-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 V7BLybqbhMKsEEezVQYwqCAVr2Cxird23D2zOQGApFj85k0on3+KMmbOQEXuQwGp
 vVWrCkt0iQuK8+AePDgIqQ==

<SEC-DOCUMENT>0000899681-05-000769.txt : 20051219
<SEC-HEADER>0000899681-05-000769.hdr.sgml : 20051219
<ACCEPTANCE-DATETIME>20051219164218
ACCESSION NUMBER:		0000899681-05-000769
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20051214
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051219
DATE AS OF CHANGE:		20051219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		051273086

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		22 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_121905.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</FONT></P>

<HR SIZE=1 WIDTH=35% ALIGN=CENTER>

<P ALIGN=CENTER><FONT SIZE=3><B>FORM 8-K</B><BR>
<BR>
CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<BR>
Date of Report (Date of earliest event reported): December 14, 2005<BR>
<BR>
<B>Systemax Inc.</B><BR>
(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=33% ALIGN=CENTER>
<B>Delaware</B><BR>
(State or Other Jurisdiction<BR>
of Incorporation)</TD>
<TD WIDTH=33% ALIGN=CENTER>
<B>1-13792</B><BR>
(Commission<BR>
File Number)</TD>
<TD WIDTH=34% ALIGN=CENTER>
<B>11-3262067</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT SIZE=3><B>11 Harbor Park Drive<BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive offices, including Zip Code)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>Registrant's telephone number, including area code: <B>(516) 608-7000</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>N.A.</B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions (<I>see</I> General Instruction A.2
below): </FONT></P>

<P><FONT SIZE=3>|_| Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </FONT></P>

<P><FONT SIZE=3>|_| Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14-12) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240-14d-2(b)) </FONT></P>

<P><FONT SIZE=3>|_| Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CRF 240.13e-4(c)) </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B><U>ITEM 2.02</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Results of Operations and Financial Condition</U></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
press release regarding Second Quarter 2005 financial results was issued by the
Company on December 14, 2005, a copy of which is filed as an exhibit. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Statements and Exhibits.</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%><I>(a)</I></TD>
<TD WIDTH=90%><I>Financial Statements of Business Acquired</I> - not applicable</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%><I>(b)</I></TD>
<TD WIDTH=90%><I>Pro Forma Financial Information</I> - not applicable</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=5%><I>(c)</I></TD>
<TD WIDTH=90%><I>Exhibits</I></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>99.1</TD>
<TD WIDTH=85%>Press Release of Systemax Inc., dated December 14, 2005 regarding financial
results for the Second Quarter of 2005</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT SIZE=3>SIGNATURES</FONT></P>

<P><FONT SIZE=3>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;&nbsp;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></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR>
<BR>
By: <U>/s/ Steven Goldschein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;Steven Goldschein<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;Sr. Vice President</TD>
</TR>
</TABLE>


<P><FONT SIZE=3>Dated: December 19, 2005</FONT></P>


<P ALIGN=CENTER><FONT SIZE=3>Exhibit Index</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=95%>Press Release of Systemax Inc., dated December 14, 2005 regarding Second Quarter
2005 financial results</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_121905.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=3><B>Exhibit 99.1</B></FONT></P>


<IMG SRC="system.jpg">



<P><FONT SIZE=3><B><U>FOR IMMEDIATE RELEASE</U></B></FONT></P>

<P><FONT SIZE=3><B>INVESTOR CONTACT:<BR>
Steven M. Goldschein<BR>
516-608-7000</B></FONT></P>

<HR SIZE=1>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX REPORTS INCREASED SECOND QUARTER SALES AND EARNINGS</B></FONT></P>

<P><FONT SIZE=3><B>PORT WASHINGTON, NY, December 14, 2005 - </B>Systemax Inc.
(NYSE:SYX), a leading manufacturer and distributor of PC hardware, related
computer products and industrial products in North America and Europe, today
announced results for its six months and second fiscal quarter of 2005 ended
June 30, 2005. The Company&#146;s results included in this release have not been
reviewed by independent registered public accountants. However, management of
the Company believes that the attached condensed consolidated financial
statements accurately reflect the results of operations and financial condition
of the Company for the period. </FONT></P>

<P><FONT SIZE=3>Net sales for the second quarter ended June 30, 2005 increased
15.9% to $502.2 million from $433.3 million in the year-ago quarter. Sales in
North America increased 19.3% to $330.2 million from $276.7 million in the same
period last year, with more than 50% of the growth coming from increased
internet sales. Sales in Europe increased 9.9% to $172.0 million from $156.5
million in last year&#146;s second quarter. Approximately forty percent of the
increase in European sales was attributable to favorable exchange rates. Gross
profit increased 5.0% to $70.9 million from $67.5 million in last year&#146;s
second quarter, or 14.1% of net sales compared to 15.6% of net sales in the
year-ago period. The decrease in gross profit percentage was primarily
attributable to continued competitive pricing pressure in both the North
American and European computer and related products marketplaces and increased
warehouse-related costs. Net income was $1.2 million ($.03 per diluted share)
compared to $62,000 ($.00 per diluted share) in the same period a year ago.
Results include pretax restructuring and other charges incurred in the
Company&#146;s European operations of $1.1 million in 2005 compared to $1.0
million last year. Net income excluding the effects of the restructuring and
other charges would have been $1.9 million ($.05 per diluted share) compared to
$0.6 million ($.02 per diluted share) last year. (A reconciliation between
income from operations, as reported in accordance with GAAP, and pro forma net
income, excluding the adjustments discussed above, has been provided.)</FONT></P>

