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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                    

Commission file number: 0-18914

 

Dorman Products, Inc.

(Exact name of registrant as specified in its charter)

 

 

Pennsylvania

 

23-2078856

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

3400 East Walnut Street, Colmar, Pennsylvania

 

18915

(Address of principal executive offices)

 

(Zip Code)

(215) 997-1800

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

DORM

 

NASDAQ Global Select Market

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      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).      Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No

As of October 26, 2020, the registrant had 32,286,697 shares of common stock, par value $0.01 per share, outstanding.

 


DORMAN PRODUCTS, INC. AND SUBSIDIARIES

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 26, 2020

 

 

 

 

 

Page

Part I — FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

13

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

19

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

19

 

 

 

 

 

Part II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

20

 

 

 

 

 

Item 1A.

 

Risk Factors

 

20

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

20

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

21

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

21

 

 

 

 

 

Item 5.

 

Other Information

 

21

 

 

 

 

 

Item 6.

 

Exhibits

 

21

 

 

 

 

 

Exhibit Index

 

 

 

22

 

 

 

 

 

Signatures

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

DORMAN PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in thousands, except per share data)

 

September 26, 2020

 

 

September 28, 2019

 

 

September 26, 2020

 

 

September 28, 2019

 

Net sales

 

$

300,620

 

 

$

253,796

 

 

$

791,532

 

 

$

751,762

 

Cost of goods sold

 

 

192,819

 

 

 

166,872

 

 

 

519,786

 

 

 

490,199

 

Gross profit

 

 

107,801

 

 

 

86,924

 

 

 

271,746

 

 

 

261,563

 

Selling, general and administrative expenses

 

 

63,028

 

 

 

59,961

 

 

 

184,288

 

 

 

177,637

 

Income from operations

 

 

44,773

 

 

 

26,963

 

 

 

87,458

 

 

 

83,926

 

Other (expense) income, net

 

 

(17

)

 

 

33

 

 

 

2,317

 

 

 

90

 

Income before income taxes

 

 

44,756

 

 

 

26,996

 

 

 

89,775

 

 

 

84,016

 

Provision for income taxes

 

 

10,497

 

 

 

5,688

 

 

 

18,856

 

 

 

17,803

 

Net income

 

$

34,259

 

 

$

21,308

 

 

$

70,919

 

 

$

66,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.06

 

 

$

0.66

 

 

$

2.19

 

 

$

2.03

 

Diluted

 

$

1.06

 

 

$

0.65

 

 

$

2.19

 

 

$

2.02

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

32,281

 

 

 

32,522

 

 

 

32,317

 

 

 

32,656

 

Diluted

 

 

32,371

 

 

 

32,594

 

 

 

32,394

 

 

 

32,738

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

3


DORMAN PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

(in thousands, except for share data)

 

September 26, 2020

 

 

December 28, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

170,502

 

 

$

68,353

 

Accounts receivable, less allowance for doubtful accounts of $1,202 and $957

 

 

405,312

 

 

 

391,810

 

Inventories

 

 

283,292

 

 

 

280,813

 

Prepaids and other current assets

 

 

11,769

 

 

 

13,614

 

Total current assets

 

 

870,875

 

 

 

754,590

 

Property, plant and equipment, net

 

 

94,217

 

 

 

101,837

 

Operating lease right-of-use assets

 

 

35,925

 

 

 

32,198

 

Goodwill

 

 

91,148

 

 

 

74,458

 

Intangible assets, net

 

 

26,054

 

 

 

21,305

 

Deferred tax asset, net

 

 

4,281

 

 

 

4,336

 

Other assets

 

 

36,333

 

 

 

52,348

 

Total assets

 

$

1,158,833

 

 

$

1,041,072

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

112,757

 

 

$

90,437

 

Accrued compensation

 

 

17,731

 

 

 

9,782

 

Accrued customer rebates and returns

 

 

130,592

 

 

 

105,903

 

Other accrued liabilities

 

 

18,320

 

 

 

14,380

 

Total current liabilities

 

 

279,400

 

 

 

220,502

 

Long-term operating lease liabilities

 

 

34,433

 

 

 

29,730

 

Other long-term liabilities

 

 

9,629

 

