<SEC-DOCUMENT>0001058090-17-000002.txt : 20170110
<SEC-HEADER>0001058090-17-000002.hdr.sgml : 20170110
<ACCEPTANCE-DATETIME>20170110074927
ACCESSION NUMBER:		0001058090-17-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170110
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20170110
DATE AS OF CHANGE:		20170110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		17519191

	BUSINESS ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3035954000

	MAIL ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cmg-20170110x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			11017_8-K
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			<a name="_GoBack"></a><font style="display: inline;font-size:12pt;">&#xFEFF;</font><a name="filing_1"></a><a name="doc_1_1"></a>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:18pt;">FORM 8-K</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">CURRENT REPORT</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section&nbsp;13 or 15(d) of the</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Securities Exchange Act of 1934</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">January 10</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">, 201</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">7</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 24pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:24pt;">CHIPOTLE MEXICAN GRILL, INC.</font>
		</p>
		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">(Exact name of registrant as specified in its charter)</font>
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			<font style="display: inline;">&nbsp;</font>
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						<font style="display: inline;font-weight:bold;color:#000000;">Delaware</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">1-32731</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;">84-1219301</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(State or other jurisdiction</font></p>
					<p style="margin:0pt 0pt 1.1pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">of incorporation)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Commission</font></p>
					<p style="margin:0pt 0pt 1.1pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">File Number)</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(I.R.S. Employer</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;"> Identification No.)</font></p>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">1401 Wynkoop Street, Suite 500</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Denver, CO 80202</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices) (Zip Code)</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Registrant&#x2019;s telephone number, including area code: (303)&nbsp;595-4000</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Not Applicable</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Former name or former address, if changed since last report)</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:13.2pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 6pt">
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;">&nbsp;</font>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 6pt">
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;2.02.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;">Results of Operations and Financial Condition.</font>
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			<font style="display: inline;color:#000000;">The disclosures under the headings </font><font style="display: inline;color:#000000;">&#x201C;Fourth Quarter 2016 Preliminary Results,&#x201D; </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Fourth Quarter </font><font style="display: inline;color:#000000;">2016 Sales </font><font style="display: inline;color:#000000;">Trend Detail,</font><font style="display: inline;color:#000000;">&#x201D; and </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Fourth Quarter 2016 </font><font style="display: inline;color:#000000;">Operating Margin</font><font style="display: inline;color:#000000;"> and Net Income</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> in Item 8.01. below are incorporated by reference into this Item 2.02.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;8.01</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;">Other Events.</font>
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			<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc. is filing this report to provide </font><font style="display: inline;color:#000000;">preliminary</font><font style="display: inline;color:#000000;"> financial and operating results </font><font style="display: inline;color:#000000;">for </font><font style="display: inline;color:#000000;">the fourth quarter 2016, as well as other recent developments. </font>
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			<font style="display: inline;color:#000000;text-decoration:underline;">Fourth Quarter 2016 Preliminary Results</font>
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			<font style="display: inline;color:#000000;">For the fourth quarter 2016, we anticipate the following:</font>
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				<font style="margin:0pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;color:#000000;line-height:100%;font-size:10pt;;"> &#xB7;</font>
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			<font style="display: inline;color:#000000;">Sales revenue of $1.035 billion</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">Comparable restaurant sales decrease of 4.8%</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">Restaurant level operating margin to be approximately 13% to 14%</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">Pre-tax operating income to be approximately $30 million to $32 million</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">Quarterly tax rate of 47% to 53%; full year effective tax rate of 39% to 45% </font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">Diluted earnings per share in the range of approximately $0.50 to $0.58</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;text-decoration:underline;">Fourth Quarter 2016 Sales Trend Detail</font>
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			<font style="display: inline;color:#000000;">Comparable restaurant sales for the quarter decreased 4.8%, which includes the benefit of 0.5% related to previously deferred revenue that was recognized in the fourth quarter. Comparable restaurant sales decreased 20.2% in October 2016, decreased 1.4% in November 2016, and increased 14.7% in December 2016. Our sales comparisons are lapping an easier compare due to lower sales levels in November and December 2015.</font><font style="display: inline;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;text-decoration:underline;">Fourth Quarter 2016 </font><font style="display: inline;text-decoration:underline;color:#000000;">Operating Margin and Net Income</font>
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			<font style="display: inline;color:#000000;">We anticipate our restaurant-level operating margin for the fourth quarter 2016 to be in the 13% to 14% range. And we also expect pre-tax operating income of approximately $30 million to $32 million. During the quarter we incurred higher expenses compared to our originally-forecasted amounts in other operating costs, driven by increased promotional spend and costs related to testing television advertising. Our marketing and promotional expenses during the quarter totaled approximately 4.7% of sales. We also incurred higher food costs compared to our originally-forecasted amounts as a result of increased market costs for avocados. </font>