<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer, said,
&#147;An increase in E-commerce sales in both our computer and industrial
products businesses was the primary source of the sales increase in the second
quarter. E-commerce sales increased 30.5% compared to year-ago levels, with the
majority of the increase coming from the North American consumer market. Our
e-commerce sales now account for more than 30% of worldwide sales. Competitive
pricing pressure continued in the markets we serve, however, and will require us
to control and seek ways to leverage our selling, general and administrative
costs.&#148; </FONT></P>

<P><FONT SIZE=3>Senior Vice President and Chief Financial Officer Steve
Goldschein noted that Systemax&#146;s financial condition remained strong. The
Company&#146;s solid cash position, reduced United Kingdom short-term borrowings
and strong working capital highlight its healthy financial position. </FONT></P>

<P><FONT SIZE=3>Systemax Inc. (<U>www.systemax.com</U>) has developed an
integrated system of branded e-commerce web sites, direct mail catalogs and
relationship marketers to sell PC hardware, related computer products and
industrial products in North America and Europe. Systemax is a Fortune 1000
company. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B><I>SYSTEMAX INC.</I><BR>
Condensed Consolidated Statements of Operations - Unaudited</B><BR>
(In thousands, except per share and share amounts)</FONT></P>

<PRE>
<FONT SIZE=1>
                                                         <B>Six Months Ended                Three Months Ended
                                                             June 30,                         June 30,
                                                             --------                         --------</B>
                                                           <B>2005             2004            2005             2004
                                                           ----             ----            ----             ----</B>
Net sales                                            $1,038,581         $917,774        $502,223         $433,267
Cost of sales                                           889,670          773,807         431,290          365,740
                                                  --------------    -------------  --------------   --------------
Gross profit                                            148,911          143,967          70,933           67,527
Selling, general and administrative expenses            138,849          129,676          67,213           64,101
Restructuring and other charges                           3,052            5,015           1,077              973
                                                  --------------    -------------  --------------   --------------
Income from operations                                    7,010            9,276           2,643            2,453
Interest and other expense, net                           1,076            1,073             505              426
                                                  --------------    -------------  --------------   --------------
Income before income taxes                                5,934            8,203           2,138            2,027
Provision for income taxes                                2,700            4,451             973            1,965
                                                  --------------    -------------  --------------   --------------
Net income                                               $3,234           $3,752          $1,165              $62
                                                  ==============    =============  ==============   ==============

Net income per common share:
Basic                                                      $.09             $.11            $.03             $.00
                                                  ==============    =============  ==============   ==============
Diluted                                                    $.09             $.11            $.03             $.00
                                                  ==============    =============  ==============   ==============

Weighted average common and common equivalent shares:
Basic                                                34,580,214       34,337,925      34,687,016       34,370,959
                                                  ==============    =============  ==============   ==============
Diluted                                              36,440,988       35,227,032      36,513,828       35,224,266
                                                  ==============    =============  ==============   ==============
</FONT>
</PRE>

<P ALIGN=CENTER><FONT SIZE=3><B>SYSTEMAX INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Condensed Consolidated Balance Sheets</B><BR>
<BR>
(in thousands)</FONT></P>

<PRE>
<FONT SIZE=1>
                                                                         <B>As of             As of
                                                                        June 30,       December 31,
                                                                          2005             2004
                                                                          ----             ----</B>
                                                                      (Unaudited)
CURRENT ASSETS:

Cash and cash equivalents                                                   $45,293           $36,257

Accounts receivable, net                                                    132,121           137,706

Inventories                                                                 172,276           192,774

Prepaid expenses and other current assets                                    28,728            31,690
                                                                     ---------------  ----------------
Total Current Assets                                                        378,418           398,427

Property, plant and equipment, net                                           61,828            65,563

Other assets                                                                 23,037            19,206
                                                                     ---------------  ----------------
TOTAL                                                                      $463,283          $483,196
                                                                     ===============  ================

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and notes payable to banks                $23,830           $25,020

Accounts payable and accrued expenses                                       204,232           225,400
                                                                     ---------------  ----------------
Total Current Liabilities                                                   228,062           250,420

Long-term debt                                                                8,343             8,639

Other liabilities                                                             1,607             1,505

Shareholders' equity                                                        225,271           222,632
                                                                     ---------------  ----------------
TOTAL                                                                      $463,283          $483,196
                                                                     ===============  ================
</FONT>
</PRE>

<P ALIGN=LEFT><FONT SIZE=3><B>Systemax Inc.</B><BR>
Reconciliation of GAAP income to earnings excluding certain charges<BR>
(In thousands, except per share data)<BR>
(Unaudited) </FONT></P>