 

 

13,297

 

Deferred tax liabilities, net

 

 

4,006

 

 

 

3,959

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01; authorized 50,000,000 shares; issued and

  outstanding 32,304,686 and 32,558,168 in 2020 and 2019, respectively

 

 

324

 

 

 

326

 

Additional paid-in capital

 

 

56,893

 

 

 

52,605

 

Retained earnings

 

 

774,148

 

 

 

720,653

 

Total shareholders’ equity

 

 

831,365

 

 

 

773,584

 

Total liabilities and shareholders' equity

 

$

1,158,833

 

 

$

1,041,072

 

See accompanying Notes to Condensed Consolidated Financial Statements

 

 


4


DORMAN PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

Three Months Ended September 26, 2020

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

Shares

Issued

 

 

Par

Value

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

 

Balance at June 27, 2020

 

 

32,440,413

 

 

$

326

 

 

$

55,406

 

 

$

751,400

 

 

$

807,132

 

Exercise of stock options

 

 

2,886

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense under Incentive Stock Plan

 

 

 

 

 

 

 

 

1,248

 

 

 

 

 

 

1,248

 

Purchase and cancellation of common stock

 

 

(135,787

)

 

 

(1

)

 

 

(244

)

 

 

(11,203

)

 

 

(11,448

)

Issuance of non-vested stock, net of cancellations

 

 

(2,937

)

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Other stock related activity, net of tax

 

 

111

 

 

 

 

 

 

483

 

 

 

(308

)

 

 

175

 

Net income

 

 

 

 

 

 

 

 

 

 

 

34,259

 

 

 

34,259

 

Balance at September 26, 2020

 

 

32,304,686

 

 

$

324

 

 

$

56,893

 

 

$

774,148

 

 

$

831,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 28, 2019

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

Shares

Issued

 

 

Par

Value

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

 

Balance at June 29, 2019

 

 

32,781,331

 

 

$

328

 

 

$

51,514

 

 

$

698,490

 

 

$

750,332

 

Exercise of stock options

 

 

85

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense under Incentive Stock Plan

 

 

 

 

 

 

 

 

986

 

 

 

 

 

 

986

 

Purchase and cancellation of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of non-vested stock, net of cancellations

 

 

6,593

 

 

 

 

 

 

 

 

 

 

 

 

 

Other stock related activity, net of tax

 

 

(456

)

 

 

 

 

 

51

 

 

 

(85

)

 

 

(34

)

Net income

 

 

 

 

 

 

 

 

 

 

 

21,308

 

 

 

21,308

 

Balance at September 28, 2019

 

 

32,787,553

 

 

$

328

 

 

$

52,551

 

 

$

719,713

 

 

$

772,592

 

 

 

 

Nine Months Ended September 26, 2020

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

Shares

Issued

 

 

Par

Value

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

 

Balance at December 28, 2019

 

 

32,556,263

 

 

$

326

 

 

$

52,605

 

 

$

720,653

 

 

$

773,584

 

Exercise of stock options

 

 

2,896

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense under Incentive Stock Plan

 

 

 

 

 

 

 

 

3,966

 

 

 

 

 

3,966

 

Purchase and cancellation of common stock

 

 

(234,116

)

 

 

(2

)

 

 

(421

)

 

 

(16,890

)

 

 

(17,313

)

Issuance of non-vested stock, net of cancellations

 

 

(14,782

)

 

 

 

 

 

504

 

 

 

 

 

504

 

Other stock related activity, net of tax

 

 

(5,575

)

 

 

 

 

 

239

 

 

 

(534

)

 

 

(295

)

Net income

 

 

 

 

 

 

 

 

 

 

 

70,919

 

 

 

70,919

 

Balance at September 26, 2020

 

 

32,304,686

 

 

$

324

 

 

$

56,893

 

 

$

774,148

 

 

$

831,365

 

 

 

 

Nine Months Ended September 28, 2019

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

Shares

Issued

 

 

Par

Value

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Total

 

Balance at December 29, 2018

 

 

33,004,861

 

 

$

330

 

 

$

47,861

 

 

$

679,432

 

 

$

727,623

 

Exercise of stock options

 

 

11,995

 

 

 

 

