%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 748.5 m 561.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 744.5 m 561.5 744.5 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 14.00 Tf ET q 0 0 0 rg BT 251.20 715.20 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 325.24 715.20 Td (A) Tj ET Q q 0 0 0 rg BT 334.31 715.20 Td (TES) Tj ET Q BT /F2 14.00 Tf ET q 0 0 0 rg BT 155.65 698.40 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 243.19 698.40 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.15 684.00 Td (W) Tj ET Q q 0 0 0 rg BT 255.49 684.00 Td (ashington, D.C. 20549) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.25 648.40 Td (FORM 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.40 Td (\(Mark One\)) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 53.00 606.02 Td () Tj ET Q /GS0 gs q 10.70 0 0 11.72 65.00 603.43 cm /I1 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 96.00 606.27 Td (Annual Report Pursuant to Section13 or 15 \(d\)of the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 580.40 Td (For) Tj ET Q q 0 0 0 rg BT 114.37 580.40 Td ( the fiscal year) Tj ET Q q 0 0 0 rg BT 176.11 580.40 Td ( ended January31, 2016.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 569.60 Td () Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 53.00 548.22 Td () Tj ET Q /GS0 gs q 10.69 0 0 11.72 65.00 545.63 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 96.00 548.47 Td (Transition Report Pursuant to Section13 or 15 \(d\)of the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 522.60 Td (For) Tj ET Q q 0 0 0 rg BT 114.37 522.60 Td ( the transition period fr) Tj ET Q q 0 0 0 rg BT 214.73 522.60 Td (om ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 230.5625 521.03505859375 m 280.5625 521.03505859375 l s q 0 0 0 rg BT 230.56 522.60 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.56 522.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 293.892578125 521.03505859375 m 343.892578125 521.03505859375 l s q 0 0 0 rg BT 293.89 522.60 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.15 501.60 Td (Commission file number) Tj ET Q q 0 0 0 rg BT 342.97 501.60 Td ( 1-8777) Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 138.55 463.80 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 412.08 463.80 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.70 451.80 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 441.00 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 416.5 m 301.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 416.5 m 320.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 416.5 m 562.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 379.5 m 301.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 379.5 m 320.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 379.5 m 562.5 379.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.40 421.07 Td (DELAWARE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 420.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 421.07 Td (95-1613718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 407.07 Td (\(State or other jurisdiction of incorporation or organization\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 406.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 407.07 Td (\(IRS Employer Identification No.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.65 384.07 Td (2027 Harpers Way, Torrance, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 383.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 384.07 Td (90501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.15 370.07 Td (\(Address of principal executive offices\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 369.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.90 370.07 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.95 345.00 Td (Registrant) Tj ET Q q 0 0 0 rg BT 214.83 345.00 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 292.74 345.00 Td (, including area code \(310\)533-0474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 333.00 Td (Securities registered pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 403.72 333.00 Td (Act:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 299.5 m 301.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 299.5 m 320.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 299.5 m 562.5 299.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.40 304.07 Td (Title of each class) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 303.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 304.07 Td (Name of each exchange on which registered:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 290.07 Td (Common Stock, $0.01 Par Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 289.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 290.07 Td (NASDAQ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.90 265.00 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 391.62 265.00 Td (Act: None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.00 Td (Indicate by check mark if the issuer is a well-known seasoned issuer as defined in Rule405 of the Securities ) Tj ET Q q 0 0 0 rg BT 485.43 244.00 Td (Act. ) Tj ET Q q 0 0 0 rg BT 504.50 244.00 Td (Y) Tj ET Q q 0 0 0 rg BT 510.72 244.00 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 521.55 241.84 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.46 244.00 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 547.69 241.84 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.00 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.00 Td (Act. ) Tj ET Q q 0 0 0 rg BT 69.07 211.00 Td (Y) Tj ET Q q 0 0 0 rg BT 75.29 211.00 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 86.12 208.84 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.03 211.00 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 112.25 208.84 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.00 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.00 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 178.00 Td (Act of 1934 during the preceding 12months \(or for such shorter period that the Registrant was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.00 Td (file such reports\), and \(2\)has been subject to such filing requirements for the past 90days. ) Tj ET Q q 0 0 0 rg BT 414.80 166.00 Td (Y) Tj ET Q q 0 0 0 rg BT 421.03 166.00 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 431.86 163.84 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.77 166.00 Td ( No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 457.99 163.84 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.00 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 460.51 145.00 Td (W) Tj ET Q q 0 0 0 rg BT 469.15 145.00 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 522.37 145.00 Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.00 Td (Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T) Tj ET Q q 0 0 0 rg BT 438.34 133.00 Td ( \(232.405 of this chapter\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.00 Td (during the preceding 12months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 535.63 121.00 Td (Y) Tj ET Q q 0 0 0 rg BT 541.85 121.00 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 552.68 118.84 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.59 121.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.00 Td (No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 64.72 106.84 cm /I10 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.00 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K \(229.405 of this chapter\) is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.00 Td (not contained herein, and will not be contained, to the best of registrant) Tj ET Q q 0 0 0 rg BT 337.70 76.00 Td (s knowledge, in definitive proxy or information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.00 Td (statements incorporated by reference in PartIII of this Form 10-K or any amendment to this Form 10-K. ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 470.17 61.84 cm /I11 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 742.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 742.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 742.10 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 512.50 742.10 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 730.10 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 264.66 730.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 340.31 730.10 Td (, accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 718.10 Td (Act. \(Check one\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.90 689.17 Td (Lar) Tj ET Q q 0 0 0 rg BT 68.60 689.17 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 147.15 687.01 cm /I12 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.80 689.17 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 246.19 687.01 cm /I13 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.45 689.17 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 385.61 687.01 cm /I14 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 689.17 Td (Smaller reporting company ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 547.96 687.01 cm /I15 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.00 664.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.00 664.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.85 675.17 Td (\(Donotcheckifasmallerreporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 665.17 Td (company\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.00 664.85 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 483.46 644.10 Td (Act.\) ) Tj ET Q q 0 0 0 rg BT 505.86 644.10 Td (Y) Tj ET Q q 0 0 0 rg BT 512.08 644.10 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 522.91 641.94 cm /I16 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.82 644.10 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 549.04 641.94 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (The aggregate market value of the voting and non-voting common stock held by non-af) Tj ET Q q 0 0 0 rg BT 400.00 623.10 Td (filiates of the registrant on July31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (2015, was $39million \(based upon the closing price of the registrant) Tj ET Q q 0 0 0 rg BT 327.72 611.10 Td (s common stock on such day) Tj ET Q q 0 0 0 rg BT 442.33 611.10 Td (, as reported by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (NASDAQ\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (As of ) Tj ET Q q 0 0 0 rg BT 73.89 578.10 Td (April1, 2016, there were 14,998,187 shares of the registrant) Tj ET Q q 0 0 0 rg BT 317.99 578.10 Td (s common stock \($0.01 par value\) outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 178.43 557.10 Td (TED BY) Tj ET Q q 0 0 0 rg BT 215.01 557.10 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (Portions of the Registrant) Tj ET Q q 0 0 0 rg BT 155.27 536.10 Td (s definitive proxy statement for its 2016 ) Tj ET Q q 0 0 0 rg BT 317.19 536.10 Td (Annual Meeting of Stockholders to be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Securities and Exchange Commission are incorporated by reference into PartIII of this ) Tj ET Q q 0 0 0 rg BT 400.17 524.10 Td (Annual Report on Form 10-K as set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (forth herein.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 501.6 m 561.5 501.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 497.6 m 561.5 497.6 l s BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 252.65 740.68505859375 m 359.339453125 740.68505859375 l s q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 693.95 m 559.5 693.95 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.75 708.01 Td (Page) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 522.60 698.51 Td (numbers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 683.1833984375 m 82.6923828125 683.1833984375 l s q 0 0 1 rg BT 53.00 684.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 684.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 684.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 684.52 Td (I) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 668.1833984375 m 137.38671875 668.1833984375 l s q 0 0 1 rg BT 71.00 669.52 Td (Item1. Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 653.1833984375 m 159.3251953125 653.1833984375 l s q 0 0 1 rg BT 71.00 654.52 Td (Item1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 638.1833984375 m 222.1865234375 638.1833984375 l s q 0 0 1 rg BT 71.00 639.52 Td (Item1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 173.02 639.52 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 623.1833984375 m 142.3720703125 623.1833984375 l s q 0 0 1 rg BT 71.00 624.52 Td (Item2. Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 608.1833984375 m 175.9658203125 608.1833984375 l s q 0 0 1 rg BT 71.00 609.52 Td (Item3. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 593.1833984375 m 200.140625 593.1833984375 l s q 0 0 1 rg BT 71.00 594.52 Td (Item4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 578.1833984375 m 86.0224609375 578.1833984375 l s q 0 0 1 rg BT 53.00 579.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 579.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 579.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 579.52 Td (II) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 563.1833984375 m 513.59765625 563.1833984375 l s q 0 0 1 rg BT 71.00 564.52 Td (Item 5. Market for Registrant) Tj ET Q q 0 0 1 rg BT 193.74 564.52 Td (s Common Equity) Tj ET Q q 0 0 1 rg BT 265.88 564.52 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 553.1833984375 m 110.43359375 553.1833984375 l s q 0 0 1 rg BT 71.00 554.52 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 538.1833984375 m 196.7861328125 538.1833984375 l s q 0 0 1 rg BT 71.00 539.52 Td (Item6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 523.1833984375 m 462.6162109375 523.1833984375 l s q 0 0 1 rg BT 71.00 524.52 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 159.31 524.52 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 228.48 524.52 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 508.18339843750005 m 348.4365234375 508.18339843750005 l s q 0 0 1 rg BT 71.00 509.52 Td (Item7A. Quantitative and Qualitative Disclosures about Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 493.18339843750005 m 286.7763671875 493.18339843750005 l s q 0 0 1 rg BT 71.00 494.52 Td (Item8. Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 478.18339843750005 m 467.0302734375 478.18339843750005 l s q 0 0 1 rg BT 71.00 479.52 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 250.13 479.52 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 314.56 479.52 Td (Accounting and Financial Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 463.18339843750005 m 207.3623046875 463.18339843750005 l s q 0 0 1 rg BT 71.00 464.52 Td (Item9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 448.18339843750005 m 181.52734375 448.18339843750005 l s q 0 0 1 rg BT 71.00 449.52 Td (Item9B. Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 433.18339843750005 m 89.3525390625 433.18339843750005 l s q 0 0 1 rg BT 53.00 434.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 434.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 434.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 434.52 Td (III) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 418.18339843750005 m 403.470703125 418.18339843750005 l s q 0 0 1 rg BT 71.00 419.52 Td (Item10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 201.88 419.52 Td (ficers of the Registrant and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 403.18339843750005 m 206.7080078125 403.18339843750005 l s q 0 0 1 rg BT 71.00 404.52 Td (Item1) Tj ET Q q 0 0 1 rg BT 96.45 404.52 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 388.18339843750005 m 511.9814453125 388.18339843750005 l s q 0 0 1 rg BT 71.00 389.52 Td (Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 373.18339843750005 m 409.5205078125 373.18339843750005 l s q 0 0 1 rg BT 71.00 374.52 Td (Item13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 245.50 374.52 Td (T) Tj ET Q q 0 0 1 rg BT 251.26 374.52 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 358.18339843750005 m 265.677734375 358.18339843750005 l s q 0 0 1 rg BT 71.00 359.52 Td (Item14. Principal ) Tj ET Q q 0 0 1 rg BT 144.88 359.52 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 343.18339843750005 m 89.82373046875 343.18339843750005 l s q 0 0 1 rg BT 53.00 344.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 344.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 344.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 344.52 Td (IV) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 328.18339843750005 m 267.9091796875 328.18339843750005 l s q 0 0 1 rg BT 71.00 329.52 Td (Item15. Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 313.18339843750005 m 114.1181640625 313.18339843750005 l s q 0 0 1 rg BT 53.00 314.52 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 82.45 314.52 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 298.18339843750005 m 157.638671875 298.18339843750005 l s q 0 0 1 rg BT 53.00 299.52 Td (POWER OF ) Tj ET Q q 0 0 1 rg BT 105.23 299.52 Td (A) Tj ET Q q 0 0 1 rg BT 111.34 299.52 Td (TT) Tj ET Q q 0 0 1 rg BT 123.38 299.52 Td (ORNEY) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 59.00 284.52 Td (EX-10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 269.52 Td (EX-21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 254.52 Td (EX-23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 239.52 Td (EX-31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 224.52 Td (EX-31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 209.52 Td (EX-32.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 536.5 667.2833984375001 m 541.5 667.2833984375001 l s q 0 0 1 rg BT 536.50 668.62 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 652.2833984375001 m 544 652.2833984375001 l s q 0 0 1 rg BT 534.00 653.62 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 637.2833984375001 m 544 637.2833984375001 l s q 0 0 1 rg BT 534.00 638.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 622.2833984375001 m 544 622.2833984375001 l s q 0 0 1 rg BT 534.00 623.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 607.2833984375001 m 544 607.2833984375001 l s q 0 0 1 rg BT 534.00 608.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 592.2833984375001 m 544 592.2833984375001 l s q 0 0 1 rg BT 534.00 593.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 552.2833984375001 m 544 552.2833984375001 l s q 0 0 1 rg BT 534.00 553.62 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 537.2833984375001 m 544 537.2833984375001 l s q 0 0 1 rg BT 534.00 538.62 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 522.2833984375001 m 544 522.2833984375001 l s q 0 0 1 rg BT 534.00 523.62 Td (23) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 507.28339843750007 m 544 507.28339843750007 l s q 0 0 1 rg BT 534.00 508.62 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 492.28339843750007 m 544 492.28339843750007 l s q 0 0 1 rg BT 534.00 493.62 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 477.28339843750007 m 544 477.28339843750007 l s q 0 0 1 rg BT 534.00 478.62 Td (64) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 462.28339843750007 m 544 462.28339843750007 l s q 0 0 1 rg BT 534.00 463.62 Td (64) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 447.28339843750007 m 544 447.28339843750007 l s q 0 0 1 rg BT 534.00 448.62 Td (65) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 417.28339843750007 m 544 417.28339843750007 l s q 0 0 1 rg BT 534.00 418.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 402.28339843750007 m 544 402.28339843750007 l s q 0 0 1 rg BT 534.00 403.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 387.28339843750007 m 544 387.28339843750007 l s q 0 0 1 rg BT 534.00 388.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 372.28339843750007 m 544 372.28339843750007 l s q 0 0 1 rg BT 534.00 373.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 357.28339843750007 m 544 357.28339843750007 l s q 0 0 1 rg BT 534.00 358.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 327.28339843750007 m 544 327.28339843750007 l s q 0 0 1 rg BT 534.00 328.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 312.28339843750007 m 544 312.28339843750007 l s q 0 0 1 rg BT 534.00 313.62 Td (69) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 297.28339843750007 m 544 297.28339843750007 l s q 0 0 1 rg BT 534.00 298.62 Td (70) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td ( I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 716.75 Td (Cautionary Statement Regarding Forward-Looking Statements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 695.75 Td (This r) Tj ET Q q 0 0 0 rg BT 73.25 695.75 Td (eport on Form 10-K contains a number of forwar) Tj ET Q q 0 0 0 rg BT 276.22 695.75 Td (d-looking statements that r) Tj ET Q q 0 0 0 rg BT 388.90 695.75 Td (eflect the curr) Tj ET Q q 0 0 0 rg BT 444.62 695.75 Td (ent views of V) Tj ET Q q 0 0 0 rg BT 499.70 695.75 Td (ir) Tj ET Q q 0 0 0 rg BT 506.00 695.75 Td (co Mfg. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 683.75 Td (Corporation \( the "Company" or "V) Tj ET Q q 0 0 0 rg BT 193.24 683.75 Td (ir) Tj ET Q q 0 0 0 rg BT 199.54 683.75 Td (co"\) with r) Tj ET Q q 0 0 0 rg BT 242.26 683.75 Td (espect to futur) Tj ET Q q 0 0 0 rg BT 299.10 683.75 Td (e events and financial performance, including, but not limited to, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 671.75 Td (statements concerning: availability of funding for educational institutions; plans and objectives of management for futur) Tj ET Q q 0 0 0 rg BT 532.35 671.75 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 659.75 Td (operations, including r) Tj ET Q q 0 0 0 rg BT 141.57 659.75 Td (elating to the Company) Tj ET Q q 0 0 0 rg BT 237.21 659.75 Td (s futur) Tj ET Q q 0 0 0 rg BT 262.68 659.75 Td (e pr) Tj ET Q q 0 0 0 rg BT 278.14 659.75 Td (oducts, pricing, marketing, seasonal fluctuations in demand, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 647.75 Td (expansion, manufacturing pr) Tj ET Q q 0 0 0 rg BT 165.45 647.75 Td (ocesses, and business strategies; the Company's ability to continue to contr) Tj ET Q q 0 0 0 rg BT 466.91 647.75 Td (ol costs and inventory ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 635.75 Td (levels; availability and cost of raw materials, especially steel and petr) Tj ET Q q 0 0 0 rg BT 330.41 635.75 Td (oleum-based pr) Tj ET Q q 0 0 0 rg BT 392.53 635.75 Td (oducts; the availability and cost of labor; ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 623.75 Td (transportation costs; the potential impact of the Company's Assemble-T) Tj ET Q q 0 0 0 rg BT 341.76 623.75 Td (o-Ship pr) Tj ET Q q 0 0 0 rg BT 384.45 623.75 Td (ogram on earnings; market demand; the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 611.75 Td (Company's ability to position itself in the market; curr) Tj ET Q q 0 0 0 rg BT 267.30 611.75 Td (ent and futur) Tj ET Q q 0 0 0 rg BT 318.60 611.75 Td (e investments in and utilization of infrastructur) Tj ET Q q 0 0 0 rg BT 506.56 611.75 Td (e; and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 599.75 Td (management's beliefs that cash flow fr) Tj ET Q q 0 0 0 rg BT 203.14 599.75 Td (om curr) Tj ET Q q 0 0 0 rg BT 234.72 599.75 Td (ent operations, existing cash r) Tj ET Q q 0 0 0 rg BT 355.17 599.75 Td (eserves, and available lines of cr) Tj ET Q q 0 0 0 rg BT 486.43 599.75 Td (edit will be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (sufficient to support the Company's working capital r) Tj ET Q q 0 0 0 rg BT 263.15 587.75 Td (equir) Tj ET Q q 0 0 0 rg BT 283.89 587.75 Td (ements to fund existing operations. Forwar) Tj ET Q q 0 0 0 rg BT 461.28 587.75 Td (d-looking statements ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (also include the assumptions underlying or r) Tj ET Q q 0 0 0 rg BT 228.51 575.75 Td (elating to any of the for) Tj ET Q q 0 0 0 rg BT 322.29 575.75 Td (egoing statements. Such forwar) Tj ET Q q 0 0 0 rg BT 448.03 575.75 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 542.09 575.75 Td (e not ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (guarantees of futur) Tj ET Q q 0 0 0 rg BT 126.29 563.75 Td (e performance and ar) Tj ET Q q 0 0 0 rg BT 212.85 563.75 Td (e subject to known and unknown risks, uncertainties, assumptions and other factors, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (many of which ar) Tj ET Q q 0 0 0 rg BT 119.35 551.75 Td (e out of the Company's contr) Tj ET Q q 0 0 0 rg BT 234.16 551.75 Td (ol and difficult to for) Tj ET Q q 0 0 0 rg BT 317.12 551.75 Td (ecast, that may cause actual r) Tj ET Q q 0 0 0 rg BT 436.17 551.75 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 545.79 551.75 Td (om ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (those which ar) Tj ET Q q 0 0 0 rg BT 108.52 539.75 Td (e expr) Tj ET Q q 0 0 0 rg BT 132.85 539.75 Td (essed or implied in any forwar) Tj ET Q q 0 0 0 rg BT 254.98 539.75 Td (d-looking statements. Such factors include, but ar) Tj ET Q q 0 0 0 rg BT 455.97 539.75 Td (e not limited to, changes ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (in, or the Company's ability to pr) Tj ET Q q 0 0 0 rg BT 182.60 527.75 Td (edict, general economic conditions, the availability and cost of raw materials, the markets for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (school and office furnitur) Tj ET Q q 0 0 0 rg BT 151.57 515.75 Td (e generally and specifically in ar) Tj ET Q q 0 0 0 rg BT 283.11 515.75 Td (eas and with customers with which the Company conducts its ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (principal business activities, the rate of appr) Tj ET Q q 0 0 0 rg BT 228.78 503.75 Td (oval of school bonds for the construction of new schools, the extent to which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (existing schools or) Tj ET Q q 0 0 0 rg BT 124.62 491.75 Td (der r) Tj ET Q q 0 0 0 rg BT 143.97 491.75 Td (eplacement furnitur) Tj ET Q q 0 0 0 rg BT 222.75 491.75 Td (e, customer confidence, competition, and other factors included in the Risk ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (Factors section of this r) Tj ET Q q 0 0 0 rg BT 150.74 479.75 Td (eport beginning on page 13.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (The forwar) Tj ET Q q 0 0 0 rg BT 94.36 455.75 Td (d-looking statements contained in this r) Tj ET Q q 0 0 0 rg BT 252.58 455.75 Td (eport on Form 10-K ar) Tj ET Q q 0 0 0 rg BT 344.43 455.75 Td (e made on the basis of the views and assumptions of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (management r) Tj ET Q q 0 0 0 rg BT 107.12 443.75 Td (egar) Tj ET Q q 0 0 0 rg BT 125.08 443.75 Td (ding futur) Tj ET Q q 0 0 0 rg BT 164.43 443.75 Td (e events and business performance as of the date this r) Tj ET Q q 0 0 0 rg BT 382.92 443.75 Td (eport is filed with the SEC. W) Tj ET Q q 0 0 0 rg BT 503.11 443.75 Td (e do not ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 431.75 Td (undertake any obligation to update these statements to r) Tj ET Q q 0 0 0 rg BT 274.59 431.75 Td (eflect events or cir) Tj ET Q q 0 0 0 rg BT 348.36 431.75 Td (cumstances occurring after the date this r) Tj ET Q q 0 0 0 rg BT 515.19 431.75 Td (eport is ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 419.75 Td (filed.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 398.75 Td (In this r) Tj ET Q q 0 0 0 rg BT 81.30 398.75 Td (eport, wor) Tj ET Q q 0 0 0 rg BT 122.60 398.75 Td (ds such as anticipates, believes, expects, will continue, futur) Tj ET Q q 0 0 0 rg BT 412.79 398.75 Td (e, intends, plans, estimates, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 386.75 Td (pr) Tj ET Q q 0 0 0 rg BT 64.08 386.75 Td (ojects, potential, budgets, may) Tj ET Q q 0 0 0 rg BT 218.54 386.75 Td (, could and similar expr) Tj ET Q q 0 0 0 rg BT 330.68 386.75 Td (essions identify forwar) Tj ET Q q 0 0 0 rg BT 421.43 386.75 Td (d-looking statements. Readers ar) Tj ET Q q 0 0 0 rg BT 553.26 386.75 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 374.75 Td (cautioned not to place undue r) Tj ET Q q 0 0 0 rg BT 172.10 374.75 Td (eliance on forwar) Tj ET Q q 0 0 0 rg BT 242.84 374.75 Td (d-looking statements, which speak only as of the date her) Tj ET Q q 0 0 0 rg BT 471.31 374.75 Td (eof.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 353.75 Td (Thr) Tj ET Q q 0 0 0 rg BT 64.08 353.75 Td (oughout this r) Tj ET Q q 0 0 0 rg BT 119.83 353.75 Td (eport, our fiscal years ended January31, 2012, January31, 2013, January31, 2014, January31, 2015 and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 341.75 Td (January31, 2016 ar) Tj ET Q q 0 0 0 rg BT 131.29 341.75 Td (e r) Tj ET Q q 0 0 0 rg BT 141.75 341.75 Td (eferr) Tj ET Q q 0 0 0 rg BT 160.82 341.75 Td (ed to as years 2012, 2013, 2014, 2015 and 2016, r) Tj ET Q q 0 0 0 rg BT 362.10 341.75 Td (espectively) Tj ET Q q 0 0 0 rg BT 405.41 341.75 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 320.75 Td (Please note that this r) Tj ET Q q 0 0 0 rg BT 137.40 320.75 Td (eport includes trademarks of V) Tj ET Q q 0 0 0 rg BT 260.53 320.75 Td (ir) Tj ET Q q 0 0 0 rg BT 266.83 320.75 Td (co, including, but not limited to, the following: ZUMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 320.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.70 320.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.02 320.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 493.52 320.75 Td (, ZUMAfr) Tj ET Q q 0 0 0 rg BT 532.04 320.75 Td (d, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 308.75 Td (Ph.D.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 75.83 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.15 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 83.65 308.75 Td (, I.Q.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.20 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 106.70 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.02 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 114.52 308.75 Td (, V) Tj ET Q q 0 0 0 rg BT 124.88 308.75 Td (irtuoso) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.22 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 155.72 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.04 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 163.54 308.75 Td (, Classic Series, Martest 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.34 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 285.84 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.16 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.66 308.75 Td (, Lunada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.22 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.72 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.04 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.54 308.75 Td (, Plateau) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.64 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 378.14 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.46 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.96 308.75 Td (, Cor) Tj ET Q q 0 0 0 rg BT 406.15 308.75 Td (e-a-Gator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.14 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 448.64 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.96 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.46 308.75 Td (, Futur) Tj ET Q q 0 0 0 rg BT 483.86 308.75 Td (e ) Tj ET Q q 0 0 0 rg BT 490.62 308.75 Td (Access) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.83 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 520.33 308.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 308.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 528.15 308.75 Td (, Sigma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 308.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 50.00 296.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.32 296.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.82 296.75 Td (, Metaphor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.26 296.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 104.76 296.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.08 296.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.58 296.75 Td (, T) Tj ET Q q 0 0 0 rg BT 122.22 296.75 Td (elos) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.33 296.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 140.83 296.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.15 296.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 148.65 296.75 Td (, TEXT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.99 296.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 179.49 296.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.80 296.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.30 296.75 Td (, Parameter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.07 296.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 237.57 296.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.89 296.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.39 296.75 Td (, Sage, ) Tj ET Q q 0 0 0 rg BT 284.45 296.75 Td (Analogy and Civitas. Solely for convenience, fr) Tj ET Q q 0 0 0 rg BT 492.52 296.75 Td (om time to time, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 284.75 Td (we r) Tj ET Q q 0 0 0 rg BT 67.13 284.75 Td (efer to our trademarks in this r) Tj ET Q q 0 0 0 rg BT 190.64 284.75 Td (eport without the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.97 284.75 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.47 284.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.79 284.75 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 269.29 284.75 Td (and symbols, but such r) Tj ET Q q 0 0 0 rg BT 375.94 284.75 Td (efer) Tj ET Q q 0 0 0 rg BT 391.12 284.75 Td (ences ar) Tj ET Q q 0 0 0 rg BT 424.35 284.75 Td (e not intended to indicate that we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 272.75 Td (will not assert, to the fullest extent under applicable law) Tj ET Q q 0 0 0 rg BT 274.23 272.75 Td (, our rights to our trademarks. In addition, other names and brands ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 260.75 Td (included in this r) Tj ET Q q 0 0 0 rg BT 117.68 260.75 Td (eport may be claimed by us as well or by thir) Tj ET Q q 0 0 0 rg BT 297.84 260.75 Td (d parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (Item1. Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (Introduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (Designing, producing and distributing high-value furniture for a diverse family of customers is a 66-year tradition at ) Tj ET Q q 0 0 0 rg BT 517.48 193.25 Td (V) Tj ET Q q 0 0 0 rg BT 524.10 193.25 Td (irco Mfg. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (Corporation \(V) Tj ET Q q 0 0 0 rg BT 115.21 181.25 Td (irco or the Company, or in the first person, we, us and our\). ) Tj ET Q q 0 0 0 rg BT 395.21 181.25 Td (V) Tj ET Q q 0 0 0 rg BT 401.83 181.25 Td (irco was incorporated in California in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (February1950, and reincorporated in Delaware in ) Tj ET Q q 0 0 0 rg BT 252.15 169.25 Td (April1984. ) Tj ET Q q 0 0 0 rg BT 300.58 169.25 Td (Though ) Tj ET Q q 0 0 0 rg BT 334.00 169.25 Td (V) Tj ET Q q 0 0 0 rg BT 340.63 169.25 Td (irco started as a local manufacturer of chairs and desks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (for Los ) Tj ET Q q 0 0 0 rg BT 81.11 157.25 Td (Angeles-area schools, over the years, ) Tj ET Q q 0 0 0 rg BT 232.26 157.25 Td (V) Tj ET Q q 0 0 0 rg BT 238.88 157.25 Td (irco has become the lar) Tj ET Q q 0 0 0 rg BT 331.43 157.25 Td (gest manufacturer and supplier of moveable educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (furniture and equipment for the preschool through 12th grade market in the United States. ) Tj ET Q q 0 0 0 rg BT 411.67 145.25 Td (The Company manufactures a wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (assortment of products, including mobile tables, mobile storage equipment, desks, computer furniture, chairs, activity tables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (folding chairs and folding tables. ) Tj ET Q q 0 0 0 rg BT 183.86 121.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 233.76 121.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.58 121.25 Td (V) Tj ET Q q 0 0 0 rg BT 245.21 121.25 Td (irco has worked with accomplished designers - such as Peter Glass, Richard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (Holbrook, and Bob Mills - to develop additional products for contemporary applications. ) Tj ET Q q 0 0 0 rg BT 408.08 109.25 Td (These include the best-selling ZUMA) Tj ET Q q 0 0 0 rg BT 558.60 109.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (Series; the recently introduced ) Tj ET Q q 0 0 0 rg BT 173.85 97.25 Td (Analogy and Civitas furniture collections; Metaphor and Sage Series items for educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (settings; and the wide-ranging Plateau Series.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (Along with serving customers in the education market - which in addition to preschool through 12th grade public and private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (schools includes: junior and community colleges; four) Tj ET Q q 0 0 0 rg BT 266.98 52.25 Td (-year colleges and universities; trade, technical and vocational schools - ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 742.10 Td (irco is a leading furniture and equipment supplier for convention centers and arenas; the hospitality industry with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 718.10 Td (e also sell to wholesalers, distributors, traditional retailers and catalog retailers that serve these same markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 697.10 Td (o meet the furniture and equipment needs of our customers, ) Tj ET Q q 0 0 0 rg BT 295.99 697.10 Td (V) Tj ET Q q 0 0 0 rg BT 302.61 697.10 Td (irco leases a 560,000 sq. ft. of) Tj ET Q q 0 0 0 rg BT 422.12 697.10 Td (fice, manufacturing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (warehousing facility located on 23.5 acres of land in ) Tj ET Q q 0 0 0 rg BT 261.97 685.10 Td (T) Tj ET Q q 0 0 0 rg BT 267.38 685.10 Td (orrance, California; this facility includes our corporate headquarters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 673.10 Td (est Coast showroom, and our ) Tj ET Q q 0 0 0 rg BT 177.33 673.10 Td (W) Tj ET Q q 0 0 0 rg BT 185.97 673.10 Td (est Coast distribution operations. ) Tj ET Q q 0 0 0 rg BT 319.95 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 325.36 673.10 Td (o complement our ) Tj ET Q q 0 0 0 rg BT 400.43 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.84 673.10 Td (orrance-based operations, ) Tj ET Q q 0 0 0 rg BT 510.89 673.10 Td (V) Tj ET Q q 0 0 0 rg BT 517.51 673.10 Td (irco owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (100 acres of land in Conway) Tj ET Q q 0 0 0 rg BT 164.04 661.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.49 661.10 Td (Arkansas, containing 1,200,000 sq. ft. of manufacturing, warehousing, and of) Tj ET Q q 0 0 0 rg BT 478.24 661.10 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 522.75 661.10 Td (W) Tj ET Q q 0 0 0 rg BT 531.79 661.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (high-density storage systems, 70 dock doors dedicated to outbound freight, and substantial yard capacity to store and stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (trailers, this facility supports ) Tj ET Q q 0 0 0 rg BT 166.74 637.10 Td (V) Tj ET Q q 0 0 0 rg BT 173.36 637.10 Td (irco's ability to handle increased sales during our peak summer delivery season and enhances the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 625.10 Td (ficiency with which orders are filled. ) Tj ET Q q 0 0 0 rg BT 207.63 625.10 Td (V) Tj ET Q q 0 0 0 rg BT 214.25 625.10 Td (irco also operates two other facilities in Conway) Tj ET Q q 0 0 0 rg BT 407.15 625.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.97 625.10 Td (The first is a 375,000 sq. ft. factory - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (acquired in 1954, and expanded and modernized in subsequent years - where a variety of operations take place, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (manufacture of fabricated steel components, chrome plating, and plastic injection-molding; components generated here are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (transferred to other facilities for assembly into finished goods. ) Tj ET Q q 0 0 0 rg BT 301.42 589.10 Td (The second is a 175,000 sq. ft. manufacturing facility where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (compression-molded hard plastic components are fabricated and stored.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 546.20 Td (New Products and Markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.20 Td (Because the product needs and preferences of our customers continue to evolve - and in response to competitive furniture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.20 Td (equipment of) Tj ET Q q 0 0 0 rg BT 102.86 513.20 Td (ferings from domestic and of) Tj ET Q q 0 0 0 rg BT 218.76 513.20 Td (fshore suppliers - ) Tj ET Q q 0 0 0 rg BT 290.51 513.20 Td (V) Tj ET Q q 0 0 0 rg BT 297.13 513.20 Td (irco maintains an active new product development program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.20 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 501.20 Td (e've worked with accomplished designers - such as Peter Glass, Richard Holbrook, and Bob Mills - to introduce exciting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.20 Td (furniture and equipment solutions for contemporary applications. Over the past three years, ) Tj ET Q q 0 0 0 rg BT 417.49 489.20 Td (V) Tj ET Q q 0 0 0 rg BT 424.11 489.20 Td (irco has launched a substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.20 Td (number of new products, including the following products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.20 Td (In 2015, ) Tj ET Q q 0 0 0 rg BT 85.65 456.20 Td (V) Tj ET Q q 0 0 0 rg BT 92.27 456.20 Td (irco introduced the ) Tj ET Q q 0 0 0 rg BT 169.75 456.20 Td (Analogy classroom furniture collection. Designed for ) Tj ET Q q 0 0 0 rg BT 395.69 456.20 Td (V) Tj ET Q q 0 0 0 rg BT 402.31 456.20 Td (irco by Peter Glass and Bob Mills, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.20 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 444.20 Td (fordable, er) Tj ET Q q 0 0 0 rg BT 103.49 444.20 Td (gonomically contoured ) Tj ET Q q 0 0 0 rg BT 197.92 444.20 Td (Analogy line includes fixed-height 4-leg chairs, adjustable task chairs and lab stools, steel-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.20 Td (frame rockers and a selection of 4-leg and sled-based chair desk combo units. New ) Tj ET Q q 0 0 0 rg BT 383.50 432.20 Td (Agile Combo units - also released in 2013 - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.20 Td (provide an appropriate level of mobility to ef) Tj ET Q q 0 0 0 rg BT 230.04 420.20 Td (fectively enhance in-class collaboration. Every ) Tj ET Q q 0 0 0 rg BT 419.40 420.20 Td (Agile Combo model has a hooded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.20 Td (twin-wheel soft caster with a sit-lock compression-brake on each of its front legs. ) Tj ET Q q 0 0 0 rg BT 386.93 408.20 Td (W) Tj ET Q q 0 0 0 rg BT 395.97 408.20 Td (ith this two-caster configuration, ) Tj ET Q q 0 0 0 rg BT 528.44 408.20 Td (Agile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.20 Td (Combos - unlike competing units with casters on all four legs - prevent students from rolling around disruptively while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.20 Td (seated. Instead, when an instructor asks students to move their ) Tj ET Q q 0 0 0 rg BT 301.05 384.20 Td (Agile Combos to facilitate a particular lesson plan, they can do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.20 Td (so in an orderly manner by getting out of their seats and using the convenient hand-hold near the top of the ) Tj ET Q q 0 0 0 rg BT 479.06 372.20 Td (Agile Combo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.20 Td (backrest. For added stability when units aren) Tj ET Q q 0 0 0 rg BT 232.27 360.20 Td (t being moved, the rear legs of ) Tj ET Q q 0 0 0 rg BT 356.12 360.20 Td (Agile Combos have rubber) Tj ET Q q 0 0 0 rg BT 463.96 360.20 Td (-base swivel glides. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.20 Td (Agile Combo models can be ordered with a ZUMA) Tj ET Q q 0 0 0 rg BT 255.51 348.20 Td ( shell, a Sage shell or an ) Tj ET Q q 0 0 0 rg BT 364.18 348.20 Td (Analogy shell. Other 2014 product introductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.20 Td (included: a selection of ZUMA) Tj ET Q q 0 0 0 rg BT 174.41 336.20 Td ( and Sage chairs with integral tubular steel arms; several new Parameter desks and workstations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.20 Td (including L-configuration units with curved-corner or notched-corner tops; and wheelchair) Tj ET Q q 0 0 0 rg BT 413.29 324.20 Td (-accessible ZBOOM single-student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.20 Td (desks that support collaborative learning; mobile ) Tj ET Q q 0 0 0 rg BT 247.55 312.20 Td (T) Tj ET Q q 0 0 0 rg BT 252.96 312.20 Td (extameter instructor workstations; and elegant Civitas chairs and stools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.20 Td (with a contoured plywood seat and back.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.20 Td (In 2016, not only did ) Tj ET Q q 0 0 0 rg BT 136.48 279.20 Td (V) Tj ET Q q 0 0 0 rg BT 143.11 279.20 Td (irco expand on successful product lines such as ) Tj ET Q q 0 0 0 rg BT 334.54 279.20 Td (TEXT) Tj ET Q q 0 0 0 rg BT 359.91 279.20 Td ( and Sage Contract, but also introduced new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.20 Td (seating, desks, and tables. N2 is the newest, comprehensive seating line geared toward the budget-conscious customers, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.20 Td (includes everything from stack and task chairs to combo units and lab stools. In an ef) Tj ET Q q 0 0 0 rg BT 390.29 255.20 Td (fort to broaden ) Tj ET Q q 0 0 0 rg BT 452.04 255.20 Td (V) Tj ET Q q 0 0 0 rg BT 458.66 255.20 Td (irco) Tj ET Q q 0 0 0 rg BT 476.98 255.20 Td (s reach into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.20 Td (STEM \(Science, ) Tj ET Q q 0 0 0 rg BT 128.21 243.20 Td (T) Tj ET Q q 0 0 0 rg BT 133.62 243.20 Td (echnology) Tj ET Q q 0 0 0 rg BT 174.63 243.20 Td (, Engineering and Mathematics\) based learning solutions, the ) Tj ET Q q 0 0 0 rg BT 421.61 243.20 Td (T) Tj ET Q q 0 0 0 rg BT 427.02 243.20 Td (etra Series was developed as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.20 Td (complete line of tables and desks that are suitable for environments ranging from computer labs to seminar training rooms. ) Tj ET Q q 0 0 0 rg BT 543.57 231.20 Td (T) Tj ET Q q 0 0 0 rg BT 548.98 231.20 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.20 Td (round out ) Tj ET Q q 0 0 0 rg BT 90.93 219.20 Td (V) Tj ET Q q 0 0 0 rg BT 97.55 219.20 Td (irco) Tj ET Q q 0 0 0 rg BT 115.87 219.20 Td (s extensive of) Tj ET Q q 0 0 0 rg BT 170.68 219.20 Td (fering of collaborative desks, the Molecule is a unique shaped student desk that can be grouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.20 Td (with other Molecules in multiple configurations, or customized with numerous accessories and used as a stand-alone, single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.20 Td (student desk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.45 Td (In 2016, to further support STEM and STEAM \(Science, ) Tj ET Q q 0 0 0 rg BT 280.06 173.45 Td (T) Tj ET Q q 0 0 0 rg BT 285.47 173.45 Td (echnology) Tj ET Q q 0 0 0 rg BT 326.47 173.45 Td (, Engineering, ) Tj ET Q q 0 0 0 rg BT 384.79 173.45 Td (Art and Math\) centered learning, ) Tj ET Q q 0 0 0 rg BT 518.45 173.45 Td (V) Tj ET Q q 0 0 0 rg BT 525.07 173.45 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.45 Td (introduced Makerspace ) Tj ET Q q 0 0 0 rg BT 145.89 161.45 Td (T) Tj ET Q q 0 0 0 rg BT 151.30 161.45 Td (ables. ) Tj ET Q q 0 0 0 rg BT 179.17 161.45 Td (The Makerspace) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.52 161.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.02 161.45 Td (line of) Tj ET Q q 0 0 0 rg BT 273.66 161.45 Td (fers a) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.59 161.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.09 161.45 Td (wide assortment of medium-duty tables designed specifically for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.45 Td (the hands-on learning environment most commonly found in vocational classes, makerspace areas, and STEM / STEAM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.45 Td (centered education.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.45 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 116.45 Td (vailable in a lar) Tj ET Q q 0 0 0 rg BT 118.21 116.45 Td (ge selection of top sizes, the unique inset design allows the user to easily swap out to a new work surface ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.45 Td (when needed without completely disassembling or replacing the entire table. Surface options include a standard -inch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.45 Td (laminate plywood core, or an unfinished, non-laminate, raw plywood work surface. ) Tj ET Q q 0 0 0 rg BT 386.11 92.45 Td (T) Tj ET Q q 0 0 0 rg BT 391.52 92.45 Td (o address the ongoing integration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.45 Td (technology in the classroom, Instructor Media ) Tj ET Q q 0 0 0 rg BT 236.72 80.45 Td (T) Tj ET Q q 0 0 0 rg BT 242.13 80.45 Td (owers and Media Stations of) Tj ET Q q 0 0 0 rg BT 356.37 80.45 Td (fer solutions for media storage and presentation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.45 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 68.45 Td (irco) Tj ET Q q 0 0 0 rg BT 74.95 68.45 Td (s Media ) Tj ET Q q 0 0 0 rg BT 109.20 68.45 Td (T) Tj ET Q q 0 0 0 rg BT 114.61 68.45 Td (owers incorporate locking doors, adjustable and fixed shelves, file and box drawers, and fully integrated cable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.45 Td (management. Optional accessories for the Instructor Media ) Tj ET Q q 0 0 0 rg BT 289.18 56.45 Td (T) Tj ET Q q 0 0 0 rg BT 294.59 56.45 Td (owers include a Caster Kit, Lectern ) Tj ET Q q 0 0 0 rg BT 438.52 56.45 Td (T) Tj ET Q q 0 0 0 rg BT 443.93 56.45 Td (op ) Tj ET Q q 0 0 0 rg BT 455.88 56.45 Td (Assembly) Tj ET Q q 0 0 0 rg BT 495.23 56.45 Td (, and Shelf Kits. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Media Stations attach to two dif) Tj ET Q q 0 0 0 rg BT 177.85 742.10 Td (ferent size desk options and come standard with a modesty panel as well as fully integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (cable management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 709.10 Td (irco's flat metal forming and other production capabilities are further enhanced when combined with our ) Tj ET Q q 0 0 0 rg BT 475.78 709.10 Td (Assemble-to-Ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (\(A) Tj ET Q q 0 0 0 rg BT 63.88 697.10 Td (TS\) strategy) Tj ET Q q 0 0 0 rg BT 116.83 697.10 Td (, which allows for the manufacture and storage of common components during the portion of the year when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (demand for our product is lower which is then assembled to customer) Tj ET Q q 0 0 0 rg BT 328.34 685.10 Td (-specific combinations prior to shipment. ) Tj ET Q q 0 0 0 rg BT 495.35 685.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (combination of flat metal forming and ) Tj ET Q q 0 0 0 rg BT 204.96 673.10 Td (A) Tj ET Q q 0 0 0 rg BT 211.07 673.10 Td (TS enables ) Tj ET Q q 0 0 0 rg BT 257.55 673.10 Td (V) Tj ET Q q 0 0 0 rg BT 264.17 673.10 Td (irco to of) Tj ET Q q 0 0 0 rg BT 300.64 673.10 Td (fer various products - including an array of desks at dif) Tj ET Q q 0 0 0 rg BT 520.40 673.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (price points - that provide a variety of furniture solutions for customer applications in a wide range of environments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (As of January31, 2016, the Company's employment force was approximately 695, manufacturing its products in 1.1million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (square feet of fabrication facilities and 1.2million square feet of assembly and warehousing facilities in ) Tj ET Q q 0 0 0 rg BT 467.18 628.10 Td (T) Tj ET Q q 0 0 0 rg BT 472.59 628.10 Td (orrance, California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (and Conway) Tj ET Q q 0 0 0 rg BT 99.62 616.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.07 616.10 Td (Arkansas. ) Tj ET Q q 0 0 0 rg BT 145.73 616.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 195.63 616.10 Td (, the Company's PlanSCAPE project management software allows its sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (representatives to provide CAD layouts of classrooms, as well as classroom-by-classroom planning documents for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (budgeting, acquisition and delivery of furniture, fixtures and equipment \(FF&E\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (In recent years, due to budgetary constraints, many schools reduced or eliminated central warehouses, janitorial services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (professional purchasing functions. ) Tj ET Q q 0 0 0 rg BT 189.42 559.10 Td (As a result, fewer school districts administer their own bids, and are more likely to use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (regional, state, or national contracts. ) Tj ET Q q 0 0 0 rg BT 197.17 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 203.84 547.10 Td ( shift to site-based management combined with reductions in professional purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (personnel has increased the reliance of schools on suppliers that provide for a variety of needs from one source rather than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (administering dif) Tj ET Q q 0 0 0 rg BT 118.42 523.10 Td (ferent vendor relationships for each item. In response to these changes, the Company has expanded both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (products and the services it provides to its educational customers. Now) Tj ET Q q 0 0 0 rg BT 333.45 511.10 Td (, in addition to buying furniture FOB Factory) Tj ET Q q 0 0 0 rg BT 513.90 511.10 Td (, customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (can purchase furniture for delivery to warehouses and school sites, and can also purchase full-service furniture delivery that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (includes the delivery of the furniture in classrooms. Because the Company has been aggressively developing new furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (lines to enhance the range of products it manufactures - and by purchasing furniture and equipment from other companies for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (re-sale with ) Tj ET Q q 0 0 0 rg BT 99.24 463.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.86 463.10 Td (irco products - the Company is now able to provide one-stop shopping for all FF&E needs in our educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (The expansion of the Company's product line combined with the expansion of its services over the years has provided ) Tj ET Q q 0 0 0 rg BT 524.00 430.10 Td (V) Tj ET Q q 0 0 0 rg BT 530.63 430.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (with the ability to serve various markets including the education market \(the Company's primary market\), which is made up of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (public and private schools \(preschool through 12th grade\), junior and community colleges; four) Tj ET Q q 0 0 0 rg BT 432.21 406.10 Td (-year colleges and universities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (and trade, technical and vocational schools. ) Tj ET Q q 0 0 0 rg BT 226.42 394.10 Td (V) Tj ET Q q 0 0 0 rg BT 233.04 394.10 Td (irco also serves convention centers and arenas; the hospitality industry with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (respect to banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (worship. In addition, the Company also sells to wholesalers, distributors, traditional, internet and catalog retailers that serve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (these same markets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Manufacturing and Distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 313.10 Td (irco serves its customers through a well-trained, nationwide sales and support team. ) Tj ET Q q 0 0 0 rg BT 393.57 313.10 Td (V) Tj ET Q q 0 0 0 rg BT 400.20 313.10 Td (irco's educational product line is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (marketed through an extensive direct sales force, as well as through a growing dealer network. In addition, ) Tj ET Q q 0 0 0 rg BT 479.12 301.10 Td (V) Tj ET Q q 0 0 0 rg BT 485.74 301.10 Td (irco has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Corporate Sales Group to pursue wholesalers, mail order accounts and national chains where management believes that it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (more ef) Tj ET Q q 0 0 0 rg BT 80.63 277.10 Td (ficient to have a single sales representative or group service such customers, as they tend to have needs that transcend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (the geographic boundaries established for ) Tj ET Q q 0 0 0 rg BT 218.93 265.10 Td (V) Tj ET Q q 0 0 0 rg BT 225.55 265.10 Td (irco's local accounts. ) Tj ET Q q 0 0 0 rg BT 311.03 265.10 Td (The Company also has an array of support services, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (complete package solutions for the FF&E line item on school budgets; computer) Tj ET Q q 0 0 0 rg BT 372.24 253.10 Td (-assisted layout planning; transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (planning; and product delivery) Tj ET Q q 0 0 0 rg BT 172.37 241.10 Td (, delivery) Tj ET Q q 0 0 0 rg BT 209.49 241.10 Td (, and repair) Tj ET Q q 0 0 0 rg BT 254.19 241.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Another important element of ) Tj ET Q q 0 0 0 rg BT 171.45 220.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.07 220.10 Td (irco's business model is the Company's emphasis on developing and maintaining key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (manufacturing, assembly) Tj ET Q q 0 0 0 rg BT 149.88 208.10 Td (, distribution, and service capabilities. For example, ) Tj ET Q q 0 0 0 rg BT 359.37 208.10 Td (V) Tj ET Q q 0 0 0 rg BT 365.99 208.10 Td (irco has developed competencies in several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (manufacturing processes that are important to the markets the Company serves, such as finishing systems, plastic molding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (metal fabrication and woodworking. ) Tj ET Q q 0 0 0 rg BT 197.83 184.10 Td (V) Tj ET Q q 0 0 0 rg BT 204.45 184.10 Td (irco's physical facilities are designed to support its ) Tj ET Q q 0 0 0 rg BT 407.88 184.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.99 184.10 Td (TS strategy) Tj ET Q q 0 0 0 rg BT 459.17 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.98 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 472.62 184.10 Td (arehouses have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (substantial staging areas combined with a lar) Tj ET Q q 0 0 0 rg BT 229.21 172.10 Td (ge number of dock doors to support the seasonal peak in shipments during summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (During the last decade, many furniture manufacturers closed their domestic manufacturing facilities and began importing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (increasing quantities of furniture from international sources. During this same period, ) Tj ET Q q 0 0 0 rg BT 394.45 127.10 Td (V) Tj ET Q q 0 0 0 rg BT 401.07 127.10 Td (irco elected to significantly reduce its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (work force, but retain its domestic factory locations. ) Tj ET Q q 0 0 0 rg BT 261.42 115.10 Td (The Company believes that its domestic manufacturing capabilities are a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (significant strength. ) Tj ET Q q 0 0 0 rg BT 131.75 103.10 Td (The Company has ef) Tj ET Q q 0 0 0 rg BT 214.60 103.10 Td (fectively used product selection, color selection, and dependable execution of delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (to customers to enhance its market position. ) Tj ET Q q 0 0 0 rg BT 228.12 91.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.15 91.10 Td (ith increasing costs from international sources and increasing freight costs, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (factories are cost-competitive for bulky educational furniture and equipment items. ) Tj ET Q q 0 0 0 rg BT 384.42 79.10 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 449.00 79.10 Td (A) Tj ET Q q 0 0 0 rg BT 455.11 79.10 Td (TS strategy allows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (low-cube component parts to be sourced globally) Tj ET Q q 0 0 0 rg BT 246.52 67.10 Td (, with fabrication of bulky welded steel frames, wood tops, and lar) Tj ET Q q 0 0 0 rg BT 511.82 67.10 Td (ger molded-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (plastic components to be performed locally) Tj ET Q q 0 0 0 rg BT 222.35 55.10 Td (. Domestic production of laminated wood tops and molded plastic enables the ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Company to market a color palette that cannot be matched in a short delivery window by imported finished goods. Domestic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assembly allows the Company to use standard ) Tj ET Q q 0 0 0 rg BT 236.36 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.48 730.10 Td (TS components to assemble customer) Tj ET Q q 0 0 0 rg BT 393.36 730.10 Td (-specific product and color combinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (shortly prior to delivery and installation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 77.69 697.10 Td (, management continues to hone ) Tj ET Q q 0 0 0 rg BT 209.14 697.10 Td (V) Tj ET Q q 0 0 0 rg BT 215.76 697.10 Td (irco's ability to finance, manufacture and warehouse furniture within the relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (narrow delivery window associated with the highly seasonal demand for education sales. In 2015 and 2016, approximately 50% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (of the Company's total sales were delivered in June, July) Tj ET Q q 0 0 0 rg BT 276.10 673.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 297.49 673.10 Td (August with an even higher portion of educational sales delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (in that period. Shipments of furniture during peak weeks in July and ) Tj ET Q q 0 0 0 rg BT 324.67 661.10 Td (August can be six times greater than in the seasonally slow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (winter months. ) Tj ET Q q 0 0 0 rg BT 112.31 649.10 Td (V) Tj ET Q q 0 0 0 rg BT 118.94 649.10 Td (irco's substantial warehouse space allows the Company to build adequate inventories to service this narrow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (delivery window for the education market.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 611.60 Td (Principal Products) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 590.60 Td (irco produces the broadest line of furniture for the K-12 market of any manufacturer in the United States. By supplementing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (products manufactured by ) Tj ET Q q 0 0 0 rg BT 156.73 578.60 Td (V) Tj ET Q q 0 0 0 rg BT 163.35 578.60 Td (irco with products from other manufacturers, ) Tj ET Q q 0 0 0 rg BT 345.61 578.60 Td (V) Tj ET Q q 0 0 0 rg BT 352.23 578.60 Td (irco provides a comprehensive product assortment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (that covers substantially all products and price points that are traditionally included on the FF&E line item on a new school ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (project or school budget. ) Tj ET Q q 0 0 0 rg BT 151.74 554.60 Td (V) Tj ET Q q 0 0 0 rg BT 158.36 554.60 Td (irco also provides a variety of products for preschool markets and has recently developed products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (that are tar) Tj ET Q q 0 0 0 rg BT 92.57 542.60 Td (geted for college, university) Tj ET Q q 0 0 0 rg BT 204.10 542.60 Td (, and corporate learning center environments. ) Tj ET Q q 0 0 0 rg BT 387.73 542.60 Td (The Company has an ambitious and on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (going product development program featuring products developed in-house as well as products developed with accomplished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (designers. ) Tj ET Q q 0 0 0 rg BT 92.59 518.60 Td (The Company's primary furniture lines are constructed of tubular metal legs and frames, combined with wood and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (plastic tops, plastic seats and backs, upholstered seats and backs, and upholstered rigid polyethylene and polypropylene shells. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 494.60 Td (irco also has flat metal forming capabilities to enable the production of desks, returns, bookcases, filing cabinets, mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.60 Td (pedestals and related items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 461.60 Td (irco's principal manufactured products include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (SEA) Tj ET Q q 0 0 0 rg BT 67.78 437.60 Td (TING - ) Tj ET Q q 0 0 0 rg BT 99.81 437.60 Td (The er) Tj ET Q q 0 0 0 rg BT 125.45 437.60 Td (gonomically supportive ZUMA line designed by Peter Glass and Bob Mills posted the highest initial-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (new product sales total in the Company's history) Tj ET Q q 0 0 0 rg BT 243.62 425.60 Td (. In addition to fixed-height 4-leg chairs, the ZUMA) Tj ET Q q 0 0 0 rg BT 451.91 425.60 Td ( line includes cantilever ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (chairs; tablet arm chairs with a fixed or articulating work surface and a compact footprint; and steel-frame rockers. ) Tj ET Q q 0 0 0 rg BT 511.02 413.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (ZUMAfrd collection features Fortified Recycled ) Tj ET Q q 0 0 0 rg BT 256.49 401.60 Td (W) Tj ET Q q 0 0 0 rg BT 265.13 401.60 Td (ood hard plastic seats, backrests and work surfaces. ZUMAfrd products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (have up to 70% recycled content and are 98% recyclable. ) Tj ET Q q 0 0 0 rg BT 281.66 389.60 Td (The Sage line, originally designed to serve students in college, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (university and other adult education settings - and on high school campuses - now of) Tj ET Q q 0 0 0 rg BT 388.64 377.60 Td (fers a 13 and a 15 4-leg chair and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.60 Td (corresponding pair of cantilever chairs for younger or smaller students; there's also a selection of Sage rockers for K-12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.60 Td (applications and several tablet arm units. Selected adult-height Sage models can also now be ordered with a padded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.60 Td (upholstered seat. Other ) Tj ET Q q 0 0 0 rg BT 144.79 341.60 Td (V) Tj ET Q q 0 0 0 rg BT 151.41 341.60 Td (irco seating choices include the Metaphor Series - an updated sequel to ) Tj ET Q q 0 0 0 rg BT 445.40 341.60 Td (V) Tj ET Q q 0 0 0 rg BT 452.02 341.60 Td (irco's best-selling Classic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.60 Td (Series furniture with improvements in comfort, er) Tj ET Q q 0 0 0 rg BT 258.74 329.60 Td (gonomics, stackability) Tj ET Q q 0 0 0 rg BT 348.07 329.60 Td (, and manufacturing ef) Tj ET Q q 0 0 0 rg BT 438.41 329.60 Td (ficiencies - and the ) Tj ET Q q 0 0 0 rg BT 516.52 329.60 Td (T) Tj ET Q q 0 0 0 rg BT 521.93 329.60 Td (elos ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.60 Td (Series, a wide-ranging product line with er) Tj ET Q q 0 0 0 rg BT 220.60 317.60 Td (gonomically contoured Fortified Recycled ) Tj ET Q q 0 0 0 rg BT 392.59 317.60 Td (W) Tj ET Q q 0 0 0 rg BT 401.23 317.60 Td (ood components. ) Tj ET Q q 0 0 0 rg BT 471.88 317.60 Td (The Sage Contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.60 Td (line is tar) Tj ET Q q 0 0 0 rg BT 87.03 305.60 Td (geted for of) Tj ET Q q 0 0 0 rg BT 133.50 305.60 Td (fices and reception areas, colleges, hospitality venues and other adult environments. ) Tj ET Q q 0 0 0 rg BT 471.54 305.60 Td (V) Tj ET Q q 0 0 0 rg BT 478.16 305.60 Td (irco further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.60 Td (expanded the Sage Contract line in 2015 with the addition of a mobile tablet-arm workstation that includes an integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (bookrack to further penetrate the higher education market. Civitas chairs and stools are intended for foodservice, libraries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (media centers, circulation areas, and related areas where people gather) Tj ET Q q 0 0 0 rg BT 331.24 269.60 Td (. Civitas frames of) Tj ET Q q 0 0 0 rg BT 404.93 269.60 Td (fer several chair bucket styles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (options including Zuma, Sage, ) Tj ET Q q 0 0 0 rg BT 174.43 257.60 Td (Analogy) Tj ET Q q 0 0 0 rg BT 208.22 257.60 Td (, and molded plywood. ) Tj ET Q q 0 0 0 rg BT 302.10 257.60 Td (Additional ) Tj ET Q q 0 0 0 rg BT 347.20 257.60 Td (V) Tj ET Q q 0 0 0 rg BT 353.82 257.60 Td (irco seating alternatives range from 120, 121 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (122 Series stools to contoured I.Q. Series classroom chairs by Richard Holbrook; comfortable, attractive ) Tj ET Q q 0 0 0 rg BT 478.14 245.60 Td (V) Tj ET Q q 0 0 0 rg BT 484.77 245.60 Td (irtuoso chairs by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.60 Td (Charles Perry; and new ) Tj ET Q q 0 0 0 rg BT 145.53 233.60 Td (Analogy Series chairs by Peter Glass and Bob Mills. ) Tj ET Q q 0 0 0 rg BT 367.90 233.60 Td (The N2 Series was designed by ) Tj ET Q q 0 0 0 rg BT 496.03 233.60 Td (V) Tj ET Q q 0 0 0 rg BT 502.65 233.60 Td (irco and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.60 Td (introduced in 2015 as a comprehensive, er) Tj ET Q q 0 0 0 rg BT 218.93 221.60 Td (gonomic seating line that specifically caters to the budget conscious consumer) Tj ET Q q 0 0 0 rg BT 531.62 221.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.60 Td (Classic Series stack chairs and Martest 21 hard plastic seating models are popular choices in schools across ) Tj ET Q q 0 0 0 rg BT 498.67 209.60 Td (America. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.60 Td (Along with this range of seating, ) Tj ET Q q 0 0 0 rg BT 183.41 197.60 Td (V) Tj ET Q q 0 0 0 rg BT 190.03 197.60 Td (irco of) Tj ET Q q 0 0 0 rg BT 216.23 197.60 Td (fers folding chairs and upholstered stack chairs, as well as additional plastic stack ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.60 Td (chairs and upholstered er) Tj ET Q q 0 0 0 rg BT 150.06 185.60 Td (gonomic chairs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.85 Td (T) Tj ET Q q 0 0 0 rg BT 55.31 163.85 Td (ABLES - ) Tj ET Q q 0 0 0 rg BT 95.13 163.85 Td (V) Tj ET Q q 0 0 0 rg BT 101.75 163.85 Td (irco) Tj ET Q q 0 0 0 rg BT 120.07 163.85 Td (s ) Tj ET Q q 0 0 0 rg BT 126.28 163.85 Td (TEXT table collection for learning environments - designed by Peter Glass and Bob Mills- features heavy-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.85 Td (gauge tubular steel and proven ) Tj ET Q q 0 0 0 rg BT 175.05 151.85 Td (V) Tj ET Q q 0 0 0 rg BT 181.67 151.85 Td (irco construction for extended product life, and elliptical legs, swooping yokes and arched feet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.85 Td (for exceptional elegance. Selected ) Tj ET Q q 0 0 0 rg BT 188.91 139.85 Td (TEXT) Tj ET Q q 0 0 0 rg BT 214.28 139.85 Td ( models can be equipped with a variety of technology-support and storage accessories. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.85 Td (The 2015 introduction of the ) Tj ET Q q 0 0 0 rg BT 167.29 127.85 Td (TEXT) Tj ET Q q 0 0 0 rg BT 192.66 127.85 Td ( ) Tj ET Q q 0 0 0 rg BT 194.98 127.85 Td (T) Tj ET Q q 0 0 0 rg BT 200.74 127.85 Td (ilt-T) Tj ET Q q 0 0 0 rg BT 217.81 127.85 Td (op Height ) Tj ET Q q 0 0 0 rg BT 259.48 127.85 Td (Adjustable ) Tj ET Q q 0 0 0 rg BT 305.12 127.85 Td (T) Tj ET Q q 0 0 0 rg BT 310.53 127.85 Td (able further expanded ) Tj ET Q q 0 0 0 rg BT 400.03 127.85 Td (V) Tj ET Q q 0 0 0 rg BT 406.65 127.85 Td (irco) Tj ET Q q 0 0 0 rg BT 424.98 127.85 Td (s reach into the seminar) Tj ET Q q 0 0 0 rg BT 519.54 127.85 Td (, training ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.85 Td (room, and higher education markets by enhancing the functionality and flexibility of the table while strengthening the ) Tj ET Q q 0 0 0 rg BT 523.57 115.85 Td (V) Tj ET Q q 0 0 0 rg BT 530.20 115.85 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.85 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 103.85 Td (TEXT) Tj ET Q q 0 0 0 rg BT 92.12 103.85 Td ( brands. ) Tj ET Q q 0 0 0 rg BT 126.10 103.85 Td (The all new ) Tj ET Q q 0 0 0 rg BT 175.63 103.85 Td (T) Tj ET Q q 0 0 0 rg BT 181.04 103.85 Td (etra Series is a versatile collection of tables and student desks suitable for various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.85 Td (environments. From classrooms to open-of) Tj ET Q q 0 0 0 rg BT 221.74 91.85 Td (fice spaces, the ) Tj ET Q q 0 0 0 rg BT 284.86 91.85 Td (T) Tj ET Q q 0 0 0 rg BT 290.27 91.85 Td (etra is simple enough to serve as an everyday workstation but can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.85 Td (be customized to suit the needs of a fast paced computer lab or seminar training room. Lunada tables, combining ) Tj ET Q q 0 0 0 rg BT 510.89 79.85 Td (V) Tj ET Q q 0 0 0 rg BT 517.51 79.85 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.85 Td (popular Lunada bi-point bases with a selection of 20 top sizes, make great choices for seminar) Tj ET Q q 0 0 0 rg BT 426.70 67.85 Td (, conference and related settings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.85 Td (Designed for ) Tj ET Q q 0 0 0 rg BT 104.25 55.85 Td (V) Tj ET Q q 0 0 0 rg BT 110.87 55.85 Td (irco by Peter Glass, Plateau tables bring exceptional versatility) Tj ET Q q 0 0 0 rg BT 368.58 55.85 Td (, sturdy construction and great styling to ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (working and learning environments. For durable, easy-to-use lightweight folding tables, ) Tj ET Q q 0 0 0 rg BT 404.46 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 411.08 742.10 Td (irco's Core-a-Gator models are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (unsurpassed. ) Tj ET Q q 0 0 0 rg BT 103.70 730.10 Td (When paired with attractive, durable ) Tj ET Q q 0 0 0 rg BT 252.34 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 258.96 730.10 Td (irco cafe tops, Lunada bases by Peter Glass provide eye-catching table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (solutions for hospitality settings. Civitas tops and bases provide excellent furniture solutions for casual spaces where people ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (gather) Tj ET Q q 0 0 0 rg BT 74.43 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 79.25 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 85.87 706.10 Td (irco also carries traditional folding tables, CT) Tj ET Q q 0 0 0 rg BT 267.58 706.10 Td ( Series tables with a hand crank mechanism for top height adjustment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (activity tables and of) Tj ET Q q 0 0 0 rg BT 133.40 694.10 Td (fice tables, as well as the computer tables and mobile tables described below) Tj ET Q q 0 0 0 rg BT 439.04 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.36 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 452.98 694.10 Td (irco) Tj ET Q q 0 0 0 rg BT 471.30 694.10 Td (s Makerspace tables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (are designed specifically for hands-on learning environments most commonly found in vocational classes, makerspace areas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and STEM / STEAM centered education.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (COMPUTER FURNITURE - ) Tj ET Q q 0 0 0 rg BT 171.22 649.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.08 649.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 214.45 649.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 233.71 649.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.12 649.10 Td (etra Series table collections described in the preceding paragraph provides an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (array of computer furniture choices for learning or business environments; ) Tj ET Q q 0 0 0 rg BT 350.28 637.10 Td (V) Tj ET Q q 0 0 0 rg BT 356.90 637.10 Td (irco's Flip-T) Tj ET Q q 0 0 0 rg BT 405.50 637.10 Td (op ) Tj ET Q q 0 0 0 rg BT 417.82 637.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.23 637.10 Td (echnology tables and HWT) Tj ET Q q 0 0 0 rg BT 532.73 637.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (\(Hinged ) Tj ET Q q 0 0 0 rg BT 85.09 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.13 625.10 Td (ire ) Tj ET Q q 0 0 0 rg BT 106.99 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.75 625.10 Td (rough\) ) Tj ET Q q 0 0 0 rg BT 141.73 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.14 625.10 Td (echnology tables also deliver popular computer furniture solutions. Future ) Tj ET Q q 0 0 0 rg BT 445.96 625.10 Td (Access computer tables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (come with an integral wire management panel and all rectangular models have a smooth post-formed front and rear edge. Like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (our Future ) Tj ET Q q 0 0 0 rg BT 93.89 601.10 Td (Access models, 8700 Series computer tables can be equipped with ) Tj ET Q q 0 0 0 rg BT 361.69 601.10 Td (V) Tj ET Q q 0 0 0 rg BT 368.31 601.10 Td (irco's functional computing accessories, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (keyboard mouse trays, CPU holders and support columns for optional elevated shelves. In an ef) Tj ET Q q 0 0 0 rg BT 432.51 589.10 Td (fort to address the demand for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (collaborative solutions in a computer lab environment, ) Tj ET Q q 0 0 0 rg BT 270.87 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 277.50 577.10 Td (irco added the Quarter Round 8700 Series Computer ) Tj ET Q q 0 0 0 rg BT 490.60 577.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.01 577.10 Td (able that allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (multiple tables to be grouped together while maintaining a technology based environment. ) Tj ET Q q 0 0 0 rg BT 413.89 565.10 Td (The Plateau Of) Tj ET Q q 0 0 0 rg BT 474.24 565.10 Td (fice Solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (collection of) Tj ET Q q 0 0 0 rg BT 100.08 553.10 Td (fers desks and workstations with technology-support capabilities, while the Plateau Library/T) Tj ET Q q 0 0 0 rg BT 473.46 553.10 Td (echnology Solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (line has specialty tables and other products for computing applications. ) Tj ET Q q 0 0 0 rg BT 339.19 541.10 Td (V) Tj ET Q q 0 0 0 rg BT 345.81 541.10 Td (irco now of) Tj ET Q q 0 0 0 rg BT 391.73 541.10 Td (fers Instructor Media Stations and ) Tj ET Q q 0 0 0 rg BT 530.13 541.10 Td (T) Tj ET Q q 0 0 0 rg BT 535.54 541.10 Td (owers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (that include several options for media storage and presentation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (DESKS/CHAIR ) Tj ET Q q 0 0 0 rg BT 117.73 508.10 Td (DESKS ) Tj ET Q q 0 0 0 rg BT 151.57 508.10 Td (- ) Tj ET Q q 0 0 0 rg BT 157.06 508.10 Td (From ) Tj ET Q q 0 0 0 rg BT 180.89 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.27 508.10 Td (er) Tj ET Q q 0 0 0 rg BT 202.86 508.10 Td (gonomic ) Tj ET Q q 0 0 0 rg BT 240.01 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.61 508.10 Td (collaborative-learning ) Tj ET Q q 0 0 0 rg BT 347.07 508.10 Td (strengths ) Tj ET Q q 0 0 0 rg BT 385.34 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.83 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.32 508.10 Td (best-selling ) Tj ET Q q 0 0 0 rg BT 459.59 508.10 Td (ZUMA ) Tj ET Q q 0 0 0 rg BT 498.79 508.10 Td (student ) Tj ET Q q 0 0 0 rg BT 529.84 508.10 Td (desks ) Tj ET Q q 0 0 0 rg BT 554.22 508.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.68 496.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 109.91 496.10 Td (popularity ) Tj ET Q q 0 0 0 rg BT 153.47 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.26 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.05 496.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 223.60 496.10 Td (Classic ) Tj ET Q q 0 0 0 rg BT 254.95 496.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 291.65 496.10 Td (chair ) Tj ET Q q 0 0 0 rg BT 314.09 496.10 Td (desks ) Tj ET Q q 0 0 0 rg BT 338.77 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.67 496.10 Td (combo ) Tj ET Q q 0 0 0 rg BT 385.34 496.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 409.57 496.10 Td (V) Tj ET Q q 0 0 0 rg BT 416.19 496.10 Td (irco's ) Tj ET Q q 0 0 0 rg BT 439.89 496.10 Td (wide-ranging ) Tj ET Q q 0 0 0 rg BT 495.66 496.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 533.11 496.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.81 484.10 Td (be ) Tj ET Q q 0 0 0 rg BT 77.19 484.10 Td (found ) Tj ET Q q 0 0 0 rg BT 102.45 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.17 484.10 Td (thousands ) Tj ET Q q 0 0 0 rg BT 154.10 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.94 484.10 Td (America's ) Tj ET Q q 0 0 0 rg BT 206.00 484.10 Td (schools. ) Tj ET Q q 0 0 0 rg BT 240.29 484.10 Td (T) Tj ET Q q 0 0 0 rg BT 245.70 484.10 Td (o ) Tj ET Q q 0 0 0 rg BT 252.64 484.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 283.45 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.39 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.54 484.10 Td (popularity ) Tj ET Q q 0 0 0 rg BT 352.58 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.85 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.00 484.10 Td (785 ) Tj ET Q q 0 0 0 rg BT 393.93 484.10 Td (Student ) Tj ET Q q 0 0 0 rg BT 426.43 484.10 Td (Desk, ) Tj ET Q q 0 0 0 rg BT 451.27 484.10 Td (V) Tj ET Q q 0 0 0 rg BT 457.90 484.10 Td (irco ) Tj ET Q q 0 0 0 rg BT 475.38 484.10 Td (added ) Tj ET Q q 0 0 0 rg BT 501.19 484.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.57 484.10 Td (Collaborative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 472.10 Td (op ) Tj ET Q q 0 0 0 rg BT 67.81 472.10 Td (work ) Tj ET Q q 0 0 0 rg BT 90.77 472.10 Td (surface ) Tj ET Q q 0 0 0 rg BT 122.04 472.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.78 472.10 Td (an ) Tj ET Q q 0 0 0 rg BT 144.62 472.10 Td (option ) Tj ET Q q 0 0 0 rg BT 172.58 472.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.99 472.10 Td (all ) Tj ET Q q 0 0 0 rg BT 197.39 472.10 Td (785 ) Tj ET Q q 0 0 0 rg BT 214.79 472.10 Td (desk ) Tj ET Q q 0 0 0 rg BT 235.53 472.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 269.32 472.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.16 472.10 Td (facilitates ) Tj ET Q q 0 0 0 rg BT 337.43 472.10 Td (convenient ) Tj ET Q q 0 0 0 rg BT 383.71 472.10 Td (grouping ) Tj ET Q q 0 0 0 rg BT 422.22 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.96 472.10 Td (desks ) Tj ET Q q 0 0 0 rg BT 457.59 472.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.65 472.10 Td (break-out ) Tj ET Q q 0 0 0 rg BT 512.37 472.10 Td (sessions ) Tj ET Q q 0 0 0 rg BT 547.56 472.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (classroom ) Tj ET Q q 0 0 0 rg BT 93.33 460.10 Td (collaboration. ) Tj ET Q q 0 0 0 rg BT 151.17 460.10 Td (The ) Tj ET Q q 0 0 0 rg BT 169.50 460.10 Td (Sage ) Tj ET Q q 0 0 0 rg BT 191.73 460.10 Td (Contract ) Tj ET Q q 0 0 0 rg BT 228.95 460.10 Td (saw ) Tj ET Q q 0 0 0 rg BT 247.28 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.28 460.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 297.84 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.96 460.10 Td (an ) Tj ET Q q 0 0 0 rg BT 321.18 460.10 Td (optional ) Tj ET Q q 0 0 0 rg BT 356.74 460.10 Td (bookrack, ) Tj ET Q q 0 0 0 rg BT 399.23 460.10 Td (which ) Tj ET Q q 0 0 0 rg BT 426.45 460.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 468.67 460.10 Td (with ) Tj ET Q q 0 0 0 rg BT 489.23 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.24 460.10 Td (tablet ) Tj ET Q q 0 0 0 rg BT 529.23 460.10 Td (arm ) Tj ET Q q 0 0 0 rg BT 547.56 460.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (caster ) Tj ET Q q 0 0 0 rg BT 75.99 448.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 110.61 448.10 Td (creates ) Tj ET Q q 0 0 0 rg BT 141.04 448.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.15 448.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 187.47 448.10 Td (mobile ) Tj ET Q q 0 0 0 rg BT 217.92 448.10 Td (workstation ) Tj ET Q q 0 0 0 rg BT 267.81 448.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.14 448.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.26 448.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 319.69 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.70 448.10 Td (environments. ) Tj ET Q q 0 0 0 rg BT 390.11 448.10 Td (The ) Tj ET Q q 0 0 0 rg BT 408.33 448.10 Td (Molecule ) Tj ET Q q 0 0 0 rg BT 448.77 448.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.11 448.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.22 448.10 Td (new ) Tj ET Q q 0 0 0 rg BT 484.56 448.10 Td (student ) Tj ET Q q 0 0 0 rg BT 516.12 448.10 Td (desk ) Tj ET Q q 0 0 0 rg BT 537.12 448.10 Td (with ) Tj ET Q q 0 0 0 rg BT 557.57 448.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 80.22 436.10 Td (shaped ) Tj ET Q q 0 0 0 rg BT 111.00 436.10 Td (collaborative ) Tj ET Q q 0 0 0 rg BT 166.21 436.10 Td (work ) Tj ET Q q 0 0 0 rg BT 189.77 436.10 Td (surface ) Tj ET Q q 0 0 0 rg BT 221.64 436.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.64 436.10 Td (can ) Tj ET Q q 0 0 0 rg BT 256.53 436.10 Td (be ) Tj ET Q q 0 0 0 rg BT 268.97 436.10 Td (used ) Tj ET Q q 0 0 0 rg BT 290.31 436.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.32 436.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.77 436.10 Td (single ) Tj ET Q q 0 0 0 rg BT 337.66 436.10 Td (student ) Tj ET Q q 0 0 0 rg BT 369.56 436.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.89 436.10 Td (grouped ) Tj ET Q q 0 0 0 rg BT 416.67 436.10 Td (together ) Tj ET Q q 0 0 0 rg BT 452.44 436.10 Td (with ) Tj ET Q q 0 0 0 rg BT 473.23 436.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 509.57 436.10 Td (Molecules ) Tj ET Q q 0 0 0 rg BT 554.23 436.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (create ) Tj ET Q q 0 0 0 rg BT 76.36 424.10 Td (various ) Tj ET Q q 0 0 0 rg BT 108.29 424.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 164.65 424.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.59 424.10 Td (group ) Tj ET Q q 0 0 0 rg BT 207.41 424.10 Td (settings. ) Tj ET Q q 0 0 0 rg BT 242.97 424.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 276.01 424.10 Td (products ) Tj ET Q q 0 0 0 rg BT 312.94 424.10 Td (include ) Tj ET Q q 0 0 0 rg BT 344.87 424.10 Td (an ) Tj ET Q q 0 0 0 rg BT 356.81 424.10 Td (array ) Tj ET Q q 0 0 0 rg BT 379.84 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.67 424.10 Td (tablet ) Tj ET Q q 0 0 0 rg BT 415.38 424.10 Td (arm ) Tj ET Q q 0 0 0 rg BT 433.42 424.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 457.86 424.10 Td (new ) Tj ET Q q 0 0 0 rg BT 476.47 424.10 Td (Agile ) Tj ET Q q 0 0 0 rg BT 501.18 424.10 Td (Combo ) Tj ET Q q 0 0 0 rg BT 533.13 424.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.57 412.10 Td (new ) Tj ET Q q 0 0 0 rg BT 86.67 412.10 Td (Analogy ) Tj ET Q q 0 0 0 rg BT 134.04 412.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 161.61 412.10 Td (combo ) Tj ET Q q 0 0 0 rg BT 191.96 412.10 Td (chair ) Tj ET Q q 0 0 0 rg BT 215.07 412.10 Td (desks. ) Tj ET Q q 0 0 0 rg BT 242.93 412.10 Td (Selected ) Tj ET Q q 0 0 0 rg BT 279.93 412.10 Td (models ) Tj ET Q q 0 0 0 rg BT 311.95 412.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.29 412.10 Td (available ) Tj ET Q q 0 0 0 rg BT 366.51 412.10 Td (with ) Tj ET Q q 0 0 0 rg BT 387.42 412.10 Td (durable, ) Tj ET Q q 0 0 0 rg BT 423.03 412.10 Td (colorfast ) Tj ET Q q 0 0 0 rg BT 461.15 412.10 Td (Martest ) Tj ET Q q 0 0 0 rg BT 494.83 412.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 515.56 412.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.02 412.10 Td (Fortified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Recycled ) Tj ET Q q 0 0 0 rg BT 89.39 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.03 400.10 Td (ood ) Tj ET Q q 0 0 0 rg BT 125.19 400.10 Td (hard ) Tj ET Q q 0 0 0 rg BT 145.32 400.10 Td (plastic ) Tj ET Q q 0 0 0 rg BT 173.78 400.10 Td (components. ) Tj ET Q q 0 0 0 rg BT 226.97 400.10 Td (For ) Tj ET Q q 0 0 0 rg BT 243.22 400.10 Td (teachers, ) Tj ET Q q 0 0 0 rg BT 280.83 400.10 Td (principals ) Tj ET Q q 0 0 0 rg BT 322.62 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.42 400.10 Td (district ) Tj ET Q q 0 0 0 rg BT 369.56 400.10 Td (administrators ) Tj ET Q q 0 0 0 rg BT 429.13 400.10 Td (- ) Tj ET Q q 0 0 0 rg BT 434.82 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.62 400.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.64 400.10 Td (business ) Tj ET Q q 0 0 0 rg BT 501.89 400.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 558.68 400.10 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 388.10 Td (irco ) Tj ET Q q 0 0 0 rg BT 74.22 388.10 Td (of) Tj ET Q q 0 0 0 rg BT 82.37 388.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 99.41 388.10 Td (an ) Tj ET Q q 0 0 0 rg BT 110.91 388.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 150.72 388.10 Td (range ) Tj ET Q q 0 0 0 rg BT 174.98 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.37 388.10 Td (Parameter ) Tj ET Q q 0 0 0 rg BT 235.55 388.10 Td (desks, ) Tj ET Q q 0 0 0 rg BT 262.32 388.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 292.15 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.64 388.10 Td (credenzas ) Tj ET Q q 0 0 0 rg BT 350.10 388.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 387.71 388.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.76 388.10 Td (Peter ) Tj ET Q q 0 0 0 rg BT 422.36 388.10 Td (Glass ) Tj ET Q q 0 0 0 rg BT 446.63 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.13 388.10 Td (Bob ) Tj ET Q q 0 0 0 rg BT 481.85 388.10 Td (Mills. ) Tj ET Q q 0 0 0 rg BT 507.37 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 512.78 388.10 Td (extameter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (mobile ) Tj ET Q q 0 0 0 rg BT 80.27 376.10 Td (workstations ) Tj ET Q q 0 0 0 rg BT 133.88 376.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 166.93 376.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 209.42 376.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 246.90 376.10 Td (choices ) Tj ET Q q 0 0 0 rg BT 279.39 376.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.55 376.10 Td (educators.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.35 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 111.67 354.35 Td (TIVE OFFICE FURNITURE - In addition to the Plateau Of) Tj ET Q q 0 0 0 rg BT 359.34 354.35 Td (fice Solutions, Parameter, and ) Tj ET Q q 0 0 0 rg BT 489.50 354.35 Td (T) Tj ET Q q 0 0 0 rg BT 494.91 354.35 Td (extameter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.35 Td (product lines, ) Tj ET Q q 0 0 0 rg BT 106.75 342.35 Td (V) Tj ET Q q 0 0 0 rg BT 113.37 342.35 Td (irco manufactures a selection of desks, returns, bookcases and other items that employ the Company's flat metal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.35 Td (forming capabilities. ) Tj ET Q q 0 0 0 rg BT 135.07 330.35 Td (These products include 53 Series steel storage cabinets, an expanded range of 53 Series lateral files, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.35 Td (special versions of 543 and 546 Series desks with wire management capabilities. Other products range from 53 Series wardrobe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.35 Td (tower cabinets and Parameter file credenzas to Parameter mobile pedestals and Plateau bookcases in popular 36 wide and 48 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.35 Td (wide models that work in classroom settings and related educational environments as well as administrative of) Tj ET Q q 0 0 0 rg BT 491.65 294.35 Td (fices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.35 Td (LABORA) Tj ET Q q 0 0 0 rg BT 90.00 273.35 Td (T) Tj ET Q q 0 0 0 rg BT 95.93 273.35 Td (OR) Tj ET Q q 0 0 0 rg BT 109.27 273.35 Td (Y) Tj ET Q q 0 0 0 rg BT 116.12 273.35 Td ( FURNITURE - For biology and chemistry classes, and other school- and college-based lab settings, ) Tj ET Q q 0 0 0 rg BT 520.58 273.35 Td (V) Tj ET Q q 0 0 0 rg BT 527.20 273.35 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.35 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 261.35 Td (fers a variety of steel-based science tables. ) Tj ET Q q 0 0 0 rg BT 230.66 261.35 Td (V) Tj ET Q q 0 0 0 rg BT 237.29 261.35 Td (irco manufactures the table bases of these items and equips them with specialty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.35 Td (Chemsurf and epoxy resin tops. ) Tj ET Q q 0 0 0 rg BT 186.84 249.35 Td (V) Tj ET Q q 0 0 0 rg BT 193.46 249.35 Td (irco's ZUMA, Sage, ) Tj ET Q q 0 0 0 rg BT 292.93 249.35 Td (Analogy, N2, ) Tj ET Q q 0 0 0 rg BT 359.21 249.35 Td (T) Tj ET Q q 0 0 0 rg BT 364.62 249.35 Td (elos, Metaphor, I.Q., Classic Series, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.35 Td (3000 Series collections include pneumatically adjustable lab stools with high-range seat-height adjustment and a steel foot-ring. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.35 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 225.35 Td (irco also carries a selection of wood-frame science tables with Chemsurf and epoxy resin tops.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.35 Td (MOBILE FURNITURE - Cafeterias are perfect venues for the ever) Tj ET Q q 0 0 0 rg BT 319.42 204.35 Td (-popular ) Tj ET Q q 0 0 0 rg BT 355.62 204.35 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 204.35 Td (irco mobile tables - including a selection of oval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.35 Td (mobile tables with attached benches or stools - while classrooms benefit from the spacious storage capacity of ) Tj ET Q q 0 0 0 rg BT 492.74 192.35 Td (V) Tj ET Q q 0 0 0 rg BT 499.37 192.35 Td (irco mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.35 Td (cabinets; additional mobile cabinet models with a magnetic marker back are available. ) Tj ET Q q 0 0 0 rg BT 397.37 180.35 Td (ADA) Tj ET Q q 0 0 0 rg BT 418.48 180.35 Td ( compliant Mobile Bench & Stool ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.35 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 168.35 Td (ables were also introduced to the ) Tj ET Q q 0 0 0 rg BT 189.07 168.35 Td (V) Tj ET Q q 0 0 0 rg BT 195.69 168.35 Td (irco line of mobile products in 2015 to expand on our wheelchair accessible solutions. ) Tj ET Q q 0 0 0 rg BT 542.00 168.35 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.35 Td (array of ) Tj ET Q q 0 0 0 rg BT 83.69 156.35 Td (V) Tj ET Q q 0 0 0 rg BT 90.31 156.35 Td (irco product lines includes mobile chairs for school settings and of) Tj ET Q q 0 0 0 rg BT 356.18 156.35 Td (fices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.35 Td (ST) Tj ET Q q 0 0 0 rg BT 61.49 135.35 Td (ORAGE EQUIPMENT) Tj ET Q q 0 0 0 rg BT 156.03 135.35 Td ( - For moving selected ) Tj ET Q q 0 0 0 rg BT 248.33 135.35 Td (V) Tj ET Q q 0 0 0 rg BT 254.95 135.35 Td (irco chairs and folding tables, the Company carries a wide range of handling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.35 Td (and storage equipment. For our convention center) Tj ET Q q 0 0 0 rg BT 248.71 123.35 Td (, arena, and auditorium customers, ) Tj ET Q q 0 0 0 rg BT 389.04 123.35 Td (V) Tj ET Q q 0 0 0 rg BT 395.66 123.35 Td (irco also manufactures stackable storage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.35 Td (trucks that work with ) Tj ET Q q 0 0 0 rg BT 137.58 111.35 Td (V) Tj ET Q q 0 0 0 rg BT 144.20 111.35 Td (irco upholstered stack chairs, folding chairs and folding tables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.35 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 90.35 Td (irco's wide-ranging product selection includes hundreds of furniture models that are certified the Greenguard Children& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.35 Td (Schools Program for indoor air quality) Tj ET Q q 0 0 0 rg BT 204.05 78.35 Td (. In 2005 ) Tj ET Q q 0 0 0 rg BT 242.20 78.35 Td (V) Tj ET Q q 0 0 0 rg BT 248.82 78.35 Td (irco's ZUMA) Tj ET Q q 0 0 0 rg BT 301.45 78.35 Td ( and ZUMAfrd products earned the distinction of being the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.35 Td (first classroom furniture models to be certified by the Greenguard Children& Schools Program, now known as Greenguard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.35 Td (Gold certification. ) Tj ET Q q 0 0 0 rg BT 125.25 54.35 Td (All of the models in the Company's most recently introduced product lines - including ) Tj ET Q q 0 0 0 rg BT 471.44 54.35 Td (Analogy furniture ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (models and ) Tj ET Q q 0 0 0 rg BT 98.14 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 103.55 742.10 Td (extameter instructor workstations - are Greenguard-certified. ) Tj ET Q q 0 0 0 rg BT 358.53 742.10 Td (Along with ) Tj ET Q q 0 0 0 rg BT 406.13 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.75 742.10 Td (irco's leadership relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Greenguard-certified furniture, the Company also introduced the classroom furniture industry's first ) Tj ET Q q 0 0 0 rg BT 450.95 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.36 730.10 Td (ake-Back program in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2007, enabling qualifying schools, colleges, universities, and other or) Tj ET Q q 0 0 0 rg BT 327.54 718.10 Td (ganizations and customers to return selected out-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (service furniture components for recycling rather than sending these items to a landfill.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (In order to provide a comprehensive product of) Tj ET Q q 0 0 0 rg BT 238.92 685.10 Td (fering for the education market, the Company supplements ) Tj ET Q q 0 0 0 rg BT 476.73 685.10 Td (V) Tj ET Q q 0 0 0 rg BT 483.35 685.10 Td (irco-manufactured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (products with items purchased for re-sale, including wood and steel of) Tj ET Q q 0 0 0 rg BT 331.13 673.10 Td (fice furniture, early learning products for pre-school and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (kinder) Tj ET Q q 0 0 0 rg BT 75.37 661.10 Td (garten classrooms, science laboratory furniture, and library tables, chairs and equipment. ) Tj ET Q q 0 0 0 rg BT 432.56 661.10 Td (V) Tj ET Q q 0 0 0 rg BT 439.18 661.10 Td (irco now of) Tj ET Q q 0 0 0 rg BT 485.10 661.10 Td (fers customized, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (space-ef) Tj ET Q q 0 0 0 rg BT 83.13 649.10 Td (ficient workstations by Interior Concepts for technology and language labs, media centers, computer classrooms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (reception areas and of) Tj ET Q q 0 0 0 rg BT 137.83 637.10 Td (fices. Interior Concepts is one of the many vendors with which the Company partners in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 625.10 Td (fectively position ) Tj ET Q q 0 0 0 rg BT 129.61 625.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.24 625.10 Td (irco as the preferred one-stop furniture and equipment source for K-12 schools. None of the products from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (vendor partners accounted for more than 10% of consolidated revenues in 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 592.10 Td (o complement ) Tj ET Q q 0 0 0 rg BT 114.66 592.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.28 592.10 Td (irco's extensive selection of furniture and equipment, we of) Tj ET Q q 0 0 0 rg BT 358.10 592.10 Td (fer customers a variety of valuable services in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (connection with the purchase of ) Tj ET Q q 0 0 0 rg BT 180.05 580.10 Td (V) Tj ET Q q 0 0 0 rg BT 186.67 580.10 Td (irco products; revenues from these service levels are included in the purchase price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (furniture items. In addition to giving customers the option of purchasing ) Tj ET Q q 0 0 0 rg BT 341.44 568.10 Td (V) Tj ET Q q 0 0 0 rg BT 348.06 568.10 Td (irco products and making their own delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 108.68 556.10 Td (V) Tj ET Q q 0 0 0 rg BT 115.30 556.10 Td (irco provides three levels of delivery service. ) Tj ET Q q 0 0 0 rg BT 297.83 556.10 Td (When customers choose Standard Delivery - also known as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (tailgate delivery - the delivery driver is responsible for moving the customer's goods to the tailgate of the truck only; therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (the customer must have personnel on hand to unload the truck. For additional char) Tj ET Q q 0 0 0 rg BT 379.18 532.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 394.83 532.10 Td (V) Tj ET Q q 0 0 0 rg BT 401.45 532.10 Td (irco also of) Tj ET Q q 0 0 0 rg BT 446.25 532.10 Td (fers Inside Delivery \(no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (installation\), or Full-Service Delivery \(delivered and placed in the classroom\). ) Tj ET Q q 0 0 0 rg BT 365.27 520.10 Td (T) Tj ET Q q 0 0 0 rg BT 370.68 520.10 Td (o assist customers involved with FF&E ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (purchases for new school construction projects or school renovations, ) Tj ET Q q 0 0 0 rg BT 330.86 508.10 Td (V) Tj ET Q q 0 0 0 rg BT 337.48 508.10 Td (irco's PlanSCAPE service provides room-by-room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (computerized layout planning and full FF&E project management.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 470.60 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 449.60 Td (irco's major customers include educational institutions, convention centers and arenas, hospitality providers, government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (facilities, and places of worship. No customer accounted for more than 10% of ) Tj ET Q q 0 0 0 rg BT 369.72 437.60 Td (V) Tj ET Q q 0 0 0 rg BT 376.34 437.60 Td (irco's consolidated revenues during 2016 .) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Raw Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 391.10 Td (irco purchases steel, aluminum, plastic, polyurethane, polyethylene, polypropylene, plywood, particleboard, medium density ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (fiberboard \(MDF\), cartons and other raw materials from many dif) Tj ET Q q 0 0 0 rg BT 313.07 379.10 Td (ferent sources for the manufacture of its principal products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Management believes the Company is not more vulnerable with respect to the sources and availability of these raw materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (than other manufacturers of similar products. ) Tj ET Q q 0 0 0 rg BT 232.82 355.10 Td (The Company's lar) Tj ET Q q 0 0 0 rg BT 308.31 355.10 Td (gest raw material cost is for steel, followed by plastics and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (wood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (The price of these commodities, particularly steel and plastic, can be volatile. Historically the Company has experienced years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (where the price of steel, plastic, and wood have spiked significantly; often as a result of global demand but also in response to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (domestic supply interruptions. During 2014, and 2015, the cost of steel, plastic, and wood remained stable. In 2016 the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (these commodities declined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (In addition to the raw materials described above, the Company purchases components used in the fabrication and assembly of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (furniture from a variety of overseas locations, but primarily from China. ) Tj ET Q q 0 0 0 rg BT 343.62 253.10 Td (These components are classified as raw materials in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (the financial statements until such time that the components are consumed in a fabrication or assembly processes. ) Tj ET Q q 0 0 0 rg BT 508.85 241.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (components are sourced from a variety of factories, none of which are owned or operated by the Company) Tj ET Q q 0 0 0 rg BT 475.31 229.10 Td (. Costs for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (imported components increased moderately during each of the last three years, and are expected to be stable in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 193.10 Td (ith respect to the Company's annual contracts \(or those contracts that have longer terms\), the Company may have limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (ability to increase prices during the term of the contract. ) Tj ET Q q 0 0 0 rg BT 279.18 181.10 Td (The Company has, however) Tj ET Q q 0 0 0 rg BT 390.97 181.10 Td (, negotiated increased flexibility under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (many of these contracts, allowing the Company to increase prices on future orders. Nevertheless, even with respect to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (more flexible contracts, the Company does not have the ability to increase prices on orders received prior to any announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (price increases. Due to the intensely seasonal nature of our business, the Company may receive significant orders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 333.06 133.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.10 133.10 Td (ith respect to any of the contracts described above, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (the costs of raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 292.04 121.10 Td (, the Company cannot be certain that it will be able to implement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 271.70 109.10 Td (fset such increased costs. Significant cost increases in providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (products during a given contract period can adversely impact operating results and have done so during prior years. ) Tj ET Q q 0 0 0 rg BT 516.34 97.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (Company typically benefits from any decreases in raw material costs under the contracts described above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 59.60 Td (Marketing and Distribution) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 742.10 Td (irco serves its customers through a well-trained, nationwide sales and support team, as well as a dealer network. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 730.10 Td (irco has a Corporate Sales Group to pursue wholesalers, mail order accounts and national chains where management believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (it would be more ef) Tj ET Q q 0 0 0 rg BT 128.13 718.10 Td (ficient to have a single sales representative or group approach such persons, as they tend to have needs that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (transcend the geographic boundaries established for ) Tj ET Q q 0 0 0 rg BT 259.75 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 266.37 706.10 Td (irco's local accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 685.10 Td (irco's educational product line is marketed through what management believes to be the lar) Tj ET Q q 0 0 0 rg BT 420.06 685.10 Td (gest direct sales force of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (education furniture manufacturer) Tj ET Q q 0 0 0 rg BT 181.61 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.43 673.10 Td (The Company's approach to servicing its customer base is very flexible, and is tailored to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (best meet the needs of individual customers and regions. ) Tj ET Q q 0 0 0 rg BT 278.65 661.10 Td (When considered to be most ef) Tj ET Q q 0 0 0 rg BT 402.60 661.10 Td (ficient, the sales force will call directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (upon school business of) Tj ET Q q 0 0 0 rg BT 145.65 649.10 Td (ficials, who may include purchasing agents or individual school principals where site-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (management is practiced. ) Tj ET Q q 0 0 0 rg BT 154.22 637.10 Td (Where it is considered advantageous, the Company will use lar) Tj ET Q q 0 0 0 rg BT 406.19 637.10 Td (ge exclusive distributors and full-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (service dealer partners. ) Tj ET Q q 0 0 0 rg BT 144.77 625.10 Td (The Company's direct sales force is considered to be an important competitive advantage over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (competitors who rely primarily upon dealer networks for distribution of their products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 592.10 Td (irco's sales force is assisted by the Company's proprietary PlanSCAPE software and experienced PlanSCAPE managers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (when preparing complete package solutions for the FF&E segment of bond-funded public school construction projects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (PlanSCAPE software also enables the entire ) Tj ET Q q 0 0 0 rg BT 229.22 568.10 Td (V) Tj ET Q q 0 0 0 rg BT 235.84 568.10 Td (irco sales force to prepare quotations for less complicated projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 547.10 Td ( significant portion of ) Tj ET Q q 0 0 0 rg BT 145.92 547.10 Td (V) Tj ET Q q 0 0 0 rg BT 152.54 547.10 Td (irco's business is awarded through annual bids with school districts or other buying groups used by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (school districts. ) Tj ET Q q 0 0 0 rg BT 115.09 535.10 Td (These bids are typically valid for one year) Tj ET Q q 0 0 0 rg BT 283.09 535.10 Td (. Many contracts contain penalty) Tj ET Q q 0 0 0 rg BT 413.23 535.10 Td (, performance, and debarment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (provisions that can result in debarment for a number of years, a financial penalty) Tj ET Q q 0 0 0 rg BT 372.02 523.10 Td (, or calling of performance bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Sales of commercial and contract furniture are made throughout the United States by distributorships and by Company sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (representatives who service the distributorship network. ) Tj ET Q q 0 0 0 rg BT 276.15 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 282.77 490.10 Td (irco representatives call directly upon state and local governments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (convention centers, individual hospitality venues, places of worship and mass merchants. ) Tj ET Q q 0 0 0 rg BT 409.18 478.10 Td (This market includes colleges and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (universities, preschools, private schools, and of) Tj ET Q q 0 0 0 rg BT 239.22 466.10 Td (fice training facilities, which typically purchase furniture through commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (The Company sells to thousands of customers, and, as such no single customer represented more than 10percent of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (Company's consolidated revenues in 2016. Significant purchases of furniture using public funds often require annual bids or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (some form of authorization to purchase goods or services from a vendor) Tj ET Q q 0 0 0 rg BT 346.85 409.10 Td (. ) Tj ET Q q 0 0 0 rg BT 351.67 409.10 Td (This authorization can include state contracts, local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (and national buying groups, or local school districts that piggyback on the bid of a lar) Tj ET Q q 0 0 0 rg BT 400.84 397.10 Td (ger district. In virtually all cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (purchase orders and payments are processed by the individual school districts, even though the contract pricing may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (determined by a state contract, national or local buying group, or consortium of school districts. Schools usually can purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (from more than one contract or purchasing vehicle, if they are participants in buying groups as well as being eligible for a state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (or national contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 328.10 Td (irco is the exclusive supplier of movable classroom furniture for one nationwide purchasing or) Tj ET Q q 0 0 0 rg BT 434.39 328.10 Td (ganization under which many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (of our customers price their furniture. See Risk Factors : ) Tj ET Q q 0 0 0 rg BT 281.88 316.10 Td (Approximately 50% of our sales are priced through one contract, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (under which we are the exclusive supplier of classroom furniture. Sales priced under this contract represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (51% of sales in 2016, 49% of sales in 2015, and 49% of sales in 2014. In 2009, the Company was awarded a three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (contract with this purchasing or) Tj ET Q q 0 0 0 rg BT 176.46 280.10 Td (ganization extending through 2012 and three one-year extensions extending through 2015. