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<SEC-DOCUMENT>0000950148-03-002297.txt : 20030917
<SEC-HEADER>0000950148-03-002297.hdr.sgml : 20030917
<ACCEPTANCE-DATETIME>20030917133404
ACCESSION NUMBER:		0000950148-03-002297
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030916
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRCO MFG CORPORATION
		CENTRAL INDEX KEY:			0000751365
		STANDARD INDUSTRIAL CLASSIFICATION:	PUBLIC BUILDING AND RELATED FURNITURE [2531]
		IRS NUMBER:				951613718
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08777
		FILM NUMBER:		03899172

	BUSINESS ADDRESS:	
		STREET 1:		2027 HARPERS WAY
		CITY:			TORRANCE
		STATE:			CA
		ZIP:			90501
		BUSINESS PHONE:		3105330474

	MAIL ADDRESS:	
		STREET 1:		P O BOX 44846
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90044
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v93164e8vk.htm
<DESCRIPTION>FORM 8-K  DATED SEPTEMBER 16, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>Virco Mfg. Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>&nbsp;</B>
</FONT></DIV>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


<P align="center"><FONT size="5"><B>FORM 8-K
</B></FONT>


<P align="center"><FONT size="2"><B>CURRENT REPORT</B>
</FONT>


<P align="center"><FONT size="2">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</FONT>


<P align="center"><FONT size="2">Date of Report (Date of earliest event reported): September&nbsp;16, 2003
</FONT>


<P align="center"><FONT size="2">Commission file number 1-8777
</FONT>


<P align="center"><FONT size="6"><B>VIRCO MFG. CORPORATION
</B></FONT>


<P align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
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    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">DELAWARE</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
95-1613718</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(IRS Employer Identification No.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">2027 Harpers Way, Torrance, California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
90501</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of principal executive officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
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<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top"><FONT size="2">Registrant&#146;s telephone number, including area code</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(310) 533-0474</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" width="48%" noshade></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">1</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 9. REGULATION FD DISCLOSURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="v93164exv99w1.txt">Exhibit 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>INFORMATION TO BE INCLUDED IN THE REPORT</B>
</FONT>

<!-- link2 "ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Exhibits
</FONT>

<CENTER>
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<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated September&nbsp;16, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "ITEM 9. REGULATION FD DISCLOSURE" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 9. REGULATION FD DISCLOSURE</B>
</FONT>

<P align="left"><FONT size="2">On September&nbsp;16, 2003, Virco Mfg. Corporation issued a press release reporting
its earnings for the quarter ended July&nbsp;31, 2003. The press release is
attached hereto as an exhibit and is hereby incorporated in its entirety by
reference.
</FONT>

<P align="center"><FONT size="2">2</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Virco Mfg. Corporation</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date: September&nbsp;16, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/S/ Robert A. Virtue
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" width="58%" noshade></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Robert A. Virtue</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Executive Officer and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board of Directors</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">3</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated September&nbsp;16, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">4</FONT>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v93164exv99w1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>
                                  EXHIBIT 99.1

FOR IMMEDIATE RELEASE                Contact:
                                     Robert A. Virtue, President
                                     Douglas A. Virtue, Executive Vice President
                                     Robert E. Dose, Chief Financial Officer
                                     Virco Mfg. Corporation (310) 533-0474

VIRCO ISSUES SECOND QUARTER RESULTS

Torrance, California: September 16, 2003 - Virco Mfg. Corporation (AMEX: VIR)
today released its second quarter results in the following letter to
shareholders from Robert A. Virtue, President and CEO:

Following our interim report on July 17, when we announced the voluntary
separation of 485 employees due to persistent sluggishness in our core classroom
furniture market, order rates continued to decline. They now appear to have
stabilized at about 25% below last year's rates for the comparable late-summer
period.

From February through June, incoming order rates were running 14% below the
prior year, a serious but not devastating decline that our preferred cost
control methods of attrition and depreciation were capable of matching. In early
July, concurrent with the release of lower state budgets, school districts
reduced their furniture purchases another 11%.

At this point we took immediate action, announcing the voluntary severance that
was completed two weeks later. After three more weeks of analyzing incoming
orders and adjusting operating costs, we determined that deeper cuts were
necessary. As a result, we laid off 160 employees during the first week of
September. This brings the total number of employees lost this year through
attrition, voluntary separation and layoff to 775, or 38% of our workforce. This
is the largest workforce reduction in our history and it reflects the worst
decline in school spending we've seen in 53 years of serving this market.

Here are the numbers for the second quarter and the first six months, with
non-recurring severance and layoff expenses highlighted:

<TABLE>
<CAPTION>
                                                      Three Months Ended              Six Months Ended
                                                  --------------------------     -------------------------
                                                  07/31/2003      07/31/2002     07/31/2003     07/31/2002
                                                  ----------      ----------     ----------     ----------
                                                             (in thousands except per share data)
<S>                                               <C>             <C>            <C>            <C>
Sales                                              $ 65,861        $ 83,164       $ 97,041        $124,332
Cost of Sales                                        44,895          52,175         65,664          79,044
                                                   --------        --------       --------        --------
Gross Margin                                         20,966          30,989         31,377          45,288
Selling, General & Administrative                    21,844          24,005         38,834          41,808
SEPARATION CHARGES                                    7,788              --          7,788              --
                                                   --------        --------       --------        --------
Income before Taxes                                  (8,666)          6,984        (15,245)          3,480
Income Tax expense                                     (380)          2,724         (2,946)          1,357
                                                   --------        --------       --------        --------
Net Income                                         $ (8,286)       $  4,260       $(12,299)       $  2,123
                                                   ========        ========       ========        ========
Net Income per share - assuming dilution (a)       $  (0.63)       $   0.32       $  (0.93)       $   0.16
Weighted average shares outstanding -
Assuming dilution (a)                                13,095          13,487         13,247          13,507
</TABLE>

(a) For fiscal year 2003, net loss per share was calculated based on basic
shares outstanding at July 31, 2003, due to the anti-dilutive effect on the
inclusion of common stock equivalent shares.