 

 

31

 

 

 

 

 

 

31

 

Compensation expense under Incentive Stock Plan

 

 

 

 

 

 

 

 

3,033

 

 

 

 

 

 

3,033

 

Purchase and cancellation of common stock

 

 

(290,274

)

 

 

(3

)

 

 

(522

)

 

 

(23,814

)

 

 

(24,339

)

Issuance of non-vested stock, net of cancellations

 

 

70,885

 

 

 

1

 

 

 

867

 

 

 

 

 

 

868

 

Other stock related activity, net of tax

 

 

(9,914

)

 

 

 

 

 

1,281

 

 

 

(2,118

)

 

 

(837

)

Net income

 

 

 

 

 

 

 

 

 

 

 

66,213

 

 

 

66,213

 

Balance at September 28, 2019

 

 

32,787,553

 

 

$

328

 

 

$

52,551

 

 

$

719,713

 

 

$

772,592

 

 

See accompanying Notes to Condensed Consolidated Financial Statements

5


DORMAN PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

Nine Months Ended

 

(in thousands)

 

September 26, 2020

 

 

September 28, 2019

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

70,919

 

 

$

66,213

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

22,544

 

 

 

21,011

 

Gain on equity method investment

 

 

(2,498

)

 

 

 

Provision for doubtful accounts

 

 

197

 

 

 

33

 

Benefit for deferred income taxes

 

 

(1,154

)

 

 

(302

)

Provision for stock-based compensation

 

 

4,069

 

 

 

3,033

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(11,685

)

 

 

28,276

 

Inventories

 

 

3,093

 

 

 

(12,231

)

Prepaids and other current assets

 

 

1,360

 

 

 

(10,174

)

Other assets

 

 

(1,923

)

 

 

1,976

 

Accounts payable

 

 

20,334

 

 

 

(28,444

)

Accrued customer rebates and returns

 

 

24,690

 

 

 

(8,312

)

Accrued compensation and other liabilities

 

 

15,773

 

 

 

(1,429

)

Cash provided by operating activities

 

 

145,719

 

 

 

59,650

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Acquisition, net of cash acquired

 

 

(14,308

)

 

 

 

Property, plant and equipment additions

 

 

(12,061

)

 

 

(24,656

)

Cash used in investing activities

 

 

(26,369

)

 

 

(24,656

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Proceeds of revolving credit line

 

 

99,000

 

 

 

 

Payments of revolving credit line

 

 

(99,000

)

 

 

 

Other stock related activity

 

 

112

 

 

 

57

 

Purchase and cancellation of common stock

 

 

(17,313

)

 

 

(24,339

)

Cash used in financing activities

 

 

(17,201

)

 

 

(24,282

)

Net Increase in Cash and Cash Equivalents

 

 

102,149

 

 

 

10,712

 

Cash and Cash Equivalents, Beginning of Period

 

 

68,353

 

 

 

43,458

 

Cash and Cash Equivalents, End of Period

 

$

170,502

 

 

$

54,170

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Cash paid for interest expense

 

$

680

 

 

$

116

 

Cash paid for income taxes

 

$

19,575

 

 

$

28,454

 

See accompanying Notes to Condensed Consolidated Financial Statements 

6


DORMAN PRODUCTS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 26, 2020 AND SEPTEMBER 28, 2019

(UNAUDITED)

1.

Basis of Presentation

As used herein, unless the context requires otherwise, “Dorman,” the “Company,” “we,” “us,” or “our” refers to Dorman Products, Inc. and its subsidiaries. Our ticker symbol on the NASDAQ Global Select Market is “DORM.”

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 26, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending 2020 or any future period. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers. The introduction of new products and product lines to customers may cause significant fluctuations from quarter to quarter. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2019. 

Certain prior year amounts have been reclassified to conform with current year presentation.

2.

