and yard improvements
  7,014,180   7,014,180
Machinery and equipment
  30,040,737   29,876,767
Less accumulated depreciation
  (24,299,591 )   (23,841,491 )
 
       
 
  13,837,657   14,131,787
 
   
OTHER ASSETS:
   
Cash value of officers’ life insurance and other assets
  905,250   890,000
         
 
TOTAL ASSETS
  $ 72,898,816   $ 69,584,131
 
       
LIABILITIES AND STOCKHOLDERS’ EQUITY
   
CURRENT LIABILITIES:
   
Accounts payable and accrued expenses
  $ 9,249,200   $ 7,338,762
Income taxes payable
  821,443   350,961
Deferred credit for LIFO inventory replacement
  82,653  
Dividends payable
  883,927   747,939
Contribution to profit sharing plan
  100,100   50,000
Employee compensation and related expenses
  700,880   979,713
 
       
 
TOTAL CURRENT LIABILITIES
  11,838,203   9,467,375
DEFERRED INCOME TAXES
  514,024   536,699
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
  796,592   777,543
STOCKHOLDERS’ EQUITY:
   
Common stock, par value $1:
   
Authorized shares — 10,000,000
   
Issued shares — 7,975,160 at June 30 and March 31, 2011
  7,975,160   7,975,160
Additional paid-in capital
  29,003,674   29,003,674
Treasury stock at cost (1,175,716 shares at June 30 and March 31, 2011)
  (5,475,964 )   (5,475,964 )
Retained earnings
  28,247,127   27,299,644
 
       
 
TOTAL STOCKHOLDERS’ EQUITY
  59,749,997   58,802,514
 
       
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 72,898,816   $ 69,584,131
 
       

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Table of Contents

FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS — UNAUDITED
                 
    THREE MONTHS ENDED JUNE 30,  
    2011     2010  
Net Sales
  $ 38,935,456     $ 29,222,232  
Costs and expenses
               
Costs of goods sold
    34,778,631       25,784,294  
General, selling and administrative costs
    1,419,819       1,274,470  
 
           
 
    36,198,450       27,058,764  
Interest and other income
    (17,872 )     (14,027 )
 
           
Earnings before income taxes
    2,754,878       2,177,495
Income tax provision (benefit):
               
Current
    946,142       755,958
Deferred
    (22,675 )     (13,600
 
           
 
    923,467       742,358
 
           
Net earnings
  $ 1,831,411     $ 1,435,137
 
           
Average number of common shares outstanding:
             
Basic
    6,799,444       6,799,444  
Diluted
    6,799,444       6,799,444  
Net earnings per share:
               
Basic
  $ 0.27     $ 0.21
Diluted
  $ 0.27     $ 0.21
Cash dividends declared per common share
  $ 0.13     $ 0.04  

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FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
                 
    THREE MONTHS ENDED JUNE 30,  
    2011     2010  
OPERATING ACTIVITIES
   
Net earnings
  $ 1,831,411   $ 1,435,137
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
   
Depreciation
  458,099   466,200
Provision for deferred taxes
  (22,675 )   (13,600 )
Change in postretirement benefits
  19,049   23,728
Decrease (increase) in operating assets:
   
Accounts receivable
  1,224,754   (2,926,485 )
Inventories
  5,063,837   (4,127,084 )
Other current assets
  (87,985 )   75,824
Increase (decrease) in operating liabilities:
   
Accounts payable and accrued expenses
  1,910,438   (912,855 )
Contribution to profit sharing plan
  50,100   55,500
Employee compensation and related expenses
  (278,833 )   182,159
Income taxes payable
  470,482   613,957
Deferred credit for LIFO inventory replacement
  82,653   94,064
 
       
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
  10,721,330   (5,033,455 )
INVESTING ACTIVITIES
   
Purchase of property, plant and equipment
  (163,970 )   (428,844 )
Increase in cash surrender value of officers’ life insurance
  (15,250 )   (14,000 )
 
       
NET CASH USED IN INVESTING ACTIVITIES
  (179,220 )   (442,844 )
FINANCING ACTIVITIES
   
Cash dividends paid
  (747,939 )   (67,994 )
Long-term debt
    (13,507 )
 