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (2015, the Company was awarded a three year extension through 2018. If ) Tj ET Q q 0 0 0 rg BT 343.07 268.10 Td (V) Tj ET Q q 0 0 0 rg BT 349.69 268.10 Td (irco were unable to sell under this contract, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (believe we would be able to sell to the vast majority of our customers under alternative contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 235.10 Td (s education customers typically do not have logistic capabilities and more than 75 % of sales are FOB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (destination, and include freight to customer) Tj ET Q q 0 0 0 rg BT 223.29 223.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.74 223.10 Td (Approximately 90% of the Company) Tj ET Q q 0 0 0 rg BT 378.82 223.10 Td (s freight is supplied by third party carriers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (Utilizing third party carriers is an ef) Tj ET Q q 0 0 0 rg BT 193.66 211.10 Td (fective method of addressing the significant seasonal peak in summer and moderating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (excess capacity issues in the slow season. Reliance on third party carriers can expose the Company to freight rate volatility) Tj ET Q q 0 0 0 rg BT 540.86 199.10 Td (, fuel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (surchar) Tj ET Q q 0 0 0 rg BT 79.25 187.10 Td (ges, and to capacity constraints in the transportation industry) Tj ET Q q 0 0 0 rg BT 321.60 187.10 Td (. Historically) Tj ET Q q 0 0 0 rg BT 373.16 187.10 Td (, the Company has been able to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (adequate capacity from freight vendors to service the summer season. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 149.60 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (The educational sales market is extremely seasonal. ) Tj ET Q q 0 0 0 rg BT 258.81 128.60 Td (Approximately 50% of the Company's total sales in 2016 were delivered in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (June, July) Tj ET Q q 0 0 0 rg BT 89.35 116.60 Td (, and ) Tj ET Q q 0 0 0 rg BT 110.74 116.60 Td (August with an even higher portion of educational sales delivered in that period. Shipments during peak weeks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (in July and ) Tj ET Q q 0 0 0 rg BT 95.83 104.60 Td (August can be as great as six times the level of shipments in the winter months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 79.10 Td (orking Capital Requirements During Our Peak Summer Season) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (As discussed above, the market for educational furniture and equipment is marked by extreme seasonality) Tj ET Q q 0 0 0 rg BT 472.83 58.10 Td (, with the majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (shipments occurring from June to ) Tj ET Q q 0 0 0 rg BT 186.37 46.10 Td (August each year) Tj ET Q q 0 0 0 rg BT 255.38 46.10 Td (, which is the Company's peak season. ) Tj ET Q q 0 0 0 rg BT 413.27 46.10 Td (As a result of this seasonality) Tj ET Q q 0 0 0 rg BT 530.10 46.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.92 46.10 Td (V) Tj ET Q q 0 0 0 rg BT 541.54 46.10 Td (irco ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (builds and carries significant amounts of inventory during the peak summer season to facilitate the rapid delivery requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of customers in the educational market. ) Tj ET Q q 0 0 0 rg BT 212.54 730.10 Td (This requires a lar) Tj ET Q q 0 0 0 rg BT 284.83 730.10 Td (ge up-front investment in raw materials and components, labor) Tj ET Q q 0 0 0 rg BT 535.75 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (storage and related costs as inventory is built in anticipation of peak sales during the summer months. ) Tj ET Q q 0 0 0 rg BT 460.75 718.10 Td (As the capital required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (for this build-up generally exceeds cash available from operations, ) Tj ET Q q 0 0 0 rg BT 318.61 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 325.23 706.10 Td (irco has historically relied on bank financing to meet cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (flow requirements during the build-up period immediately preceding the high season. Currently) Tj ET Q q 0 0 0 rg BT 434.53 694.10 Td (, the Company has a line of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (credit with PNC Bank to assist in meeting cash flow requirements as inventory is built for) Tj ET Q q 0 0 0 rg BT 409.26 682.10 Td (, and business is transacted during, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the peak summer season.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 646.10 Td (irco typically is faced with a lar) Tj ET Q q 0 0 0 rg BT 231.48 646.10 Td (ge balance of accounts receivable during the peak season. ) Tj ET Q q 0 0 0 rg BT 464.53 646.10 Td (This occurs for three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (primary reasons. First, accounts receivable balances naturally increase during the peak season as product shipments increase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (than commercial customers. ) Tj ET Q q 0 0 0 rg BT 167.28 610.10 Td (Third, many summer deliveries may be projects where the Company provides furniture for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (new school or significant refurbishment of an existing school. Projects may require architect sign of) Tj ET Q q 0 0 0 rg BT 451.93 598.10 Td (f, school board approval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (prior to payment, or punch list completion, all of which can delay payment. ) Tj ET Q q 0 0 0 rg BT 356.68 586.10 Td (V) Tj ET Q q 0 0 0 rg BT 363.31 586.10 Td (irco has historically enjoyed high levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.70 Td (collectability on these accounts receivable due to the low-credit risk associated with such customers. Nevertheless, due to the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 550.67 571.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.70 Td (time dif) Tj ET Q q 0 0 0 rg BT 81.20 559.70 Td (ferential between inventory build-up in anticipation of the peak season and the collection on accounts receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.70 Td (throughout the peak season, the Company must rely on external sources of financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.70 Td (As a result of the seasonality of our business, our manufacturing capacity is dictated by the capacity requirement during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.70 Td (months of June, July) Tj ET Q q 0 0 0 rg BT 132.13 511.70 Td (, and ) Tj ET Q q 0 0 0 rg BT 153.52 511.70 Td (August. Because of this seasonality) Tj ET Q q 0 0 0 rg BT 297.29 511.70 Td (, factory utilization is lower during the slow season. ) Tj ET Q q 0 0 0 rg BT 509.28 511.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.70 Td (Company utilizes a variety of tactics to address this seasonal business. During the summer months, which comprise our second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.70 Td (and third fiscal quarters, our full time personnel utilization generally is at or exceeds full capacity) Tj ET Q q 0 0 0 rg BT 439.21 487.70 Td (. ) Tj ET Q q 0 0 0 rg BT 446.53 487.70 Td (The Company utilizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.70 Td (temporary labor and significant overtime to meet these seasonal requirements. During the slow portions of the year) Tj ET Q q 0 0 0 rg BT 512.24 475.70 Td (, temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.70 Td (labor and overtime are eliminated to moderate the of) Tj ET Q q 0 0 0 rg BT 260.29 463.70 Td (f-season costs. Our manufacturing facility capacity utilization generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.70 Td (remains less than 100% during these of) Tj ET Q q 0 0 0 rg BT 207.01 451.70 Td (f-season months; because physical structure capacity cannot be adjusted as readily as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.70 Td (personnel capacity) Tj ET Q q 0 0 0 rg BT 124.04 439.70 Td (, we have secured suf) Tj ET Q q 0 0 0 rg BT 209.65 439.70 Td (ficient physical structure capacity to accommodate our current needs as well as for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.70 Td (anticipated future growth. Our physical structure utilization is significantly lower during the first and fourth quarters of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.70 Td (year than it is during the second and third quarters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.70 Td (The Company utilizes a comparable strategy to address warehousing and distribution requirements. During summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.70 Td (temporary labor is hired to supplement experienced warehouse and distribution personnel. More than 90% of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.70 Td (freight is provided by third-party carriers. Utilizing third party carriers is an ef) Tj ET Q q 0 0 0 rg BT 365.27 367.70 Td (fective method of addressing the significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.70 Td (seasonal peak in summer and moderating excess capacity issues in the slow season. Reliance on third party carriers can expose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.70 Td (the Company to freight rate volatility) Tj ET Q q 0 0 0 rg BT 198.48 343.70 Td (, fuel surchar) Tj ET Q q 0 0 0 rg BT 250.78 343.70 Td (ges, and to capacity constraints in the transportation industry) Tj ET Q q 0 0 0 rg BT 493.13 343.70 Td (. ) Tj ET Q q 0 0 0 rg BT 500.44 343.70 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.70 Td (has secured suf) Tj ET Q q 0 0 0 rg BT 110.91 331.70 Td (ficient warehouse capacity to accommodate our current needs as well as anticipated future growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.70 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 310.70 Td (irco's working capital requirements during, and in anticipation of, the peak summer season require management to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.70 Td (estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 175.90 298.70 Td (fect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.70 Td (example, management expends a significant amount of time in the first quarter of each year developing a stocking plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.70 Td (estimating the number of temporary summer employees, the amount of raw materials, and the types of components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.70 Td (products that will be required during the peak season. If management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 502.17 262.70 Td (V) Tj ET Q q 0 0 0 rg BT 508.79 262.70 Td (irco's ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.70 Td (to meet customer orders in a timely manner or to provide adequate customer service may be diminished. If management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.70 Td (overestimates any of these requirements, the Company may have to absorb higher storage, labor and related costs, each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.70 Td (which may negatively af) Tj ET Q q 0 0 0 rg BT 148.39 226.70 Td (fect the Company's results of operations. On an on-going basis, management evaluates and adjusts its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.70 Td (estimates, including those related to market demand, labor costs, and stocking inventory) Tj ET Q q 0 0 0 rg BT 402.04 214.70 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 448.57 214.70 Td (, management continually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.70 Td (strives to improve its ability to correctly forecast the requirements of the Company's business during the peak season each year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.70 Td (based in part on annual contracts which are in place and management's experience with respect to the market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.70 Td (As part of ) Tj ET Q q 0 0 0 rg BT 92.31 169.70 Td (V) Tj ET Q q 0 0 0 rg BT 98.93 169.70 Td (irco's ef) Tj ET Q q 0 0 0 rg BT 130.26 169.70 Td (forts to balance seasonality) Tj ET Q q 0 0 0 rg BT 238.18 169.70 Td (, financial performance and quality without sacrificing service or market share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.70 Td (management has been refining the Company's ) Tj ET Q q 0 0 0 rg BT 236.20 157.70 Td (A) Tj ET Q q 0 0 0 rg BT 242.31 157.70 Td (TS operating model. ) Tj ET Q q 0 0 0 rg BT 328.69 157.70 Td (A) Tj ET Q q 0 0 0 rg BT 334.80 157.70 Td (TS is ) Tj ET Q q 0 0 0 rg BT 357.96 157.70 Td (V) Tj ET Q q 0 0 0 rg BT 364.58 157.70 Td (irco's version of mass-customization, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.70 Td (assembles standardized, stocked components into customized configurations before shipment. ) Tj ET Q q 0 0 0 rg BT 430.83 145.70 Td (The ) Tj ET Q q 0 0 0 rg BT 448.33 145.70 Td (A) Tj ET Q q 0 0 0 rg BT 454.44 145.70 Td (TS program reduces the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.70 Td (total amount of inventory and working capital needed to support a given level of sales. It does this by increasing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (inventory's versatility) Tj ET Q q 0 0 0 rg BT 135.86 121.70 Td (, delaying assembly until the last moment, and reducing the amount of warehouse space needed to store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (finished goods. ) Tj ET Q q 0 0 0 rg BT 115.56 109.70 Td (As part of the ) Tj ET Q q 0 0 0 rg BT 172.21 109.70 Td (A) Tj ET Q q 0 0 0 rg BT 178.33 109.70 Td (TS stocking program, ) Tj ET Q q 0 0 0 rg BT 267.58 109.70 Td (V) Tj ET Q q 0 0 0 rg BT 274.20 109.70 Td (irco has endeavored to create a more flexible work force. ) Tj ET Q q 0 0 0 rg BT 507.24 109.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (Company has developed compensation programs to reward employees who are willing to move from fabrication to assembly to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.70 Td (the warehouse as seasonal demands evolve.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 60.20 Td (Other Matters) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 721.25 Td (irco has numerous competitors in each of its markets. In the educational furniture market, ) Tj ET Q q 0 0 0 rg BT 419.38 721.25 Td (V) Tj ET Q q 0 0 0 rg BT 426.00 721.25 Td (irco manufactures furniture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (sells direct to educational customers. Competitors typically fall into two categories \(1\)furniture manufacturers that sell to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (dealers which re-sell furniture to the end user) Tj ET Q q 0 0 0 rg BT 230.92 697.25 Td (, and \(2\)dealers that purchase product from these manufacturers and re-sell to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (educational customers. ) Tj ET Q q 0 0 0 rg BT 146.46 685.25 Td (The manufacturers that ) Tj ET Q q 0 0 0 rg BT 241.51 685.25 Td (V) Tj ET Q q 0 0 0 rg BT 248.13 685.25 Td (irco competes with include HON \(HNI\) which acquired Sagus International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (LLC \(which markets product under ) Tj ET Q q 0 0 0 rg BT 193.57 673.25 Td (Artco-Bell, ) Tj ET Q q 0 0 0 rg BT 240.79 673.25 Td (American Desk, and Midwest Folding Products\), KI Inc., Bretford, Smith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (System, Columbia, Scholarcraft, ) Tj ET Q q 0 0 0 rg BT 182.20 661.25 Td (Alumni, ECR4Kids, and ) Tj ET Q q 0 0 0 rg BT 282.86 661.25 Td (VS ) Tj ET Q q 0 0 0 rg BT 297.59 661.25 Td (America. Historically) Tj ET Q q 0 0 0 rg BT 386.07 661.25 Td (, our lar) Tj ET Q q 0 0 0 rg BT 417.27 661.25 Td (gest competitor that purchases and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (re-sells furniture has been School Specialty \(SCHS\). In January 2013, School Specialty filed for bankruptcy under Chapter 1) Tj ET Q q 0 0 0 rg BT 551.18 649.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (of the Bankruptcy Code and emer) Tj ET Q q 0 0 0 rg BT 185.05 637.25 Td (ged in mid-2013. Contrax is a significant nationwide reseller focusing on projects. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (addition to School Specialty and Contrax, there are numerous catalogers, internet resellers, and smaller local education ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (furniture dealers that sell into local markets. Competitors in contract furniture vary depending upon the specific product line or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (sales market and include Falcon Products, National Public Seating, Bretford, Sandusky Lee, Bush Industries, MTS and Mity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (Enterprises, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (The educational furniture market is characterized by price competition, as many sales occur on a bid basis. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (compensates for this market characteristic through a combination of methods that include emphasizing the value of ) Tj ET Q q 0 0 0 rg BT 513.01 556.25 Td (V) Tj ET Q q 0 0 0 rg BT 519.63 556.25 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (products and product assortment, the convenience of one-stop shopping for Equipment for Educators, the value of ) Tj ET Q q 0 0 0 rg BT 527.26 544.25 Td (V) Tj ET Q q 0 0 0 rg BT 533.88 544.25 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (project management capabilities, the value of ) Tj ET Q q 0 0 0 rg BT 233.91 532.25 Td (V) Tj ET Q q 0 0 0 rg BT 240.53 532.25 Td (irco's distribution and delivery capabilities, and the value of ) Tj ET Q q 0 0 0 rg BT 482.08 532.25 Td (V) Tj ET Q q 0 0 0 rg BT 488.71 532.25 Td (irco's customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (support capabilities and other intangibles. In addition, management believes that the streamlining of costs assists the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (in compensating for this market characteristic by allowing ) Tj ET Q q 0 0 0 rg BT 285.30 508.25 Td (V) Tj ET Q q 0 0 0 rg BT 291.92 508.25 Td (irco to of) Tj ET Q q 0 0 0 rg BT 328.40 508.25 Td (fer a higher value product at a lower price. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (as discussed above, ) Tj ET Q q 0 0 0 rg BT 130.36 496.25 Td (V) Tj ET Q q 0 0 0 rg BT 136.98 496.25 Td (irco has decreased distribution costs by avoiding re-sellers, and management believes that the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 484.25 Td (ge direct sales force and the Company's sizeable manufacturing and warehousing capabilities facilitate these ef) Tj ET Q q 0 0 0 rg BT 503.48 484.25 Td (forts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (Although management prefers to compete on the value of ) Tj ET Q q 0 0 0 rg BT 282.80 472.25 Td (V) Tj ET Q q 0 0 0 rg BT 289.42 472.25 Td (irco products and services, when market conditions warrant, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Company will compete based on direct prices and may reduce its prices to build or maintain its market share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 434.75 Td (Backlog) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.75 Td (Sales order backlog at January31, 2016, totaled $12.2million and approximated eight weeks of sales, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.75 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 401.75 Td (1.8million at January31, 2015, and $13.5 million at January31, 2014. Substantially all of the backlog will ship during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.75 Td (year ending January 31, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (Patents and T) Tj ET Q q 0 0 0 rg BT 106.86 364.25 Td (rademarks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (In the last 10years, the United States Patent and ) Tj ET Q q 0 0 0 rg BT 245.61 343.25 Td (T) Tj ET Q q 0 0 0 rg BT 251.36 343.25 Td (rademark Of) Tj ET Q q 0 0 0 rg BT 301.99 343.25 Td (fice \(the USPT) Tj ET Q q 0 0 0 rg BT 366.23 343.25 Td (O\) has issued to ) Tj ET Q q 0 0 0 rg BT 437.15 343.25 Td (V) Tj ET Q q 0 0 0 rg BT 443.77 343.25 Td (irco more than 50 patents on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (its various new product lines. ) Tj ET Q q 0 0 0 rg BT 169.80 331.25 Td (These patents cover various design and utility features in Ph.D. chairs, I.Q. Series furniture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (the ZUMAfrd family of products, and the ZUMA family of products, among others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 295.25 Td (irco has a number of other design and utility patents in the United States and other countries that provide protection for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 283.25 Td (irco's intellectual property as well. ) Tj ET Q q 0 0 0 rg BT 196.53 283.25 Td (These patents expire over the next one to 16years. ) Tj ET Q q 0 0 0 rg BT 401.55 283.25 Td (V) Tj ET Q q 0 0 0 rg BT 408.17 283.25 Td (irco maintains an active program to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (protect its investment in technology and patents by monitoring and enforcing its intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 483.61 271.25 Td (While ) Tj ET Q q 0 0 0 rg BT 510.37 271.25 Td (V) Tj ET Q q 0 0 0 rg BT 516.99 271.25 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (patents are an important element of its success, ) Tj ET Q q 0 0 0 rg BT 240.59 259.25 Td (V) Tj ET Q q 0 0 0 rg BT 247.21 259.25 Td (irco's business as a whole is not believed to be materially dependent on any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (one patent. See Risk Factors: ) Tj ET Q q 0 0 0 rg BT 172.75 247.25 Td (An inability to protect our intellectual property could have a significant impact on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (In order to distinguish genuine ) Tj ET Q q 0 0 0 rg BT 175.08 226.25 Td (V) Tj ET Q q 0 0 0 rg BT 181.70 226.25 Td (irco products from competitors' products, ) Tj ET Q q 0 0 0 rg BT 349.39 226.25 Td (V) Tj ET Q q 0 0 0 rg BT 356.02 226.25 Td (irco has obtained the rights to certain trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (and trade names for its products and engages in advertising and sales campaigns to promote its brands and to identify genuine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 202.25 Td (irco products. ) Tj ET Q q 0 0 0 rg BT 113.93 202.25 Td (While ) Tj ET Q q 0 0 0 rg BT 140.68 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.30 202.25 Td (irco's trademarks and trade names play an important role in its success, ) Tj ET Q q 0 0 0 rg BT 433.55 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 440.18 202.25 Td (irco's business as a whole is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (not believed to be materially dependent on any one trademark or trade name, except perhaps V) Tj ET Q q 0 0 0 rg BT 433.13 190.25 Td (irco, which the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (protected and enhanced as an emblem of quality educational furniture for over 66years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 157.25 Td (irco has no franchises or concessions that are considered to be of material importance to the conduct of its business and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (not appraised or established a value for its patents or trademarks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 119.75 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.75 Td (As of January31, 2016, ) Tj ET Q q 0 0 0 rg BT 147.86 98.75 Td (V) Tj ET Q q 0 0 0 rg BT 154.48 98.75 Td (irco and its subsidiaries employed approximately 695 full-time employees across our facilities. Of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.75 Td (this number) Tj ET Q q 0 0 0 rg BT 97.09 86.75 Td (, approximately 535 are involved in manufacturing and distribution, approximately 95 in sales and marketing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.75 Td (approximately 65 in administration. ) Tj ET Q q 0 0 0 rg BT 195.63 74.75 Td (The Company also utilizes temporary workers as necessary to meet seasonal production, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.75 Td (warehousing or distribution requirements that cannot be filled by its full time workforce. During 2016, the Company employed ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (approximately 350 temporary workers during the months of June, July) Tj ET Q q 0 0 0 rg BT 331.52 742.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 352.91 742.10 Td (August, with smaller numbers immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (preceding and following these months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 704.60 Td (Environmental Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 683.60 Td (irco is subject to numerous federal, state, and local environmental laws and regulations in the various jurisdictions in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.60 Td (operates that \(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 350.81 671.60 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 449.76 671.60 Td (ge of materials into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.60 Td (environment, as well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.60 Td (liability for response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.60 Td (materials. In this context, ) Tj ET Q q 0 0 0 rg BT 156.18 635.60 Td (V) Tj ET Q q 0 0 0 rg BT 162.80 635.60 Td (irco works diligently to remain in compliance with all such environmental laws and regulations as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.60 Td (these af) Tj ET Q q 0 0 0 rg BT 80.63 623.60 Td (fect the Company's operations. Moreover) Tj ET Q q 0 0 0 rg BT 248.10 623.60 Td (, ) Tj ET Q q 0 0 0 rg BT 252.92 623.60 Td (V) Tj ET Q q 0 0 0 rg BT 259.54 623.60 Td (irco has enacted policies for recycling and resource recovery that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.60 Td (earned repeated commendations, including: recognition by the California Department of Resources Recycling and Recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.60 Td (\(CalRecycle\) in 2012 and 201) Tj ET Q q 0 0 0 rg BT 169.59 599.60 Td (1 as a ) Tj ET Q q 0 0 0 rg BT 194.68 599.60 Td (W) Tj ET Q q 0 0 0 rg BT 203.32 599.60 Td (aste Reduction ) Tj ET Q q 0 0 0 rg BT 264.42 599.60 Td (A) Tj ET Q q 0 0 0 rg BT 270.72 599.60 Td (wards Program \(WRAP\) honoree; recognition by the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.60 Td (Environmental Protection ) Tj ET Q q 0 0 0 rg BT 154.98 587.60 Td (Agency in 2004 as a ) Tj ET Q q 0 0 0 rg BT 238.95 587.60 Td (W) Tj ET Q q 0 0 0 rg BT 247.58 587.60 Td (asteW) Tj ET Q q 0 0 0 rg BT 272.17 587.60 Td (ise Hall of Fame Charter Member) Tj ET Q q 0 0 0 rg BT 407.00 587.60 Td (, in 2003 as a ) Tj ET Q q 0 0 0 rg BT 462.37 587.60 Td (W) Tj ET Q q 0 0 0 rg BT 471.01 587.60 Td (asteW) Tj ET Q q 0 0 0 rg BT 495.59 587.60 Td (ise Partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 575.60 Td (Y) Tj ET Q q 0 0 0 rg BT 70.57 575.60 Td (ear and in 2002 as a ) Tj ET Q q 0 0 0 rg BT 152.58 575.60 Td (W) Tj ET Q q 0 0 0 rg BT 161.22 575.60 Td (asteW) Tj ET Q q 0 0 0 rg BT 185.80 575.60 Td (ise Program Champion for Lar) Tj ET Q q 0 0 0 rg BT 308.37 575.60 Td (ge Businesses; and recognition by the Sanitation Districts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.60 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 563.60 Td (Angeles County for compliance with industrial waste water dischar) Tj ET Q q 0 0 0 rg BT 336.14 563.60 Td (ge guidelines in 2008 through 201) Tj ET Q q 0 0 0 rg BT 472.70 563.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 485.01 563.60 Td (This is only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.60 Td (partial list of ) Tj ET Q q 0 0 0 rg BT 103.42 551.60 Td (V) Tj ET Q q 0 0 0 rg BT 110.04 551.60 Td (irco's environmental awards and commendations; for a more complete list, go to www) Tj ET Q q 0 0 0 rg BT 454.71 551.60 Td (.virco.com and click on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.60 Td (the Corporate Stewardship header) Tj ET Q q 0 0 0 rg BT 185.23 539.60 Td (. In addition to these awards and commendations, ) Tj ET Q q 0 0 0 rg BT 388.06 539.60 Td (V) Tj ET Q q 0 0 0 rg BT 394.68 539.60 Td (irco's ZUMA and ZUMAfrd product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.60 Td (lines were the first classroom furniture collections to earn indoor air quality certification through the stringent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.60 Td (GREENGUARD Children& Schools Program, now known as Greenguard Gold certification. ) Tj ET Q q 0 0 0 rg BT 438.09 515.60 Td (As a follow-up to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.60 Td (certification of ZUMA) Tj ET Q q 0 0 0 rg BT 140.53 503.60 Td ( and ZUMAfrd models in 2006, hundreds of other ) Tj ET Q q 0 0 0 rg BT 343.09 503.60 Td (V) Tj ET Q q 0 0 0 rg BT 349.71 503.60 Td (irco furniture items - including ) Tj ET Q q 0 0 0 rg BT 474.96 503.60 Td (Analogy furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.60 Td (models and ) Tj ET Q q 0 0 0 rg BT 98.14 491.60 Td (T) Tj ET Q q 0 0 0 rg BT 103.55 491.60 Td (extameter instructor workstations - have earned GREENGUARD certification. Moreover) Tj ET Q q 0 0 0 rg BT 472.28 491.60 Td (, all ) Tj ET Q q 0 0 0 rg BT 489.59 491.60 Td (V) Tj ET Q q 0 0 0 rg BT 496.22 491.60 Td (irco products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.60 Td (covered by the Consumer Product Safety Improvement ) Tj ET Q q 0 0 0 rg BT 272.45 479.60 Td (Act of 2008 are in compliance with this legislation. ) Tj ET Q q 0 0 0 rg BT 482.12 479.60 Td (All af) Tj ET Q q 0 0 0 rg BT 504.99 479.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 531.73 479.60 Td (V) Tj ET Q q 0 0 0 rg BT 538.35 479.60 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.60 Td (models are also in compliance with the California ) Tj ET Q q 0 0 0 rg BT 251.05 467.60 Td (Air Resources Board rule implemented on January1, 2009, concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.60 Td (formaldehyde emissions from composite wood products. Environmental laws have changed rapidly in recent years, and ) Tj ET Q q 0 0 0 rg BT 533.02 455.60 Td (V) Tj ET Q q 0 0 0 rg BT 539.64 455.60 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.60 Td (may be subject to more stringent environmental laws in the future. ) Tj ET Q q 0 0 0 rg BT 320.58 443.60 Td (The Company has expended, and may be expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.60 Td (continue to expend, significant amounts in the future for compliance with environmental rules and regulations, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.60 Td (investigation of environmental conditions, for the installation of environmental control equipment, or remediation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.60 Td (environmental contamination. Normal recurring expenses relating to operating our factories in a manner that meets or exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.60 Td (environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 317.32 395.60 Td (. It is possible that the Company's operations may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.60 Td (noncompliance with, or liability for remediation pursuant to, environmental laws. Should such eventualities occur) Tj ET Q q 0 0 0 rg BT 507.54 383.60 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.60 Td (Company records liabilities for remediation costs when remediation costs are probable and can be reasonably estimated. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.60 Td (Risk Factors: ) Tj ET Q q 0 0 0 rg BT 107.88 359.60 Td (W) Tj ET Q q 0 0 0 rg BT 116.51 359.60 Td (e could be required to incur substantial costs to comply with environmental requirements. ) Tj ET Q q 0 0 0 rg BT 481.79 359.60 Td (V) Tj ET Q q 0 0 0 rg BT 488.41 359.60 Td (iolations of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.60 Td (liabilities under) Tj ET Q q 0 0 0 rg BT 112.08 347.60 Td (, environmental laws and regulations may increase our costs or require us to change our business practices.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (Financial Information ) Tj ET Q q 0 0 0 rg BT 145.77 322.10 Td (About Industry Segment and Geographic ) Tj ET Q q 0 0 0 rg BT 317.37 322.10 Td (Areas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 301.10 Td (irco operates in a single industry segment. For information regarding the Company's revenues, gross profit and total assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (for each of the last three fiscal years, see the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (During 2016, ) Tj ET Q q 0 0 0 rg BT 105.65 268.10 Td (V) Tj ET Q q 0 0 0 rg BT 112.27 268.10 Td (irco derived approximately 6.7% of its revenues from customers located outside of the United States \(primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (Canada\). During 2015, ) Tj ET Q q 0 0 0 rg BT 146.46 256.10 Td (V) Tj ET Q q 0 0 0 rg BT 153.09 256.10 Td (irco derived approximately 7.7% of its revenues from customers located outside of the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (\(primarily Canada and Puerto Rico\). During 2014, ) Tj ET Q q 0 0 0 rg BT 253.94 244.10 Td (V) Tj ET Q q 0 0 0 rg BT 260.56 244.10 Td (irco derived approximately 7.5% of its revenues from customers located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (outside of the United States \(primarily Canada and Puerto Rico\). ) Tj ET Q q 0 0 0 rg BT 313.65 232.10 Td (The Company determines sales to these markets based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (the customers' principal place of business. During 2016, 2015 and 2014, the Company did not have any long-lived assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (outside of the United States.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 103.41 182.60 Td (ficers of the Registrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.60 Td (As of ) Tj ET Q q 0 0 0 rg BT 73.89 161.60 Td (April1, 2016, the executive of) Tj ET Q q 0 0 0 rg BT 196.18 161.60 Td (ficers of the Company) Tj ET Q q 0 0 0 rg BT 284.67 161.60 Td (, who are elected by and serve at the discretion of the Company) Tj ET Q q 0 0 0 rg BT 541.52 161.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.60 Td (Board of Directors, were as follows:) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54 720.5 m 147 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156 720.5 m 416 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 720.5 m 498 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 720.5 m 557 720.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 90.00 724.73 Td (Name) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 725.17 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.05 724.73 Td (Office) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 725.17 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.50 732.73 Td (Age at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.25 724.73 Td (January31,2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 725.17 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.10 732.73 Td (HasHeld) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.45 724.73 Td (OfficeSince) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 711.07 Td (Robert A.Virtue\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 711.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 711.07 Td (Chairman of the Board and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 711.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 711.07 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 711.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 711.07 Td (1990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 697.07 Td (DouglasA.Virtue\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 697.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 697.07 Td (President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 697.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 697.07 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 697.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 697.07 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 683.07 Td (J. Scott Bell \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 683.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 683.07 Td (Senior Vice President - Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 683.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 683.07 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 683.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 683.07 Td (2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 669.07 Td (Robert E. Dose \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 668.17 Td (Senior Vice President - Chief Financial Officer, Secretary and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 658.17 Td (Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 658.17 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 658.17 Td (1995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 644.07 Td (PatriciaQuinones\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 643.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 643.17 Td (Senior Vice President - Chief Administrative Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 643.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 643.17 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 643.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 643.17 Td (2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 629.07 Td (James D. Johnson \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 628.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 628.17 Td (Senior Vice President - Chief Marketing Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 628.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 628.17 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 628.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 628.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 614.07 Td (Rob Devers \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 613.17 Td (Senior Vice President - Chief Information Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 613.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 613.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 599.07 Td (Bassey Yau \(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 588.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 598.17 Td (Vice President - Corporate Controller, Assistant Secretary and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 588.17 Td (Assistant Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 588.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 588.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 588.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 588.17 Td (2004) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.00 Td (________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 552.07 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 552.07 Td (Appointed Chairman in 1990; has been employed by the Company for 59years and served as the President from 1982 until 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 542.07 Td (and Chief Executive Officer since 1988.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 528.07 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 528.07 Td (Appointed President in 2014; has been employed by the Company for 30years and has served in Production Control, as Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 518.07 Td (Administrator, as Manager of Marketing Services, as General Manager of the Torrance Division, as Corporate Executive Vice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 508.07 Td (President and currently as President.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 494.07 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 494.07 Td (Appointed in 2004; has been employed by the Company for 27years and has served in a variety of manufacturing, safety, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 484.07 Td (environmental positions, Vice President - General Manager, Conway Division, and currently as Chief Operating Officer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 470.07 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 470.07 Td (Appointed in 1995; has been employed by the Company for 25years and has served as the Corporate Controller, and currently as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 460.07 Td (Senior Vice President of Finance, Secretary and Treasurer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 446.07 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 446.07 Td (Appointed in 2004; has been employed by the Company for 24 years in a variety customer and marketing service positions, Vice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 436.07 Td (President of Logistics, Marketing Services and Information Technology and currently as Chief Administrative Officer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 422.07 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 422.07 Td (Appointed in 2015 as Senior Vice President of Marketing & Business Development, currently as Chief Marketing Officer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 408.07 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 407.17 Td (Appointed in 2016 as Chief Information Officer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 393.07 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 393.07 Td (Appointed in 2004; has been employed by the Company for 19years and has served as Corporate Controller, and currently as Vice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 383.07 Td (President Accounting, Corporate Controller, Assistant Secretary and Assistant Treasurer.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.00 Td (None of the Company) Tj ET Q q 0 0 0 rg BT 141.37 358.00 Td (s executive of) Tj ET Q q 0 0 0 rg BT 196.72 358.00 Td (ficers have employment contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 332.50 Td (A) Tj ET Q q 0 0 0 rg BT 55.93 332.50 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 311.50 Td (irco files annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.50 Td (Commission \(SEC\). Stockholders may read and copy this information at the SEC's Public Reference Room at 100 F Street, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.50 Td (N.E., ) Tj ET Q q 0 0 0 rg BT 73.15 287.50 Td (W) Tj ET Q q 0 0 0 rg BT 81.79 287.50 Td (ashington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.50 Td (SEC at 1-800-SEC-0330. Stockholders may also obtain copies of this information by mail from the Public Reference Room at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.50 Td (the address set forth above, at prescribed rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.50 Td (The SEC also maintains an Internet website that contains reports, proxy statements and other information about issuers like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 230.50 Td (irco who file electronically with the SEC. ) Tj ET Q q 0 0 0 rg BT 225.28 230.50 Td (The address of that site is www) Tj ET Q q 0 0 0 rg BT 350.72 230.50 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 382.84 230.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.50 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 209.50 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 209.50 Td (irco makes available to its stockholders, free of char) Tj ET Q q 0 0 0 rg BT 313.39 209.50 Td (ge through its Internet website, its annual reports on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.50 Td (K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed, or furnished pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.50 Td (to, Section13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 262.71 185.50 Td (Act of 1934 \(the Exchange ) Tj ET Q q 0 0 0 rg BT 376.84 185.50 Td (Act\), as soon as reasonably practicable after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 173.50 Td (irco electronically files such material with, or furnishes it to, the SEC. ) Tj ET Q q 0 0 0 rg BT 341.37 173.50 Td (The address of that site is www) Tj ET Q q 0 0 0 rg BT 466.80 173.50 Td (.virco.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.00 Td (Item1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.00 Td (The following risk factors and other information included in this ) Tj ET Q q 0 0 0 rg BT 309.95 127.00 Td (Annual Report on Form 10-K should be carefully considered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.00 Td (The risks and uncertainties described below are not the only ones we face. ) Tj ET Q q 0 0 0 rg BT 351.28 115.00 Td (Additional risks and uncertainties not presently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.00 Td (known to us or that we presently deem less significant may also adversely af) Tj ET Q q 0 0 0 rg BT 356.13 103.00 Td (fect our business, operating results, cash flows, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.00 Td (financial condition. If any of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 303.13 91.00 Td (, our business, operating results, cash flows and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.00 Td (condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 218.37 79.00 Td (fected.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 742.25 Td ( pr) Tj ET Q q 0 0 0 rg BT 79.92 742.25 Td (oduct sales ar) Tj ET Q q 0 0 0 rg BT 138.07 742.25 Td (e significantly affected by education funding, which is a function of tax r) Tj ET Q q 0 0 0 rg BT 445.40 742.25 Td (evenues and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (economic conditions. If the economy weakens, funding for) Tj ET Q q 0 0 0 rg BT 299.26 730.25 Td ( education may fail to impr) Tj ET Q q 0 0 0 rg BT 414.91 730.25 Td (ove or) Tj ET Q q 0 0 0 rg BT 441.10 730.25 Td ( decr) Tj ET Q q 0 0 0 rg BT 462.30 730.25 Td (ease, which would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (adversely affect our) Tj ET Q q 0 0 0 rg BT 134.23 718.25 Td ( business and r) Tj ET Q q 0 0 0 rg BT 197.69 718.25 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Our sales are significantly impacted by the level of education funding primarily in North ) Tj ET Q q 0 0 0 rg BT 406.57 697.25 Td (America, which, in turn is a function ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (of the general economic environment. In a weak economy) Tj ET Q q 0 0 0 rg BT 284.26 685.25 Td (, like the one that started in 2009, state and local tax revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (declined, restricting funding for K-12 education spending which typically leads to a decrease in demand for school furniture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (Sustained depressions in the per) Tj ET Q q 0 0 0 rg BT 178.11 661.25 Td (-student funding levels provided for in-state and local budgets in the future could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (materially adverse impact on our business, financial condition and results of operations as they have in the past.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (In addition, geopolitical uncertainties, terrorist attacks, acts of war) Tj ET Q q 0 0 0 rg BT 314.79 628.25 Td (, natural disasters, increases in ener) Tj ET Q q 0 0 0 rg BT 455.94 628.25 Td (gy and other costs or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (combinations of such factors and other factors that are outside of our control could at any time have a significant ef) Tj ET Q q 0 0 0 rg BT 510.78 616.25 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (economy) Tj ET Q q 0 0 0 rg BT 86.01 604.25 Td (, which in turn would af) Tj ET Q q 0 0 0 rg BT 181.92 604.25 Td (fect government revenues and allocations of government spending. ) Tj ET Q q 0 0 0 rg BT 454.99 604.25 Td (The occurrence of any of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (these or similar events in the future could cause demand for our products to decline or competitive pricing pressures to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (increase, either or both of which would adversely af) Tj ET Q q 0 0 0 rg BT 257.80 580.25 Td (fect our business, operating results, cash flows and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (Gaps in state budgets may adversely affect our) Tj ET Q q 0 0 0 rg BT 248.97 559.25 Td ( r) Tj ET Q q 0 0 0 rg BT 255.73 559.25 Td (evenue and r) Tj ET Q q 0 0 0 rg BT 310.55 559.25 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 538.25 Td (irtually all states are required to balance their operating budgets either on an annual or bi-annual basis. Unlike the federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (government, states cannot maintain services during an economic downturn by running a deficit. ) Tj ET Q q 0 0 0 rg BT 437.49 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.53 526.25 Td (ithout federal economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (assistance, states that have not fully recovered from the 2008-2009 recession will need to address remaining shortfalls with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (combination of spending cuts and/or tax increases. If any states cut spending for education to address such budgetary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (shortfalls, our revenue and results of operations will be adversely af) Tj ET Q q 0 0 0 rg BT 321.12 490.25 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (Reduced levels of spending on education may significantly impact spending on furnitur) Tj ET Q q 0 0 0 rg BT 420.69 469.25 Td (e and incr) Tj ET Q q 0 0 0 rg BT 463.29 469.25 Td (ease price competition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (in the furnitur) Tj ET Q q 0 0 0 rg BT 111.49 457.25 Td (e market. If price competition incr) Tj ET Q q 0 0 0 rg BT 260.99 457.25 Td (eases, we may need to r) Tj ET Q q 0 0 0 rg BT 360.22 457.25 Td (educe our) Tj ET Q q 0 0 0 rg BT 401.98 457.25 Td ( prices to build or) Tj ET Q q 0 0 0 rg BT 477.36 457.25 Td ( maintain our) Tj ET Q q 0 0 0 rg BT 535.52 457.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (market shar) Tj ET Q q 0 0 0 rg BT 102.31 445.25 Td (e, which in turn could lower) Tj ET Q q 0 0 0 rg BT 221.58 445.25 Td ( our) Tj ET Q q 0 0 0 rg BT 238.90 445.25 Td ( pr) Tj ET Q q 0 0 0 rg BT 251.22 445.25 Td (ofit margins.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (The educational furniture market is characterized by price competition, as many sales occur on a bid basis and are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (demand related to educational funding available to schools. ) Tj ET Q q 0 0 0 rg BT 292.52 412.25 Td (When funding for education declines, schools typically reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (spending on all budget line items prior to reducing teacher and administrator salaries and benefits. ) Tj ET Q q 0 0 0 rg BT 447.20 400.25 Td (This in turn can result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (reduced demand for school furniture, which in turn can intensify price competition in our industry) Tj ET Q q 0 0 0 rg BT 441.74 388.25 Td (. ) Tj ET Q q 0 0 0 rg BT 449.06 388.25 Td (This price competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (could impact our ability to implement price increases or) Tj ET Q q 0 0 0 rg BT 273.42 376.25 Td (, in some cases, such as during an industry downturn, maintain prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (In addition, when market conditions warrant, we may need to reduce prices to build or maintain our market share. If we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (unable to increase or maintain prices for our products, our profit mar) Tj ET Q q 0 0 0 rg BT 324.73 352.25 Td (gins could decline. Such decline will be compounded to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (the extent we are unable to maintain or reduce the cost of our products, which may be especially dif) Tj ET Q q 0 0 0 rg BT 448.84 340.25 Td (ficult in the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (environment given the volatility of the commodities markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 307.25 Td ( efforts to intr) Tj ET Q q 0 0 0 rg BT 127.11 307.25 Td (oduce new pr) Tj ET Q q 0 0 0 rg BT 184.16 307.25 Td (oducts that meet customer) Tj ET Q q 0 0 0 rg BT 296.45 307.25 Td ( r) Tj ET Q q 0 0 0 rg BT 303.20 307.25 Td (equir) Tj ET Q q 0 0 0 rg BT 325.80 307.25 Td (ements may not be successful, which could limit our) Tj ET Q q 0 0 0 rg BT 546.45 307.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (sales gr) Tj ET Q q 0 0 0 rg BT 81.76 295.25 Td (owth or) Tj ET Q q 0 0 0 rg BT 114.63 295.25 Td ( cause our) Tj ET Q q 0 0 0 rg BT 157.78 295.25 Td ( sales to decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 274.25 Td (o keep pace with industry trends, such as changes in education curriculum and increases in the use of technology) Tj ET Q q 0 0 0 rg BT 506.01 274.25 Td (, and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (evolving regulatory and industry requirements, including environmental, health, safety and other standards for the education ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (environment and for product performance, we must periodically introduce new products or modify existing ones. ) Tj ET Q q 0 0 0 rg BT 507.47 250.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (introduction of new or modification of existing products requires the coordination of the design, manufacturing and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (of such products, which may be af) Tj ET Q q 0 0 0 rg BT 187.28 226.25 Td (fected by factors beyond our control. ) Tj ET Q q 0 0 0 rg BT 339.82 226.25 Td (The design and engineering of certain of our new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (products can take a year or more, and further time may be required to achieve customer acceptance. ) Tj ET Q q 0 0 0 rg BT 453.14 214.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.48 214.25 Td (, the launch of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (any particular product may be later or less successful than we originally anticipated. ) Tj ET Q q 0 0 0 rg BT 390.72 202.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 440.62 202.25 Td (, our competitors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (develop new product designs that achieve a high level of customer acceptance, which could give them a competitive advantage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (over us in making future sales. Dif) Tj ET Q q 0 0 0 rg BT 190.90 178.25 Td (ficulties or delays in introducing new or modified products or lack of customer acceptance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (of such products could limit our sales growth or cause our sales to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (The majority of our) Tj ET Q q 0 0 0 rg BT 134.53 142.25 Td ( sales ar) Tj ET Q q 0 0 0 rg BT 168.78 142.25 Td (e generated under) Tj ET Q q 0 0 0 rg BT 245.81 142.25 Td ( annual contracts, which combined with the seasonal natur) Tj ET Q q 0 0 0 rg BT 495.93 142.25 Td (e of our) Tj ET Q q 0 0 0 rg BT 528.52 142.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (business, may limit our) Tj ET Q q 0 0 0 rg BT 148.72 130.25 Td ( ability to raise prices on a timely basis during a given year) Tj ET Q q 0 0 0 rg BT 399.09 130.25 Td ( in r) Tj ET Q q 0 0 0 rg BT 416.68 130.25 Td (esponse to incr) Tj ET Q q 0 0 0 rg BT 479.83 130.25 Td (eases in costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 106.25 Td (e commit to annual contracts that determine selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 475.04 106.25 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 94.25 Td (. ) Tj ET Q q 0 0 0 rg BT 82.31 94.25 Td (Though the Company has negotiated increased flexibility under many of these contracts that may allow the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (to increase prices on future orders, the Company does not have the ability to raise prices on orders received prior to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (announced price increase. Due to the intensely seasonal nature of our business, the Company may receive significant orders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (during the first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 376.39 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.42 58.25 Td (ith respect to any of the contracts described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (above, if the costs of providing our products or services increase between the date the orders are received and the shipping date, ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (we may not be able to implement corresponding increases in our sales prices for such products or services in order to of) Tj ET Q q 0 0 0 rg BT 528.84 742.10 Td (fset the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (related increased costs. Significant cost increases in providing either the services or products during a given contract period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (could therefore lower our profit mar) Tj ET Q q 0 0 0 rg BT 194.48 718.10 Td (gins. By way of example, in 2009, we incurred a severe increase in the price of steel. Steel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (prices increased by more than 80% during a four month period from ) Tj ET Q q 0 0 0 rg BT 324.92 706.10 Td (April to July) Tj ET Q q 0 0 0 rg BT 374.83 706.10 Td (. During the period from ) Tj ET Q q 0 0 0 rg BT 477.31 706.10 Td (April through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (third quarter of 2009, the price of petroleum increased substantially) Tj ET Q q 0 0 0 rg BT 319.26 694.10 Td (, af) Tj ET Q q 0 0 0 rg BT 331.85 694.10 Td (fecting the cost of plastic, inbound freight, freight to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (customers, and other ener) Tj ET Q q 0 0 0 rg BT 152.56 682.10 Td (gy costs. During the third quarter of 2009, we successfully raised the sales prices under a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (number of our annual contracts in an ef) Tj ET Q q 0 0 0 rg BT 207.26 670.10 Td (fort to recover mar) Tj ET Q q 0 0 0 rg BT 282.32 670.10 Td (gin lost to increased costs. Due to the seasonal nature of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (business, however) Tj ET Q q 0 0 0 rg BT 122.92 658.10 Td (, approximately 2/3 of orders received and approximately 75% of shipments for the year were priced prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the third quarter increase. During 2012, the Company incurred an increase of approximately 30% in the cost of steel during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (second quarter) Tj ET Q q 0 0 0 rg BT 108.18 634.10 Td (, and nearly a 30% increase in the cost of certain plastics over the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 480.37 634.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (increased prices for the 2014 and 2016 years in an ef) Tj ET Q q 0 0 0 rg BT 260.85 622.10 Td (fort to recover these commodity cost increases. ) Tj ET Q q 0 0 0 rg BT 454.21 622.10 Td (The Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (expect to increase prices significantly in 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 586.10 Td (e depend on outside suppliers who may be unable to meet our) Tj ET Q q 0 0 0 rg BT 321.24 586.10 Td ( volume and quality r) Tj ET Q q 0 0 0 rg BT 412.73 586.10 Td (equir) Tj ET Q q 0 0 0 rg BT 435.33 586.10 Td (ements, and we may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (unable to obtain alternative sour) Tj ET Q q 0 0 0 rg BT 189.27 574.10 Td (ces.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 553.10 Td (e require substantial amounts of raw materials and components to manufacture our products, which we purchase from outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (sources. Raw materials comprised our single lar) Tj ET Q q 0 0 0 rg BT 244.21 541.10 Td (gest total cost for 2016, 2015, and 2014. Contracts with most of our suppliers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (are short-term. ) Tj ET Q q 0 0 0 rg BT 113.68 529.10 Td (These suppliers may not continue to provide raw materials and components to us at attractive prices, or at all, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (and we may not be able to obtain the raw materials we need in the future from these or other providers on the scale and within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (the time frames we require. In a deteriorating economic environment, many of the Company's suppliers may experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 493.10 Td (ficulty obtaining financing and may go out of business. ) Tj ET Q q 0 0 0 rg BT 286.54 493.10 Td (The Company may have dif) Tj ET Q q 0 0 0 rg BT 398.00 493.10 Td (ficulty replacing these suppliers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (especially if the supplier fails as the Company is entering the seasonal summer shipping season. Moreover) Tj ET Q q 0 0 0 rg BT 477.55 481.10 Td (, we do not carry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (significant inventories of raw materials, components or finished goods that could mitigate an interruption or delay in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (availability of raw materials and components. In addition, because we purchase components from international sources, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (primarily China, we are subject to fluctuations in currency exchange rates as well as the impact of natural disasters, war and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (other factors that may disrupt the transportation systems, ports, or shipping lines used by our suppliers, and other uncontrollable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (factors such as changes in foreign regulation or economic conditions. ) Tj ET Q q 0 0 0 rg BT 331.59 421.10 Td (Any failure to obtain raw materials and components on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (timely basis, or any significant delays or interruptions in the supply of raw materials, could prevent us from being able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (manufacture products ordered by our customers in a timely fashion, which could have a negative impact on our reputation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (could cause our sales to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 68.15 364.10 Td (eases in basic commodity) Tj ET Q q 0 0 0 rg BT 174.54 364.10 Td (, raw material and component costs could adversely affect our) Tj ET Q q 0 0 0 rg BT 438.76 364.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 451.08 364.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 492.19 364.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (Fluctuations in the price, availability and quality of the commodities, raw materials and components used in manufacturing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (products could have an adverse ef) Tj ET Q q 0 0 0 rg BT 185.60 331.10 Td (fect on our costs of sales, profitability and our ability to meet customers' demand. ) Tj ET Q q 0 0 0 rg BT 516.30 331.10 Td (The price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (of commodities, raw materials and components, including steel and plastics, our lar) Tj ET Q q 0 0 0 rg BT 383.62 319.10 Td (gest raw material categories, have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (volatile in prior years, and the cost, quality and availability of such commodities have been significantly af) Tj ET Q q 0 0 0 rg BT 476.92 307.10 Td (fected in recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (years by) Tj ET Q q 0 0 0 rg BT 82.95 295.10 Td (, among other things, changes in global supply and demand, changes in laws and regulations \(including tarif) Tj ET Q q 0 0 0 rg BT 515.17 295.10 Td (fs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (duties\), changes in exchange rates and worldwide price levels, natural disasters, labor disputes, terrorism and political unrest or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (instability) Tj ET Q q 0 0 0 rg BT 89.35 271.10 Td (. ) Tj ET Q q 0 0 0 rg BT 96.67 271.10 Td (These factors could lead to further price increases or supply interruptions in the future. ) Tj ET Q q 0 0 0 rg BT 447.67 271.10 Td (As discussed above, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (short term, rapid changes in raw material costs can be very dif) Tj ET Q q 0 0 0 rg BT 298.62 259.10 Td (ficult for us to of) Tj ET Q q 0 0 0 rg BT 366.20 259.10 Td (fset with price increases because, in the case of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (many of our contracts, we have committed to selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 471.97 247.10 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 235.10 Td (. Our profit mar) Tj ET Q q 0 0 0 rg BT 140.63 235.10 Td (gins could be adversely af) Tj ET Q q 0 0 0 rg BT 244.86 235.10 Td (fected if commodity) Tj ET Q q 0 0 0 rg BT 325.29 235.10 Td (, raw material and component costs remain high or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (escalate further) Tj ET Q q 0 0 0 rg BT 110.95 223.10 Td (, and, we are unable to pass along a portion of the higher costs to our customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 202.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.64 202.10 Td (e affected by the cost of energy) Tj ET Q q 0 0 0 rg BT 206.16 202.10 Td (, and incr) Tj ET Q q 0 0 0 rg BT 246.82 202.10 Td (eases in energy prices could r) Tj ET Q q 0 0 0 rg BT 371.34 202.10 Td (educe our) Tj ET Q q 0 0 0 rg BT 413.10 202.10 Td ( margins and pr) Tj ET Q q 0 0 0 rg BT 481.54 202.10 Td (ofits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (The profitability of our operations is sensitive to the cost of fuel, which materially af) Tj ET Q q 0 0 0 rg BT 388.34 181.10 Td (fects our transportation costs, the costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (petroleum-based materials \(like plastics\), and the costs of ener) Tj ET Q q 0 0 0 rg BT 299.45 169.10 Td (gy \(including electricity and natural gas\) used in operating our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (manufacturing facilities. Petroleum prices have fluctuated significantly in recent years and are expected to rise from current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (historical lows. Prices and availability of petroleum products are subject to political, economic and market factors that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (generally outside our control. Political events in petroleum-producing regions as well as hurricanes and other weather) Tj ET Q q 0 0 0 rg BT 522.71 133.10 Td (-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (events may cause petroleum prices to increase. If such prices increase, our transportation costs may be adversely af) Tj ET Q q 0 0 0 rg BT 512.97 121.10 Td (fected in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (the form of increased operation costs for our fleet and surchar) Tj ET Q q 0 0 0 rg BT 296.94 109.10 Td (ges on freight paid to third-party carriers. If our transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (costs increase, and/or the price of petroleum-based products and cost of operating our manufacturing facilities increase, these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (increases could have a negative impact on our gross mar) Tj ET Q q 0 0 0 rg BT 275.57 85.10 Td (gins and profitability) Tj ET Q q 0 0 0 rg BT 358.80 85.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (Cost and availability of third party fr) Tj ET Q q 0 0 0 rg BT 209.27 64.10 Td (eight can adversely affect pr) Tj ET Q q 0 0 0 rg BT 329.61 64.10 Td (ofitability and r) Tj ET Q q 0 0 0 rg BT 396.66 64.10 Td (esults of operations.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The majority of our sales are FOB destination, and include freight from ) Tj ET Q q 0 0 0 rg BT 338.35 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 344.98 742.10 Td (irco) Tj ET Q q 0 0 0 rg BT 363.30 742.10 Td (s facilities to the customer location. ) Tj ET Q q 0 0 0 rg BT 510.30 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 516.92 742.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (depends upon third party carriers for more than 90% of customer deliveries. Subsequent to 2009, many carriers went out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (business or reduced the size of their fleets due to economic conditions, and have not increased the fleets as the economy has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (improved. Recent regulation and more stringent enforcement of federal regulations governing the transportation industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(especially regarding drivers\) have adversely impacted the cost and availability of transportation services. Further) Tj ET Q q 0 0 0 rg BT 506.93 694.10 Td (, there may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (be a lack of available trained and licensed drivers, which may reduce the availability of transportation services. Inability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (obtain adequate third party freight on a timely basis during the summer delivery season can adversely af) Tj ET Q q 0 0 0 rg BT 466.35 670.10 Td (fect cost to deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (products to customers and the level of customer service, which can in turn adversely impact future sales.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (The Company imports component parts from international sources \(primarily China\). Disruptions in the cost or availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (ocean freight or disruptions in port operations, may adversely impact the Company) Tj ET Q q 0 0 0 rg BT 384.92 625.10 Td (s ability to obtain adequate component parts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (to support sales, particularly in the busy summer season.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Appr) Tj ET Q q 0 0 0 rg BT 72.60 592.10 Td (oximately 50% of our) Tj ET Q q 0 0 0 rg BT 164.91 592.10 Td ( sales ar) Tj ET Q q 0 0 0 rg BT 199.17 592.10 Td (e priced thr) Tj ET Q q 0 0 0 rg BT 248.97 592.10 Td (ough one contract, under) Tj ET Q q 0 0 0 rg BT 356.01 592.10 Td ( which we ar) Tj ET Q q 0 0 0 rg BT 409.99 592.10 Td (e the exclusive supplier) Tj ET Q q 0 0 0 rg BT 508.41 592.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (classr) Tj ET Q q 0 0 0 rg BT 74.26 580.10 Td (oom furnitur) Tj ET Q q 0 0 0 rg BT 129.91 580.10 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 559.10 Td ( nationwide contract/price list, which allows schools and school districts to purchase furniture without bidding, accounts for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.70 Td (the pricing of a significant portion of our sales. ) Tj ET Q q 0 0 0 rg BT 242.83 544.70 Td (This contract/price list is sponsored by a nationwide purchasing or) Tj ET Q q 0 0 0 rg BT 508.42 544.70 Td (ganization) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 550.07 544.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.70 Td (that does not purchase products from the Company) Tj ET Q q 0 0 0 rg BT 253.47 532.70 Td (. By providing a public bid specification and authorization service to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.70 Td (publicly-funded agencies, the or) Tj ET Q q 0 0 0 rg BT 178.66 520.70 Td (ganization's contract/price list enables such agencies to make authorized expenditures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.70 Td (taxpayer funds. For all sales under this contract/price list, ) Tj ET Q q 0 0 0 rg BT 284.20 508.70 Td (V) Tj ET Q q 0 0 0 rg BT 290.82 508.70 Td (irco has a direct selling relationship with the purchaser) Tj ET Q q 0 0 0 rg BT 509.24 508.70 Td (, whether it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.70 Td (is a school, a district, or another publicly-funded agency) Tj ET Q q 0 0 0 rg BT 274.28 496.70 Td (. In addition, ) Tj ET Q q 0 0 0 rg BT 330.21 496.70 Td (V) Tj ET Q q 0 0 0 rg BT 336.83 496.70 Td (irco can ship directly to the purchaser; perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.70 Td (installation services at the purchaser's location; and finally bill directly to, and collect from, the purchaser) Tj ET Q q 0 0 0 rg BT 471.39 484.70 Td (. ) Tj ET Q q 0 0 0 rg BT 478.33 484.70 Td (Although ) Tj ET Q q 0 0 0 rg BT 518.43 484.70 Td (V) Tj ET Q q 0 0 0 rg BT 525.05 484.70 Td (irco sells ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.70 Td (direct to hundreds of individual schools and school districts, and these schools and school districts can purchase our products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.70 Td (and services under several bids and contracts available to them, approximately 52% of ) Tj ET Q q 0 0 0 rg BT 398.03 460.70 Td (V) Tj ET Q q 0 0 0 rg BT 404.65 460.70 Td (irco's sales in 2016 and 51% of ) Tj ET Q q 0 0 0 rg BT 531.53 460.70 Td (V) Tj ET Q q 0 0 0 rg BT 538.15 460.70 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.70 Td (sales in 2015 were priced under this nationwide contract/price list. In 2009 the Company was awarded a three-year contract and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.70 Td (three one year extensions with this purchasing or) Tj ET Q q 0 0 0 rg BT 245.60 436.70 Td (ganization extending through 2015. In 2015, the Company was awarded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.70 Td (three year extension through 2018. If ) Tj ET Q q 0 0 0 rg BT 200.61 424.70 Td (V) Tj ET Q q 0 0 0 rg BT 207.23 424.70 Td (irco were to lose its exclusive supplier status under this contract/price list, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.70 Td (manufacturers were allowed to sell under this contract/price list, it could cause ) Tj ET Q q 0 0 0 rg BT 366.65 412.70 Td (V) Tj ET Q q 0 0 0 rg BT 373.27 412.70 Td (irco's sales, or growth in sales, to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.70 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 391.70 Td (e operate in a seasonal business, and r) Tj ET Q q 0 0 0 rg BT 220.95 391.70 Td (equir) Tj ET Q q 0 0 0 rg BT 243.55 391.70 Td (e significant amounts of working capital thr) Tj ET Q q 0 0 0 rg BT 430.04 391.70 Td (ough our) Tj ET Q q 0 0 0 rg BT 468.48 391.70 Td ( existing cr) Tj ET Q q 0 0 0 rg BT 514.96 391.70 Td (edit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 379.70 Td (facility to fund acquisitions of inventory) Tj ET Q q 0 0 0 rg BT 219.74 379.70 Td (, fund expenses for) Tj ET Q q 0 0 0 rg BT 299.56 379.70 Td ( fr) Tj ET Q q 0 0 0 rg BT 309.65 379.70 Td (eight and installation, and finance r) Tj ET Q q 0 0 0 rg BT 461.16 379.70 Td (eceivables during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.70 Td (summer) Tj ET Q q 0 0 0 rg BT 84.81 367.70 Td ( delivery season. Restrictions imposed by the terms of our) Tj ET Q q 0 0 0 rg BT 332.66 367.70 Td ( existing cr) Tj ET Q q 0 0 0 rg BT 379.13 367.70 Td (edit facility may limit our) Tj ET Q q 0 0 0 rg BT 487.82 367.70 Td ( operating and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.70 Td (financial flexibility) Tj ET Q q 0 0 0 rg BT 129.73 355.70 Td (. In addition, ther) Tj ET Q q 0 0 0 rg BT 207.34 355.70 Td (e can be no assurance that the Company will meet the r) Tj ET Q q 0 0 0 rg BT 442.97 355.70 Td (equir) Tj ET Q q 0 0 0 rg BT 465.57 355.70 Td (ements of its financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.70 Td (covenants on an ongoing basis or) Tj ET Q q 0 0 0 rg BT 190.13 343.70 Td ( that should it fail to meet such covenants in the futur) Tj ET Q q 0 0 0 rg BT 417.45 343.70 Td (e, the agent and lender) Tj ET Q q 0 0 0 rg BT 514.21 343.70 Td ( under) Tj ET Q q 0 0 0 rg BT 542.09 343.70 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.70 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.48 331.70 Td (edit ) Tj ET Q q 0 0 0 rg BT 79.54 331.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 96.02 331.70 Td (eement will agr) Tj ET Q q 0 0 0 rg BT 161.37 331.70 Td (ee to waivers or) Tj ET Q q 0 0 0 rg BT 228.10 331.70 Td ( amendments with r) Tj ET Q q 0 0 0 rg BT 313.19 331.70 Td (espect ther) Tj ET Q q 0 0 0 rg BT 359.38 331.70 Td (eto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.70 Td (Our credit facility) Tj ET Q q 0 0 0 rg BT 120.99 310.70 Td (, among other things, lar) Tj ET Q q 0 0 0 rg BT 218.56 310.70 Td (gely prevents us from incurring any additional indebtedness, limits capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.70 Td (expenditures, limits dividends and stock repurchases, and provides for seasonal variations in the maximum borrowing amount, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.70 Td (including a reduced maximum level of borrowing during the fourth fiscal quarter) Tj ET Q q 0 0 0 rg BT 373.52 286.70 Td (. Our credit facility also provides for periodic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.70 Td (financial covenants, which currently include a minimum EBITDA, a minimum tangible net worth and a minimum fixed char) Tj ET Q q 0 0 0 rg BT 548.85 274.70 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.70 Td (coverage ratio requirement. ) Tj ET Q q 0 0 0 rg BT 164.67 262.70 Td (As a result of the foregoing, our operational and financial flexibility may be limited, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.70 Td (prevent us from engaging in transactions that might further our growth strategy or otherwise be considered beneficial to us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.70 Td (Under our credit facility) Tj ET Q q 0 0 0 rg BT 146.25 229.70 Td (, substantially all of our accounts receivable are automatically and promptly swept to repay amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.70 Td (outstanding under the credit facility upon our receipt. Due to this automatic liquidating nature, if we breach any covenant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.70 Td (violate any representation or warranty or suf) Tj ET Q q 0 0 0 rg BT 227.53 205.70 Td (fer any deterioration in our ability to borrow pursuant to the borrowing base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.70 Td (calculation contained in the credit facility) Tj ET Q q 0 0 0 rg BT 215.67 193.70 Td (, we may not have access to cash liquidity unless provided by the lender in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.70 Td (discretion. If the indebtedness under our credit facility were to be accelerated, we cannot be certain that we will have suf) Tj ET Q q 0 0 0 rg BT 534.34 181.70 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.70 Td (funds available to pay such indebtedness or that we will have the ability to refinance the accelerated indebtedness on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.70 Td (favorable to us or at all. ) Tj ET Q q 0 0 0 rg BT 149.41 157.70 Td (Any such acceleration could also result in a foreclosure on all or substantially all of our assets, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.70 Td (would have a negative impact on the value of our common stock and jeopardize our ability to continue as a going concern. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.70 Td (addition, certain of the covenants and representations and warranties set forth in our credit facility contain limited or no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (materiality thresholds, and many of the representations and warranties must be true and correct in all material respects upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (each borrowing, which we expect to occur on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 309.19 109.70 Td (There can be no assurance that we will be able to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (all such covenants and be able to continue to make such representations and warranties on an ongoing basis. Due to weak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.70 Td (demand for education furniture, the Company was unable to satisfy certain financial covenants for numerous periods during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.70 Td (2014 and most recently its minimum tangible net worth covenant for the relevant period ending January 31, 2016. On each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.70 Td (occasion, the lender under the Company's Credit ) Tj ET Q q 0 0 0 rg BT 246.20 61.70 Td (Agreement agreed to amend the Company's credit facility and/or waive the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.70 Td (violation. ) Tj ET Q q 0 0 0 rg BT 92.87 49.70 Td (There can be no assurance that the Company will meet the requirements of its financial covenants on an ongoing ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (basis or that, should it again fail to meet such covenants, the ) Tj ET Q q 0 0 0 rg BT 292.72 742.10 Td (Agent and Lender under its Credit ) Tj ET Q q 0 0 0 rg BT 431.58 742.10 Td (Agreement will agree to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (waivers or amendments with respect thereto. If we breach any of our financial covenants without receiving a corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (waiver or amendment, the ) Tj ET Q q 0 0 0 rg BT 156.35 718.10 Td (Agent and Lender may accelerate our credit facility and impose default interest and other fees, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 216.68 706.10 Td (fect on our financial condition and results of operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 685.10 Td (e may not be able to r) Tj ET Q q 0 0 0 rg BT 151.47 685.10 Td (enew our) Tj ET Q q 0 0 0 rg BT 190.45 685.10 Td ( cr) Tj ET Q q 0 0 0 rg BT 201.65 685.10 Td (edit facility on favorable terms, or) Tj ET Q q 0 0 0 rg BT 346.99 685.10 Td ( at all, which would adversely affect our) Tj ET Q q 0 0 0 rg BT 516.79 685.10 Td ( r) Tj ET Q q 0 0 0 rg BT 523.55 685.10 Td (esults of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 652.10 Td (e have historically relied on third-party bank financing to meet our seasonal cash flow requirements. Our current credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (facility expires in December 2019. On an annual basis, we prepare a lender approved forecast of seasonal working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (requirements and use borrowings under our credit facility with PNC Bank to help meet these seasonal cash flow and working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (capital requirements. Disruptions in the U.S. credit markets have caused the interest rate on prospective debt financing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (widen considerably and have made financing terms for borrowers less attractive, and in certain cases have resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (unavailability of certain types of debt financing. Uncertainty in the credit markets may negatively impact our ability to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (approval of our annual forecast, changes in our forecast or renew our credit facility upon its maturity in 2019 on favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (terms or at all. If we are unable to access or renew our credit facility on favorable terms \(including available borrowing line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (and the rate of interest char) Tj ET Q q 0 0 0 rg BT 158.93 556.10 Td (ged thereunder\), or at all, our ability to fund our operations would be impaired, which would have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 544.10 Td (fect on our results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (If management does not accurately for) Tj ET Q q 0 0 0 rg BT 214.51 523.10 Td (ecast the Company's r) Tj ET Q q 0 0 0 rg BT 309.04 523.10 Td (equir) Tj ET Q q 0 0 0 rg BT 331.64 523.10 Td (ements for) Tj ET Q q 0 0 0 rg BT 376.71 523.10 Td ( the peak summer) Tj ET Q q 0 0 0 rg BT 452.92 523.10 Td ( season, the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (r) Tj ET Q q 0 0 0 rg BT 54.26 511.10 Td (esults of operations could be adversely affected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (The Company's business is highly seasonal and requires significant working capital in anticipation of and during the peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (summer season. ) Tj ET Q q 0 0 0 rg BT 116.20 478.10 Td (This requires management to make estimates and judgments with respect to the Company's working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (requirements during, and in anticipation of, the peak summer season. Management expends a significant amount of time in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (first quarter of each year developing a stocking plan and estimating the number of temporary summer employees, the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of raw materials, and the types of components and products that will be required during the peak season. If management does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (not accurately forecast the Company's requirements, the Company's results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 492.45 430.10 Td (fected. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (example, if management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 321.39 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 328.01 418.10 Td (irco's ability to meet customer orders in a timely manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (or to provide adequate customer service may be diminished. If management overestimates any of these requirements, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Company may be required to absorb higher storage, labor and related costs, each of which may negatively af) Tj ET Q q 0 0 0 rg BT 484.95 394.10 Td (fect the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 361.10 Td (e may r) Tj ET Q q 0 0 0 rg BT 91.47 361.10 Td (equir) Tj ET Q q 0 0 0 rg BT 114.07 361.10 Td (e additional capital in the futur) Tj ET Q q 0 0 0 rg BT 246.96 361.10 Td (e, which may not be available or) Tj ET Q q 0 0 0 rg BT 384.27 361.10 Td ( may be available only on unfavorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Our capital requirements depend on many factors, including capital improvements, tooling and new product development. ) Tj ET Q q 0 0 0 rg BT 543.29 328.10 Td (T) Tj ET Q q 0 0 0 rg BT 548.70 328.10 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (the extent that our existing capital is insuf) Tj ET Q q 0 0 0 rg BT 217.28 316.10 Td (ficient to meet these requirements and cover any losses, we may need to raise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (additional funds through financings or curtail our growth and reduce our assets. ) Tj ET Q q 0 0 0 rg BT 372.70 304.10 Td (Any equity or debt financing, if available at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (all, may be on terms that are not favorable to us. Equity financings could result in dilution to our stockholders, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (securities may have rights, preferences and privileges that are senior to those of our common stock. If our need for capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (arises because of significant losses, the occurrence of these losses may make it more dif) Tj ET Q q 0 0 0 rg BT 401.09 268.10 Td (ficult for us to raise the necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (An inability to pr) Tj ET Q q 0 0 0 rg BT 124.00 235.10 Td (otect our) Tj ET Q q 0 0 0 rg BT 161.86 235.10 Td ( intellectual pr) Tj ET Q q 0 0 0 rg BT 223.89 235.10 Td (operty could have a significant impact on our) Tj ET Q q 0 0 0 rg BT 416.76 235.10 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 214.10 Td (e attempt to protect our intellectual property rights through a combination of patent, trademark, copyright and trade secret ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (laws. Our ability to compete ef) Tj ET Q q 0 0 0 rg BT 176.17 202.10 Td (fectively with our competitors depends, to a significant extent, on our ability to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (proprietary nature of our intellectual property) Tj ET Q q 0 0 0 rg BT 231.22 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.54 190.10 Td (The degree of protection of) Tj ET Q q 0 0 0 rg BT 347.75 190.10 Td (fered by the claims of the various patents, trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (and service marks may not be broad enough to provide significant proprietary protection or competitive advantages to us, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (patents, trademarks or service marks may not be issued on our pending or contemplated applications. In addition, not all of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (products are covered by patents. It is also possible that our patents, trademarks and service marks may be challenged, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (invalidated, cancelled, narrowed or circumvented. If we are unable to maintain the proprietary nature of our intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (property with respect to our significant current or proposed products, our competitors may be able to sell copies of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (products, which could adversely af) Tj ET Q q 0 0 0 rg BT 189.50 118.10 Td (fect our ability to sell our original products and could also result in competitive pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (pressures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (If third parties claim that we infringe upon their) Tj ET Q q 0 0 0 rg BT 256.47 85.10 Td ( intellectual pr) Tj ET Q q 0 0 0 rg BT 318.51 85.10 Td (operty rights, we may incur) Tj ET Q q 0 0 0 rg BT 436.36 85.10 Td ( liability and costs and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (have to r) Tj ET Q q 0 0 0 rg BT 87.59 73.10 Td (edesign or) Tj ET Q q 0 0 0 rg BT 131.02 73.10 Td ( discontinue an infringing pr) Tj ET Q q 0 0 0 rg BT 253.09 73.10 Td (oduct.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (e face the risk of claims that we have infringed third parties' intellectual property rights. Companies operating in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (furniture industry routinely seek protection of the intellectual property for their product designs, and our principal competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (may have lar) Tj ET Q q 0 0 0 rg BT 101.46 718.10 Td (ge intellectual property portfolios. Our ef) Tj ET Q q 0 0 0 rg BT 268.73 718.10 Td (forts to identify and avoid infringing third parties' intellectual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (rights may not be successful. ) Tj ET Q q 0 0 0 rg BT 170.26 706.10 Td (Any claims of intellectual property infringement, even those without merit, could \(i\)be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (expensive and time-consuming to defend; \(ii\)cause us to cease making, licensing or using products that incorporate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (challenged intellectual property; \(iii\)require us to redesign, reengineer) Tj ET Q q 0 0 0 rg BT 332.54 682.10 Td (, or rebrand our products or packaging, if feasible; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (\(iv\)require us to enter into royalty or licensing agreements in order to obtain the right to use a third party's intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (property . Such claims could have a negative impact on our sales and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 637.10 Td (e could be r) Tj ET Q q 0 0 0 rg BT 108.98 637.10 Td (equir) Tj ET Q q 0 0 0 rg BT 131.58 637.10 Td (ed to incur) Tj ET Q q 0 0 0 rg BT 177.51 637.10 Td ( substantial costs to comply with envir) Tj ET Q q 0 0 0 rg BT 340.11 637.10 Td (onmental and other) Tj ET Q q 0 0 0 rg BT 423.82 637.10 Td ( legal r) Tj ET Q q 0 0 0 rg BT 453.08 637.10 Td (equir) Tj ET Q q 0 0 0 rg BT 475.67 637.10 Td (ements. ) Tj ET Q q 0 0 0 rg BT 510.48 637.10 Td (V) Tj ET Q q 0 0 0 rg BT 517.33 637.10 Td (iolations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (of, and liabilities under) Tj ET Q q 0 0 0 rg BT 147.99 625.10 Td (, these laws and r) Tj ET Q q 0 0 0 rg BT 221.42 625.10 Td (egulations may incr) Tj ET Q q 0 0 0 rg BT 305.13 625.10 Td (ease our) Tj ET Q q 0 0 0 rg BT 340.21 625.10 Td ( costs or) Tj ET Q q 0 0 0 rg BT 375.02 625.10 Td ( r) Tj ET Q q 0 0 0 rg BT 381.78 625.10 Td (equir) Tj ET Q q 0 0 0 rg BT 404.38 625.10 Td (e us to change our) Tj ET Q q 0 0 0 rg BT 481.42 625.10 Td ( business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Our past and present ownership and operation of manufacturing plants are subject to extensive and changing federal, state, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (local environmental laws and regulations, including those relating to dischar) Tj ET Q q 0 0 0 rg BT 355.29 580.10 Td (ges to air) Tj ET Q q 0 0 0 rg BT 391.55 580.10 Td (, water and land, the handling and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (disposal of solid and hazardous waste and the cleanup of properties af) Tj ET Q q 0 0 0 rg BT 329.45 568.10 Td (fected by hazardous substances. ) Tj ET Q q 0 0 0 rg BT 461.63 568.10 Td (As a result, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (involved from time to time in administrative and judicial proceedings and inquiries relating to environmental matters and could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (become subject to fines or penalties related thereto. ) Tj ET Q q 0 0 0 rg BT 260.29 544.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.93 544.10 Td (e cannot predict what environmental legislation or regulations will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (enacted in the future, how existing or future laws or regulations will be administered or interpreted or what environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.70 Td (conditions may be found to exist. Compliance with more stringent laws or regulations, or stricter interpretation of existing) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 541.01 517.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.70 Td (laws, may require additional expenditures by us, some of which may be material. If new environmental laws and regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.70 Td (are introduced and enforced domestically) Tj ET Q q 0 0 0 rg BT 214.83 493.70 Td (, but not implemented or enforced internationally) Tj ET Q q 0 0 0 rg BT 411.07 493.70 Td (, we will operate at a competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.70 Td (disadvantage compared to competitors who source product primarily from international sources. In addition, in the past we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.70 Td (have been identified as a potentially responsible party pursuant to the Comprehensive Environmental Response Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.70 Td (and Liability ) Tj ET Q q 0 0 0 rg BT 103.33 457.70 Td (Act \(CERCLA\) for remediation costs associated with waste disposal sites previously used by us. In general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.70 Td (CERCLA) Tj ET Q q 0 0 0 rg BT 88.90 445.70 Td ( can impose liability for costs to investigate and remediate contamination without regard to fault or the legality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.70 Td (disposal and, under certain circumstances, liability may be joint and several, resulting in one party being held responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.70 Td (the entire obligation. Liability may also include damages for harm to natural resources. ) Tj ET Q q 0 0 0 rg BT 405.54 421.70 Td (W) Tj ET Q q 0 0 0 rg BT 414.18 421.70 Td (e may also be subject to claims for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.70 Td (personal injury or contribution relating to CERCLA) Tj ET Q q 0 0 0 rg BT 257.19 409.70 Td ( sites. ) Tj ET Q q 0 0 0 rg BT 284.79 409.70 Td (W) Tj ET Q q 0 0 0 rg BT 293.43 409.70 Td (e reserve amounts for such matters when expenditures are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.70 Td (probable and reasonably estimable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.70 Td (In addition to environmental laws and regulations af) Tj ET Q q 0 0 0 rg BT 258.93 376.70 Td (fecting our manufacturing activities, the Company is subject to laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.70 Td (regulations related to consumer product regulation. ) Tj ET Q q 0 0 0 rg BT 259.20 364.70 Td (The Company sells products that are subject to the Consumer Product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.70 Td (Safety Improvement ) Tj ET Q q 0 0 0 rg BT 133.87 352.70 Td (Act of 2008 and the California ) Tj ET Q q 0 0 0 rg BT 258.28 352.70 Td (Air Resources Board rule implemented on January1, 2009, concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.70 Td (formaldehyde emissions from composite wood products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.70 Td (The Patient Pr) Tj ET Q q 0 0 0 rg BT 112.58 319.70 Td (otection and ) Tj ET Q q 0 0 0 rg BT 167.03 319.70 Td (Affordable Car) Tj ET Q q 0 0 0 rg BT 232.67 319.70 Td (e ) Tj ET Q q 0 0 0 rg BT 239.06 319.70 Td (Act may incr) Tj ET Q q 0 0 0 rg BT 294.41 319.70 Td (ease the cost of pr) Tj ET Q q 0 0 0 rg BT 370.32 319.70 Td (oviding medical benefits to employees, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.70 Td (could have a significant adverse impact on our) Tj ET Q q 0 0 0 rg BT 247.88 307.70 Td ( r) Tj ET Q q 0 0 0 rg BT 254.63 307.70 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 286.70 Td (e currently provide medical, dental, vision, and life insurance benefits to substantially all full-time employees. ) Tj ET Q q 0 0 0 rg BT 503.88 286.70 Td (The Patient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.70 Td (Protection and ) Tj ET Q q 0 0 0 rg BT 109.99 274.70 Td (Af) Tj ET Q q 0 0 0 rg BT 120.36 274.70 Td (fordable Care ) Tj ET Q q 0 0 0 rg BT 177.00 274.70 Td (Act, and state legislation in the states in which we operate, may cause the cost of providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.70 Td (medical insurance to our employees to increase. ) Tj ET Q q 0 0 0 rg BT 246.69 262.70 Td (W) Tj ET Q q 0 0 0 rg BT 255.33 262.70 Td (e may not be able to pass the cost of increased medical costs to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.70 Td (customers, which could cause our costs of sales to increase and our gross profit to decline or cause our losses to increase. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.70 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 229.70 Td (e may not be able to manage our) Tj ET Q q 0 0 0 rg BT 197.87 229.70 Td ( business effectively if we ar) Tj ET Q q 0 0 0 rg BT 316.27 229.70 Td (e unable to r) Tj ET Q q 0 0 0 rg BT 369.70 229.70 Td (etain our) Tj ET Q q 0 0 0 rg BT 408.13 229.70 Td ( experienced management team or) Tj ET Q q 0 0 0 rg BT 554.57 229.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.70 Td (r) Tj ET Q q 0 0 0 rg BT 54.26 217.70 Td (ecruit other) Tj ET Q q 0 0 0 rg BT 104.33 217.70 Td ( key personnel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.70 Td (The success of our operations is highly dependent upon our ability to attract and retain qualified employees and upon the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.70 Td (of our senior management and other key employees to implement our business strategy) Tj ET Q q 0 0 0 rg BT 398.15 184.70 Td (. ) Tj ET Q q 0 0 0 rg BT 405.47 184.70 Td (W) Tj ET Q q 0 0 0 rg BT 414.11 184.70 Td (e believe there are only a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.70 Td (number of qualified executives in the industry in which we compete. ) Tj ET Q q 0 0 0 rg BT 329.46 172.70 Td (The loss of the services of key members of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.70 Td (management team could seriously harm our ef) Tj ET Q q 0 0 0 rg BT 235.31 160.70 Td (forts to successfully implement our business strategy) Tj ET Q q 0 0 0 rg BT 446.29 160.70 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.70 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 139.70 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.64 139.70 Td (e subject to potential labor) Tj ET Q q 0 0 0 rg BT 189.34 139.70 Td ( disruptions, which could have a significant impact on our) Tj ET Q q 0 0 0 rg BT 435.86 139.70 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.70 Td (None of our work force is represented by unions, and while we believe that we have good relations with our work force, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.70 Td (may experience work stoppages or other labor problems in the future. ) Tj ET Q q 0 0 0 rg BT 332.97 106.70 Td (Any prolonged work stoppage could have an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.70 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 94.70 Td (fect on our reputation, our vendor relations and our customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.70 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 70.70 Td ( insurance coverage may not adequately cover) Tj ET Q q 0 0 0 rg BT 264.05 70.70 Td ( for) Tj ET Q q 0 0 0 rg BT 279.14 70.70 Td ( any pr) Tj ET Q q 0 0 0 rg BT 309.52 70.70 Td (oduct liability claims.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (e maintain product liability and other insurance coverage that we believe to be generally in accordance with industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (practices. Our insurance coverage may not be adequate to protect us fully against substantial claims and costs that may arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (from product defects, particularly if we have a lar) Tj ET Q q 0 0 0 rg BT 248.34 718.10 Td (ge number of defective products that we must repair) Tj ET Q q 0 0 0 rg BT 456.75 718.10 Td (, retrofit, replace or recall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.30 697.10 Td (olatility in the equity markets or) Tj ET Q q 0 0 0 rg BT 194.17 697.10 Td ( inter) Tj ET Q q 0 0 0 rg BT 217.03 697.10 Td (est rates could substantially incr) Tj ET Q q 0 0 0 rg BT 354.63 697.10 Td (ease our) Tj ET Q q 0 0 0 rg BT 389.72 697.10 Td ( pension costs and have a negative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (impact on our) Tj ET Q q 0 0 0 rg BT 109.82 685.10 Td ( operating r) Tj ET Q q 0 0 0 rg BT 160.19 685.10 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 664.10 Td (e sponsor one qualified defined benefit pension plan, the ) Tj ET Q q 0 0 0 rg BT 287.28 664.10 Td (V) Tj ET Q q 0 0 0 rg BT 293.90 664.10 Td (irco Employee Retirement Plan \(the Employee Plan\), and two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (nonqualified pension plans. ) Tj ET Q q 0 0 0 rg BT 165.08 652.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 194.05 652.10 Td (ference between plan obligations and assets, or the funded status of the Employee Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (significantly af) Tj ET Q q 0 0 0 rg BT 110.08 640.10 Td (fects net periodic benefit costs of our Employee Plan and our ongoing funding requirements with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Employee Plan. ) Tj ET Q q 0 0 0 rg BT 118.14 628.10 Td (The Employee Plan is funded with trust assets invested in a diversified portfolio of debt and equity securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (and other investments. ) Tj ET Q q 0 0 0 rg BT 144.71 616.10 Td (Among other factors, changes in interest rates, investment returns and the market value of plan assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (can \(i\)af) Tj ET Q q 0 0 0 rg BT 85.90 604.10 Td (fect the level of plan funding; \(ii\)cause volatility in the net periodic pension cost; and \(iii\)increase our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (contribution requirements. Because the current economic environment is characterized by declining investment returns and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (interest rates, we may be required to make additional cash contributions to the Employee Plan and recognize further increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (in our net pension cost to satisfy our funding requirements. ) Tj ET Q q 0 0 0 rg BT 290.52 568.10 Td (A) Tj ET Q q 0 0 0 rg BT 297.19 568.10 Td ( significant decrease in investment returns or the market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (plan assets or a significant decrease in interest rates could increase our net periodic pension costs and adversely af) Tj ET Q q 0 0 0 rg BT 505.76 556.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (Holders of appr) Tj ET Q q 0 0 0 rg BT 117.60 523.10 Td (oximately 36% of the shar) Tj ET Q q 0 0 0 rg BT 229.62 523.10 Td (es of our) Tj ET Q q 0 0 0 rg BT 266.10 523.10 Td ( stock have enter) Tj ET Q q 0 0 0 rg BT 337.85 523.10 Td (ed into an agr) Tj ET Q q 0 0 0 rg BT 396.84 523.10 Td (eement r) Tj ET Q q 0 0 0 rg BT 434.14 523.10 Td (estricting the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Certain shares of the Company's common stock received by the holders thereof as gifts from Julian ) Tj ET Q q 0 0 0 rg BT 448.37 490.10 Td (A. ) Tj ET Q q 0 0 0 rg BT 460.41 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 467.03 490.10 Td (irtue, including shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (received in subsequent stock dividends, are subject to an agreement that restricts the sale or transfer of those shares. ) Tj ET Q q 0 0 0 rg BT 517.62 478.10 Td (As a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (of the share ownership and representation on the board and in management, the parties to the agreement have significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (influence on af) Tj ET Q q 0 0 0 rg BT 109.79 454.10 Td (fairs and actions of the Company) Tj ET Q q 0 0 0 rg BT 241.61 454.10 Td (, including matters requiring stockholder approval such as the election of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (directors and approval of significant corporate transactions. In addition, these transfer restrictions and concentration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (ownership could have the ef) Tj ET Q q 0 0 0 rg BT 162.56 430.10 Td (fect of impeding an acquisition of the Company) Tj ET Q q 0 0 0 rg BT 353.25 430.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 409.10 Td ( corporate documents and Delawar) Tj ET Q q 0 0 0 rg BT 217.40 409.10 Td (e law contain pr) Tj ET Q q 0 0 0 rg BT 285.83 409.10 Td (ovisions that could discourage, delay or) Tj ET Q q 0 0 0 rg BT 453.43 409.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 465.75 409.10 Td (event a change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (contr) Tj ET Q q 0 0 0 rg BT 72.59 397.10 Td (ol of our) Tj ET Q q 0 0 0 rg BT 108.52 397.10 Td ( company) Tj ET Q q 0 0 0 rg BT 149.36 397.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Provisions in our certificate of incorporation and our amended and restated bylaws may discourage, delay or prevent a mer) Tj ET Q q 0 0 0 rg BT 541.04 376.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (or acquisition involving us that our stockholders may consider favorable. For example, our certificate of incorporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (currently provides for a staggered board of directors, whereby directors serve for three-year terms, with approximately one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (third of the directors coming up for reelection each year) Tj ET Q q 0 0 0 rg BT 272.96 340.10 Td (. Having a staggered board will make it more dif) Tj ET Q q 0 0 0 rg BT 469.67 340.10 Td (ficult for a third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (to obtain control of our board of directors through a proxy contest, which may be a necessary step in an acquisition of us that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (not favored by our board of directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 295.10 Td (e are also subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law) Tj ET Q q 0 0 0 rg BT 483.40 295.10 Td (. Under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (provisions, if anyone becomes an interested stockholder) Tj ET Q q 0 0 0 rg BT 278.14 283.10 Td (, we may not enter into a business combination with that person for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (three years without special approval, which could discourage a third party from making a takeover of) Tj ET Q q 0 0 0 rg BT 454.68 271.10 Td (fer and could delay or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (prevent a change of control. For purposes of Section 203, interested stockholder means, generally) Tj ET Q q 0 0 0 rg BT 448.67 259.10 Td (, someone owning 15% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (more of our outstanding voting stock or an af) Tj ET Q q 0 0 0 rg BT 230.89 247.10 Td (filiate of ours that owned 15% or more of our outstanding voting stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (past three years, subject to certain exceptions as described in Section 203.