<PRE>
<FONT SIZE=1>
                                                <B>Six months ended           Three months ended
                                                     June 30,                  June 30,
                                                 2005         2004         2005         2004
                                                 ----         ----         ----         ----</B>
    Income from operations                     $7,010       $9,276       $2,643       $2,453
    Adjustments:
    Restructuring charges (1)                   3,052        5,015        1,077          973
                                                -----        -----        -----          ----
    Earnings excluding certain
      charges before interest and
      income taxes                             10,062       14,291        3,720        3,426
    Interest and other expense, net             1,076        1,073          505          426
                                                -----        -----          ---          ---
    Earnings excluding certain
      charges before income taxes               8,986       13,218        3,215        3,000
    Provision for income taxes                  3,623        6,079        1,296        2,372
                                                -----        -----        -----        -----
    Earnings excluding certain
    charges                                    $5,363       $7,139       $1,919         $628
                                               ------       ------       ------         ----

    Earnings excluding certain
      charges per diluted share                  $.15         $.20         $.05         $.02
                                                 ----         ----         ----         ----
    Diluted weighted average shares
      outstanding                              36,441       35,227       36,514       35,224
                                               ======       ======       ======       ======
</FONT>
</PRE>

<P><FONT SIZE=3>(1) The restructuring charges in the first and second quarters of 2005 and 2004
are comprised primarily of severance and related costs for personnel terminated
in the quarters.</FONT></P>

<P><FONT SIZE=3>NOTE - The above
reconciliation is intended to present Systemax's operating results, excluding
certain charges and providing income taxes (benefits) at local effective tax
rates. This reconciliation is not in accordance with, or an alternative method
for, generally accepted accounting principles in the United States, and may be
different from similar measures presented by other companies. The presentation
of this financial measure facilitates meaningful comparison with prior periods. </FONT></P>

