Universal Corporation Reports Solid Annual Results

RICHMOND, Va., May 23, 2011 /PRNewswire/ --

HIGHLIGHTS

Fiscal Year 2011

Diluted earnings per share decreased 5% to $5.42, compared to last year's record $5.68.

Revenues up 3%, to $2.6 billion.

Operating income down slightly, to $254.6 million.

Operating income includes net benefit from non-recurring items of $5.3 million.

Previously announced 40th annual increase in dividends and repurchased 4.6% of outstanding shares

Fourth Fiscal Quarter

Diluted earnings per share increased to $0.95, compared to $0.90 last year.

Operating income up 9%, to $46.3 million, including $7.5 million in restructuring charges.

Revenues increased 20%, to $680 million.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced that for the fiscal year ended March 31, 2011, diluted earnings per share were $5.42, down about 5% from last year's record earnings of $5.68 per diluted share. Net income attributable to Universal Corporation for fiscal year 2011 was $156.6 million, a decrease of 7% compared to $168.4 million last year, primarily due to lower results for the Company's South American operations and Oriental tobacco joint venture. Revenues for fiscal year 2011 were $2.6 billion, a 3% increase compared to last year, reflecting higher selling prices on lower volumes shipped during the period. The price increases were generally related to higher green leaf costs and the effects of a weak U.S. dollar.

Results for fiscal year 2011 also include the effects of several non-recurring items, which provided a net pretax benefit of $5.3 million, or about $0.12 per diluted share. During the third fiscal quarter, the Company recorded a net gain of $19.4 million before taxes, or $0.44 per diluted share, to recognize the assignment of tobacco production contracts with approximately 8,100 farmers in Brazil, along with the sale of related assets, to a subsidiary of Philip Morris International ("PMI"). In addition, the second fiscal quarter included a benefit of $7.4 million before taxes, or $0.17 per diluted share, for the reversal of a portion of a previously recorded European Commission fine after a favorable court ruling. These gains were largely offset by the effects of combined restructuring and impairment charges associated with initiatives to adjust various operations and reduce costs, including a significant portion related to the closure of the Company's Simcoe operations in Canada. Most of the restructuring costs represent accruals for employee termination benefits at operating locations in North America, South America, Africa, and Europe and at corporate headquarters. Total restructuring and impairment costs for the fiscal year ended March 31, 2011, were $21.5 million, or $0.49 per diluted share, of which about $5.6 million are noncash charges.

For the fourth quarter of fiscal year 2011, net income was $27.1 million, or $0.95 per diluted share, compared to last year's net income of $26.4 million, or $0.90 per diluted share.  Results were improved over the prior period as the effects of higher volumes and margins in most regions were reduced by the accrual of additional restructuring and impairment costs of $7.5 million, or $0.17 per diluted share.  Revenues for the quarter increased by about 20% to $680 million due largely to increased volumes in Africa on the completion of some of the shipments delayed earlier in the year.

Mr. Freeman stated, "We achieved strong results for fiscal year 2011, particularly in light of the challenging market conditions that we faced. Recent customer efforts to obtain leaf directly from farmers have changed parts of our business. In the last two years, both Japan Tobacco and Philip Morris International have taken steps to purchase more of their leaf needs directly from farmers. As we have said, we believe we have already experienced the effects of Japan Tobacco's increase in direct leaf procurement on our volumes in fiscal year 2011 in the United States, Malawi, and Brazil. Philip Morris International's assumption of farmer contracts will reduce our purchases of Brazilian leaf in fiscal year 2012. We continue to expect that, after contracts expire this month, our processing volumes in the United States will decline significantly. As we noted last year, we estimate that reduction will cause a decrease of about $30 million in operating income. We have had some success in broadening our customer base and expanding the services we offer our customers. However, in the near term, we will not be able to replace all the processing volumes in the United States.

"At the same time, we are experiencing the effects of leaf oversupply that we have been predicting, and we expect to see the financial impact of lower leaf prices and tighter margins that typify such cycles in fiscal year 2012. We believe that during the two prior fiscal years of higher than normal demand, a number of customers increased their leaf inventory levels. Those higher inventories, combined with softer cigarette sales in some markets, have led to reduced leaf demand for current crops, evidenced by slower than normal purchasing in major markets.

"Periodic cycles of under- and oversupply of leaf are not unusual in our business, and we have successfully navigated oversupplied markets throughout the history of the company. Although dealer unsold inventories are currently not excessive, we expect them to grow significantly during this season. Our uncommitted inventories are still at a manageable level, and we are working aggressively to avoid accumulating excess inventories during the oversupply period. However, we will not be able to avoid some accumulation of unsold inventory or the inevitable pressure on margins that comes with an oversupply.