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 214.10 Td ( stock price has historically been volatile, and investors in our) Tj ET Q q 0 0 0 rg BT 329.92 214.10 Td ( common stock could suffer) Tj ET Q q 0 0 0 rg BT 446.95 214.10 Td ( a decline in value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (There has been significant volatility in the market price and trading volume of equity securities, which may be unrelated to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (financial performance of the companies issuing the securities. ) Tj ET Q q 0 0 0 rg BT 301.95 181.10 Td (The limited float of shares available for purchase or sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 169.10 Td (irco stock can magnify this volatility) Tj ET Q q 0 0 0 rg BT 202.89 169.10 Td (. ) Tj ET Q q 0 0 0 rg BT 210.21 169.10 Td (These broad market fluctuations may negatively af) Tj ET Q q 0 0 0 rg BT 413.28 169.10 Td (fect the market price of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (stock. Some specific factors that may have a significant ef) Tj ET Q q 0 0 0 rg BT 285.01 157.10 Td (fect on our common stock market price include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 136.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.10 Td (actual or anticipated fluctuations in our operating results or future prospects;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 115.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 115.10 Td (our announcements or our competitors) Tj ET Q q 0 0 0 rg BT 242.99 115.10 Td ( announcements of new products;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (the public) Tj ET Q q 0 0 0 rg BT 128.49 94.10 Td (s reaction to our press releases, our other public announcements and our filings with the SEC;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td (strategic actions by us or our competitors, such as acquisitions or restructurings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 52.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 52.10 Td (new laws or regulations or new interpretations of existing laws or regulations applicable to our business;) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (changes in accounting standards, policies, guidance, interpretations or principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (changes in our growth rates or our competitors) Tj ET Q q 0 0 0 rg BT 275.48 721.10 Td ( growth rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (our inability to raise additional capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 679.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 679.10 Td (conditions of the school furniture industry as a result of changes in funding or general economic conditions, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 667.10 Td (those resulting from war) Tj ET Q q 0 0 0 rg BT 183.63 667.10 Td (, incidents of terrorism and responses to such events; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (changes in stock market analyst recommendations or earnings estimates regarding our common stock, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (comparable companies or the education furniture industry generally) Tj ET Q q 0 0 0 rg BT 356.64 634.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (Item1B. Unr) Tj ET Q q 0 0 0 rg BT 106.20 608.10 Td (esolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (Item2. Pr) Tj ET Q q 0 0 0 rg BT 92.86 566.10 Td (operties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 545.10 Td (orrance, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 524.10 Td (irco leases a 560,000 sq. ft. of) Tj ET Q q 0 0 0 rg BT 176.13 524.10 Td (fice, manufacturing and warehousing facility located on 23.5 acres of land in ) Tj ET Q q 0 0 0 rg BT 485.84 524.10 Td (T) Tj ET Q q 0 0 0 rg BT 491.25 524.10 Td (orrance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (California. ) Tj ET Q q 0 0 0 rg BT 97.86 512.10 Td (This facility is occupied under a five year lease expiring on February28, 2020. ) Tj ET Q q 0 0 0 rg BT 415.91 512.10 Td (This facility also includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (corporate headquarters, the ) Tj ET Q q 0 0 0 rg BT 160.87 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 169.51 500.10 Td (est Coast showroom, and all ) Tj ET Q q 0 0 0 rg BT 284.87 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.51 500.10 Td (est Coast distribution operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 474.60 Td (Conway) Tj ET Q q 0 0 0 rg BT 82.97 474.60 Td (, ) Tj ET Q q 0 0 0 rg BT 87.60 474.60 Td (Arkansas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.60 Td (The Company owns 100 acres of land in Conway) Tj ET Q q 0 0 0 rg BT 247.09 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 251.54 453.60 Td (Arkansas, containing 1,200,000 sq. ft. of manufacturing, warehousing, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.60 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 441.60 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 105.16 441.60 Td (This facility - which is equipped with high-density storage systems, features 70 dock doors dedicated to outbound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.60 Td (freight, and has substantial yard capacity to store and stage trailers - has enabled the Company to consolidate the warehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.60 Td (function and implement the ) Tj ET Q q 0 0 0 rg BT 162.20 417.60 Td (Assemble-to-Ship inventory stocking program. Management believes that this facility supports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 405.60 Td (irco's ability to handle increased sales during the peak delivery season and enhances the ef) Tj ET Q q 0 0 0 rg BT 417.55 405.60 Td (ficiency with which orders are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.60 Td (filled. ) Tj ET Q q 0 0 0 rg BT 78.42 393.60 Td (This facility and the underlying real estate, along with the rest of the Company) Tj ET Q q 0 0 0 rg BT 396.11 393.60 Td (s assets secure the Company) Tj ET Q q 0 0 0 rg BT 512.75 393.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.60 Td (obligations under its credit facility) Tj ET Q q 0 0 0 rg BT 187.09 381.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.60 Td (In addition to the complex described above, the Company operates two other facilities in Conway) Tj ET Q q 0 0 0 rg BT 440.08 360.60 Td (, ) Tj ET Q q 0 0 0 rg BT 444.53 360.60 Td (Arkansas. ) Tj ET Q q 0 0 0 rg BT 489.06 360.60 Td (The first is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.60 Td (375,000 sq. ft. fabrication facility that was acquired in 1954, and expanded and modernized over subsequent years. ) Tj ET Q q 0 0 0 rg BT 514.40 348.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.60 Td (Company manufactures fabricated steel components, chrome plates, and fabricates injection-molded plastic components at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.60 Td (facility) Tj ET Q q 0 0 0 rg BT 77.67 324.60 Td (. ) Tj ET Q q 0 0 0 rg BT 84.99 324.60 Td (These components are transferred to other facilities for assembly into finished goods. ) Tj ET Q q 0 0 0 rg BT 430.82 324.60 Td (The second is a 175,000 sq. ft. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.60 Td (manufacturing facility that is used to fabricate and store compression-molded components. ) Tj ET Q q 0 0 0 rg BT 417.77 312.60 Td (This building is leased under a 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.60 Td (year lease expiring in March2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (Item3. Legal Pr) Tj ET Q q 0 0 0 rg BT 119.24 275.10 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 251.10 Td (irco is involved in legal proceedings from time to time in the ordinary course of business. In the opinion of the Company) Tj ET Q q 0 0 0 rg BT 541.70 251.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (such legal proceedings are not material in amount or management expects that the Company will be successful on the merits in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (pending cases against the Company or any liabilities resulting from such cases will be substantially covered by insurance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (While it is impossible to estimate with certainty the ultimate legal and financial liability with respect to these suits and claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (management believes that the aggregate amount of such liabilities will not be material to the results of operations, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (position, or cash flows of the Company) Tj ET Q q 0 0 0 rg BT 206.83 191.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (Item4. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 176.19 170.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (Not applicable.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Item5. Market for) Tj ET Q q 0 0 0 rg BT 129.79 721.25 Td ( Registrant) Tj ET Q q 0 0 0 rg BT 180.23 721.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 256.92 721.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 348.68 721.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 432.10 721.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 450.53 721.25 Td (chases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (The NASDAQ [Global Market] [Capital Market] is the principal market on which ) Tj ET Q q 0 0 0 rg BT 383.34 685.25 Td (V) Tj ET Q q 0 0 0 rg BT 389.96 685.25 Td (irco Mfg. Corporation \(VIRC\)stock is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (traded. ) Tj ET Q q 0 0 0 rg BT 79.43 673.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.33 673.25 Td (April8, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.93 673.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.61 673.25 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.61 673.25 Td ( registered stockholders according to the Company's transfer agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (records. ) Tj ET Q q 0 0 0 rg BT 83.88 661.25 Td (As of such date, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.48 661.25 Td (1,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.98 661.25 Td ( beneficial stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.75 Td (Dividend Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.75 Td (Historically it has been the board of directors' policy to periodically review the payment of cash and stock dividends in light of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.75 Td (the Company's earnings and liquidity) Tj ET Q q 0 0 0 rg BT 198.35 602.75 Td (. Ef) Tj ET Q q 0 0 0 rg BT 215.11 602.75 Td (fective as of the third quarter of 2012, the board of directors suspended the quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.75 Td (cash dividend program. In addition, pursuant to the terms of the Company's current line of credit with PNC Bank, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.75 Td (entered into on December22, 201) Tj ET Q q 0 0 0 rg BT 185.69 578.75 Td (1, the Company was prohibited from paying dividends. On ) Tj ET Q q 0 0 0 rg BT 425.66 578.75 Td (April 4, 2016, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.75 Td (entered into ) Tj ET Q q 0 0 0 rg BT 99.43 566.75 Td (Amendment #12 to the PNC line of credit. ) Tj ET Q q 0 0 0 rg BT 274.22 566.75 Td (This amendment, among other modifications, allowed the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.75 Td (pay dividends or stock repurchases in an amount up to $1.3 million per year) Tj ET Q q 0 0 0 rg BT 353.27 554.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.75 Td (Quarterly Stock Market Information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 517.95 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.45 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 469.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 469.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 469.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 469.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 469.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 469.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 469.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.45 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 441.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 441.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 441.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 441.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 441.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 441.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 441.45 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 483.45 m 379.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 483.45 m 383.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 483.45 m 440.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 483.45 m 444.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 483.45 m 501.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 483.45 m 505.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 483.45 m 562.5 483.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 469.45 m 379.5 469.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 469.45 m 440.5 469.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 469.45 m 501.5 469.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 469.45 m 562.5 469.45 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 499.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 499.53 Td (Common Stock Range) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 487.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 487.53 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.00 487.53 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.50 474.02 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 474.02 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 474.02 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.30 474.02 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.02 Td (1st Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.25 460.02 Td ($3.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.25 460.02 Td ($2.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.25 460.02 Td ($2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 460.02 Td ($2.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.02 Td (2nd Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 446.02 Td (2.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 446.02 Td (2.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.75 446.02 Td (2.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 446.02 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.02 Td (3rd Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 432.02 Td (3.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 432.02 Td (2.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.75 432.02 Td (3.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 432.02 Td (2.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.02 Td (4th Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.75 418.02 Td (3.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 418.02 Td (2.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.75 418.02 Td (3.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 418.02 Td (2.25) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.45 Td (Stock Repur) Tj ET Q q 0 0 0 rg BT 103.43 388.45 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.45 Td (The Company did not repurchase any shares of its stock during 2016. Pursuant to the Company's credit agreement with PNC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.45 Td (Bank, the Company was prohibited from repurchasing any shares of its stock except in cases where a repurchase is financed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.45 Td (a substantially concurrent issuance of new shares of the Company's common stock. On ) Tj ET Q q 0 0 0 rg BT 402.00 340.45 Td (April 4, 2016, the Company entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.45 Td (into ) Tj ET Q q 0 0 0 rg BT 67.50 328.45 Td (Amendment #12 to the PNC line of credit. ) Tj ET Q q 0 0 0 rg BT 242.29 328.45 Td (This amendment, among other modifications, allowed the Company to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.45 Td (dividends or stock repurchases in a amount up to $1.3 million per year) Tj ET Q q 0 0 0 rg BT 331.33 316.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.95 Td (Stock Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.95 Td (The graph set forth below compares the five-year cumulative total stockholder return of the Company's common stock with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.95 Td (cumulative total stockholder return of \(i\)an industry peer group index, and \(ii\)the NASDAQ Market Index. ) Tj ET Q q 0 0 0 rg BT 484.98 257.95 Td (The graph assumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.95 Td ($100 was invested on February1, 201) Tj ET Q q 0 0 0 rg BT 202.10 245.95 Td (1, in the Company's common stock, the NASDAQ Market Index and the companies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.95 Td (the peer group and assumes the reinvestment of dividends, if any) Tj ET Q q 0 0 0 rg BT 309.00 233.95 Td (.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.15 742.25 Td (COMP) Tj ET Q q 0 0 0 rg BT 197.95 742.25 Td (ARISON OF) Tj ET Q q 0 0 0 rg BT 252.87 742.25 Td ( 5-YEAR CUMULA) Tj ET Q q 0 0 0 rg BT 338.78 742.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 365.56 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.05 742.25 Td (OT) Tj ET Q q 0 0 0 rg BT 385.75 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 399.09 742.25 Td ( RETURN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.70 730.25 Td (AMONG ) Tj ET Q q 0 0 0 rg BT 192.46 730.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 306.43 730.25 Td (TION, NASDAQ MARKET) Tj ET Q q 0 0 0 rg BT 426.53 730.25 Td ( INDEX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.30 718.25 Td (AND MORNINGST) Tj ET Q q 0 0 0 rg BT 324.51 718.25 Td (AR INDEX) Tj ET Q /GS0 gs q 512.00 0 0 273.80 50.00 427.44 cm /I18 Do Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.95 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 371.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 371.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 371.95 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 371.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 371.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 371.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 371.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 371.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 371.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 371.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 371.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.95 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 343.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 343.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 343.95 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 343.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 343.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 343.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 343.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 343.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 343.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 343.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 343.95 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 383.95 m 263.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 383.95 m 267.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 383.95 m 322.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 383.95 m 326.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 383.95 m 382.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 383.95 m 386.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 383.95 m 442.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 383.95 m 446.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 383.95 m 502.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 383.95 m 506.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 383.95 m 562.5 383.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 371.95 m 207.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 371.95 m 263.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 371.95 m 322.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 371.95 m 382.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 371.95 m 442.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 371.95 m 502.5 371.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 371.95 m 562.5 371.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 387.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 388.03 Td (Period Ending) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 376.03 Td (Company/Market/Peer Group) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.95 376.03 Td (1/31/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.25 376.03 Td (1/31/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.75 376.03 Td (1/31/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 376.03 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.75 376.03 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.75 376.03 Td (1/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.52 Td (Virco Mfg. Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 362.52 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 362.52 Td (59.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 362.52 Td (89.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 362.52 Td (87.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 362.52 Td (80.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 362.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 362.52 Td (103.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.52 Td (NASDAQ Market Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 348.52 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 348.52 Td (105.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 348.52 Td (119.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 348.52 Td (157.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 348.52 Td (180.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 348.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 348.52 Td (181.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.52 Td (Morningstar Business Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 334.52 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 334.52 Td (89.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 334.52 Td (82.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 334.52 Td (76.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 334.52 Td (84.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 334.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 334.52 Td (74.98) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.45 Td (The current composition of Morningstar Business Equipment Index is as follows: 3D MakerJet Inc., ) Tj ET Q q 0 0 0 rg BT 452.71 309.45 Td (ACCO Brands Corp., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.45 Td (Addmaster Corp., ) Tj ET Q q 0 0 0 rg BT 123.33 297.45 Td (American Locker Group Inc., ) Tj ET Q q 0 0 0 rg BT 243.83 297.45 Td (Astro Communications Inc., ) Tj ET Q q 0 0 0 rg BT 359.10 297.45 Td (A) Tj ET Q q 0 0 0 rg BT 365.58 297.45 Td (very Dennison Corp., Banneker Inc., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.45 Td (BioAuthorize Holdings Inc., Brother Industries Ltd., Canon Inc., Canon Marketing Japan Inc., Coupon Express Inc., CPI Card ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.45 Td (Group Inc., Ennis Inc., Essendant Inc., Everlert Inc., Global Payment ) Tj ET Q q 0 0 0 rg BT 329.18 273.45 Td (T) Tj ET Q q 0 0 0 rg BT 334.59 273.45 Td (echnologies Inc., Gunther International Ltd., Herman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.45 Td (Miller Inc., HNI Corp., Inscape Corp., Japan Cash Machine Co., Ltd., Kewaunee Scientific Corp., Knoll Inc., Koala Corp., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.45 Td (Konica Minolta Inc., Marmion Industries Corp., Neopost, Odawara ) Tj ET Q q 0 0 0 rg BT 321.33 249.45 Td (Auto-Machine Mfg.Co.,Ltd., On ) Tj ET Q q 0 0 0 rg BT 454.47 249.45 Td (T) Tj ET Q q 0 0 0 rg BT 460.22 249.45 Td (rack Innovations Ltd., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.45 Td (Onyx Service & Solutions Inc., Pitney Bowes Inc., Reconditioned Systems Inc., Ricoh Ltd., Roboserver Systems Corp., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.45 Td (Steelcase Inc., ) Tj ET Q q 0 0 0 rg BT 109.79 225.45 Td (T) Tj ET Q q 0 0 0 rg BT 115.20 225.45 Td (akano Co Ltd., ) Tj ET Q q 0 0 0 rg BT 176.95 225.45 Td (T) Tj ET Q q 0 0 0 rg BT 182.36 225.45 Td (eleconnect Inc., U-V) Tj ET Q q 0 0 0 rg BT 264.55 225.45 Td (end Inc., ) Tj ET Q q 0 0 0 rg BT 301.57 225.45 Td (V) Tj ET Q q 0 0 0 rg BT 307.69 225.45 Td (eriFone Systems Inc., ) Tj ET Q q 0 0 0 rg BT 396.66 225.45 Td (V) Tj ET Q q 0 0 0 rg BT 403.28 225.45 Td (irco Mfg. Corporation, Zinzino ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.45 Td (Holding ) Tj ET Q q 0 0 0 rg BT 84.73 213.45 Td (AB.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.45 Td (Item 6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.45 Td (The following tables set forth selected historical consolidated financial data for the periods indicated. ) Tj ET Q q 0 0 0 rg BT 457.18 166.45 Td (The following data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.45 Td (should be read in conjunction with Item8, Financial Statements and Supplementary Data, and with Item7, Management) Tj ET Q q 0 0 0 rg BT 534.88 154.45 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.45 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 142.45 Td (Analysis of Financial Condition and Results of Operations of this ) Tj ET Q q 0 0 0 rg BT 376.65 142.45 Td (Annual Report on Form 10K.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.55 742.25 Td (Five ) Tj ET Q q 0 0 0 rg BT 227.00 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 233.12 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 246.81 742.25 Td ( Summary of Selected Financial Data) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 701.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 701.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 701.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 701.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 701.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 701.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 701.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 671.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 671.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 671.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 671.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 671.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 671.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 641.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 641.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 641.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 641.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 641.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 641.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 611.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 611.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 611.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 611.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 611.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 611.75 49.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.75 m 302.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 701.75 m 350.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 701.75 m 355.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 701.75 m 404.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 701.75 m 457.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 701.75 m 509.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 701.75 m 562.5 701.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.00 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.00 705.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 705.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.50 705.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.00 705.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.50 705.98 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 692.32 Td (Summary of income \(operations\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 677.32 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.10 676.42 Td (168,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.10 676.42 Td (164,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.10 676.42 Td (155,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.10 676.42 Td (157,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 676.42 Td (165,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 661.42 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 661.42 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 661.47 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 661.47 Td (\(3,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 661.47 Td (\(13,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.32 Td (Net income \(loss\) per share data *) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 631.42 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 631.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 631.47 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 631.47 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 631.47 Td (\(0.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.32 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 616.42 Td (0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 616.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 616.47 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 616.47 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 616.47 Td (\(0.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 601.42 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.25 Td (__________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.25 Td (* ) Tj ET Q q 0 0 0 rg BT 77.00 561.25 Td (Net loss per share for fiscal years 2014, 2013, 2012 was calculated based on basic shares outstanding due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.25 Td ( the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 151.18 549.25 Td (fect on the inclusion of common stock equivalent shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 523.25 Td (Other) Tj ET Q q 0 0 0 rg BT 285.87 523.25 Td ( Financial Data) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 512.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.95 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 481.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 481.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 481.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 481.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 481.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 481.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 481.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 481.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 481.95 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.95 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 453.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 453.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 453.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 453.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 453.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 453.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 453.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 453.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 453.95 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.95 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 425.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 425.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 425.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 425.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 425.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 425.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 425.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 425.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 425.95 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 397.95 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 397.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 397.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 397.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 397.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 397.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 397.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 397.95 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 397.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 397.95 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 481.95 m 275.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 481.95 m 329.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 481.95 m 333.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 481.95 m 387.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 481.95 m 445.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 481.95 m 503.5 481.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 481.95 m 562.5 481.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 486.20 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 486.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.00 486.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.00 486.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.00 486.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.50 486.18 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.52 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 472.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 472.52 Td (89,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 472.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 472.52 Td (81,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 472.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 472.52 Td (83,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 472.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 472.52 Td (82,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 472.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.52 Td (94,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.52 Td (Working capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 458.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 458.52 Td (23,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 458.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 458.52 Td (17,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 458.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 458.52 Td (16,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 458.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 458.52 Td (12,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 458.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 458.52 Td (18,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.52 Td (Current ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.70 444.52 Td (2.1/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 444.52 Td (1.8/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 444.52 Td (1.7/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.70 444.52 Td (1.5/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.70 444.52 Td (1.7/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.52 Td (Total long-term obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 430.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 430.52 Td (33,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 430.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 430.52 Td (37,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 430.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 430.52 Td (33,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 430.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 430.52 Td (30,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 430.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 430.52 Td (36,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.52 Td (Stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 416.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 416.52 Td (33,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 416.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 416.52 Td (22,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 416.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 416.52 Td (27,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 416.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 416.52 Td (27,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 416.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 416.52 Td (30,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.52 Td (Shares outstanding at year-end) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 402.52 Td (14,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 402.52 Td (14,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 402.52 Td (14,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 402.52 Td (14,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 402.52 Td (14,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.52 Td (Stockholders equity per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 388.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 388.52 Td (2.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 388.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 388.52 Td (1.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 388.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 388.52 Td (1.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 388.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 388.52 Td (1.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 388.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 388.52 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.45 Td (_______________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.95 Td (Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 213.34 332.95 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.45 Td (Executive Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.45 Td (Management's strategy is to position ) Tj ET Q q 0 0 0 rg BT 198.54 286.45 Td (V) Tj ET Q q 0 0 0 rg BT 205.17 286.45 Td (irco as the overall value supplier of educational furniture and equipment. ) Tj ET Q q 0 0 0 rg BT 501.27 286.45 Td (The markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.45 Td (that ) Tj ET Q q 0 0 0 rg BT 67.31 274.45 Td (V) Tj ET Q q 0 0 0 rg BT 73.94 274.45 Td (irco serves include the education market \(the Company's primary market\), which is made up of public and private schools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.45 Td (\(preschool through 12th grade\), junior and community colleges, four) Tj ET Q q 0 0 0 rg BT 324.73 262.45 Td (-year colleges and universities; and trade, technical and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.45 Td (vocational schools. ) Tj ET Q q 0 0 0 rg BT 131.47 250.45 Td (V) Tj ET Q q 0 0 0 rg BT 138.09 250.45 Td (irco also serves convention centers and arenas; the hospitality industry) Tj ET Q q 0 0 0 rg BT 419.31 250.45 Td (, with respect to their banquet and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.45 Td (meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.45 Td (the Company sells to wholesalers, distributors, retailers, catalog retailers, and internet retailers that serve these same markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.45 Td (These institutions are frequently characterized by extreme seasonality and/or a bid-based purchasing function. ) Tj ET Q q 0 0 0 rg BT 494.94 214.45 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.45 Td (business model, which is designed to support this strategy) Tj ET Q q 0 0 0 rg BT 281.27 202.45 Td (, includes the development of several competencies to enable superior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.45 Td (service to the markets in which ) Tj ET Q q 0 0 0 rg BT 177.00 190.45 Td (V) Tj ET Q q 0 0 0 rg BT 183.62 190.45 Td (irco competes. ) Tj ET Q q 0 0 0 rg BT 246.38 190.45 Td (An important element of ) Tj ET Q q 0 0 0 rg BT 347.29 190.45 Td (V) Tj ET Q q 0 0 0 rg BT 353.91 190.45 Td (irco's business model is the Company's emphasis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.45 Td (on developing and maintaining key manufacturing, warehousing, distribution, delivery) Tj ET Q q 0 0 0 rg BT 396.22 178.45 Td (, project management, and service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.45 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 102.86 166.45 Td (The Company has developed a comprehensive product of) Tj ET Q q 0 0 0 rg BT 332.88 166.45 Td (fering for the furniture, fixtures and equipment needs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.45 Td (the K-12 education market, enabling a school to procure all of its furniture, fixtures and equipment \(FF&E\) requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.45 Td (from one source.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.45 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 121.45 Td (irco's product of) Tj ET Q q 0 0 0 rg BT 121.56 121.45 Td (fering consists primarily of items manufactured by ) Tj ET Q q 0 0 0 rg BT 326.60 121.45 Td (V) Tj ET Q q 0 0 0 rg BT 333.22 121.45 Td (irco, complemented with products sourced from other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.45 Td (furniture manufacturers. Our product of) Tj ET Q q 0 0 0 rg BT 211.43 109.45 Td (ferings are continually enhanced with an ongoing new product development program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.45 Td (that incorporates internally developed products as well as product lines developed with accomplished designers. Finally) Tj ET Q q 0 0 0 rg BT 530.89 97.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.45 Td (management continues to hone ) Tj ET Q q 0 0 0 rg BT 176.45 85.45 Td (V) Tj ET Q q 0 0 0 rg BT 183.07 85.45 Td (irco's ability to forecast, finance, manufacture, warehouse, deliver) Tj ET Q q 0 0 0 rg BT 446.30 85.45 Td (, and install furniture within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.45 Td (the relatively narrow delivery window associated with the highly seasonal demand for education sales. In 2016 and 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.45 Td (approximately 50% of the Company's total sales were delivered in June, July) Tj ET Q q 0 0 0 rg BT 357.19 61.45 Td (, and ) Tj ET Q q 0 0 0 rg BT 378.57 61.45 Td (August with an even higher portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.45 Td (educational sales delivered in that period. ) Tj ET Q q 0 0 0 rg BT 220.50 49.45 Td (A) Tj ET Q q 0 0 0 rg BT 226.98 49.45 Td (verage weekly shipments during July and ) Tj ET Q q 0 0 0 rg BT 394.72 49.45 Td (August can be as great as six times the ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (level of average weekly shipments in the winter months. ) Tj ET Q q 0 0 0 rg BT 280.59 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 287.21 742.10 Td (irco's substantial warehouse space allows the Company to build and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ship adequate inventories to service this narrow delivery window for the education market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (The market and operating environment for school furniture, fixtures, and equipment has been challenging during the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (decade and is likely to continue to be so for at least the near future. Schools suf) Tj ET Q q 0 0 0 rg BT 369.17 697.10 Td (fered significant budgetary pressures from 2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (to 2006 following the dot com bust and post 9/1) Tj ET Q q 0 0 0 rg BT 254.88 685.10 Td (1 era, and more recently in 2010 through 2014 as a result of the recession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (and severe budget shortages incurred by state and local governments. ) Tj ET Q q 0 0 0 rg BT 331.95 673.10 Td (The years 2010 through 2014 were particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (challenging for the Company and the educational furniture industry in general. ) Tj ET Q q 0 0 0 rg BT 366.94 661.10 Td (The budgetary pressures directly impact the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (demand for the Company's products, as the demand for educational furniture lar) Tj ET Q q 0 0 0 rg BT 369.85 649.10 Td (gely depends upon: \(1\)available funding in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (school's general operating fund and \(2\)the completion of bond-funded projects, which is directly impacted by the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (bond financing issued to fund new school construction, to renovate older schools, and to fully equip new and renovated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (schools.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 592.10 Td ( 2016 report from the National Council on School Facilities estimates that on every school day) Tj ET Q q 0 0 0 rg BT 434.55 592.10 Td (, approximately 50 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (students and six million adults use publicly funded K-12 facilities. For state and local governments, spending on these facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (is the lar) Tj ET Q q 0 0 0 rg BT 84.25 568.10 Td (gest capital expenditure outside of highways. It is estimated that public schools spend approximately $99 billion per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (year on maintenance, operations, and capital spending. ) Tj ET Q q 0 0 0 rg BT 273.91 556.10 Td (The study estimates that a desirable level of spending would be $145 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (billion, leaving an annual shortfall of $46 billion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (In response to the 2008 recession, passage of new bond issuances declined, and bond funded project completions have trended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (down for several years. Completions of new schools, additions and renovations are anticipated to improve modestly in 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (but are expected to remain well below the pre-2008 levels. School operating budgets have also experienced significant strain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Approximately 80-85% of a school's operating budget is for the salaries and benefits for school teachers and administrators. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Increasing costs for medical insurance, combined with pressures from unfunded post-retirement medical and pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (obligations reduces funds available for other purposes. In response to these budgetary pressures schools typically elect to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (teachers and spend less on repairs, maintenance, and replacement furniture, which in turn reduces the demand for) Tj ET Q q 0 0 0 rg BT 503.03 451.10 Td (, and sales of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (the Company's products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (The furniture industry in general, including the market for school furniture, has been significantly impacted by low cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (competition from China. ) Tj ET Q q 0 0 0 rg BT 153.41 406.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 213.13 406.10 Td (s operating results can be impacted significantly by cost and volatility of commodities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (especially steel, plastic, and wood. Commodity prices for raw material have been relatively stable in 2014 and 2015, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (declined in 2016. In 2015 the Company has experienced challenges with both capacity and cost for third party freight carriers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (The majority of ) Tj ET Q q 0 0 0 rg BT 115.08 370.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.70 370.10 Td (irco) Tj ET Q q 0 0 0 rg BT 140.02 370.10 Td (s sales include freight to the customer facility) Tj ET Q q 0 0 0 rg BT 321.26 370.10 Td (, and volatility in cost or availability of transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (equipment can adversely impact both profitability and customer service. Because a majority of the Company's sales are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (generated under annual contracts in which the Company has limited ability to raise the price of its products during the term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the contract, if the costs of the Company's raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 414.37 334.10 Td (, the Company cannot be certain that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (it will be able to implement corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 384.45 322.10 Td (fset such increased costs. Significant cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.70 Td (increases in) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 96.92 307.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.92 307.70 Td (providing products during a given contract period can adversely impact operating results and have done so during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.70 Td (prior years. ) Tj ET Q q 0 0 0 rg BT 100.36 295.70 Td (The Company typically benefits from any decreases in raw material costs under the contracts described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.70 Td (During a period of robust education spending during the 1990's, the Company expanded and modernized its manufacturing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.70 Td (distribution facilities at the ) Tj ET Q q 0 0 0 rg BT 159.79 262.70 Td (T) Tj ET Q q 0 0 0 rg BT 165.21 262.70 Td (orrance, CA) Tj ET Q q 0 0 0 rg BT 213.52 262.70 Td ( and Conway) Tj ET Q q 0 0 0 rg BT 265.64 262.70 Td (, ) Tj ET Q q 0 0 0 rg BT 270.09 262.70 Td (AR locations. During the last decade, the Company has worked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.70 Td (continuously to significantly reduce its cost structure while concurrently expanding its product of) Tj ET Q q 0 0 0 rg BT 439.17 250.70 Td (fering, expanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.70 Td (manufacturing process capabilities and more fully automating its facilities. For example, headcount of permanent employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.70 Td (as of January31, 2016, was approximately 695 compared to a peak of nearly 2,950 in ) Tj ET Q q 0 0 0 rg BT 394.63 226.70 Td (August2000. Factory overhead in 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.70 Td (declined by more than 50% compared to 2001. ) Tj ET Q q 0 0 0 rg BT 241.99 214.70 Td (The Company accomplished this without closing a factory and while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.70 Td (continuing to add new production processes, including flat metal forming, and other capabilities to support its ambitious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.70 Td (product development program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.70 Td (In ef) Tj ET Q q 0 0 0 rg BT 68.42 169.70 Td (forts to bring the Company's cost structure in line with decreased revenues, the Company has previously utilized voluntary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.70 Td (early retirement programs, reductions in force, and attrition to reduce its permanent cost structure and relied more heavily on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.70 Td (temporary labor to meet the seasonal summer demand. In 2015, the Company realized an increase in sales volume, yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.70 Td (continued to allow normal attrition to reduce its permanent workforce. Staf) Tj ET Q q 0 0 0 rg BT 352.50 133.70 Td (fing in 2016 remained stable. ) Tj ET Q q 0 0 0 rg BT 474.24 133.70 Td (The Company plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (to maintain stringent limits on full time staf) Tj ET Q q 0 0 0 rg BT 223.96 121.70 Td (fing, supplemented with temporary labor as necessary in order to produce, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (warehouse and deliver furniture during the coming summer) Tj ET Q q 0 0 0 rg BT 287.43 109.70 Td (. Because the Company has not closed any manufacturing or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (distribution facilities that are utilized in operations, any increase in demand for our products can be met without any material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.70 Td (investment in physical infrastructure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.70 Td (While the Company anticipates challenging economic conditions to continue to impact its core customer base in the near term, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.70 Td (there are certain underlying demographics, customer responses, and changes in the competitive landscape that provide ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (opportunities. First, the underlying demographics of the student population are stable compared to the volatility of school ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (budgets, and the related level of furniture and equipment purchases. ) Tj ET Q q 0 0 0 rg BT 326.11 730.10 Td (This volatility is attributable to the financial health of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (school systems. ) Tj ET Q q 0 0 0 rg BT 117.60 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 124.22 718.10 Td (irco management believes that there is a pent-up demand for quality school furniture \(though it is unclear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (when and to what extent that pent-up demand will be converted into a meaningful increase in purchases\). Second, management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (believes that parents and voters will make quality education an ongoing priority for future government spending. ) Tj ET Q q 0 0 0 rg BT 505.81 694.10 Td (Third, many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (schools have responded to the budget strains by reducing their support infrastructure. School districts historically have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (operated central warehouses and professional purchasing departments in a central business of) Tj ET Q q 0 0 0 rg BT 423.30 670.10 Td (fice. In order to retain teaching ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (staf) Tj ET Q q 0 0 0 rg BT 64.26 658.10 Td (f, many school districts have shut down the warehouses and reduced their purchasing departments and janitorial staf) Tj ET Q q 0 0 0 rg BT 528.67 658.10 Td (fs. ) Tj ET Q q 0 0 0 rg BT 543.21 658.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (change provides opportunities to provide services to schools, such as project management for new or renovated schools, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (delivery to individual school sites rather than truckload deliveries to central warehouses, and delivery of furniture into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (classrooms. Moreover) Tj ET Q q 0 0 0 rg BT 140.97 622.10 Td (, this change of) Tj ET Q q 0 0 0 rg BT 201.88 622.10 Td (fers opportunities for ) Tj ET Q q 0 0 0 rg BT 288.62 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 295.24 622.10 Td (irco to promote its complete product assortment which allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (one-stop shopping as opposed to sourcing furniture needs from a variety of suppliers. Fourth, many suppliers previously shut ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (down or dramatically curtailed their domestic manufacturing capabilities, making it dif) Tj ET Q q 0 0 0 rg BT 397.76 598.10 Td (ficult for competitors to adapt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (dynamic fluctuations in demand or provide custom colors or finishes during a narrow seasonal summer delivery window when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (they are reliant upon a supply chain extending to ) Tj ET Q q 0 0 0 rg BT 246.89 574.10 Td (Asia or elsewhere. Meanwhile, ) Tj ET Q q 0 0 0 rg BT 375.83 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 382.45 574.10 Td (irco has continued to and invest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (automation at its domestic manufacturing facilities, adding flat metal forming processes to its manufacturing capabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (bringing production into its factories of items formerly sourced from other suppliers. ) Tj ET Q q 0 0 0 rg BT 393.63 550.10 Td (V) Tj ET Q q 0 0 0 rg BT 400.25 550.10 Td (irco views its domestic factories as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (strategic resource for providing its customers with timely delivery of a broad selection of colors, finishes, laminates, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (product styles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (During 2017 the Company anticipates continued uncertainty and volatility in commodity costs, particularly with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (certain raw materials, transportation, and ener) Tj ET Q q 0 0 0 rg BT 233.35 493.10 Td (gy) Tj ET Q q 0 0 0 rg BT 242.70 493.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.02 493.10 Td (The Company does not anticipate that this volatility overall will be as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (dramatic as experienced in some prior years but may have an adverse ef) Tj ET Q q 0 0 0 rg BT 337.47 481.10 Td (fect on operating results. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.60 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 455.60 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (This discussion and analysis of ) Tj ET Q q 0 0 0 rg BT 176.75 434.60 Td (V) Tj ET Q q 0 0 0 rg BT 183.37 434.60 Td (irco's financial condition and results of operations is based upon the Company's financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (statements which have been prepared in accordance with U.S. generally accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 467.98 422.60 Td (The preparation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (these financial statements requires ) Tj ET Q q 0 0 0 rg BT 189.77 410.60 Td (V) Tj ET Q q 0 0 0 rg BT 196.39 410.60 Td (irco management to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 428.35 410.60 Td (fect the Company's reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (management evaluates such estimates, including those related to revenue recognition, allowance for doubtful accounts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.60 Td (valuation of inventory and related obsolescence reserves, self-insured retention for products and general liability insurance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.60 Td (self-insured retention for workers' compensation insurance, provision for warranty) Tj ET Q q 0 0 0 rg BT 379.11 362.60 Td (, liabilities under defined benefit and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.60 Td (compensation programs, and estimates related to deferred tax assets and liabilities. Management bases its estimates on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.60 Td (historical experience and on various other assumptions that are believed to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 511.88 338.60 Td (This forms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.60 Td (the basis of judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. ) Tj ET Q q 0 0 0 rg BT 531.52 326.60 Td (Actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.20 Td (results may dif) Tj ET Q q 0 0 0 rg BT 109.25 312.20 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 243.75 312.20 Td (ferent assumptions or conditions. Factors that could cause or contribute to) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 542.01 312.20 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.20 Td (these dif) Tj ET Q q 0 0 0 rg BT 83.97 300.20 Td (ferences include the factors discussed above under Item1, Business, and elsewhere in this ) Tj ET Q q 0 0 0 rg BT 446.09 300.20 Td (Annual Report on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.20 Td (K. ) Tj ET Q q 0 0 0 rg BT 62.04 288.20 Td (V) Tj ET Q q 0 0 0 rg BT 68.66 288.20 Td (irco's critical accounting policies are as follows:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 265.86699218750005 m 136.3671875 265.86699218750005 l s q 0 0 0 rg BT 50.00 267.20 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.37 267.20 Td (: ) Tj ET Q q 0 0 0 rg BT 141.46 267.20 Td (The Company recognizes revenue in accordance with Financial ) Tj ET Q q 0 0 0 rg BT 397.48 267.20 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 528.10 267.20 Td (ASB\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.20 Td (Accounting Standards Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 230.89 255.20 Td (T) Tj ET Q q 0 0 0 rg BT 236.30 255.20 Td (opic 605, Revenue Recognition. Revenue is recognized when title passes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.20 Td (under its various shipping terms, when installation services are complete, and when collectability is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 533.58 243.20 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.20 Td (Company reports sales net of sales returns and allowances, sales taxes imposed by various government authorities, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.20 Td (discounts and rebates to customers. In most instances, the Company sells furniture on bids and contracts, which may include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.20 Td (multiple elements. For sales that include freight to the customer) Tj ET Q q 0 0 0 rg BT 307.04 207.20 Td (, many sales are delivered on the same day shipped, with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.20 Td (average delivery being in route for 1 to 3 days. Classroom delivery) Tj ET Q q 0 0 0 rg BT 319.55 195.20 Td (, which involves carrying the furniture to the classroom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.20 Td (setting the desks and chairs in place, typically occurs the day the furniture is delivered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.20 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 128.02 162.20 Td (ASC 605-25 \(ASC 605-25\), Revenue Recognition - Multiple-Element ) Tj ET Q q 0 0 0 rg BT 423.80 162.20 Td (Arrangements, revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.20 Td (arrangements with multiple deliverables are generally accounted for by the Company on a combined unit of accounting as our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.20 Td (customers control our ability to deliver the furniture, and as a result the furniture delivery and classroom setup is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.20 Td (provided at the same time. ) Tj ET Q q 0 0 0 rg BT 158.12 126.20 Td (W) Tj ET Q q 0 0 0 rg BT 166.76 126.20 Td (e recognize the consideration for the combined unit of accounting once the final item has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.20 Td (delivered and installed.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 91.86699218750005 m 189.6923828125 91.86699218750005 l s q 0 0 0 rg BT 50.00 93.20 Td (Allowances for Doubtful ) Tj ET Q q 0 0 0 rg BT 151.92 93.20 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.69 93.20 Td (: Considerable judgment is required when assessing the ultimate realization of receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.20 Td (including assessing the probability of collection, current economic trends, historical bad debts and the current creditworthiness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.20 Td (of each customer) Tj ET Q q 0 0 0 rg BT 117.75 69.20 Td (. ) Tj ET Q q 0 0 0 rg BT 125.07 69.20 Td (The Company maintains allowances for doubtful accounts that may result from the inability of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.20 Td (customers to make required payments . Over the past five years, the Company's allowance for doubtful accounts has ranged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.20 Td (from approximately 0.7% to 3.0% of accounts receivable at year) Tj ET Q q 0 0 0 rg BT 307.75 45.20 Td (-end. ) Tj ET Q q 0 0 0 rg BT 332.84 45.20 Td (The allowance is evaluated using historic experience ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (combined with a detailed review of past-due accounts. ) Tj ET Q q 0 0 0 rg BT 272.52 742.10 Td (The Company does not typically obtain collateral to secure credit risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The primary reason that ) Tj ET Q q 0 0 0 rg BT 148.12 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.74 730.10 Td (irco's allowance for doubtful accounts represents such a small percentage of accounts receivable is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (that a lar) Tj ET Q q 0 0 0 rg BT 84.80 718.10 Td (ge portion of the accounts receivable is attributable to low-credit-risk governmental entities, which often purchase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (furniture with funds provided from bond issuances, giving ) Tj ET Q q 0 0 0 rg BT 285.62 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 292.24 706.10 Td (irco's receivables a historically high degree of collectability) Tj ET Q q 0 0 0 rg BT 529.68 706.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Although many states are experiencing budgetary dif) Tj ET Q q 0 0 0 rg BT 261.97 694.10 Td (ficulties, it is not anticipated that ) Tj ET Q q 0 0 0 rg BT 395.37 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 401.99 694.10 Td (irco's credit risk will be significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (impacted by these events. Over the next year) Tj ET Q q 0 0 0 rg BT 231.47 682.10 Td (, no significant change is expected in the Company's sales to government entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as a percentage of total revenues.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 647.7669921875 m 129.521484375 647.7669921875 l s q 0 0 0 rg BT 50.00 649.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 91.20 649.10 Td (V) Tj ET Q q 0 0 0 rg BT 97.31 649.10 Td (aluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.52 649.10 Td (: Inventory is valued at the lower of cost or net realizable value \(determined on a first-in, first-out basis\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (and includes material, labor) Tj ET Q q 0 0 0 rg BT 160.67 637.10 Td (, and factory overhead. ) Tj ET Q q 0 0 0 rg BT 254.89 637.10 Td (The Company maintains allowances for estimated slow moving and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (obsolete inventory to reflect the dif) Tj ET Q q 0 0 0 rg BT 190.61 625.10 Td (ference between the cost of inventory and the estimated market value. ) Tj ET Q q 0 0 0 rg BT 474.66 625.10 Td (Allowances for slow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (moving and obsolete inventory are determined through a physical inspection of the product in connection with a physical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.68 601.10 Td (, a review of slow-moving product, and consideration of active marketing programs. ) Tj ET Q q 0 0 0 rg BT 429.62 601.10 Td (The market for education ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (furniture is traditionally driven by value, not style, and the Company has not typically incurred significant obsolescence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (expenses. If market conditions are less favorable than those anticipated by management, additional allowances may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (required. Due to reductions in sales volume in the past years, the Company's manufacturing facilities are operating at reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (levels of capacity) Tj ET Q q 0 0 0 rg BT 119.32 553.10 Td (. ) Tj ET Q q 0 0 0 rg BT 126.64 553.10 Td (The Company records the cost of excess capacity as a period expense, not as a component of capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (inventory valuation.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 518.7669921875 m 140.810546875 518.7669921875 l s q 0 0 0 rg BT 50.00 520.10 Td (Self-Insured Retention) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.81 520.10 Td (: For 2014, 2015, and 2016 the Company was self-insured for product liability losses ranging up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td ($250,000 per occurrence, for workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (per occurrence. ) Tj ET Q q 0 0 0 rg BT 116.44 496.10 Td (The Company obtains annual actuarial valuations for the self-insured retentions. Product liability) Tj ET Q q 0 0 0 rg BT 506.52 496.10 Td (, workers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (compensation, and auto reserves for known and unknown incurred but not reported \(IBNR\) losses are recorded at the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (present value of the estimated losses using a risk-free discount rate of 0.5% for 2016, 2015, and 2014. Given the relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (short term over which the IBNR losses are discounted, the sensitivity to the discount rate is not significant. Estimated workers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (compensation losses were funded during the insurance year and subject to retroactive loss adjustments. ) Tj ET Q q 0 0 0 rg BT 466.92 448.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (exposure to self-insured retentions varies depending upon the market conditions in the insurance industry and the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (cost-ef) Tj ET Q q 0 0 0 rg BT 77.03 424.10 Td (fective insurance coverage. Self-insured retentions for 2017 will be comparable to the retention levels for 2016.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 401.7669921875 m 121.66015625 401.7669921875 l s q 0 0 0 rg BT 50.00 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 403.10 Td (arranty Reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.66 403.10 Td (: ) Tj ET Q q 0 0 0 rg BT 126.76 403.10 Td (The Company provides a warranty against all substantial defects in material and workmanship. ) Tj ET Q q 0 0 0 rg BT 511.75 403.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (Company's warranty is not a guarantee of service life, which depends upon events outside the Company's control and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 379.10 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 194.30 379.10 Td (The standard warranty of) Tj ET Q q 0 0 0 rg BT 294.91 379.10 Td (fered on products sold through January31, 2005, is five years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 367.10 Td (fective February1, 2005, the standard warranty was increased to 10years on products sold from February1, 2005 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (January 31, 2014. Ef) Tj ET Q q 0 0 0 rg BT 135.36 355.10 Td (fective February 1, 2014 the Company modified its warranty to a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 497.38 355.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.70 355.10 Td (The new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (warranty ef) Tj ET Q q 0 0 0 rg BT 95.63 343.10 Td (fective February 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 358.13 343.10 Td (fect on warranty expense. ) Tj ET Q q 0 0 0 rg BT 465.68 343.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (warranties generally provide that customers can return a defective product during the specified warranty period following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (purchase in exchange for a replacement product or that the Company can repair the product at no char) Tj ET Q q 0 0 0 rg BT 457.70 319.10 Td (ge to the customer) Tj ET Q q 0 0 0 rg BT 530.74 319.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.06 319.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Company determines whether replacement or repair is appropriate in each circumstance. ) Tj ET Q q 0 0 0 rg BT 408.83 307.10 Td (The Company uses historic data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (estimate appropriate levels of warranty reserves. Because product mix, production methods, and raw material sources change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (over time, historic data may not always provide precise estimates for future warranty expense.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 257.7669921875 m 163.3056640625 257.7669921875 l s q 0 0 0 rg BT 50.00 259.10 Td (Defined Benefit Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.31 259.10 Td (: ) Tj ET Q q 0 0 0 rg BT 168.40 259.10 Td (The Company has three defined benefit plans, the ) Tj ET Q q 0 0 0 rg BT 369.55 259.10 Td (V) Tj ET Q q 0 0 0 rg BT 376.17 259.10 Td (irco Employees Retirement Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (Employee Plan\), the ) Tj ET Q q 0 0 0 rg BT 142.56 247.10 Td (V) Tj ET Q q 0 0 0 rg BT 149.18 247.10 Td (irco Important Performers Plan \(the VIP) Tj ET Q q 0 0 0 rg BT 314.60 247.10 Td ( Plan\) and the Non-Employee Directors Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (\(the Directors Plan\), which provide retirement benefits to employees and outside directors. ) Tj ET Q q 0 0 0 rg BT 424.14 235.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.76 235.10 Td (irco discounted the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (obligations for the various plans using the following rates:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.80 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 187.80 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 187.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 187.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 187.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 187.80 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 159.80 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 159.80 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 159.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 159.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 159.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 159.80 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 187.79999999999995 m 414.5 187.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 187.79999999999995 m 482.5 187.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 187.79999999999995 m 547.5 187.79999999999995 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.37 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 192.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 192.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 192.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.37 Td (Employee Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 178.37 Td (4.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 178.37 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 178.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 164.37 Td (VIP Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 164.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 164.37 Td (3.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 164.37 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 150.37 Td (Directors Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 150.37 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 150.37 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 150.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.30 Td (Because the Company froze new benefit accruals for all three plans ef) Tj ET Q q 0 0 0 rg BT 329.97 125.30 Td (fective December 31, 2003, the assumed rate of increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (in compensation has no ef) Tj ET Q q 0 0 0 rg BT 154.24 113.30 Td (fect on the accounting for the plans. ) Tj ET Q q 0 0 0 rg BT 302.62 113.30 Td (The Company estimated a 6.5% return on plan assets for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (Employee Plan for all three years. ) Tj ET Q q 0 0 0 rg BT 190.88 101.30 Td (The ) Tj ET Q q 0 0 0 rg BT 208.75 101.30 Td (VIP) Tj ET Q q 0 0 0 rg BT 224.49 101.30 Td ( Plan and Directors Plan are unfunded and have no plan assets. ) Tj ET Q q 0 0 0 rg BT 480.35 101.30 Td (These rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.30 Td (assumptions can vary due to changes in interest rates, the employment market, and expected returns in the stock market. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.30 Td (prior years, the discount rate has decreased by several percentage points, causing pension expense and pension obligations to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.30 Td (increase. In 2015, the Company incurred material reductions in the discount rates that are used to measure plan obligations, ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and utilized new mortality tables that reflect increased life expectancies. ) Tj ET Q q 0 0 0 rg BT 343.58 742.10 Td (These changes will cause an increase in pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expense and may require future cash contributions to adequately fund the Employee Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Because the plans have been frozen for many years, there is no service cost related to the plans. In recent years, due to a lar) Tj ET Q q 0 0 0 rg BT 545.17 709.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (number of lump sum benefits paid to retired and terminated employees, the Company has incurred settlement costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Employee Plan. In ef) Tj ET Q q 0 0 0 rg BT 136.74 685.10 Td (fort to de-risk the Employee Plan, the Company intends to continue to reach out to and of) Tj ET Q q 0 0 0 rg BT 503.41 685.10 Td (fer lump sum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (benefits to terminated and retired employees, which may result in settlement costs in the future. ) Tj ET Q q 0 0 0 rg BT 436.93 673.10 Td (The Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (settlement costs in 2014 and 2016. ) Tj ET Q q 0 0 0 rg BT 193.13 661.10 Td (The Company did not incur settlement costs in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Because the discount rates used in 2016 were low) Tj ET Q q 0 0 0 rg BT 248.18 637.10 Td (, a one percent change in rates can cause a material change in the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 101.39 625.10 Td (A) Tj ET Q q 0 0 0 rg BT 108.06 625.10 Td ( one percent reduction in discount rates would cause obligations under the Employee Plan to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (approximately $4.0 million. ) Tj ET Q q 0 0 0 rg BT 166.10 613.10 Td (A) Tj ET Q q 0 0 0 rg BT 172.77 613.10 Td ( one percent reduction in discount rates would cause obligations under the non-qualified plans to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (increase by approximately $1.4 million. ) Tj ET Q q 0 0 0 rg BT 214.22 601.10 Td (The retirement obligations would decrease by similar amounts if discount rate were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (increase by a comparable percentage. ) Tj ET Q q 0 0 0 rg BT 204.45 589.10 Td (The Company obtains annual actuarial valuations for all three plans.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 566.7669921875 m 190.7421875 566.7669921875 l s q 0 0 0 rg BT 50.00 568.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.85 568.10 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 568.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 104.64 568.10 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.74 568.10 Td (: ) Tj ET Q q 0 0 0 rg BT 198.34 568.10 Td (The Company recognizes deferred income taxes under the asset and liability method of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (accounting for income taxes in accordance with the provisions of F) Tj ET Q q 0 0 0 rg BT 318.07 556.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 339.47 556.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 361.24 556.10 Td (T) Tj ET Q q 0 0 0 rg BT 366.65 556.10 Td (opic 740 Income ) Tj ET Q q 0 0 0 rg BT 440.61 556.10 Td (T) Tj ET Q q 0 0 0 rg BT 446.02 556.10 Td (axes. Deferred income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (taxes are recognized for dif) Tj ET Q q 0 0 0 rg BT 159.20 544.10 Td (ferences between the financial statement and tax basis of assets and liabilities at enacted statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (tax rates in ef) Tj ET Q q 0 0 0 rg BT 103.96 532.10 Td (fect for the years in which the dif) Tj ET Q q 0 0 0 rg BT 236.78 532.10 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 371.79 532.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 397.43 532.10 Td (fect on deferred taxes of a change in tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (tax liabilities during the periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 295.04 484.10 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 413.41 484.10 Td (The Company considers the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (assessment. ) Tj ET Q q 0 0 0 rg BT 101.76 460.10 Td (The Company incurred a substantial operating loss for the years ended January31, 2013, 2012, and 201) Tj ET Q q 0 0 0 rg BT 516.56 460.10 Td (1. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (the fourth quarter of the year ended January31, 201) Tj ET Q q 0 0 0 rg BT 257.33 448.10 Td (1, based on this consideration, the Company determined the realization of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (majority of the net deferred tax assets no longer met the more likely than not criteria and a valuation allowance was recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (against the majority of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 253.36 424.10 Td (V) Tj ET Q q 0 0 0 rg BT 259.47 424.10 Td (aluation allowances totaled $21,906,000 and $26,399,000 at January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 162.10 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 169.05 412.10 Td (At January31, 2016, the Company has net operating loss carryforwards for federal and state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (income tax purposes, expiring at various dates through 2035. Federal net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (forward totaled approximately $19,859,000 at January31, 2016. State net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (forward totaled approximately $45,390,000 at January31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (Results of Operations \(2016 vs. 2015\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Financial Results and Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (The Company earned a pre-tax profit of $4,667,000 on net sales of $168,595,000 for the fiscal year ended January 31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (compared to pre-tax profit of $918,000 on net sales of $164,052,000 in the fiscal year ended January 31, 2015. Net earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (per share were $0.30 for the fiscal year ended January31, 2016, compared to $0.06 in the prior year) Tj ET Q q 0 0 0 rg BT 449.30 289.10 Td (. Cash flow provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (operations was $7,507,000 for the fiscal year ended January31, 2016, compared to $1,659,000 in the prior year) Tj ET Q q 0 0 0 rg BT 495.71 277.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 230.60 Td (irco's sales increased by 2.8% in 2016 to $168,595,000 compared to $164,052,000 in 2015. ) Tj ET Q q 0 0 0 rg BT 426.24 230.60 Td (The increase in sales was caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.60 Td (by improving economic conditions that had a favorable impact on operating budgets for school spending of) Tj ET Q q 0 0 0 rg BT 479.44 218.60 Td (fset slightly by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.60 Td (reduction in completions of bond-funded projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (Selling prices increased by approximately 3.5%, of) Tj ET Q q 0 0 0 rg BT 254.20 182.60 Td (fset by a reduction in unit volume. Sales of ) Tj ET Q q 0 0 0 rg BT 430.93 182.60 Td (V) Tj ET Q q 0 0 0 rg BT 437.55 182.60 Td (irco's new products, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (N-2, Civitas and Sage increased by nearly $4.2 million, and were supplemented with increases in other product lines. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (Sales for project orders declined by approximately $3.7 million in 2016 compared to project orders in 2015. Orders rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (continued to be volatile and seasonal in 2016, with a continued shift to a greater percentage of orders received in the summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.60 Td (Although the fourth quarter is typically a very slow period for the Company) Tj ET Q q 0 0 0 rg BT 353.17 113.60 Td (, the fourth quarter revenue decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.60 Td ($19,494,000, compared to $25,354,000 in the prior year) Tj ET Q q 0 0 0 rg BT 273.29 101.60 Td (. ) Tj ET Q q 0 0 0 rg BT 280.61 101.60 Td (The decrease in revenue was attributable to volatility in the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.60 Td (shipments. ) Tj ET Q q 0 0 0 rg BT 95.38 89.60 Td (The company began the fourth quarter with $6 million lower backlog than the prior year and ended the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.60 Td (quarter with $0.4 million lar) Tj ET Q q 0 0 0 rg BT 162.85 77.60 Td (ger backlog. Orders for the fourth quarter were 1.3% lower than the prior year) Tj ET Q q 0 0 0 rg BT 477.17 77.60 Td (. For 2017 the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.60 Td (Company anticipates that the persistent budgetary challenges for state and local governments will continue to restrict growth in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td (sales. ) Tj ET Q q 0 0 0 rg BT 76.76 53.60 Td (When combined with minimal anticipated growth in bond-funded projects the amount of school furniture sold may be ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (slightly more than 2016. ) Tj ET Q q 0 0 0 rg BT 152.22 742.10 Td (As we have throughout this economic cycle, the Company continues to focus on strategies to develop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and strengthen its brand with an aggressive product development campaign. ) Tj ET Q q 0 0 0 rg BT 358.62 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 367.26 730.10 Td (e will continue to use our domestic factories to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (provide greater flexibility for custom specifications such as laminates, colors, and on-time delivery) Tj ET Q q 0 0 0 rg BT 445.34 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.66 718.10 Td (The Company will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (continue to emphasize the value, design and variety of its products, the value of its distribution, delivery) Tj ET Q q 0 0 0 rg BT 466.19 706.10 Td (, classroom delivery) Tj ET Q q 0 0 0 rg BT 546.35 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and project management capabilities, and the importance of timely deliveries during the peak seasonal delivery period. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (order to increase or maintain market share during 2017, when market conditions warrant, the Company will compete based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (direct prices and may reduce its prices to build or maintain its market share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.60 Td (Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.60 Td (Cost of sales was 64.6% of sales in 2016 and 66.2% of sales in 2015. ) Tj ET Q q 0 0 0 rg BT 331.17 623.60 Td (The Company benefited from increased selling prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.60 Td (and reduced material costs during the year) Tj ET Q q 0 0 0 rg BT 218.82 611.60 Td (. During 2016, the Company started the year with reduced levels of inventory) Tj ET Q q 0 0 0 rg BT 530.59 611.60 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.60 Td (delayed building for the summer season. ) Tj ET Q q 0 0 0 rg BT 216.63 599.60 Td (As a result of this decision, the Company incurred increased temporary labor cost and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.60 Td (increased labor inef) Tj ET Q q 0 0 0 rg BT 128.67 587.60 Td (ficiency during 2016, causing direct labor to increase in both total dollars and as a percentage of sales. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td (Manufacturing overhead decreased as a percentage of sales during the year as the Company increased production levels by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.60 Td (nearly 9% but only increased spending by 3%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (The Company is beginning fiscal 2017 with approximately $7.9 million more inventory than in fiscal 2016. ) Tj ET Q q 0 0 0 rg BT 485.02 542.60 Td (This is in part due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (to reduced fourth quarter shipments and in part a result of management) Tj ET Q q 0 0 0 rg BT 336.85 530.60 Td (s decision to build lar) Tj ET Q q 0 0 0 rg BT 422.77 530.60 Td (ger quantities of ) Tj ET Q q 0 0 0 rg BT 489.70 530.60 Td (A) Tj ET Q q 0 0 0 rg BT 495.81 530.60 Td (TS components ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (and stocked quick ship finished goods early in the year) Tj ET Q q 0 0 0 rg BT 269.12 518.60 Td (. ) Tj ET Q q 0 0 0 rg BT 276.44 518.60 Td (This earlier build of inventory is intended to support an enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (quick ship product of) Tj ET Q q 0 0 0 rg BT 143.96 506.60 Td (fering and more rapid promised delivery of quick ship items. Furthermore, management believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.60 Td (the Company will achieve improved levels of manufacturing ef) Tj ET Q q 0 0 0 rg BT 303.07 494.60 Td (ficiency and product quality with a reduction in the use of temp ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.60 Td (labor in the summer) Tj ET Q q 0 0 0 rg BT 129.71 482.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (During fiscal 2017 the Company anticipates continued uncertainty and volatility in commodity costs, particularly with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (to certain raw materials, transportation, and ener) Tj ET Q q 0 0 0 rg BT 243.63 449.60 Td (gy) Tj ET Q q 0 0 0 rg BT 252.98 449.60 Td (. Due in part to volatile transportation and ener) Tj ET Q q 0 0 0 rg BT 442.74 449.60 Td (gy costs, we may incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (higher commodity costs in fiscal 2017. For more information, please see the section below entitled Inflation and Future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (Change in Prices.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 138.90 400.10 Td (Administrative and Other) Tj ET Q q 0 0 0 rg BT 249.83 400.10 Td ( Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (Selling, general and administrative and other expenses for the fiscal year ended January31, 2016, increased by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td ($636,000 compared to the prior year) Tj ET Q q 0 0 0 rg BT 195.66 367.10 Td (, but declined as a percentage of sales to 31.8% of sales as compared to 32.3% in the prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 355.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 334.10 Td (arehousing, freight and classroom delivery costs were increased in dollars but were stable as a percentage of sales. Selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (costs decreased in dollars compared to prior year and declined by 1.2% as a percentage of sales. G&A) Tj ET Q q 0 0 0 rg BT 460.41 322.10 Td ( spending increased in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (dollars, but was stable as a percentage of sales. ) Tj ET Q q 0 0 0 rg BT 242.53 310.10 Td (The current year included a bonus provision of $1,045,000 due to improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (operating results. ) Tj ET Q q 0 0 0 rg BT 121.19 298.10 Td (There was no comparable bonus in the prior year) Tj ET Q q 0 0 0 rg BT 316.68 298.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (Interest expense was $173,000 less in 2016 compared to 2015 as a result of reduced average borrowing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 251.60 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 251.60 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 251.60 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 251.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.60 Td (The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.60 Td (accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 186.90 218.60 Td (ASC ) Tj ET Q q 0 0 0 rg BT 208.68 218.60 Td (T) Tj ET Q q 0 0 0 rg BT 214.09 218.60 Td (opic 740, Income ) Tj ET Q q 0 0 0 rg BT 290.55 218.60 Td (T) Tj ET Q q 0 0 0 rg BT 295.96 218.60 Td (axes. Deferred income taxes are recognized for dif) Tj ET Q q 0 0 0 rg BT 504.83 218.60 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.60 Td (between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in ef) Tj ET Q q 0 0 0 rg BT 460.51 206.60 Td (fect for the years in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.60 Td (which the dif) Tj ET Q q 0 0 0 rg BT 102.58 194.60 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 237.59 194.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 263.23 194.60 Td (fect on deferred taxes of a change in tax rates is recognized in income in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. ) Tj ET Q q 0 0 0 rg BT 467.20 170.60 Td (The ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred tax liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (during the periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 240.61 146.60 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 358.98 146.60 Td (The Company considers the scheduled reversal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.60 Td (The Company has incurred a cumulative operating loss for the five years ended January 31, 2014 and for each individual year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.60 Td (therein. ) Tj ET Q q 0 0 0 rg BT 82.58 101.60 Td (While the Company has taken significant measures to cause its return to profitability) Tj ET Q q 0 0 0 rg BT 420.73 101.60 Td (, the short-term outlook for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.60 Td (school furniture market remains challenging. Based on these considerations, at January31, 2016 and January31, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.60 Td (Company determined the realization of a majority of the net deferred tax assets did not meet the more likely than not criteria, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.60 Td (and a valuation allowance was recorded against the majority of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 415.51 65.60 Td (The Company has determined that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td (is more likely than not that some portion of the state net operating loss and credit carryforwards will be realized and has not ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (provided a valuation allowance on a portion of the state net operating loss and credit carryforwards. ) Tj ET Q q 0 0 0 rg BT 453.20 742.10 Td (At January31, 2016, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company had net operating losses carried forward for federal and state income tax purposes, expiring at various dates through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2035 if not utilized. Federal net operating losses that can potentially be carried forward totaled approximately $19,859,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (January31, 2016. State net operating losses that can potentially be carried forward totaled approximately $45,390,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (January31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Because the Company has recorded a valuation allowance for the majority of deferred tax assets, the ef) Tj ET Q q 0 0 0 rg BT 462.15 670.10 Td (fective tax rate for 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (may be low) Tj ET Q q 0 0 0 rg BT 96.01 658.10 Td (, with income tax being primarily income and franchise taxes as required by various states.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Results of Operations \(2015 vs. 2014\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (Financial Results and Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (The Company earned a pre-tax profit of $918,000 on net sales of $164,052,000 for the fiscal year ended January 31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (compared to pre-tax loss of $2,733,000 on net sales of $155,042,000 in the fiscal year ended January 31, 2014. Net earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (per share were $0.06 for the fiscal year ended January31, 2015, compared to net loss per share of $0.12 in the prior year) Tj ET Q q 0 0 0 rg BT 531.78 550.10 Td (. Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (flow provided by operations was $1,659,000 for the fiscal year ended January31, 2015, compared to cash flow used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (operations of $243,000 in the prior year) Tj ET Q q 0 0 0 rg BT 208.57 526.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.60 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 479.60 Td (irco's sales increased by 5.8% in 2015 to $164,052,000 compared to $155,042,000 in 2014. ) Tj ET Q q 0 0 0 rg BT 426.24 479.60 Td (The increase in sales was caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.60 Td (by improving economic conditions that had a favorable impact on operating budgets for school spending of) Tj ET Q q 0 0 0 rg BT 479.44 467.60 Td (fset slightly by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.60 Td (reduction in completions of bond-funded projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 434.60 Td (olume increased by approximately $9 million, with no significant changes in price. Sales of ) Tj ET Q q 0 0 0 rg BT 427.05 434.60 Td (V) Tj ET Q q 0 0 0 rg BT 433.67 434.60 Td (irco's new products, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (Analogy, Zuma, Civitas and Sage increased by nearly $3.9 million, and were supplemented with increases of $5.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (million in other product lines. Sales for project orders declined by approximately $2.7 million in 2015 compared to project ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (orders in 2014 as a result of reduced bond-funded projects. Orders rates continued to be volatile and seasonal in 2015, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (shift to a greater percentage of orders received in the summer months. Historically) Tj ET Q q 0 0 0 rg BT 381.46 386.60 Td (, June has been our lar) Tj ET Q q 0 0 0 rg BT 470.69 386.60 Td (gest month for orders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.60 Td (In 2015, for the first time July orders exceeded June orders. ) Tj ET Q q 0 0 0 rg BT 293.08 374.60 Td (The delay in receipt of orders combined with many school districts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.60 Td (accelerating back to school dates exacerbated our traditional seasonal cycle. Increased fourth quarter shipments contributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.60 Td (a $1.7 million decrease in backlog at January 31, 2015 compared to January 31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.60 Td (Although the fourth quarter is typically a very slow period for the Company) Tj ET Q q 0 0 0 rg BT 353.17 329.60 Td (, the fourth quarter revenue increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.60 Td ($25,354,000, compared to $19,480,000 in the prior year) Tj ET Q q 0 0 0 rg BT 273.29 317.60 Td (. ) Tj ET Q q 0 0 0 rg BT 280.61 317.60 Td (The increase in revenue was attributable to timing of shipments. ) Tj ET Q q 0 0 0 rg BT 542.02 317.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.60 Td (company began the fourth quarter with $3 million higher backlog than the prior year and ended the fourth quarter with $1.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.60 Td (million lower backlog. Orders for the fourth quarter were slightly higher than the prior year) Tj ET Q q 0 0 0 rg BT 417.67 293.60 Td (. ) Tj ET Q q 0 0 0 rg BT 424.99 293.60 Td (The increase in fourth quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (revenue contributed to increased gross mar) Tj ET Q q 0 0 0 rg BT 221.70 281.60 Td (gin and operating income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (Cost of sales was 66.2% of sales in 2015 and 66.1% of sales in 2014. ) Tj ET Q q 0 0 0 rg BT 328.30 235.10 Td (As a percentage of sales, there were no significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (changes in selling price or material costs during the year) Tj ET Q q 0 0 0 rg BT 275.21 223.10 Td (. ) Tj ET Q q 0 0 0 rg BT 280.02 223.10 Td (The Company incurred slightly higher direct labor costs, substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 211.10 Td (fset by reduction in overhead spending.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.60 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 138.90 185.60 Td (Administrative and Other) Tj ET Q q 0 0 0 rg BT 249.83 185.60 Td ( Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.60 Td (Selling, general and administrative and other expenses for the fiscal year ended January31, 2015, decreased by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.60 Td ($1 million compared to the prior year) Tj ET Q q 0 0 0 rg BT 199.56 152.60 Td (, and were 32.3% of sales as compared to 34.8% in the prior year) Tj ET Q q 0 0 0 rg BT 459.47 152.60 Td (. ) Tj ET Q q 0 0 0 rg BT 466.79 152.60 Td (The primary reason for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (this decrease in absolute dollars was $1.4 million of restructuring costs in 2014 related to a reduction in force as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td ($0.3 million in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 107.60 Td (arehousing, freight and classroom delivery costs were increased in dollars but declined by 0.3% as a percentage of sales. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.60 Td (Selling costs were level with prior year and declined by 0.6% as a percentage of sales. G&A) Tj ET Q q 0 0 0 rg BT 421.27 95.60 Td ( spending decreased slightly) Tj ET Q q 0 0 0 rg BT 533.65 95.60 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.60 Td (decreased slightly as a percentage of sales due to a decrease in litigation expenses. ) Tj ET Q q 0 0 0 rg BT 384.13 83.60 Td (The Company expended funds in 2014 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.60 Td (protect patents on certain products. ) Tj ET Q q 0 0 0 rg BT 192.55 71.60 Td (There was no comparable expense in the current year) Tj ET Q q 0 0 0 rg BT 405.23 71.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.60 Td (Interest expense was $152,000 more in 2015 compared to 2014 as a result of increased average borrowing.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 742.25 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 742.25 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 742.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (The Company has incurred a cumulative operating loss for the five years ended January 31, 2014 and for each individual year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (therein. ) Tj ET Q q 0 0 0 rg BT 85.08 709.25 Td (While the Company has taken significant measures to cause its return to profitability 2015, the short-term outlook for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (the school furniture market remains challenging. Based on these considerations, at January31, 2015 and January31, 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Company determined the realization of a majority of the net deferred tax assets did not meet the more likely than not criteria, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (and a valuation allowance was recorded against the majority of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 415.51 673.25 Td (The Company has determined that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (is more likely than not that some portion of the state net operating loss and credit carryforwards will be realized and has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (provided a valuation allowance on a portion of the state net operating loss and credit carryforwards. ) Tj ET Q q 0 0 0 rg BT 453.20 649.25 Td (At January31, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (Company had net operating losses carried forward for federal and state income tax purposes, expiring at various dates through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (2035 if not utilized. Federal net operating losses that can potentially be carried forward totaled approximately $26,340,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (January31, 2015. State net operating losses that can potentially be carried forward totaled approximately $54,332,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (January31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (Because the Company has recorded a valuation allowance for the majority of deferred tax assets, the ef) Tj ET Q q 0 0 0 rg BT 462.15 577.25 Td (fective tax rate for 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (may be low) Tj ET Q q 0 0 0 rg BT 96.01 565.25 Td (, with income tax being primarily income and franchise taxes as required by various states.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (Inflation and Futur) Tj ET Q q 0 0 0 rg BT 133.17 539.75 Td (e Change in Prices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 518.75 Td (e commit to annual contracts that determine selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 475.04 518.75 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 506.75 Td (. ) Tj ET Q q 0 0 0 rg BT 82.31 506.75 Td (Though the Company has negotiated flexibility under many of these contracts that may allow the Company to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.75 Td (prices on future orders, the Company does not have the ability to raise prices on orders received prior to any announced price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.75 Td (increase. Due to the intensely seasonal nature of our business, the Company may receive significant orders during the first and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.75 Td (second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 297.51 470.75 Td (W) Tj ET Q q 0 0 0 rg BT 306.55 470.75 Td (ith respect to any of the contracts described above, if the costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.75 Td (of providing our products or services increase between the date the orders are received and the shipping date, we may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.75 Td (able to implement corresponding increases in our sales prices for such products or services in order to of) Tj ET Q q 0 0 0 rg BT 467.75 446.75 Td (fset the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.75 Td (increased costs. During 2016, the costs of steel and plastic declined. During 2015 and 2014, the costs for raw materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.75 Td (purchased by the Company were stable. ) Tj ET Q q 0 0 0 rg BT 214.21 422.75 Td (These years contrast with 2012, when the Company incurred an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.75 Td (approximately 30% in the cost of steel during the second quarter) Tj ET Q q 0 0 0 rg BT 307.86 410.75 Td (, and nearly a 30% increase in the cost of certain plastics over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.75 Td (the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 172.84 398.75 Td (These cost increases adversely impacted gross mar) Tj ET Q q 0 0 0 rg BT 375.91 398.75 Td (gins in 2012 for products shipped during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.75 Td (summer season.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.75 Td (For 2017, the Company anticipates continued volatility in costs, particularly with respect to certain raw materials, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.75 Td (transportation, and ener) Tj ET Q q 0 0 0 rg BT 144.51 353.75 Td (gy) Tj ET Q q 0 0 0 rg BT 153.86 353.75 Td (. ) Tj ET Q q 0 0 0 rg BT 158.31 353.75 Td (Anticipated adverse volatility for 2017 is not expected to be as severe as experienced in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.75 Td (years, such as 2012. ) Tj ET Q q 0 0 0 rg BT 135.08 341.75 Td (There is continued uncertainty with respect to steel and other raw material costs, especially of plastics, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.75 Td (that are af) Tj ET Q q 0 0 0 rg BT 89.79 329.75 Td (fected by the price of oil. ) Tj ET Q q 0 0 0 rg BT 195.12 329.75 Td (T) Tj ET Q q 0 0 0 rg BT 200.88 329.75 Td (ransportation costs may be adversely af) Tj ET Q q 0 0 0 rg BT 358.70 329.75 Td (fected by increased oil prices, in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.75 Td (increased operation costs for our fleet, and surchar) Tj ET Q q 0 0 0 rg BT 251.96 317.75 Td (ges on freight paid to third-party carriers. ) Tj ET Q q 0 0 0 rg BT 422.00 317.75 Td (V) Tj ET Q q 0 0 0 rg BT 428.62 317.75 Td (irco depends upon third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.75 Td (carriers for more than 90% of customer deliveries. Subsequent to 2010, many carriers went out of business or were required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.75 Td (reduce the size of their fleets due to economic conditions, and have not increased the fleets as the economy has improved. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.75 Td (Recent regulation and more stringent enforcement of federal regulations governing the transportation industry \(especially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.75 Td (regarding drivers\) have adversely impacted the cost and availability of freight services. ) Tj ET Q q 0 0 0 rg BT 403.02 269.75 Td (V) Tj ET Q q 0 0 0 rg BT 409.64 269.75 Td (irco expects to incur continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.75 Td (pressure on employee benefit costs. ) Tj ET Q q 0 0 0 rg BT 197.28 257.75 Td (The Company has renewed health insurance contracts for its employees through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.75 Td (December2016, but costs subsequent to that date may be adversely impacted by current legislation, claim costs, and industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.75 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 111.20 233.75 Td (V) Tj ET Q q 0 0 0 rg BT 117.82 233.75 Td (irco has aggressively addressed these costs by reducing headcount, freezing pension benefits and passing on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.75 Td (portion of increased medical costs to employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 200.75 Td (o recover the cumulative impact of increased costs, the Company raised the list prices for ) Tj ET Q q 0 0 0 rg BT 415.11 200.75 Td (V) Tj ET Q q 0 0 0 rg BT 421.73 200.75 Td (irco's products in 2016, 2015, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.75 Td (2014. Due to current economic conditions, the Company anticipates continued significant price competition in 2017, and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.75 Td (not be able to raise prices without risk of losing market share. ) Tj ET Q q 0 0 0 rg BT 301.42 176.75 Td (The Company anticipates that the volatility of commodity costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.75 Td (will not be as significant in 2017 as experienced in 2012. ) Tj ET Q q 0 0 0 rg BT 282.45 164.75 Td (As a significant portion of ) Tj ET Q q 0 0 0 rg BT 389.75 164.75 Td (V) Tj ET Q q 0 0 0 rg BT 396.37 164.75 Td (irco's business is obtained through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.75 Td (competitive bids, the Company is carefully considering material and transportation costs as part of the bidding process. ) Tj ET Q q 0 0 0 rg BT 531.37 152.75 Td (T) Tj ET Q q 0 0 0 rg BT 536.78 152.75 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.75 Td (material costs for 2017, as a percentage of sales, could be higher than in 2016. ) Tj ET Q q 0 0 0 rg BT 367.77 140.75 Td (The Company is working to control and reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.75 Td (costs by improving production and distribution methodologies, investigating new packaging and shipping materials, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.75 Td (searching for new sources of purchased components and raw materials.