<P><FONT SIZE=3><B>Forward-Looking Statements</B></FONT></P>

<P><FONT SIZE=3>This press release contains
forward-looking statements about the Company&#146;s performance. These
statements are based on management&#146;s estimates, assumptions and projections
and are not guarantees of future performance. The Company assumes no obligation
to update these statements. Actual results may differ materially from results
expressed or implied in these statements as the result of risks, uncertainties
and other factors including, but not limited to: (a) unanticipated variations in
sales volume, (b) economic conditions and exchange rates, (c) actions by
competitors, (d) the continuation of key vendor relationships, (e) the ability
to maintain satisfactory loan agreements with lenders, (f) risks associated with
the delivery of merchandise to customers utilizing common carriers, (g) the
operation of the Company&#146;s management information systems, and (h)
unanticipated legal and administrative proceedings. Please refer to the Forward
Looking Statements section contained in Item 7 of the Company&#146;s Form 10-K
for a more detailed explanation of the inherent limitations in such
forward-looking statements. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>-- End &#150;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>system.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 system.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MP``+"`")`84!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H`"`$!```_`/?Z****************************************
M************************************************************
M************************************************************
M************************************************************
M***********************************************PYO&7AF"]%B^O
MZ:;PW"VOV9+E7E\UG"!-BDMG<<'CCDG`!HG\6:=;7$L#VVLEXW*,8]%O'4D'
M'#+$0P]P2#VK/G\;3PW$L2>#O$\Z);FZ66.UB"O&#VW2@[SU\H@2>JBJ\WB[
MQ3+9"XTSX>ZE,9'5HDN[^VMB8B@.YAO9D<,2-A'3DD'Y13_X2WXA_P#1,/\`
MROV_^%4[GQ3\57M[E;3X=VD4[.#;O+JL,BQKA<AU#*7)(?!!7&1P<'--O$GQ
MG/F;?`NE#,2"/-Y&=L@V[F/[[E3A\+P1N7YCM.ZO_P`)#\<_^A,T/_O\O_R1
M4<GBCXX1/"C>"]&)E?8NU@P!VEOF(N,*,*>3@9P.I`-.[^(7QAL(KJ*?P'`]
MQ#+$N^"VEE3#*Q(`21M_1?F4X7&&Y88S+[XV?$'3TNWN_!<=HD-O$S-<6EPH
MA9F"[WR1\C,L@4<<D#<VT[H[?]H[6+:"S?4O"T#^;$[EXYWA6;Y]JM'N5L*-
MKJ>6RPZK@@S_`/#37_4H_P#E2_\`M5=!_P`-'>#_`/H&ZY_WXA_^.UJ:;\>?
M`=];M+<7UWI[ARHBNK1V8C`^8>7O&.<=<\'CIG<TSXJ>!M7\W[-XFL8_*QN^
MUL;;.<XQYH7=T[9QQGJ*ZBSO[/4(C+97<%S&-N7AD#@;E#KR/565AZA@>AJQ
M1111111111167K_B/2/"VEMJ6M7T=I:!PF]@6+,>@55!+'J<`'@$]`:\;OOV
ME[..\D6P\,3SVHQLDGO!$[<#.5",!SG^(^O'2J%C^TO>1V<:W_AB">Z&=\D%
MX8D;DXPI1B.,?Q'UXZ5['X,\<Z+XZTM[[1Y9`8GV36\X"RPGG&X`D8(&002#