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			<font style="display: inline;color:#000000;">We anticipate reporting diluted earnings per share of $0.50 to $0.58 per share. Final year-end accounting adjustments and related tax expenses may impact these estimates. We anticipate a higher annual effective tax rate for the full year 2016 of 39% to 45% due to higher state tax rates, not qualifying for the federal R&amp;D tax credits in 2016, and non-deductible items on overall lower pre-tax operating income. The increase in our full year estimated tax rate has a magnified effect on our tax rate in the fourth quarter. We expect the 2017 effective tax rate to be lower than the 2016 effective tax rate. </font><font style="display: inline;color:#000000;"></font>
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			<font style="display: inline;color:#000000;text-decoration:underline;">Additional Stock Repurchase Authorization</font>
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			<font style="display: inline;color:#000000;">This report is also filed to</font><font style="display: inline;color:#000000;"> announce that </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">Board of Directors has authorized repurchases of Chipotle common stock with a total aggregate purchase price of $100 million, exclusive of commissions. This repurchase is in addition to previously announced repurchase authori</font><font style="display: inline;color:#000000;">zations totaling $2.</font><font style="display: inline;color:#000000;">1</font><font style="display: inline;color:#000000;"> billion. </font><font style="display: inline;color:#000000;">As of January 10, 2017, the current </font><font style="display: inline;color:#000000;">remaining </font><font style="display: inline;color:#000000;">authorization is $200.0 million. </font><font style="display: inline;color:#000000;">The Board&#x2019;s authorization of the repu</font><font style="display: inline;color:#000000;">rchase program may be modified,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">suspended or discontinued at any time.</font>
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			<font style="display: inline;color:#000000;text-decoration:underline;">Forward-Looking Statements</font>
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			<font style="display: inline;color:#000000;">Certain statements in this </font><font style="display: inline;color:#000000;">filing</font><font style="display: inline;color:#000000;">, including statements of expected comparable restaurant sales</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">certain </font><font style="display: inline;color:#000000;">expense items, restaurant-level operating margins, </font><font style="display: inline;color:#000000;">estimated tax rates </font><font style="display: inline;color:#000000;">and </font><font style="display: inline;color:#000000;">earnings per share results</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. </font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">We use words such as &#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;, &#x201C;could&#x201D;, &#x201C;should&#x201D;, &#x201C;estimate&#x201D;, &#x201C;expect&#x201D;, &#x201C;intend&#x201D;, &#x201C;may&#x201D;, &#x201C;predict&#x201D;, &#x201C;project&#x201D;, &#x201C;target&#x201D;, and similar terms and phrases, including references to assumptions, to identify forward-looking statements. </font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">The forward-looking statements in this </font><font style="display: inline;color:#000000;">filing </font><font style="display: inline;color:#000000;">are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;"> These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;"> These risks and uncertainties include, but are not limited to, the following: </font><font style="display: inline;color:#000000;">the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changing consumer perceptions of our brand, including as a result of food-borne illness incidents, the impact of competition, including from sources outside the restaurant industry, decreased overall consumer spending, or </font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"><font style="display: inline;color:#000000;">our possible inability to increase menu prices or realize the benefits of menu price increases; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; the risk of food-borne illnesses and other health concerns about our food or dining out generally; increases in the cost of food ingredients and other key supplies, or higher food costs due to new supply chain protocols; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of market pressures, enhanced food safety procedures in our restaurants, or new regulatory requirements; risks relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks associated with our Food With Integrity strategy, including supply shortages and potential liabilities from advertising claims and other marketing activities related to Food With Integrity; security risks associated with the acceptance of electronic payment cards or electronic storage and processing of confidential customer or employee information; risks relating to litigation, including possible governmental actions related to food-borne illness incidents, as well as class action litigation regarding employment laws, advertising claims or other matters; risks relating to our insurance coverage and self-insurance; risks arising from senior management changes, including our return to having a single CEO, as well as our dependence on key personnel; risks related to our marketing and advertising strategies, including risks related to our Chiptopia rewards program and other promotional activities; risks regarding our ability to protect our brand and reputation; risks associated with our ability to effectively manage our growth; </font><font style="display: inline;color:#000000;"> and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on our website at chipotle.com.</font>
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			<a name="part_1_2_3"></a><font style="display: inline;font-weight:bold;color:#000000;">SIGNATURE</font>
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			<font style="display: inline;color:#000000;">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 hereunto duly authorized.</font>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc.</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">January 10</font><font style="display: inline;font-style:italic;color:#000000;">, &nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">2017</font></p>
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				<td valign="bottom" style="width:05.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.45pt;padding:0pt;">
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">By:</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:238.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.45pt;padding:0pt;">
					<p style="margin:0pt 0pt 1.1pt;border-bottom:1pt solid #000000 ;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">/s/ Jack Hartung</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:14.85pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:13.15pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:238.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Name: Jack Hartung</font></p>
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			<tr>
				<td valign="top" style="width:243.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.40pt;padding:0pt;">
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Title: Chief Financial Officer </font></p>
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			<tr>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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