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 91.25 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 70.25 Td (orking Capital Requir) Tj ET Q q 0 0 0 rg BT 154.28 70.25 Td (ements) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 742.10 Td (irco addresses liquidity and working capital requirements in the context of short-term seasonal requirements and long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (capital requirements of the business. ) Tj ET Q q 0 0 0 rg BT 200.61 730.10 Td (The Company's core business of selling furniture to publicly funded educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (institutions is extremely seasonal. ) Tj ET Q q 0 0 0 rg BT 189.80 718.10 Td (The seasonal nature of this business permeates most of ) Tj ET Q q 0 0 0 rg BT 411.51 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 418.13 718.10 Td (irco's operational, capital, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (financing decisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (The Company's working capital requirements during and in anticipation of the peak summer season oblige management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 200.05 673.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 217.36 673.10 Td (V) Tj ET Q q 0 0 0 rg BT 223.98 673.10 Td (irco's assets, liabilities, revenues and expenses. Management expends a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (amount of time during the year) Tj ET Q q 0 0 0 rg BT 173.73 661.10 Td (, and especially in the first quarter) Tj ET Q q 0 0 0 rg BT 309.67 661.10 Td (, developing a stocking plan and estimating the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (employees, the amount of raw materials, and the types of components and products that will be required during the peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (season. If management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 317.23 637.10 Td (V) Tj ET Q q 0 0 0 rg BT 323.85 637.10 Td (irco's ability to fill customer orders on a timely basis or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (provide adequate customer service may be diminished. If management overestimates any of these requirements, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (may be required to absorb higher storage, labor and related costs, each of which may af) Tj ET Q q 0 0 0 rg BT 399.41 613.10 Td (fect profitability) Tj ET Q q 0 0 0 rg BT 464.01 613.10 Td (. On an ongoing basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (management evaluates such estimates, including those related to market demand, labor costs, and inventory levels, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (continually strives to improve ) Tj ET Q q 0 0 0 rg BT 172.02 589.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.64 589.10 Td (irco's ability to correctly forecast business requirements during the peak season each year) Tj ET Q q 0 0 0 rg BT 535.32 589.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (As part of ) Tj ET Q q 0 0 0 rg BT 92.31 568.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.93 568.10 Td (irco's ef) Tj ET Q q 0 0 0 rg BT 130.26 568.10 Td (forts to address seasonality) Tj ET Q q 0 0 0 rg BT 237.64 568.10 Td (, financial performance and quality without sacrificing service or market share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (management has been refining the Company's ) Tj ET Q q 0 0 0 rg BT 236.20 556.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.31 556.10 Td (TS operating model. ) Tj ET Q q 0 0 0 rg BT 328.69 556.10 Td (A) Tj ET Q q 0 0 0 rg BT 334.80 556.10 Td (TS is ) Tj ET Q q 0 0 0 rg BT 357.96 556.10 Td (V) Tj ET Q q 0 0 0 rg BT 364.58 556.10 Td (irco's version of mass-customization, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (assembles standard, stocked components into customized configurations before shipment. ) Tj ET Q q 0 0 0 rg BT 414.18 544.10 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 478.75 544.10 Td (A) Tj ET Q q 0 0 0 rg BT 484.87 544.10 Td (TS program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (reduces the total amount of inventory and working capital needed to support a given level of sales. It does this by increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (the inventory's versatility) Tj ET Q q 0 0 0 rg BT 150.58 520.10 Td (, delaying assembly until the last moment, and reducing the amount of warehouse space needed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (store finished goods. In order to provide one stop shopping for all FF&E needs, ) Tj ET Q q 0 0 0 rg BT 381.71 508.10 Td (V) Tj ET Q q 0 0 0 rg BT 388.33 508.10 Td (irco purchases and re-sells certain finished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (goods from other furniture manufacturers. ) Tj ET Q q 0 0 0 rg BT 223.37 496.10 Td (When practical, these furniture items are drop shipped from the Company's supplier) Tj ET Q q 0 0 0 rg BT 558.41 496.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Where cost ef) Tj ET Q q 0 0 0 rg BT 105.34 484.10 Td (fective, the Company will bring the item into the ) Tj ET Q q 0 0 0 rg BT 302.90 484.10 Td (V) Tj ET Q q 0 0 0 rg BT 309.52 484.10 Td (irco warehouse and the third party products will be shipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (along with product manufactured by ) Tj ET Q q 0 0 0 rg BT 197.83 472.10 Td (V) Tj ET Q q 0 0 0 rg BT 204.45 472.10 Td (irco. ) Tj ET Q q 0 0 0 rg BT 227.32 472.10 Td (The Company did not carry material amounts of vendor inventory during the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (years ended January 31, 2016 or 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 439.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 439.10 Td (irco finances its lar) Tj ET Q q 0 0 0 rg BT 181.22 439.10 Td (gest balance of accounts receivable during the peak season. ) Tj ET Q q 0 0 0 rg BT 420.94 439.10 Td (This occurs for three primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (reasons. First, accounts receivable balances naturally increase during the peak season as shipments of products increase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (than commercial customers. ) Tj ET Q q 0 0 0 rg BT 167.28 403.10 Td (Third, many summer deliveries may be projects where the Company provides furniture for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (new school or significant refurbishment of an existing school. Projects may require architect sign of) Tj ET Q q 0 0 0 rg BT 451.93 391.10 Td (f, school board approval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (prior to payment, or punch list completion, all of which can delay payment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (As a result of the seasonality of our business, our manufacturing and distribution capacity is dictated by the capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (requirement during the months of June, July) Tj ET Q q 0 0 0 rg BT 226.26 343.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 247.65 343.10 Td (August. Because of this seasonality) Tj ET Q q 0 0 0 rg BT 391.42 343.10 Td (, factory utilization is lower during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (slow season. ) Tj ET Q q 0 0 0 rg BT 105.37 331.10 Td (The Company utilizes a variety of tactics to address the seasonality of its business. During the summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (which comprise our second and third fiscal quarters, our personnel utilization generally is at or close to full capacity) Tj ET Q q 0 0 0 rg BT 513.93 319.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.25 319.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Company utilizes temporary labor and significant overtime to meet the seasonal requirements. During the slow portions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 295.10 Td (, temporary labor and overtime are eliminated to moderate the of) Tj ET Q q 0 0 0 rg BT 325.69 295.10 Td (f-season costs. Our manufacturing facility capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (utilization generally remains less than 100% during these of) Tj ET Q q 0 0 0 rg BT 289.76 283.10 Td (f-season months; because physical structure capacity cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (adjusted as readily as personnel capacity) Tj ET Q q 0 0 0 rg BT 211.79 271.10 Td (, we have secured suf) Tj ET Q q 0 0 0 rg BT 297.40 271.10 Td (ficient physical structure capacity to accommodate our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (needs as well as for anticipated future growth. Our physical structure utilization is significantly lower during the first and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (fourth quarters of each year than it is during the second and third quarters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (The Company utilizes a comparable strategy to address warehousing and distribution requirements. During summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (temporary labor is hired to supplement experienced warehouse and distribution personnel. More than 90% of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (freight is provided by third-party carriers. ) Tj ET Q q 0 0 0 rg BT 221.43 199.10 Td (The Company has secured suf) Tj ET Q q 0 0 0 rg BT 341.77 199.10 Td (ficient warehouse capacity to accommodate our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (current needs as well as anticipated future growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (As the capital required for the summer season generally exceeds cash available from operations, ) Tj ET Q q 0 0 0 rg BT 437.17 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 443.79 166.10 Td (irco has historically relied on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (third-party bank financing to meet seasonal cash flow requirements. On December22, 201) Tj ET Q q 0 0 0 rg BT 414.79 154.10 Td (1 \(the Closing Date\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Company and ) Tj ET Q q 0 0 0 rg BT 108.14 142.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.77 142.10 Td (irco Inc., a wholly owned subsidiary of the Company \(V) Tj ET Q q 0 0 0 rg BT 344.39 142.10 Td (irco and, together with the Company) Tj ET Q q 0 0 0 rg BT 494.81 142.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Borrowers\) entered into a Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 287.71 130.10 Td (Agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 384.06 130.10 Td (Agreement\) with PNC Bank, National ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Association, as administrative agent and lender \(PNC\). ) Tj ET Q q 0 0 0 rg BT 283.64 118.10 Td (The credit agreement has been amended twelve times subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (that date, which, among other things, extended the maturity date of the Credit ) Tj ET Q q 0 0 0 rg BT 362.14 106.10 Td (Agreement for three years until December 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.70 Td (2019, reduced the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.36 91.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.36 91.70 Td (maximum availability under the Credit ) Tj ET Q q 0 0 0 rg BT 281.83 91.70 Td (Agreement by $10,250,000 to $49,750,000, modified, eliminated, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.70 Td (waived covenants, amended seasonal advances and established sub-lines for equipment financing.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.17 742.10 Td (April 4, 2016 the Company entered into ) Tj ET Q q 0 0 0 rg BT 225.81 742.10 Td (Amendment No. 12, which retroactively modified the capital expenditure covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (at January 31, 2016 and established quarterly covenants for the fiscal year ending January 31, 2017, and extended the maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (to December 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 697.10 Td (Agreement provides the Borrowers with a secured revolving line of credit \(the Revolving Credit Facility\) of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td ($49,750,000, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (up to $3,000,000 for issuances of letters of credit. ) Tj ET Q q 0 0 0 rg BT 253.38 673.10 Td (The Revolving Credit Facility is an asset-based line of credit that is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (to a borrowing base limitation and generally provides for advances of up to 85% of eligible accounts receivable, plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (percentage equal to the lesser of 60% of the value of eligible inventory or 85% of the liquidation value of eligible inventory) Tj ET Q q 0 0 0 rg BT 543.92 649.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (plus an amount ranging from $8,000,000 to $14,000,000 from February 1 through July 31 of each year) Tj ET Q q 0 0 0 rg BT 460.63 637.10 Td (, minus undrawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (amounts of letters of credit and reserves. ) Tj ET Q q 0 0 0 rg BT 217.26 625.10 Td (The Revolving Credit Facility is secured by substantially all of the Borrowers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (personal property and certain of the Borrowers' real property) Tj ET Q q 0 0 0 rg BT 292.17 613.10 Td (. ) Tj ET Q q 0 0 0 rg BT 299.49 613.10 Td (The principal amount outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 504.17 613.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (and any accrued and unpaid interest is due no later than December 22, 2019, and the Revolving Credit Facility is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (certain prepayment penalties upon earlier termination of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 393.69 589.10 Td (. Prior to the maturity date, principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 202.48 577.10 Td (Agreement may be repaid and reborrowed at the option of the Borrowers without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (premium or penalty) Tj ET Q q 0 0 0 rg BT 128.22 565.10 Td (, subject to borrowing base limitations, seasonal adjustments and certain other conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (The Revolving Credit Facility bears interest, at the Borrowers' option, at either the ) Tj ET Q q 0 0 0 rg BT 381.44 544.10 Td (Alternate Base Rate \(as defined in the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Agreement\) or the Eurodollar Currency Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 330.18 532.10 Td (Agreement\), in each case plus an applicable mar) Tj ET Q q 0 0 0 rg BT 523.80 532.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 543.90 532.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (applicable mar) Tj ET Q q 0 0 0 rg BT 108.96 520.10 Td (gin for ) Tj ET Q q 0 0 0 rg BT 137.84 520.10 Td (Alternate Base Rate loans is a percentage within a range of 0.50% to 1.50%, and the applicable mar) Tj ET Q q 0 0 0 rg BT 536.41 520.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (for Eurodollar Currency Rate loans is a percentage within a range of 1.50% to 2.50%, in each case based on the EBITDA) Tj ET Q q 0 0 0 rg BT 534.84 508.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.70 Td (Borrowers at the end of each fiscal quarter) Tj ET Q q 0 0 0 rg BT 219.80 493.70 Td (, and may be increased at PNC's option by 2.0% during the continuance of an event) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 553.46 493.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.70 Td (of default. ) Tj ET Q q 0 0 0 rg BT 95.54 481.70 Td (Accrued interest with respect to principal amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 415.74 481.70 Td (Agreement is payable in arrears on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.70 Td (a monthly basis for ) Tj ET Q q 0 0 0 rg BT 128.88 469.70 Td (Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.70 Td (for Eurodollar Currency Rate loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.70 Td (For the year ended January 31, 2016 the Credit ) Tj ET Q q 0 0 0 rg BT 239.95 436.70 Td (Agreement contained a covenant that forbid the Company from issuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.70 Td (dividends or making payments with respect to the Company's capital stock. ) Tj ET Q q 0 0 0 rg BT 355.91 424.70 Td (As discussed above, on ) Tj ET Q q 0 0 0 rg BT 451.18 424.70 Td (April 4, 2016 the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.70 Td (entered into ) Tj ET Q q 0 0 0 rg BT 99.43 412.70 Td (Amendment No. 12 which allows the Company to pay up to $1.3 million in cash dividends and stock repurchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.70 Td (In addition, it contains numerous other covenants that limit under certain circumstances the ability of the Borrowers and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.70 Td (subsidiaries to, among other things, mer) Tj ET Q q 0 0 0 rg BT 210.07 388.70 Td (ge with or acquire other entities, incur new liens, incur additional indebtedness, sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.70 Td (assets outside of the ordinary course of business, enter into transactions with af) Tj ET Q q 0 0 0 rg BT 366.13 376.70 Td (filiates, or substantially change the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.70 Td (nature of the business of the Borrowers, taken as a whole. ) Tj ET Q q 0 0 0 rg BT 285.86 364.70 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 330.85 364.70 Td (Agreement also requires the Company to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.70 Td (following financial maintenance covenants: \(1\) a minimum tangible net worth amount, \(2\) a minimum fixed char) Tj ET Q q 0 0 0 rg BT 502.47 352.70 Td (ge coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.70 Td (ratio, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 188.86 340.70 Td ( amount, in each case as of the end of the relevant monthly) Tj ET Q q 0 0 0 rg BT 423.41 340.70 Td (, quarterly or annual measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.70 Td (period. ) Tj ET Q q 0 0 0 rg BT 82.50 328.70 Td (As of January31, 2016 the Credit ) Tj ET Q q 0 0 0 rg BT 219.70 328.70 Td (Agreement required the Company to maintain: \(1\) a minimum tangible net worth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.70 Td (at least $21,346,000 for the fiscal quarter ending January31, 2016, \(2\) a minimum fixed char) Tj ET Q q 0 0 0 rg BT 422.77 316.70 Td (ge coverage ratio of at least 1.00 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.70 Td (to 1.00 for the four consecutive fiscal quarters ending January31, 2016, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 455.73 304.70 Td ( amount of $6,137,000 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.70 Td (the twelve consecutive fiscal months ending January31, 2016. ) Tj ET Q q 0 0 0 rg BT 305.31 292.70 Td (The actual results of the Company with respect to the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.70 Td (financial covenants for the period ending January31, 2016 were as follows: \(1\) the Company maintained a tangible net worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.70 Td (of $33,312,000 for the fiscal year ending January31, 2016, \(2\) the Company maintained a fixed char) Tj ET Q q 0 0 0 rg BT 453.59 268.70 Td (ge coverage ratio of more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.70 Td (than 5.28 to 1.00 for the four consecutive fiscal quarters ended January31, 2016 , and \(3\) the Company achieved EBITDA) Tj ET Q q 0 0 0 rg BT 540.42 256.70 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.70 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 244.70 Td (1,198,000 for the twelve consecutive fiscal months ending January31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.70 Td (In addition, the Credit ) Tj ET Q q 0 0 0 rg BT 140.26 223.70 Td (Agreement contains a clean down provision that requires the Company to reduce borrowings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.70 Td (line to less than $6,000,000 for a period of 60consecutive days each fiscal year) Tj ET Q q 0 0 0 rg BT 367.12 211.70 Td (. ) Tj ET Q q 0 0 0 rg BT 371.94 211.70 Td (The Company believes that normal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.70 Td (cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity) Tj ET Q q 0 0 0 rg BT 491.05 199.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.70 Td (The Company was in violation of its capital expenditure covenant for the relevant period ended January31, 2016. However) Tj ET Q q 0 0 0 rg BT 546.39 178.70 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.70 Td (noted above, on ) Tj ET Q q 0 0 0 rg BT 115.54 166.70 Td (April 4, 2016 the Company entered into ) Tj ET Q q 0 0 0 rg BT 277.18 166.70 Td (Amendment No. 12, which modified the capital expenditure covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.70 Td (as of January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 147.58 154.70 Td (The Company was in compliance with the modified covenant. ) Tj ET Q q 0 0 0 rg BT 400.94 154.70 Td (The Company expects to be in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.70 Td (compliance for the next fiscal year) Tj ET Q q 0 0 0 rg BT 187.99 142.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (Events of default \(subject to certain cure periods and other limitations\) under the Credit ) Tj ET Q q 0 0 0 rg BT 402.11 121.70 Td (Agreement include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (to, \(i\) non-payment of principal, interest or other amounts due under the Credit ) Tj ET Q q 0 0 0 rg BT 367.42 109.70 Td (Agreement, \(ii\) the violation of terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (covenants, representations or warranties in the Credit ) Tj ET Q q 0 0 0 rg BT 264.93 97.70 Td (Agreement or related loan documents, \(iii\) any event of default under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.70 Td (agreements governing certain indebtedness of the Borrowers and certain defaults by the Borrowers under other agreements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.70 Td (would materially adversely af) Tj ET Q q 0 0 0 rg BT 168.94 73.70 Td (fect the Borrowers, \(iv\) certain events of bankruptcy) Tj ET Q q 0 0 0 rg BT 378.21 73.70 Td (, insolvency or liquidation involving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.70 Td (Borrowers, \(v\) judgments or judicial actions against the Borrowers in excess of $250,000, subject to certain conditions, \(vi\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.70 Td (failure of the Company to comply with Pension Benefit Plans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 397.44 49.70 Td (Agreement\), \(vii\) the invalidity of loan ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (documents pertaining to the Credit ) Tj ET Q q 0 0 0 rg BT 190.81 742.10 Td (Agreement, \(viii\) a change of control of the Borrowers and \(ix\) the interruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (operations of any of the Borrowers' manufacturing facilities for five consecutive days during the peak season or fifteen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consecutive days during any other time, subject to certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Pursuant to the Credit ) Tj ET Q q 0 0 0 rg BT 139.44 697.10 Td (Agreement, substantially all of the Borrowers' accounts receivable are automatically and promptly swept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Borrowers. Due to this automatic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (liquidating nature of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 250.42 673.10 Td (, if the Borrowers breach any covenant, violate any representation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (warranty or suf) Tj ET Q q 0 0 0 rg BT 110.91 661.10 Td (fer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Borrowers may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (and warranties set forth in the Credit ) Tj ET Q q 0 0 0 rg BT 198.57 637.10 Td (Agreement contain limited or no materiality thresholds, and many of the representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (and warranties must be true and correct in all material respects upon each borrowing, which the Borrowers expect to occur on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 124.54 613.10 Td (There can be no assurance that the Borrowers will be able to comply with all such covenants and be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (continue to make such representations and warranties on an ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (season. ) Tj ET Q q 0 0 0 rg BT 83.98 568.10 Td (The Company believes that the Revolving Credit Facility will provide suf) Tj ET Q q 0 0 0 rg BT 378.75 568.10 Td (ficient liquidity to meet its capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (requirements in the next 12 months. ) Tj ET Q q 0 0 0 rg BT 195.81 556.10 Td (Approximately $12,943,000 was available for borrowing as of January31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (Long-T) Tj ET Q q 0 0 0 rg BT 81.31 530.60 Td (erm Capital Requir) Tj ET Q q 0 0 0 rg BT 165.01 530.60 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.60 Td (In addition to short-term liquidity considerations, the Company continually evaluates long-term capital requirements. From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.60 Td (1998 through 2001, the Company completed two lar) Tj ET Q q 0 0 0 rg BT 259.23 497.60 Td (ge capital projects, which have had significant subsequent ef) Tj ET Q q 0 0 0 rg BT 501.46 497.60 Td (fects on cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.60 Td (flow) Tj ET Q q 0 0 0 rg BT 67.68 485.60 Td (. ) Tj ET Q q 0 0 0 rg BT 75.00 485.60 Td (The first project was the implementation of the SAP) Tj ET Q q 0 0 0 rg BT 283.47 485.60 Td ( enterprise resources planning system. ) Tj ET Q q 0 0 0 rg BT 440.75 485.60 Td (The second project was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.60 Td (expansion and re-configuration of the Conway) Tj ET Q q 0 0 0 rg BT 235.68 473.60 Td (, ) Tj ET Q q 0 0 0 rg BT 240.13 473.60 Td (Arkansas, manufacturing and distribution facility) Tj ET Q q 0 0 0 rg BT 436.38 473.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (Upon completion of these projects, the Company dramatically reduced capital spending. During 2002-2006 capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (expenditures ranged from 25%-40% of depreciation expense, and has remained below depreciation since that time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (Management intends to limit future capital spending until growth in sales volume fully utilizes the new plant and distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (capacity) Tj ET Q q 0 0 0 rg BT 82.66 413.60 Td (. Capital expenditures will continue to focus on automation, both in the factory and software applications, and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (product development along with the tooling and new processes required to produce new products. ) Tj ET Q q 0 0 0 rg BT 446.38 401.60 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (established a goal of limiting capital spending to less than $4,000,000 for 2017, which is less than anticipated depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (Asset Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (The Company made substantial investments in its infrastructure in 1999, 2000, and 2001. ) Tj ET Q q 0 0 0 rg BT 412.26 331.10 Td (The investments included a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (factory) Tj ET Q q 0 0 0 rg BT 77.67 319.10 Td (, new warehouse, and new production and distribution equipment. Much of the tooling, machinery) Tj ET Q q 0 0 0 rg BT 473.04 319.10 Td (, and equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (acquired at this time is now fully or substantially depreciated. ) Tj ET Q q 0 0 0 rg BT 301.42 307.10 Td (The factory) Tj ET Q q 0 0 0 rg BT 347.13 307.10 Td (, warehouse, and equipment acquired are used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (produce, store, and ship a variety of product lines, and the use of any one piece of equipment is not dependent on the success or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (volume of any individual product. New products are designed to use as many common or existing components as practical. ) Tj ET Q q 0 0 0 rg BT 549.60 283.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (a result, both our ) Tj ET Q q 0 0 0 rg BT 119.71 271.10 Td (A) Tj ET Q q 0 0 0 rg BT 125.83 271.10 Td (TS inventory components and the machines used to produce them become more versatile. ) Tj ET Q q 0 0 0 rg BT 489.71 271.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (evaluates the potential for impaired assets on a quarterly basis. ) Tj ET Q q 0 0 0 rg BT 304.92 259.10 Td (As of January31, 2016, there has been no impairment to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (long-lived assets of the Company) Tj ET Q q 0 0 0 rg BT 183.22 247.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (The Company has no intangible assets on its Consolidated Balance Sheet at January31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.60 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.60 Td (The Company leases manufacturing, transportation, and of) Tj ET Q q 0 0 0 rg BT 284.75 176.60 Td (fice equipment, as well as real estate under a variety of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.60 Td (leases. ) Tj ET Q q 0 0 0 rg BT 81.20 164.60 Td (The Company leases substantially all vehicles, including trucks and passenger cars under operating leases where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.60 Td (lessor provides fleet management services for the Company) Tj ET Q q 0 0 0 rg BT 288.44 152.60 Td (. ) Tj ET Q q 0 0 0 rg BT 295.76 152.60 Td (The fleet management services provide ) Tj ET Q q 0 0 0 rg BT 455.23 152.60 Td (V) Tj ET Q q 0 0 0 rg BT 461.86 152.60 Td (irco with operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 140.60 Td (ficiencies relating to the acquisition, administration, and operation of leased vehicles. Real estate leases have been used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (where the Company did not want to make a long-term commitment to a location, or when economic conditions favored leasing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 116.60 Td (T) Tj ET Q q 0 0 0 rg BT 73.28 116.60 Td (orrance manufacturing and distribution facility is leased under an operating lease that expires on February28, 2020. ) Tj ET Q q 0 0 0 rg BT 541.84 116.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (Company does not have any lease obligations or purchase commitments in excess of normal recurring obligations. Leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.60 Td (improvements and tenant improvement allowances are depreciated over the lesser of the expected life of the asset or the lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.60 Td (term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.05 50.60 Td (Contractual Obligations) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.40 742.10 Td (Payments Due by Period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 699.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 699.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 699.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 699.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 699.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 699.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 699.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 699.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 699.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 699.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 669.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 669.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 669.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 669.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 669.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 669.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 669.80 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 669.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 669.80 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 699.8 m 246.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 699.8 m 306.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 699.8 m 370.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 699.8 m 434.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 699.8 m 498.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 699.8 m 562.5 699.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 654.8 m 306.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 640.8 m 306.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 638.8 m 306.5 638.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 654.8 m 370.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 640.8 m 370.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 638.8 m 370.5 638.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 654.8 m 434.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 640.8 m 434.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 638.8 m 434.5 638.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 654.8 m 498.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 640.8 m 498.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 638.8 m 498.5 638.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 654.8 m 562.5 654.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 640.8 m 562.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 638.8 m 562.5 638.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 704.05 Td (In thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.25 704.03 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.65 712.03 Td (Less than 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.50 704.03 Td (year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.55 704.03 Td (1-3 years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.55 704.03 Td (3-5years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.95 712.03 Td (Morethan5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.85 704.03 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 690.37 Td (Long-term debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 689.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 689.47 Td (6,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 689.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 689.47 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 689.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 689.47 Td (6,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 689.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 689.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 689.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 689.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 675.37 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 674.47 Td (17,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 674.47 Td (4,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 674.47 Td (8,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 674.47 Td (4,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 674.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.37 Td (Purchase obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 659.47 Td (12,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 659.47 Td (12,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 659.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 659.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 659.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 644.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 644.47 Td (36,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 644.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 644.47 Td (17,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 644.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 644.47 Td (14,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 644.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 644.47 Td (4,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 644.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 644.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.30 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 607.30 Td (irco's lar) Tj ET Q q 0 0 0 rg BT 90.73 607.30 Td (gest market is publicly funded school districts. ) Tj ET Q q 0 0 0 rg BT 281.53 607.30 Td (A) Tj ET Q q 0 0 0 rg BT 288.20 607.30 Td ( significant portion of this business is awarded on a bid basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.30 Td (Many school districts require that a bid bond be posted as part of the bid package. In addition to bid bonds, many districts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.30 Td (require a performance bond when the bid is awarded. ) Tj ET Q q 0 0 0 rg BT 267.42 583.30 Td (At January31, 2016, the Company had bonds outstanding valued at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.30 Td (approximately $1,009,000. ) Tj ET Q q 0 0 0 rg BT 162.58 571.30 Td (T) Tj ET Q q 0 0 0 rg BT 167.99 571.30 Td (o the best of management's knowledge, in over 66years of selling to schools, ) Tj ET Q q 0 0 0 rg BT 479.54 571.30 Td (V) Tj ET Q q 0 0 0 rg BT 486.16 571.30 Td (irco has never had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.30 Td (a bid or performance bond called.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.30 Td (The Company provides a warranty against all substantial defects in material and workmanship. In 2006 the Company extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.30 Td (its standard warranty from five years to 10years. Ef) Tj ET Q q 0 0 0 rg BT 260.58 526.30 Td (fective February 1, 2014, the Company of) Tj ET Q q 0 0 0 rg BT 428.13 526.30 Td (fered a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 557.43 526.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.30 Td (The Company does not believe that the new warranty policy will have a significant impact on warranty expense. ) Tj ET Q q 0 0 0 rg BT 504.68 514.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.30 Td (Company's warranty is not a guarantee of service life, which depends upon events outside the Company's control and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.30 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 490.30 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 194.30 490.30 Td (The Company accrues an estimate of its exposure to warranty claims based upon both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.30 Td (product sales data, and an analysis of actual warranty claims incurred. ) Tj ET Q q 0 0 0 rg BT 334.34 478.30 Td (At the current time, management cannot reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.30 Td (determine whether warranty claims for the upcoming fiscal year will be less than, equal to, or greater than warranty claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.30 Td (incurred in 2016. ) Tj ET Q q 0 0 0 rg BT 123.41 454.30 Td (The following is a summary of the Company's warranty-claim activity during 2016 and 2015.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 408.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 408.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 408.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 378.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 378.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 378.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 348.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 348.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 348.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 408.8 m 428.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 408.8 m 493.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 408.8 m 493.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348.8 m 493.5 348.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348.8 m 562.5 348.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 334.8 m 493.5 334.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 332.8 m 493.5 332.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 334.8 m 562.5 334.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 332.8 m 562.5 332.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 426.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 426.03 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 413.05 Td (In thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 413.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 413.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.37 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 398.47 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 398.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.37 Td (Provision for current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 383.47 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 383.47 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.47 Td (Provision for prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 368.52 Td (\(250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 368.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 368.52 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 368.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.37 Td (Costs incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 353.52 Td (\(375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 353.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 353.52 Td (\(442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 353.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 339.37 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 338.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 338.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 338.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 338.47 Td (950) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.80 Td (Retir) Tj ET Q q 0 0 0 rg BT 72.03 308.80 Td (ement Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.80 Td (The Company provides retirement benefits to employees and non-employee directors under three defined benefit retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.80 Td (plans; the Employee Plan, the ) Tj ET Q q 0 0 0 rg BT 171.46 275.80 Td (VIP) Tj ET Q q 0 0 0 rg BT 187.20 275.80 Td ( Plan, and the Directors Plan. ) Tj ET Q q 0 0 0 rg BT 308.94 275.80 Td (The Employee Plan is a qualified retirement plan that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.80 Td (funded through a trust held at PNC Bank \(T) Tj ET Q q 0 0 0 rg BT 225.18 263.80 Td (rustee\). ) Tj ET Q q 0 0 0 rg BT 259.70 263.80 Td (The other two plans are non-qualified retirement plans. Benefits payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.80 Td (under the ) Tj ET Q q 0 0 0 rg BT 89.80 251.80 Td (VIP) Tj ET Q q 0 0 0 rg BT 105.55 251.80 Td ( Plan are secured by life insurance policies held in a rabbi trust and the Directors Plan is not funded. ) Tj ET Q q 0 0 0 rg BT 510.25 251.80 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.80 Td (Company obtains annual actuarial valuations for all three plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.80 Td (Because the plans have been frozen for many years, there is no service cost related to the plans. In recent years, due to a lar) Tj ET Q q 0 0 0 rg BT 545.17 218.80 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.80 Td (number of lump sum benefits paid to retired and terminated employees, the Company has incurred settlement costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.80 Td (Employee Plan. In ef) Tj ET Q q 0 0 0 rg BT 136.74 194.80 Td (fort to de-risk the Employee Plan, the Company intends to continue to reach out to and of) Tj ET Q q 0 0 0 rg BT 503.41 194.80 Td (fer lump sum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.80 Td (benefits to terminated and retired employees, which may result in settlement costs in the future. ) Tj ET Q q 0 0 0 rg BT 436.93 182.80 Td (The Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.80 Td (settlement costs in 2014 and 2016. ) Tj ET Q q 0 0 0 rg BT 193.13 170.80 Td (The Company did not incur settlement costs in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.80 Td (It is the Company's policy to contribute adequate funds to the trust accounts to cover benefit payments under the ) Tj ET Q q 0 0 0 rg BT 501.78 149.80 Td (VIP) Tj ET Q q 0 0 0 rg BT 517.52 149.80 Td ( Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.80 Td (Directors Plan and to maintain the funded status of the Employee Plan at a level which is adequate to avoid significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.80 Td (restrictions to the Employee Plan under the Pension Protection ) Tj ET Q q 0 0 0 rg BT 302.46 125.80 Td (Act of 2006. ) Tj ET Q q 0 0 0 rg BT 357.54 125.80 Td (The Company contributed $1.6 million, $2.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.80 Td (million, and $1.8million, to the trust in 2016, 2015, and 2014, respectively) Tj ET Q q 0 0 0 rg BT 349.87 113.80 Td (. Contributions during 2017 will depend upon actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.80 Td (investment results and benefit payments, but are anticipated to be approximately $1.4million. During 2016, 2015, and 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.80 Td (the Company paid approximately $591,000, $580,000, and $564,000, respectively) Tj ET Q q 0 0 0 rg BT 378.18 89.80 Td (, in benefits per year under the non-qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.80 Td (plans. It is anticipated that contributions to non-qualified plans will be approximately $627,000 for 2017. ) Tj ET Q q 0 0 0 rg BT 477.14 77.80 Td (At January31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.80 Td (accumulated other comprehensive loss of approximately $16.8 million \($14.3 million net of tax\) is attributable to the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.80 Td (plans.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company does not anticipate making any significant changes to the pension assumptions in the near future. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company were to have used dif) Tj ET Q q 0 0 0 rg BT 176.73 730.10 Td (ferent assumptions in the fiscal year ended January31, 2016, a 1% reduction in investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (return would have increased expense by approximately $199,000, a 1% change in the rate of compensation increase would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (have no impact, and a 1% reduction in the discount rate would have increased expense by $568,000.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.60 Td (Stockholders' Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.60 Td (The Company entered into a credit facility with PNC Bank in December 201) Tj ET Q q 0 0 0 rg BT 356.77 659.60 Td (1 that prohibited the Company from paying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.60 Td (dividends and repurchasing any shares of its stock except in cases where a repurchase is financed by a substantially concurrent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.60 Td (issuance of new shares of the Company's common stock. In ) Tj ET Q q 0 0 0 rg BT 292.87 635.60 Td (April 2016, the Company entered into ) Tj ET Q q 0 0 0 rg BT 447.01 635.60 Td (Amendment #12 with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.60 Td (Bank allowing for up to $1.3 million for dividends and stock repurchases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 602.60 Td (irco issued a 10% stock dividend or 3/2 stock split every year beginning in 1983 through 2003. ) Tj ET Q q 0 0 0 rg BT 440.73 602.60 Td (Although the stock dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (had no cash consequences to the Company) Tj ET Q q 0 0 0 rg BT 220.42 590.60 Td (, the accounting methodology required for 10% dividends has af) Tj ET Q q 0 0 0 rg BT 477.39 590.60 Td (fected the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (section of the balance sheet. ) Tj ET Q q 0 0 0 rg BT 167.27 578.60 Td (When the Company records a 10% stock dividend, 10% of the market capitalization of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (Company on the date of the declaration is reclassified from retained earnings to additional paid-in capital. During the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (from 1983 through 2003, the cumulative ef) Tj ET Q q 0 0 0 rg BT 222.28 554.60 Td (fect of the stock dividends has been to reclassify over $122million from retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (earnings to additional paid-in capital. ) Tj ET Q q 0 0 0 rg BT 203.94 542.60 Td (The equity section of the balance sheet on January31, 2016 reflects additional paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (capital of approximately $1) Tj ET Q q 0 0 0 rg BT 159.87 530.60 Td (16million and accumulated deficit of approximately $69million. Other than the losses incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (during 2004-2006 and 201) Tj ET Q q 0 0 0 rg BT 156.01 518.60 Td (1-2014, the accumulated deficit is a result of the accounting reclassification, and is not the result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (accumulated losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (Envir) Tj ET Q q 0 0 0 rg BT 74.27 481.10 Td (onmental and Contingent Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Environmental Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 439.10 Td (irco is subject to numerous federal, state, and local environmental laws and regulations in the various jurisdictions in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (operates that \(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 350.81 427.10 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 449.76 427.10 Td (ge of materials into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (environment, as well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (liability for response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (materials. In this context, ) Tj ET Q q 0 0 0 rg BT 156.18 391.10 Td (V) Tj ET Q q 0 0 0 rg BT 162.80 391.10 Td (irco works diligently to remain in compliance with all such environmental laws and regulations as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (these af) Tj ET Q q 0 0 0 rg BT 80.63 379.10 Td (fect the Company's operations. Moreover) Tj ET Q q 0 0 0 rg BT 248.10 379.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.92 379.10 Td (V) Tj ET Q q 0 0 0 rg BT 259.54 379.10 Td (irco has enacted policies for recycling and resource recovery that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (earned repeated commendations, including: recognition by the California Department of Resources Recycling and Recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (\(CalRecycle\) in 2012 and 201) Tj ET Q q 0 0 0 rg BT 169.59 355.10 Td (1 as a ) Tj ET Q q 0 0 0 rg BT 194.68 355.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.32 355.10 Td (aste Reduction ) Tj ET Q q 0 0 0 rg BT 264.42 355.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.72 355.10 Td (wards Program \(WRAP\) honoree; recognition by the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (Environmental Protection ) Tj ET Q q 0 0 0 rg BT 154.98 343.10 Td (Agency in 2004 as a ) Tj ET Q q 0 0 0 rg BT 238.95 343.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.58 343.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 272.17 343.10 Td (ise Hall of Fame Charter Member) Tj ET Q q 0 0 0 rg BT 407.00 343.10 Td (, in 2003 as a ) Tj ET Q q 0 0 0 rg BT 462.37 343.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.01 343.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 495.59 343.10 Td (ise Partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 331.10 Td (Y) Tj ET Q q 0 0 0 rg BT 70.57 331.10 Td (ear and in 2002 as a ) Tj ET Q q 0 0 0 rg BT 152.58 331.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.22 331.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 185.80 331.10 Td (ise Program Champion for Lar) Tj ET Q q 0 0 0 rg BT 308.37 331.10 Td (ge Businesses; and recognition by the Sanitation Districts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 319.10 Td (Angeles County for compliance with industrial waste water dischar) Tj ET Q q 0 0 0 rg BT 336.14 319.10 Td (ge guidelines in 2008 through 201) Tj ET Q q 0 0 0 rg BT 472.70 319.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 485.01 319.10 Td (This is only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (partial list of ) Tj ET Q q 0 0 0 rg BT 103.42 307.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.04 307.10 Td (irco's environmental awards and commendations; for a more complete list, go to www) Tj ET Q q 0 0 0 rg BT 454.71 307.10 Td (.virco.com and click on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (the Corporate Stewardship header) Tj ET Q q 0 0 0 rg BT 185.23 295.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (In addition to these awards and commendations, ) Tj ET Q q 0 0 0 rg BT 245.33 274.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.95 274.10 Td (irco's ZUMA) Tj ET Q q 0 0 0 rg BT 304.58 274.10 Td ( and ZUMAfrd product lines were the first classroom furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (collections to earn indoor air quality certification through the stringent GREENGUARD Children& Schools Program, now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (known as Greenguard Gold certification. ) Tj ET Q q 0 0 0 rg BT 218.00 250.10 Td (As a follow-up to the certification of ZUMA) Tj ET Q q 0 0 0 rg BT 396.02 250.10 Td ( and ZUMAfrd models in 2006, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (hundreds of other ) Tj ET Q q 0 0 0 rg BT 122.86 238.10 Td (V) Tj ET Q q 0 0 0 rg BT 129.48 238.10 Td (irco furniture items - including ) Tj ET Q q 0 0 0 rg BT 254.73 238.10 Td (Analogy furniture models and ) Tj ET Q q 0 0 0 rg BT 377.29 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.71 238.10 Td (extameter instructor workstations - have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (earned GREENGUARD certification. Moreover) Tj ET Q q 0 0 0 rg BT 245.37 226.10 Td (, all ) Tj ET Q q 0 0 0 rg BT 262.68 226.10 Td (V) Tj ET Q q 0 0 0 rg BT 269.30 226.10 Td (irco products covered by the Consumer Product Safety Improvement ) Tj ET Q q 0 0 0 rg BT 546.73 226.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of 2008 are in compliance with this legislation. ) Tj ET Q q 0 0 0 rg BT 242.74 214.10 Td (All af) Tj ET Q q 0 0 0 rg BT 265.61 214.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 292.35 214.10 Td (V) Tj ET Q q 0 0 0 rg BT 298.97 214.10 Td (irco models are also in compliance with the California ) Tj ET Q q 0 0 0 rg BT 518.07 214.10 Td (Air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Resources Board rule implemented on January1, 2009, concerning formaldehyde emissions from composite wood products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Environmental laws have changed rapidly in recent years, and ) Tj ET Q q 0 0 0 rg BT 300.83 190.10 Td (V) Tj ET Q q 0 0 0 rg BT 307.46 190.10 Td (irco may be subject to more stringent environmental laws in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (the future. ) Tj ET Q q 0 0 0 rg BT 95.91 178.10 Td (The Company has expended, and may be expected to continue to expend, significant amounts in the future for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (compliance with environmental rules and regulations, for the investigation of environmental conditions, for the installation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (environmental control equipment, or remediation of environmental contamination. Normal recurring expenses relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (operating our factories in a manner that meets or exceeds environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 548.34 142.10 Td (. It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (is possible that the Company's operations may result in noncompliance with, or liability for remediation pursuant to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (environmental laws. Should such eventualities occur) Tj ET Q q 0 0 0 rg BT 260.10 118.10 Td (, the Company records liabilities for remediation costs when remediation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (costs are probable and can be reasonably estimated. See Risk Factors: ) Tj ET Q q 0 0 0 rg BT 335.83 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 344.47 106.10 Td (e could be required to incur substantial costs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (comply with environmental requirements. ) Tj ET Q q 0 0 0 rg BT 224.49 94.10 Td (V) Tj ET Q q 0 0 0 rg BT 231.11 94.10 Td (iolations of, and liabilities under) Tj ET Q q 0 0 0 rg BT 360.41 94.10 Td (, environmental laws and regulations may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (increase our costs or require us to change our business practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (In 2016 and 2015, the Company was self-insured for product and general liability losses of up to $250,000 per occurrence, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 per occurrence. In prior years ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the Company has been self-insured for workers' compensation, automobile, product, and general liability losses. ) Tj ET Q q 0 0 0 rg BT 503.45 742.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (has purchased insurance to cover losses in excess of the self-insured retention or deductible up to a limit of $30,000,000. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the insurance year beginning ) Tj ET Q q 0 0 0 rg BT 167.18 718.10 Td (April1, 2016, the Company will be self-insured for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ($250,000 per occurrence, for workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (per occurrence. In future years, the Company's exposure to self-insured retentions will vary depending upon the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (conditions in the insurance industry and the availability of cost-ef) Tj ET Q q 0 0 0 rg BT 312.25 682.10 Td (fective insurance coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (The Company has aggressively pursued a program to improve product quality) Tj ET Q q 0 0 0 rg BT 361.50 661.10 Td (, reduce product liability claims and losses, and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (aggressively defend product liability cases. ) Tj ET Q q 0 0 0 rg BT 227.27 649.10 Td (This program has continued through 2016 and has resulted in reductions in product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (liability claims and litigated product liability cases. In addition, the Company has active safety programs to improve plant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (safety and control workers' compensation losses. Management does not anticipate that any related settlement, after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (consideration of the existing reserves for claims and potential insurance recovery) Tj ET Q q 0 0 0 rg BT 373.68 613.10 Td (, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 510.38 613.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (Company's financial position, results of operations, or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 575.60 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (The Company did not enter into any material of) Tj ET Q q 0 0 0 rg BT 240.88 554.60 Td (f-balance sheet arrangements during its 2016 fiscal year) Tj ET Q q 0 0 0 rg BT 464.00 554.60 Td (, nor did the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (have any material of) Tj ET Q q 0 0 0 rg BT 131.72 542.60 Td (f-balance sheet arrangements outstanding at January31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (New ) Tj ET Q q 0 0 0 rg BT 70.83 518.60 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.59 518.60 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.60 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 160.54 485.60 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 290.80 485.60 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 347.11 485.60 Td (Accounting Standards Update No. 2014-09,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.14 485.60 Td (Revenue ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 473.60 Td (fr) Tj ET Q q 0 0 0 rg BT 56.30 473.60 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.98 473.60 Td (\("ASU 2014-09"\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.64 473.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 473.60 Td (an updated standard on revenue recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 425.80 473.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 473.60 Td (This ) Tj ET Q q 0 0 0 rg BT 450.52 473.60 Td (ASU will supersede the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (revenue recognition requirements in ) Tj ET Q q 0 0 0 rg BT 196.62 461.60 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 340.02 461.60 Td (T) Tj ET Q q 0 0 0 rg BT 345.43 461.60 Td (opic 605,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.15 461.60 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.83 461.60 Td (, and most industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (specific guidance. ) Tj ET Q q 0 0 0 rg BT 126.64 449.60 Td (ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (improving comparability in the financial statements of companies reporting using US GAAP) Tj ET Q q 0 0 0 rg BT 420.95 437.60 Td ( and International Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 139.25 425.60 Td (The core principle of the new standard is for companies to recognize revenue to depict the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (exchange for those goods or services. In doing so the Company may be required to use more judgment and make more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (estimates than under current authoritative guidance. ) Tj ET Q q 0 0 0 rg BT 259.09 389.60 Td (ASU 2014-09 will be ef) Tj ET Q q 0 0 0 rg BT 355.01 389.60 Td (fective for the Company in the first quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (2018 and may be applied on a full retrospective or modified retrospective approach. ) Tj ET Q q 0 0 0 rg BT 388.03 377.60 Td (The Company is currently evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.60 Td (impact the adoption of this standard will have on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 344.60 Td (August2014, the F) Tj ET Q q 0 0 0 rg BT 136.21 344.60 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 185.11 344.60 Td (ASU No.2014-15,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.16 344.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 272.79 344.60 Td (esentation of Financial Statements-Going Concern\(Subtopic ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (205-40\),Disclosur) Tj ET Q q 0 0 0 rg BT 125.18 332.60 Td (e of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 263.03 332.60 Td (s ) Tj ET Q q 0 0 0 rg BT 269.24 332.60 Td (Ability to Continue as a Going Concern.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.18 332.60 Td () Tj ET Q q 0 0 0 rg BT 433.50 332.60 Td (This standard sets forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.60 Td (management) Tj ET Q q 0 0 0 rg BT 103.87 320.60 Td (s responsibility to evaluate, each reporting period, whether there is substantial doubt about our ability to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.60 Td (as a going concern, and if so, to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 327.24 308.60 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 398.42 308.60 Td (fective for annual and interim reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.60 Td (periods ending after December15, 2016. ) Tj ET Q q 0 0 0 rg BT 218.37 296.60 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 296.60 Td (e are currently evaluating this new standard and expect it to have no impact on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.60 Td (financial position and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 263.60 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 128.42 263.60 Td (ASB issued an ) Tj ET Q q 0 0 0 rg BT 189.26 263.60 Td (Accounting Standards Update that requires reporting entities to present debt issuance costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (as a direct deduction from the face amount of that note payable presented in the balance sheet. ) Tj ET Q q 0 0 0 rg BT 429.11 251.60 Td (The ) Tj ET Q q 0 0 0 rg BT 446.60 251.60 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (Update is ef) Tj ET Q q 0 0 0 rg BT 98.13 239.60 Td (fective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 152.75 227.60 Td (A) Tj ET Q q 0 0 0 rg BT 159.42 227.60 Td ( reporting entity is required to apply the amendments in the ) Tj ET Q q 0 0 0 rg BT 398.53 227.60 Td (Accounting Standards Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (retrospectively to all prior periods. ) Tj ET Q q 0 0 0 rg BT 190.89 215.60 Td (The adoption of the ) Tj ET Q q 0 0 0 rg BT 271.43 215.60 Td (Accounting Standards will have no impact on our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (In July 2015, the F) Tj ET Q q 0 0 0 rg BT 124.54 182.60 Td (ASB issued authoritative guidance to simplify the subsequent measurement of inventories by replacing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (lower of cost or market test with a lower of cost and net realizable value test. ) Tj ET Q q 0 0 0 rg BT 359.99 170.60 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 435.62 170.60 Td (fective for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (beginning after December 15, 2016, which will be the Company) Tj ET Q q 0 0 0 rg BT 310.21 158.60 Td (s first quarter of fiscal 2018, and requires prospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (adoption, with early adoption permitted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.60 Td (In November 2015, the F) Tj ET Q q 0 0 0 rg BT 150.07 125.60 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 198.97 125.60 Td (Accounting Standard Update No. 2015-17, "Balance Sheet Classification of Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 113.60 Td (axes", an update to ) Tj ET Q q 0 0 0 rg BT 133.08 113.60 Td (ASC 740, Income ) Tj ET Q q 0 0 0 rg BT 207.34 113.60 Td (T) Tj ET Q q 0 0 0 rg BT 212.75 113.60 Td (axes. Current GAAP) Tj ET Q q 0 0 0 rg BT 295.42 113.60 Td ( requires an entity to separate deferred income tax liabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.60 Td (assets into current and noncurrent amounts in a classified statement of financial position. ) Tj ET Q q 0 0 0 rg BT 407.50 101.60 Td (T) Tj ET Q q 0 0 0 rg BT 412.91 101.60 Td (o simplify the presentation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.60 Td (deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.60 Td (in a classified statement of financial position. ) Tj ET Q q 0 0 0 rg BT 233.66 77.60 Td (The current requirement that deferred tax liabilities and assets of a tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.60 Td (paying component of an entity be of) Tj ET Q q 0 0 0 rg BT 194.78 65.60 Td (fset and presented as a single amount is not af) Tj ET Q q 0 0 0 rg BT 378.16 65.60 Td (fected by the amendments in this Update. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td (public business entities, the amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 294.20 53.60 Td (fective for financial statements issued for annual periods ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (beginning after December 15, 2016, and interim periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 392.23 742.10 Td (The Board also decided to permit earlier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (application by all entities as of the beginning of any interim or annual reporting period. ) Tj ET Q q 0 0 0 rg BT 403.33 730.10 Td (The Company has chosen to early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (adopt the Update for the year ended January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 269.19 718.10 Td (The Company chose to retrospectively adopt these provisions in Q4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (2016, which resulted in reclassifications in our Consolidated Balance Sheet as of January 31, 2015, of $156,000 from current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Deferred income taxes to long-term Deferred income taxes .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (In February 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 178.31 673.10 Td (Accounting Standards Board \(the "F) Tj ET Q q 0 0 0 rg BT 323.29 673.10 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 379.60 673.10 Td (Accounting Standards Update \(ASU\) No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (2016-02, an updated to ) Tj ET Q q 0 0 0 rg BT 144.15 661.10 Td (ASC 842, Leases. ) Tj ET Q q 0 0 0 rg BT 218.13 661.10 Td (This update will require lease assets and lease liabilities to be recognized on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (balance sheet and disclosure of key information about leasing arrangements. ) Tj ET Q q 0 0 0 rg BT 357.77 649.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 433.40 649.10 Td (fective for the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (commencing in the first quarter of fiscal year ending January 31, 2020 and must be adopted using a modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (transition, and provides for certain practical expedients. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 389.16 625.10 Td (The adoption of this guidance is expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (to have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 222.45 613.10 Td (s consolidated financial statements or related disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.60 Td (Item7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 254.81 587.60 Td (es about Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (The Company is subject to interest rate risk related to its seasonal borrowings used to finance additional inventory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (receivables. Rising interest rates may adversely af) Tj ET Q q 0 0 0 rg BT 252.52 554.60 Td (fect the Company's results of operations and cash flows related to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (variable-rate bank borrowings under its credit line with PNC. ) Tj ET Q q 0 0 0 rg BT 299.66 542.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 349.00 542.60 Td (, a 100 basis point upward fluctuation in PNC's base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (rate would have caused the Company to incur additional interest char) Tj ET Q q 0 0 0 rg BT 326.95 530.60 Td (ges of approximately $161,000 for the twelvemonths ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (ended January31, 2016. ) Tj ET Q q 0 0 0 rg BT 152.29 518.60 Td (The Company would have benefited from a similar interest savings if the base rate were to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (fluctuated downward by a like amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.60 Td (The Company's business is subject to changes in the price of raw materials used to manufacture its products, such as steel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.60 Td (plastic, wood, aluminum, polyethylene, polypropylene, plywood, particleboard, and cartons, as well as the price of petroleum, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.60 Td (which not only af) Tj ET Q q 0 0 0 rg BT 120.08 458.60 Td (fects the cost of plastic, but also the Company's transportation costs and costs of operating its manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.60 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 91.75 446.60 Td (W) Tj ET Q q 0 0 0 rg BT 100.79 446.60 Td (ith respect to the Company's annual contracts \(or those contracts that have longer terms\), the Company may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (limited ability to increase prices during the term of the contract. ) Tj ET Q q 0 0 0 rg BT 310.01 434.60 Td (The Company has, however) Tj ET Q q 0 0 0 rg BT 421.80 434.60 Td (, negotiated increased flexibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (under many of these contracts allowing the Company to increase prices on future orders. Nevertheless, even with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (these more flexible contracts, the Company does not have the ability to increase prices on orders received prior to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (announced price increases. Due to the intensely seasonal nature of its business, the Company may receive significant orders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (during the first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 376.39 386.60 Td (W) Tj ET Q q 0 0 0 rg BT 385.42 386.60 Td (ith respect to any of the contracts described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.60 Td (above, if the costs of raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 329.53 374.60 Td (, the Company cannot be certain that it will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.60 Td (implement corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 316.97 362.60 Td (fset such increased costs. Significant cost increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.60 Td (providing products during a given contract period can adversely impact operating results and have done so during prior years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.60 Td (especially 2009, and 2012. ) Tj ET Q q 0 0 0 rg BT 161.74 338.60 Td (The Company typically benefits from any decreases in raw material costs under the contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.60 Td (described above.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 50.00 306.20 Td () Tj ET Q endstream endobj 79 0 obj <><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8. Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 84.55 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.04 721.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 161.14 721.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 240.32 721.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 254.31 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 260.79 721.25 Td (TEMENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 677.95 m 562.5 677.95 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 691.21 Td (Page) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.50 682.21 Td (numbers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 666.2833984375 m 325.4365234375 666.2833984375 l s q 0 0 1 rg BT 53.00 667.62 Td (Management) Tj ET Q q 0 0 1 rg BT 107.98 667.62 Td (s Report on Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 652.1833984375 m 286.8427734375 652.1833984375 l s q 0 0 1 rg BT 53.00 653.52 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 218.24 653.52 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 638.1833984375 m 301.28125 638.1833984375 l s q 0 0 1 rg BT 53.00 639.52 Td (Consolidated Balance Sheets as of January 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 624.1833984375 m 426.271484375 624.1833984375 l s q 0 0 1 rg BT 53.00 625.52 Td (Consolidated Statements of Operations for the ) Tj ET Q q 0 0 1 rg BT 240.37 625.52 Td (Y) Tj ET Q q 0 0 1 rg BT 246.59 625.52 Td (ears Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 610.1833984375 m 505.6953125 610.1833984375 l s q 0 0 1 rg BT 53.00 611.52 Td (Consolidated Statements of Comprehensive Income \(Loss\) for the ) Tj ET Q q 0 0 1 rg BT 319.79 611.52 Td (Y) Tj ET Q q 0 0 1 rg BT 326.01 611.52 Td (ears Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 596.1833984375 m 465.578125 596.1833984375 l s q 0 0 1 rg BT 53.00 597.52 Td (Consolidated Statements of Stockholders' Equity for the ) Tj ET Q q 0 0 1 rg BT 279.67 597.52 Td (Y) Tj ET Q q 0 0 1 rg BT 285.90 597.52 Td (ears Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 582.1833984375 m 429.34765625 582.1833984375 l s q 0 0 1 rg BT 53.00 583.52 Td (Consolidated Statements of Cash Flows for the ) Tj ET Q q 0 0 1 rg BT 243.44 583.52 Td (Y) Tj ET Q q 0 0 1 rg BT 249.67 583.52 Td (ears Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 568.1833984375 m 227.9755859375 568.1833984375 l s q 0 0 1 rg BT 53.00 569.52 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 554.1833984375 m 520.216796875 554.1833984375 l s q 0 0 1 rg BT 53.00 555.52 Td (Schedule II - ) Tj ET Q q 0 0 1 rg BT 106.96 555.52 Td (V) Tj ET Q q 0 0 1 rg BT 113.08 555.52 Td (aluation and Qualifying ) Tj ET Q q 0 0 1 rg BT 210.00 555.52 Td (Accounts and Reserves for the ) Tj ET Q q 0 0 1 rg BT 334.31 555.52 Td (Y) Tj ET Q q 0 0 1 rg BT 340.53 555.52 Td (ears Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 666.2833984375 m 548 666.2833984375 l s q 0 0 1 rg BT 538.00 667.62 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 652.1833984375 m 548 652.1833984375 l s q 0 0 1 rg BT 538.00 653.52 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 638.1833984375 m 548 638.1833984375 l s q 0 0 1 rg BT 538.00 639.52 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 624.1833984375 m 548 624.1833984375 l s q 0 0 1 rg BT 538.00 625.52 Td (43) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 610.1833984375 m 548 610.1833984375 l s q 0 0 1 rg BT 538.00 611.52 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 596.1833984375 m 548 596.1833984375 l s q 0 0 1 rg BT 538.00 597.52 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 582.1833984375 m 548 582.1833984375 l s q 0 0 1 rg BT 538.00 583.52 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 568.1833984375 m 548 568.1833984375 l s q 0 0 1 rg BT 538.00 569.52 Td (47) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 538 547.2833984375 m 548 547.2833984375 l s q 0 0 1 rg BT 538.00 548.62 Td (68) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.20 742.25 Td (MANAGEMENTS REPOR) Tj ET Q q 0 0 0 rg BT 224.79 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 231.28 742.25 Td ( ON INTERNAL) Tj ET Q q 0 0 0 rg BT 303.52 742.25 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 356.03 742.25 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 446.04 742.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 483.19 742.25 Td (TING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Management of ) Tj ET Q q 0 0 0 rg BT 139.35 721.25 Td (V) Tj ET Q q 0 0 0 rg BT 145.97 721.25 Td (irco Mfg. Corporation \(the Company\) is responsible for establishing and maintaining adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (internal control over financial reporting and for the assessment of the ef) Tj ET Q q 0 0 0 rg BT 336.66 709.25 Td (fectiveness of internal control over financial reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (As defined by the Securities and Exchange Commission, internal control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 536.45 697.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (supervised by) Tj ET Q q 0 0 0 rg BT 104.62 685.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 166.00 685.25 Td (s principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 351.86 685.25 Td (ficers, to provide reasonable assurance regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (accounting principles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 640.25 Td (s internal control over financial reporting is supported by written policies and procedures, that \(1\)pertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 616.25 Td (s assets; \(2\)provide reasonable assurance that transactions are recorded as necessary to permit preparation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Company are being made only in accordance with authorizations of the Company) Tj ET Q q 0 0 0 rg BT 379.62 592.25 Td (s management and directors; and \(3\)provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company) Tj ET Q q 0 0 0 rg BT 555.42 580.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 189.20 568.25 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 547.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (Projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.83 535.25 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 502.25 Td (In connection with the preparation of the Company) Tj ET Q q 0 0 0 rg BT 281.44 502.25 Td (s annual financial statements, management of the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (undertaken an assessment of the ef) Tj ET Q q 0 0 0 rg BT 188.94 490.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 303.07 490.25 Td (s internal control over financial reporting as of January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (2016, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 466.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 133.78 466.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.54 466.25 Td (readway Commission \(2013 framework\) \(the COSO criteria\). Management) Tj ET Q q 0 0 0 rg BT 443.34 466.25 Td (s assessment included an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (evaluation of the design of the Company) Tj ET Q q 0 0 0 rg BT 215.52 454.25 Td (s internal control over financial reporting and testing of the operational ef) Tj ET Q q 0 0 0 rg BT 509.40 454.25 Td (fectiveness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 442.25 Td (s internal control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 421.25 Td (Based on this assessment, management did not identify any material weakness in the Company) Tj ET Q q 0 0 0 rg BT 457.25 421.25 Td (s internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (financial reporting, and management has concluded that the Company) Tj ET Q q 0 0 0 rg BT 332.96 409.25 Td (s internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 525.77 409.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (as of January31, 2016.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.40 742.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 742.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 742.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 742.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 742.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (The Board of Dir) Tj ET Q q 0 0 0 rg BT 123.43 716.25 Td (ectors and Stockholders of ) Tj ET Q q 0 0 0 rg BT 238.80 716.25 Td (V) Tj ET Q q 0 0 0 rg BT 245.65 716.25 Td (ir) Tj ET Q q 0 0 0 rg BT 252.69 716.25 Td (co Mfg. Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 695.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 695.25 Td (e have audited the accompanying consolidated balance sheets of ) Tj ET Q q 0 0 0 rg BT 318.08 695.25 Td (V) Tj ET Q q 0 0 0 rg BT 324.70 695.25 Td (irco Mfg. Corporation as of January31, 2016 and 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (and the related consolidated statements of operations, comprehensive income \(loss\), stockholders) Tj ET Q q 0 0 0 rg BT 441.92 683.25 Td ( equity and cash flows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (each of the three years in the period ended January31, 2016. Our audits also included the financial statement schedule listed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (the Index at Item15. ) Tj ET Q q 0 0 0 rg BT 132.85 659.25 Td (These financial statements and schedule are the responsibility of the Company) Tj ET Q q 0 0 0 rg BT 449.42 659.25 Td (s management. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (responsibility is to express an opinion on these financial statements and schedule based on our audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 626.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 378.83 626.25 Td (Accounting Oversight Board \(United States\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 231.13 602.25 Td (W) Tj ET Q q 0 0 0 rg BT 239.77 602.25 Td (e were not engaged to perform an audit of the Company) Tj ET Q q 0 0 0 rg BT 466.36 602.25 Td (s internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ef) Tj ET Q q 0 0 0 rg BT 492.73 578.25 Td (fectiveness of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 566.25 Td (s internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 275.49 566.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 324.83 566.25 Td (, we express no such opinion. ) Tj ET Q q 0 0 0 rg BT 444.81 566.25 Td (An audit also includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 Td (examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (accounting principles used and significant estimates made by management, and evaluating the overall financial statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 103.69 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 112.33 530.25 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (In our opinion, the financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 332.30 509.25 Td (, in all material respects, the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (position of ) Tj ET Q q 0 0 0 rg BT 95.38 497.25 Td (V) Tj ET Q q 0 0 0 rg BT 102.00 497.25 Td (irco Mfg. Corporation at January31, 2016 and 2015, and the consolidated results of its operations and its cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (flows for each of the three years in the period ended January31, 2016, in conformity with U.S. generally accepted accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 93.88 473.25 Td (Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (statements taken as a whole, presents fairly in all material respects the information set forth therein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 422.25 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 413.46 422.25 Td (Y) Tj ET Q q 0 0 0 rg BT 419.68 422.25 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 395.25 Td (Angeles, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (April 25, 2016) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.85 721.25 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 661.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 661.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 661.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 631.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 631.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 631.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 631.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 591.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 591.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 591.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 591.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 561.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 561.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 561.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 531.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 531.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 531.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 501.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 501.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 501.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 471.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 471.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 471.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 471.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 441.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 441.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 441.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 411.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 411.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 411.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 381.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 381.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 381.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 381.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 351.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 351.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 351.95 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 673.95 m 493.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 673.95 m 497.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 673.95 m 562.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 531.95 m 493.5 531.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 531.95 m 562.5 531.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 426.95 m 493.5 426.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.95 m 562.5 426.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 396.95 m 493.5 396.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.95 m 562.5 396.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 351.95 m 493.5 351.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 351.95 m 562.5 351.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 337.95 m 493.5 337.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 335.95 m 493.5 335.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 337.95 m 562.5 337.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 335.95 m 562.5 335.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 666.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 691.18 Td (January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 678.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 678.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.20 666.03 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.52 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.52 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.52 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 621.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 621.62 Td (815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 621.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 621.62 Td (470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.52 Td (Trade accounts receivables \(net of allowance for doubtful accounts of $200 at January 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.52 Td (2016 and 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 596.62 Td (9,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 596.62 Td (10,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.52 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 581.62 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 581.62 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.52 Td (Income tax receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 566.62 Td (317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 566.62 Td (267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.52 Td (Inventories, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 551.62 Td (34,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 551.62 Td (26,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.52 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 536.62 Td (1,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 536.62 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.52 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 521.62 Td (46,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 521.62 Td (38,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.52 Td (Property, plant and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.52 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 491.62 Td (1,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 491.62 Td (1,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.52 Td (Land improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 476.62 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 476.62 Td (851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.52 Td (Buildings and building improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 461.62 Td (45,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 461.62 Td (47,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 447.52 Td (Machinery and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 446.62 Td (103,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 446.62 Td (110,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.52 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 431.62 Td (1,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 431.62 Td (1,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 416.62 Td (153,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 416.62 Td (161,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.52 Td (Less accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 401.62 Td (118,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 401.62 Td (126,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.52 Td (Net property, plant and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 386.62 Td (34,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 386.62 Td (35,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.52 Td (Deferred income tax assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 371.62 Td (703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 371.62 Td (780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.52 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 356.62 Td (7,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 356.62 Td (6,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.52 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 341.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 341.62 Td (89,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 341.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.62 Td (81,811) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 311.45 Td (See accompanying notes.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.85 721.25 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 661.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 661.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 661.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 631.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 631.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 631.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 631.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 601.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 601.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 601.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 571.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 571.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 571.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 541.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 541.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 541.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 511.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 511.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 511.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 481.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 481.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 481.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 451.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 451.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 451.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 421.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 421.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 421.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 421.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 391.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 391.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 391.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 351.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 351.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 351.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 321.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 321.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 321.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 291.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 291.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 291.95 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 673.95 m 493.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 673.95 m 497.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 673.95 m 562.5 673.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 571.95 m 493.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 571.95 m 562.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 466.95000000000005 m 493.5 466.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 466.95000000000005 m 562.5 466.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 306.95000000000005 m 493.5 306.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 291.95000000000005 m 493.5 291.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 306.95000000000005 m 562.5 306.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 291.95000000000005 m 562.5 291.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 277.95000000000005 m 493.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 275.95000000000005 m 493.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 277.95000000000005 m 562.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 275.95000000000005 m 562.5 275.95000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 691.18 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 678.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 678.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 666.03 Td (\(Inthousands,exceptsharedata\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.52 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.52 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.52 Td (Accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 621.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 621.62 Td (12,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 621.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 621.62 Td (9,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.52 Td (Accrued compensation and employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 606.62 Td (5,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 606.62 Td (4,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.52 Td (Current portion of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 591.62 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 591.62 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.52 Td (Other accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 576.62 Td (3,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 576.62 Td (3,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.52 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 561.62 Td (22,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 561.62 Td (21,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.52 Td (Non-current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.52 Td (Accrued self-insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 531.62 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 531.62 Td (1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.52 Td (Accrued retirement benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 516.62 Td (23,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 516.62 Td (28,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.52 Td (Income tax payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 501.62 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 501.62 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 487.52 Td (Long-term debt, less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 486.62 Td (6,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 486.62 Td (6,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.52 Td (Other accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 471.62 Td (2,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 471.62 Td (922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.52 Td (Total non-current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 456.62 Td (33,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 456.62 Td (37,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.52 Td (Commitments and contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.52 Td (Stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.52 Td (Preferred stock:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.52 Td (Authorized 3,000,000 shares, $.01 par value; none issued or outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 396.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 396.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 382.52 Td (Common stock:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 367.52 Td (Authorized 25,000,000 shares, $.01 par value; issued and outstanding 14,998,187 shares in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.52 Td (2016 and 14,852,640 shares in 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 356.62 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 356.62 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.52 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 341.62 Td (116,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.62 Td (116,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.52 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 326.67 Td (\(69,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 326.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 326.67 Td (\(73,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 326.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.52 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 311.67 Td (\(14,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 311.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 311.67 Td (\(20,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 311.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.52 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 296.62 Td (33,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 296.62 Td (22,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.52 Td (Total liabilities and stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 281.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 281.62 Td (89,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 281.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 281.62 Td (81,811) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 256.45 Td (See accompanying notes.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.50 721.25 Td (Consolidated Statements of Operations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 653.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 653.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 653.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 653.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 653.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 625.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 625.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 625.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 625.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 625.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 597.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 597.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 597.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 597.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 597.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 569.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 569.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 569.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 569.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 569.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 541.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 541.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 541.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 541.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 541.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 513.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 513.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 513.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 513.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 513.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 513.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 485.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 485.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 485.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 485.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 485.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 457.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 457.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 457.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 457.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 457.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 429.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 429.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 429.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 429.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 429.95 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 667.95 m 424.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.95 m 493.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.95 m 562.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 625.95 m 424.5 625.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 625.95 m 493.5 625.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 625.95 m 562.5 625.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 569.95 m 424.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 569.95 m 493.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 569.95 m 562.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 569.95 m 424.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 569.95 m 493.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 569.95 m 562.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 541.95 m 424.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 541.95 m 493.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 541.95 m 562.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 513.95 m 424.5 513.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 513.95 m 493.5 513.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.95 m 562.5 513.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 513.95 m 424.5 513.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 500.95 m 424.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 498.95 m 424.5 498.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 500.95 m 493.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 498.95 m 493.5 498.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 500.95 m 562.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 498.95 m 562.5 498.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 692.03 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 672.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 672.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 672.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.30 658.18 Td (\(In thousands, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.52 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 644.52 Td (168,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 644.52 Td (164,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 644.52 Td (155,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.52 Td (Costs of goods sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 630.52 Td (108,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 630.52 Td (108,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 630.52 Td (102,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.52 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 616.52 Td (59,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 616.52 Td (55,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.52 Td (52,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.52 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 602.52 Td (53,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 602.52 Td (52,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.52 Td (52,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.52 Td (Loss \(gain\) on sale of property) Tj ET Q q 0 0 0 rg BT 175.37 588.52 Td (, plant & equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 588.52 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 588.57 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 588.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 588.57 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 588.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.52 Td (Restructuring expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 574.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 574.52 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 574.52 Td (1,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.52 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 560.52 Td (5,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 560.52 Td (2,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 560.57 Td (\(1,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 560.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.52 Td (Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 546.52 Td (1,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 546.52 Td (1,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 546.52 Td (1,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.52 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 532.52 Td (4,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 532.52 Td (918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 532.57 Td (\(2,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 532.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 518.52 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 518.52 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 518.52 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 518.57 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 518.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.52 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 504.52 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 504.52 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 504.57 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 504.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.52 Td (Net income \(loss\) per common share \(a\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 462.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 462.52 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 462.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 462.52 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 462.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 462.57 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 462.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 448.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 448.52 Td (0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 448.