MR.H('24444444445EV?B70=1>!+'6]-NGG=TA6"Z1S(R*&<+@\E5()`Z`@FK
MEK?V=]Y_V.[@N/(E:";R9`_ER+]Y&QT89&0>15BBHYH5G0(YD`#J_P`DC(<J
MP8<J0<9'(Z$9!R"15>/2=-AU2;5(M/M$U"9-DMVL*B5UXX9\9(^5>">P]*N4
M4444444445'/!#=6\MO<11S02H4DCD4,KJ1@@@\$$<8KGY_A]X-N;>6!_"NC
M!)$*,8[*-&`(QPR@%3[@@CM7-ZC\#/`U_P#91'83V2V\4D06VG(\S=DAG+;B
MS*6)!SZ`[E`4<OJ?[->CR^5_9/B"^M<9\S[7"EQNZ8QMV8[]<YR.F.?--?\`
M@EXWT%&E73X]3@5`S2:<YE();&W80')Z$X4C!SG@XX>:#4M"U0)/%=Z?J%LZ
MN%=6BEB;AE/."IZ$'Z&N@TWXG>-]*N&GM_$^I.[(4(NIC<+C(/"R;@#QUQGK
MZFN\T?\`:/\`$%K*_P#:^DV-_"=Y40LUNZDMD#=\P*J,J!MSP"23G/J_AOXS
M^"O$?F+_`&E_9<R9/EZGM@W*,<AMQ0\GINW<$XP,UZ!111111117QA\2?&EY
MXU\6W=S)=^=IMO+)%IZ(I1%AW<,%/.Y@`23SVX``'+V-A>:G>1V=A:3W=U)G
M9#!&9';`).%')P`3^%6-8T/5/#]XEIJ]A/97#Q),L<R;2489!_F#Z$$'!!`C
MTK5;[0]4M]3TRYDMKRW??%*G53_(@C((/!!(.0:^V_"OB&W\5^%].URU79'=
MQ!RF2?+<'#ID@9VL&&<<XR.*V*********^`*]@_9Q_Y*'J'_8*D_P#1L5?3
M]%%%%%%%%%%%%%%%%%%%9^LZ'I?B'3GL-7L(+VU;)V3)G:2"-RGJK8)PPP1G
M@UXOXZ_9\MY8C>^#&\B89+Z?<S$HP"\"-SDAB1T<X.[JH&">!?V?+>*(7OC-
MO/F."FGVTQ"*"O(D<8)8$]$.!MZL#@=Q_P`*2^'G_0O?^3MQ_P#'*ZS0-#A\
M.Z6NFVMU=S6D;G[.ES(',$9Z1*V,E%Z#<6('&<`8U********^`*]<_9ZU#3
M;#QU>+>SQP3W%D8;9Y9U178RQ_NPI&6=CC&#_">#GCUOXV^%_P#A(_A_++;6
M,]UJ=C+'+:);1;Y&W,$=<`%BNT[B!CE%)Z5\T?\`"">,/^A4US_P73?_`!->
MY^$O%.M>`/@?%=WOA2[WZ7>M;RPW4AMF,4C;Q,`R9QOD"8`/<YX(&7_PTU_U
M*/\`Y4O_`+57LG@_Q+#XP\)V&O06\ENEVC$PN02C*Q1AD=1N4X/&1C@=*\[\
M;?'3_A#O%]]H'_".?;/LOE_O_MWE[MT:O]WRSC&['7M4?@_XZS>,/%EAH,'A
MF.W>[=@9GU$D(JJ78X$7)VJ<#C)QR.M=QXY^(.B^!=+DGOIXYK\H#;Z>D@$L
MQ.0#CJJ94Y<C`P<9.`?%+[]I'Q))>2-8:-I4%J<;(YQ)*Z\#.6#*#SG^$>G/
M6J__``T=XP_Z!NA_]^)O_CM>O_#WXLZ/X\WVWE?V;J:8_P!$FG1O-SO/[H\,
M^%3+?*,9[]:S_B/\8/\`A7_B&WTG^POM_G6BW/F_:_*QEW7;C8W]S.<]Z^4*
M[#X<>.O^%?\`B&XU;^SOM_G6C6WE>?Y6,NC;L[6_N8QCO7U'\//'$/C_`,--
MJT5C)9/'</;RPM('`8!6RK8&1M9>H'.1VR:?CWXI:%X!Q;7BSW6IR1>;#9PH
M1E3N"LSGY57<A!QEAG.TUXY/^TAXJ:XE:WTK1HX"Y,:21RNRKG@%@X!..^!G
MT%5X?VBO&42%7M-&F)=FW/;R`@%B0ORR`8`.!WP!DDY)]/\``WQRT7Q;JD>E
M7UG)I%_.Y6W#S"2*4\87?A2'))P"N#@`')`KT37=3_L3P]J>K>3YWV&TEN?*
MW;=^Q"VW.#C.,9P:\/\`^&FO^I1_\J7_`-JKJ+OXW6^G?#_3O$MYHVVZU265
M+*PBNBVY(VVN[R&,!,'/`#9ROJ=OF"_M#>-5\O,6E-LE>1LV[?.IW80X?[J[
MAC&&^1<D_-GUOP/\9=%\2^'[R[U9H]+N],MUFOM[#RV!)7=$,EV&=HQC(+JH
M+$@GRS6_VB?%-]Y\>DV=CI<+[?+?:9YH\8S\S?(<D'JG`/J,UH>'?VC]4MO+
MA\0Z3!>QCRT-Q:-Y4@`X=RIRKL>N!L&<]`>/HN">&ZMXKBWECF@E0/')&P97
M4C(((X((YS7G?Q$^,.E^`[R+3HK7^U-3.&FMTF\L0(1D%FVM\QXPN.G)QE=W
MC%]\?O'-W+(\-Q8V2M$(PD%J"$8,&WC>6.XCY>25P>F>:+'X_>.;26-YKBQO
M56(QE)[4`.Q8MO.PJ=P'R\$+@=,\UZOX%^.FE^+M<&D7^G_V1<38%JSW/FI,
M_P#<)VKM8\8ZYZ9!P#V'C_Q9<>"?"[ZY!I7]I1PRHDZ?:!#Y:,<!\D'/S%1@
M#^+/0&O(+G]I>\;=]E\,01?NG`\V\+XD.-C<(ORCYLKU.1AEQS[7X/\`$L/C
M#PG8:]!;R6Z7:,3"Y!*,K%&&1U&Y3@\9&.!TKQ1OVE[P^9M\,0#,J&/-X3MC