"We believe that our discipline and conservative capital structure will stand us in good stead during this period. In addition, our cost-saving restructuring initiatives are well underway, and we will continue to review our operations to control or reduce costs. We have continued to assert the value that the dealer industry adds to the system, both to the manufacturer and the farmer, and that is especially important in today's markets."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Fiscal Year 2011

For the fiscal year ended March 31, 2011, operating income for the flue-cured and burley tobacco operations was about $229 million, a 4% decrease compared to the prior year's record $240 million results. The decrease was caused primarily by reduced volumes and margins in some operations within the Other Regions segment. Revenues for the group were relatively flat as reduced volumes for the year in South America, Europe, and North America, were balanced by higher volumes in Africa and Asia.

Operating income of $170 million for the Other Regions segment was down about 7% compared to the prior year. Earnings in Africa increased over the previous year on higher sales volumes as well as additional third party processing. The region also benefited from net gains on foreign currency remeasurement and exchange compared to net losses in the prior year. Asia results were improved for the year as well, primarily due to higher volumes from larger crops in the Philippines and better margins related to lower unit costs on those volumes. South America results were down significantly, affected by lower volumes sold from both Brazil and Argentina. A smaller Brazilian crop due to weather conditions, significantly lower customer demand for Argentine leaf, and the effects of customer inventory corrections all reduced volumes. Margins also declined on higher unit production costs and higher green leaf prices. Earnings in Europe were also down for the fiscal year on lower volumes and margins, lower exchange gains this year, and the translation effects of a stronger dollar against the Euro and other European currencies. Overall results for this segment benefited from lower selling, general, and administrative expenses caused by the previously mentioned currency gains as well as lower overhead expenses, in part related to FCPA and employment costs in the prior year. Although overall volumes for the Other Regions segment were down, cost of sales increased on higher leaf costs, in part due to the weaker dollar. Overall segment revenues were up as those higher costs of leaf were reflected in selling prices.

The North America segment reported improved operating income of $59 million as lower U.S. volumes from the fiscal year 2011 crop were offset by sales of carryover crops, additional third-party processing business in the United States, and lower overhead charges. Revenues for the segment were down by about 5% on reduced sales volumes despite improved product mix. Cost of sales for this segment was lower on overall lower volumes sold, while selling, general and administrative costs benefited from overhead reductions.

Fourth Quarter

In the fourth quarter ended March 31, 2011, operating income for flue-cured and burley operations increased by nearly 22% to $48.4 million compared to the same period last year.  The improvement was mainly due to increased volumes in Africa on the completion of some of the shipments previously delayed, as well as currency remeasurement gains.  Improved results for the quarter were also achieved in Europe from the later timing of crop shipments this year, and in South America where earnings increased due to a gain on the sale of a storage facility and net benefits from foreign currency remeasurement and exchange.  North America segment results declined on lower volumes, as a larger portion of last year's shipments occurred in the fourth quarter.  Revenues for the quarter were up nearly 16% to $572.5 million, as volume increases in Africa and Europe outweighed declines in North America.

OTHER TOBACCO OPERATIONS:

In the Other Tobacco Operations segment, operating income for fiscal year 2011 declined by 28% to about $29 million, due primarily to significantly lower results from the oriental tobacco joint venture on reduced sales volumes on customer inventory adjustments as well as lower margins and smaller currency remeasurement gains. Dark tobacco results were flat compared with the prior fiscal year as the effects of increased volumes and reductions in domestic overhead costs were reduced by lower earnings resulting from the weather-damaged Indonesian crop, which is also expected to affect next fiscal year's results. Revenues for this segment increased by 20% to $287 million, primarily related to higher sales in the just-in-time services group, increased dark tobacco shipments after a soft beginning to the prior year, and higher imports of oriental tobacco into the United States. Those higher volumes also caused an increase in cost of sales while selling general and administrative costs were flat.

For the fourth quarter, Other Tobacco Operations segment operating results increased by $4.9 million to $13.2 million influenced primarily by the effects of the timing of sales of oriental tobacco shipments into the United States that had been delayed in the comparable prior year period.  Dark tobacco results were also up slightly as the overall effect of improved domestic volumes and lower factory costs was offset in part by the decline in Indonesian results.  Revenues for this segment also increased substantially to $107.8 million largely due to the oriental shipment timing previously mentioned.