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 448.52 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 448.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 448.57 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 448.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.52 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 420.52 Td (14,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 420.52 Td (14,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.52 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 406.52 Td (15,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 406.52 Td (14,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 406.52 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.45 Td (_______________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.45 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 378.45 Td (Net loss per share for fiscal year 2014 was calculated based on basic shares outstanding due to the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 530.84 378.45 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 366.45 Td (the inclusion of common stock equivalent shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 345.45 Td (See accompanying notes.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.75 725.25 Td (Consolidated Statements of Compr) Tj ET Q q 0 0 0 rg BT 331.29 725.25 Td (ehensive Income \(Loss\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 654.75 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 654.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 654.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 654.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 654.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 654.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 624.75 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 624.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 624.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 624.75 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 666.75 m 431.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 666.75 m 496.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 666.75 m 561.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 609.75 m 431.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 609.75 m 496.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 609.75 m 561.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 595.75 m 431.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 593.75 m 431.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 595.75 m 496.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 593.75 m 496.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 595.75 m 561.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 593.75 m 561.5 593.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 682.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.95 682.83 Td (Years ended January 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 670.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.00 670.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 670.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.50 670.83 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 658.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.20 658.83 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 645.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 644.42 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 644.42 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 644.47 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 644.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 630.32 Td (Other comprehensive income \(loss\) :) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 615.32 Td (Pension adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 614.42 Td (5,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 614.47 Td (\(6,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 614.42 Td (2,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 600.32 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 599.42 Td (10,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 599.47 Td (\(5,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 599.42 Td (276) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 80.00 571.25 Td (See accompanying notes.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.60 721.25 Td (Consolidated Statements of Stockholders) Tj ET Q q 0 0 0 rg BT 378.91 721.25 Td ( Equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 647.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 647.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 647.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 647.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 647.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 647.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 647.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 647.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 647.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 647.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 647.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 619.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 619.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 619.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 619.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 619.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 619.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 619.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 619.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 619.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 619.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 619.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 619.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 591.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 591.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 591.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 591.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 591.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 591.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 591.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 591.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 591.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 591.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 591.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 591.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 563.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 563.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 563.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 563.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 563.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 563.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 563.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 563.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 563.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 563.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 563.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 535.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 535.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 535.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 535.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 535.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 535.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 535.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 535.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 535.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 535.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 535.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 507.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 507.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 507.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 507.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 507.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 507.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 507.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 507.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 507.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 507.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 507.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 507.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 479.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 479.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 479.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 479.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 479.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 479.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 479.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 479.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 479.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 479.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 479.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.95 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 451.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 451.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 451.95 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 451.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 451.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 451.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 451.95 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 451.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 451.95 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 451.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 451.95 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 684.95 m 271.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 684.95 m 275.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 684.95 m 325.5 684.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 647.95 m 218.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 647.95 m 271.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 647.95 m 325.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 647.95 m 382.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 647.95 m 439.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 647.95 m 505.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 647.95 m 562.5 647.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 577.95 m 271.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 577.95 m 325.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 577.95 m 382.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 577.95 m 439.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 577.95 m 505.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 577.95 m 562.5 577.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 507.95 m 271.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 507.95 m 325.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 507.95 m 382.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 507.95 m 439.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 507.95 m 505.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 507.95 m 562.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 437.95 m 271.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 437.95 m 325.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 437.95 m 382.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 437.95 m 439.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 437.95 m 505.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 437.95 m 562.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 424.95 m 271.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 422.95 m 271.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 424.95 m 325.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 422.95 m 325.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 424.95 m 382.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 422.95 m 382.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 424.95 m 439.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 422.95 m 439.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 424.95 m 505.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 422.95 m 505.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 437.95 m 562.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 424.95 m 562.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 422.95 m 562.5 422.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.15 689.18 Td (Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 652.18 Td (In thousands, except share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 652.18 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.95 652.18 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.25 668.18 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.05 660.18 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.80 652.18 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.80 660.18 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.15 652.18 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.30 676.18 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.85 668.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.40 660.18 Td (Compr) Tj ET Q q 0 0 0 rg BT 471.70 660.18 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.20 652.18 Td (Loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 668.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.15 660.18 Td (Stockholder's) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.90 652.18 Td (Equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 639.21 Td (Balance at January31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 638.41 Td (14,550,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 638.41 Td (146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 638.41 Td (115,670) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 638.41 Td (\(72,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 638.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 638.41 Td (\(15,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 638.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 638.41 Td (27,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 625.21 Td (Net loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 624.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 624.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 624.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 624.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 611.21 Td (Pension adjustments, net of tax effect $1,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 610.41 Td (2,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 610.41 Td (2,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 597.21 Td (Shares vested and others) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 596.41 Td (168,043) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 596.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 596.41 Td (\(215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 596.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 596.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 596.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 596.41 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 596.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 583.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 582.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 582.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 569.21 Td (Balance at January31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 568.41 Td (14,718,414) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 568.41 Td (147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 568.41 Td (115,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 568.41 Td (\(74,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 568.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 568.41 Td (\(13,980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 568.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 568.41 Td (27,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 555.21 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 554.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 554.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 541.21 Td (Pension adjustments , net of tax effect of $0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 540.41 Td (\(6,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 540.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 540.41 Td (\(6,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 540.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 527.21 Td (Shares vested and others) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 526.41 Td (134,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 526.41 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 526.41 Td (\(132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 526.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 526.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 526.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 526.41 Td (\(129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 526.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 513.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 512.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 512.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 499.21 Td (Balance at January31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 498.41 Td (14,852,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 498.41 Td (149) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 498.41 Td (116,348) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 498.41 Td (\(73,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 498.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 498.41 Td (\(20,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 498.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 498.41 Td (22,573) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 485.21 Td (Net income ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 484.41 Td (4,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 484.41 Td (4,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 471.21 Td (Pension adjustments , net of tax ef) Tj ET Q q 0 0 0 rg BT 176.57 471.21 Td (fect of $0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 470.41 Td (5,904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 470.41 Td (5,904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 457.21 Td (Shares vested and others) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 456.41 Td (145,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 456.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 456.41 Td (\(207) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 456.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 456.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 456.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 456.41 Td (\(205) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 456.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 443.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 442.41 Td (492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 442.41 Td (492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 429.21 Td (Balance at January31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 428.41 Td (14,998,187) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 428.41 Td (150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 428.41 Td (116,633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 428.41 Td (\(69,140) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 428.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 428.41 Td (\(14,330) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 428.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 428.41 Td (33,313) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 403.45 Td (See accompanying notes.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.80 721.25 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.95 309.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 627.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 627.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 590.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 562.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 562.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 562.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 534.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 534.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 506.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 506.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 478.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 478.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 450.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 450.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 422.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 422.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 394.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 394.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 366.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 366.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 366.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 338.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 338.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 310.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 310.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 282.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 282.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 254.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 254.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 254.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.95 309.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 226.95 65.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 226.95 4.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 226.95 65.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 226.95 4.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 226.95 65.00 -9.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 203.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 203.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 175.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 175.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 147.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 147.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 147.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 147.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 147.95 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 667.95 m 424.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.95 m 493.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.95 m 562.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 394.95000000000005 m 424.5 394.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 394.95000000000005 m 493.5 394.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 394.95000000000005 m 562.5 394.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 324.95000000000005 m 424.5 324.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 324.95000000000005 m 493.5 324.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 324.95000000000005 m 562.5 324.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 240.95000000000005 m 424.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 240.95000000000005 m 493.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 240.95000000000005 m 562.5 240.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 189.95000000000005 m 424.5 189.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 176.95000000000005 m 424.5 176.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 174.95000000000005 m 424.5 174.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 189.95000000000005 m 493.5 189.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 176.95000000000005 m 493.5 176.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 174.95000000000005 m 493.5 174.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 189.95000000000005 m 562.5 189.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.95000000000005 m 562.5 176.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 174.95000000000005 m 562.5 174.95000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.20 692.03 Td (Year Ended January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 672.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 672.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 672.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.70 660.03 Td (\(In thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 647.21 Td (Operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 633.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 632.41 Td (4,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 632.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 632.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 632.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 619.35 Td (Adjustments to reconcile net income \(loss\) to net cash provided by \(used in\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 610.35 Td (operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 596.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 595.41 Td (4,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 595.41 Td (4,408) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 595.41 Td (4,209) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 582.21 Td (Increase \(decrease\) in provision for doubtful accounts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 581.41 Td (141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 581.41 Td (115) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.50 581.41 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 581.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 568.21 Td (Increase \(decrease\) in inventory reserve) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 567.41 Td (350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 567.41 Td (\(275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 567.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 567.41 Td (\(100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 567.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 554.21 Td (Loss \(gain\) on sale of property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.15 553.41 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 553.41 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 553.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 553.41 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 553.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 540.21 Td (Deferred income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 539.41 Td (77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 539.41 Td (34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 539.41 Td (97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 526.21 Td (Stock-based compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 525.41 Td (493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 525.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 525.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 512.21 Td (Defined benefit plan, recognized net loss due to settlements) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 511.41 Td (587) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 511.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 511.41 Td (924) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 498.21 Td (Amortization of net actuarial loss for pension plans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 497.41 Td (2,013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 497.41 Td (1,283) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 497.41 Td (1,548) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 484.35 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 470.21 Td (Trade accounts receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 469.41 Td (544) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 469.41 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 469.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 469.41 Td (376) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 456.21 Td (Other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 455.41 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 455.41 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 455.41 Td (56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 442.21 Td (Inventories) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 441.41 Td (\(8,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 441.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 441.41 Td (1,376) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 441.41 Td (\(2,364) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 441.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 428.21 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.65 427.41 Td (\(54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 427.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 427.41 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 427.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 427.41 Td (\(105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 427.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 414.21 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.15 413.41 Td (\(532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 413.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 413.41 Td (915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 413.41 Td (\(58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 413.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 400.21 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 399.41 Td (2,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 399.41 Td (\(5,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 399.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 399.41 Td (\(3,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 399.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 386.21 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 385.41 Td (7,507) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 385.41 Td (1,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 385.41 Td (\(243) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 385.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 372.35 Td (Investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 358.21 Td (Capital expenditures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 357.41 Td (\(4,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 357.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 357.41 Td (\(3,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 357.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 357.41 Td (\(3,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 357.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 344.21 Td (Proceeds from sale of property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.15 343.41 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 343.41 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 343.41 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 330.21 Td (Net proceeds from \(investments in\) life insurance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 329.41 Td (56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 329.41 Td (\(70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 329.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 329.41 Td (\(25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 329.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 316.21 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 315.41 Td (\(4,197) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 315.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 315.41 Td (\(3,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 315.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 315.41 Td (\(3,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 315.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 302.35 Td (Financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 288.21 Td (Proceeds from long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.90 287.41 Td (31,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 287.41 Td (33,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 287.41 Td (28,851) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 274.21 Td (Repayment of long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.90 273.41 Td (\(34,719) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 273.41 Td (\(32,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 273.41 Td (\(24,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 260.21 Td (Common stock repurchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.15 259.41 Td (\(206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 259.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 259.41 Td (\(129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 259.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 259.41 Td (\(116) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 259.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 246.21 Td (Cash dividend paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 245.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 245.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 245.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 232.21 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 231.41 Td (\(2,965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 231.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 231.41 Td (1,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 231.41 Td (4,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 209.21 Td (Net \(decrease\) increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 208.41 Td (345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 208.41 Td (\(581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 208.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 208.41 Td (198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 195.21 Td (Cash at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 194.41 Td (470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 194.41 Td (1,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 194.41 Td (853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 181.21 Td (Cash at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 180.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 180.41 Td (815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 180.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 180.41 Td (470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 180.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 180.41 Td (1,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 167.21 Td (Supplemental disclosures of cash flow information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 153.21 Td (Cash paid during the year for:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 139.21 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 138.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 138.41 Td (1,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 138.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 138.41 Td (1,454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 138.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 138.41 Td (1,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 125.21 Td (Income tax, net of refunds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 124.41 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 124.41 Td (46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 124.41 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 94.45 Td (See accompanying notes.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 742.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 350.17 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.20 721.25 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.45 700.25 Td (January31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 679.25 Td (1. Summary of Business and Significant ) Tj ET Q q 0 0 0 rg BT 221.43 679.25 Td (Accounting Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 637.25 Td (irco Mfg. Corporation \(the Company\), which operates in one business segment, is engaged in the design, production and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (distribution of quality furniture for the commercial and education markets. Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.23 625.25 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.23 625.25 Td (years of manufacturing operations have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (resulted in a wide product assortment. Major products include mobile tables, mobile storage equipment, desks, computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (furniture, chairs, activity tables, folding chairs and folding tables. ) Tj ET Q q 0 0 0 rg BT 313.91 601.25 Td (The Company manufactures its products in ) Tj ET Q q 0 0 0 rg BT 488.69 601.25 Td (T) Tj ET Q q 0 0 0 rg BT 494.10 601.25 Td (orrance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (California, and Conway) Tj ET Q q 0 0 0 rg BT 145.16 589.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.61 589.25 Td (Arkansas, for sale primarily in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (The Company operates in a seasonal business, and requires significant amounts of working capital under its credit facility to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (fund acquisitions of inventory and finance receivables during the summer delivery season. Restrictions imposed by the terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 544.25 Td (s credit facility may limit the Company) Tj ET Q q 0 0 0 rg BT 266.35 544.25 Td (s operating and financial flexibility) Tj ET Q q 0 0 0 rg BT 406.21 544.25 Td (. However) Tj ET Q q 0 0 0 rg BT 447.46 544.25 Td (, management believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (its existing cash and available borrowings under its credit facility) Tj ET Q q 0 0 0 rg BT 310.11 532.25 Td (, and any cash generated from operations will be suf) Tj ET Q q 0 0 0 rg BT 518.75 532.25 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (fund its working capital requirements, capital expenditures and other obligations through the next 12months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (The consolidated financial statements include the accounts of ) Tj ET Q q 0 0 0 rg BT 298.07 473.25 Td (V) Tj ET Q q 0 0 0 rg BT 304.69 473.25 Td (irco Mfg. Corporation and its wholly owned subsidiaries. ) Tj ET Q q 0 0 0 rg BT 535.77 473.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (Reclassifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (Certain reclassifications have been made to the prior year financial information to conform with the current period presentation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (Management Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (make estimates and assumptions. ) Tj ET Q q 0 0 0 rg BT 185.07 350.25 Td (These estimates and assumptions af) Tj ET Q q 0 0 0 rg BT 327.64 350.25 Td (fect the reported amounts of assets and liabilities - and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (disclosure of contingent assets and liabilities - at the date of the financial statements, as well as the reported amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (revenues and expenses during the reporting period. Significant estimates made by management include, but are not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (valuation of inventory; deferred tax assets and liabilities; useful lives of property) Tj ET Q q 0 0 0 rg BT 372.31 314.25 Td (, plant, and equipment; liabilities under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (pension, warranty) Tj ET Q q 0 0 0 rg BT 121.00 302.25 Td (, self-insurance, and environmental claims, revenue recognition; and the accounts receivable allowance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (doubtful accounts. ) Tj ET Q q 0 0 0 rg BT 125.82 290.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 219.23 290.25 Td (fer from these estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 77.12 264.25 Td (Y) Tj ET Q q 0 0 0 rg BT 83.24 264.25 Td (ear) Tj ET Q q 0 0 0 rg BT 96.93 264.25 Td ( End) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (Fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 243.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.99 243.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.99 243.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 243.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.92 243.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.92 243.25 Td ( refer to the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.92 243.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.52 243.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.52 243.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.52 243.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.95 243.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.95 243.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 495.62 243.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 136.47 217.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 95.90 184.25 Td (The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (losses. Sales to the Company) Tj ET Q q 0 0 0 rg BT 169.16 172.25 Td (s recurring customers are generally made on open account with terms consistent with the industry) Tj ET Q q 0 0 0 rg BT 558.96 172.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (Credit is extended based on an evaluation of the customer) Tj ET Q q 0 0 0 rg BT 281.69 160.25 Td () Tj ET Q q 0 0 0 rg BT 284.47 160.25 Td (s financial condition and payment history) Tj ET Q q 0 0 0 rg BT 449.61 160.25 Td (. Past due accounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (determined based on how recently payments have been made in relation to the terms granted. ) Tj ET Q q 0 0 0 rg BT 424.87 148.25 Td (Amounts are written of) Tj ET Q q 0 0 0 rg BT 517.72 148.25 Td (f against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (the allowance in the period that the Company determines that the receivable is not collectable. ) Tj ET Q q 0 0 0 rg BT 429.13 136.25 Td (The Company purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (insurance on receivables from certain commercial customers to minimize the Company) Tj ET Q q 0 0 0 rg BT 402.10 124.25 Td (s credit risk. ) Tj ET Q q 0 0 0 rg BT 453.57 124.25 Td (The Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (typically obtain collateral to secure credit risk. Customers with inadequate credit are required to provide cash in advance or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (letters of credit. ) Tj ET Q q 0 0 0 rg BT 115.35 100.25 Td (The Company does not assess interest on receivable balances. ) Tj ET Q q 0 0 0 rg BT 364.72 100.25 Td (A) Tj ET Q q 0 0 0 rg BT 371.39 100.25 Td ( substantial percentage of the Company) Tj ET Q q 0 0 0 rg BT 532.17 100.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (receivables come from low-risk government entities. No customer exceeded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.11 88.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.44 88.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 445.15 88.25 Td (s sales for each of the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 76.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 76.25 Td (. Foreign sales were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 76.25 Td (6.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.14 76.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.14 76.25 Td (7.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.97 76.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.41 76.25 Td (7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.24 76.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 467.95 76.25 Td (s sales for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 64.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 64.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 64.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 64.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 64.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 187.10 64.25 Td (.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (No single customer accounted for more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.22 742.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.55 742.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 318.26 742.10 Td (s accounts receivable at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.43 742.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.03 742.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.36 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.36 742.10 Td (. Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of the short time between shipment and collection, the net carrying value of receivables approximates the fair value for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 692.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 692.10 Td (alues of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (The fair values of the Company) Tj ET Q q 0 0 0 rg BT 179.68 671.10 Td (s cash, accounts receivable, and accounts payable approximate their carrying amounts due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (their short-term nature.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (Financial assets and liabilities measured at fair value on a recurring basis are classified in one of the three following categories, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (which are described below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 605.10 Td (Level 1 ) Tj ET Q q 0 0 0 rg BT 107.08 605.10 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 605.10 Td (aluations based on unadjusted quoted prices for identical assets in an active market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 584.10 Td (Level 2 ) Tj ET Q q 0 0 0 rg BT 107.08 584.10 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 584.10 Td (aluations based on quoted prices in markets where trading occurs infrequently or whose values are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (quoted prices of instruments with similar attributes in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 551.10 Td (Level 3 ) Tj ET Q q 0 0 0 rg BT 107.08 551.10 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 551.10 Td (aluations based on inputs that are unobservable and involve management judgment and our own assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (about market participants and pricing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (Financial assets measured at fair value on a recurring basis include assets associated with the ) Tj ET Q q 0 0 0 rg BT 423.86 518.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.48 518.10 Td (irco Employees Retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (Inventory is valued at the lower of cost or Net Realizable ) Tj ET Q q 0 0 0 rg BT 281.13 459.10 Td (V) Tj ET Q q 0 0 0 rg BT 287.24 459.10 Td (alue \(determined on a first-in, first-out basis\) and includes material, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (labor) Tj ET Q q 0 0 0 rg BT 70.15 447.10 Td (, and factory overhead. ) Tj ET Q q 0 0 0 rg BT 164.37 447.10 Td (The Company maintains allowances for estimated slow moving and obsolete inventory to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (the dif) Tj ET Q q 0 0 0 rg BT 75.64 435.10 Td (ference between the cost of inventory and the estimated market value. ) Tj ET Q q 0 0 0 rg BT 357.20 435.10 Td (Allowances for slow moving and obsolete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (inventory are determined through a physical inspection of the product in connection with a physical inventory) Tj ET Q q 0 0 0 rg BT 488.95 423.10 Td (, a review of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (slow-moving product, and consideration of active marketing programs. ) Tj ET Q q 0 0 0 rg BT 336.97 411.10 Td (The market for education furniture is traditionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (driven by value, not style, and the Company has not typically incurred significant obsolescence expenses. If market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (are less favorable than those anticipated by management, additional allowances may be required. Due to reductions in sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (volume in the past years, the Company) Tj ET Q q 0 0 0 rg BT 208.58 375.10 Td (s manufacturing facilities are operating at reduced levels of capacity) Tj ET Q q 0 0 0 rg BT 480.86 375.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.68 375.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.90 Td (The following table presents an updated breakdown of the Company) Tj ET Q q 0 0 0 rg BT 326.87 337.90 Td (s net inventory \(in thousands\) as of January 31, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.90 Td (2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.40 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 291.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 291.40 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 291.40 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 291.40 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 261.40 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 261.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 261.40 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 261.40 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 261.40 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.40 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 231.40 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 231.40 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 231.40 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 231.40 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 276.4 m 466.5 276.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 276.4 m 557.5 276.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 231.39999999999998 m 466.5 231.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 231.39999999999998 m 557.5 231.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 231.39999999999998 m 466.5 231.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 217.39999999999998 m 466.5 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 215.39999999999998 m 466.5 215.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 217.39999999999998 m 557.5 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 215.39999999999998 m 557.5 215.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.75 295.63 Td (January 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.50 280.63 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.00 280.63 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.07 Td ( Finished goods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 266.07 Td (10,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 266.07 Td (7,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.07 Td ( WIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 251.07 Td (13,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 251.07 Td (10,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.07 Td ( Raw materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 236.07 Td (10,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 236.07 Td (8,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.07 Td ( Inventories, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 221.07 Td (34,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 221.07 Td (26,678) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.90 Td (In connection with the preparation of the consolidated financial statements, the Company determined that its reserve for excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.90 Td (and obsolete inventory had previously been applied exclusively to the Finished goods portion of inventory) Tj ET Q q 0 0 0 rg BT 474.82 180.90 Td (, when it should have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.90 Td (been applied against Finished goods, ) Tj ET Q q 0 0 0 rg BT 199.79 168.90 Td (W) Tj ET Q q 0 0 0 rg BT 208.43 168.90 Td (ork in process, and Raw materials and supplies, based on the identification of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.90 Td (specific parts determined to be held in excess or obsolete. ) Tj ET Q q 0 0 0 rg BT 282.80 156.90 Td (The Company evaluated the impact of this error on prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.90 Td (financial statements and concluded that it was immaterial for the year ended January 31, 2015, and for all interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.90 Td (within the year) Tj ET Q q 0 0 0 rg BT 109.43 132.90 Td (. ) Tj ET Q q 0 0 0 rg BT 114.25 132.90 Td (While the amounts included in the prior year disclosure were considered to be immaterial, the Company elected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.90 Td (to revise the disclosure of previously reported amounts to be consistent with the presentation for the year ended January 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.90 Td (2016. ) Tj ET Q q 0 0 0 rg BT 74.82 108.90 Td (The changes resulted in no change to Inventories, net. ) Tj ET Q q 0 0 0 rg BT 292.62 108.90 Td (The changes resulted in an increase to Finished goods of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.90 Td ($2,219,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 96.90 Td (, a decrease to ) Tj ET Q q 0 0 0 rg BT 153.95 96.90 Td (W) Tj ET Q q 0 0 0 rg BT 162.59 96.90 Td (ork in process of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.02 96.90 Td ($1,306,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.02 96.90 Td (, and a decrease to Raw materials and supplies of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.11 96.90 Td ($913,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 96.90 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.90 Td (January 31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 58.90 Td (operty) Tj ET Q q 0 0 0 rg BT 87.58 58.90 Td (, Plant and Equipment) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Property) Tj ET Q q 0 0 0 rg BT 83.79 742.10 Td (, plant and equipment are stated at cost, less accumulated depreciation. Depreciation and amortization are computed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the straight-line method for financial reporting purposes based upon the following estimated useful lives:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 719.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 719.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 689.60 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 689.60 174.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.17 Td (Land improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 709.27 Td (5to25years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 695.17 Td (Buildings and building improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 694.27 Td (5 to 40years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 680.17 Td (Machinery and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 679.27 Td (3 to 10years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 665.17 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 664.27 Td (shorterofleaseorusefullife) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.10 Td (The Company did not capitalize interest costs as part of the acquisition cost of property) Tj ET Q q 0 0 0 rg BT 398.70 639.10 Td (, plant and equipment for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 627.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.98 627.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.98 627.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.98 627.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.41 627.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 627.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.23 627.10 Td (The Company capitalizes the cost of significant repairs that extend the life of an asset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.10 Td (Repairs and maintenance that do not extend the life of an asset are expensed as incurred. Repair and maintenance expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td ($1,759,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 603.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 603.10 Td ($1,616,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.00 603.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.44 603.10 Td ($1,691,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.44 603.10 Td ( for fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.23 603.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.83 603.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.83 603.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.83 603.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.27 603.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.27 603.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 485.93 603.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (The Company subleased space at one of its facilities on a month-to-month basis during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.48 582.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.48 582.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.48 582.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.48 582.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.42 582.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.42 582.10 Td (. Rental income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 570.10 Td ($51,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.55 570.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 570.10 Td ($40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.05 570.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.05 570.10 Td ($40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.55 570.10 Td ( for fiscal years ended January 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.94 570.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.94 570.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.94 570.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.94 570.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.88 570.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.88 570.10 Td ( respectively) Tj ET Q q 0 0 0 rg BT 452.04 570.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (The Company has established asset retirement obligations related to leased manufacturing facilities in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.16 537.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 215.34 537.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 240.07 537.10 Td (Accounting Standard Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 408.20 537.10 Td (T) Tj ET Q q 0 0 0 rg BT 413.61 537.10 Td (opic 410, Asset Retirement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (Environmental Obligations. ) Tj ET Q q 0 0 0 rg BT 167.48 525.10 Td (Accrued asset retirement obligations are recorded at net present value and discounted over the life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (of the lease. ) Tj ET Q q 0 0 0 rg BT 99.98 513.10 Td (Asset retirement obligations, included in other non-current liabilities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.78 513.10 Td ($581,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.28 513.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 513.10 Td ($572,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.22 513.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 513.10 Td (January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 501.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 501.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 501.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 501.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 466.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 466.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 466.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 466.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 438.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 438.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 438.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 466.6 m 493.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 466.6 m 562.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 424.6 m 493.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 411.6 m 493.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 409.6 m 493.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 424.6 m 562.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 411.6 m 562.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.6 m 562.5 409.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 482.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 482.68 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 470.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 470.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 470.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.17 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 457.17 Td (572,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 457.17 Td (563,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.17 Td (Decrease in obligation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 443.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 443.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 429.17 Td (Accretion expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 429.17 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 429.17 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.17 Td (Balance at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 415.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 415.17 Td (581,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 415.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 415.17 Td (572,000) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (Impairment of Long-Lived ) Tj ET Q q 0 0 0 rg BT 166.95 385.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (An impairment loss is recognized in the event facts and circumstances indicate the carrying amount of a long-lived asset may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (not be recoverable, and an estimate of future undiscounted cash flows is less than the carrying amount of the asset. Impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (is recorded based on the excess of the carrying amount of the impaired asset over the fair value. Generally) Tj ET Q q 0 0 0 rg BT 473.91 340.10 Td (, fair value represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 328.10 Td (s expected future cash flows from the use of an asset or group of assets, discounted at a rate commensurate with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (the risks involved. ) Tj ET Q q 0 0 0 rg BT 128.42 316.10 Td (There were no impairments in fiscal years 2016, 2015 and 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (Net Income \(Loss\) per) Tj ET Q q 0 0 0 rg BT 144.52 290.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 167.40 290.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (Basic net income \(loss\) per share is calculated by dividing net income \(loss\) by the weighted-average number of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (shares outstanding. Diluted net income \(loss\) per share is calculated by dividing net income \(loss\) by the weighted-average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (number of common shares outstanding plus the dilution ef) Tj ET Q q 0 0 0 rg BT 283.12 245.10 Td (fect of stock grants. ) Tj ET Q q 0 0 0 rg BT 364.30 245.10 Td (The following table sets forth the computation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (basic and diluted income \(loss\) per share:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 201.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 201.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 201.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 171.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 171.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 171.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 171.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 171.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 171.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 141.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 141.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 141.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 141.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 141.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 111.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 111.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 111.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 111.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 111.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 81.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 81.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 81.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 81.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 81.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 201.60000000000002 m 359.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 201.60000000000002 m 424.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 201.60000000000002 m 428.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 201.60000000000002 m 493.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 201.60000000000002 m 497.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 126.60000000000002 m 424.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 126.60000000000002 m 493.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 126.60000000000002 m 562.5 126.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 205.83 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 205.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 205.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 205.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.17 Td (Numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 176.27 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 176.27 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 176.32 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 162.17 Td (Denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.17 Td (Weighted-average shares basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 146.27 Td (14,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 146.27 Td (14,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 146.27 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 132.17 Td (Dilutive effect of equity incentive plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 131.27 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 131.27 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 131.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 117.17 Td (Weighted-average shares diluted \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 116.27 Td (15,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 116.27 Td (14,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 116.27 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 102.17 Td (Net income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 87.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 86.27 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 86.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 86.32 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 72.17 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 71.27 Td (0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 71.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 71.32 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 71.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (___________________) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (For fiscal year 2014, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.51 742.10 Td (180,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.01 742.10 Td ( shares of common stock equivalents were excluded in the computation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (diluted net income per share, as the ef) Tj ET Q q 0 0 0 rg BT 228.43 730.10 Td (fect would be anti-dilutive. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Envir) Tj ET Q q 0 0 0 rg BT 74.27 704.10 Td (onmental Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (The Company is subject to numerous environmental laws and regulations in the various jurisdictions in which it operates that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (\(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 297.50 671.10 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 396.45 671.10 Td (ge of materials into the environment, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous materials. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (Normal, recurring expenses related to operating the Company's factories in a manner that meets or exceeds environmental laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (and regulations are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 300.11 623.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (Despite our ef) Tj ET Q q 0 0 0 rg BT 106.46 602.10 Td (forts to comply with existing laws and regulations, compliance with more stringent laws or regulations, or stricter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (interpretation of existing laws, may require additional expenditures by us, some of which may be material. ) Tj ET Q q 0 0 0 rg BT 478.31 590.10 Td (W) Tj ET Q q 0 0 0 rg BT 486.95 590.10 Td (e reserve amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (for such matters when expenditures are probable and reasonably estimable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (Costs incurred to investigate and remediate environmental waste are expensed, unless the remediation extends the useful life of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (the assets employed at the site. ) Tj ET Q q 0 0 0 rg BT 175.25 545.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.75 545.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.35 545.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.79 545.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.79 545.10 Td (, the Company had not capitalized any remediation costs and had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (not recorded any amortization expense in fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.47 533.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.47 533.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.47 533.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.47 533.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.41 533.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.41 533.10 Td ( .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (Advertising Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (Advertising costs are expensed in the period during which the advertising space is run. Selling, general and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (expenses include advertising costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 474.10 Td ($1,057,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 474.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.57 474.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.57 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.57 474.10 Td ($1,277,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.57 474.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.35 474.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.35 474.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.29 474.10 Td ($1,246,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.29 474.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.07 474.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.07 474.10 Td (. Prepaid advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (costs reported as an asset on the balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.04 462.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 462.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.07 462.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.07 462.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 462.10 Td ($234,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 462.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.94 462.10 Td ($244,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.44 462.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.10 462.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 436.10 Td (oduct ) Tj ET Q q 0 0 0 rg BT 86.58 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.03 436.10 Td (arranty Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (The Company provides a product warranty on most products. ) Tj ET Q q 0 0 0 rg BT 298.10 415.10 Td (The standard warranty of) Tj ET Q q 0 0 0 rg BT 398.71 415.10 Td (fered on products sold through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (January31, 2005 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 403.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.82 403.10 Td ( years. Ef) Tj ET Q q 0 0 0 rg BT 183.67 403.10 Td (fective February1, 2005, the standard warranty was increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.69 403.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.69 403.10 Td (years on products sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (after February1, 2005. Ef) Tj ET Q q 0 0 0 rg BT 153.67 391.10 Td (fective February 1, 2014 the Company modified its warranty to a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 515.70 391.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.52 391.10 Td (The new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (warranty ef) Tj ET Q q 0 0 0 rg BT 95.63 379.10 Td (fective February) Tj ET Q q 0 0 0 rg BT 160.78 379.10 Td (, 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 359.99 379.10 Td (fect on warranty expense. ) Tj ET Q q 0 0 0 rg BT 465.03 379.10 Td (The Company generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (provides that customers can return a defective product during the specified warranty period following purchase in exchange for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (a replacement product or that the Company can repair the product at no char) Tj ET Q q 0 0 0 rg BT 354.97 355.10 Td (ge to the customer) Tj ET Q q 0 0 0 rg BT 428.01 355.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.83 355.10 Td (The Company determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (whether replacement or repair is appropriate in each circumstance. ) Tj ET Q q 0 0 0 rg BT 318.57 343.10 Td (The Company uses historic data to estimate appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (levels of warranty reserves. Because product mix, production methods, and raw material sources change over time, historic data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (may not always provide precise estimates for future warranty expense. ) Tj ET Q q 0 0 0 rg BT 334.44 319.10 Td (The Company recorded warranty reserves of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.47 319.10 Td ($1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.47 319.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 307.10 Td ($950,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.44 307.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.60 307.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.20 307.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 307.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.64 307.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 289.30 307.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.12 307.10 Td (The current portion of the warranty reserve was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.37 307.10 Td (600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.87 307.10 Td ( for both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (2016 and 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (Self-Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 248.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 248.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.27 248.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.27 248.10 Td (, the Company was self-insured for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.98 248.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.48 248.10 Td ( per occurrence, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (workers) Tj ET Q q 0 0 0 rg BT 84.80 236.10 Td ( compensation losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.51 236.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.01 236.10 Td ( per occurrence, and for auto liability up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.83 236.10 Td ($50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.33 236.10 Td ( per occurrence. ) Tj ET Q q 0 0 0 rg BT 506.90 236.10 Td (Actuaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (assist the Company in determining its liability for the self-insured component of claims, which have been discounted to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (net present value utilizing a discount rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.72 212.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.55 212.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.33 212.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.33 212.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.77 212.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 212.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.38 212.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.38 212.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (The Company recognizes stock-based compensation cost for shares that are expected to vest, on a straight-line basis, over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (requisite service period of the award.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 132.10 Td (irco issued a 10% stock dividend or 3/2 stock split every year beginning in 1983 through 2003. ) Tj ET Q q 0 0 0 rg BT 440.73 132.10 Td (Although the stock dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (had no cash consequences to the Company) Tj ET Q q 0 0 0 rg BT 220.42 120.10 Td (, the accounting methodology required for 10% dividends has af) Tj ET Q q 0 0 0 rg BT 477.39 120.10 Td (fected the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (section of the balance sheet. ) Tj ET Q q 0 0 0 rg BT 167.27 108.10 Td (When the Company records a 10% stock dividend, 10% of the market capitalization of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (Company on the date of the declaration is reclassified from retained earnings to additional paid-in capital. During the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (from 1983 through 2003, the cumulative ef) Tj ET Q q 0 0 0 rg BT 222.28 84.10 Td (fect of the stock dividends has been to reclassify over $122million from retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (earnings to additional paid-in capital. ) Tj ET Q q 0 0 0 rg BT 203.94 72.10 Td (The equity section of the balance sheet on January31, 2016 reflects additional paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (capital of approximately $1) Tj ET Q q 0 0 0 rg BT 159.87 60.10 Td (16million and accumulated deficit of approximately $69million. Other than the losses incurred ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (during 2004-2006 and 201) Tj ET Q q 0 0 0 rg BT 156.01 742.10 Td (1-2014, the accumulated deficit is a result of the accounting reclassification, and is not the result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (accumulated losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Accumulated Other) Tj ET Q q 0 0 0 rg BT 134.53 704.10 Td ( Compr) Tj ET Q q 0 0 0 rg BT 167.40 704.10 Td (ehensive Income \(Loss\), Net of ) Tj ET Q q 0 0 0 rg BT 299.42 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 305.17 704.10 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (The following table summarizes the changes in accumulated balances of other comprehensive income \(loss\) for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (January 31, 2016 and 2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 615.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 615.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 615.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 585.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 585.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 585.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 555.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 555.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 555.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 525.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 525.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 525.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 525.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 615.6 m 413.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 615.6 m 484.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 615.6 m 561.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 615.6 m 484.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 615.6 m 561.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 555.6 m 484.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 555.6 m 561.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 555.6 m 484.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 525.6 m 484.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 525.6 m 561.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 511.6 m 484.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 509.6 m 484.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 511.6 m 561.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 509.6 m 561.5 509.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 634.83 Td (January 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 619.83 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.50 619.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 619.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 605.27 Td (Balance as of beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 605.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 605.32 Td (\(20,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 605.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 605.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 605.32 Td (\(13,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 605.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 575.27 Td (Other comprehensive income \(loss\) before reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 575.27 Td (3,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 575.32 Td (\(7,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 575.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 560.27 Td (Amounts reclassified from AOCI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 560.27 Td (2,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 560.27 Td (1,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 545.27 Td (Net current period other comprehensive \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 545.27 Td (5,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 545.32 Td (\(6,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 545.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 515.27 Td (Balance as of end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 515.32 Td (\(14,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 515.32 Td (\(20,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (The reclassifications out of accumulated other comprehensive income \(loss\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.67 472.10 Td ($2,013,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.67 472.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.10 472.10 Td ($1,283,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 472.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (January 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 210.70 460.10 Td (, related to amortization of actuarial losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.27 436.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (The Company recognizes revenue in accordance with F) Tj ET Q q 0 0 0 rg BT 271.67 415.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 293.07 415.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 314.84 415.10 Td (T) Tj ET Q q 0 0 0 rg BT 320.25 415.10 Td (opic 605, Revenue Recognition. Revenue is recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (when title passes under its various shipping terms, when installation services are complete, and when collectability is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (reasonably assured. ) Tj ET Q q 0 0 0 rg BT 130.63 391.10 Td (The Company reports sales net of sales returns and allowances, sales taxes imposed by various government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (authorities, cash discounts and rebate to customers. In most instances, the Company sells furniture on bids and contracts, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (may include multiple elements. For sales that include freight to the customer) Tj ET Q q 0 0 0 rg BT 356.19 367.10 Td (, many sales are delivered on the same day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (shipped, with an average delivery being in route for 1 to 3 days. Installation, which involves carrying the furniture to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (classroom and setting the desks and chairs in place, typically occurs the day the furniture is delivered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 128.02 322.10 Td (ASC 605, 25, Revenue Recognition - Multiple-Element ) Tj ET Q q 0 0 0 rg BT 357.15 322.10 Td (Arrangements, revenue arrangements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (multiple deliverables are generally accounted for by the Company on a combined unit of accounting as our customers control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (our ability to deliver and install the furniture, and as a result the furniture delivery and installation are generally provided at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (same time. ) Tj ET Q q 0 0 0 rg BT 95.64 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.28 286.10 Td (e recognize the consideration for the combined unit of accounting once the final item has been delivered and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (installed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (Delivery Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (For the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.24 227.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.84 227.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 227.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.84 227.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.28 227.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.28 227.10 Td (, shipping and classroom delivery costs of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td ($15,799,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 215.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.00 215.10 Td ($15,41) Tj ET Q q 0 0 0 rg BT 132.13 215.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.63 215.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.07 215.10 Td ($14,576,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.07 215.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 276.73 215.10 Td (, were included in selling, general and administrative expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.98 189.10 Td ( Income ) Tj ET Q q 0 0 0 rg BT 150.46 189.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.21 189.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (accordance with the provisions of F) Tj ET Q q 0 0 0 rg BT 192.28 156.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 213.68 156.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 235.45 156.10 Td (T) Tj ET Q q 0 0 0 rg BT 240.86 156.10 Td (opic 740, Accounting for Income ) Tj ET Q q 0 0 0 rg BT 380.63 156.10 Td (T) Tj ET Q q 0 0 0 rg BT 386.04 156.10 Td (axes. Deferred income taxes are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (recognized for dif) Tj ET Q q 0 0 0 rg BT 121.45 144.10 Td (ferences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 132.10 Td (fect for the years in which the dif) Tj ET Q q 0 0 0 rg BT 190.41 132.10 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 322.92 132.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 348.55 132.10 Td (fect on deferred taxes of a change in tax rates is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (recognized in income in the period that includes the enactment date. ) Tj ET Q q 0 0 0 rg BT 324.35 120.10 Td (A) Tj ET Q q 0 0 0 rg BT 331.02 120.10 Td ( valuation allowance against deferred tax assets is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (recorded when it is determined to be more likely than not that the asset will not be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (2. New ) Tj ET Q q 0 0 0 rg BT 80.83 84.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 142.59 84.10 Td (onouncements) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 160.54 742.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 290.80 742.10 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 347.11 742.10 Td (Accounting Standards Update No. 2014-09,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.14 742.10 Td (Revenue ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fr) Tj ET Q q 0 0 0 rg BT 56.30 730.10 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.98 730.10 Td (\("ASU 2014-09"\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.64 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 730.10 Td (an updated standard on revenue recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 425.80 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 730.10 Td (This ) Tj ET Q q 0 0 0 rg BT 450.52 730.10 Td (ASU will supersede the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (revenue recognition requirements in ) Tj ET Q q 0 0 0 rg BT 196.62 718.10 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 340.02 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 345.43 718.10 Td (opic 605,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.15 718.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.83 718.10 Td (, and most industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (specific guidance. ) Tj ET Q q 0 0 0 rg BT 126.64 706.10 Td (ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (improving comparability in the financial statements of companies reporting using US GAAP) Tj ET Q q 0 0 0 rg BT 420.95 694.10 Td ( and International Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 139.25 682.10 Td (The core principle of the new standard is for companies to recognize revenue to depict the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (exchange for those goods or services. In doing so the Company may be required to use more judgment and make more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (estimates than under current authoritative guidance. ) Tj ET Q q 0 0 0 rg BT 259.09 646.10 Td (ASU 2014-09 will be ef) Tj ET Q q 0 0 0 rg BT 355.01 646.10 Td (fective for the Company in the first quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2018 and may be applied on a full retrospective or modified retrospective approach. ) Tj ET Q q 0 0 0 rg BT 388.03 634.10 Td (The Company is currently evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (impact the adoption of this standard will have on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 601.10 Td (August2014, the F) Tj ET Q q 0 0 0 rg BT 136.21 601.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 185.11 601.10 Td (ASU No.2014-15,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.16 601.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 272.79 601.10 Td (esentation of Financial Statements-Going Concern\(Subtopic ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (205-40\),Disclosur) Tj ET Q q 0 0 0 rg BT 125.18 589.10 Td (e of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 263.03 589.10 Td (s ) Tj ET Q q 0 0 0 rg BT 269.24 589.10 Td (Ability to Continue as a Going Concern.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.18 589.10 Td () Tj ET Q q 0 0 0 rg BT 433.50 589.10 Td (This standard sets forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.87 577.10 Td (s responsibility to evaluate, each reporting period, whether there is substantial doubt about our ability to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (as a going concern, and if so, to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 327.24 565.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 398.42 565.10 Td (fective for annual and interim reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (periods ending after December15, 2016. ) Tj ET Q q 0 0 0 rg BT 218.37 553.10 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 553.10 Td (e are currently evaluating this new standard and expect it to have no impact on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (financial position and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 520.10 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 128.42 520.10 Td (ASB issued an ) Tj ET Q q 0 0 0 rg BT 189.26 520.10 Td (Accounting Standards Update that requires reporting entities to present debt issuance costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (as a direct deduction from the face amount of that note payable presented in the balance sheet. ) Tj ET Q q 0 0 0 rg BT 429.11 508.10 Td (The ) Tj ET Q q 0 0 0 rg BT 446.60 508.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (Update is ef) Tj ET Q q 0 0 0 rg BT 98.13 496.10 Td (fective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 152.75 484.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.42 484.10 Td ( reporting entity is required to apply the amendments in the ) Tj ET Q q 0 0 0 rg BT 398.53 484.10 Td (Accounting Standards Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (retrospectively to all prior periods. ) Tj ET Q q 0 0 0 rg BT 190.89 472.10 Td (The adoption of the ) Tj ET Q q 0 0 0 rg BT 271.43 472.10 Td (Accounting Standards will have no impact on our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (In July 2015, the F) Tj ET Q q 0 0 0 rg BT 124.54 439.10 Td (ASB issued authoritative guidance to simplify the subsequent measurement of inventories by replacing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (lower of cost or market test with a lower of cost and net realizable value test. ) Tj ET Q q 0 0 0 rg BT 359.99 427.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 435.62 427.10 Td (fective for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (beginning after December 15, 2016, which will be the Company) Tj ET Q q 0 0 0 rg BT 310.21 415.10 Td (s first quarter of fiscal 2018, and requires prospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (adoption, with early adoption permitted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (In November 2015, the F) Tj ET Q q 0 0 0 rg BT 150.07 382.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 198.97 382.10 Td (Accounting Standard Update No. 2015-17, "Balance Sheet Classification of Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 370.10 Td (axes", an update to ) Tj ET Q q 0 0 0 rg BT 133.08 370.10 Td (ASC 740, Income ) Tj ET Q q 0 0 0 rg BT 207.34 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.75 370.10 Td (axes. Current GAAP) Tj ET Q q 0 0 0 rg BT 295.42 370.10 Td ( requires an entity to separate deferred income tax liabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (assets into current and noncurrent amounts in a classified statement of financial position. ) Tj ET Q q 0 0 0 rg BT 407.50 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.91 358.10 Td (o simplify the presentation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (in a classified statement of financial position. ) Tj ET Q q 0 0 0 rg BT 233.66 334.10 Td (The current requirement that deferred tax liabilities and assets of a tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (paying component of an entity be of) Tj ET Q q 0 0 0 rg BT 194.78 322.10 Td (fset and presented as a single amount is not af) Tj ET Q q 0 0 0 rg BT 378.16 322.10 Td (fected by the amendments in this Update. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (public business entities, the amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 294.20 310.10 Td (fective for financial statements issued for annual periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (beginning after December 15, 2016, and interim periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 392.23 298.10 Td (The Board also decided to permit earlier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (application by all entities as of the beginning of any interim or annual reporting period. ) Tj ET Q q 0 0 0 rg BT 403.33 286.10 Td (The Company has chosen to early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (adopt the Update for the year ended January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 269.19 274.10 Td (The Company chose to retrospectively adopt these provisions in Q4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (2016, which resulted in reclassifications in our Consolidated Balance Sheet as of January 31, 2015, of $156,000 from current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Deferred income taxes to long-term Deferred income taxes .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (In February 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 178.31 229.10 Td (Accounting Standards Board \(the "F) Tj ET Q q 0 0 0 rg BT 323.29 229.10 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 379.60 229.10 Td (Accounting Standards Update \(ASU\) No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (2016-02, an updated to ) Tj ET Q q 0 0 0 rg BT 144.15 217.10 Td (ASC 842, Leases. ) Tj ET Q q 0 0 0 rg BT 218.13 217.10 Td (This update will require lease assets and lease liabilities to be recognized on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (balance sheet and disclosure of key information about leasing arrangements. ) Tj ET Q q 0 0 0 rg BT 357.77 205.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 433.40 205.10 Td (fective for the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (commencing in the first quarter of fiscal year ending January 31, 2020 and must be adopted using a modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (transition, and provides for certain practical expedients. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 389.16 181.10 Td (The adoption of this guidance is expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (to have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 222.45 169.10 Td (s consolidated financial statements or related disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (3. Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (Outstanding balances \(in thousands\) for the Company) Tj ET Q q 0 0 0 rg BT 268.29 122.10 Td (s long-term debt were as follows:) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 662.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 662.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 722.5 m 428.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 722.5 m 493.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 692.5 m 493.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 662.5 m 493.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 662.5 m 562.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 648.5 m 493.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 646.5 m 493.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 648.5 m 562.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 646.5 m 562.5 646.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 739.73 Td (January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 726.73 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 726.73 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 713.07 Td (Revolving credit line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 712.17 Td (6,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 712.17 Td (9,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.07 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 697.17 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 697.17 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 683.07 Td (Total debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 682.17 Td (6,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 682.17 Td (9,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.07 Td (Less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 667.17 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 667.17 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.07 Td (Non-current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 652.17 Td (6,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 652.17 Td (6,153) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.00 Td (On December22, 201) Tj ET Q q 0 0 0 rg BT 137.93 615.00 Td (1 \(the Closing Date\), the Company and ) Tj ET Q q 0 0 0 rg BT 306.04 615.00 Td (V) Tj ET Q q 0 0 0 rg BT 312.67 615.00 Td (irco Inc., a wholly owned subsidiary of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.00 Td (\(V) Tj ET Q q 0 0 0 rg BT 64.39 603.00 Td (irco and, together with the Company) Tj ET Q q 0 0 0 rg BT 214.81 603.00 Td (, the Borrowers\) entered into a Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 472.24 603.00 Td (Agreement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 81.38 591.00 Td (Agreement\) with PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 240.80 591.00 Td (Association, as administrative agent and lender \(PNC\). ) Tj ET Q q 0 0 0 rg BT 474.44 591.00 Td (The credit agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.00 Td (has been amended twelve times subsequent to that date, which, among other things, extended the maturity date of the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.60 Td (Agreement for three years until December 22, 2019, reduced the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 307.95 564.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.95 564.60 Td (maximum availability under the Credit ) Tj ET Q q 0 0 0 rg BT 468.42 564.60 Td (Agreement by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.60 Td ($10,250,000 to $49,750,000, modified, eliminated, or waived covenants, amended seasonal advances and established sub-lines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.60 Td (for equipment financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.60 Td (On ) Tj ET Q q 0 0 0 rg BT 64.17 519.60 Td (April 4, 2016 the Company entered into ) Tj ET Q q 0 0 0 rg BT 225.81 519.60 Td (Amendment No. 12, which retroactively modified the capital expenditure covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.60 Td (at January 31, 2016 and established quarterly covenants for the fiscal year ending January 31, 2017, and extended the maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.60 Td (to December 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.60 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 474.60 Td (Agreement provides the Borrowers with a secured revolving line of credit \(the Revolving Credit Facility\) of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.60 Td ($49,750,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 462.60 Td (, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.60 Td (up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 450.60 Td ($3,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.78 450.60 Td ( for issuances of letters of credit. ) Tj ET Q q 0 0 0 rg BT 253.38 450.60 Td (The Revolving Credit Facility is an asset-based line of credit that is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.60 Td (to a borrowing base limitation and generally provides for advances of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.53 438.60 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.86 438.60 Td ( of eligible accounts receivable, plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.60 Td (percentage equal to the lesser of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.05 426.60 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.38 426.60 Td ( of the value of eligible inventory or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.56 426.60 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.89 426.60 Td ( of the liquidation value of eligible inventory) Tj ET Q q 0 0 0 rg BT 543.92 426.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.60 Td (plus an amount ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.59 414.60 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.59 414.60 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.37 414.60 Td ($14,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.37 414.60 Td ( from February 1 through July 31 of each year) Tj ET Q q 0 0 0 rg BT 460.63 414.60 Td (, minus undrawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.60 Td (amounts of letters of credit and reserves. ) Tj ET Q q 0 0 0 rg BT 217.26 402.60 Td (The Revolving Credit Facility is secured by substantially all of the Borrowers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.60 Td (personal property and certain of the Borrowers' real property) Tj ET Q q 0 0 0 rg BT 292.17 390.60 Td (. ) Tj ET Q q 0 0 0 rg BT 299.49 390.60 Td (The principal amount outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 504.17 390.60 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.60 Td (and any accrued and unpaid interest is due no later than December 22, 2019, and the Revolving Credit Facility is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.60 Td (certain prepayment penalties upon earlier termination of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 393.69 366.60 Td (. Prior to the maturity date, principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.60 Td (amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 202.48 354.60 Td (Agreement may be repaid and reborrowed at the option of the Borrowers without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.60 Td (premium or penalty) Tj ET Q q 0 0 0 rg BT 128.22 342.60 Td (, subject to borrowing base limitations, seasonal adjustments and certain other conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.60 Td (The Revolving Credit Facility bears interest, at the Borrowers' option, at either the ) Tj ET Q q 0 0 0 rg BT 381.44 321.60 Td (Alternate Base Rate \(as defined in the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.60 Td (Agreement\) or the Eurodollar Currency Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 330.18 309.60 Td (Agreement\), in each case plus an applicable mar) Tj ET Q q 0 0 0 rg BT 523.80 309.60 Td (gin. ) Tj ET Q q 0 0 0 rg BT 541.40 309.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.60 Td (applicable mar) Tj ET Q q 0 0 0 rg BT 108.96 297.60 Td (gin for ) Tj ET Q q 0 0 0 rg BT 137.84 297.60 Td (Alternate Base Rate loans is a percentage within a range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.86 297.60 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.69 297.60 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.47 297.60 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 297.60 Td (, and the applicable mar) Tj ET Q q 0 0 0 rg BT 538.91 297.60 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.60 Td (for Eurodollar Currency Rate loans is a percentage within a range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.01 285.60 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.84 285.60 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.61 285.60 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.44 285.60 Td (, in each case based on the EBITDA) Tj ET Q q 0 0 0 rg BT 534.84 285.60 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.60 Td (Borrowers at the end of each fiscal quarter) Tj ET Q q 0 0 0 rg BT 219.80 273.60 Td (, and may be increased at PNC's option by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.57 273.60 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.40 273.60 Td ( during the continuance of an event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.60 Td (of default. ) Tj ET Q q 0 0 0 rg BT 93.04 261.60 Td (Accrued interest with respect to principal amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 413.24 261.60 Td (Agreement is payable in arrears on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.60 Td (monthly basis for ) Tj ET Q q 0 0 0 rg BT 121.94 249.60 Td (Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.60 Td (for Eurodollar Currency Rate loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.60 Td (For the year ended January 31, 2016 the Credit ) Tj ET Q q 0 0 0 rg BT 239.95 213.60 Td (Agreement contained a covenant that forbid the Company from issuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.60 Td (dividends or making payments with respect to the Company's capital stock. ) Tj ET Q q 0 0 0 rg BT 355.91 201.60 Td (As discussed above, on ) Tj ET Q q 0 0 0 rg BT 451.18 201.60 Td (April 4, 2016 the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.60 Td (entered into ) Tj ET Q q 0 0 0 rg BT 99.43 189.60 Td (Amendment No. 12 which allows the Company to pay up to $1.3 million in cash dividends and stock repurchases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.60 Td (In addition, it contains numerous other covenants that limit under certain circumstances the ability of the Borrowers and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.60 Td (subsidiaries to, among other things, mer) Tj ET Q q 0 0 0 rg BT 210.07 165.60 Td (ge with or acquire other entities, incur new liens, incur additional indebtedness, sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.60 Td (assets outside of the ordinary course of business, enter into transactions with af) Tj ET Q q 0 0 0 rg BT 366.13 153.60 Td (filiates, or substantially change the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.60 Td (nature of the business of the Borrowers, taken as a whole. ) Tj ET Q q 0 0 0 rg BT 285.86 141.60 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 330.85 141.60 Td (Agreement also requires the Company to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.60 Td (following financial maintenance covenants: \(1\) a minimum tangible net worth amount, \(2\) a minimum fixed char) Tj ET Q q 0 0 0 rg BT 502.47 129.60 Td (ge coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.60 Td (ratio, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 188.86 117.60 Td ( amount, in each case as of the end of the relevant monthly) Tj ET Q q 0 0 0 rg BT 423.41 117.60 Td (, quarterly or annual measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 82.50 105.60 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 105.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.54 105.60 Td ( the Credit ) Tj ET Q q 0 0 0 rg BT 219.70 105.60 Td (Agreement required the Company to maintain: \(1\) a minimum tangible net worth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.60 Td (at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.54 93.60 Td ($21,346,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.54 93.60 Td ( for the fiscal quarter ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.61 93.