       
NET CASH USED IN FINANCING ACTIVITIES
  (747,939 )   (81,501 )
 
       
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  9,794,171   (5,557,800 )
Cash and cash equivalents at beginning of period
  7,210,290   19,812,881
 
       
CASH AND CASH EQUIVALENTS AT END OF PERIOD
  $ 17,004,461   $ 14,255,081
 
       

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FRIEDMAN INDUSTRIES, INCORPORATED
CONDENSED NOTES TO QUARTERLY REPORT — UNAUDITED
NOTE A — BASIS OF PRESENTATION
     The accompanying unaudited, condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes included in the Company’s annual report on Form 10-K for the year ended March 31, 2011.
NOTE B — INVENTORIES
     Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of finished goods and tubular inventory consists of both raw materials and finished goods. Inventories are valued at the lower of cost or replacement market. Cost for prime coil inventory is determined under the last-in, first-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method.
     During the quarter ended June 30, 2011, LIFO inventories were reduced but are expected to be replaced by March 31, 2012. During the quarter ended June 30, 2010, LIFO inventories were reduced and were partially replaced by March 31, 2011. Deferred credits of $82,653 and $94,064 were recorded at June 30, 2011 and June 30, 2010, respectively, to reflect replacement cost in excess of LIFO cost.
     A summary of inventory values by product group follows:
                 
    June 30,     March 31,  
    2011     2011  
Prime Coil Inventory
  $ 6,855,072     $ 7,239,465  
Non-Standard Coil Inventory
    1,072,322       1,722,224  
Tubular Raw Material
    3,796,469       6,086,291  
Tubular Finished Goods
    17,891,570       19,631,290  
 
           
 
  $ 29,615,433     $ 34,679,270  
 
           

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NOTE C — SEGMENT INFORMATION (in thousands)
                 
    THREE MONTHS ENDED  
    JUNE 30,  
    2011     2010  
Net sales
               
Coil
  $ 15,430     $ 12,097  
Tubular
    23,505       17,125  
 
           
 
Total net sales
  $ 38,935     $ 29,222  
 
           
 
Operating profit (loss)
               
Coil
  $ (329 )   $ (324
Tubular
    3,916       3,245  
 
           
 
Total operating profit
    3,587       2,921  
Corporate expenses
    850       758  
Interest & other income
    (18 )     (14 )
 
           
 
Earnings before income taxes
  $ 2,755     $ 2,177
 
           
                 
    June 30,     March 31,  
    2011     2011  
Segment assets
               
Coil
  $ 22,371     $ 25,150  
Tubular
    32,592       36,334  
 
           
 
    54,963       61,484  
Corporate assets
    17,936       8,100  
 
           
 