OTHER ITEMS:

Cost of goods sold increased by nearly 6% due to the influence on leaf prices of a weaker U.S. dollar and higher farm input costs, as well as a lower proportion of stem in the sales mix.  Selling, general, and administrative expenses decreased by more than $33 million, or 12%, compared to last year. Predominant factors in the reduced expense for the year included the $7.4 million reversal of the European Commission fine, an $11 million comparative benefit from net currency remeasurement and exchange gains in the current year compared with net losses in the prior year, last year's accruals for costs associated with the Foreign Corrupt Practices Act ("FCPA") matter, and lower compensation expense. Interest expense for the year decreased by $1.2 million as the impact of higher average debt balances was outweighed by lower average effective interest rates. Interest income increased by $1.5 million compared to last year primarily due to the recognition of interest income on the return of funds escrowed to bond the appeal of the European Commission fine.

The consolidated effective income tax rate for the twelve months ended March 31, 2011, was approximately 32% versus nearly 34% for fiscal year 2010. In both cases, the full year rate was lower than the 35% U.S. federal statutory rate due to the recognition of foreign tax credits and to the reversal of previously recorded liabilities for uncertain tax positions based on favorable resolution or expiration of statutes of limitations for the related tax years.

Additional information

Amounts included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries.

This information includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation; product taxation; industry consolidation and evolution; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected.  A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2010, and in other documents the Company files with the Securities and Exchange Commission.  This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2010.

At 5:00 p.m. (Eastern Time) on May 23, 2011, the Company will host a conference call to discuss these results.  Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time.  A replay of the webcast will be available at that site through August 3, 2011.  A taped replay of the call will be available through June 13, 2011, by dialing (800) 642-1687.  The confirmation number to access the replay is 68712029.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco merchant and processor and conducts business in more than 30 countries.  Its revenues for the fiscal year ended March 31, 2011, were $2.6 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands of dollars, except per share data)



Three Months Ended
March 31,


Fiscal Year Ended
March 31,



2011


2010


2011


2010






Sales and other operating revenues


$ 680,215


$ 566,503


$ 2,571,527


$ 2,491,738

Costs and expenses









   Cost of goods sold


561,437


455,609


2,063,194


1,949,473

   Selling, general and administrative expenses


64,939


68,267


251,597


285,056

   Other income




(19,368)


   Restructuring and impairment costs


7,540



21,504


Operating income


46,299


42,627


254,600


257,209

   Equity in pretax earnings of unconsolidated affiliates


7,681


5,347


8,634


22,376

   Interest income


109


327


2,723


1,253

   Interest expense


5,813


3,923


23,058


24,210

Income before income taxes


48,276


44,378


242,899


256,628

   Income taxes


19,512


20,983


78,349


86,283

Net income


28,764


23,395


164,550


170,345

Less:  net (income) loss attributable to noncontrolling interests in subsidiaries


(1,648)


3,046


(7,985)


(1,948)

Net income attributable to Universal Corporation


27,116


26,441


156,565


168,397

Dividends on Universal Corporation convertible perpetual preferred stock


(3,713)


(3,713)


(14,850)


(14,850)

Earnings available to Universal Corporation common shareholders


$   23,403


$   22,728


$    141,715


$    153,547










Earnings per share attributable to Universal Corporation common shareholders:









   Basic


$       1.00


$       0.93


$          5.94


$          6.21

   Diluted


$       0.95


$       0.90


$          5.42


$          5.68

See accompanying notes.











UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars)



March 31,



2011


2010

ASSETS





Current assets





   Cash and cash equivalents


$    141,007


$    245,953

   Accounts receivable, net


335,575


266,960

   Advances to suppliers, net


160,616


167,400

   Accounts receivable - unconsolidated affiliates


10,433


11,670

   Inventories - at lower of cost or market:





       Tobacco


742,422


812,186

       Other


48,647


52,952

   Prepaid income taxes


18,661


13,514

   Deferred income taxes


47,009


47,074

   Other current assets


73,864


75,367

       Total current assets


1,578,234


1,693,076

Property, plant and equipment





   Land


14,851


16,036

   Buildings


257,380


266,350

   Machinery and equipment


555,316


532,824



827,547


815,210

       Less accumulated depreciation


(510,844)


(485,723)



316,703


329,487

Other assets





   Goodwill and other intangibles


99,546


105,561

   Investments in unconsolidated affiliates


115,478


106,336

   Deferred income taxes


18,177


30,073

   Other noncurrent assets


99,729


106,507



332,930


348,477

       Total assets


$ 2,227,867


$ 2,371,040



UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS--(Continued)

(In thousands of dollars)