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.21 93.60 Td (, \(2\) a minimum fixed char) Tj ET Q q 0 0 0 rg BT 422.77 93.60 Td (ge coverage ratio of at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.49 93.60 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.99 93.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.60 Td (to 1.00 for the four consecutive fiscal quarters ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.60 81.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.20 81.60 Td (, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 455.73 81.60 Td ( amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.56 81.60 Td ($6,137,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.56 81.60 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.60 Td (the twelve consecutive fiscal months ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.39 69.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.99 69.60 Td (. ) Tj ET Q q 0 0 0 rg BT 305.31 69.60 Td (The actual results of the Company with respect to the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.60 Td (financial covenants for the period ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.61 57.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.21 57.60 Td ( were as follows: \(1\) the Company maintained a tangible net worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 45.60 Td ($33,312,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.83 45.60 Td ( for the fiscal year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.79 45.60 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.38 45.60 Td (, \(2\) the Company maintained a fixed char) Tj ET Q q 0 0 0 rg BT 453.59 45.60 Td (ge coverage ratio of ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.97 742.10 Td (5.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.47 742.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.25 742.10 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.75 742.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 742.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.79 742.10 Td ( consecutive fiscal quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.23 742.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.83 742.10 Td (, and \(3\) the Company achieved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 730.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.44 730.10 Td ($1) Tj ET Q q 0 0 0 rg BT 109.07 730.10 Td (1,198,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.07 730.10 Td ( for the twelve consecutive fiscal months ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.12 730.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.72 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (In addition, the Credit ) Tj ET Q q 0 0 0 rg BT 140.26 709.10 Td (Agreement contains a clean down provision that requires the Company to reduce borrowings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (line to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.99 697.10 Td ($6,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.99 697.10 Td ( for a period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.47 697.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 697.10 Td (consecutive days each fiscal year) Tj ET Q q 0 0 0 rg BT 367.12 697.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.44 697.10 Td (The Company believes that normal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity) Tj ET Q q 0 0 0 rg BT 491.05 685.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (The Company was in violation of its capital expenditure covenant for the relevant period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.04 664.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.64 664.10 Td (. However) Tj ET Q q 0 0 0 rg BT 546.39 664.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (noted above, on ) Tj ET Q q 0 0 0 rg BT 115.54 652.10 Td (April 4, 2016 the Company entered into ) Tj ET Q q 0 0 0 rg BT 277.18 652.10 Td (Amendment No. 12, which modified the capital expenditure covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 640.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.58 640.10 Td (The Company was in compliance with the modified covenant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Events of default \(subject to certain cure periods and other limitations\) under the Credit ) Tj ET Q q 0 0 0 rg BT 402.11 616.10 Td (Agreement include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (to, \(i\) non-payment of principal, interest or other amounts due under the Credit ) Tj ET Q q 0 0 0 rg BT 367.42 604.10 Td (Agreement, \(ii\) the violation of terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (covenants, representations or warranties in the Credit ) Tj ET Q q 0 0 0 rg BT 264.93 592.10 Td (Agreement or related loan documents, \(iii\) any event of default under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (agreements governing certain indebtedness of the Borrowers and certain defaults by the Borrowers under other agreements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (would materially adversely af) Tj ET Q q 0 0 0 rg BT 168.94 568.10 Td (fect the Borrowers, \(iv\) certain events of bankruptcy) Tj ET Q q 0 0 0 rg BT 378.21 568.10 Td (, insolvency or liquidation involving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Borrowers, \(v\) judgments or judicial actions against the Borrowers in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.14 556.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.64 556.10 Td (,subject to certain conditions, \(vi\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (failure of the Company to comply with Pension Benefit Plans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 397.44 544.10 Td (Agreement\), \(vii\) the invalidity of loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (documents pertaining to the Credit ) Tj ET Q q 0 0 0 rg BT 190.81 532.10 Td (Agreement, \(viii\) a change of control of the Borrowers and \(ix\) the interruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (operations of any of the Borrowers' manufacturing facilities for five consecutive days during the peak season or fifteen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (consecutive days during any other time, subject to certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Pursuant to the Credit ) Tj ET Q q 0 0 0 rg BT 139.44 487.10 Td (Agreement, substantially all of the Borrowers' accounts receivable are automatically and promptly swept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Borrowers. Due to this automatic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (liquidating nature of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 250.42 463.10 Td (, if the Borrowers breach any covenant, violate any representation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (warranty or suf) Tj ET Q q 0 0 0 rg BT 110.91 451.10 Td (fer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Borrowers may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (and warranties set forth in the Credit ) Tj ET Q q 0 0 0 rg BT 198.57 427.10 Td (Agreement contain limited or no materiality thresholds, and many of the representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (and warranties must be true and correct in all material respects upon each borrowing, which the Borrowers expect to occur on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 124.54 403.10 Td (There can be no assurance that the Borrowers will be able to comply with all such covenants and be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (continue to make such representations and warranties on an ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (season. ) Tj ET Q q 0 0 0 rg BT 83.98 355.10 Td (The Company believes that the Revolving Credit Facility will provide suf) Tj ET Q q 0 0 0 rg BT 378.75 355.10 Td (ficient liquidity to meet its capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (requirements in the next 12 months. ) Tj ET Q q 0 0 0 rg BT 195.81 343.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.85 343.10 Td ($12,943,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.85 343.10 Td ( was available for borrowing as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.97 343.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.57 343.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (As of January 31, 2016, long-term debt repayments are approximately as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 299.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 271.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 243.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 243.60 65.00 -14.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 303.68 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 303.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 290.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 290.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 290.17 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 276.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 276.17 Td (6,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 262.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 262.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 248.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 248.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 234.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 234.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 220.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (Management believes that the carrying value of debt approximated fair value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.42 195.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.02 195.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.46 195.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.46 195.10 Td (, as all of the long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (term debt bears interest at variable rates based on prevailing market conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (4. Retir) Tj ET Q q 0 0 0 rg BT 82.03 157.10 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (Pension Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (The Company maintains three defined benefit pension plans, the ) Tj ET Q q 0 0 0 rg BT 310.30 112.10 Td (V) Tj ET Q q 0 0 0 rg BT 316.92 112.10 Td (irco Employees Retirement Plan \(Employee Plan\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 100.10 Td (irco Important Performers Retirement Plan \(VIP) Tj ET Q q 0 0 0 rg BT 254.25 100.10 Td ( Plan\), and the Non-Employee Directors Retirement Plan \(Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 80.37 88.10 Td (The Company and its subsidiaries cover all employees hired prior to December 31, 2003 under the Employee Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (which is a qualified noncontributory defined benefit retirement plan. Benefits under the Employee Plan are based on years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (service and career average earnings. Benefit accruals under the Employee Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 425.18 64.10 Td (fective December31, 2003.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company also provides a supplementary retirement plan for certain key employees, the ) Tj ET Q q 0 0 0 rg BT 419.70 742.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 435.44 742.10 Td ( Plan. ) Tj ET Q q 0 0 0 rg BT 460.54 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 478.40 742.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 494.15 742.10 Td ( Plan provides a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (benefit up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.04 730.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 730.10 Td ( of average compensation for the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 730.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.14 730.10 Td ( years in the ) Tj ET Q q 0 0 0 rg BT 338.05 730.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 353.79 730.10 Td ( Plan, of) Tj ET Q q 0 0 0 rg BT 387.22 730.10 Td (fset by benefits earned under the Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Plan. Benefit accruals under the ) Tj ET Q q 0 0 0 rg BT 182.27 718.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 198.01 718.10 Td ( Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 278.34 718.10 Td (fective December31, 2003. ) Tj ET Q q 0 0 0 rg BT 393.95 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 411.82 718.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 427.56 718.10 Td ( Plan benefits are secured by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (life insurance program. Substantially all assets securing the ) Tj ET Q q 0 0 0 rg BT 291.98 706.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 307.72 706.10 Td ( Plan are held in a rabbi trust. ) Tj ET Q q 0 0 0 rg BT 430.28 706.10 Td (These cash surrender values are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (included in other assets in the consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 288.92 694.10 Td (The cash surrender values of the policies securing the ) Tj ET Q q 0 0 0 rg BT 505.60 694.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 521.34 694.10 Td ( Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 682.10 Td ($3,462,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.93 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.37 682.10 Td ($3,31) Tj ET Q q 0 0 0 rg BT 158.50 682.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.00 682.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.21 682.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.81 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.25 682.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.25 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 353.91 682.10 Td (. Death benefits payable under life insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (policies held by the Plan were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 670.10 Td ($9,391,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.44 670.10 Td ($9,486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.44 670.10 Td ( at January 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 515.36 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.68 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Company maintains a rabbi trust to hold assets related to the ) Tj ET Q q 0 0 0 rg BT 293.94 658.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 309.68 658.10 Td ( Retirement Plan and a Split Dollar Life Insurance Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 637.10 Td (April2001, the Board of Directors established the Directors Plan, a non-qualified plan for non-employee directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 625.10 Td (. ) Tj ET Q q 0 0 0 rg BT 93.06 625.10 Td (The Directors Plan provides a lifetime annual retirement benefit equal to the director) Tj ET Q q 0 0 0 rg BT 432.19 625.10 Td () Tj ET Q q 0 0 0 rg BT 434.97 625.10 Td (s annual retainer fee for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (fiscal year in which the director terminates his or her position with the board, subject to the director providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 613.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.10 613.10 Td (years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (service to the Company) Tj ET Q q 0 0 0 rg BT 144.05 601.10 Td (. Benefit accruals under the Directors Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 373.76 601.10 Td (fective December31, 2003. ) Tj ET Q q 0 0 0 rg BT 488.99 601.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.49 601.10 Td (January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 589.10 Td (, the Directors Plan did not hold any assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (The annual measurement date for all plans for the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.44 568.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.04 568.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.04 568.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.04 568.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.98 568.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.98 568.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 568.10 Td (January 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 568.10 Td (. Ef) Tj ET Q q 0 0 0 rg BT 533.00 568.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (December31, 2003, the Company froze all future benefit accruals under the plans. Employees can continue to vest under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (benefits earned to date, but no covered participants will earn additional benefits under the plan freeze.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (Accounting policy regarding pensions requires management to make complex and subjective estimates and assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (relating to amounts which are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 258.92 511.10 Td (Three primary economic assumptions influence the reported values of plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (liabilities and pension costs. ) Tj ET Q q 0 0 0 rg BT 167.58 499.10 Td (The Company takes the following factors into consideration: discount rate, assumed rate of return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (and rate of increase in compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (The discount rate represents an estimate of the rate of return on a portfolio of high-quality fixed-income securities that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (provide cash flows that match the expected benefit payment stream from the plans. ) Tj ET Q q 0 0 0 rg BT 386.65 454.10 Td (When setting the discount rate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Company utilizes a spot-rate yield curve developed from high-quality bonds currently available which reflects changes in rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (that have occurred over the past year) Tj ET Q q 0 0 0 rg BT 196.60 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.92 430.10 Td (This assumption is sensitive to movements in market rates that have occurred since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (preceding valuation date, and therefore, may change from year to year) Tj ET Q q 0 0 0 rg BT 330.42 418.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (Because the Company froze future benefit accruals for all three defined benefit plans, the compensation increase assumption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (had no impact on pension expense, accumulated benefit obligation or projected benefit obligation for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 373.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.93 373.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.93 373.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (The assumed rate of return on plan assets represents an estimate of long-term returns available to investors who hold a mixture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (of stocks, bonds, and cash equivalent securities. ) Tj ET Q q 0 0 0 rg BT 246.16 340.10 Td (When setting its expected return on plan asset assumptions, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (considers long-term rates of return on various asset classes \(both historical and forecasted, using data collected from various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (sources generally regarded as authoritative\) in the context of expected long-term average asset allocations for its defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (benefit pension plan. ) Tj ET Q q 0 0 0 rg BT 138.41 304.10 Td (T) Tj ET Q q 0 0 0 rg BT 143.82 304.10 Td (wo of the Company's defined benefit pension plans \(the ) Tj ET Q q 0 0 0 rg BT 369.00 304.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 384.74 304.10 Td ( Plan and the Directors Plan\) are executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (benefit plans that are not funded and are subject to the Company's creditors. Because these plans are not funded, the assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (rate of return has no impact on pension expense or the funded status of the plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (The Company maintains a trust for and funds the pension obligations for the Employee Plan. ) Tj ET Q q 0 0 0 rg BT 423.64 259.10 Td (The Board of Directors appoints a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (Retirement Plan Committee that establishes a policy for investment and funding strategies. ) Tj ET Q q 0 0 0 rg BT 415.20 247.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.24 247.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.57 247.10 Td ( of the trust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (assets are managed by investment advisors and held in common trust funds with the balance managed by the Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 99.26 223.10 Td (The Retirement Plan Committee has established tar) Tj ET Q q 0 0 0 rg BT 304.58 223.10 Td (get asset allocations for its investment advisors, who invest the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (trust assets in a variety of institutional collective trust funds. ) Tj ET Q q 0 0 0 rg BT 293.38 211.10 Td (The long-term asset allocation tar) Tj ET Q q 0 0 0 rg BT 427.60 211.10 Td (get provided to the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (advisors is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 199.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 199.10 Td ( stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.38 199.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.71 199.10 Td ( bond, with maximum allocations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.19 199.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.52 199.10 Td ( lar) Tj ET Q q 0 0 0 rg BT 353.38 199.10 Td (ge cap stocks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.70 199.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.03 199.10 Td ( small cap stocks, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.01 199.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.34 199.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (international stock. ) Tj ET Q q 0 0 0 rg BT 128.96 187.10 Td (The Company has established a custom benchmark derived from a variety of stock and bond indices that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (are weighted to approximate the asset allocation provided to the investment advisors. ) Tj ET Q q 0 0 0 rg BT 395.28 175.10 Td (The investment advisors' performance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (compared to the custom index as part of the evaluation of the investment advisors' performance. ) Tj ET Q q 0 0 0 rg BT 439.00 163.10 Td (The Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (Committee receives monthly reports from the investment advisors and meets periodically with them to discuss investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 118.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 118.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.54 118.10 Td (, the amount of the plan assets invested in bond or short-term investment funds was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.59 118.10 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.92 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 106.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 120.99 106.10 Td (, and the balance of the trust was held in equity funds or investments. ) Tj ET Q q 0 0 0 rg BT 402.69 106.10 Td (The trust does not hold any Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (During 2015, the pension plans were impacted by a material decrease in discount rates and by application of a new mortality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (table. ) Tj ET Q q 0 0 0 rg BT 76.38 61.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.05 61.10 Td ( reduction in the discount rate caused pension obligations to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.97 61.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.87 61.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.87 61.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.76 61.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.70 61.10 Td ($0.02 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.59 61.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (for the Employee Plan, ) Tj ET Q q 0 0 0 rg BT 144.52 49.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 160.26 49.10 Td ( Plan, and Director Plan, respectively) Tj ET Q q 0 0 0 rg BT 308.73 49.10 Td (. ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (It is the Company's policy to contribute adequate funds to the trust accounts to cover benefit payments under the ) Tj ET Q q 0 0 0 rg BT 501.78 730.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 517.52 730.10 Td ( Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Directors Plan and to maintain the funded status of the Employee Plan at a level which is adequate to avoid significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (restrictions to the Employee Plan under the Pension Protection ) Tj ET Q q 0 0 0 rg BT 302.46 706.10 Td (Act of 2006. ) Tj ET Q q 0 0 0 rg BT 357.54 706.10 Td (The Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.02 706.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.91 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.91 706.10 Td ($2.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 694.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 694.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 694.10 Td (, to the trust in 2016, 2015, and 2014, respectively) Tj ET Q q 0 0 0 rg BT 349.87 694.10 Td (. Contributions during fiscal year 2017 will depend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (upon actual investment results and benefit payments, but are anticipated to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.22 682.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.11 682.10 Td (. During 2016, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and 2014, the Company paid approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.02 670.10 Td ($591,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.52 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.52 670.10 Td ($580,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.02 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.46 670.10 Td ($564,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.96 670.10 Td ( respectively) Tj ET Q q 0 0 0 rg BT 415.12 670.10 Td (, in benefits per year under the non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (qualified plans. It is anticipated that contributions to non-qualified plans will be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.08 658.10 Td ($627,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.58 658.10 Td ( for 2017. ) Tj ET Q q 0 0 0 rg BT 515.19 658.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (January31, 2016, accumulated other comprehensive loss of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.86 646.10 Td ($16.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.75 646.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.58 646.10 Td ($14.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.47 646.10 Td ( net of tax\) is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (attributable to the pension plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (The following tables set forth \(in thousands\) the funded status of the Company) Tj ET Q q 0 0 0 rg BT 367.72 613.10 Td (s pension plans at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.04 613.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.64 613.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.58 613.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.58 613.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 512.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 550.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 550.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 550.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 550.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 550.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 550.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 524.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 524.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 524.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 524.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 524.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 524.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 498.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 498.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 498.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 472.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 446.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 420.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 394.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 368.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 342.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 342.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 342.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 342.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 342.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 342.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 308.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 308.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 308.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 308.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 308.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 308.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 308.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 282.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 282.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 282.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 282.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 282.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 282.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 248.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 248.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 248.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 248.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 248.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 248.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 248.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 222.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 180.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 180.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 154.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 154.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 154.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 154.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 154.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 154.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 154.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 589.6 m 267.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 589.6 m 271.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 589.6 m 326.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 589.6 m 385.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 589.6 m 389.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 589.6 m 444.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 589.6 m 503.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 589.6 m 507.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 589.6 m 562.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 589.6 m 267.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 576.6 m 267.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 589.6 m 326.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 576.6 m 326.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 589.6 m 385.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 576.6 m 385.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 589.6 m 444.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 576.6 m 444.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 589.6 m 503.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 576.6 m 503.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 589.6 m 562.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 459.6 m 503.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 459.6 m 267.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 447.6 m 267.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 445.6 m 267.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 459.6 m 326.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 447.6 m 326.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 445.6 m 326.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 459.6 m 385.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 447.6 m 385.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 445.6 m 385.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 459.6 m 444.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 447.6 m 444.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 445.6 m 444.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 447.6 m 503.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 445.6 m 503.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 459.6 m 562.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 447.6 m 562.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 445.6 m 562.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 368.6 m 385.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 368.6 m 503.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 368.6 m 267.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 356.6 m 267.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 354.6 m 267.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 368.6 m 326.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 356.6 m 326.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 354.6 m 326.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 356.6 m 385.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 354.6 m 385.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 368.6 m 444.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 356.6 m 444.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 354.6 m 444.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 356.6 m 503.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 354.6 m 503.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 368.6 m 562.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 356.6 m 562.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 354.6 m 562.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 329.6 m 267.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 329.6 m 326.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 329.6 m 385.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 329.6 m 444.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 329.6 m 503.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 329.6 m 562.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 282.6 m 267.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 282.6 m 385.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 282.6 m 503.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 270.6 m 267.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 268.6 m 267.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 282.6 m 326.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 270.6 m 326.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 268.6 m 326.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 270.6 m 385.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 268.6 m 385.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 282.6 m 444.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 270.6 m 444.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 268.6 m 444.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 270.6 m 503.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 268.6 m 503.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 282.6 m 562.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 270.6 m 562.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 268.6 m 562.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 222.60000000000002 m 267.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 222.60000000000002 m 385.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 222.60000000000002 m 503.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 210.60000000000002 m 267.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 208.60000000000002 m 267.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 222.60000000000002 m 326.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 210.60000000000002 m 326.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 208.60000000000002 m 326.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 210.60000000000002 m 385.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 208.60000000000002 m 385.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 222.60000000000002 m 444.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 210.60000000000002 m 444.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 208.60000000000002 m 444.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 210.60000000000002 m 503.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 208.60000000000002 m 503.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 222.60000000000002 m 562.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 210.60000000000002 m 562.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 208.60000000000002 m 562.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 141.60000000000002 m 267.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 141.60000000000002 m 385.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 141.60000000000002 m 503.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 129.60000000000002 m 267.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 127.60000000000002 m 267.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 141.60000000000002 m 326.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 129.60000000000002 m 326.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 127.60000000000002 m 326.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 129.60000000000002 m 385.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 127.60000000000002 m 385.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 141.60000000000002 m 444.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 129.60000000000002 m 444.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 127.60000000000002 m 444.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 129.60000000000002 m 503.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 127.60000000000002 m 503.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 141.60000000000002 m 562.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 129.60000000000002 m 562.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 127.60000000000002 m 562.5 127.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 580.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.30 593.83 Td (Employee Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.55 593.83 Td (VIP Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 593.83 Td (Directors Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.25 580.83 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.25 580.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.25 580.83 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 580.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.25 580.83 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.25 580.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 568.68 Td (Change in Benefit Obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 555.55 Td (Benefit obligation at beg. of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 554.85 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 554.85 Td (32,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 554.85 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 554.85 Td (7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 554.85 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 554.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 554.85 Td (439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 542.55 Td (Service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 541.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 529.55 Td (Interest cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 528.85 Td (1,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 528.85 Td (1,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 528.85 Td (343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 528.85 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 528.85 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 528.85 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 516.55 Td (Participant contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 503.55 Td (Amendments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 490.55 Td (Actuarial losses \(gains\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.60 489.85 Td (\(4,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 489.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 489.85 Td (5,962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 489.85 Td (\(1,209) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 489.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 489.85 Td (2,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 489.85 Td (\(107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 489.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 489.85 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 477.55 Td (Plan settlement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.60 476.85 Td (\(1,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 476.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 476.85 Td (\(1,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 476.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 476.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 476.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 464.55 Td (Benefits paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.60 463.85 Td (\(560) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.60 463.85 Td (\(512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 463.85 Td (\(537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 463.85 Td (\(544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 463.85 Td (\(54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 463.85 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 463.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 451.55 Td (Benefit obligation at end of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 450.85 Td (32,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 450.85 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 450.85 Td (8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 450.85 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 450.85 Td (280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 450.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 450.85 Td (428) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 438.68 Td (Change in Plan Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 425.55 Td (Fair value at beg. of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 424.85 Td (21,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 424.85 Td (18,168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 424.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 424.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 424.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 424.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 424.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 412.55 Td (Actual return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.60 411.85 Td (\(974) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 411.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 411.85 Td (2,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 411.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 411.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 411.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 411.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 399.55 Td (Company contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 398.85 Td (1,575) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 398.85 Td (2,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 398.85 Td (537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 398.85 Td (544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 398.85 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 398.85 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 386.55 Td (Settlements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.60 385.85 Td (\(1,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 385.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 385.85 Td (\(1,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 385.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 385.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 385.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 373.55 Td (Benefits paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.60 372.85 Td (\(560) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.60 372.85 Td (\(512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 372.85 Td (\(537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 372.85 Td (\(544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 372.85 Td (\(54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 372.85 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 372.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 360.55 Td (Fair value at end of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 359.85 Td (19,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 359.85 Td (21,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 359.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 359.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 359.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 359.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 359.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 347.68 Td (Funded Status) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 334.55 Td (Unfunded status of the plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 333.85 Td (\(12,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 333.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 333.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 333.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 333.85 Td (\(8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 333.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.60 333.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 333.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 333.85 Td (\(280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 333.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 333.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 333.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 333.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 321.68 Td (Amounts Recognized in Statement of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 313.68 Td (Financial Position) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 300.55 Td (Current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 299.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 299.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 299.85 Td (\(593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 299.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 299.85 Td (\(613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 299.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 299.85 Td (\(34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 299.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 299.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 287.55 Td (Non-current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 286.85 Td (\(12,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 286.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 286.85 Td (\(8,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 286.85 Td (\(9,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 286.85 Td (\(246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 286.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 286.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 274.55 Td (Accrued benefit cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 273.85 Td (\(12,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 273.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 273.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 273.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 273.85 Td (\(8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 273.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.60 273.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 273.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 273.85 Td (\(280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 273.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 273.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 273.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 273.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 261.68 Td (Amounts Recognized in Statement of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 253.68 Td (Financial Position and Operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 240.55 Td (Accrued benefit liability) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 239.85 Td (\(12,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 239.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 239.85 Td (\(8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.60 239.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 239.85 Td (\(280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 239.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 239.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 239.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 227.55 Td (Accumulated other comp. loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 226.85 Td (13,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 226.85 Td (17,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 226.85 Td (3,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 226.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 226.85 Td (\(144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 226.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 226.85 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 226.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 214.55 Td (Net amount recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 213.85 Td (1,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 213.85 Td (1,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 213.85 Td (\(5,678) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 213.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 213.85 Td (\(5,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 213.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 213.85 Td (\(424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 213.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 213.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 213.85 Td (\(465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 213.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 201.68 Td (Items not yet Recognized as a Component of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 193.68 Td (Net Periodic Pension Expense, Included in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 185.68 Td (AOCI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 172.55 Td (Unrecognized net actuarial loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 171.85 Td (13,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 171.85 Td (17,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 171.85 Td (3,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 171.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 171.85 Td (\(144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 171.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 171.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 171.85 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 171.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 159.55 Td (Unamortized prior service costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 158.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 146.55 Td (Net initial asset recognition) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 145.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 132.85 Td (13,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 132.85 Td (17,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 132.85 Td (3,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 132.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 132.85 Td (\(144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 132.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 132.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 132.85 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 132.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 707.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.50 162.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 301.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 259.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.50 162.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 199.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 199.50 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 733.5 m 267.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 733.5 m 271.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 733.5 m 326.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 733.5 m 385.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 733.5 m 389.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 733.5 m 444.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 733.5 m 503.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 733.5 m 507.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 733.5 m 267.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 720.5 m 267.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 733.5 m 326.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 720.5 m 326.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 733.5 m 385.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 720.5 m 385.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 733.5 m 444.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 720.5 m 444.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 733.5 m 503.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 720.5 m 503.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 720.5 m 562.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 642.5 m 267.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 642.5 m 503.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 622.5 m 267.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 620.5 m 267.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 642.5 m 326.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 622.5 m 326.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 620.5 m 326.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 642.5 m 385.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 622.5 m 385.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 620.5 m 385.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 642.5 m 444.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 622.5 m 444.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 620.5 m 444.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 622.5 m 503.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 620.5 m 503.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 642.5 m 562.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 622.5 m 562.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 620.5 m 562.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 574.5 m 267.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 574.5 m 326.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 574.5 m 385.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 574.5 m 444.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 574.5 m 503.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 574.5 m 562.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 405.5 m 267.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 393.5 m 267.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 391.5 m 267.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 405.5 m 326.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 393.5 m 326.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 391.5 m 326.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 405.5 m 385.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 393.5 m 385.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 391.5 m 385.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 405.5 m 444.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 393.5 m 444.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 391.5 m 444.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 405.5 m 503.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 393.5 m 503.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 391.5 m 503.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 405.5 m 562.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 393.5 m 562.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 391.5 m 562.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 301.5 m 267.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 301.5 m 385.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 301.5 m 503.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 289.5 m 267.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 287.5 m 267.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 289.5 m 385.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 287.5 m 385.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 289.5 m 503.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 287.5 m 503.5 287.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 740.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.30 740.58 Td (Employee Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.55 740.58 Td (VIP Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 740.58 Td (Directors Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.25 724.73 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.25 724.73 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.25 724.73 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 712.58 Td (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 699.45 Td (Net loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 698.75 Td (\(1,986) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 698.75 Td (4,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 698.75 Td (\(1,209) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 698.75 Td (2,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.60 698.75 Td (\(107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 698.75 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 686.45 Td (Prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 685.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 685.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 673.45 Td (Amortization of \(loss\) gain) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 672.75 Td (\(2,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 672.75 Td (\(1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 672.75 Td (\(484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.60 672.75 Td (\(178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 672.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 672.75 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 660.45 Td (Amortization of prior service cost \(credit\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 647.45 Td (Amortization of initial asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 633.75 Td (Total recognized in other comprehensive) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 625.75 Td (\(loss\) income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 625.75 Td (\(4,103) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 625.75 Td (3,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 625.75 Td (\(1,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 625.75 Td (2,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.60 625.75 Td (\(107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 625.75 Td (39) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 613.58 Td (Items to be Recognized as a Component of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 605.58 Td (Periodic Pension Cost for next fiscal year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 592.45 Td (Prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 579.45 Td (Net actuarial loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 578.75 Td (1,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 578.75 Td (1,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 578.75 Td (310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 578.75 Td (484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.60 578.75 Td (\(116) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 578.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 578.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 565.75 Td (1,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 565.75 Td (1,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 565.75 Td (310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 565.75 Td (484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.60 565.75 Td (\(116) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 565.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 565.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 553.58 Td (Supplemental Data) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 540.45 Td (Projected benefit obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 539.75 Td (32,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 539.75 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 539.75 Td (8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.25 539.75 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 539.75 Td (280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 539.75 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 527.45 Td (Accumulated benefit obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 526.75 Td (32,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 526.75 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 526.75 Td (8,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.25 526.75 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 526.75 Td (280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 526.75 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 514.45 Td (Fair value of plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 513.75 Td (19,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 513.75 Td (21,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 513.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 501.58 Td (Components of Net Cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 488.45 Td (Service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 475.45 Td (Interest cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 474.75 Td (1,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 474.75 Td (1,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 474.75 Td (343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 474.75 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 474.75 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 474.75 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 462.45 Td (Expected return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 461.75 Td (\(1,295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 461.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 461.75 Td (\(1,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 461.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 449.45 Td (Amortization of transition amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 436.45 Td (Recognized \(gain\) loss due to settlement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.30 435.75 Td (587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 423.45 Td (Amortization of prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 410.45 Td (Recognized net actuarial loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 409.75 Td (1,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 409.75 Td (1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 409.75 Td (484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 409.75 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 409.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 409.75 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 409.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 397.45 Td (Benefit cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 396.75 Td (1,968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 396.75 Td (1,294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 396.75 Td (827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 396.75 Td (528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 396.75 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 396.75 Td (\(14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 396.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 384.58 Td (Estimated Future Benefit Payments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 371.45 Td (FYE 01-31-2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 370.75 Td (6,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 370.75 Td (593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 370.75 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 358.45 Td (FYE 01-31-2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 357.75 Td (1,503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 357.75 Td (294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 357.75 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 345.45 Td (FYE 01-31-2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 344.75 Td (1,797) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 344.75 Td (321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 344.75 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 332.45 Td (FYE 01-31-2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 331.75 Td (1,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 331.75 Td (341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 331.75 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 319.45 Td (FYE 01-31-2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 318.75 Td (1,601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 318.75 Td (328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 318.75 Td (27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 306.45 Td (FYE 01-31-2022 to 2026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 305.75 Td (9,455) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 305.75 Td (1,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 305.75 Td (103) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 293.45 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 292.75 Td (22,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 292.75 Td (3,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 292.75 Td (256) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 279.73 Td (W) Tj ET Q q 0 0 0 rg BT 60.56 279.73 Td (eighted ) Tj ET Q q 0 0 0 rg BT 87.00 279.73 Td (A) Tj ET Q q 0 0 0 rg BT 92.19 279.73 Td (verage ) Tj ET Q q 0 0 0 rg BT 116.40 279.73 Td (Assumptions to Determine ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 271.73 Td (Benefit Obligations at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 263.73 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 263.73 Td (ear) Tj ET Q q 0 0 0 rg BT 68.70 263.73 Td (-End) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 251.45 Td (Discount rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 250.75 Td (4.00) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 250.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 250.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 250.75 Td (3.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 250.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 250.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 238.45 Td (Rate of compensation increase) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 237.75 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 225.58 Td (Weighted Average Assumptions to Determine) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 217.58 Td (Net Periodic Pension Cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 204.45 Td (Discount rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 203.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 203.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 203.75 Td (3.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 203.75 Td (4.75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 203.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 203.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 191.45 Td (Expected return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 190.75 Td (6.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 190.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 190.75 Td (6.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 190.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 178.45 Td (Rate of compensation increase) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 177.75 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.45 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 238.59 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.91 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 247.22 742.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 300.08 742.25 Td (ements of Plan ) Tj ET Q q 0 0 0 rg BT 364.80 742.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 730.25 Td (Employee Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 719.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 695.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 695.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 695.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 665.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 665.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 635.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 635.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 605.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 605.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 575.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 575.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 545.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 545.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 515.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 515.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 515.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 485.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 485.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 485.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 455.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 455.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 455.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 425.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 425.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 425.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 395.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 395.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 395.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 395.95 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.95 m 493.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.95 m 562.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 650.95 m 493.5 650.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 636.95 m 493.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 634.95 m 493.5 634.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 650.95 m 562.5 650.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 636.95 m 562.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 634.95 m 562.5 634.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 410.95 m 493.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 396.95 m 493.5 396.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 394.95 m 493.5 394.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 410.95 m 562.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.95 m 562.5 396.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 394.95 m 562.5 394.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 700.18 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.25 700.18 Td (1/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.52 Td (Level 1 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 671.52 Td (Cash& Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 670.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 670.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 670.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 670.62 Td (528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 656.52 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 655.62 Td (5,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 655.62 Td (6,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 641.52 Td (Total Level 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 640.62 Td (5,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 640.62 Td (7,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.52 Td (Level 2 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 611.52 Td (PNC Govt Money Fund) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 610.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.40 610.41 Td (1,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 610.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 610.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 596.52 Td (Vanguard Total Bond) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.40 595.41 Td (3,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 595.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 581.52 Td (Ishares Russell 2000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.40 580.41 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 580.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 566.52 Td (Vanguard All World) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.40 565.41 Td (1,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 565.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 551.52 Td (Blackrock S&P Index) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.40 550.41 Td (5,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 550.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 536.52 Td (Bond Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 535.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 535.62 Td (427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 521.52 Td (Core Bond CIT Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 520.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 520.62 Td (1,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 506.52 Td (US Aggregate Bond Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 505.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 505.62 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 491.52 Td (Large Cap Growth Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 490.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 490.62 Td (3,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 476.52 Td (Large Cap Value Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 475.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 475.62 Td (3,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 461.52 Td (Russell 2000 Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 460.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 460.62 Td (1,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 446.52 Td (International Equity Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 445.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 445.62 Td (1,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 431.52 Td (Managed Investment Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 430.62 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 430.62 Td (1,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 416.52 Td (Vanguard MSCI Emerging Markets Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 415.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 415.62 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 401.52 Td (Total Level 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 400.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 400.62 Td (14,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 400.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 400.62 Td (14,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.52 Td (Level 3 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 371.52 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 370.62 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 370.62 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.45 Td (401\(k\) Retir) Tj ET Q q 0 0 0 rg BT 101.75 340.45 Td (ement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.45 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 319.45 Td (s retirement plan, which covers all U.S. employees, allows participants to defer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 319.45 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.33 319.45 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.11 319.45 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.44 319.45 Td ( of their eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.45 Td (compensation through a 401\(k\) retirement program. ) Tj ET Q q 0 0 0 rg BT 260.03 307.45 Td (Through December31, 2001, the plan included an employee stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.45 Td (ownership component. ) Tj ET Q q 0 0 0 rg BT 143.41 295.45 Td (The plan continues to include ) Tj ET Q q 0 0 0 rg BT 264.03 295.45 Td (V) Tj ET Q q 0 0 0 rg BT 270.65 295.45 Td (irco stock as one of the investment options. ) Tj ET Q q 0 0 0 rg BT 445.90 295.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.40 295.45 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 295.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 283.45 Td (, the plan held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 283.45 Td (634,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.65 283.45 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.58 283.45 Td (689,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.08 283.45 Td ( shares of ) Tj ET Q q 0 0 0 rg BT 281.72 283.45 Td (V) Tj ET Q q 0 0 0 rg BT 288.34 283.45 Td (irco stock, respectively) Tj ET Q q 0 0 0 rg BT 380.16 283.45 Td (. For the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 283.45 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.99 283.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.45 Td (the Company made a small contribution to employees enrolled in the Plan in connection with an auto enrollment program. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.45 Td (the fiscal years ended January 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.45 259.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.45 259.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.45 259.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.45 259.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.88 259.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.88 259.45 Td ( there was no employer match and therefore no compensation cost to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.45 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 247.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.45 Td (Life Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.45 Td (The Company provided post-retirement life insurance to certain retired employees under the Dual Option Life Insurance Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.45 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 188.45 Td (fective January 2004, the Company terminated this plan for active employees. ) Tj ET Q q 0 0 0 rg BT 376.20 188.45 Td (The Company has purchased split-dollar life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.45 Td (insurance on the lives of the covered participants. Death benefits due to participants are approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.13 176.45 Td ($2,650,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.13 176.45 Td (. Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.45 Td (surrender values of these policies, which are included in other assets in the consolidated balance sheets, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.46 164.45 Td ($2,555,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.46 164.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.45 Td ($2,924,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 152.45 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.22 152.45 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.82 152.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 152.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.25 152.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.92 152.45 Td (. Death benefits payable under the policies were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.45 Td ($4,951,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 140.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 140.45 Td ($5,696,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.44 140.45 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.66 140.45 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.25 140.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.69 140.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.69 140.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 332.35 140.45 Td (. Death benefits received under the Plan in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.45 Td (benefit obligation will be retained in the trust and used to secure and fund benefits payable under the ) Tj ET Q q 0 0 0 rg BT 454.69 128.45 Td (VIP) Tj ET Q q 0 0 0 rg BT 470.43 128.45 Td ( Pension Plan. ) Tj ET Q q 0 0 0 rg BT 532.20 128.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.45 Td (Company maintains a rabbi trust to hold assets related to the Dual Option Life Insurance Plan. ) Tj ET Q q 0 0 0 rg BT 431.58 116.45 Td (All assets securing this plan are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.45 Td (held in the rabbi trust.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.45 Td (The following sets forth the Company's change in death benefits payable during the years ended January 31, 2016 and 2015:) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 736.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 736.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 736.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 736.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 708.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 708.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 708.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 708.50 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 736.5 m 493.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 736.5 m 562.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 694.5 m 493.5 694.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 681.5 m 493.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 679.5 m 493.5 679.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 694.5 m 562.5 694.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 681.5 m 562.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 679.5 m 562.5 679.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 740.58 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.25 740.58 Td (1/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 727.07 Td (Liability beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 727.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 727.07 Td (2,388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 727.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 727.07 Td (2,401,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 713.07 Td (Accretion expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 713.07 Td (78,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 713.07 Td (104,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 699.07 Td (Death benefits paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 699.12 Td (\(300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 699.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 699.12 Td (\(117,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 699.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.07 Td (Liability end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 685.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 685.07 Td (2,166,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 685.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 685.07 Td (2,388,000) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 643.00 Td (5. Stock-Based Compensation and Stockholders) Tj ET Q q 0 0 0 rg BT 256.23 643.00 Td ( Rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.00 Td (Stock Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.00 Td (The Company's two stock plans are the 201) Tj ET Q q 0 0 0 rg BT 223.90 601.00 Td (1 Employee Stock Incentive Plan \(the 201) Tj ET Q q 0 0 0 rg BT 396.81 601.00 Td (1 Plan\) and the 2007 Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.00 Td (Incentive Stock Plan \(the 2007 Plan\). Under the 201) Tj ET Q q 0 0 0 rg BT 267.63 589.00 Td (1 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 589.00 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.90 589.00 Td ( shares to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.00 Td (employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.00 Td (the 201) Tj ET Q q 0 0 0 rg BT 79.35 565.00 Td (1 Plan are expensed ratably over the vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 344.91 565.00 Td (The Company determines the fair value of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.00 Td (restricted stock unit awards and related compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 338.05 553.00 Td (ference between the market value of the awards on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.00 Td (date of grant less the exercise price of the awards granted. ) Tj ET Q q 0 0 0 rg BT 286.66 541.00 Td (The Company granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.58 541.00 Td (75,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.08 541.00 Td ( awards during fiscal 2016. ) Tj ET Q q 0 0 0 rg BT 516.61 541.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.00 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 529.00 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.27 529.00 Td (803,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.77 529.00 Td ( shares available for future issuance under the 201) Tj ET Q q 0 0 0 rg BT 460.88 529.00 Td (1 Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.00 Td (Under the 2007 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.48 508.00 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 508.00 Td ( shares to its employees and non-employee directors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.00 Td (the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.00 Td (vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 168.12 484.00 Td (The Company determines the fair value of its restricted stock unit awards and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.00 Td (compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 179.22 472.00 Td (ference between the market value of the awards on the date of grant less the exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.00 Td (the awards granted. ) Tj ET Q q 0 0 0 rg BT 130.34 460.00 Td (The Company granted no awards during fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.34 460.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.34 460.00 Td (. ) Tj ET Q q 0 0 0 rg BT 342.79 460.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.24 460.00 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.83 460.00 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.00 Td (13,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 448.00 Td ( shares available for future issuance under the 2007 Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.00 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.98 422.00 Td ( the Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.00 Td (Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 143.60 396.00 Td (A) Tj ET Q q 0 0 0 rg BT 150.08 396.00 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.00 Td (The following table presents a summary of restricted stock and stock unit awards:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 300.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 300.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 300.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 300.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 300.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 300.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 300.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 300.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 300.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 300.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 300.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 272.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 272.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 272.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 272.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 272.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 272.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 272.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 272.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 272.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 272.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 272.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 244.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 244.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 244.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 244.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 244.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 244.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 244.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 244.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 244.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 244.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 216.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 216.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 216.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 216.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 216.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 216.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 216.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 216.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 216.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 216.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 188.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 188.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 188.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 188.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 188.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 188.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 188.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 188.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 188.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 188.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 160.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 160.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 160.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 160.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 160.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 160.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 160.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 160.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 160.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 160.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 160.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 132.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 132.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 132.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 132.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 132.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 132.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 132.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 132.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 132.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 132.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 132.50 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 104.50 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 104.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 104.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 104.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 104.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 104.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 104.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 104.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 104.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 104.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 104.50 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 314.5 m 187.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 314.5 m 244.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 314.5 m 301.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 314.5 m 362.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 314.5 m 423.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 314.5 m 484.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 314.5 m 562.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 314.5 m 187.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 314.5 m 244.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 314.5 m 301.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 314.5 m 362.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 314.5 m 423.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 314.5 m 484.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 314.5 m 562.5 314.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 90.5 m 305.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 90.5 m 362.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 90.5 m 423.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 90.5 m 484.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 90.5 m 562.5 90.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 77.5 m 305.5 77.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 75.5 m 305.5 75.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 77.5 m 362.5 77.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 75.5 m 362.5 75.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 77.5 m 423.5 77.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 75.5 m 423.5 75.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 77.5 m 484.5 77.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 75.5 m 484.5 75.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 77.5 m 562.5 77.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 75.5 m 562.5 75.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 339.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.30 339.73 Td (Expense for 12 months ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.50 355.73 Td (Unr) Tj ET Q q 0 0 0 rg BT 515.13 355.73 Td (ecognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 347.73 Td (Compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 339.73 Td (Cost at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 318.95 Td (Date of Grants) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.20 326.90 Td (Units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 199.25 317.90 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.50 326.90 Td (Terms of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 317.90 Td (Vesting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 318.73 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 318.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.25 318.73 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.75 318.73 Td (1/31/2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 304.95 Td (2011 Stock Incentive Plan) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 305.90 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 247.00 305.90 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 304.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 304.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 304.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 304.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 290.96 Td (06/22/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 290.96 Td (48,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 290.96 Td (4 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 290.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.25 290.96 Td (22,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 290.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 290.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 290.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 290.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 290.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 290.96 Td (110,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 276.96 Td (06/22/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 276.96 Td (27,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 276.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.25 276.96 Td (50,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 276.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 276.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 276.96 Td (25,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 262.96 Td (06/24/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 262.96 Td (28,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 262.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.25 262.96 Td (25,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 262.96 Td (49,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 262.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 262.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 248.96 Td (06/24/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 248.96 Td (490,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 248.96 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 248.96 Td (246,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 248.96 Td (171,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 248.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 248.96 Td (801,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 234.96 Td (12/03/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 234.96 Td (10,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 234.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 234.96 Td (13,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 234.96 Td (6,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 234.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 220.96 Td (12/03/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 220.96 Td (18,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 220.96 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 220.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 220.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 460.75 220.96 Td (1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 220.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 206.96 Td (06/25/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 206.96 Td (71,430) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 206.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 206.96 Td (50,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 206.96 Td (100,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 206.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 192.96 Td (06/19/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 192.96 Td (31,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 192.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 192.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 192.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 192.96 Td (17,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 192.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 178.96 Td (06/19/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 178.96 Td (520,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 178.96 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 178.96 Td (150,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 178.96 Td (157,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 178.96 Td (160,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 178.96 Td (196,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 164.95 Td (2007 Stock Incentive Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 164.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 164.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 164.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 150.96 Td (06/19/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 150.96 Td (78,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 150.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 150.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 150.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 150.96 Td (41,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 150.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 136.96 Td (03/21/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 136.96 Td (40,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.25 136.96 Td (Immediate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 122.96 Td (06/21/2011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 122.96 Td (68,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 122.96 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 122.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 122.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 122.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 122.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 108.96 Td (06/16/2009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 108.96 Td (382,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 108.96 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 108.96 Td (62,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 108.96 Td (198,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 108.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 94.96 Td (06/19/2007) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 94.96 Td (262,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 94.96 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 94.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 94.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.00 94.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 94.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 81.76 Td (Totals for the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 81.76 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.00 81.76 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 80.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 80.96 Td (493,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 80.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 80.96 Td (502,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 80.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 80.96 Td (523,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 80.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 80.96 Td (1,132,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 742.10 Td ( summary of the Company) Tj ET Q q 0 0 0 rg BT 166.10 742.10 Td (s restricted stock unit awards activity) Tj ET Q q 0 0 0 rg BT 314.02 742.10 Td (, and related information for the following years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (January 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.10 730.10 Td ( is as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.38 730.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 655.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 655.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 655.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 655.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 655.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 655.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 625.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 595.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 595.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 595.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 595.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 595.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 595.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 706.6 m 257.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 706.6 m 261.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 706.6 m 318.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 706.6 m 379.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 706.6 m 383.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 706.6 m 440.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 706.6 m 501.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 706.6 m 505.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 655.6 m 257.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 655.6 m 261.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 655.6 m 318.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 655.6 m 379.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 655.6 m 383.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 655.6 m 440.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 655.6 m 501.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 655.6 m 505.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 655.6 m 562.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 655.6 m 318.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 595.6 m 257.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 595.6 m 379.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 595.6 m 501.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 581.6 m 257.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 579.6 m 257.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 581.6 m 379.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 579.6 m 379.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 581.6 m 501.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 579.6 m 501.5 579.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 710.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.00 710.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 710.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.00 710.83 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 659.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.95 667.83 Td (Restricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.15 659.83 Td (stockunits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 279.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 276.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.95 667.83 Td (Restricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 401.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 398.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.95 667.83 Td (Restricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 523.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 520.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.15 659.83 Td (stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.17 Td (Outstanding at beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 645.27 Td (812,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 645.27 Td (2.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 645.27 Td (544,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 645.27 Td (1.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 645.27 Td (743,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 645.27 Td (1.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 630.27 Td (75,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 630.27 Td (2.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 630.27 Td (518,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 630.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 630.27 Td (99,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 630.27 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 615.27 Td (\(212,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 615.27 Td (2.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 615.32 Td (\(232,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 615.27 Td (2.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 615.32 Td (\(260,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 615.27 Td (2.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.80 600.27 Td (\(18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 600.27 Td (2.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 600.32 Td (\(18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 600.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 600.32 Td (\(38,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 600.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.17 Td (Outstanding at end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 585.27 Td (657,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 585.27 Td (2.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 585.27 Td (812,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 585.27 Td (2.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 585.27 Td (544,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 585.27 Td (1.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.17 Td (Weighted-average fair value of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (restricted stock units granted during) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.17 Td (the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 550.27 Td (2.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 550.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 550.27 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (The aggregate fair value of restricted stock unit awards vested during fiscal years 2016, 2015 and 2014 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.36 520.10 Td ($593,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.86 520.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td ($553,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 508.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 508.10 Td ($523,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.44 508.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 197.10 508.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (6. Income ) Tj ET Q q 0 0 0 rg BT 93.98 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 99.73 482.