  $ 72,899     $ 69,584  
 
           
     Corporate expenses reflect general and administrative expenses not directly associated with segment operations and consist primarily of corporate executive and accounting salaries, professional fees and services, bad debts, profit sharing expense, corporate insurance expenses and office supplies. Corporate assets consist primarily of cash and cash equivalents and the cash value of officers’ life insurance.
NOTE D — SUPPLEMENTAL CASH FLOW INFORMATION
     The Company paid income taxes of approximately $398,000 and $253,000 in the quarters ended June 30, 2011 and 2010, respectively. No interest was paid in the quarters ended June 30, 2011 and 2010, respectively. For the three months ended June 30, 2011 and June 30, 2010, noncash financing activities consisted of accrued dividends of $883,927 and $271,978, respectively.
NOTE E — SUBSEQUENT EVENTS
     ASC Topic 855, “Subsequent Events” (“ASC 855”) establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued or are available to be issued. ASC 855 provides guidance on the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. The Company adopted ASC 855 during the quarter ended June 30, 2009, and its application had no impact on the Company’s consolidated condensed financial statements. The Company evaluated subsequent events through the date of this filing.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
     Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010
     During the three months ended June 30, 2011, sales, costs of goods sold and gross profit increased $9,713,224, $8,994,337 and $718,887, respectively, from the comparable amounts recorded during the three months ended June 30, 2010. The increase in sales was related to an increase in tons sold which increased from approximately 39,000 tons in the 2010 quarter to approximately 46,000 tons in the 2011 quarter. Also, the average per ton selling price increased from approximately $750 per ton in the 2010 quarter to $854 per ton in the 2011 quarter. The increase in costs of goods sold was related to the increase in tons sold and an increase in average per ton cost which increased from approximately $662 per ton in the 2010 quarter to $763 in the 2011 quarter. Gross profit primarily benefited from the sales increase. The increase in gross profit was related primarily to the Company’s tubular product segment. Gross profit as a percentage of sales declined from approximately 11.8% in the 2010 quarter to approximately 10.7% in the 2011 quarter. In the 2011 quarter, the market value of our products declined and had the effect of reducing margins earned on sales. Management believes this decline was related to a lack of demand caused by the sluggish U.S. economy.
     Coil product segment sales increased approximately $3,333,000 during the 2011 quarter. This increase was related primarily to an increase in the average selling price which increased from approximately $738 in the 2010 quarter to $897 in the 2011 quarter. Coil tons shipped increased from approximately 16,000 tons in the 2010 quarter to approximately 17,000 tons in the 2011 quarter. Coil segment operations reflected an operational loss of approximately $324,000 and $329,000 in the 2010 and 2011 quarters, respectively. These operations were adversely impacted in both the 2010 quarter and the 2011 quarter by soft demand. Management believes that market conditions for coil products, which are related to durable goods, will not improve until the U.S. economy improves and generates a significant improvement in the demand for durable goods.
     In August 2008, the Company began operating its coil facility in Decatur, Alabama. This facility reflected improved results in the 2011 quarter but continued to experience an operating loss. This facility produced operating losses of approximately $300,000 and $245,000 in the 2010 and 2011 quarters, respectively. The Company expects that this facility will continue to produce losses until demand for coil products improves.
     The Company is primarily dependent on Nucor Steel Company (“NSC”) for its supply of coil inventory. In the 2011 quarter, NSC continued to supply the Company with steel coils in amounts that were adequate for the Company’s purposes. The Company does not currently anticipate any significant change in such supply from NSC. Loss of NSC as a supplier could have a material adverse effect on the Company’s business.
     Tubular product segment sales increased approximately $6,380,000 during the 2011 quarter. This increase resulted from an increase in tons sold which increased from approximately 23,000 tons in the 2010 quarter to approximately 28,000 tons in the 2011 quarter. In addition, the average per ton selling price of tubular products increased from approximately $759 per ton in the 2010 quarter to $828 per ton in the 2011 quarter. Tubular segment operations benefited from the increase in sales. Tubular product segment operating profits as a percentage of segment sales were approximately 18.9% and 16.7% in the 2010 and 2011 quarters, respectively. In June 2011, the market value of tubular products declined and had the effect of reducing margins on tubular segment sales.
     U. S. Steel Tubular Products, Inc. (“USS”) has been the Company’s primary supplier of tubular products and coil material used in pipe manufacturing and is a major customer of finished tubular products. Certain finished tubular products used in the energy business are manufactured by the Company and sold to USS. Beginning in December 2008, USS reduced orders for these finished tubular products. Also, in February 2009, USS announced that it was temporarily idling its plant in Lone Star, Texas, due to weak market conditions. From February 2009 until February 2010, the Company received few orders from USS and a significantly reduced supply of pipe and coil material from USS. During this period, USS reopened its Lone Star facility and since February 2010, the Company has received an increase in orders for finished tubular products from USS and an increase in supply of tubular products and coil material used in the production of pipe. Loss of USS as a supplier or customer could have an adverse effect on the Company’s business. The Company can make no assurances as to orders from USS or the amounts of pipe and coil material that will be available from USS in the future.
     From February 2009 until February 2010, the Company downsized its tubular division to a level more commensurate with operations. Since February 2010, the Company has increased the level of operations of the tubular division to support an increase in production requirements.
     During the 2011 quarter, general, selling and administrative costs increased $145,349 from the amount recorded during the 2010 quarter. This increase was related primarily to an increase in bonuses and commissions associated with increased earnings and volume.
     Income taxes in the 2011 quarter increased $181,109 from the amount recorded in the 2010 quarter. This increase was related primarily to the increase in earnings before taxes in the 2011 quarter. The effective tax rate was approximately 34% in both quarters.
FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESOURCES
     The Company remained in a strong, liquid position at June 30, 2011. The current ratios were 4.9 at June 30, 2011 and 5.8 at March 31, 2011. Working capital was $46,317,706 at June 30, 2011, and $45,094,969 at March 31, 2011.
     During the quarter ended June 30, 2011, the Company maintained assets and liabilities at levels it believed were commensurate with operations. Changes in balance sheet amounts primarily occurred in the ordinary course of business. Cash increased primarily as a result of decreases in accounts receivable and inventories and an increase in accounts payable. The Company expects to continue to monitor, evaluate and manage balance sheet components depending on changes in market conditions and the Company’s operations.
     The Company has in the past and may in the future borrow funds on a term basis to build or improve facilities. The Company currently has no plans to borrow any significant amount of funds on a term basis.
     Notwithstanding the current market conditions, the Company believes its cash flows from operations and borrowing capability due to its strong balance sheet are adequate to fund its expected cash requirements for the next twenty-four months.
CRITICAL ACCOUNTING POLICIES
     The preparation of consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. One such accounting policy which requires significant estimates and judgments is the valuation of LIFO inventories in the Company’s quarterly reporting. The quarterly valuation of inventory requires estimates of the year end quantities which is inherently difficult. Historically, these estimates have been materially correct. In the quarter ended June 30, 2011, LIFO inventories were reduced and are expected to be replaced by March 31, 2012. Also, in the quarter ended June 30, 2010, LIFO inventories were reduced and were partially replaced by March 31, 2011. Deferred credits of $82,653 and $94,064 were recorded at June 30, 2011 and June 30, 2010, respectively, to reflect replacement cost in excess of LIFO cost.
FORWARD-LOOKING STATEMENTS
     From time to time, the Company may make certain statements that contain forward-looking information (as defined in the Private Securities Litigation Reform Act of 1996) and that involve risk and uncertainty. These forward-looking statements may include, but are not limited to, future results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the Securities and Exchange Commission under the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Exchange Act”). Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, including any proposed expansion plans.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
     Not Required