M&W<I^3ECA\-P!N7Y3M.[M_A?\4-4^(>N:O')HL%IIEK%&\<B3[WC=N-C9QOW
M8<@A1MVX.<@UZA11111111117Q1\0_##^$?'.IZ7Y'DVHE,MF!N*F!CE,,W+
M8'RD\_,K#)Q7+U[)X&^/NKZ.\=GXH$FJ:>J%1<(H^U)A0%Y)`<<<[OF)8G<<
M8/T7HVN:7XATY+_2+^"]M6P-\+YVD@':PZJV",J<$9Y%8_Q'L;?4/AKXCANH
M_,C73YI@-Q&'C4R(>/1E4^^.>*^**^G_`-G'_DGFH?\`85D_]%15X!X[_P"2
MA^)?^PK=?^C6KT3]G+2FNO&NH:FUM')!96102MM)BED8;=N>02JRC([9!Z\^
M=^.=;_X2/QSK6K+<?:(9[M_(EV;-T*G;'Q@8^0*.1GUYS6A\-?!'_">^+5TJ
M2Z^S6L41N;EU&7,:LJE4XQN)8#)X')YQ@[GQ1^$S?#^WMM1M-0DO=/N;AX?W
MD:HT!QNC4D-\Y*A^0H'R]!D"O-X)YK6XBN+>62&>)P\<D;%61@<@@CD$'G-?
M1_Q*^&FJ_$[6=,\1^'[_`$T:?)ID2QM=/(C."SN&`"'`*NO7!Z\5\V5T'A#P
M=JGC?5I=-TCR/M$40F;SGV#9YB(3G!Z;PQ]@<9.`?J/X3>"M2\!^%;K2]4GM
M)IY;U[A6M79E"E$7!W*ISE#V]*^2-5U6^US5+C4]3N9+F\N'WRROU8_R``P`
M!P``!@"ND^'?P_O/B#KDMC#<?8[6WB,MQ=F$R!.RJ`,`L3T!(X5CSC%;'Q8^
M%_\`PK^\M;FPGGNM(N\HCS+EX9`!E78`*<\E>A.&&/ER?-Z^TX&;Q'\(XFU2
M_CMWU+0@;J]D50L9D@^>0C@`#<3C@?2O#/\`A4'@_P#Z*SH?Y0__`!^M#3/@
M%H^M^;_9/Q$L;_R<>9]DM4EV9SC.V8XS@]?0U3G^#/A6UN);>X^*FC0SQ.4D
MCD2)61@<$$&?((/&*(/@SX5NKB*WM_BIHTT\KA(XXTB9G8G```GR23QBM#4O
MV>]-T:W6XU3Q]:6,#.$62ZLUB4M@G`+3`9P"<>QK+_X5!X/_`.BLZ'^4/_Q^
MO>_!Z6VC>`["-_$%IJEG8V[)_::;$B,49('*L5`11M)S_"2><UX1/\)_"MU<
M2W%Q\7]&FGE<O))(8F9V)R229\DD\YK8\-?`?PKJUQ.R^.8]8@B0!TTORE:-
MB?E+-ND&"`W&!GUXJ/Q#\!?#>D7@:;Q[!I-K-_Q[QZDD>]L`;OF,B!N3V48R
M![G'_P"%0>#_`/HK.A_E#_\`'Z^E[^QM]3TZYL+R/S+6ZB>&9-Q&Y&!##(Y&
M03TKYLO/@GH.FZI/9:C\2]&M'B1#LG5$E#')(9&E&T;=A!R<[CP,`GL_#6E>
M&_#?@'7?"L7Q)\.31ZIOVW#F,&+S$$<F5\_YOE`QR,'D[AQ7$?\`"H/!_P#T
M5G0_RA_^/U[OX`\%V_@/PNFCP3_:9#*\T]QL*>:['`.TLVW"A5X/\.>I-=11
M1111111117+^.O`NE^/-#-A?CRKB/+6MVBY>W<]QZJ<#*]\=B`1\H>-/`&N^
M`[R"#6(X#'<;OL\\$H=)=H4M@'##&\#Y@/;(YKEZZ3P9XYUKP+JCWVCRQD2I
MLFMYP6BF'.-P!!R"<@@@CD="0?L_2M5L=<TNWU/3+F.YL[A-\4J=&'\P0<@@
M\@@@X(KX8U;39M&UF^TNX:-I[*XDMY&C)*ED8J2,@'&1Z"O8/V>-;ATFX\4F
M[\M+-+)+R><R#=&L1;.(Q\S##DDCIM`ZL*\3KZ/_`&;M)MU\/:MK)A@-U)=_
M95E\L^8J*B,5W$XVDL#@`<KR6^4+XAXYT3_A'/'.M:2MO]GA@NW\B+?OVPL=
MT?.3GY"IY.?7G-4]`\1ZOX6U1=2T6^DM+L(4WJ`P93U#*P(8=#@@\@'J!7M=
MI\:/"/C2UATKQ[H7D0I\XGC9Y8?,\IT9BJX=.&(7&\@L#D%0U>B:%X`^&^I:
M7I6IZ3H>FW=FB.]M*09`X?.[S-Q)<@Y&),E",#:17<000VMO%;V\4<,$2!(X
MXU"JB@8``'``'&*^!*]@_9Q_Y*'J'_8*D_\`1L5?3]?`%=Q\._B5>?#S^UOL
MNGP7GV^)0/-<KY<B;MC<?>7YVRO!/&&'>YX[^+FI>/?#5CI-]IMI;/!<&XFF
M@9L2,`RH%4YV@*QSDMDX(QTKSNOK_P#YMZ_[E3_VTKY`KW_]F7_F:?\`MT_]
MK5P'QM_Y*]KO_;O_`.D\=9?PQD:+XF^'62&TF)O47;=%0@!."PW$#>`<KWW!
M<`G`/N?[1W_)/-/_`.PK'_Z*EKY@KZ[^$]M::Q\%-+LKFUC%I<V]Q;S0HS@.
MIED1CG.06Y)P1@DXP,`$_P`&?AM:V\MQ<:)'#!$A>222_G544#)))DP`!SFN
M?MOB!\*OAUI>J0^%O+FN]Y)M[=9F-Q(OR@><X(V#DY#$8+%02>?&/B-\1K[X
MAZI;3SVL=G9VB%;:V5MY0MC>S/@%B2H[```<9R3Q=?<_A.&WM_!NAPV=U]KM
M8]/MTAN/+,?FH(U"OM/*Y&#@],UXI^T;X4AA?3_%=N(T>9Q972C`+MM+1OP.