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (The income tax expense \(benefit\)for the last three years is reconciled to the statutory federal income tax rate using the liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (method as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 322.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 322.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 406.6 m 424.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 406.6 m 493.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 406.6 m 562.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 308.6 m 424.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 295.6 m 424.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 293.6 m 424.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 308.6 m 493.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 295.6 m 493.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 293.6 m 493.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 308.6 m 562.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.6 m 562.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 293.6 m 562.5 293.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 430.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 430.68 Td (Year ended January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 410.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 410.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 410.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.17 Td (Statutory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 397.17 Td (1,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 397.17 Td (285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.95 397.17 Td (\(929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.17 Td (State taxes \(net of federal tax\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 383.17 Td (303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 383.17 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.95 383.17 Td (\(47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 383.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.17 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 369.22 Td (\(2,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 369.22 Td (\(248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.95 369.17 Td (\(253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.17 Td (State rate adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 355.17 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 355.22 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 355.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.30 355.17 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.17 Td (Change in unrecognized tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 341.22 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 341.22 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.95 341.17 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.17 Td (Expirations of attributes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 327.17 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 327.17 Td (65) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 541.80 326.47 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 313.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 313.22 Td (\(150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 313.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.30 313.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.17 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 299.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 299.17 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 299.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 299.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 299.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.45 299.17 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 299.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Significant components of the expense \(benefit\)for income taxes \(in thousands\) attributed to continuing operations are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 205.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 205.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 205.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 205.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 177.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 177.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 177.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 177.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 177.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 149.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 149.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 149.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 149.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 149.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 149.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 121.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 121.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 121.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 121.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 121.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 93.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 93.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 93.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 93.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 93.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 93.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 219.60000000000002 m 424.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 219.60000000000002 m 493.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 219.60000000000002 m 562.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 177.60000000000002 m 424.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 177.60000000000002 m 493.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 177.60000000000002 m 562.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 121.60000000000002 m 424.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 121.60000000000002 m 493.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 121.60000000000002 m 562.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 93.60000000000002 m 424.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 93.60000000000002 m 493.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 93.60000000000002 m 562.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 79.60000000000002 m 424.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 66.60000000000002 m 424.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 64.60000000000002 m 424.5 64.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 79.60000000000002 m 493.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 66.60000000000002 m 493.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 64.60000000000002 m 493.5 64.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 79.60000000000002 m 562.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 66.60000000000002 m 562.5 66.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 64.60000000000002 m 562.5 64.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 243.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 243.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 223.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 223.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 223.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 223.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.17 Td (Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 196.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 196.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 196.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 182.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 182.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 182.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 182.22 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 168.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 168.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 168.22 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 168.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.17 Td (Deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 140.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 140.17 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 140.17 Td (232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 140.22 Td (\(753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 140.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 126.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 126.17 Td (724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 126.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 126.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 112.17 Td (2,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 112.17 Td (280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 112.22 Td (\(730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 98.17 Td (Change in Valuation Allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 98.22 Td (\(2,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 98.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 98.22 Td (\(246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 98.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 98.22 Td (\(250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 98.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 84.17 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 84.17 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 84.22 Td (\(980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 84.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 70.17 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 70.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 70.17 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 70.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 70.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 70.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 70.22 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 70.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Deferred tax assets and liabilities \(in thousands\) are comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 707.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 679.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 567.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 483.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 483.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 707.6 m 493.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 707.6 m 562.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 581.6 m 493.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 581.6 m 562.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 525.6 m 493.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 525.6 m 562.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 562.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.6 m 493.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 482.6 m 493.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 484.6 m 562.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 482.6 m 562.5 482.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 723.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.60 723.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 711.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 711.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 711.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 684.17 Td (Accrued vacation and sick leave) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 684.17 Td (1,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 684.17 Td (1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 670.17 Td (Retirement plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 670.17 Td (8,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 670.17 Td (10,887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 656.17 Td (Insurance reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 656.17 Td (791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 656.17 Td (830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 642.17 Td (Warranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 642.17 Td (535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 642.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 628.17 Td (Net operating loss carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 628.17 Td (10,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 628.17 Td (13,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 614.17 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 614.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 614.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 600.17 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 600.17 Td (1,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 600.17 Td (1,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 586.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 586.17 Td (859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 586.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 572.17 Td (24,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 572.17 Td (28,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.17 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.17 Td (Tax in excess of book depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 544.22 Td (\(1,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 544.22 Td (\(1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 530.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 530.22 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 530.22 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 516.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 516.22 Td (\(1,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 516.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 516.22 Td (\(1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.17 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 502.22 Td (\(21,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 502.22 Td (\(26,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.17 Td (Net long term deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 488.17 Td (703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 488.17 Td (780) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (The following table summarizes the activity related to our gross unrecognized tax benefits from February1, 2013 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 437.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 400.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 400.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 370.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 370.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 340.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 340.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 310.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 310.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 400.6 m 493.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 400.6 m 562.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 310.6 m 493.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 296.6 m 493.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 294.6 m 493.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 310.6 m 562.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 296.6 m 562.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 294.6 m 562.5 294.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 417.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 417.83 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 404.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 404.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 404.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.17 Td (Balances as of February1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 390.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 390.27 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 390.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 390.27 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.17 Td (Increases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 375.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 375.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.17 Td (Decreases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 360.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 360.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 360.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.17 Td (Increases related to current year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 345.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 345.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.27 Td (Decreases relating to settlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.17 Td (Decreases related to lapsing of statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 315.32 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 315.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 315.32 Td (\(25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.17 Td (Balance as of January31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 300.27 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.27 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 275.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 275.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 192.48 275.10 Td (s unrecognized tax benefits associated with uncertain tax positions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.94 275.10 Td ($31,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.44 275.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 263.10 Td ( if recognized, would favorably af) Tj ET Q q 0 0 0 rg BT 218.37 263.10 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 258.16 263.10 Td (fective tax rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (which is consistent with the recognition of the items in prior reporting. ) Tj ET Q q 0 0 0 rg BT 335.04 230.10 Td (The Company had recorded a liability for interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (penalties related to unrecognized tax benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.09 218.10 Td ($7,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 218.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 218.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 218.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 218.10 Td ($6,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.84 218.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.06 218.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.66 218.10 Td (. In 2016, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (Company closed its IRS examination for its tax return for the year ended January31, 2013 with no changes. ) Tj ET Q q 0 0 0 rg BT 484.44 206.10 Td (The years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (January31, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 194.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 194.10 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.20 194.10 Td ( and forward remain open for examination by the IRS. ) Tj ET Q q 0 0 0 rg BT 414.17 194.10 Td (The fiscal years ended January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (2012 and forward remain open for examination by state tax authorities. ) Tj ET Q q 0 0 0 rg BT 336.95 182.10 Td (The Company is not currently under IRS or state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (examination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (During 2015, the Company completed ) Tj ET Q q 0 0 0 rg BT 205.90 149.10 Td (T) Tj ET Q q 0 0 0 rg BT 211.31 149.10 Td (exas income tax examinations of the tax years ending January 31, 2010 and 201) Tj ET Q q 0 0 0 rg BT 530.30 149.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 542.62 149.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (examination did not materially impact the Consolidated Statements of Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (The specific timing of when the resolution of each tax position will be reached is uncertain. ) Tj ET Q q 0 0 0 rg BT 417.94 116.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.39 116.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.99 116.10 Td (, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (reasonably possible that unrecognized tax benefits will decrease by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.29 104.10 Td ($8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.79 104.10 Td ( within the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.78 104.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.78 104.10 Td (months due to the expiration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (the statute of limitations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (or all of the deferred tax assets will not be realized. ) Tj ET Q q 0 0 0 rg BT 259.46 59.10 Td (The ultimate realization of deferred tax assets is dependent upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (generation of future taxable income or reversal of deferred tax liabilities during the periods in which those temporary ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 742.10 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 179.30 742.10 Td (The Company considers the scheduled reversal of deferred tax liabilities, projected future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (taxable income, and tax planning strategies in making this assessment. ) Tj ET Q q 0 0 0 rg BT 336.33 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 343.00 730.10 Td ( valuation allowance was recorded against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (majority of the net deferred tax assets totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.05 718.10 Td ($21,906,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.05 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.49 718.10 Td ($26,399,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.49 718.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.71 718.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.74 718.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.74 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.40 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 532.85 718.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 706.10 Td (, the Company had net operating loss carryforwards for federal and state income tax purposes, expiring at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (various dates through 2035. ) Tj ET Q q 0 0 0 rg BT 165.54 694.10 Td (At January 31, 2016, the Company had federal and state net operating loss carryforwards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 682.10 Td ($19,859,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.26 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.70 682.10 Td ($45,390,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.70 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 282.36 682.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (7. Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (The Company has operating leases on real property and equipment that expire at various dates. ) Tj ET Q q 0 0 0 rg BT 431.92 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 449.79 635.10 Td (T) Tj ET Q q 0 0 0 rg BT 455.20 635.10 Td (orrance, CA) Tj ET Q q 0 0 0 rg BT 503.51 635.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (manufacturing and distribution facility is leased under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.04 623.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 623.10 Td (-year operating lease that expires on February28, 2020. One of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (Conway) Tj ET Q q 0 0 0 rg BT 82.68 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 87.13 611.10 Td (AR manufacturing facilities is leased under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.12 611.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.12 611.10 Td (-year operating lease that expires on March31, 2018. ) Tj ET Q q 0 0 0 rg BT 498.20 611.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (leases machinery and equipment under a 5-year operating lease arrangement. ) Tj ET Q q 0 0 0 rg BT 360.51 599.10 Td (The Company has the option of buying out the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (assets at the end of the lease period. ) Tj ET Q q 0 0 0 rg BT 195.60 587.10 Td (The Company leases trucks, automobiles, and forklifts under operating leases that include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (certain fleet management and maintenance services. Certain of the leases contain renewal or purchase options and require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (payment for property taxes and insurance. ) Tj ET Q q 0 0 0 rg BT 220.59 563.10 Td (The Company records rent expense on a straight-line basis based on contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (lease payments. ) Tj ET Q q 0 0 0 rg BT 115.26 551.10 Td (Allowances from lessors for tenant improvements have been included in the straight-line rent expense for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (applicable locations. ) Tj ET Q q 0 0 0 rg BT 134.51 539.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.92 539.10 Td (enant improvements are capitalized and depreciated over the remaining life of the applicable lease.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (Minimum future lease payments \(in thousands\) for operating leases in ef) Tj ET Q q 0 0 0 rg BT 340.30 518.10 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.44 518.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 518.10 Td (, are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 494.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 466.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 466.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 438.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 409.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 381.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 381.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381.6 m 562.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 368.6 m 562.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.6 m 562.5 366.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 498.83 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 498.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 485.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 485.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 485.17 Td (4,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 471.17 Td (4,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 457.17 Td (4,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 443.17 Td (4,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 429.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 429.17 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 414.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.17 Td (Total minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 400.17 Td (17,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.17 Td (Less sublease revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 386.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 372.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 372.17 Td (17,495) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (Rent expense relating to operating leases was as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 324.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 296.60 65.00 -14.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 328.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 328.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 315.17 Td (5,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 301.17 Td (6,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 287.17 Td (6,555) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (The Company has issued purchase commitments for raw materials at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.26 262.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.86 262.10 Td (, of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.94 262.10 Td ($12,131,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.94 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.76 262.10 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (were no commitments in excess of normal operating requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (8. Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (The Company and other furniture manufacturers are subject to federal, state and local laws and regulations relating to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (dischar) Tj ET Q q 0 0 0 rg BT 78.70 191.10 Td (ge of materials into the environment and the generation, handling, storage, transportation and disposal of waste and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (hazardous materials. ) Tj ET Q q 0 0 0 rg BT 134.51 179.10 Td (The Company has expended, and expects to continue to spend, significant amounts in the future to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (with environmental laws. Normal recurring expenses relating to operating the Company factories in a manner that meets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (exceeds environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 351.47 155.10 Td (. Despite the Company) Tj ET Q q 0 0 0 rg BT 445.90 155.10 Td (s significant dedication to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (operating in compliance with applicable laws, there is a risk that the Company could fail to comply with a regulation or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (applicable laws and regulations change. On these occasions, the Company records liabilities for remediation costs when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (remediation costs are probable and can be reasonably estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (The Company is subject to contingencies pursuant to environmental laws and regulations that in the future may require the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (Company to take action to correct the ef) Tj ET Q q 0 0 0 rg BT 210.59 86.10 Td (fects on the environment of prior disposal practices or releases of chemical or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (petroleum substances by the Company or other parties. ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company has a self-insured retention for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 742.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 742.10 Td ( per occurrence, workers) Tj ET Q q 0 0 0 rg BT 537.72 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (compensation liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.82 730.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.32 730.10 Td ( per occurrence, and for automobile liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.31 730.10 Td ($50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.81 730.10 Td ( per occurrence. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (The Company has purchased insurance to cover losses in excess of the retention up to a limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 718.10 Td ($30,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.72 718.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (has obtained an actuarial estimate of its total expected future losses for liability claims and recorded a liability equal to the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (present value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.36 694.10 Td ($2,050,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.36 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.80 694.10 Td ($2,130,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 694.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.02 694.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.62 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.05 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.05 694.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 398.72 694.10 Td (, based upon the Company) Tj ET Q q 0 0 0 rg BT 507.87 694.10 Td (s estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (payout period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 682.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.14 682.10 Td ( years using a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.35 682.10 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.18 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.62 682.10 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.45 682.10 Td ( discount rate, respectively) Tj ET Q q 0 0 0 rg BT 358.98 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 661.10 Td (orkers) Tj ET Q q 0 0 0 rg BT 86.22 661.10 Td ( compensation, automobile, general and product liability claims may be asserted in the future for events not currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (known by management. Management does not anticipate that any related settlement, after consideration of the existing reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (for claims incurred and potential insurance recovery) Tj ET Q q 0 0 0 rg BT 258.15 637.10 Td (, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 394.85 637.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 481.22 637.10 Td (s financial position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (results of operations or cash flows. Estimated payments under the self-insurance programs are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 602.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 574.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 546.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 518.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 490.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.6 m 562.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 477.6 m 562.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 475.6 m 562.5 475.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 606.68 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 606.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 593.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 593.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 593.17 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 579.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 565.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 551.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 537.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 523.17 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 509.17 Td (2,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.17 Td (Discount to net present value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 495.22 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 495.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 481.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 481.17 Td (2,050) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (The Company and its subsidiaries are defendants in various legal proceedings resulting from operations in the normal course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (business. It is the opinion of management, in consultation with legal counsel, that the ultimate outcome of all such matters will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (not materially af) Tj ET Q q 0 0 0 rg BT 115.90 432.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 189.77 432.10 Td (s financial position, results of operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 59.82 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 69.27 406.10 Td (arranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (its standard warranty from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 373.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 373.10 Td ( years to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.22 373.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.22 373.10 Td (years. Ef) Tj ET Q q 0 0 0 rg BT 260.58 373.10 Td (fective February 1, 2014 the Company modified its warranty to a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (lifetime warranty) Tj ET Q q 0 0 0 rg BT 118.49 361.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.31 361.10 Td (The new warranty ef) Tj ET Q q 0 0 0 rg BT 206.14 361.10 Td (fective February 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 468.65 361.10 Td (fect on warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 87.03 349.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 146.74 349.10 Td (s warranty is not a guarantee of service life, which depends upon events outside the Company) Tj ET Q q 0 0 0 rg BT 524.41 349.10 Td (s control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (and may be dif) Tj ET Q q 0 0 0 rg BT 109.52 337.10 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 240.40 337.10 Td (The Company accrues an estimate of its exposure to warranty claims based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (upon both product sales data and an analysis of actual warranty claims incurred. ) Tj ET Q q 0 0 0 rg BT 374.99 325.10 Td (The following is a summary of the Company) Tj ET Q q 0 0 0 rg BT 557.46 325.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (warranty-claim activity during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.68 313.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.68 313.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 313.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.12 313.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 276.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 276.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 276.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 246.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 246.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 246.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 216.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 216.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 276.6 m 428.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 276.6 m 493.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 276.6 m 562.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 216.60000000000002 m 493.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 202.60000000000002 m 493.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 200.60000000000002 m 493.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 216.60000000000002 m 562.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 202.60000000000002 m 562.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.60000000000002 m 562.5 200.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 293.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 293.83 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 280.85 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 280.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 280.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 267.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 266.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 266.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 266.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 266.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.17 Td (Provision for current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 251.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 251.27 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.17 Td (Provision for \(benefits from\) prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 236.32 Td (\(250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 236.32 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.17 Td (Costs incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 221.32 Td (\(375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 221.32 Td (\(442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 206.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 206.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (10. Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (The Company has evaluated events subsequent to January31, 2016, to assess the need for potential recognition or disclosure in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (this report. Such events were evaluated through the date these financial statements were issued. Based upon this evaluation, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (was determined that no subsequent events occurred that require recognition or additional disclosure in the financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (except for ) Tj ET Q q 0 0 0 rg BT 92.20 107.10 Td (Amendment No. 12, dated ) Tj ET Q q 0 0 0 rg BT 199.96 107.10 Td (April 4, 2016 to the Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 404.94 107.10 Td (Agreement, dated as of December 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 95.10 Td (1, which is disclosed in the notes to the consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 69.10 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 69.10 Td (1. Quarterly Results \(Unaudited\)) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.21 742.10 Td (s quarterly results for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.66 742.10 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.26 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.70 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.70 742.10 Td (, as adjusted, are summarized as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 707.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 679.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 595.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 567.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 539.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 511.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 707.6 m 355 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 707.6 m 424 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 707.6 m 493 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 707.6 m 562 707.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.85 711.68 Td (Q1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.85 711.68 Td (Q2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.85 711.68 Td (Q3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.85 711.68 Td (Q4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 698.17 Td (Year ended January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 684.17 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 684.17 Td (23,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 684.17 Td (61,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 684.17 Td (64,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 684.17 Td (19,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 670.17 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 670.17 Td (8,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 670.17 Td (23,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 670.17 Td (23,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 670.17 Td (4,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 656.17 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 656.22 Td (\(3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 656.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 656.17 Td (7,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 656.17 Td (6,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 656.22 Td (\(5,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 656.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 642.17 Td (Per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.17 Td (Net \(loss\) income*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 614.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 614.22 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 614.17 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 614.17 Td (0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 614.22 Td (\(0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.17 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 600.22 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 600.17 Td (0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 600.17 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 600.22 Td (\(0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 586.17 Td (Year ended January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 572.17 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 572.17 Td (23,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 572.17 Td (53,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 572.17 Td (62,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 572.17 Td (25,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 558.17 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 558.17 Td (8,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 558.17 Td (20,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 558.17 Td (20,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 558.17 Td (6,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 544.17 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 544.22 Td (\(3,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 544.17 Td (5,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 544.17 Td (4,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 544.22 Td (\(5,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 530.17 Td (Per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.17 Td (Net \(loss\) income*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 502.22 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 502.17 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 502.17 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 502.22 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 488.17 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 488.22 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 488.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 488.17 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 488.17 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 488.22 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 488.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (______________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (* Net loss per share was calculated based on basic shares outstanding due to the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 442.82 448.10 Td (fect on the inclusion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 436.10 Td (common stock equivalent shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Item9. Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 179.28 398.10 Td (eements with ) Tj ET Q q 0 0 0 rg BT 237.05 398.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 305.39 398.10 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 457.73 398.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (Item9A. Contr) Tj ET Q q 0 0 0 rg BT 115.08 351.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 158.24 351.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 187.50 351.10 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (The Company maintains disclosure controls and procedures that are designed to ensure that information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (disclosed in reports filed with the Commission pursuant to the Exchange ) Tj ET Q q 0 0 0 rg BT 342.46 297.10 Td (Act is recorded, processed, summarized and reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (within the time periods specified in the Commission) Tj ET Q q 0 0 0 rg BT 261.92 285.10 Td (s rules and forms, and that such information is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (communicated to the Company) Tj ET Q q 0 0 0 rg BT 178.03 273.10 Td (s management, including its President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 426.95 273.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 539.51 273.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 557.42 273.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (as appropriate, to allow timely decisions regarding required disclosure. ) Tj ET Q q 0 0 0 rg BT 335.75 261.10 Td (Assessing the costs and benefits of such controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (procedures necessarily involves the exercise of judgment by management, and such controls and procedures, by their nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (can provide only reasonable assurance that management) Tj ET Q q 0 0 0 rg BT 277.69 237.10 Td (s objectives in establishing them will be achieved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 216.10 Td (irco carried out an evaluation, under the supervision and with the participation of the Company) Tj ET Q q 0 0 0 rg BT 439.57 216.10 Td (s management, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 184.22 204.10 Td (ficer along with its Chief Financial Of) Tj ET Q q 0 0 0 rg BT 336.78 204.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 354.70 204.10 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 392.83 204.10 Td (fectiveness of the design and operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (disclosure controls and procedures as of the end of the period covered by this ) Tj ET Q q 0 0 0 rg BT 361.02 192.10 Td (Annual Report pursuant to Exchange ) Tj ET Q q 0 0 0 rg BT 511.26 192.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (Rule13a-15. Based upon the foregoing, the Company) Tj ET Q q 0 0 0 rg BT 268.57 180.10 Td (s President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 409.18 180.10 Td (ficer along with the Company) Tj ET Q q 0 0 0 rg BT 531.38 180.10 Td (s Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 100.08 168.10 Td (ficer concluded that ) Tj ET Q q 0 0 0 rg BT 181.81 168.10 Td (V) Tj ET Q q 0 0 0 rg BT 188.43 168.10 Td (irco) Tj ET Q q 0 0 0 rg BT 206.75 168.10 Td (s disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 376.51 168.10 Td (fective in ensuring that \(i\)information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (required to be disclosed by the Company in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 442.69 156.10 Td (Act is recorded, processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (summarized and reported, within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 336.32 144.10 Td (s rules and forms and \(ii\)information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (disclosed by the Company in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 384.66 132.10 Td (Act is accumulated and communicated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 120.10 Td (s management, including its principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 400.55 120.10 Td (ficers, or persons performing similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Changes in Internal Control Over Financial Reporting) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (There was no change in the Company) Tj ET Q q 0 0 0 rg BT 203.84 742.10 Td (s internal control over financial reporting during the fourth fiscal quarter ending January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (31, 2016 that has materially af) Tj ET Q q 0 0 0 rg BT 171.45 730.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 352.87 730.10 Td (fect, the Company) Tj ET Q q 0 0 0 rg BT 429.23 730.10 Td (s internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reporting. See Management) Tj ET Q q 0 0 0 rg BT 168.01 718.10 Td (s Report on Internal Control over Financial Reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Item9B. Other) Tj ET Q q 0 0 0 rg BT 114.53 692.10 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (None.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item10. Dir) Tj ET Q q 0 0 0 rg BT 101.75 718.25 Td (ectors, Executive Officers of the Registrant and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Except for the information disclosed in Part1 under the heading Executive Of) Tj ET Q q 0 0 0 rg BT 366.39 697.25 Td (ficers of the Registrant, the information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (required by this Item regarding directors shall be incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 515.13 685.25 Td (s definitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Proxy Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 347.99 673.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.02 673.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.61 673.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 647.25 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 626.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 614.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 614.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 614.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 484.51 588.25 Td ( Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 567.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 555.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 555.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 555.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (Item13. Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 236.76 529.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.69 529.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 329.46 529.25 Td (ector) Tj ET Q q 0 0 0 rg BT 350.93 529.25 Td ( Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 508.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 496.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 496.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 496.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (Item14. Principal ) Tj ET Q q 0 0 0 rg BT 128.88 470.25 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 449.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 437.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 437.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 437.25 Td (.) Tj ET Q endstream endobj 137 0 obj <><><><><><><><>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item15. Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 59.82 694.25 Td (The following consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 265.14 694.25 Td (V) Tj ET Q q 0 0 0 rg BT 271.76 694.25 Td (irco Mfg. Corporation are set forth in Item8 of this report.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 683.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 658.95 m 562.5 658.95 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.55 663.63 Td (Page numbers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 648.1833984375 m 286.8427734375 648.1833984375 l s q 0 0 1 rg BT 53.00 649.52 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 218.24 649.52 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 1 rg BT 286.84 649.52 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 634.1833984375 m 285.451171875 634.1833984375 l s q 0 0 1 rg BT 53.00 635.52 Td (Consolidated Balance Sheets - January 31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 620.1833984375 m 403.224609375 620.1833984375 l s q 0 0 1 rg BT 53.00 621.52 Td (Consolidated Statements of Operations - Years Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 606.1833984375 m 482.6484375 606.1833984375 l s q 0 0 1 rg BT 53.00 607.52 Td (Consolidated Statements of Comprehensive Income \(Loss\) - Years Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 592.1833984375 m 442.53125 592.1833984375 l s q 0 0 1 rg BT 53.00 593.52 Td (Consolidated Statements of Stockholders' Equity - Years Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 578.1833984375 m 406.30078125 578.1833984375 l s q 0 0 1 rg BT 53.00 579.52 Td (Consolidated Statements of Cash Flows - Years Ended January 31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 564.1833984375 m 304.904296875 564.1833984375 l s q 0 0 1 rg BT 53.00 565.52 Td (Notes to Consolidated Financial Statements - January 31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 648.1833984375 m 532 648.1833984375 l s q 0 0 1 rg BT 522.00 649.52 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 634.1833984375 m 532 634.1833984375 l s q 0 0 1 rg BT 522.00 635.52 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 620.1833984375 m 532 620.1833984375 l s q 0 0 1 rg BT 522.00 621.52 Td (43) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 606.1833984375 m 532 606.1833984375 l s q 0 0 1 rg BT 522.00 607.52 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 592.1833984375 m 532 592.1833984375 l s q 0 0 1 rg BT 522.00 593.52 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 578.1833984375 m 532 578.1833984375 l s q 0 0 1 rg BT 522.00 579.52 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 564.1833984375 m 532 564.1833984375 l s q 0 0 1 rg BT 522.00 565.52 Td (47) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 59.82 742.10 Td (The following consolidated financial statement schedule of ) Tj ET Q q 0 0 0 rg BT 298.73 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.35 742.10 Td (irco Mfg. Corporation is included in Item15:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.85 715.10 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 301.82 715.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 329.33 715.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.50 703.10 Td (SCHEDULE II ) Tj ET Q q 0 0 0 rg BT 202.62 703.10 Td (V) Tj ET Q q 0 0 0 rg BT 208.55 703.10 Td (ALUA) Tj ET Q q 0 0 0 rg BT 236.14 703.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 263.65 703.10 Td (AND QUALIFYING ) Tj ET Q q 0 0 0 rg BT 354.77 703.10 Td (ACCOUNTS ) Tj ET Q q 0 0 0 rg BT 412.84 703.10 Td (AND RESER) Tj ET Q q 0 0 0 rg BT 470.00 703.10 Td (VES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.60 691.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 191.03 691.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 214.27 691.10 Td (YEARS ENDED JANUAR) Tj ET Q q 0 0 0 rg BT 328.93 691.10 Td (Y) Tj ET Q q 0 0 0 rg BT 335.78 691.10 Td ( 31, 2016, 2015 ) Tj ET Q q 0 0 0 rg BT 400.23 691.10 Td (AND 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 674.10 Td (\(In ) Tj ET Q q 0 0 0 rg BT 289.63 674.10 Td (Thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 663.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.80 193.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 616.80 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 616.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 616.80 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 616.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 616.80 78.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 616.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 616.80 76.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.80 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 576.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 576.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 576.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 576.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 576.80 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 576.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 576.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.80 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 546.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 546.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 546.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 546.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 546.80 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 546.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 546.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.80 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 516.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 516.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 516.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 516.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 516.80 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 516.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 516.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.80 193.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 486.80 85.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 486.80 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 486.80 68.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 486.80 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 486.80 78.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 486.80 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 486.80 76.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.80 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 436.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 436.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 436.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 436.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 436.80 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 436.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 436.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.80 193.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 406.80 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 406.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 406.80 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 406.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 406.80 78.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 406.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 406.80 76.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 366.80 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 366.80 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 366.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 366.80 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 366.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 366.80 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 366.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 366.80 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 616.8 m 243.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 616.8 m 328.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 616.8 m 400.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 616.8 m 482.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 616.8 m 562.5 616.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.05 621.03 Td (Col. A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.80 629.03 Td (Col. B) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.60 621.03 Td (BeginningBalance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 644.88 Td (Col. C) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.75 636.88 Td (Chargedto) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.05 628.88 Td (\(Reduced from\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.20 620.88 Td (Expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.30 637.03 Td (Col. E) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.50 629.03 Td (Deductionsfrom) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.85 621.03 Td (Reserves) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.70 629.03 Td (Col. F) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.95 621.03 Td (EndingBalance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.37 Td (Allowance for doubtful accounts for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.37 Td (period ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.37 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 581.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 581.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 581.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 581.47 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 581.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 581.47 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 581.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 581.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 566.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 566.47 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 566.47 Td (115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 566.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 551.47 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 551.47 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 551.47 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 551.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.37 Td (Warranty reserve for the period ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.37 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 521.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 521.47 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 521.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 521.47 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 521.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 521.47 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 521.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 521.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 506.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 506.47 Td (442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 506.47 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 506.47 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 491.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 491.47 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 491.47 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 491.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (Product, general, workers compensation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.37 Td (automobile liability reserves for the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.37 Td (ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.37 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 441.47 Td (2,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 441.47 Td (975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 441.47 Td (1,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 441.47 Td (1,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 426.47 Td (2,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 426.47 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 426.47 Td (499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 426.47 Td (2,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 411.47 Td (2,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 411.47 Td (1,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 411.47 Td (2,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 411.47 Td (2,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.37 Td (Deferred tax valuation allowance for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.37 Td (period ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.37 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 371.47 Td (26,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 371.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 371.47 Td (4,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 371.47 Td (21,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 356.47 Td (24,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 356.47 Td (2,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 356.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 356.47 Td (26,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 341.47 Td (24,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 341.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 341.47 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.47 Td (24,210) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.30 Td (All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.30 Td (Commission are not required under the related instructions, are inapplicable, or are included in the Financial Statements or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.30 Td (Notes thereto, and therefore are not required to be presented under this Item.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.30 Td (3. Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.30 Td (See Index to Exhibits. ) Tj ET Q q 0 0 0 rg BT 140.64 249.30 Td (The exhibits listed in the accompanying Index to Exhibits are filed as part of this report.) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Pursuant to the requirements of Section13 or 15 \(d\)of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 369.37 721.25 Td (Act of 1934, the registrant has duly caused this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 698.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 650.95 m 562.5 650.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 678.52 Td (VIRCO MFG. CORPORATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.52 Td (Date: April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 655.52 Td (By:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 655.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 655.52 Td (/s/ Robert A. Virtue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 641.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 641.52 Td (Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 627.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 627.52 Td (Chairman of the Board and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 586.95 m 560.5 586.95 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 591.52 Td (By:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 591.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 591.52 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 577.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 577.52 Td (Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 550.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 563.52 Td (Sr) Tj ET Q q 0 0 0 rg BT 317.34 563.52 Td (. ) Tj ET Q q 0 0 0 rg BT 322.16 563.52 Td (V) Tj ET Q q 0 0 0 rg BT 328.78 563.52 Td (ice President, Finance, Secretary and ) Tj ET Q q 0 0 0 rg BT 478.82 563.52 Td (T) Tj ET Q q 0 0 0 rg BT 484.58 563.52 Td (reasurer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 553.52 Td (\(Principal Financial Of) Tj ET Q q 0 0 0 rg BT 401.02 553.52 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 509.95 m 560.5 509.95 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 514.52 Td (By:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 514.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 514.52 Td (/s/ Bassey ) Tj ET Q q 0 0 0 rg BT 351.41 514.52 Td (Y) Tj ET Q q 0 0 0 rg BT 357.63 514.52 Td (au) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 500.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 500.52 Td (Bassey ) Tj ET Q q 0 0 0 rg BT 339.46 500.52 Td (Y) Tj ET Q q 0 0 0 rg BT 345.68 500.52 Td (au) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.00 467.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 486.52 Td (V) Tj ET Q q 0 0 0 rg BT 315.62 486.52 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 371.44 486.52 Td (Accounting, Corporate Controller) Tj ET Q q 0 0 0 rg BT 506.29 486.52 Td (, ) Tj ET Q q 0 0 0 rg BT 510.73 486.52 Td (Assistant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 476.52 Td (Secretary and ) Tj ET Q q 0 0 0 rg BT 365.64 476.52 Td (Assistant ) Tj ET Q q 0 0 0 rg BT 404.63 476.52 Td (T) Tj ET Q q 0 0 0 rg BT 410.39 476.52 Td (reasurer \(Principal) Tj ET Q q 0 0 0 rg BT 486.47 476.52 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 466.52 Td (Of) Tj ET Q q 0 0 0 rg BT 319.37 466.52 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.40 742.25 Td (POWER OF) Tj ET Q q 0 0 0 rg BT 304.19 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.14 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 312.62 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 325.78 742.25 Td (ORNEY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (KNOW) Tj ET Q q 0 0 0 rg BT 80.92 721.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 721.25 Td (ALL) Tj ET Q q 0 0 0 rg BT 101.94 721.25 Td ( PERSONS BY) Tj ET Q q 0 0 0 rg BT 164.37 721.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.68 721.25 Td (THESE PRESENTS, that each person whose signature appears below constitutes and appoints ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 79.17 709.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 91.21 709.25 Td (V) Tj ET Q q 0 0 0 rg BT 97.83 709.25 Td (irtue and Robert E. Dose his/her true and lawful attorney-in-fact and agent, with full power of substitution and, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (him/her and in his/her name, place and stead, in any and all capacities to sign any and all amendments to this report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he/she might or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his/her substitute or substitutes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (may lawfully do or cause to be done by virtue hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 616.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (persons on behalf of the registrant in the capacities and on the dates indicated.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 593.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 569.95 m 231.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 569.95 m 470.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 569.95 m 562.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 542.95 m 231.5 542.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 505.95 m 231.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 466.95 m 231.5 466.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 423.95 m 231.5 423.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 384.95 m 231.5 384.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 345.95 m 231.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 306.95 m 231.5 306.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 574.20 Td (SIGNATURE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 574.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.00 574.20 Td (TITLE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.00 574.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.00 574.20 Td (DATE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.62 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 547.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 551.52 Td (Chairman of the Board, Chief Executive Officer,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 541.52 Td (Director \(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 534.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.52 Td (Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 534.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.52 Td (/s/ Douglas A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 510.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 511.52 Td (President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 495.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.52 Td (Douglas A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 495.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.62 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 471.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 472.52 Td (Sr. Vice President, Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 462.52 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 456.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.52 Td (Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 456.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.62 Td (/s/ Bassey Yau) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 428.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 433.52 Td (Vice President, Accounting, Corporate Controller,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 423.52 Td (Assistant Secretary and Assistant Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 413.52 Td (\(PrincipalAccounting Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 413.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.62 Td (Bassey Yau) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 413.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.52 Td (/s/ Alexander L. Cappello) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 389.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 390.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 374.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.62 Td (Alexander L. Cappello) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 374.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.52 Td (/s/ Don Rudkin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 350.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 351.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 335.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.52 Td (Don Rudkin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 335.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.52 Td (/s/ Robert Lind) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 311.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 312.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 296.62 Td (April 25, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.52 Td (Robert Lind) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 296.20 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 749.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 350.17 749.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.25 737.25 Td (EXHIBITS ) Tj ET Q q 0 0 0 rg BT 251.92 737.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.41 737.25 Td (O FORM 10-K ) Tj ET Q q 0 0 0 rg BT 324.79 737.25 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 367.02 737.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 404.17 737.25 Td (T) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.85 725.25 Td (for) Tj ET Q q 0 0 0 rg BT 240.44 725.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 258.40 725.25 Td (Y) Tj ET Q q 0 0 0 rg BT 264.51 725.25 Td (ear) Tj ET Q q 0 0 0 rg BT 278.21 725.25 Td ( Ended January31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 714.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 695.20 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.20 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 695.90 Td (Description) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 674.21 Td (3.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 674.21 Td (Certificate of Incorporation of the Company dated April23, 1984, as amended \(incorporated by reference to Exhibit1 to the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 665.21 Td (Companys Form8-A12B \(Commission File No.001-08777\), filed with the Commission on June 18, 2007\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 642.21 Td (3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 642.21 Td (Second Amended and Restated Bylaws of the Company dated September10, 2001 \(incorporated by reference to Exhibit 3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 633.21 Td (to the Companys Quarterly Report on Form10-Q \(Commission File No.001-08777\), filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 624.21 Td (September12, 2014\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 601.21 Td (10.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 601.21 Td (Form of Virco Mfg. Corporation Employee Stock Ownership Plan \(the ESOP\) \(incorporated by reference to Exhibit4.1 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 592.21 Td (the Companys FormS-8 Registration Statement \(Commission File No.33-65098\), filed with the Commission on June25,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 583.21 Td (1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 560.21 Td (10.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 560.21 Td (Trust Agreement for the ESOP \(incorporated by reference to Exhibit4.2 to the Companys FormS-8 Registration Statement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 551.21 Td (\(Commission File No.33-65098\), filed with the Commission on June25, 1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 528.21 Td (10.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 528.21 Td (Form of Registration Rights Agreement for the ESOP \(incorporated by reference to Exhibit4.3 to the Companys FormS-8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 519.21 Td (Registration Statement \(Commission File No.33-65098\), filed with the Commission on June 25, 1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 496.21 Td (10.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 496.21 Td (Lease dated February1, 2006, between FHL Group, a California Corporation, as landlord and Virco Mfg. Corporation, a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 487.21 Td (Delaware Corporation, as tenant \(incorporated by reference to Exhibit99.1 to the Companys Current Report on Form8-K) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 478.21 Td (filed with the Commission on February3, 2006\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 458.21 Td (10.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 458.21 Td (Design Agreement dated January21, 2008, between the Company and Peter Glass Design, LLC, and Hedgehog Design,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 449.21 Td (LLC. \(incorporated by reference to Exhibit10.1 and 10.2 to the Companys Current Report on Form 8-K filed with the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 440.21 Td (Commission on January25, 2008\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 418.21 Td (10.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 418.21 Td (Lease amendment dated ) Tj ET Q q 0 0 0 rg BT 198.71 418.21 Td (August14, 2008, between ) Tj ET Q q 0 0 0 rg BT 294.70 418.21 Td (AMB Property) Tj ET Q q 0 0 0 rg BT 347.87 418.21 Td (, L.P) Tj ET Q q 0 0 0 rg BT 364.12 418.21 Td (., a Delaware Limited Partnership, as landlord and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 409.21 Td (V) Tj ET Q q 0 0 0 rg BT 115.96 409.21 Td (irco Mfg. Corporation, a Delaware Corporation, as tenant \(incorporated by reference to Exhibit10.1 to the Company) Tj ET Q q 0 0 0 rg BT 538.83 409.21 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 400.21 Td (Quarterly Report on Form10Q filed with the Commission on September9, 2008\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 379.21 Td (10.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 379.21 Td (Third ) Tj ET Q q 0 0 0 rg BT 131.75 379.21 Td (Amendment to Lease ) Tj ET Q q 0 0 0 rg BT 210.48 379.21 Td (Agreement, entered into as of December 20, 2013, by and between Starboard Distribution ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 370.21 Td (Center) Tj ET Q q 0 0 0 rg BT 133.63 370.21 Td (, LLC, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 293.00 370.21 Td (, successor in interest to ) Tj ET Q q 0 0 0 rg BT 380.98 370.21 Td (AMB Property) Tj ET Q q 0 0 0 rg BT 434.15 370.21 Td (, L.P) Tj ET Q q 0 0 0 rg BT 450.40 370.21 Td (., a Delaware limited ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 361.21 Td (Partnership and ) Tj ET Q q 0 0 0 rg BT 168.32 361.21 Td (V) Tj ET Q q 0 0 0 rg BT 174.28 361.21 Td (irco Mfg. Corporation \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 352.21 Td (Form 8-K filed with the Commission on December 20, 2013.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 332.21 Td (10.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 332.21 Td (V) Tj ET Q q 0 0 0 rg BT 115.96 332.21 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 211.11 332.21 Td (1 Stock Incentive Plan \(incorporated by reference to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 508.28 332.21 Td (s Current ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 323.21 Td (Report on Form 8K filed with the Commission on June 27, 201) Tj ET Q q 0 0 0 rg BT 337.66 323.21 Td (1\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 301.21 Td (10.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 301.21 Td (Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 221.48 301.21 Td (Agreement dated as of December 22, 201) Tj ET Q q 0 0 0 rg BT 370.84 301.21 Td (1 by and among ) Tj ET Q q 0 0 0 rg BT 430.67 301.21 Td (V) Tj ET Q q 0 0 0 rg BT 436.63 301.21 Td (irco Mfg. Corporation and ) Tj ET Q q 0 0 0 rg BT 533.69 301.21 Td (V) Tj ET Q q 0 0 0 rg BT 539.65 301.21 Td (irco ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 292.21 Td (Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 270.22 292.21 Td (Association, as the lender and administrative agent \(incorporated by reference ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 283.21 Td (to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 225.99 283.21 Td (s Current Report on Form 8K filed with the Commission on December 22, 201) Tj ET Q q 0 0 0 rg BT 509.63 283.21 Td (1\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 262.21 Td (10.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 262.21 Td (First ) Tj ET Q q 0 0 0 rg BT 128.26 262.21 Td (Amendment to Revolving Credit and Securities ) Tj ET Q q 0 0 0 rg BT 301.23 262.21 Td (Agreement, dated as of June15, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 494.77 262.21 Td (V) Tj ET Q q 0 0 0 rg BT 500.73 262.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 253.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 253.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 253.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 253.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 244.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 235.26 Td (September 14, 2012\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 214.21 Td (10.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 214.21 Td (Second ) Tj ET Q q 0 0 0 rg BT 138.25 214.21 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 305.72 214.21 Td (Agreement, dated as of July27, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 497.77 214.21 Td (V) Tj ET Q q 0 0 0 rg BT 503.73 214.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 205.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 205.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 205.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 205.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 196.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 187.21 Td (July31, 2012\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 164.21 Td (10.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 164.21 Td (Third ) Tj ET Q q 0 0 0 rg BT 131.75 164.21 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 299.22 164.21 Td (Agreement, dated as of September12, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 514.75 164.21 Td (V) Tj ET Q q 0 0 0 rg BT 520.71 164.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 155.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 155.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 155.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 155.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 146.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 137.21 Td (September 14, 2012\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 113.21 Td (10.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 113.21 Td (Fourth Amendment to Revolving Credit and Security Agreement, dated as of December6, 2012, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 104.21 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 95.21 Td (\(incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 86.21 Td (December 7, 2012\).) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 747.45 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.45 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 747.45 Td (Description) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 723.76 Td (10.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 723.76 Td (Fifth ) Tj ET Q q 0 0 0 rg BT 129.26 723.76 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 296.73 723.76 Td (Agreement, dated as of March 1, 2013, by and among ) Tj ET Q q 0 0 0 rg BT 492.76 723.76 Td (V) Tj ET Q q 0 0 0 rg BT 498.72 723.76 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 714.76 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 714.76 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 714.76 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 714.76 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 705.76 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 696.76 Td (March 1, 2013\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 671.76 Td (10.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 671.76 Td (Sixth Amendment to Revolving Credit and Security Agreement, dated as of January 9, 2014, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 662.76 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 637.76 Td (10.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 637.76 Td (Seventh ) Tj ET Q q 0 0 0 rg BT 140.75 637.76 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 308.22 637.76 Td (Agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 395.69 637.76 Td (April 15, 2014, by and among ) Tj ET Q q 0 0 0 rg BT 506.02 637.76 Td (V) Tj ET Q q 0 0 0 rg BT 511.98 637.76 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 628.76 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 628.76 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 628.76 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 628.76 Td (Association, as the lender and administrative agent. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 619.76 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 610.76 Td (April16, 2014\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 584.76 Td (10.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 584.76 Td (Eighth Amendment to Revolving Credit and Security Agreement, dated as of August 18, 2014, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 575.76 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 547.76 Td (10.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 547.76 Td (First ) Tj ET Q q 0 0 0 rg BT 128.26 547.76 Td (Amendment to the ) Tj ET Q q 0 0 0 rg BT 197.33 547.76 Td (V) Tj ET Q q 0 0 0 rg BT 203.29 547.76 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 298.44 547.76 Td (1 Stock Incentive Plan \(incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 539.61 547.76 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 538.76 Td (Proxy Statement on Form DEF 14A) Tj ET Q q 0 0 0 rg BT 239.25 538.76 Td ( filed with the Commission on May 23, 2014\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 507.76 Td (10.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 507.76 Td (Form of ) Tj ET Q q 0 0 0 rg BT 141.00 507.76 Td (Agreement with Resigning Directors \(incorporated by reference to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 489.66 507.76 Td (s Current Report ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 498.76 Td (on Form 8-K filed with the Commission on May 13, 2014\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 472.76 Td (10.20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 472.76 Td (Ninth Amendment to Revolving Credit and Security Agreement, dated as of March31, 2015, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 463.76 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 454.76 Td (\(incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 445.76 Td (April 24, 2015\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 422.76 Td (10.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 422.76 Td (Tenth Amendment to Revolving Credit and Security Agreement, dated as of June18, 2015, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 413.76 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 404.76 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 395.76 Td (September 11, 2015\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 375.76 Td (10.22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 375.76 Td (Eleventh Amendment to Revolving Credit and Security Agreement, dated as of December2, 2015, by and among Virco) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 366.76 Td (Mfg. Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 357.76 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 348.76 Td (December 15, 2015\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 327.76 Td (10.23*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 327.76 Td (Twelfth Amendment to Revolving Credit and Security Agreement, dated as of April4, 2016, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 318.76 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 298.76 Td (21.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 298.76 Td (List of ) Tj ET Q q 0 0 0 rg BT 135.50 298.76 Td (All Subsidiaries of ) Tj ET Q q 0 0 0 rg BT 205.08 298.76 Td (V) Tj ET Q q 0 0 0 rg BT 211.04 298.76 Td (irco Mfg. Corporation.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 272.76 Td (23.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 272.76 Td (Consent of Independent Registered Public Accounting Firm.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 245.76 Td (31.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 245.76 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 250.54 245.76 Td (ficer Pursuant to Rule13a-14\(a\) under the Securities and Exchange ) Tj ET Q q 0 0 0 rg BT 494.96 245.76 Td (Act of 1934, as ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 236.76 Td (adopted Pursuant to Section302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 310.96 236.76 Td (Act of 2002.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 214.76 Td (31.2*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 214.76 Td (Certification of the Chief Financial Officer Pursuant to Rule13a-14\(a\) under the Securities and Exchange Act of 1934, as) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 205.76 Td (adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 184.76 Td (32.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 184.76 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 250.54 184.76 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 351.84 184.76 Td (ficer pursuant to 18 U.S.C. Section1350.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 156.76 Td (101.INS*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 156.76 Td (XBRL Instance Document.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 136.76 Td (101.SCH*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 136.76 Td (XBRL Taxonomy Extension Schema Document.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 111.76 Td (101.CAL*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 111.76 Td (XBRL) Tj ET Q q 0 0 0 rg BT 133.67 111.76 Td ( ) Tj ET Q q 0 0 0 rg BT 135.76 111.76 Td (T) Tj ET Q q 0 0 0 rg BT 140.63 111.76 Td (axonomy Extension Calculation Linkbase Document.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 85.76 Td (101.DEF*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 85.76 Td (XBRL Taxonomy Extension Definition Linkbase Document.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 62.76 Td (101.LAB*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 62.76 Td (XBRL Taxonomy Extension Label Linkbase Document.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 745.76 Td (101.PRE*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 745.76 Td (XBRL Taxonomy Extension Presentation Linkbase Document.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.00 Td (______________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 705.20 Td (* ) Tj ET Q q 0 0 0 rg BT 77.00 705.20 Td (Filed herewith.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 493.95 740.90 Td (Exhibit 10.23) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 181 690.23369140625 m 433.69384765625 690.23369140625 l s q 0 0 0 rg BT 181.00 691.70 Td (TWELFTH ) Tj ET Q q 0 0 0 rg BT 234.46 691.70 Td (AMENDMENT) Tj ET Q q 0 0 0 rg BT 305.76 691.70 Td ( ) Tj ET Q q 0 0 0 rg BT 308.31 691.70 Td (T) Tj ET Q q 0 0 0 rg BT 314.83 691.70 Td (O REVOL) Tj ET Q q 0 0 0 rg BT 361.18 691.70 Td (VING CREDIT) Tj ET Q q 0 0 0 rg BT 430.94 691.70 Td ( ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 231.1 659.03369140625 m 380.92373046875 659.03369140625 l s q 0 0 0 rg BT 231.10 660.50 Td (AND SECURITY) Tj ET Q q 0 0 0 rg BT 311.05 660.50 Td ( ) Tj ET Q q 0 0 0 rg BT 313.20 660.50 Td (AGREEMENT) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 629.30 Td (This ) Tj ET Q q 0 0 0 rg BT 111.48 629.30 Td (TWELFTH ) Tj ET Q q 0 0 0 rg BT 167.77 629.30 Td (AMENDMENT) Tj ET Q q 0 0 0 rg BT 239.07 629.30 Td ( ) Tj ET Q q 0 0 0 rg BT 244.99 629.30 Td (T) Tj ET Q q 0 0 0 rg BT 251.51 629.30 Td (O ) Tj ET Q q 0 0 0 rg BT 265.84 629.30 Td (REVOL) Tj ET Q q 0 0 0 rg BT 301.50 629.30 Td (VING ) Tj ET Q q 0 0 0 rg BT 335.37 629.30 Td (CREDIT) Tj ET Q q 0 0 0 rg BT 374.89 629.30 Td ( ) Tj ET Q q 0 0 0 rg BT 379.87 629.30 Td (AND ) Tj ET Q q 0 0 0 rg BT 410.08 629.30 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 463.46 629.30 Td ( ) Tj ET Q q 0 0 0 rg BT 468.43 629.30 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 536.06 629.30 Td ( ) Tj ET Q q 0 0 0 rg BT 542.44 629.30 Td (\(this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 54.88 616.10 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 112.93 616.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 125.60 616.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.06 616.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 173.55 616.10 Td (into ) Tj ET Q q 0 0 0 rg BT 194.78 616.10 Td (as ) Tj ET Q q 0 0 0 rg BT 208.07 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.45 616.10 Td (April ) Tj ET Q q 0 0 0 rg BT 247.79 616.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 260.16 616.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 289.03 616.10 Td (by ) Tj ET Q q 0 0 0 rg BT 304.15 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.16 616.10 Td (among ) Tj ET Q q 0 0 0 rg BT 357.92 616.10 Td (VIRCO ) Tj ET Q q 0 0 0 rg BT 396.27 616.10 Td (MFG. ) Tj ET Q q 0 0 0 rg BT 426.98 616.10 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 477.73 616.10 Td (TION, ) Tj ET Q q 0 0 0 rg BT 510.87 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.87 616.10 Td (Delaware ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 602.90 Td (corporation ) Tj ET Q q 0 0 0 rg BT 103.77 602.90 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 112.31 602.90 Td (VMC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 138.58 602.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 152.72 602.90 Td (VIRCO ) Tj ET Q q 0 0 0 rg BT 190.01 602.90 Td (INC., ) Tj ET Q q 0 0 0 rg BT 217.52 602.90 Td (a ) Tj ET Q q 0 0 0 rg BT 225.47 602.90 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 270.67 602.90 Td (corporation ) Tj ET Q q 0 0 0 rg BT 324.43 602.90 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 332.98 602.90 Td (V) Tj ET Q q 0 0 0 rg BT 340.51 602.90 Td (ir) Tj ET Q q 0 0 0 rg BT 348.25 602.90 Td (co) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 358.64 602.90 Td (, ) Tj ET Q q 0 0 0 rg BT 369.33 602.90 Td (and ) Tj ET Q q 0 0 0 rg BT 388.28 602.90 Td (together ) Tj ET Q q 0 0 0 rg BT 427.38 602.90 Td (with ) Tj ET Q q 0 0 0 rg BT 449.78 602.90 Td (VMC, ) Tj ET Q q 0 0 0 rg BT 480.66 602.90 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 485.54 602.90 Td (Borr) Tj ET Q q 0 0 0 rg BT 507.94 602.90 Td (owers) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 535.43 602.90 Td ( ) Tj ET Q q 0 0 0 rg BT 543.38 602.90 Td (and, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 589.70 Td (each ) Tj ET Q q 0 0 0 rg BT 72.14 589.70 Td (individually) Tj ET Q q 0 0 0 rg BT 124.58 589.70 Td (, ) Tj ET Q q 0 0 0 rg BT 129.32 589.70 Td (a ) Tj ET Q q 0 0 0 rg BT 136.19 589.70 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 141.08 589.70 Td (Borr) Tj ET Q q 0 0 0 rg BT 163.48 589.70 Td (ower) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 186.69 589.70 Td (\), ) Tj ET Q q 0 0 0 rg BT 199.97 589.70 Td (the ) Tj ET Q q 0 0 0 rg BT 215.40 589.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.87 589.70 Td (institutions ) Tj ET Q q 0 0 0 rg BT 306.75 589.70 Td (from ) Tj ET Q q 0 0 0 rg BT 330.13 589.70 Td (time ) Tj ET Q q 0 0 0 rg BT 351.66 589.70 Td (to ) Tj ET Q q 0 0 0 rg BT 362.21 589.70 Td (time ) Tj ET Q q 0 0 0 rg BT 383.75 589.70 Td (party ) Tj ET Q q 0 0 0 rg BT 408.34 589.70 Td (to ) Tj ET Q q 0 0 0 rg BT 418.88 589.70 Td (the ) Tj ET Q q 0 0 0 rg BT 434.31 589.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 463.36 589.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 514.21 589.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 529.03 589.70 Td (defined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 576.50 Td (below\) ) Tj ET Q q 0 0 0 rg BT 87.85 576.50 Td (as ) Tj ET Q q 0 0 0 rg BT 104.31 576.50 Td (lenders ) Tj ET Q q 0 0 0 rg BT 143.38 576.50 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 197.64 576.50 Td (, ) Tj ET Q q 0 0 0 rg BT 207.69 576.50 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 212.58 576.50 Td (Lenders) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.08 576.50 Td (\), ) Tj ET Q q 0 0 0 rg BT 269.67 576.50 Td (and ) Tj ET Q q 0 0 0 rg BT 292.86 576.50 Td (PNC ) Tj ET Q q 0 0 0 rg BT 321.56 576.50 Td (BANK, ) Tj ET Q q 0 0 0 rg BT 362.78 576.50 Td (NA) Tj ET Q q 0 0 0 rg BT 377.45 576.50 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 417.97 576.50 Td ( ) Tj ET Q q 0 0 0 rg BT 423.67 576.50 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 469.51 576.50 Td (TION ) Tj ET Q q 0 0 0 rg BT 503.09 576.50 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 511.63 576.50 Td (PNC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 534.24 576.50 Td (\), ) Tj ET Q q 0 0 0 rg BT 552.84 576.50 Td (as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 563.30 Td (administrative ) Tj ET Q q 0 0 0 rg BT 115.68 563.30 Td (agent ) Tj ET Q q 0 0 0 rg BT 142.25 563.30 Td (for ) Tj ET Q q 0 0 0 rg BT 157.82 563.30 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 196.00 563.30 Td (\(PNC, ) Tj ET Q q 0 0 0 rg BT 226.56 563.30 Td (in ) Tj ET Q q 0 0 0 rg BT 237.87 563.30 Td (such ) Tj ET Q q 0 0 0 rg BT 260.78 563.30 Td (capacity) Tj ET Q q 0 0 0 rg BT 296.71 563.30 Td (, ) Tj ET Q q 0 0 0 rg BT 302.21 563.30 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 307.09 563.30 Td (Agent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 335.20 563.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 349.25 563.30 Td (with ) Tj ET Q q 0 0 0 rg BT 371.55 563.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 405.45 563.30 Td (to ) Tj ET Q q 0 0 0 rg BT 416.75 563.30 Td (the ) Tj ET Q q 0 0 0 rg BT 432.94 563.30 Td (following:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 139.85 538.10 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 179.95 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.47 538.10 Td (Agent ) Tj ET Q q 0 0 0 rg BT 231.02 538.10 Td (have ) Tj ET Q q 0 0 0 rg BT 256.45 538.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 307.56 538.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 344.59 538.10 Td (into ) Tj ET Q q 0 0 0 rg BT 366.37 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.54 538.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 422.13 538.10 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 472.63 538.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 504.79 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.34 538.10 Td (Security ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 524.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 103.62 524.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 129.45 524.90 Td (as ) Tj ET Q q 0 0 0 rg BT 140.62 524.90 Td (of ) Tj ET Q q 0 0 0 rg BT 151.79 524.90 Td (December ) Tj ET Q q 0 0 0 rg BT 198.99 524.90 Td (22, ) Tj ET Q q 0 0 0 rg BT 214.75 524.90 Td (201) Tj ET Q q 0 0 0 rg BT 230.84 524.90 Td (1 ) Tj ET Q q 0 0 0 rg BT 238.35 524.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 253.18 524.90 Td (amended, ) Tj ET Q q 0 0 0 rg BT 297.64 524.90 Td (restated ) Tj ET Q q 0 0 0 rg BT 333.85 524.90 Td (or ) Tj ET Q q 0 0 0 rg BT 345.02 524.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 389.80 524.90 Td (modified ) Tj ET Q q 0 0 0 rg BT 431.52 524.90 Td (from ) Tj ET Q q 0 0 0 rg BT 454.91 524.90 Td (time ) Tj ET Q q 0 0 0 rg BT 476.46 524.90 Td (to ) Tj ET Q q 0 0 0 rg BT 487.03 524.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 511.34 524.90 Td (the ) Tj ET Q q 0 0 0 rg BT 526.78 524.90 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 531.66 524.90 Td (Cr) Tj ET Q q 0 0 0 rg BT 544.29 524.90 Td (edit ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 511.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 68.13 511.70 Td (eement) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 101.72 511.70 Td (\).) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 486.50 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 134.59 486.50 Td (have ) Tj ET Q q 0 0 0 rg BT 157.52 486.50 Td (requested ) Tj ET Q q 0 0 0 rg BT 201.83 486.50 Td (that ) Tj ET Q q 0 0 0 rg BT 220.00 486.50 Td (Agent ) Tj ET Q q 0 0 0 rg BT 249.05 486.50 Td (and ) Tj ET Q q 0 0 0 rg BT 267.09 486.50 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 304.68 486.50 Td (reduce ) Tj ET Q q 0 0 0 rg BT 336.15 486.50 Td (the ) Tj ET Q q 0 0 0 rg BT 351.75 486.50 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 399.74 486.50 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 447.26 486.50 Td (Advance ) Tj ET Q q 0 0 0 rg BT 488.03 486.50 Td (Amount ) Tj ET Q q 0 0 0 rg BT 526.25 486.50 Td (set ) Tj ET Q q 0 0 0 rg BT 540.63 486.50 Td (forth ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 473.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.34 473.30 Td (the ) Tj ET Q q 0 0 0 rg BT 75.57 473.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 104.45 473.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 155.11 473.30 Td (and ) Tj ET Q q 0 0 0 rg BT 172.77 473.30 Td (make ) Tj ET Q q 0 0 0 rg BT 198.38 473.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 230.09 473.30 Td (other ) Tj ET Q q 0 0 0 rg BT 254.48 473.30 Td (amendments ) Tj ET Q q 0 0 0 rg BT 311.86 473.30 Td (to ) Tj ET Q q 0 0 0 rg BT 322.20 473.30 Td (the ) Tj ET Q q 0 0 0 rg BT 337.43 473.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 366.31 473.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 419.71 473.30 Td ( ) Tj ET Q q 0 0 0 rg BT 421.11 473.30 Td (Agent ) Tj ET Q q 0 0 0 rg BT 449.77 473.30 Td (and ) Tj ET Q q 0 0 0 rg BT 467.44 473.30 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 504.66 473.30 Td (are ) Tj ET Q q 0 0 0 rg BT 519.87 473.30 Td (agreeable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.31 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.49 460.10 Td (Borrowers) Tj ET Q q 0 0 0 rg BT 126.77 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.52 460.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 168.32 460.10 Td (but ) Tj ET Q q 0 0 0 rg BT 185.13 460.10 Td (only ) Tj ET Q q 0 0 0 rg BT 207.43 460.10 Td (on ) Tj ET Q q 0 0 0 rg BT 221.18 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.37 460.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 264.56 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.19 460.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 331.77 460.10 Td (set ) Tj ET Q q 0 0 0 rg BT 346.74 460.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 370.87 460.10 Td (below) Tj ET Q q 0 0 0 rg BT 397.04 460.10 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 434.90 Td (NOW) Tj ET Q q 0 0 0 rg BT 111.26 434.90 Td (, ) Tj ET Q q 0 0 0 rg BT 116.56 434.90 Td (THEREFORE, in consideration of the mutual conditions and agreements set forth in the Credit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 421.70 Td (Agreement, the Loan Documents and this ) Tj ET Q q 0 0 0 rg BT 235.43 421.70 Td (Amendment, and other valuable consideration, the receipt and suf) Tj ET Q q 0 0 0 rg BT 524.79 421.70 Td (ficiency ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 408.50 Td (of which are hereby acknowledged, the parties hereby agree as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 383.30 Td (A. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 381.83369140625 m 267.0361328125 381.83369140625 l s q 0 0 0 rg BT 158.00 383.30 Td (Definitions ) Tj ET Q q 0 0 0 rg BT 210.84 383.30 Td (Incorporated) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 267.04 383.30 Td (. ) Tj ET Q q 0 0 0 rg BT 273.14 383.30 Td ( ) Tj ET Q q 0 0 0 rg BT 276.48 383.30 Td (Initially ) Tj ET Q q 0 0 0 rg BT 314.66 383.30 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 365.65 383.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 393.43 383.30 Td (used ) Tj ET Q q 0 0 0 rg BT 416.94 383.30 Td (but ) Tj ET Q q 0 0 0 rg BT 434.35 383.30 Td (not ) Tj ET Q q 0 0 0 rg BT 451.76 383.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 497.87 383.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 534.20 383.30 Td (in ) Tj ET Q q 0 0 0 rg BT 546.11 383.30 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 143.13 370.10 Td (have ) Tj ET Q q 0 0 0 rg BT 166.64 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.83 370.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 230.17 370.10 Td (meanings ) Tj ET Q q 0 0 0 rg BT 275.07 370.10 Td (set ) Tj ET Q q 0 0 0 rg BT 290.04 370.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 314.17 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.48 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.67 370.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 371.31 370.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 425.67 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.59 370.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 480.04 370.10 Td (hereby) Tj ET Q q 0 0 0 rg BT 509.25 370.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 356.90 Td (B. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 355.43369140625 m 289.40625 355.43369140625 l s q 0 0 0 rg BT 122.00 356.90 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 183.41 356.90 Td (to ) Tj ET Q q 0 0 0 rg BT 194.71 356.90 Td (the ) Tj ET Q q 0 0 0 rg BT 210.90 356.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 240.54 356.90 Td (Agreement) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 289.41 356.90 Td (. ) Tj ET Q q 0 0 0 rg BT 294.91 356.90 Td ( ) Tj ET Q q 0 0 0 rg BT 297.46 356.90 Td (The ) Tj ET Q q 0 0 0 rg BT 317.31 356.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 346.95 356.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 398.56 356.90 Td (is ) Tj ET Q q 0 0 0 rg BT 408.65 356.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 441.33 356.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 483.78 356.90 Td (as ) Tj ET Q q 0 0 0 rg BT 495.69 356.90 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 343.70 Td (1. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 343.70 Td (The ) Tj ET Q q 0 0 0 rg BT 178.46 343.70 Td (following ) Tj ET Q q 0 0 0 rg BT 224.60 343.70 Td (new ) Tj ET Q q 0 0 0 rg BT 246.29 343.70 Td (definitions ) Tj ET Q q 0 0 0 rg BT 296.70 343.70 Td (are ) Tj ET Q q 0 0 0 rg BT 313.49 343.70 Td (hereby ) Tj ET Q q 0 0 0 rg BT 346.77 343.70 Td (added ) Tj ET Q q 0 0 0 rg BT 376.40 343.70 Td (to ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 388.31689453125 342.23369140625 m 438.42236328125 342.23369140625 l s q 0 0 0 rg BT 388.32 343.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 424.67 343.70 Td (1.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.42 343.70 Td ( ) Tj ET Q q 0 0 0 rg BT 441.78 343.70 Td (of ) Tj ET Q q 0 0 0 rg BT 454.31 343.70 Td (the ) Tj ET Q q 0 0 0 rg BT 471.11 343.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 501.22 343.