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Item 4. Controls and Procedures
     The Company’s management, with the participation of the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”), evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) as of the end of the fiscal quarter ended June 30, 2011. Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were effective as of the end of the fiscal quarter ended June 30, 2011 to ensure that information that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
     There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2011 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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FRIEDMAN INDUSTRIES, INCORPORATED
Three Months Ended June 30, 2011
Part II — OTHER INFORMATION
Item 1. Legal Proceedings
     Not applicable
Item 1A. Risk Factors
     Not required
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
     a). Not applicable
     b). Not applicable
     c). Not applicable
Item 3. Defaults Upon Senior Securities
     a). Not applicable
     b). Not applicable
Item 4. [Removed and Reserved]
Item 5. Other Information
     Not applicable
Item 6. Exhibits
     Exhibits
  31.1 —    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow
 
  31.2 —    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper
 
  32.1 —    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow
 
  32.2 —    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper
 
  101.INS —    XBRL Instance Document.
 
  101.SCH —    XBRL Taxonomy Schema Document.
 
  101.CAL —    XBRL Calculation Linkbase Document.
 
  101.LAB —    XBRL Label Linkbase Document.
 
  101.PRE —    XBRL Presentation Linkbase Document.

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SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  FRIEDMAN INDUSTRIES, INCORPORATED

 
 
Date August 12, 2011        
  By   /s/ Ben Harper    
    Ben Harper, Senior Vice President-Finance   
    (Principal Financial and Accounting Officer)   
 

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EXHIBIT INDEX
     
Exhibit No.   Description
 
Exhibit 31.1   — Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by William E. Crow
Exhibit 31.2   — Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by Ben Harper
Exhibit 32.1   — Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by William E. Crow
Exhibit 32.2   — Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by Ben Harper
101.INS   — XBRL Instance Document.
101.SCH   — XBRL Taxonomy Schema Document.
101.CAL   — XBRL Calculation Linkbase Document.
101.LAB   — XBRL Label Linkbase Document.
101.PRE   — XBRL Presentation Linkbase Document.