                                       5
<PAGE>
<TABLE>
<CAPTION>
                                     07/31/2003            01/31/2003
                                     ----------            ----------
<S>                                  <C>                   <C>
Current Assets                        $92,954               $66,068
Non-current Assets                     83,426                88,728
Current Liabilities                    86,902                27,320
Non-Current Liabilities                19,709                44,702
Stockholders Equity                    69,769                82,774
</TABLE>

It is now clear that we will suffer a substantial loss for the year, only the
fourth time in our history that this has happened. In addition to the workforce
reductions already discussed, we will be taking the following actions to return
Virco to profitability:

      -     Quarterly cash dividend payments will be suspended until solid
            profitability returns

      -     The traditional 10% stock dividend will also be suspended

      -     Pensions will be frozen effective January 1, 2004, although all
            outstanding obligations will be funded at our current conservative
            discount rate and investment return assumptions

      -     Stock repurchases will be limited to $250,000 per year

In total, our non-recurring costs for downsizing the company will be
approximately $14,500,000, all of which will be recognized in the current year.
Anticipated annual savings from these actions are $25,000,000 to $30,000,000,
not including volume-related savings such as raw material, freight, utilities,
and interest.

This approximate 2:1 ratio of annual savings to restructuring costs compares
favorably to other restructurings reported by publicly held furniture
manufacturers during the current recession. On average, the ratio of annual
savings to restructuring costs runs about 1:1, primarily because the process of
shutting down factories, as opposed to simple workforce reductions, entails the
additional expense of inventory liquidation, machinery write-offs, etc.

Our current loan with Wells Fargo contains certain covenants that we will not
meet this year. We are re-negotiating the loan to match it to our strength,
which is our asset base. During the negotiations Wells Fargo has waived the
second quarter covenants and we expect to have a new facility in place by the
end of the third quarter. Tight inventory controls and continued low levels of
capital expenditures should permit us to finish the year with less outstanding
debt than in 2002, although we won't meet our goal of being debt-free.

In spite of a year-to-date sales decline of 23% and a beginning summer inventory
14% higher than last year's, our inventory as of this writing was $562,000 lower
than on the same date last September. Our ability to control inventories in the
face of uncertain market conditions is due to the maturation of Assemble-to-Ship
(ATS), which we've explained in prior releases, and this year's associated
seasonal shifting of employees. These combined programs allowed us to build much
of the summer's inventory before June, then shift our experienced workers to the
field where they performed deliveries and installations. We received such
positive reviews from customers on the quality of our own installation teams
that we intend to expand this program next year. Formerly, we used temporary
labor for the bulk of this work.

Obviously the key question is "What does the future hold?" Next year will very
likely be a repeat of this one in terms of state and school district spending.
This means our volume will probably come in below $200,000,000. If we're
reasonably close to this number, the cuts we've made should generate a profit in
fiscal 2004. Incoming order rates are being monitored closely and if they fall
further, we will make proportionate adjustments.

One area where we're not cutting back is new product development. Technology
continues to transform both classrooms and curricula, and we feel compelled to
support this evolution. We're also re-engineering several traditional product
lines to take advantage of ATS. The benefits of these two initiatives have been
obscured by recession, but we continue to believe in their viability.


                                       6
<PAGE>
This news release contains "forward-looking statements" as defined by the
Private Securities Litigation Reform Act of 1995. These statements include, but
are not limited to, statements regarding: the anticipated suspension of
dividends and reduction of stock repurchases, our ability to successfully
renegotiate our credit line with Wells Fargo, our business strategies, our
ability to continue to control costs and inventory levels, our ability to reduce
debt by year's end, the potential impact of our Assemble-to-Ship program on
earnings, market demand pricing and seasonality, and the company's prospects for
the future. Forward-looking statements are based on current expectations and
beliefs about future events or circumstances, and you should not place undue
reliance on these statements. Such statements involve known and unknown risks,
uncertainties, assumptions and other factors, many of which are out of our
control and difficult to forecast, that may cause actual results to differ
materially from those which are anticipated. Such factors include, but are not
limited to, changes in general economic conditions, the markets for school and
office furniture generally and specifically in areas and with customers with
which we conduct our principal business activities, customer confidence, and
competition. See our Annual Report on Form-10K for year ended January 31, 2003,
and other materials filed with the Securities and Exchange Commission for
further description of these and other risks and uncertainties applicable to our
business. We assume no, and hereby disclaim any, obligation to update any of our
forward-looking statements. We nonetheless reserve the right to make such
updates from time to time by press release, periodic reports or other methods of
public disclosure without the need for specific reference to this press release.
No such update shall be deemed to indicate that other statements which are not
addressed by such an update remain correct or create an obligation to provide
any other updates.

                                  END OF FILING


                                       7


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