M3M5E))Z!`!P:\#KL/ACX1_X33QS9:;*NZQB_TF]YQ^Y0C*_>!^8E4R#D;L]J
M^SZ**********S]=U/\`L3P]J>K>3YWV&TEN?*W;=^Q"VW.#C.,9P:\77]I>
MS/E[O#$XS$YDQ>`[9!NVJ/DY4X3+<$;F^4[1N[CX=_$2S^*&G:M!/HWV7[-M
MCG@ED$\<L<@8#DJ,YVL"I&,8Y.2!Y)\9/A-:>$[>/Q!X>21-+9UBN+4EY/L[
M$<.&.3L)&#N/#$8)W`+XW7UG\!M2AOOA79V\2R!["XFMY2P&"Q<RY7GIMD4<
MXY!^I\4^.>C?V1\4+V54@CAU"*.\C2$8QD;&+#`^8NCL>N=V<Y)KF_!7B.;P
MUJU[<17TEF+C3+NV,D8.[<T+&(`@94^:L1W#&,=0,US=?8_PAT;^Q/A?HL3)
M`)KF(WDCPC[_`)I+J6.!E@A13_NXR0!1\1/AEI?Q!LXC+)]BU.#`AODCWD)G
M)1ER-R\DCD8/(/+`_-GBWX5^*_!EO+>:C91RZ?&ZH;VUD#QY8<9'#J,_+EE`
MS@=QGBZZCP;X]UWP5J,4NG7L_P!A\T/<6.\>7,N5W#!!"L0H7>!N`K[/L+ZW
MU/3K:_LY/,M;J))H7VD;D8`J<'D9!'6O@BO8/V<?^2AZA_V"I/\`T;%7T_7P
M!7>?#/X9S?$6XU%5U2/3X+%(R[F$RLS.6V@+E1C"-DY].#GCT";]F:94!@\5
MQN^]00]@5&W<-QR)#R%R0.Y`&1G()_V9IEMY6M_%<<DX0F-)+`HK-C@%A(2!
MGO@X]#7K=_;?\(M\++FUVP7W]E:(\>+B+,<_E0$?.F?NMMY7/0XS7S1_PM/_
M`*D+P-_X)_\`[.O7_@7XJ_X2;^WO^)#H>E?9_L__`""K/R/-W>9]_DYQMX],
MGUKD/BEX_P#[$^(^K:=_PB7A2_\`)\G_`$F_TWS9GS"C?,VX9QG`]@*R_"/Q
M0FO/%6C:6O@_PC;07>IVP=K;3"C*V_:KK\^`ZAVVG'&3ZUZ_\9_$\WA;P5#<
M1:=INH)<WL=O+;ZC`98F7:[YVY&2&12,UX)_PM/_`*D+P-_X)_\`[.OH_P"%
MNJ_VW\.-)U'[!8V'G>=_HUA#Y4*8F=?E7)QG&3[DUX1K?Q]\0:U!/9R:+H9L
M))5<07%LT^45PP1]S;6Z`$[1ZC:<$7/"WC7Q'XVUF32])\#^"I9Y+=%N&EL-
MJK;HT:C?F3)12(\*`2-HP.!75_$O5?\`A6^G:-MT3PI>WUQ]H@CQH?E1QV^!
MN0?OB5R97R.0PD;I@[O.(?C%>6_V?R/!O@V+[-*9X-FF%?*D.W+KA_E;Y%Y'
M/RCT%?5>DSS76C6-Q<2VDT\MO&\DEFQ:!V*@DQD\E">0?3%</\9/%\/A/P=&
M&T_3=1GOKA8DM-04/&57YV<Q]7`*J.V"RG/8^"?\+3_ZD+P-_P""?_[.N_\`
M@_\`$W^T_&BZ&_AS0]+COXGVOI-CY!:2,%QYAW\J%$G8G)'8FOH"BBBBBBBB
MBBL_7=/_`+7\/:GIN,_;+26WQYGEYWH5^]M;;UZ[6QZ'I7Q)K_AS5_"VJ-IN
MM6,EI=A`^QB&#*>A5E)##J,@GD$=0:]$^!?CK2_".N7UAJY\BWU7RE6[9L)"
MZ;\!_13O/S=L#/!)'7_&WXG:%?>%Y?#.B7T&H7%S+']JDA!>..-2)!MD!VEB
MP3IN``<'!Q7SQ7UG\!K.:V^%=G-+=R3I=7$TL4;9Q`H<IL7D\;D9^,<N>.YX
M_P#:3T!3;Z-XCC6,.KFQG8LVY@07C`'3`Q+D\'YAU[?/E%??<$$-K;Q6]O%'
M#!$@2..-0JHH&``!P`!QBODB?XS?$FUN);>XUN2&>)RDD<EA`K(P.""#'D$'
MC%>A_!?XC^(O%/BVYL?$7B"":/[(QM[1X(XGEDW`Y4J@SM4-D9SSD`@$BI\>
MO`?AS0]!M->TC3H["[EO5MY4M_DB=3&QSLZ*1Y8^[C.YLY)R/`Z^V_A](TOP
MY\-L\,D)&F6Z[7*DD",`-\I(P0,CO@C(!R!\25ZI^S_JMCIGQ&=+ZYC@-[9/
M:V^_@/*9(V"9Z`D*<9ZG`')`/U':W]G?>?\`8[N"X\B5H)O)D#^7(OWD;'1A
MD9!Y%?!%>X?LUW5FGB'7+-[?=?2VB2Q3;`=D:/AUW=1DO&<#@[>>@K7_`&A/
M%.J:/J.A66D:I?6$GE32S&TN_*\P,5"Y56W<;6Y8`<G!)#8\8_X3OQA_T->N
M?^#&;_XJOJ_[+>7WP;^QZC<?9[Z?P_Y5Q-J#E/+D:WPS2L>1@DEB>1S7SPWP
M=O$\S=XR\&KY423R9U,C9&^W:Y^3A3O3!Z'<OJ*];^!OA2'PS;ZVR^(M&U:>
MY>$.FEW(G6%5#[2S<'+%FXQ_#U.>.0^)7PYF\2_$_4;BW\4>&+:>[>!([*[U
M`I<;O*10#&%)R2,@=P1ZUE^&?A/>:1XRTN\G\5>%)/[/U6W6>&+4"9!(),B+
M:4'[P[&`4X)*GT->M_&?PQ-XI\%0V\6HZ;IZ6U['<2W&HSF*)5VNF-V#@EG4
M#->"?\*L_P"I]\#?^#C_`.PKW?PUH'V/X#3Z'_:^E3[M/O8OM\%SNM!O:7YC