Business Acquisitions and Investments

On January 2, 2020, we acquired the remaining 60% of the outstanding stock of Power Train Industries, Inc. (“PTI”), a privately-held supplier of parts to the automotive aftermarket, based in Reno, Nevada. The total consideration paid for PTI was approximately $30.7 million, which included $18.4 million paid for the remaining 60% of the outstanding stock, subject to customary purchase price adjustments, and $12.3 million which represents the fair value of the previously held 40% equity interest in PTI that was acquired by the Company in 2016. As a result of the acquisition, we recorded a gain of approximately $2.5 million in Other (expense) income, net during the nine months ended September 26, 2020 from the increase in fair value of the previously owned 40% interest in PTI. We previously accounted for our 40% interest as an equity-method investment. 

The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets acquired, and liabilities assumed were recorded at fair value, with the remaining purchase price recorded as goodwill.

In connection with this acquisition, we recorded $16.7 million in goodwill, $7.3 million of identified intangibles, and $6.7 million of other assets, net, consisting of $3.5 million of cash, $2.0 million of accounts receivable, $5.6 million of inventory, and ($4.4 million) of net other assets and liabilities.

The estimated fair value of the PTI assets acquired and liabilities assumed are provisional as of September 26, 2020 and are based on information that is currently available. Additional information about conditions that existed as of the date of acquisition are being gathered to finalize these provisional measurements, particularly with respect to net working capital and income taxes payable. Accordingly, the measurement of the PTI assets acquired and liabilities assumed may change upon completion of the purchase price allocation, both of which are expected to occur no later than one year from the acquisition date.

The valuation of the intangible assets acquired and related amortization periods are as follows:

(in thousands)

 

Valuation

 

 

Amortization Period (in years)

 

Customer relationships

 

$

4,600

 

 

 

15

 

Trade names

 

 

700

 

 

 

5

 

Technology

 

 

1,800

 

 

 

8

 

Other

 

 

190

 

 

 

5

 

Total

 

$

7,290

 

 

 

 

 

The fair values of the customer relationships and trade names were estimated using an income approach based on the present value of future cash flows.

The goodwill recognized is attributable primarily to strategic and synergistic opportunities related to existing automotive aftermarket businesses, the assembled workforce of PTI and other factors. The goodwill is not expected to be deductible for tax purposes.

The financial results of the acquisition have been included in the condensed consolidated financial statements since the date of acquisition. 

7


3.

Sales of Accounts Receivable

We have entered several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and the related accounts receivable were removed from our Condensed Consolidated Balance Sheet at the times of the sales transactions. Pursuant to these agreements, we sold $568.3 million and $530.7 million of accounts receivable during the nine months ended September 26, 2020 and September 28, 2019, respectively. All credit terms with our customers are 365 days or less. If receivables had not been sold over the previous twelve months, $489.5 million and $437.9 million of additional accounts receivable would have been outstanding at September 26, 2020 and December 28, 2019, respectively, based on our standard payment terms. Financing costs associated with these accounts receivable sales programs were $1.3 million and $4.3 million during the three months ended September 26, 2020 and September 28, 2019, respectively. Financing costs associated with these accounts receivable sales programs were $10.9 million and $13.6 million during the nine months ended September 26, 2020 and September 28, 2019, respectively. These costs were classified as selling, general and administrative expense in the Condensed Consolidated Statements of Operations.

4.

Inventories

Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products and are stated at the lower of cost or net realizable value. Inventories were as follows:

 

(in thousands)

 

September 26, 2020

 

 

December 28, 2019

 

Bulk product

 

$

131,622

 

 

$

114,308

 

Finished product

 

 

146,967

 

 

 

161,866

 

Packaging materials

 

 

4,703

 

 

 

4,639

 

Total

 

$

283,292

 

 

$

280,813

 

 

5.

Goodwill and Intangible Assets

Goodwill

Goodwill included the following:

 

(in thousands)

 

September 26, 2020

 

 

December 28, 2019

 

Balance at beginning of period

 

$

74,458

 

 

$

72,606

 

Goodwill acquired

 

 

16,690

 

 

 

 

Measurement period adjustments

 

 

 

 

 

1,852

 

Balance at end of period

 

$

91,148

 

 

$

74,458

 

Intangible Assets

Intangible assets included the following:

 

 

 

 

 

 

 

September 26, 2020

 

 

December 28, 2019

 

Intangible assets subject to amortization

 

Weighted Average Amortization Period

 

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

10.8

 

 

$

6,760

 

 

$

1,432

 

 

$

5,328

 

 

$

6,060