March 31,



2011


2010

LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities





   Notes payable and overdrafts


$    149,291


$    177,013

   Accounts payable and accrued expenses


213,014


259,576

   Accounts payable - unconsolidated affiliates


4,154


6,464

   Customer advances and deposits


8,426


107,858

   Accrued compensation


30,201


30,097

   Income taxes payable


12,265


18,991

   Current portion of long-term obligations


95,000


15,000

          Total current liabilities


512,351


614,999

Long-term obligations


320,193


414,764

Pensions and other postretirement benefits


102,858


96,888

Other long-term liabilities


50,213


69,886

Deferred income taxes


42,847


46,128

          Total liabilities


1,028,462


1,242,665

Shareholders' equity





 Universal Corporation:





   Preferred stock:




      Series A Junior Participating Preferred Stock, no par value, 500,000 shares





      authorized, none issued or outstanding



      Series B 6.75% Convertible Perpetual Preferred Stock, no par value,





       5,000,000 shares authorized, 219,999 shares issued and outstanding





      (219,999 at March 31, 2010)


213,023


213,023

   Common stock, no par value, 100,000,000 shares authorized, 23,240,503




      shares issued and outstanding (24,325,228 at March 31, 2010)


191,608


195,001

   Retained earnings


825,751


767,213

   Accumulated other comprehensive loss


(44,776)


(52,667)

          Total Universal Corporation shareholders' equity


1,185,606


1,122,570

 Noncontrolling interests in subsidiaries


13,799


5,805

          Total shareholders' equity


1,199,405


1,128,375

          Total liabilities and shareholders' equity


$ 2,227,867


$ 2,371,040

See accompanying notes.







UNIVERSAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)



Fiscal Year Ended March 31,



2011


2010




CASH FLOWS FROM OPERATING ACTIVITIES:





  Net income


$ 164,550


$ 170,345

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





     Depreciation


43,654


41,288

     Amortization


1,618


2,208

     Provisions for losses on advances and guaranteed loans to suppliers


18,666


18,514

     Foreign currency remeasurement (gain) loss, net


(4,424)


9,309

     Gain on assignment of farmer contracts and sale of related assets


(19,368)


     Restructuring and impairment costs


21,504


     Other, net


4,593


16,254

     Changes in operating assets and liabilities, net


(176,575)


(95,684)

       Net cash provided by operating activities


54,218


162,234

CASH FLOWS FROM INVESTING ACTIVITIES:





   Purchase of property, plant and equipment


(39,129)


(57,577)

   Proceeds from assignment of farmer contracts and sale of related assets


34,946


   Proceeds from sale of property, plant and equipment, and other


5,575


5,019

   Other


260


536

       Net cash provided (used) by investing activities


1,652


(52,022)

CASH FLOWS FROM FINANCING ACTIVITIES:





   Issuance (repayment) of short-term debt, net


(39,350)


(5,250)

   Issuance of long-term debt



99,208

   Repayment of long-term debt


(15,000)


(79,500)

   Dividends paid to noncontrolling interests


(100)


(104)

   Issuance of common stock



729

   Repurchase of common stock


(46,929)


(32,194)

   Dividends paid on convertible perpetual preferred stock


(14,850)


(14,850)

   Dividends paid on common stock


(45,321)


(45,882)

   Other



(1,193)

       Net cash used by financing activities


(161,550)


(79,036)

Effect of exchange rate changes on cash


734


2,151

Net increase (decrease) in cash and cash equivalents


(104,946)


33,327

Cash and cash equivalents at beginning of year


245,953


212,626

Cash and cash equivalents at end of year


$ 141,007


$ 245,953

See accompanying notes.







NOTE 1.   BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries ("Universal" or the "Company"), is the leading global leaf tobacco merchant and processor.  Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year.  All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature.  Certain amounts in prior year statements have been reclassified to conform to the current year presentation. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2010.

NOTE 2.   GUARANTEES AND OTHER CONTINGENT LIABILITIES

Guarantees of bank loans to growers for crop financing and construction of curing barns or other tobacco producing assets are industry practice in Brazil and support the farmers' production of tobacco there.  At March 31, 2011, the Company's total exposure under guarantees issued by its operating subsidiary in Brazil for banking facilities of farmers in that country was approximately $52 million, ($73 million including unpaid accrued interest, less $21 million recorded for the fair value of the guarantees).  About 92% of these guarantees expire within one year, and all of the remainder expire within five years.  The subsidiary withholds payments due to the farmers on delivery of tobacco and forwards those payments to the third-party banks.  Failure of farmers to deliver sufficient quantities of tobacco to the subsidiary to cover their obligations to the third-party banks could result in a liability for the subsidiary under the related guarantees; however, in that case, the subsidiary would have recourse against the farmers.  The maximum potential amount of future payments that the Company's subsidiary could be required to make at March 31, 2011, was the face amount, $73 million including unpaid accrued interest ($112 million at March 31, 2010).  The fair value of the guarantees was a liability of approximately $21 million at March 31, 2011 ($26 million at March 31, 2010).  In addition to these guarantees, the Company has other contingent liabilities totaling approximately $54 million, primarily related to a bank guarantee that bonds an appeal of a 2006 fine in the European Union.