M)C[J[OF..,'TKPC_`(59_P!3[X&_\''_`-A7K_P.\-V?A?\`MB#_`(2?0]5O
MKSRW\C3+L3>7''N&XG@\F3'3`P.3G`C^-FEP^+'TS2[?Q=X?TU[%Y'NK34=2
M$)+,J>6=@!Y"[L$@</QU->40?"2:ZN(K>W\;^"IIY7"1QQZL69V)P``$R23Q
MBOK.PLTT_3K:RB.8[>)(E.Q4R%``^5`%'3HH`'8`5X?\8/!>L>*_%K3S>)O#
MEA865HC6]M>W[Q/'&S!6E=2I`W2';N&`<(.HKB+?X':Q=V<EY;>)_"DUK%%Y
M\DT=^[(D>6&\L(\!<HXST^1O0T:/\*M4@U&TO])\;>#7NK>[A$#Q:EYF)R28
MUQY9!8E#A3UVG@\U]5PSPW*%X)8Y4#LA9&#`,K%6''<,"".Q!%2444444444
M45GZSH>E^(=.>PU>P@O;5LG9,F=I((W*>JM@G##!&>#7A_C+]G;_`%M[X0O/
M5_[/NV_WCB.3_OE0']R7KQ#6=#U3P]J+V&KV$]E=+D[)DQN`)&Y3T9<@X89!
MQP:Z#P+\-]=\>7@^PP^3IL<HCN;^3&R+C)P,@NV/X1_>7)4'-?8>DZ;#HVC6
M.EV[2-!96\=O&TA!8JBA03@`9P/05P?QSTFWU/X7WLUQ<^0VGRQW41.=K/GR
M]IPI/(D('3YBN2!FODBNP^%NC7FM_$K0HK-,_9KN.\F<@[4CB8.Q)`.,X"C/
M&YE&1FOL^OESXT?#.^T#6;SQ/9F2ZTF_N&FG;'S6LKMDAL?P%C\K>^T\X+>5
MV-_>:9>1WEA=SVEU'G9-!(8W7((.&'(R"1^-6-3UW6-;\K^UM5OK_P`G/E_:
M[AY=F<9QN)QG`Z>@KH/`7PYUCQ]J)BL_]%L8^9KZ:)S&,%=R*0,-)APP4D9`
MZBOLN""&UMXK>WBCA@B0)''&H544#```X``XQ7QY\3_!.J>%?%NI32Z;Y.DW
M-V\EG/!'^X".S,D8(`"L`"-G&-O&1@GAZ^G_`-G'_DGFH?\`85D_]%15Y)\3
M_AAJ7@S6;J[M+22;P_*YE@N(E9EMU+`".0G)4@L%!)^;@YSD#SNBN\^&?PSO
MO'^J%W,EMHMNX%U=@<D]?+CSP7([]%!R>H#?4?CO_DGGB7_L%77_`**:OB"O
MH/\`9F@F6W\2W#12"!WMD20J=K,HE+`'H2`RDCMN'K7GGQM_Y*]KO_;O_P"D
M\=8_PX%P?B5X<%K!YTG]H0DKY(EPFX;VP0<87<V[^'&X$$9'N_[1W_)/-/\`
M^PK'_P"BI:^8*^L_A1IL.L_`BPTNX:18+VWN[>1HR`P5YI5)&01G!]#7S)XG
M\,:IX1UR;2-7@\JXCY5EY25#T=#W4X/Y$$`@@8];@\(ZT?!S^*C92#25N%MQ
M*5/S$YRPX^X&`4L<#<P`R<XPZ^K];\:6?@?X*:1<6=WF^GTJ"'3!*H221C$@
M\S9\X&P$,0<KG"Y^89^4*^F_@KX,L9OA-?2322;_`!&DT-P\?RLD2[X@HR2,
MCYVSC^/!!P*^;+^QN-,U&YL+R/R[JUE>&9-P.UU)##(X."#TKW_]GGQIYUG<
M>$K^[@5H/WNFQ%=KNI+-*H/1L'#`?>^9NH'R^@>,=>\2:'>736%UI7V6/2KS
M4DCGL9'?_1Q%E"PF4'<9#SM&,8P>M7/"?BZ;Q'K>M6,T-I;OI:6J2V\4YF>.
M9T+2AG`V$*V8P%).8W)QD"NLHHHHHHHHHHJGJ6DZ;K-NMOJFGVE]`KAUCNH5
ME4-@C(#`C."1GW-6(((;6WBM[>*.&")`D<<:A510,``#@`#C%25Y7XT^+G@M
M?#_B'1KBXNY+\)<Z?)8QQ,DC-EHCB0J4`_BSDX'\)/RU\J5[Y^S9H4WVC6?$
M#Q1B`(+**0Y+%LAW`PV``/+SE3G(P1A@?H.BN3O?ACX(OWC>;PQIJF-)$'D0
MB$$.NTY"8!..A.2IY7!YJ.Q^%?@;3XHXX?#-BZI*9@9U,Q+%2N"7))7!^Z?E
M!YQGFNPHHKG_`/A!/!__`$*FA_\`@NA_^)K8L;"STRSCL["T@M+6/.R&",1H
MN22<*.!DDG\:L5Q]]\*_`VH2R23>&;%&>(0D0*80%#!L@(0`V1]X?,1QG'%2
M6?PQ\$6*0)#X8TUA"CHOGPB8D,P8[B^2QR!@MDJ,@8!(KK*********IZEI.
MFZS;K;ZII]I?0*X=8[J%95#8(R`P(S@D9]S6'#\./!4%Y<W2>%]*,EQMWA[9
M70;1@;4(*I[[0,]3DUU%%%%%%%%%%%%%%%%%%%%%%%9>M^&]%\1V_D:SI=I?
M($=$,T09HPPPVQNJ$X'*D'@>E>;Z_P#L]>%-21FT>:[T>?8%4*YGBSNR697.
MXDCCAP.`<=<^B>&/#&E^$=#ATC2(/*MX^69N7E<]7<]V.!^0````&Q111111
M111111111111111111111111111111111111111111111111111111111111
M111111111111111111111111111111111111111111111111111111111111
*1111111117__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