Various subsidiaries of the Company are involved in other litigation and tax examinations incidental to their business activities.  While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the matters and does not currently expect that any of them will have a material adverse effect on the Company's financial position.  However, should one or more of these matters be resolved in a manner adverse to management's current expectation, the effect on the Company's results of operations for a particular fiscal reporting period could be material.

NOTE 3.   EARNINGS PER SHARE

The following table sets forth the computation of earnings per share for the periods presented in the consolidated statements of income.



Three Months Ended
March 31,


Fiscal Year Ended
March 31,

(in thousands, except per share data)


2011


2010


2011


2010

Basic Earnings Per Share









Numerator for basic earnings per share









  Net income attributable to Universal Corporation


$ 27,116


$ 26,441


$ 156,565


$ 168,397

  Less:  Dividends on convertible perpetual preferred stock


(3,713)


(3,713)


(14,850)


(14,850)

  Earnings available to Universal Corporation common shareholders









     for calculation of basic earnings per share


23,403


22,728


141,715


153,547

Denominator for basic earnings per share









   Weighted average shares outstanding


23,400


24,455


23,859


24,732

Basic earnings per share


$     1.00


$     0.93


$       5.94


$       6.21

Diluted Earnings Per Share









Numerator for diluted earnings per share









  Earnings available to Universal Corporation common shareholders


$ 23,403


$ 22,728


$ 141,715


$ 153,547

  Add:  Dividends on convertible perpetual preferred stock (if









     conversion assumed)


3,713


3,713


14,850


14,850

  Earnings available to Universal Corporation common shareholders









     for calculation of diluted earnings per share


27,116


26,441


156,565


168,397

Denominator for diluted earnings per share:









   Weighted average shares outstanding


23,400


24,455


23,859


24,732

   Effect of dilutive securities (if conversion or exercise assumed)









      Convertible perpetual preferred stock


4,758


4,739


4,750


4,733

      Employee share-based awards


327


270


279


197

   Denominator for diluted earnings per share


28,484


29,464


28,888


29,662

Diluted earnings per share


$     0.95


$     0.90


$       5.42


$       5.68



NOTE 4.   SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's performance is by geographic region, although some components of the business are evaluated on the basis of their worldwide operations.  The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in pretax earnings of unconsolidated affiliates.

Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows:



Three Months Ended
March 31,


Fiscal Year Ended
March 31,

(in thousands of dollars)


2011


2010


2011


2010

SALES AND OTHER OPERATING REVENUES







  Flue-cured and burley leaf tobacco operations:









       North America


$   96,376


$ 169,887


$    340,366


$    357,195

       Other regions (1)


476,084


324,856


1,944,410


1,895,829

            Subtotal


572,460


494,743


2,284,776


2,253,024

  Other tobacco operations (2)


107,755


71,760


286,751


238,714

  Consolidated sales and other operating revenues


$ 680,215


$ 566,503


$ 2,571,527


$ 2,491,738

OPERATING INCOME









  Flue-cured and burley leaf tobacco operations:









       North America


$   16,895


$   24,926


$      59,278


$      57,006

       Other regions (1)


31,459


14,807


169,989


182,513

            Subtotal


48,354


39,733


229,267


239,519

  Other tobacco operations (2)


13,166


8,241


28,658


40,066

  Segment operating income


61,520


47,974


257,925


279,585










  Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (3)


(7,681)


(5,347)


(8,634)


(22,376)

               Restructuring and impairment costs (4)


(7,540)



(21,504)


  Add:     Other income (4)




19,368


               Reversal of European Commission fines (4)




7,445


  Consolidated operating income


$   46,299


$   42,627


$    254,600


$    257,209



(1) Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations.

(2) Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations.  Sales and other operating revenues for this reportable segment include limited amounts for Oriental because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate.

(3) Item is included in segment operating income, but not included in consolidated operating income.

(4) Item is not included in segment operating income, but is included in consolidated operating income.

SOURCE Universal Corporation



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