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 553.45 343.70 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 330.50 Td (proper ) Tj ET Q q 0 0 0 rg BT 81.46 330.50 Td (alphabetical ) Tj ET Q q 0 0 0 rg BT 137.34 330.50 Td (order ) Tj ET Q q 0 0 0 rg BT 163.30 330.50 Td (to ) Tj ET Q q 0 0 0 rg BT 174.61 330.50 Td (read ) Tj ET Q q 0 0 0 rg BT 196.29 330.50 Td (as ) Tj ET Q q 0 0 0 rg BT 208.20 330.50 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 317.30 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 130.55 317.30 Td (T) Tj ET Q q 0 0 0 rg BT 137.07 317.30 Td (welfth ) Tj ET Q q 0 0 0 rg BT 169.21 317.30 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.26 317.30 Td () Tj ET Q q 0 0 0 rg BT 230.11 317.30 Td ( ) Tj ET Q q 0 0 0 rg BT 233.73 317.30 Td (means ) Tj ET Q q 0 0 0 rg BT 265.45 317.30 Td (the ) Tj ET Q q 0 0 0 rg BT 282.24 317.30 Td (T) Tj ET Q q 0 0 0 rg BT 288.19 317.30 Td (welfth ) Tj ET Q q 0 0 0 rg BT 319.11 317.30 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 377.11 317.30 Td (to ) Tj ET Q q 0 0 0 rg BT 389.28 317.30 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 438.73 317.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 469.84 317.30 Td (and ) Tj ET Q q 0 0 0 rg BT 489.34 317.30 Td (Security ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 304.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 172.93 304.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 198.82 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.05 304.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.82 304.10 Td (April ) Tj ET Q q 0 0 0 rg BT 246.10 304.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 256.42 304.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 280.48 304.10 Td (among ) Tj ET Q q 0 0 0 rg BT 312.49 304.10 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 363.74 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.24 304.10 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 416.73 304.10 Td (party ) Tj ET Q q 0 0 0 rg BT 441.40 304.10 Td (thereto ) Tj ET Q q 0 0 0 rg BT 474.01 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.50 304.10 Td (Agent.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 278.90 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 130.55 278.90 Td (T) Tj ET Q q 0 0 0 rg BT 137.07 278.90 Td (welfth ) Tj ET Q q 0 0 0 rg BT 168.54 278.90 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 229.34 278.90 Td (Date) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.33 278.90 Td () Tj ET Q q 0 0 0 rg BT 254.17 278.90 Td ( ) Tj ET Q q 0 0 0 rg BT 256.92 278.90 Td (means ) Tj ET Q q 0 0 0 rg BT 287.17 278.90 Td (April ) Tj ET Q q 0 0 0 rg BT 313.14 278.90 Td (4, ) Tj ET Q q 0 0 0 rg BT 324.14 278.90 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 229.70 Td (2. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.00 229.70 Td (The ) Tj ET Q q 0 0 0 rg BT 214.34 229.70 Td (definition ) Tj ET Q q 0 0 0 rg BT 260.35 229.70 Td (of ) Tj ET Q q 0 0 0 rg BT 272.75 229.70 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 277.63 229.70 Td (T) Tj ET Q q 0 0 0 rg BT 283.96 229.70 Td (angible ) Tj ET Q q 0 0 0 rg BT 321.42 229.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 340.92 229.70 Td (W) Tj ET Q q 0 0 0 rg BT 351.31 229.70 Td (orth) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 371.47 229.70 Td ( ) Tj ET Q q 0 0 0 rg BT 379.59 229.70 Td (is ) Tj ET Q q 0 0 0 rg BT 390.17 229.70 Td (hereby ) Tj ET Q q 0 0 0 rg BT 423.33 229.70 Td (deleted ) Tj ET Q q 0 0 0 rg BT 458.33 229.70 Td (from ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 482.947265625 228.23369140625005 m 532.92919921875 228.23369140625005 l s q 0 0 0 rg BT 482.95 229.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 519.18 229.70 Td (1.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 532.93 229.70 Td ( ) Tj ET Q q 0 0 0 rg BT 536.17 229.70 Td (of ) Tj ET Q q 0 0 0 rg BT 548.57 229.70 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 216.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 115.64 216.50 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 155.30 Td (3. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.00 155.30 Td (The ) Tj ET Q q 0 0 0 rg BT 213.79 155.30 Td (definition ) Tj ET Q q 0 0 0 rg BT 259.24 155.30 Td (of ) Tj ET Q q 0 0 0 rg BT 271.09 155.30 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 275.97 155.30 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 329.38 155.30 Td (Margin) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 364.82 155.30 Td ( ) Tj ET Q q 0 0 0 rg BT 372.39 155.30 Td (is ) Tj ET Q q 0 0 0 rg BT 382.41 155.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 415.02 155.30 Td (amended ) Tj ET Q q 0 0 0 rg BT 457.41 155.30 Td (solely ) Tj ET Q q 0 0 0 rg BT 486.37 155.30 Td (by ) Tj ET Q q 0 0 0 rg BT 500.05 155.30 Td (amending ) Tj ET Q q 0 0 0 rg BT 546.11 155.30 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (restating ) Tj ET Q q 0 0 0 rg BT 126.63 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.82 142.10 Td (chart ) Tj ET Q q 0 0 0 rg BT 167.55 142.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 213.06 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.36 142.10 Td (such ) Tj ET Q q 0 0 0 rg BT 247.28 142.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 292.80 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.10 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 317.25 142.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 353.59 142.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.51 142.10 Td (follows:) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 112.15 712.678857421875 m 137.80771484375 712.678857421875 l s q 0 0 0 rg BT 112.15 714.40 Td (Level) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 252.7 736.828857421875 m 294.57548828125 736.828857421875 l s q 0 0 0 rg BT 252.70 738.55 Td (EBITDA) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 248.85 725.828857421875 m 300.89052734375 725.828857421875 l s q 0 0 0 rg BT 248.85 727.55 Td (\(measur) Tj ET Q q 0 0 0 rg BT 287.14 727.55 Td (ed ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 230.35 714.828857421875 m 316.59365234375 714.828857421875 l s q 0 0 0 rg BT 230.35 716.55 Td (fiscal year) Tj ET Q q 0 0 0 rg BT 278.10 716.55 Td ( to date\)) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 368.9 723.678857421875 m 437.01083984375 723.678857421875 l s q 0 0 0 rg BT 368.90 725.40 Td (Domestic Rate) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 388.6 712.678857421875 m 417.3353515625 712.678857421875 l s q 0 0 0 rg BT 388.60 714.40 Td (Loans) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 455.7 723.678857421875 m 507.35087890625 723.678857421875 l s q 0 0 0 rg BT 455.70 725.40 Td (Eurodollar) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 454.75 712.678857421875 m 508.224609375 712.678857421875 l s q 0 0 0 rg BT 454.75 714.40 Td (Rate Loans) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.15 688.42 Td (I) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 688.42 Td (Less than or equal to \($4,700,000\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.35 688.42 Td (1.50) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.85 688.42 Td (2.50) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.30 651.42 Td (II) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 662.42 Td (Greater than \($4,700,000\), but less than or) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 651.42 Td (equal to \($2,800,000\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.35 651.42 Td (1.25) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.85 651.42 Td (2.25) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 119.50 625.42 Td (III) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 636.37 Td (Greater than \($2,800,000\), but less than or) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 625.37 Td (equal to $7,400,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.35 625.42 Td (1.00) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.85 625.42 Td (2.00) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 119.25 588.42 Td (IV) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 599.42 Td (Greater than $7,400,000, but less than or) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 588.42 Td (equal to $10,500,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.35 588.42 Td (0.75) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.85 588.42 Td (1.75) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 121.10 573.37 Td (V) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 157.00 573.37 Td (Greater than $10,500,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.35 573.37 Td (0.50) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 471.85 573.37 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 555.80 Td (4. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 554.33369140625 m 244.5771484375 554.33369140625 l s q 0 0 0 rg BT 194.00 555.80 Td (Section ) Tj ET Q q 0 0 0 rg BT 230.83 555.80 Td (1.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 244.58 555.80 Td ( ) Tj ET Q q 0 0 0 rg BT 248.41 555.80 Td (of ) Tj ET Q q 0 0 0 rg BT 261.41 555.80 Td (the ) Tj ET Q q 0 0 0 rg BT 278.68 555.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 309.16 555.80 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 361.86 555.80 Td (is ) Tj ET Q q 0 0 0 rg BT 373.03 555.80 Td (hereby ) Tj ET Q q 0 0 0 rg BT 406.79 555.80 Td (further ) Tj ET Q q 0 0 0 rg BT 440.55 555.80 Td (amended ) Tj ET Q q 0 0 0 rg BT 484.08 555.80 Td (by ) Tj ET Q q 0 0 0 rg BT 498.91 555.80 Td (amending ) Tj ET Q q 0 0 0 rg BT 546.12 555.80 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 542.60 Td (restating ) Tj ET Q q 0 0 0 rg BT 126.63 542.60 Td (the ) Tj ET Q q 0 0 0 rg BT 142.82 542.60 Td (following ) Tj ET Q q 0 0 0 rg BT 188.34 542.60 Td (definitions ) Tj ET Q q 0 0 0 rg BT 238.14 542.60 Td (to ) Tj ET Q q 0 0 0 rg BT 249.45 542.60 Td (read ) Tj ET Q q 0 0 0 rg BT 271.13 542.60 Td (in ) Tj ET Q q 0 0 0 rg BT 282.43 542.60 Td (their ) Tj ET Q q 0 0 0 rg BT 305.34 542.60 Td (entirety ) Tj ET Q q 0 0 0 rg BT 341.69 542.60 Td (as ) Tj ET Q q 0 0 0 rg BT 353.60 542.60 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 517.45 Td ( ) Tj ET Q q 0 0 0 rg BT 125.22 517.45 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 133.77 517.45 Td (Fee ) Tj ET Q q 0 0 0 rg BT 153.48 517.45 Td (Letter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 182.79 517.45 Td () Tj ET Q q 0 0 0 rg BT 185.63 517.45 Td ( ) Tj ET Q q 0 0 0 rg BT 188.86 517.45 Td (means ) Tj ET Q q 0 0 0 rg BT 220.18 517.45 Td (that ) Tj ET Q q 0 0 0 rg BT 239.90 517.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.05 517.45 Td (amended ) Tj ET Q q 0 0 0 rg BT 315.98 517.45 Td (and ) Tj ET Q q 0 0 0 rg BT 335.08 517.45 Td (restated ) Tj ET Q q 0 0 0 rg BT 372.51 517.45 Td (fee ) Tj ET Q q 0 0 0 rg BT 389.16 517.45 Td (letter ) Tj ET Q q 0 0 0 rg BT 414.98 517.45 Td (dated ) Tj ET Q q 0 0 0 rg BT 442.03 517.45 Td (as ) Tj ET Q q 0 0 0 rg BT 454.41 517.45 Td (of ) Tj ET Q q 0 0 0 rg BT 466.09 517.45 Td (April ) Tj ET Q q 0 0 0 rg BT 492.53 517.45 Td (4, ) Tj ET Q q 0 0 0 rg BT 504.01 517.45 Td (2016 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 504.25 Td (among ) Tj ET Q q 0 0 0 rg BT 154.51 504.25 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 203.52 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.98 504.25 Td (PNC, ) Tj ET Q q 0 0 0 rg BT 248.70 504.25 Td (as ) Tj ET Q q 0 0 0 rg BT 260.44 504.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 305.46 504.25 Td (restated ) Tj ET Q q 0 0 0 rg BT 342.24 504.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.98 504.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 399.32 504.25 Td (modified ) Tj ET Q q 0 0 0 rg BT 441.61 504.25 Td (from ) Tj ET Q q 0 0 0 rg BT 465.56 504.25 Td (time ) Tj ET Q q 0 0 0 rg BT 487.69 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.82 504.25 Td (time.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 479.05 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 130.55 479.05 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 158.48 479.05 Td (Charge ) Tj ET Q q 0 0 0 rg BT 194.97 479.05 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 241.22 479.05 Td (Ratio) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.88 479.05 Td () Tj ET Q q 0 0 0 rg BT 269.73 479.05 Td ( ) Tj ET Q q 0 0 0 rg BT 271.39 479.05 Td (means, ) Tj ET Q q 0 0 0 rg BT 303.90 479.05 Td (for ) Tj ET Q q 0 0 0 rg BT 318.38 479.05 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 366.48 479.05 Td (on ) Tj ET Q q 0 0 0 rg BT 379.14 479.05 Td (a ) Tj ET Q q 0 0 0 rg BT 385.68 479.05 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 445.39 479.05 Td (Basis, ) Tj ET Q q 0 0 0 rg BT 473.63 479.05 Td (with ) Tj ET Q q 0 0 0 rg BT 494.85 479.05 Td (respect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 465.85 Td (to ) Tj ET Q q 0 0 0 rg BT 133.31 465.85 Td (any ) Tj ET Q q 0 0 0 rg BT 151.94 465.85 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 178.51 465.85 Td (period, ) Tj ET Q q 0 0 0 rg BT 212.11 465.85 Td (the ) Tj ET Q q 0 0 0 rg BT 228.30 465.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 251.21 465.85 Td (of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 440.65 Td (\(a\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 440.65 Td (EBITDA, ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 185.38720703125 439.18369140625 m 203.72412109375 439.18369140625 l s q 0 0 0 rg BT 185.39 440.65 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 203.72 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 206.04 440.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 255.98 440.65 Td (lease ) Tj ET Q q 0 0 0 rg BT 280.28 440.65 Td (payments ) Tj ET Q q 0 0 0 rg BT 324.75 440.65 Td (during ) Tj ET Q q 0 0 0 rg BT 355.78 440.65 Td (such ) Tj ET Q q 0 0 0 rg BT 378.25 440.65 Td (period, ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 411.4130859375 439.18369140625 m 438.30615234375 439.18369140625 l s q 0 0 0 rg BT 411.41 440.65 Td (minus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 438.31 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 440.62 440.65 Td (Unfinanced ) Tj ET Q q 0 0 0 rg BT 494.24 440.65 Td (Capital ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 427.45 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 200.79 427.45 Td (made ) Tj ET Q q 0 0 0 rg BT 227.36 427.45 Td (during ) Tj ET Q q 0 0 0 rg BT 258.83 427.45 Td (such ) Tj ET Q q 0 0 0 rg BT 281.74 427.45 Td (period, ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 315.3447265625 425.98369140625 m 342.23779296875 425.98369140625 l s q 0 0 0 rg BT 315.34 427.45 Td (minus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 342.24 427.45 Td ( ) Tj ET Q q 0 0 0 rg BT 344.99 427.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 367.28 427.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 392.63 427.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 414.32 427.45 Td (during ) Tj ET Q q 0 0 0 rg BT 445.79 427.45 Td (such ) Tj ET Q q 0 0 0 rg BT 468.71 427.45 Td (period; ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 502.61328125 425.98369140625 m 511.16943359375 425.98369140625 l s q 0 0 0 rg BT 502.61 427.45 Td (to) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 511.17 427.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 414.25 Td (\(b\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.14 414.25 Td (sum ) Tj ET Q q 0 0 0 rg BT 179.17 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.03 414.25 Td (all ) Tj ET Q q 0 0 0 rg BT 206.73 414.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 229.97 414.25 Td (actually ) Tj ET Q q 0 0 0 rg BT 268.48 414.25 Td (expended ) Tj ET Q q 0 0 0 rg BT 314.33 414.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.58 414.25 Td (make ) Tj ET Q q 0 0 0 rg BT 354.10 414.25 Td (\(i\)interest ) Tj ET Q q 0 0 0 rg BT 403.31 414.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 449.17 414.25 Td (on ) Tj ET Q q 0 0 0 rg BT 463.86 414.25 Td (any ) Tj ET Q q 0 0 0 rg BT 482.63 414.25 Td (Advances ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 401.05 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 187.73 401.05 Td (\(other ) Tj ET Q q 0 0 0 rg BT 217.74 401.05 Td (than ) Tj ET Q q 0 0 0 rg BT 240.44 401.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 299.78 401.05 Td (of ) Tj ET Q q 0 0 0 rg BT 312.69 401.05 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.16 401.05 Td (and ) Tj ET Q q 0 0 0 rg BT 353.79 401.05 Td (other ) Tj ET Q q 0 0 0 rg BT 380.15 401.05 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 436.44 401.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 475.62 401.05 Td (hereunder\), ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 140 386.38369140625 m 158.3369140625 386.38369140625 l s q 0 0 0 rg BT 140.00 387.85 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.34 387.85 Td ( ) Tj ET Q q 0 0 0 rg BT 160.91 387.85 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 176.93 387.85 Td (payments ) Tj ET Q q 0 0 0 rg BT 221.66 387.85 Td (with ) Tj ET Q q 0 0 0 rg BT 243.79 387.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 277.51 387.85 Td (to ) Tj ET Q q 0 0 0 rg BT 288.65 387.85 Td (any ) Tj ET Q q 0 0 0 rg BT 307.10 387.85 Td (other ) Tj ET Q q 0 0 0 rg BT 332.28 387.85 Td (Funded ) Tj ET Q q 0 0 0 rg BT 367.86 387.85 Td (Debt ) Tj ET Q q 0 0 0 rg BT 391.82 387.85 Td (\(other ) Tj ET Q q 0 0 0 rg BT 420.66 387.85 Td (than ) Tj ET Q q 0 0 0 rg BT 442.17 387.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 483.84 387.85 Td (payments ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 374.65 Td (in ) Tj ET Q q 0 0 0 rg BT 152.66 374.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 187.91 374.65 Td (of ) Tj ET Q q 0 0 0 rg BT 201.18 374.65 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 250.21 374.65 Td (Advances ) Tj ET Q q 0 0 0 rg BT 297.69 374.65 Td (that ) Tj ET Q q 0 0 0 rg BT 318.29 374.65 Td (are ) Tj ET Q q 0 0 0 rg BT 335.82 374.65 Td (not ) Tj ET Q q 0 0 0 rg BT 353.98 374.65 Td (made ) Tj ET Q q 0 0 0 rg BT 381.91 374.65 Td (in ) Tj ET Q q 0 0 0 rg BT 394.57 374.65 Td (connection ) Tj ET Q q 0 0 0 rg BT 446.93 374.65 Td (with ) Tj ET Q q 0 0 0 rg BT 470.59 374.65 Td (a ) Tj ET Q q 0 0 0 rg BT 479.58 374.65 Td (permanent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 361.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 183.89 361.45 Td (to ) Tj ET Q q 0 0 0 rg BT 194.80 361.45 Td (the ) Tj ET Q q 0 0 0 rg BT 210.59 361.45 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 258.77 361.45 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 306.43 361.45 Td (Advance ) Tj ET Q q 0 0 0 rg BT 347.36 361.45 Td (Amount\), ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 392.17822265625 359.98369140625 m 410.51513671875 359.98369140625 l s q 0 0 0 rg BT 392.18 361.45 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 410.52 361.45 Td (\(iii\)payments ) Tj ET Q q 0 0 0 rg BT 477.02 361.45 Td (for ) Tj ET Q q 0 0 0 rg BT 492.20 361.45 Td (all ) Tj ET Q q 0 0 0 rg BT 505.54 361.45 Td (fees, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 348.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 202.77 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.98 348.25 Td (char) Tj ET Q q 0 0 0 rg BT 242.71 348.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 262.69 348.25 Td (set ) Tj ET Q q 0 0 0 rg BT 280.24 348.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 306.94 348.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 339.75 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.96 348.25 Td (with ) Tj ET Q q 0 0 0 rg BT 385.84 348.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 422.31 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.19 348.25 Td (any ) Tj ET Q q 0 0 0 rg BT 456.22 348.25 Td (Advances, ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 507.66455078125 346.78369140625 m 526.00146484375 346.78369140625 l s q 0 0 0 rg BT 507.66 348.25 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 526.00 348.25 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 140.00 335.05 Td (\(iv\)capitalized ) Tj ET Q q 0 0 0 rg BT 209.02 335.05 Td (lease ) Tj ET Q q 0 0 0 rg BT 233.75 335.05 Td (payments, ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 281.41015625 333.58369140625 m 299.7470703125 333.58369140625 l s q 0 0 0 rg BT 281.41 335.05 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 299.75 335.05 Td ( ) Tj ET Q q 0 0 0 rg BT 302.50 335.05 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 318.07 335.05 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 365.42 335.05 Td (Payments. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 309.85 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 130.55 309.85 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 183.49 309.85 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 233.71 309.85 Td (Advance ) Tj ET Q q 0 0 0 rg BT 277.82 309.85 Td (Amount) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 316.33 309.85 Td () Tj ET Q q 0 0 0 rg BT 319.18 309.85 Td ( ) Tj ET Q q 0 0 0 rg BT 323.24 309.85 Td (means ) Tj ET Q q 0 0 0 rg BT 355.40 309.85 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 371.68 309.85 Td (during ) Tj ET Q q 0 0 0 rg BT 404.46 309.85 Td (the ) Tj ET Q q 0 0 0 rg BT 421.96 309.85 Td (period ) Tj ET Q q 0 0 0 rg BT 454.13 309.85 Td (commencing ) Tj ET Q q 0 0 0 rg BT 515.01 309.85 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 296.65 Td (March ) Tj ET Q q 0 0 0 rg BT 152.61 296.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 160.01 296.65 Td (of ) Tj ET Q q 0 0 0 rg BT 171.08 296.65 Td (each ) Tj ET Q q 0 0 0 rg BT 193.13 296.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 218.85 296.65 Td (year ) Tj ET Q q 0 0 0 rg BT 239.68 296.65 Td (of ) Tj ET Q q 0 0 0 rg BT 250.61 296.65 Td (VMC ) Tj ET Q q 0 0 0 rg BT 277.58 296.65 Td (and ) Tj ET Q q 0 0 0 rg BT 295.36 296.65 Td (ending ) Tj ET Q q 0 0 0 rg BT 327.20 296.65 Td (on ) Tj ET Q q 0 0 0 rg BT 339.69 296.65 Td (August ) Tj ET Q q 0 0 0 rg BT 373.37 296.65 Td (31 ) Tj ET Q q 0 0 0 rg BT 386.27 296.65 Td (of ) Tj ET Q q 0 0 0 rg BT 397.34 296.65 Td (such ) Tj ET Q q 0 0 0 rg BT 419.40 296.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 445.13 296.65 Td (year) Tj ET Q q 0 0 0 rg BT 463.62 296.65 Td (, ) Tj ET Q q 0 0 0 rg BT 468.27 296.65 Td ($49,750,000, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 283.45 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 137.18 283.45 Td (during ) Tj ET Q q 0 0 0 rg BT 168.25 283.45 Td (the ) Tj ET Q q 0 0 0 rg BT 184.04 283.45 Td (period ) Tj ET Q q 0 0 0 rg BT 214.50 283.45 Td (commencing ) Tj ET Q q 0 0 0 rg BT 273.66 283.45 Td (on ) Tj ET Q q 0 0 0 rg BT 287.02 283.45 Td (September ) Tj ET Q q 0 0 0 rg BT 336.41 283.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 344.26 283.45 Td (of ) Tj ET Q q 0 0 0 rg BT 355.78 283.45 Td (each ) Tj ET Q q 0 0 0 rg BT 378.28 283.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 404.45 283.45 Td (year ) Tj ET Q q 0 0 0 rg BT 425.73 283.45 Td (of ) Tj ET Q q 0 0 0 rg BT 437.08 283.45 Td (VMC ) Tj ET Q q 0 0 0 rg BT 464.49 283.45 Td (and ) Tj ET Q q 0 0 0 rg BT 482.72 283.45 Td (ending ) Tj ET Q q 0 0 0 rg BT 515.02 283.45 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 270.25 Td (October ) Tj ET Q q 0 0 0 rg BT 162.20 270.25 Td (31 ) Tj ET Q q 0 0 0 rg BT 177.97 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.90 270.25 Td (such ) Tj ET Q q 0 0 0 rg BT 216.84 270.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 245.43 270.25 Td (year) Tj ET Q q 0 0 0 rg BT 263.92 270.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.44 270.25 Td ($40,000,000 ) Tj ET Q q 0 0 0 rg BT 331.21 270.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.86 270.25 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 368.84 270.25 Td (during ) Tj ET Q q 0 0 0 rg BT 402.33 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.54 270.25 Td (period ) Tj ET Q q 0 0 0 rg BT 453.41 270.25 Td (commencing ) Tj ET Q q 0 0 0 rg BT 515.00 270.25 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 257.05 Td (November ) Tj ET Q q 0 0 0 rg BT 170.82 257.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 178.72 257.05 Td (of ) Tj ET Q q 0 0 0 rg BT 190.28 257.05 Td (each ) Tj ET Q q 0 0 0 rg BT 212.83 257.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 239.04 257.05 Td (year ) Tj ET Q q 0 0 0 rg BT 260.37 257.05 Td (of ) Tj ET Q q 0 0 0 rg BT 271.75 257.05 Td (VMC ) Tj ET Q q 0 0 0 rg BT 299.21 257.05 Td (and ) Tj ET Q q 0 0 0 rg BT 317.49 257.05 Td (ending ) Tj ET Q q 0 0 0 rg BT 349.83 257.05 Td (on ) Tj ET Q q 0 0 0 rg BT 363.23 257.05 Td (the ) Tj ET Q q 0 0 0 rg BT 379.06 257.05 Td (last ) Tj ET Q q 0 0 0 rg BT 396.73 257.05 Td (day ) Tj ET Q q 0 0 0 rg BT 415.01 257.05 Td (of ) Tj ET Q q 0 0 0 rg BT 426.57 257.05 Td (February ) Tj ET Q q 0 0 0 rg BT 468.68 257.05 Td (in ) Tj ET Q q 0 0 0 rg BT 479.63 257.05 Td (such ) Tj ET Q q 0 0 0 rg BT 502.19 257.05 Td (fiscal ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 243.85 Td (year) Tj ET Q q 0 0 0 rg BT 140.49 243.85 Td (, ) Tj ET Q q 0 0 0 rg BT 145.99 243.85 Td ($30,000,000.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 218.65 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 130.55 218.65 Td (Peak ) Tj ET Q q 0 0 0 rg BT 156.27 218.65 Td (Season) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 188.67 218.65 Td () Tj ET Q q 0 0 0 rg BT 191.52 218.65 Td ( ) Tj ET Q q 0 0 0 rg BT 194.02 218.65 Td (means ) Tj ET Q q 0 0 0 rg BT 224.63 218.65 Td (the ) Tj ET Q q 0 0 0 rg BT 240.58 218.65 Td (period ) Tj ET Q q 0 0 0 rg BT 271.19 218.65 Td (from ) Tj ET Q q 0 0 0 rg BT 295.07 218.65 Td (December ) Tj ET Q q 0 0 0 rg BT 342.77 218.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 350.78 218.65 Td (through ) Tj ET Q q 0 0 0 rg BT 386.95 218.65 Td (August ) Tj ET Q q 0 0 0 rg BT 421.24 218.65 Td (31 ) Tj ET Q q 0 0 0 rg BT 434.75 218.65 Td (of ) Tj ET Q q 0 0 0 rg BT 446.42 218.65 Td (each ) Tj ET Q q 0 0 0 rg BT 469.07 218.65 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 495.40 218.65 Td (year ) Tj ET Q q 0 0 0 rg BT 516.83 218.65 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 205.45 Td (the ) Tj ET Q q 0 0 0 rg BT 138.19 205.45 Td (Borrowers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 180.20 Td (5. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 178.73369140625005 m 273.48828125 178.73369140625005 l s q 0 0 0 rg BT 194.00 180.20 Td (Section ) Tj ET Q q 0 0 0 rg BT 231.04 180.20 Td (2.1\(a\)\(iii\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 273.49 180.20 Td ( ) Tj ET Q q 0 0 0 rg BT 277.53 180.20 Td (of ) Tj ET Q q 0 0 0 rg BT 290.73 180.20 Td (the ) Tj ET Q q 0 0 0 rg BT 308.21 180.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 338.85 180.20 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 391.76 180.20 Td (is ) Tj ET Q q 0 0 0 rg BT 403.14 180.20 Td (hereby ) Tj ET Q q 0 0 0 rg BT 437.11 180.20 Td (amended ) Tj ET Q q 0 0 0 rg BT 480.85 180.20 Td (and ) Tj ET Q q 0 0 0 rg BT 500.77 180.20 Td (restated ) Tj ET Q q 0 0 0 rg BT 539.02 180.20 Td (in ) Tj ET Q q 0 0 0 rg BT 551.61 180.20 Td (its ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 167.00 Td (entirety ) Tj ET Q q 0 0 0 rg BT 122.35 167.00 Td (as ) Tj ET Q q 0 0 0 rg BT 134.26 167.00 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 153.80 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.38 153.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 153.80 Td (with ) Tj ET Q q 0 0 0 rg BT 181.17 153.80 Td (respect ) Tj ET Q q 0 0 0 rg BT 215.94 153.80 Td (to ) Tj ET Q q 0 0 0 rg BT 228.11 153.80 Td (each ) Tj ET Q q 0 0 0 rg BT 251.87 153.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 279.31 153.80 Td (year ) Tj ET Q q 0 0 0 rg BT 301.85 153.80 Td (of ) Tj ET Q q 0 0 0 rg BT 314.63 153.80 Td (the ) Tj ET Q q 0 0 0 rg BT 331.69 153.80 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 384.49 153.80 Td (during ) Tj ET Q q 0 0 0 rg BT 416.82 153.80 Td (the ) Tj ET Q q 0 0 0 rg BT 433.88 153.80 Td (respective ) Tj ET Q q 0 0 0 rg BT 482.08 153.80 Td (period ) Tj ET Q q 0 0 0 rg BT 513.79 153.80 Td (set ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 140.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 146.13 140.60 Td (below ) Tj ET Q q 0 0 0 rg BT 175.76 140.60 Td (for ) Tj ET Q q 0 0 0 rg BT 191.34 140.60 Td (such ) Tj ET Q q 0 0 0 rg BT 214.25 140.60 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 240.82 140.60 Td (year) Tj ET Q q 0 0 0 rg BT 259.31 140.60 Td (, ) Tj ET Q q 0 0 0 rg BT 264.81 140.60 Td (the ) Tj ET Q q 0 0 0 rg BT 281.00 140.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 316.75 140.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 364.69 140.60 Td (to ) Tj ET Q q 0 0 0 rg BT 376.00 140.60 Td (such ) Tj ET Q q 0 0 0 rg BT 398.91 140.60 Td (period) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 748.5 m 126 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 748.5 m 310 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 748.5 m 310 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 733.5 m 310 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 748.5 m 310 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 748.5 m 485 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 748.5 m 485 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 733.5 m 485 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 733.5 m 126 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 733.5 m 310 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 733.5 m 310 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 718.5 m 310 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 733.5 m 310 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 733.5 m 485 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 733.5 m 485 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 718.5 m 485 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 718.5 m 126 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 718.5 m 310 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 718.5 m 310 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 703.5 m 310 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 718.5 m 310 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 718.5 m 485 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 718.5 m 485 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 703.5 m 485 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 703.5 m 126 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 703.5 m 310 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 703.5 m 310 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 688.5 m 310 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 703.5 m 310 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 703.5 m 485 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 703.5 m 485 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 688.5 m 485 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 688.5 m 126 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 688.5 m 310 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 688.5 m 310 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 673.5 m 310 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 688.5 m 310 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 688.5 m 485 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 688.5 m 485 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 673.5 m 485 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 673.5 m 126 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 673.5 m 310 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 673.5 m 310 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 658.5 m 310 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 673.5 m 310 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 673.5 m 485 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 673.5 m 485 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 658.5 m 485 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 658.5 m 126 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 658.5 m 310 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 658.5 m 310 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 643.5 m 310 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 658.5 m 310 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 658.5 m 485 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 658.5 m 485 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 643.5 m 485 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 643.5 m 126 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 643.5 m 310 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 643.5 m 310 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 628.5 m 310 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 643.5 m 310 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 643.5 m 485 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 643.5 m 485 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 628.5 m 485 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 628.5 m 126 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 628.5 m 310 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 628.5 m 310 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 613.5 m 310 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 628.5 m 310 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 628.5 m 485 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 628.5 m 485 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 613.5 m 485 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 613.5 m 126 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 613.5 m 310 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 613.5 m 310 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126 575.5 m 310 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 613.5 m 310 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 613.5 m 485 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 613.5 m 485 613.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 575.5 m 485 575.5 l s BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 203.1 736.90673828125 m 231.81923828125 736.90673828125 l s q 0 0 0 rg BT 203.10 738.37 Td (Period) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 378.95 736.90673828125 m 415.00615234375 736.90673828125 l s q 0 0 0 rg BT 378.95 738.37 Td (Amount) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 194.90 723.37 Td (December) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.25 723.37 Td ($8,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 200.35 708.37 Td (January) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.25 708.37 Td ($9,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 197.60 693.37 Td (February) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.50 693.37 Td ($10,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 203.10 678.37 Td (March) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.70 678.37 Td ($11,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 205.85 663.37 Td (April) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.50 663.37 Td ($14,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 207.40 648.37 Td (May) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.50 648.37 Td ($14,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 207.40 633.37 Td (June) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.50 633.37 Td ($14,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.30 618.37 Td (July) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 369.70 618.37 Td ($11,000,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 197.45 603.37 Td (August 1 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 193.50 580.37 Td (through 15) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 372.25 580.42 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 549.33369140625 m 176.3369140625 549.33369140625 l s q 0 0 0 rg BT 158.00 550.80 Td (plus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 176.34 550.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 525.60 Td (6. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 524.13369140625 m 243.49462890625 524.13369140625 l s q 0 0 0 rg BT 194.00 525.60 Td (Section ) Tj ET Q q 0 0 0 rg BT 229.74 525.60 Td (6.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 243.49 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 246.24 525.60 Td (is ) Tj ET Q q 0 0 0 rg BT 256.33 525.60 Td (hereby ) Tj ET Q q 0 0 0 rg BT 289.01 525.60 Td (amended ) Tj ET Q q 0 0 0 rg BT 331.46 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 350.09 525.60 Td (restated ) Tj ET Q q 0 0 0 rg BT 387.05 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 398.35 525.60 Td (its ) Tj ET Q q 0 0 0 rg BT 411.50 525.60 Td (entirety ) Tj ET Q q 0 0 0 rg BT 447.84 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 459.15 525.60 Td (read ) Tj ET Q q 0 0 0 rg BT 480.83 525.60 Td (as ) Tj ET Q q 0 0 0 rg BT 492.74 525.60 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 512.45 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 141.84 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 144.59 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 147.34 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 150.09 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 152.84 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 155.59 512.45 Td ([Reserved].) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 487.25 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.83 487.25 Td ( ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 485.78369140625 m 291.67919921875 485.78369140625 l s q 0 0 0 rg BT 158.00 487.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 186.75 487.25 Td (Char) Tj ET Q q 0 0 0 rg BT 207.93 487.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 222.01 487.25 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 267.85 487.25 Td (Ratio) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 291.68 487.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.12 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.81 487.25 Td (Cause ) Tj ET Q q 0 0 0 rg BT 332.39 487.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.64 487.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.71 487.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 411.28 487.25 Td (a ) Tj ET Q q 0 0 0 rg BT 419.85 487.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 448.60 487.25 Td (Char) Tj ET Q q 0 0 0 rg BT 469.79 487.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 483.86 487.25 Td (Coverage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 474.05 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 147.35 474.05 Td (of ) Tj ET Q q 0 0 0 rg BT 158.03 474.05 Td (not ) Tj ET Q q 0 0 0 rg BT 173.61 474.05 Td (less ) Tj ET Q q 0 0 0 rg BT 191.63 474.05 Td (than ) Tj ET Q q 0 0 0 rg BT 212.09 474.05 Td (1.10 ) Tj ET Q q 0 0 0 rg BT 232.86 474.05 Td (to ) Tj ET Q q 0 0 0 rg BT 242.94 474.05 Td (1.00 ) Tj ET Q q 0 0 0 rg BT 263.71 474.05 Td (for ) Tj ET Q q 0 0 0 rg BT 278.05 474.05 Td (the ) Tj ET Q q 0 0 0 rg BT 293.01 474.05 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 346.45 474.05 Td (four ) Tj ET Q q 0 0 0 rg BT 366.30 474.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 391.64 474.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 424.31 474.05 Td (period ) Tj ET Q q 0 0 0 rg BT 453.93 474.05 Td (of ) Tj ET Q q 0 0 0 rg BT 464.61 474.05 Td (the ) Tj ET Q q 0 0 0 rg BT 479.57 474.05 Td (Borrowers ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 460.85 Td (ending ) Tj ET Q q 0 0 0 rg BT 154.69 460.85 Td (January ) Tj ET Q q 0 0 0 rg BT 191.65 460.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 208.15 460.85 Td (2017.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 435.65 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.21 435.65 Td ( ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 434.18369140625 m 245.62939453125 434.18369140625 l s q 0 0 0 rg BT 158.00 435.65 Td (Minimum ) Tj ET Q q 0 0 0 rg BT 205.30 435.65 Td (EBITDA) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.63 435.65 Td (. ) Tj ET Q q 0 0 0 rg BT 251.68 435.65 Td ( ) Tj ET Q q 0 0 0 rg BT 254.98 435.65 Td (Cause ) Tj ET Q q 0 0 0 rg BT 285.16 435.65 Td (to ) Tj ET Q q 0 0 0 rg BT 297.01 435.65 Td (be ) Tj ET Q q 0 0 0 rg BT 310.69 435.65 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 365.61 435.65 Td (for ) Tj ET Q q 0 0 0 rg BT 381.73 435.65 Td (the ) Tj ET Q q 0 0 0 rg BT 398.47 435.65 Td (applicable ) Tj ET Q q 0 0 0 rg BT 446.96 435.65 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 502.19 435.65 Td (fiscal ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 422.45 Td (month ) Tj ET Q q 0 0 0 rg BT 152.13 422.45 Td (period ) Tj ET Q q 0 0 0 rg BT 182.26 422.45 Td (ending ) Tj ET Q q 0 0 0 rg BT 214.22 422.45 Td (as ) Tj ET Q q 0 0 0 rg BT 225.41 422.45 Td (of ) Tj ET Q q 0 0 0 rg BT 236.59 422.45 Td (the ) Tj ET Q q 0 0 0 rg BT 252.05 422.45 Td (applicable ) Tj ET Q q 0 0 0 rg BT 299.27 422.45 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 325.12 422.45 Td (month ) Tj ET Q q 0 0 0 rg BT 355.25 422.45 Td (end ) Tj ET Q q 0 0 0 rg BT 373.15 422.45 Td (set ) Tj ET Q q 0 0 0 rg BT 387.40 422.45 Td (forth ) Tj ET Q q 0 0 0 rg BT 410.80 422.45 Td (below) Tj ET Q q 0 0 0 rg BT 436.97 422.45 Td (, ) Tj ET Q q 0 0 0 rg BT 441.74 422.45 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 481.46 422.45 Td ( ) Tj ET Q q 0 0 0 rg BT 483.48 422.45 Td (as ) Tj ET Q q 0 0 0 rg BT 494.67 422.45 Td (of ) Tj ET Q q 0 0 0 rg BT 505.85 422.45 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 409.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 149.17 409.25 Td (month ) Tj ET Q q 0 0 0 rg BT 180.64 409.25 Td (end ) Tj ET Q q 0 0 0 rg BT 199.87 409.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.38 409.25 Td (not ) Tj ET Q q 0 0 0 rg BT 229.79 409.25 Td (less ) Tj ET Q q 0 0 0 rg BT 249.64 409.25 Td (than ) Tj ET Q q 0 0 0 rg BT 271.93 409.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.72 409.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.07 409.25 Td (set ) Tj ET Q q 0 0 0 rg BT 340.64 409.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 365.38 409.25 Td (opposite ) Tj ET Q q 0 0 0 rg BT 406.00 409.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.79 409.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 470.73 409.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 497.90 409.25 Td (month ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 396.05 Td (period ) Tj ET Q q 0 0 0 rg BT 152.85 396.05 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 373.54999999999995 m 123.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 373.54999999999995 m 379.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 373.54999999999995 m 379.5 373.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 358.54999999999995 m 379.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 373.54999999999995 m 379.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 373.54999999999995 m 487.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 373.54999999999995 m 487.5 373.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 358.54999999999995 m 487.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 358.54999999999995 m 123.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 358.54999999999995 m 379.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 358.54999999999995 m 379.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 343.54999999999995 m 379.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 358.54999999999995 m 379.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 358.54999999999995 m 487.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 358.54999999999995 m 487.5 358.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 343.54999999999995 m 487.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 343.54999999999995 m 123.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 343.54999999999995 m 379.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 343.54999999999995 m 379.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 317.54999999999995 m 379.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 343.54999999999995 m 379.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 343.54999999999995 m 487.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 343.54999999999995 m 487.5 343.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 317.54999999999995 m 487.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 317.54999999999995 m 123.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 317.54999999999995 m 379.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 317.54999999999995 m 379.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 291.54999999999995 m 379.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 317.54999999999995 m 379.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 317.54999999999995 m 487.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 317.54999999999995 m 487.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 291.54999999999995 m 487.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 291.54999999999995 m 123.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 291.54999999999995 m 379.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 291.54999999999995 m 379.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 265.54999999999995 m 379.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 291.54999999999995 m 379.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 291.54999999999995 m 487.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 291.54999999999995 m 487.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 265.54999999999995 m 487.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 265.54999999999995 m 123.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 265.54999999999995 m 379.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 265.54999999999995 m 379.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 239.54999999999995 m 379.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 265.54999999999995 m 379.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 265.54999999999995 m 487.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 265.54999999999995 m 487.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 239.54999999999995 m 487.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 239.54999999999995 m 123.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 239.54999999999995 m 379.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 239.54999999999995 m 379.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 213.54999999999995 m 379.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 239.54999999999995 m 379.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 239.54999999999995 m 487.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 239.54999999999995 m 487.5 239.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 213.54999999999995 m 487.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 213.54999999999995 m 123.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 213.54999999999995 m 379.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 213.54999999999995 m 379.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 187.54999999999995 m 379.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 213.54999999999995 m 379.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 213.54999999999995 m 487.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 213.54999999999995 m 487.5 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 187.54999999999995 m 487.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 187.54999999999995 m 123.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 187.54999999999995 m 379.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 187.54999999999995 m 379.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 161.54999999999995 m 379.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 187.54999999999995 m 379.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 187.54999999999995 m 487.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 187.54999999999995 m 487.5 187.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 161.54999999999995 m 487.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 161.54999999999995 m 123.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 161.54999999999995 m 379.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 161.54999999999995 m 379.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 135.54999999999995 m 379.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 161.54999999999995 m 379.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 161.54999999999995 m 487.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 161.54999999999995 m 487.5 161.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 135.54999999999995 m 487.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 135.54999999999995 m 123.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 135.54999999999995 m 379.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 135.54999999999995 m 379.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 109.54999999999995 m 379.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 135.54999999999995 m 379.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 135.54999999999995 m 487.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 135.54999999999995 m 487.5 135.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 109.54999999999995 m 487.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 109.54999999999995 m 123.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 109.54999999999995 m 379.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 109.54999999999995 m 379.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 83.54999999999995 m 379.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 109.54999999999995 m 379.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 109.54999999999995 m 487.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 109.54999999999995 m 487.5 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 83.54999999999995 m 487.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 83.54999999999995 m 123.5 57.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 83.54999999999995 m 379.5 57.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 83.54999999999995 m 379.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 57.549999999999955 m 379.5 57.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 83.54999999999995 m 379.5 57.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 83.54999999999995 m 487.5 57.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 83.54999999999995 m 487.5 83.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 57.549999999999955 m 487.5 57.549999999999955 l s BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 155.95 361.95673828124995 m 345.99541015625 361.95673828124995 l s q 0 0 0 rg BT 155.95 363.42 Td (Fiscal Month Period and Fiscal Month End) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 413.1 361.95673828124995 m 453.1224609375 361.95673828124995 l s q 0 0 0 rg BT 413.10 363.42 Td (EBITDA) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 164.20 348.42 Td (Fiscal month ending February 29, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 348.42 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 166.75 333.42 Td (T) Tj ET Q q 0 0 0 rg BT 172.70 333.42 Td (wo consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 216.00 322.42 Td (March 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 327.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.60 307.42 Td (Three consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 218.75 296.42 Td (April 30, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 404.55 301.97 Td ($\(3,626,000\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 166.05 281.42 Td (Four consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.25 270.42 Td (May 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 275.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 166.65 255.42 Td (Five consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 220.25 244.42 Td (June 30, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 249.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 169.10 229.42 Td (Six consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.20 218.42 Td (July 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 408.25 223.97 Td ($5,256,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.00 203.42 Td (Seven consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.45 192.42 Td (August 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 197.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 164.50 177.42 Td (Eight consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.85 166.42 Td (September 30, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 171.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 165.75 151.42 Td (Nine consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 212.65 140.42 Td (October 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 405.50 145.97 Td ($10,904,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.25 125.42 Td (T) Tj ET Q q 0 0 0 rg BT 174.20 125.42 Td (en consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 207.15 114.42 Td (November 30, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 119.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.15 99.42 Td (Eleven consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 207.75 88.42 Td (December 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.65 93.97 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 160.35 73.42 Td (T) Tj ET Q q 0 0 0 rg BT 166.30 73.42 Td (welve consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 213.25 62.42 Td (January 31, 2017) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 408.25 67.97 Td ($7,304,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 741.40 Td (\(d\)) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 134.826171875 739.93369140625 m 270.19482421875 739.93369140625 l s q 0 0 0 rg BT 134.83 741.40 Td (Setting ) Tj ET Q q 0 0 0 rg BT 168.55 741.40 Td (of ) Tj ET Q q 0 0 0 rg BT 180.27 741.40 Td (Financial ) Tj ET Q q 0 0 0 rg BT 223.76 741.40 Td (Covenants) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 270.19 741.40 Td (. ) Tj ET Q q 0 0 0 rg BT 275.32 741.40 Td (The ) Tj ET Q q 0 0 0 rg BT 294.97 741.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.01 741.40 Td (covenants ) Tj ET Q q 0 0 0 rg BT 382.54 741.40 Td (in ) Tj ET Q q 0 0 0 rg BT 393.66 741.40 Td (this ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 412.1044921875 739.93369140625 m 461.404296875 739.93369140625 l s q 0 0 0 rg BT 412.10 741.40 Td (Section ) Tj ET Q q 0 0 0 rg BT 447.65 741.40 Td (6.5) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 461.40 741.40 Td ( ) Tj ET Q q 0 0 0 rg BT 463.96 741.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 487.29 741.40 Td (be ) Tj ET Q q 0 0 0 rg BT 500.23 741.40 Td (set ) Tj ET Q q 0 0 0 rg BT 515.00 741.40 Td (on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 728.20 Td (thirty ) Tj ET Q q 0 0 0 rg BT 149.62 728.20 Td (days ) Tj ET Q q 0 0 0 rg BT 173.57 728.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 198.74 728.20 Td (to ) Tj ET Q q 0 0 0 rg BT 211.08 728.20 Td (the ) Tj ET Q q 0 0 0 rg BT 228.30 728.20 Td (first ) Tj ET Q q 0 0 0 rg BT 249.81 728.20 Td (day ) Tj ET Q q 0 0 0 rg BT 269.48 728.20 Td (of ) Tj ET Q q 0 0 0 rg BT 282.43 728.20 Td (the ) Tj ET Q q 0 0 0 rg BT 299.65 728.20 Td (first ) Tj ET Q q 0 0 0 rg BT 321.16 728.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 356.09 728.20 Td (of ) Tj ET Q q 0 0 0 rg BT 369.04 728.20 Td (the ) Tj ET Q q 0 0 0 rg BT 386.27 728.20 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 413.88 728.20 Td (year) Tj ET Q q 0 0 0 rg BT 432.36 728.20 Td (, ) Tj ET Q q 0 0 0 rg BT 438.90 728.20 Td (based ) Tj ET Q q 0 0 0 rg BT 467.73 728.20 Td (on ) Tj ET Q q 0 0 0 rg BT 482.52 728.20 Td (a ) Tj ET Q q 0 0 0 rg BT 491.19 728.20 Td (forecast ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 715.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 163.85 715.00 Td (by ) Tj ET Q q 0 0 0 rg BT 177.60 715.00 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 226.78 715.00 Td (that ) Tj ET Q q 0 0 0 rg BT 246.03 715.00 Td (is ) Tj ET Q q 0 0 0 rg BT 256.12 715.00 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 305.27 715.00 Td (to ) Tj ET Q q 0 0 0 rg BT 315.97 715.00 Td (Agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 689.80 Td (7. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 688.33369140625 m 243.49462890625 688.33369140625 l s q 0 0 0 rg BT 194.00 689.80 Td (Section ) Tj ET Q q 0 0 0 rg BT 229.74 689.80 Td (7.6) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 243.49 689.80 Td ( ) Tj ET Q q 0 0 0 rg BT 246.24 689.80 Td (is ) Tj ET Q q 0 0 0 rg BT 256.33 689.80 Td (hereby ) Tj ET Q q 0 0 0 rg BT 289.01 689.80 Td (amended ) Tj ET Q q 0 0 0 rg BT 331.46 689.80 Td (and ) Tj ET Q q 0 0 0 rg BT 350.09 689.80 Td (restated ) Tj ET Q q 0 0 0 rg BT 387.05 689.80 Td (in ) Tj ET Q q 0 0 0 rg BT 398.35 689.80 Td (its ) Tj ET Q q 0 0 0 rg BT 411.50 689.80 Td (entirety ) Tj ET Q q 0 0 0 rg BT 447.84 689.80 Td (to ) Tj ET Q q 0 0 0 rg BT 459.15 689.80 Td (read ) Tj ET Q q 0 0 0 rg BT 480.83 689.80 Td (as ) Tj ET Q q 0 0 0 rg BT 492.74 689.80 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 676.60 Td () Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 126.88232421875 675.13369140625 m 219.341796875 675.13369140625 l s q 0 0 0 rg BT 126.88 676.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 161.30 676.60 Td (Expenditures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 219.34 676.60 Td (. ) Tj ET Q q 0 0 0 rg BT 224.74 676.60 Td ( ) Tj ET Q q 0 0 0 rg BT 227.39 676.60 Td (Contract ) Tj ET Q q 0 0 0 rg BT 267.92 676.60 Td (for) Tj ET Q q 0 0 0 rg BT 280.30 676.60 Td (, ) Tj ET Q q 0 0 0 rg BT 285.70 676.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 327.44 676.60 Td (or ) Tj ET Q q 0 0 0 rg BT 339.25 676.60 Td (make ) Tj ET Q q 0 0 0 rg BT 365.73 676.60 Td (any ) Tj ET Q q 0 0 0 rg BT 384.26 676.60 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 438.83 676.60 Td (or ) Tj ET Q q 0 0 0 rg BT 450.64 676.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 513.17 676.60 Td (for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 663.40 Td (Capital ) Tj ET Q q 0 0 0 rg BT 156.61 663.40 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 217.50 663.40 Td (in ) Tj ET Q q 0 0 0 rg BT 228.90 663.40 Td (the ) Tj ET Q q 0 0 0 rg BT 245.18 663.40 Td (2015 ) Tj ET Q q 0 0 0 rg BT 270.03 663.40 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.69 663.40 Td (year) Tj ET Q q 0 0 0 rg BT 315.18 663.40 Td (, ) Tj ET Q q 0 0 0 rg BT 320.77 663.40 Td (or ) Tj ET Q q 0 0 0 rg BT 332.78 663.40 Td (in ) Tj ET Q q 0 0 0 rg BT 344.18 663.40 Td (any ) Tj ET Q q 0 0 0 rg BT 362.91 663.40 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 389.57 663.40 Td (year ) Tj ET Q q 0 0 0 rg BT 411.34 663.40 Td (thereafter) Tj ET Q q 0 0 0 rg BT 453.03 663.40 Td (, ) Tj ET Q q 0 0 0 rg BT 458.63 663.40 Td (in ) Tj ET Q q 0 0 0 rg BT 470.03 663.40 Td (an ) Tj ET Q q 0 0 0 rg BT 483.26 663.40 Td (aggregate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 650.20 Td (amount ) Tj ET Q q 0 0 0 rg BT 157.74 650.20 Td (for ) Tj ET Q q 0 0 0 rg BT 173.32 650.20 Td (all ) Tj ET Q q 0 0 0 rg BT 187.07 650.20 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 236.25 650.20 Td (in ) Tj ET Q q 0 0 0 rg BT 247.55 650.20 Td (excess ) Tj ET Q q 0 0 0 rg BT 279.01 650.20 Td (of ) Tj ET Q q 0 0 0 rg BT 290.93 650.20 Td ($5,000,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 625.00 Td (8. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 623.53369140625 m 243.75537109375 623.53369140625 l s q 0 0 0 rg BT 194.00 625.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 230.01 625.00 Td (7.7) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 243.76 625.00 Td ( ) Tj ET Q q 0 0 0 rg BT 246.77 625.00 Td (of ) Tj ET Q q 0 0 0 rg BT 258.94 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 275.39 625.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 305.23 625.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 357.11 625.00 Td (is ) Tj ET Q q 0 0 0 rg BT 367.45 625.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 400.39 625.00 Td (amended ) Tj ET Q q 0 0 0 rg BT 443.11 625.00 Td (by ) Tj ET Q q 0 0 0 rg BT 457.12 625.00 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 470.51 625.00 Td (deleting ) Tj ET Q q 0 0 0 rg BT 508.95 625.00 Td (and ) Tj ET Q q 0 0 0 rg BT 537.61 625.00 Td (at ) Tj ET Q q 0 0 0 rg BT 548.56 625.00 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 611.80 Td (end ) Tj ET Q q 0 0 0 rg BT 104.33 611.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 115.94677734375 610.33369140625 m 173.98828125 610.33369140625 l s q 0 0 0 rg BT 115.95 611.80 Td (subclause ) Tj ET Q q 0 0 0 rg BT 161.16 611.80 Td (\(b\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 173.99 611.80 Td (, ) Tj ET Q q 0 0 0 rg BT 179.19 611.80 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 195.08 611.80 Td (deleting ) Tj ET Q q 0 0 0 rg BT 232.96 611.80 Td (the ) Tj ET Q q 0 0 0 rg BT 248.85 611.80 Td (period ) Tj ET Q q 0 0 0 rg BT 279.40 611.80 Td (at ) Tj ET Q q 0 0 0 rg BT 289.79 611.80 Td (the ) Tj ET Q q 0 0 0 rg BT 305.68 611.80 Td (end ) Tj ET Q q 0 0 0 rg BT 324.01 611.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 335.62841796875 610.33369140625 m 393.05224609375 610.33369140625 l s q 0 0 0 rg BT 335.63 611.80 Td (subclause ) Tj ET Q q 0 0 0 rg BT 380.84 611.80 Td (\(c\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.05 611.80 Td ( ) Tj ET Q q 0 0 0 rg BT 395.50 611.80 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 611.80 Td (adding ) Tj ET Q q 0 0 0 rg BT 446.23 611.80 Td (; ) Tj ET Q q 0 0 0 rg BT 456.61 611.80 Td (and ) Tj ET Q q 0 0 0 rg BT 479.83 611.80 Td (in ) Tj ET Q q 0 0 0 rg BT 490.84 611.80 Td (lieu ) Tj ET Q q 0 0 0 rg BT 509.78 611.80 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 546.13 611.80 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 598.60 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 105.24 598.60 Td (adding ) Tj ET Q q 0 0 0 rg BT 137.93 598.60 Td (a ) Tj ET Q q 0 0 0 rg BT 145.57 598.60 Td (new ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 166.6416015625 597.13369140625 m 224.982421875 597.13369140625 l s q 0 0 0 rg BT 166.64 598.60 Td (subclause ) Tj ET Q q 0 0 0 rg BT 212.16 598.60 Td (\(d\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 224.98 598.60 Td ( ) Tj ET Q q 0 0 0 rg BT 227.73 598.60 Td (in ) Tj ET Q q 0 0 0 rg BT 239.04 598.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 304.72 598.60 Td (order ) Tj ET Q q 0 0 0 rg BT 330.67 598.60 Td (to ) Tj ET Q q 0 0 0 rg BT 341.98 598.60 Td (read ) Tj ET Q q 0 0 0 rg BT 363.66 598.60 Td (as ) Tj ET Q q 0 0 0 rg BT 375.57 598.60 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 585.40 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 142.16 585.40 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 191.05 585.40 Td (may ) Tj ET Q q 0 0 0 rg BT 212.45 585.40 Td (make ) Tj ET Q q 0 0 0 rg BT 238.73 585.40 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 285.78 585.40 Td (Payments ) Tj ET Q q 0 0 0 rg BT 331.01 585.40 Td (to ) Tj ET Q q 0 0 0 rg BT 342.02 585.40 Td (any ) Tj ET Q q 0 0 0 rg BT 360.36 585.40 Td (Person ) Tj ET Q q 0 0 0 rg BT 392.76 585.40 Td (that ) Tj ET Q q 0 0 0 rg BT 411.71 585.40 Td (owns ) Tj ET Q q 0 0 0 rg BT 437.39 585.40 Td (an ) Tj ET Q q 0 0 0 rg BT 450.23 585.40 Td (Equity ) Tj ET Q q 0 0 0 rg BT 482.02 585.40 Td (Interest ) Tj ET Q q 0 0 0 rg BT 517.46 585.40 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 572.20 Td (any ) Tj ET Q q 0 0 0 rg BT 140.24 572.20 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 184.76 572.20 Td (on ) Tj ET Q q 0 0 0 rg BT 198.12 572.20 Td (the ) Tj ET Q q 0 0 0 rg BT 213.92 572.20 Td (condition ) Tj ET Q q 0 0 0 rg BT 257.83 572.20 Td (that ) Tj ET Q q 0 0 0 rg BT 276.69 572.20 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 289.43 572.20 Td (such ) Tj ET Q q 0 0 0 rg BT 311.96 572.20 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 358.92 572.20 Td (Payments ) Tj ET Q q 0 0 0 rg BT 404.05 572.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 427.19 572.20 Td (not ) Tj ET Q q 0 0 0 rg BT 443.61 572.20 Td (exceed ) Tj ET Q q 0 0 0 rg BT 476.50 572.20 Td ($1,300,000 ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 559.00 Td (in ) Tj ET Q q 0 0 0 rg BT 133.64 559.00 Td (the ) Tj ET Q q 0 0 0 rg BT 150.16 559.00 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 196.00 559.00 Td (during ) Tj ET Q q 0 0 0 rg BT 227.80 559.00 Td (any ) Tj ET Q q 0 0 0 rg BT 246.77 559.00 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 273.67 559.00 Td (year; ) Tj ET Q q 0 0 0 rg BT 298.74 559.00 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 315.26 559.00 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 364.78 559.00 Td (must ) Tj ET Q q 0 0 0 rg BT 389.26 559.00 Td (have ) Tj ET Q q 0 0 0 rg BT 413.11 559.00 Td (a ) Tj ET Q q 0 0 0 rg BT 421.07 559.00 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 449.22 559.00 Td (Char) Tj ET Q q 0 0 0 rg BT 470.40 559.00 Td (ge ) Tj ET Q q 0 0 0 rg BT 483.87 559.00 Td (Coverage ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 545.80 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 147.52 545.80 Td (of ) Tj ET Q q 0 0 0 rg BT 158.38 545.80 Td (not ) Tj ET Q q 0 0 0 rg BT 174.12 545.80 Td (less ) Tj ET Q q 0 0 0 rg BT 192.31 545.80 Td (than ) Tj ET Q q 0 0 0 rg BT 212.94 545.80 Td (1.10:1.00 ) Tj ET Q q 0 0 0 rg BT 256.19 545.80 Td (for ) Tj ET Q q 0 0 0 rg BT 270.70 545.80 Td (the ) Tj ET Q q 0 0 0 rg BT 285.83 545.80 Td (trailing ) Tj ET Q q 0 0 0 rg BT 319.29 545.80 Td (twelve ) Tj ET Q q 0 0 0 rg BT 350.31 545.80 Td (month ) Tj ET Q q 0 0 0 rg BT 380.11 545.80 Td (period ) Tj ET Q q 0 0 0 rg BT 409.90 545.80 Td (ending ) Tj ET Q q 0 0 0 rg BT 441.53 545.80 Td (on ) Tj ET Q q 0 0 0 rg BT 454.22 545.80 Td (the ) Tj ET Q q 0 0 0 rg BT 469.35 545.80 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 494.86 545.80 Td (quarter ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 532.60 Td (immediately ) Tj ET Q q 0 0 0 rg BT 179.73 532.60 Td (preceding ) Tj ET Q q 0 0 0 rg BT 225.83 532.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.02 532.60 Td (date ) Tj ET Q q 0 0 0 rg BT 263.08 532.60 Td (of ) Tj ET Q q 0 0 0 rg BT 274.98 532.60 Td (any ) Tj ET Q q 0 0 0 rg BT 293.61 532.60 Td (such ) Tj ET Q q 0 0 0 rg BT 316.51 532.60 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 363.85 532.60 Td (Payment, ) Tj ET Q q 0 0 0 rg BT 407.84 532.60 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 427.08 532.60 Td (no ) Tj ET Q q 0 0 0 rg BT 440.82 532.60 Td (Default ) Tj ET Q q 0 0 0 rg BT 476.54 532.60 Td (or ) Tj ET Q q 0 0 0 rg BT 488.45 532.60 Td (Event ) Tj ET Q q 0 0 0 rg BT 516.85 532.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 519.40 Td (Default ) Tj ET Q q 0 0 0 rg BT 158.20 519.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 182.18 519.40 Td (have ) Tj ET Q q 0 0 0 rg BT 206.16 519.40 Td (occurred ) Tj ET Q q 0 0 0 rg BT 247.84 519.40 Td (or ) Tj ET Q q 0 0 0 rg BT 260.22 519.40 Td (be ) Tj ET Q q 0 0 0 rg BT 273.81 519.40 Td (continuing, ) Tj ET Q q 0 0 0 rg BT 326.83 519.40 Td (and ) Tj ET Q q 0 0 0 rg BT 345.92 519.40 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 365.02 519.40 Td (no ) Tj ET Q q 0 0 0 rg BT 379.23 519.40 Td (Default ) Tj ET Q q 0 0 0 rg BT 415.42 519.40 Td (or ) Tj ET Q q 0 0 0 rg BT 427.80 519.40 Td (Event ) Tj ET Q q 0 0 0 rg BT 456.67 519.40 Td (of ) Tj ET Q q 0 0 0 rg BT 469.04 519.40 Td (Default ) Tj ET Q q 0 0 0 rg BT 505.24 519.40 Td (shall ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 506.20 Td (result ) Tj ET Q q 0 0 0 rg BT 149.19 506.20 Td (from ) Tj ET Q q 0 0 0 rg BT 173.32 506.20 Td (any ) Tj ET Q q 0 0 0 rg BT 191.95 506.20 Td (such ) Tj ET Q q 0 0 0 rg BT 214.87 506.20 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 262.21 506.20 Td (Payment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 481.00 Td (9. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 479.53369140625 m 243.6865234375 479.53369140625 l s q 0 0 0 rg BT 194.00 481.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 229.94 481.00 Td (9.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 243.69 481.00 Td (. ) Tj ET Q q 0 0 0 rg BT 249.38 481.00 Td ( ) Tj ET Q q 0 0 0 rg BT 252.11 481.00 Td (The ) Tj ET Q q 0 0 0 rg BT 272.15 481.00 Td (first ) Tj ET Q q 0 0 0 rg BT 292.81 481.00 Td (sentence ) Tj ET Q q 0 0 0 rg BT 333.62 481.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 345.7255859375 479.53369140625 m 395.412109375 479.53369140625 l s q 0 0 0 rg BT 345.73 481.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 381.66 481.00 Td (9.2) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 395.41 481.00 Td ( ) Tj ET Q q 0 0 0 rg BT 398.35 481.00 Td (is ) Tj ET Q q 0 0 0 rg BT 408.63 481.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 441.50 481.00 Td (amended ) Tj ET Q q 0 0 0 rg BT 484.15 481.00 Td (and ) Tj ET Q q 0 0 0 rg BT 502.97 481.00 Td (restated ) Tj ET Q q 0 0 0 rg BT 540.12 481.00 Td (in ) Tj ET Q q 0 0 0 rg BT 551.61 481.00 Td (its ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 467.80 Td (entirety ) Tj ET Q q 0 0 0 rg BT 122.35 467.80 Td (as ) Tj ET Q q 0 0 0 rg BT 134.26 467.80 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 454.60 Td (During ) Tj ET Q q 0 0 0 rg BT 160.92 454.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.23 454.60 Td (Peak ) Tj ET Q q 0 0 0 rg BT 201.49 454.60 Td (Season, ) Tj ET Q q 0 0 0 rg BT 238.28 454.60 Td (deliver ) Tj ET Q q 0 0 0 rg BT 271.69 454.60 Td (to ) Tj ET Q q 0 0 0 rg BT 282.49 454.60 Td (Agent ) Tj ET Q q 0 0 0 rg BT 312.25 454.60 Td (on ) Tj ET Q q 0 0 0 rg BT 326.12 454.60 Td (or ) Tj ET Q q 0 0 0 rg BT 338.16 454.60 Td (before ) Tj ET Q q 0 0 0 rg BT 369.13 454.60 Td (the ) Tj ET Q q 0 0 0 rg BT 385.44 454.60 Td (fifteenth ) Tj ET Q q 0 0 0 rg BT 425.57 454.60 Td (\(15) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 440.24 459.58 Td (th) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 445.80 454.60 Td (\) ) Tj ET Q q 0 0 0 rg BT 452.34 454.60 Td (day ) Tj ET Q q 0 0 0 rg BT 471.09 454.60 Td (of ) Tj ET Q q 0 0 0 rg BT 483.13 454.60 Td (each ) Tj ET Q q 0 0 0 rg BT 506.15 454.60 Td (month ) Tj ET Q q 0 0 0 rg BT 537.14 454.60 Td (\(or ) Tj ET Q q 0 0 0 rg BT 552.84 454.60 Td (as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 441.40 Td (frequently ) Tj ET Q q 0 0 0 rg BT 170.19 441.40 Td (as ) Tj ET Q q 0 0 0 rg BT 181.68 441.40 Td (Agent ) Tj ET Q q 0 0 0 rg BT 211.55 441.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 235.32 441.40 Td (require ) Tj ET Q q 0 0 0 rg BT 269.45 441.40 Td (during ) Tj ET Q q 0 0 0 rg BT 301.16 441.40 Td (the ) Tj ET Q q 0 0 0 rg BT 317.58 441.40 Td (existence ) Tj ET Q q 0 0 0 rg BT 361.49 441.40 Td (of ) Tj ET Q q 0 0 0 rg BT 373.64 441.40 Td (a ) Tj ET Q q 0 0 0 rg BT 381.51 441.40 Td (Default\) ) Tj ET Q q 0 0 0 rg BT 421.15 441.40 Td (a ) Tj ET Q q 0 0 0 rg BT 429.02 441.40 Td (Borrowing ) Tj ET Q q 0 0 0 rg BT 479.67 441.40 Td (Base ) Tj ET Q q 0 0 0 rg BT 504.04 441.40 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 553.45 441.40 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 428.20 Td (form ) Tj ET Q q 0 0 0 rg BT 147.00 428.20 Td (and ) Tj ET Q q 0 0 0 rg BT 166.49 428.20 Td (substance ) Tj ET Q q 0 0 0 rg BT 212.87 428.20 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 267.19 428.20 Td (to ) Tj ET Q q 0 0 0 rg BT 278.56 428.20 Td (Agent ) Tj ET Q q 0 0 0 rg BT 309.06 428.20 Td (\(which ) Tj ET Q q 0 0 0 rg BT 343.22 428.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 367.61 428.20 Td (be ) Tj ET Q q 0 0 0 rg BT 381.61 428.20 Td (calculated ) Tj ET Q q 0 0 0 rg BT 429.80 428.20 Td (as ) Tj ET Q q 0 0 0 rg BT 442.58 428.20 Td (of ) Tj ET Q q 0 0 0 rg BT 455.36 428.20 Td (the ) Tj ET Q q 0 0 0 rg BT 472.41 428.20 Td (last ) Tj ET Q q 0 0 0 rg BT 491.30 428.20 Td (day ) Tj ET Q q 0 0 0 rg BT 510.80 428.20 Td (of ) Tj ET Q q 0 0 0 rg BT 523.58 428.20 Td (the ) Tj ET Q q 0 0 0 rg BT 540.63 428.20 Td (prior ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 415.00 Td (month ) Tj ET Q q 0 0 0 rg BT 151.83 415.00 Td (and ) Tj ET Q q 0 0 0 rg BT 169.44 415.00 Td (which ) Tj ET Q q 0 0 0 rg BT 198.04 415.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 220.53 415.00 Td (not ) Tj ET Q q 0 0 0 rg BT 236.31 415.00 Td (be ) Tj ET Q q 0 0 0 rg BT 248.41 415.00 Td (binding ) Tj ET Q q 0 0 0 rg BT 283.74 415.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 307.08 415.00 Td (Agent ) Tj ET Q q 0 0 0 rg BT 335.69 415.00 Td (or ) Tj ET Q q 0 0 0 rg BT 346.57 415.00 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 392.27 415.00 Td (of ) Tj ET Q q 0 0 0 rg BT 402.77 415.00 Td (Agent) Tj ET Q q 0 0 0 rg BT 432.71 415.00 Td (s ) Tj ET Q q 0 0 0 rg BT 438.71 415.00 Td (rights ) Tj ET Q q 0 0 0 rg BT 465.49 415.00 Td (under ) Tj ET Q q 0 0 0 rg BT 492.25 415.00 Td (this ) Tj ET Q q 0 0 0 rg BT 509.49 415.00 Td (Agreement\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 401.80 Td (and ) Tj ET Q q 0 0 0 rg BT 141.39 401.80 Td (on ) Tj ET Q q 0 0 0 rg BT 155.90 401.80 Td (or ) Tj ET Q q 0 0 0 rg BT 168.58 401.80 Td (before ) Tj ET Q q 0 0 0 rg BT 200.18 401.80 Td (the ) Tj ET Q q 0 0 0 rg BT 217.13 401.80 Td ( ) Tj ET Q q 0 0 0 rg BT 220.39 401.80 Td (W) Tj ET Q q 0 0 0 rg BT 229.89 401.80 Td (ednesday ) Tj ET Q q 0 0 0 rg BT 274.33 401.80 Td (of ) Tj ET Q q 0 0 0 rg BT 287.00 401.80 Td (each ) Tj ET Q q 0 0 0 rg BT 310.66 401.80 Td (week ) Tj ET Q q 0 0 0 rg BT 337.38 401.80 Td (\(or ) Tj ET Q q 0 0 0 rg BT 353.72 401.80 Td (as ) Tj ET Q q 0 0 0 rg BT 366.39 401.80 Td (frequently ) Tj ET Q q 0 0 0 rg BT 415.11 401.80 Td (as ) Tj ET Q q 0 0 0 rg BT 427.01 401.80 Td (Agent ) Tj ET Q q 0 0 0 rg BT 457.40 401.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 481.69 401.80 Td (require ) Tj ET Q q 0 0 0 rg BT 516.35 401.80 Td (during ) Tj ET Q q 0 0 0 rg BT 548.58 401.80 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 388.60 Td (existence ) Tj ET Q q 0 0 0 rg BT 166.22 388.60 Td (of ) Tj ET Q q 0 0 0 rg BT 178.68 388.60 Td (a ) Tj ET Q q 0 0 0 rg BT 186.86 388.60 Td (Default\) ) Tj ET Q q 0 0 0 rg BT 226.81 388.60 Td (as ) Tj ET Q q 0 0 0 rg BT 239.27 388.60 Td (and ) Tj ET Q q 0 0 0 rg BT 258.45 388.60 Td (for ) Tj ET Q q 0 0 0 rg BT 274.57 388.60 Td (the ) Tj ET Q q 0 0 0 rg BT 291.31 388.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 315.99 388.60 Td (week ) Tj ET Q q 0 0 0 rg BT 342.49 388.60 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 358.00 388.60 Td (accounts ) Tj ET Q q 0 0 0 rg BT 399.78 388.60 Td (receivable ) Tj ET Q q 0 0 0 rg BT 448.27 388.60 Td (roll ) Tj ET Q q 0 0 0 rg BT 466.84 388.60 Td (forwards ) Tj ET Q q 0 0 0 rg BT 509.23 388.60 Td (and ) Tj ET Q q 0 0 0 rg BT 528.41 388.60 Td (ageings ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 375.40 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 167.38 375.40 Td (of ) Tj ET Q q 0 0 0 rg BT 182.21 375.40 Td (reconciliations ) Tj ET Q q 0 0 0 rg BT 252.62 375.40 Td (to ) Tj ET Q q 0 0 0 rg BT 266.85 375.40 Td (the ) Tj ET Q q 0 0 0 rg BT 285.95 375.40 Td (general ) Tj ET Q q 0 0 0 rg BT 323.98 375.40 Td (ledger) Tj ET Q q 0 0 0 rg BT 351.02 375.40 Td (, ) Tj ET Q q 0 0 0 rg BT 359.44 375.40 Td (\(b\)accounts ) Tj ET Q q 0 0 0 rg BT 419.16 375.40 Td (payable ) Tj ET Q q 0 0 0 rg BT 459.03 375.40 Td (schedules ) Tj ET Q q 0 0 0 rg BT 507.46 375.40 Td (inclusive ) Tj ET Q q 0 0 0 rg BT 552.84 375.40 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 362.20 Td (reconciliations ) Tj ET Q q 0 0 0 rg BT 189.50 362.20 Td (to ) Tj ET Q q 0 0 0 rg BT 200.81 362.20 Td (the ) Tj ET Q q 0 0 0 rg BT 217.00 362.20 Td (general ) Tj ET Q q 0 0 0 rg BT 252.11 362.20 Td (ledger) Tj ET Q q 0 0 0 rg BT 279.16 362.20 Td (, ) Tj ET Q q 0 0 0 rg BT 284.66 362.20 Td (and ) Tj ET Q q 0 0 0 rg BT 303.29 362.20 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 318.25 362.20 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 363.76 362.20 Td (reports.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 337.00 Td (10. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 335.53369140625 m 249.15576171875 335.53369140625 l s q 0 0 0 rg BT 194.00 337.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 229.91 337.00 Td (13.1) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 249.16 337.00 Td ( ) Tj ET Q q 0 0 0 rg BT 252.07 337.00 Td (of ) Tj ET Q q 0 0 0 rg BT 264.14 337.00 Td (the ) Tj ET Q q 0 0 0 rg BT 280.49 337.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 310.25 337.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 362.03 337.00 Td (is ) Tj ET Q q 0 0 0 rg BT 372.28 337.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 405.12 337.00 Td (amended ) Tj ET Q q 0 0 0 rg BT 447.73 337.00 Td (and ) Tj ET Q q 0 0 0 rg BT 466.53 337.00 Td (restated ) Tj ET Q q 0 0 0 rg BT 503.64 337.00 Td (in ) Tj ET Q q 0 0 0 rg BT 515.11 337.00 Td (its ) Tj ET Q q 0 0 0 rg BT 528.41 337.00 Td (entirety ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 323.80 Td (to ) Tj ET Q q 0 0 0 rg BT 97.31 323.80 Td (read ) Tj ET Q q 0 0 0 rg BT 118.98 323.80 Td (as ) Tj ET Q q 0 0 0 rg BT 130.90 323.80 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 310.60 Td () Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 126.88232421875 309.13369140625 m 149.93505859375 309.13369140625 l s q 0 0 0 rg BT 126.88 310.60 Td (T) Tj ET Q q 0 0 0 rg BT 132.83 310.60 Td (erm) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.94 310.60 Td (. ) Tj ET Q q 0 0 0 rg BT 155.37 310.60 Td (This ) Tj ET Q q 0 0 0 rg BT 177.19 310.60 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.70 310.60 Td (which ) Tj ET Q q 0 0 0 rg BT 261.48 310.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 285.16 310.60 Td (inure ) Tj ET Q q 0 0 0 rg BT 310.66 310.60 Td (to ) Tj ET Q q 0 0 0 rg BT 322.11 310.60 Td (the ) Tj ET Q q 0 0 0 rg BT 338.45 310.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 371.88 310.60 Td (of ) Tj ET Q q 0 0 0 rg BT 383.94 310.60 Td (and ) Tj ET Q q 0 0 0 rg BT 402.73 310.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 426.40 310.60 Td (be ) Tj ET Q q 0 0 0 rg BT 439.68 310.60 Td (binding ) Tj ET Q q 0 0 0 rg BT 476.19 310.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 501.09 310.60 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 310.60 Td (respective ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 297.40 Td (successors ) Tj ET Q q 0 0 0 rg BT 171.56 297.40 Td (and ) Tj ET Q q 0 0 0 rg BT 190.58 297.40 Td (permitted ) Tj ET Q q 0 0 0 rg BT 235.86 297.40 Td (assigns ) Tj ET Q q 0 0 0 rg BT 270.77 297.40 Td (of ) Tj ET Q q 0 0 0 rg BT 283.06 297.40 Td (each ) Tj ET Q q 0 0 0 rg BT 306.34 297.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 336.96 297.40 Td (Party) Tj ET Q q 0 0 0 rg BT 359.47 297.40 Td (, ) Tj ET Q q 0 0 0 rg BT 364.66 297.40 Td (Agent ) Tj ET Q q 0 0 0 rg BT 394.67 297.40 Td (and ) Tj ET Q q 0 0 0 rg BT 413.68 297.40 Td (each ) Tj ET Q q 0 0 0 rg BT 436.96 297.40 Td (Secured ) Tj ET Q q 0 0 0 rg BT 475.52 297.40 Td (Party) Tj ET Q q 0 0 0 rg BT 498.02 297.40 Td (, ) Tj ET Q q 0 0 0 rg BT 503.90 297.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 527.81 297.40 Td (become ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 284.20 Td (ef) Tj ET Q q 0 0 0 rg BT 130.35 284.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.27 284.20 Td (on ) Tj ET Q q 0 0 0 rg BT 177.27 284.20 Td (the ) Tj ET Q q 0 0 0 rg BT 193.71 284.20 Td (date ) Tj ET Q q 0 0 0 rg BT 215.03 284.20 Td (hereof ) Tj ET Q q 0 0 0 rg BT 246.12 284.20 Td (and ) Tj ET Q q 0 0 0 rg BT 265.00 284.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 288.78 284.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 329.65 284.20 Td (in ) Tj ET Q q 0 0 0 rg BT 341.21 284.20 Td (full ) Tj ET Q q 0 0 0 rg BT 359.49 284.20 Td (force ) Tj ET Q q 0 0 0 rg BT 385.08 284.20 Td (and ) Tj ET Q q 0 0 0 rg BT 403.96 284.20 Td (ef) Tj ET Q q 0 0 0 rg BT 412.31 284.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 431.79 284.20 Td (until ) Tj ET Q q 0 0 0 rg BT 454.96 284.20 Td (December ) Tj ET Q q 0 0 0 rg BT 503.15 284.20 Td (22, ) Tj ET Q q 0 0 0 rg BT 519.90 284.20 Td (2019 ) Tj ET Q q 0 0 0 rg BT 544.90 284.20 Td (\(the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 271.00 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 126.88 271.00 Td (T) Tj ET Q q 0 0 0 rg BT 133.21 271.00 Td (erm) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 152.14 271.00 Td (\) ) Tj ET Q q 0 0 0 rg BT 163.76 271.00 Td (unless ) Tj ET Q q 0 0 0 rg BT 194.34 271.00 Td (sooner ) Tj ET Q q 0 0 0 rg BT 226.75 271.00 Td (terminated ) Tj ET Q q 0 0 0 rg BT 276.87 271.00 Td (as ) Tj ET Q q 0 0 0 rg BT 289.11 271.00 Td (herein ) Tj ET Q q 0 0 0 rg BT 319.67 271.00 Td (provided. ) Tj ET Q q 0 0 0 rg BT 364.61 271.00 Td ( ) Tj ET Q q 0 0 0 rg BT 367.69 271.00 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 417.20 271.00 Td (may ) Tj ET Q q 0 0 0 rg BT 439.22 271.00 Td (terminate ) Tj ET Q q 0 0 0 rg BT 483.83 271.00 Td (this ) Tj ET Q q 0 0 0 rg BT 502.13 271.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 554.07 271.00 Td (at ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 257.80 Td (any ) Tj ET Q q 0 0 0 rg BT 140.32 257.80 Td (time ) Tj ET Q q 0 0 0 rg BT 162.31 257.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 186.75 257.80 Td (not ) Tj ET Q q 0 0 0 rg BT 203.24 257.80 Td (less ) Tj ET Q q 0 0 0 rg BT 222.18 257.80 Td (than ) Tj ET Q q 0 0 0 rg BT 243.56 257.80 Td (sixty ) Tj ET Q q 0 0 0 rg BT 267.39 257.80 Td (\(60\) ) Tj ET Q q 0 0 0 rg BT 288.15 257.80 Td (days) Tj ET Q q 0 0 0 rg BT 311.16 257.80 Td ( ) Tj ET Q q 0 0 0 rg BT 313.60 257.80 Td (nor ) Tj ET Q q 0 0 0 rg BT 330.70 257.80 Td (more ) Tj ET Q q 0 0 0 rg BT 355.74 257.80 Td (than ) Tj ET Q q 0 0 0 rg BT 377.12 257.80 Td (ninety ) Tj ET Q q 0 0 0 rg BT 407.05 257.80 Td (\(90\) ) Tj ET Q q 0 0 0 rg BT 427.82 257.80 Td (days) Tj ET Q q 0 0 0 rg BT 450.83 257.80 Td ( ) Tj ET Q q 0 0 0 rg BT 453.27 257.80 Td (prior ) Tj ET Q q 0 0 0 rg BT 477.09 257.80 Td (written ) Tj ET Q q 0 0 0 rg BT 510.68 257.80 Td (notice ) Tj ET Q q 0 0 0 rg BT 540.00 257.80 Td (upon ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 244.60 Td (payment ) Tj ET Q q 0 0 0 rg BT 162.92 244.60 Td (in ) Tj ET Q q 0 0 0 rg BT 174.53 244.60 Td (full ) Tj ET Q q 0 0 0 rg BT 192.85 244.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.06 244.60 Td (the ) Tj ET Q q 0 0 0 rg BT 221.54 244.60 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 275.92 244.60 Td (\(other ) Tj ET Q q 0 0 0 rg BT 305.23 244.60 Td (than ) Tj ET Q q 0 0 0 rg BT 327.22 244.60 Td (Inchoate ) Tj ET Q q 0 0 0 rg BT 368.13 244.60 Td (Obligations\). ) Tj ET Q q 0 0 0 rg BT 428.92 244.60 Td (In ) Tj ET Q q 0 0 0 rg BT 441.13 244.60 Td (the ) Tj ET Q q 0 0 0 rg BT 457.62 244.60 Td (event ) Tj ET Q q 0 0 0 rg BT 484.49 244.60 Td (this ) Tj ET Q q 0 0 0 rg BT 502.75 244.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 554.67 244.60 Td (is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 231.40 Td (terminated ) Tj ET Q q 0 0 0 rg BT 171.41 231.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 195.16 231.40 Td (to ) Tj ET Q q 0 0 0 rg BT 206.09 231.40 Td (the ) Tj ET Q q 0 0 0 rg BT 221.90 231.40 Td (last ) Tj ET Q q 0 0 0 rg BT 239.54 231.40 Td (day ) Tj ET Q q 0 0 0 rg BT 257.80 231.40 Td (of ) Tj ET Q q 0 0 0 rg BT 269.33 231.40 Td (the ) Tj ET Q q 0 0 0 rg BT 284.97 231.40 Td (T) Tj ET Q q 0 0 0 rg BT 290.92 231.40 Td (erm ) Tj ET Q q 0 0 0 rg BT 310.40 231.40 Td (\(the ) Tj ET Q q 0 0 0 rg BT 329.87 231.40 Td (date ) Tj ET Q q 0 0 0 rg BT 350.56 231.40 Td (of ) Tj ET Q q 0 0 0 rg BT 362.10 231.40 Td (such ) Tj ET Q q 0 0 0 rg BT 384.63 231.40 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 438.93 231.40 Td (hereinafter ) Tj ET Q q 0 0 0 rg BT 488.93 231.40 Td (referred ) Tj ET Q q 0 0 0 rg BT 526.10 231.40 Td (to ) Tj ET Q q 0 0 0 rg BT 537.03 231.40 Td (as ) Tj ET Q q 0 0 0 rg BT 548.56 231.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 218.20 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 126.88 218.20 Td (Early ) Tj ET Q q 0 0 0 rg BT 157.56 218.20 Td (T) Tj ET Q q 0 0 0 rg BT 163.88 218.20 Td (ermination ) Tj ET Q q 0 0 0 rg BT 220.57 218.20 Td (Date) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 242.55 218.20 Td (\), ) Tj ET Q q 0 0 0 rg BT 258.59 218.20 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 309.77 218.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 335.29 218.20 Td (pay ) Tj ET Q q 0 0 0 rg BT 355.91 218.20 Td (to ) Tj ET Q q 0 0 0 rg BT 368.16 218.20 Td (Agent ) Tj ET Q q 0 0 0 rg BT 399.79 218.20 Td (for ) Tj ET Q q 0 0 0 rg BT 417.35 218.20 Td (the ) Tj ET Q q 0 0 0 rg BT 435.54 218.20 Td (benefit ) Tj ET Q q 0 0 0 rg BT 470.82 218.20 Td (of ) Tj ET Q q 0 0 0 rg BT 484.72 218.20 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 524.89 218.20 Td (an ) Tj ET Q q 0 0 0 rg BT 540.02 218.20 Td (early ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 205.00 Td (termination ) Tj ET Q q 0 0 0 rg BT 175.46 205.00 Td (fee ) Tj ET Q q 0 0 0 rg BT 191.64 205.00 Td (as ) Tj ET Q q 0 0 0 rg BT 203.55 205.00 Td (set ) Tj ET Q q 0 0 0 rg BT 218.52 205.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 242.65 205.00 Td (in ) Tj ET Q q 0 0 0 rg BT 253.96 205.00 Td (the ) Tj ET Q q 0 0 0 rg BT 270.15 205.00 Td (Fee ) Tj ET Q q 0 0 0 rg BT 288.78 205.00 Td (Letter) Tj ET Q q 0 0 0 rg BT 314.43 205.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 179.80 Td (C. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 178.33369140624995 m 231.4658203125 178.33369140624995 l s q 0 0 0 rg BT 158.00 179.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 215.58 179.80 Td (Fee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.47 179.80 Td (. ) Tj ET Q q 0 0 0 rg BT 237.42 179.80 Td ( ) Tj ET Q q 0 0 0 rg BT 240.63 179.80 Td (On ) Tj ET Q q 0 0 0 rg BT 257.28 179.80 Td (the ) Tj ET Q q 0 0 0 rg BT 273.92 179.80 Td (date ) Tj ET Q q 0 0 0 rg BT 295.45 179.80 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 328.79 179.80 Td (Agent ) Tj ET Q q 0 0 0 rg BT 358.88 179.80 Td (will ) Tj ET Q q 0 0 0 rg BT 379.20 179.80 Td (have ) Tj ET Q q 0 0 0 rg BT 403.17 179.80 Td (fully ) Tj ET Q q 0 0 0 rg BT 427.15 179.80 Td (earned, ) Tj ET Q q 0 0 0 rg BT 462.42 179.80 Td (in ) Tj ET Q q 0 0 0 rg BT 474.18 179.80 Td (addition ) Tj ET Q q 0 0 0 rg BT 513.44 179.80 Td (to ) Tj ET Q q 0 0 0 rg BT 525.20 179.80 Td (all ) Tj ET Q q 0 0 0 rg BT 539.40 179.80 Td (other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 166.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 108.44 166.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.06 166.60 Td (char) Tj ET Q q 0 0 0 rg BT 147.79 166.60 Td (ges ) Tj ET Q q 0 0 0 rg BT 167.19 166.60 Td (set ) Tj ET Q q 0 0 0 rg BT 184.14 166.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 210.26 166.60 Td (in ) Tj ET Q q 0 0 0 rg BT 223.55 166.60 Td (the ) Tj ET Q q 0 0 0 rg BT 241.72 166.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 272.91 166.60 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 329.26 166.60 Td (a ) Tj ET Q q 0 0 0 rg BT 338.88 166.60 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 410.80 166.60 Td (amendment ) Tj ET Q q 0 0 0 rg BT 466.85 166.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 485.02 166.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.91 166.60 Td ($248,750 ) Tj ET Q q 0 0 0 rg BT 544.90 166.60 Td (\(the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 153.40 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 90.88 153.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 151.93 153.40 Td (Fee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 168.42 153.40 Td (\), ) Tj ET Q q 0 0 0 rg BT 182.71 153.40 Td (which ) Tj ET Q q 0 0 0 rg BT 212.59 153.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 236.37 153.40 Td (be ) Tj ET Q q 0 0 0 rg BT 249.75 153.40 Td (due ) Tj ET Q q 0 0 0 rg BT 268.63 153.40 Td (and ) Tj ET Q q 0 0 0 rg BT 287.52 153.40 Td (payable ) Tj ET Q q 0 0 0 rg BT 324.72 153.40 Td (on ) Tj ET Q q 0 0 0 rg BT 338.72 153.40 Td (the ) Tj ET Q q 0 0 0 rg BT 355.16 153.40 Td (earlier ) Tj ET Q q 0 0 0 rg BT 386.24 153.40 Td (of ) Tj ET Q q 0 0 0 rg BT 398.41 153.40 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 413.62 153.40 Td (the ) Tj ET Q q 0 0 0 rg BT 430.05 153.40 Td (Early ) Tj ET Q q 0 0 0 rg BT 456.66 153.40 Td (T) Tj ET Q q 0 0 0 rg BT 462.61 153.40 Td (ermination ) Tj ET Q q 0 0 0 rg BT 513.26 153.40 Td (Date ) Tj ET Q q 0 0 0 rg BT 537.03 153.40 Td (or ) Tj ET Q q 0 0 0 rg BT 549.19 153.40 Td (\(b\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 140.20 Td (in ) Tj ET Q q 0 0 0 rg BT 97.35 140.20 Td (two ) Tj ET Q q 0 0 0 rg BT 116.65 140.20 Td (yearly ) Tj ET Q q 0 0 0 rg BT 146.92 140.20 Td (installments ) Tj ET Q q 0 0 0 rg BT 202.88 140.20 Td (of ) Tj ET Q q 0 0 0 rg BT 214.84 140.20 Td ($124,375 ) Tj ET Q q 0 0 0 rg BT 258.88 140.20 Td (\(each ) Tj ET Q q 0 0 0 rg BT 285.49 140.20 Td (a ) Tj ET Q q 0 0 0 rg BT 293.16 140.20 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 298.05 140.20 Td (Partial ) Tj ET Q q 0 0 0 rg BT 332.60 140.20 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 393.45 140.20 Td (Fee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 409.93 140.20 Td (\), ) Tj ET Q q 0 0 0 rg BT 424.02 140.20 Td (which ) Tj ET Q q 0 0 0 rg BT 453.70 140.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 477.27 140.20 Td (be ) Tj ET Q q 0 0 0 rg BT 490.44 140.20 Td (due ) Tj ET Q q 0 0 0 rg BT 509.12 140.20 Td (and ) Tj ET Q q 0 0 0 rg BT 527.80 140.20 Td (payable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 127.00 Td (on ) Tj ET Q q 0 0 0 rg BT 99.42 127.00 Td (January ) Tj ET Q q 0 0 0 rg BT 136.05 127.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 152.22 127.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 176.64 127.00 Td (and ) Tj ET Q q 0 0 0 rg BT 194.94 127.00 Td (January ) Tj ET Q q 0 0 0 rg BT 231.57 127.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 247.74 127.00 Td (2018, ) Tj ET Q q 0 0 0 rg BT 274.91 127.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.34 127.00 Td (. ) Tj ET Q q 0 0 0 rg BT 332.51 127.00 Td ( ) Tj ET Q q 0 0 0 rg BT 334.75 127.00 Td (The ) Tj ET Q q 0 0 0 rg BT 353.74 127.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 410.53 127.00 Td (Fee ) Tj ET Q q 0 0 0 rg BT 428.84 127.00 Td (or ) Tj ET Q q 0 0 0 rg BT 440.42 127.00 Td (any ) Tj ET Q q 0 0 0 rg BT 458.72 127.00 Td (Partial ) Tj ET Q q 0 0 0 rg BT 489.32 127.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 546.12 127.00 Td (Fee ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 113.80 Td (due ) Tj ET Q q 0 0 0 rg BT 104.63 113.80 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 151.36 113.80 Td (may ) Tj ET Q q 0 0 0 rg BT 173.04 113.80 Td (be ) Tj ET Q q 0 0 0 rg BT 186.18 113.80 Td (char) Tj ET Q q 0 0 0 rg BT 204.91 113.80 Td (ged ) Tj ET Q q 0 0 0 rg BT 223.54 113.80 Td (to ) Tj ET Q q 0 0 0 rg BT 234.84 113.80 Td (the ) Tj ET Q q 0 0 0 rg BT 251.03 113.80 Td (Borrowers) Tj ET Q q 0 0 0 rg BT 300.31 113.80 Td ( ) Tj ET Q q 0 0 0 rg BT 302.46 113.80 Td (Account ) Tj ET Q q 0 0 0 rg BT 342.47 113.80 Td (as ) Tj ET Q q 0 0 0 rg BT 354.38 113.80 Td (a ) Tj ET Q q 0 0 0 rg BT 362.02 113.80 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 409.99 113.80 Td (Advance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 100.60 Td (D. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 99.13369140625002 m 216.85205078125 99.13369140625002 l s q 0 0 0 rg BT 122.00 100.60 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 173.49 100.60 Td (Precedent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 216.85 100.60 Td (. ) Tj ET Q q 0 0 0 rg BT 222.80 100.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.77 100.60 Td (The ) Tj ET Q q 0 0 0 rg BT 246.07 100.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 298.16 100.60 Td (of ) Tj ET Q q 0 0 0 rg BT 309.82 100.60 Td (Agent ) Tj ET Q q 0 0 0 rg BT 339.90 100.60 Td (and ) Tj ET Q q 0 0 0 rg BT 358.98 100.60 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 397.61 100.60 Td (hereunder) Tj ET Q q 0 0 0 rg BT 441.14 100.60 Td (, ) Tj ET Q q 0 0 0 rg BT 447.09 100.60 Td (and ) Tj ET Q q 0 0 0 rg BT 466.17 100.60 Td (this ) Tj ET Q q 0 0 0 rg BT 484.56 100.60 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 544.89 100.60 Td (will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 87.40 Td (be ) Tj ET Q q 0 0 0 rg BT 62.34 87.40 Td (ef) Tj ET Q q 0 0 0 rg BT 70.69 87.40 Td (fective ) Tj ET Q q 0 0 0 rg BT 102.57 87.40 Td (on ) Tj ET Q q 0 0 0 rg BT 115.53 87.40 Td (the ) Tj ET Q q 0 0 0 rg BT 130.93 87.40 Td (date ) Tj ET Q q 0 0 0 rg BT 151.21 87.40 Td (\(the ) Tj ET Q q 0 0 0 rg BT 170.27 87.40 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 175.15 87.40 Td (T) Tj ET Q q 0 0 0 rg BT 181.67 87.40 Td (welfth ) Tj ET Q q 0 0 0 rg BT 212.52 87.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 272.53 87.40 Td (Effective ) Tj ET Q q 0 0 0 rg BT 316.02 87.40 Td (Date) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 338.01 87.40 Td (\) ) Tj ET Q q 0 0 0 rg BT 348.51 87.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.64 87.40 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 411.69 87.40 Td (of ) Tj ET Q q 0 0 0 rg BT 422.81 87.40 Td (each ) Tj ET Q q 0 0 0 rg BT 444.92 87.40 Td (of ) Tj ET Q q 0 0 0 rg BT 456.04 87.40 Td (the ) Tj ET Q q 0 0 0 rg BT 471.44 87.40 Td (following ) Tj ET Q q 0 0 0 rg BT 516.17 87.40 Td (conditions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 74.20 Td (precedent, ) Tj ET Q q 0 0 0 rg BT 98.25 74.20 Td (each ) Tj ET Q q 0 0 0 rg BT 121.15 74.20 Td (in ) Tj ET Q q 0 0 0 rg BT 132.45 74.20 Td (a ) Tj ET Q q 0 0 0 rg BT 140.08 74.20 Td (manner ) Tj ET Q q 0 0 0 rg BT 175.82 74.20 Td (in ) Tj ET Q q 0 0 0 rg BT 187.12 74.20 Td (form ) Tj ET Q q 0 0 0 rg BT 211.26 74.20 Td (and ) Tj ET Q q 0 0 0 rg BT 229.89 74.20 Td (substance ) Tj ET Q q 0 0 0 rg BT 275.40 74.20 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 324.56 74.20 Td (to ) Tj ET Q q 0 0 0 rg BT 335.26 74.20 Td (Agent:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 61.00 Td (1. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 59.53369140625 m 296.4248046875 59.53369140625 l s q 0 0 0 rg BT 158.00 61.00 Td (Representations ) Tj ET Q q 0 0 0 rg BT 230.81 61.00 Td (and ) Tj ET Q q 0 0 0 rg BT 249.06 61.00 Td (W) Tj ET Q q 0 0 0 rg BT 258.56 61.00 Td (arranties) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 296.42 61.00 Td (. ) Tj ET Q q 0 0 0 rg BT 301.72 61.00 Td ( ) Tj ET Q q 0 0 0 rg BT 304.09 61.00 Td (The ) Tj ET Q q 0 0 0 rg BT 323.74 61.00 Td (representations ) Tj ET Q q 0 0 0 rg BT 392.88 61.00 Td (and ) Tj ET Q q 0 0 0 rg BT 411.31 61.00 Td (warranties ) Tj ET Q q 0 0 0 rg BT 459.67 61.00 Td (contained ) Tj ET Q q 0 0 0 rg BT 504.98 61.00 Td (herein ) Tj ET Q q 0 0 0 rg BT 535.01 61.00 Td (and ) Tj ET Q q 0 0 0 rg BT 553.44 61.00 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 47.80 Td (the ) Tj ET Q q 0 0 0 rg BT 66.92 47.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 97.13 47.80 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 149.48 47.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 173.74 47.80 Td (be ) Tj ET Q q 0 0 0 rg BT 187.61 47.80 Td (true ) Tj ET Q q 0 0 0 rg BT 208.20 47.80 Td (and ) Tj ET Q q 0 0 0 rg BT 227.56 47.80 Td (correct ) Tj ET Q q 0 0 0 rg BT 261.58 47.80 Td (in ) Tj ET Q q 0 0 0 rg BT 273.62 47.80 Td (all ) Tj ET Q q 0 0 0 rg BT 288.10 47.80 Td (material ) Tj ET Q q 0 0 0 rg BT 327.61 47.80 Td (respects ) Tj ET Q q 0 0 0 rg BT 366.53 47.80 Td (as ) Tj ET Q q 0 0 0 rg BT 379.17 47.80 Td (of ) Tj ET Q q 0 0 0 rg BT 391.82 47.80 Td (the ) Tj ET Q q 0 0 0 rg BT 408.74 47.80 Td (date ) Tj ET Q q 0 0 0 rg BT 430.55 47.80 Td (hereof ) Tj ET Q q 0 0 0 rg BT 462.13 47.80 Td (as ) Tj ET Q q 0 0 0 rg BT 474.77 47.80 Td (if ) Tj ET Q q 0 0 0 rg BT 484.98 47.80 Td (made ) Tj ET Q q 0 0 0 rg BT 512.28 47.80 Td (on ) Tj ET Q q 0 0 0 rg BT 526.77 47.80 Td (the ) Tj ET Q q 0 0 0 rg BT 543.69 47.80 Td (date ) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 741.40 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 83.00 741.40 Td (except ) Tj ET Q q 0 0 0 rg BT 113.87 741.40 Td (for ) Tj ET Q q 0 0 0 rg BT 128.85 741.40 Td (such ) Tj ET Q q 0 0 0 rg BT 151.18 741.40 Td (representations ) Tj ET Q q 0 0 0 rg BT 219.92 741.40 Td (and ) Tj ET Q q 0 0 0 rg BT 237.96 741.40 Td (warranties ) Tj ET Q q 0 0 0 rg BT 285.94 741.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 319.26 741.40 Td (by ) Tj ET Q q 0 0 0 rg BT 332.42 741.40 Td (their ) Tj ET Q q 0 0 0 rg BT 354.74 741.40 Td (terms ) Tj ET Q q 0 0 0 rg BT 381.34 741.40 Td (to ) Tj ET Q q 0 0 0 rg BT 392.05 741.40 Td (a ) Tj ET Q q 0 0 0 rg BT 399.10 741.40 Td (specific ) Tj ET Q q 0 0 0 rg BT 435.46 741.40 Td (date, ) Tj ET Q q 0 0 0 rg BT 458.69 741.40 Td (in ) Tj ET Q q 0 0 0 rg BT 469.41 741.40 Td (which ) Tj ET Q q 0 0 0 rg BT 498.45 741.40 Td (case ) Tj ET Q q 0 0 0 rg BT 519.54 741.40 Td (each ) Tj ET Q q 0 0 0 rg BT 541.85 741.40 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 728.20 Td (representation ) Tj ET Q q 0 0 0 rg BT 115.05 728.20 Td (and ) Tj ET Q q 0 0 0 rg BT 133.69 728.20 Td (warranty ) Tj ET Q q 0 0 0 rg BT 175.53 728.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 199.05 728.20 Td (be ) Tj ET Q q 0 0 0 rg BT 212.19 728.20 Td (true ) Tj ET Q q 0 0 0 rg BT 232.04 728.20 Td (and ) Tj ET Q q 0 0 0 rg BT 250.67 728.20 Td (correct ) Tj ET Q q 0 0 0 rg BT 283.95 728.20 Td (in ) Tj ET Q q 0 0 0 rg BT 295.25 728.20 Td (all ) Tj ET Q q 0 0 0 rg BT 309.00 728.20 Td (material ) Tj ET Q q 0 0 0 rg BT 347.78 728.20 Td (respects ) Tj ET Q q 0 0 0 rg BT 385.96 728.20 Td (as ) Tj ET Q q 0 0 0 rg BT 397.88 728.20 Td (of ) Tj ET Q q 0 0 0 rg BT 409.79 728.20 Td (such ) Tj ET Q q 0 0 0 rg BT 432.70 728.20 Td (specific ) Tj ET Q q 0 0 0 rg BT 469.65 728.20 Td (date;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 715.00 Td (2. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 713.53369140625 m 206.65283203125 713.53369140625 l s q 0 0 0 rg BT 158.00 715.00 Td (No ) Tj ET Q q 0 0 0 rg BT 173.67 715.00 Td (Default) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.65 715.00 Td (. ) Tj ET Q q 0 0 0 rg BT 211.63 715.00 Td ( ) Tj ET Q q 0 0 0 rg BT 213.36 715.00 Td (After ) Tj ET Q q 0 0 0 rg BT 238.80 715.00 Td (giving ) Tj ET Q q 0 0 0 rg BT 269.13 715.00 Td (ef) Tj ET Q q 0 0 0 rg BT 277.48 715.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 296.19 715.00 Td (to ) Tj ET Q q 0 0 0 rg BT 306.97 715.00 Td (this ) Tj ET Q q 0 0 0 rg BT 324.60 715.00 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 383.95 715.00 Td (no ) Tj ET Q q 0 0 0 rg BT 397.17 715.00 Td (Default ) Tj ET Q q 0 0 0 rg BT 432.38 715.00 Td (or ) Tj ET Q q 0 0 0 rg BT 443.77 715.00 Td (Event ) Tj ET Q q 0 0 0 rg BT 471.65 715.00 Td (of ) Tj ET Q q 0 0 0 rg BT 483.04 715.00 Td (Default ) Tj ET Q q 0 0 0 rg BT 518.25 715.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 541.25 715.00 Td (have ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 701.80 Td (occurred ) Tj ET Q q 0 0 0 rg BT 91.22 701.80 Td (and ) Tj ET Q q 0 0 0 rg BT 109.86 701.80 Td (be ) Tj ET Q q 0 0 0 rg BT 122.99 701.80 Td (continuing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 688.60 Td (3. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 687.13369140625 m 212.376953125 687.13369140625 l s q 0 0 0 rg BT 158.00 688.60 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 212.38 688.60 Td (. ) Tj ET Q q 0 0 0 rg BT 221.39 688.60 Td ( ) Tj ET Q q 0 0 0 rg BT 227.66 688.60 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 280.36 688.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 307.40 688.60 Td (have ) Tj ET Q q 0 0 0 rg BT 334.43 688.60 Td (delivered ) Tj ET Q q 0 0 0 rg BT 381.61 688.60 Td (to ) Tj ET Q q 0 0 0 rg BT 395.05 688.60 Td (Agent ) Tj ET Q q 0 0 0 rg BT 428.20 688.60 Td (an ) Tj ET Q q 0 0 0 rg BT 444.85 688.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 490.20 688.60 Td (original ) Tj ET Q q 0 0 0 rg BT 530.68 688.60 Td (of ) Tj ET Q q 0 0 0 rg BT 546.10 688.60 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 675.40 Td (Amendment;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 662.20 Td (4. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 660.73369140625 m 202.587890625 660.73369140625 l s q 0 0 0 rg BT 158.00 662.20 Td (Fee ) Tj ET Q q 0 0 0 rg BT 176.63 662.20 Td (Letter) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 202.28 662.20 Td (. ) Tj ET Q q 0 0 0 rg BT 207.78 662.20 Td ( ) Tj ET Q q 0 0 0 rg BT 210.53 662.20 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 255.44 662.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 278.96 662.20 Td (have ) Tj ET Q q 0 0 0 rg BT 302.48 662.20 Td (delivered ) Tj ET Q q 0 0 0 rg BT 346.15 662.20 Td (to ) Tj ET Q q 0 0 0 rg BT 356.85 662.20 Td (Agent ) Tj ET Q q 0 0 0 rg BT 386.48 662.20 Td (an ) Tj ET Q q 0 0 0 rg BT 399.61 662.20 Td (executed ) Tj ET Q q 0 0 0 rg BT 441.45 662.20 Td (original ) Tj ET Q q 0 0 0 rg BT 478.41 662.20 Td (of ) Tj ET Q q 0 0 0 rg BT 490.33 662.20 Td (the ) Tj ET Q q 0 0 0 rg BT 506.51 662.20 Td (Fee ) Tj ET Q q 0 0 0 rg BT 525.15 662.20 Td (Letter;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 649.00 Td (5. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 647.53369140625 m 364.720703125 647.53369140625 l s q 0 0 0 rg BT 158.00 649.00 Td (Amended ) Tj ET Q q 0 0 0 rg BT 203.86 649.00 Td (and ) Tj ET Q q 0 0 0 rg BT 222.84 649.00 Td (Restated ) Tj ET Q q 0 0 0 rg BT 263.82 649.00 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 312.75 649.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 343.34 649.00 Td (Note) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 364.72 649.00 Td (. ) Tj ET Q q 0 0 0 rg BT 370.57 649.00 Td ( ) Tj ET Q q 0 0 0 rg BT 373.67 649.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 418.92 649.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 442.79 649.00 Td (have ) Tj ET Q q 0 0 0 rg BT 466.65 649.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 510.67 649.00 Td (to ) Tj ET Q q 0 0 0 rg BT 521.64 649.00 Td (Agent ) Tj ET Q q 0 0 0 rg BT 551.62 649.00 Td (an ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 635.80 Td (executed ) Tj ET Q q 0 0 0 rg BT 91.84 635.80 Td (original ) Tj ET Q q 0 0 0 rg BT 128.80 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 140.71 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 156.90 635.80 Td (amended ) Tj ET Q q 0 0 0 rg BT 199.35 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 217.99 635.80 Td (restated ) Tj ET Q q 0 0 0 rg BT 254.94 635.80 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 303.52 635.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 333.77 635.80 Td (Note ) Tj ET Q q 0 0 0 rg BT 357.90 635.80 Td (in ) Tj ET Q q 0 0 0 rg BT 369.20 635.80 Td (form ) Tj ET Q q 0 0 0 rg BT 393.34 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 411.97 635.80 Td (substance ) Tj ET Q q 0 0 0 rg BT 457.48 635.80 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 510.94 635.80 Td (to ) Tj ET Q q 0 0 0 rg BT 521.64 635.80 Td (Agent; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 622.60 Td (6. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 621.13369140625 m 245.8671875 621.13369140625 l s q 0 0 0 rg BT 158.00 622.60 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 203.10 622.60 Td (Appraisal) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 245.87 622.60 Td (. ) Tj ET Q q 0 0 0 rg BT 251.62 622.60 Td ( ) Tj ET Q q 0 0 0 rg BT 253.96 622.60 Td (Agent ) Tj ET Q q 0 0 0 rg BT 283.84 622.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 307.61 622.60 Td (have ) Tj ET Q q 0 0 0 rg BT 331.38 622.60 Td (received ) Tj ET Q q 0 0 0 rg BT 371.63 622.60 Td (an ) Tj ET Q q 0 0 0 rg BT 385.01 622.60 Td (updated ) Tj ET Q q 0 0 0 rg BT 422.83 622.60 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 468.59 622.60 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 511.30 622.60 Td (satisfactory ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 609.40 Td (in ) Tj ET Q q 0 0 0 rg BT 61.31 609.40 Td (form ) Tj ET Q q 0 0 0 rg BT 85.44 609.40 Td (and ) Tj ET Q q 0 0 0 rg BT 104.07 609.40 Td (substance ) Tj ET Q q 0 0 0 rg BT 149.59 609.40 Td (to ) Tj ET Q q 0 0 0 rg BT 160.28 609.40 Td (Agent; ) Tj ET Q q 0 0 0 rg BT 192.97 609.40 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 596.20 Td (7. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 594.73369140625 m 182.74169921875 594.73369140625 l s q 0 0 0 rg BT 158.00 596.20 Td (Other) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 182.44 596.20 Td (. ) Tj ET Q q 0 0 0 rg BT 188.19 596.20 Td ( ) Tj ET Q q 0 0 0 rg BT 190.53 596.20 Td (All ) Tj ET Q q 0 0 0 rg BT 207.59 596.20 Td (corporate ) Tj ET Q q 0 0 0 rg BT 252.12 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 271.01 596.20 Td (other ) Tj ET Q q 0 0 0 rg BT 296.61 596.20 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 355.51 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 374.39 596.20 Td (all ) Tj ET Q q 0 0 0 rg BT 388.39 596.20 Td (documents, ) Tj ET Q q 0 0 0 rg BT 441.80 596.20 Td (instruments ) Tj ET Q q 0 0 0 rg BT 496.14 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 515.02 596.20 Td (other ) Tj ET Q q 0 0 0 rg BT 540.62 596.20 Td (legal ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 583.00 Td (matters ) Tj ET Q q 0 0 0 rg BT 85.05 583.00 Td (in ) Tj ET Q q 0 0 0 rg BT 96.28 583.00 Td (connection ) Tj ET Q q 0 0 0 rg BT 147.22 583.00 Td (with ) Tj ET Q q 0 0 0 rg BT 169.45 583.00 Td (the ) Tj ET Q q 0 0 0 rg BT 185.56 583.00 Td (transactions ) Tj ET Q q 0 0 0 rg BT 240.78 583.00 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 302.70 583.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 335.31 583.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 358.76 583.00 Td (be ) Tj ET Q q 0 0 0 rg BT 371.81 583.00 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 425.19 583.00 Td (in ) Tj ET Q q 0 0 0 rg BT 436.42 583.00 Td (form ) Tj ET Q q 0 0 0 rg BT 460.48 583.00 Td (and ) Tj ET Q q 0 0 0 rg BT 479.04 583.00 Td (substance ) Tj ET Q q 0 0 0 rg BT 524.48 583.00 Td (to ) Tj ET Q q 0 0 0 rg BT 535.12 583.00 Td (Agent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 569.80 Td (and ) Tj ET Q q 0 0 0 rg BT 68.63 569.80 Td (its ) Tj ET Q q 0 0 0 rg BT 81.78 569.80 Td (counsel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.60 Td (E. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 555.13369140625 m 223.01806640625 555.13369140625 l s q 0 0 0 rg BT 122.00 556.60 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 172.30 556.60 Td (Subsequent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 223.02 556.60 Td (. ) Tj ET Q q 0 0 0 rg BT 227.78 556.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.79 556.60 Td (On ) Tj ET Q q 0 0 0 rg BT 245.25 556.60 Td (or ) Tj ET Q q 0 0 0 rg BT 256.43 556.60 Td (before ) Tj ET Q q 0 0 0 rg BT 286.53 556.60 Td (the ) Tj ET Q q 0 0 0 rg BT 301.98 556.60 Td (90) Tj ET Q BT /F1 11.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 312.98 561.58 Td (th) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 318.54 556.60 Td ( ) Tj ET Q q 0 0 0 rg BT 320.55 556.60 Td (day ) Tj ET Q q 0 0 0 rg BT 338.45 556.60 Td (after ) Tj ET Q q 0 0 0 rg BT 360.61 556.60 Td (the ) Tj ET Q q 0 0 0 rg BT 375.91 556.60 Td (T) Tj ET Q q 0 0 0 rg BT 381.87 556.60 Td (welfth ) Tj ET Q q 0 0 0 rg BT 411.54 556.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 467.93 556.60 Td (Ef) Tj ET Q q 0 0 0 rg BT 478.11 556.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 510.04 556.60 Td (Date, ) Tj ET Q q 0 0 0 rg BT 535.13 556.60 Td (Agent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 543.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 73.53 543.40 Td (have ) Tj ET Q q 0 0 0 rg BT 97.04 543.40 Td (received ) Tj ET Q q 0 0 0 rg BT 137.04 543.40 Td (a ) Tj ET Q q 0 0 0 rg BT 144.67 543.40 Td (machine ) Tj ET Q q 0 0 0 rg BT 184.68 543.40 Td (and ) Tj ET Q q 0 0 0 rg BT 203.31 543.40 Td (equipment ) Tj ET Q q 0 0 0 rg BT 252.50 543.40 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 294.95 543.40 Td (satisfactory ) Tj ET Q q 0 0 0 rg BT 348.40 543.40 Td (in ) Tj ET Q q 0 0 0 rg BT 359.71 543.40 Td (form ) Tj ET Q q 0 0 0 rg BT 383.84 543.40 Td (and ) Tj ET Q q 0 0 0 rg BT 402.47 543.40 Td (substance ) Tj ET Q q 0 0 0 rg BT 447.99 543.40 Td (to ) Tj ET Q q 0 0 0 rg BT 458.69 543.40 Td (Agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 530.20 Td (F) Tj ET Q q 0 0 0 rg BT 90.76 530.20 Td (. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 528.73369140625 m 261.828125 528.73369140625 l s q 0 0 0 rg BT 122.00 530.20 Td (Representations ) Tj ET Q q 0 0 0 rg BT 195.54 530.20 Td (and ) Tj ET Q q 0 0 0 rg BT 214.46 530.20 Td (W) Tj ET Q q 0 0 0 rg BT 223.96 530.20 Td (arranties) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 261.83 530.20 Td (. ) Tj ET Q q 0 0 0 rg BT 267.86 530.20 Td ( ) Tj ET Q q 0 0 0 rg BT 270.90 530.20 Td (T) Tj ET Q q 0 0 0 rg BT 276.85 530.20 Td (o ) Tj ET Q q 0 0 0 rg BT 285.63 530.20 Td (induce ) Tj ET Q q 0 0 0 rg BT 318.22 530.20 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 356.93 530.20 Td (and ) Tj ET Q q 0 0 0 rg BT 375.37 530.20 Td (Agent ) Tj ET Q q 0 0 0 rg BT 405.53 530.20 Td (to ) Tj ET Q q 0 0 0 rg BT 417.36 530.20 Td (enter ) Tj ET Q q 0 0 0 rg BT 442.62 530.20 Td (into ) Tj ET Q q 0 0 0 rg BT 463.01 530.20 Td (this ) Tj ET Q q 0 0 0 rg BT 481.46 530.20 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 541.86 530.20 Td (each ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 517.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 94.90 517.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 142.24 517.00 Td (and ) Tj ET Q q 0 0 0 rg BT 160.88 517.00 Td (warrants ) Tj ET Q q 0 0 0 rg BT 201.50 517.00 Td (to ) Tj ET Q q 0 0 0 rg BT 212.80 517.00 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 250.98 517.00 Td (and ) Tj ET Q q 0 0 0 rg BT 269.01 517.00 Td (Agent ) Tj ET Q q 0 0 0 rg BT 298.64 517.00 Td (as ) Tj ET Q q 0 0 0 rg BT 310.55 517.00 Td (of ) Tj ET Q q 0 0 0 rg BT 322.46 517.00 Td (the ) Tj ET Q q 0 0 0 rg BT 338.65 517.00 Td (date ) Tj ET Q q 0 0 0 rg BT 359.72 517.00 Td (hereof ) Tj ET Q q 0 0 0 rg BT 390.56 517.00 Td (as ) Tj ET Q q 0 0 0 rg BT 402.48 517.00 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 503.80 Td (1. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 503.80 Td (Such ) Tj ET Q q 0 0 0 rg BT 182.71 503.80 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 227.57 503.80 Td (has ) Tj ET Q q 0 0 0 rg BT 244.94 503.80 Td (full ) Tj ET Q q 0 0 0 rg BT 262.92 503.80 Td (power) Tj ET Q q 0 0 0 rg BT 289.97 503.80 Td (, ) Tj ET Q q 0 0 0 rg BT 295.42 503.80 Td (authority ) Tj ET Q q 0 0 0 rg BT 337.85 503.80 Td (and ) Tj ET Q q 0 0 0 rg BT 356.44 503.80 Td (legal ) Tj ET Q q 0 0 0 rg BT 380.52 503.80 Td (right ) Tj ET Q q 0 0 0 rg BT 404.00 503.80 Td (to ) Tj ET Q q 0 0 0 rg BT 415.26 503.80 Td (enter ) Tj ET Q q 0 0 0 rg BT 439.96 503.80 Td (into ) Tj ET Q q 0 0 0 rg BT 459.77 503.80 Td (this ) Tj ET Q q 0 0 0 rg BT 477.78 503.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 534.86 503.80 Td (and ) Tj ET Q q 0 0 0 rg BT 553.45 503.80 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 490.60 Td (perform ) Tj ET Q q 0 0 0 rg BT 89.07 490.60 Td (all ) Tj ET Q q 0 0 0 rg BT 103.70 490.60 Td (its ) Tj ET Q q 0 0 0 rg BT 117.74 490.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 165.96 490.60 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 220.93 490.60 Td (hereunder) Tj ET Q q 0 0 0 rg BT 264.30 490.60 Td (. ) Tj ET Q q 0 0 0 rg BT 270.69 490.60 Td ( ) Tj ET Q q 0 0 0 rg BT 274.07 490.60 Td (This ) Tj ET Q q 0 0 0 rg BT 296.46 490.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 354.48 490.60 Td (has ) Tj ET Q q 0 0 0 rg BT 372.78 490.60 Td (been ) Tj ET Q q 0 0 0 rg BT 397.18 490.60 Td (duly ) Tj ET Q q 0 0 0 rg BT 420.38 490.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 463.11 490.60 Td (and ) Tj ET Q q 0 0 0 rg BT 482.63 490.60 Td (delivered ) Tj ET Q q 0 0 0 rg BT 527.19 490.60 Td (by ) Tj ET Q q 0 0 0 rg BT 541.83 490.60 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 477.40 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 94.12 477.40 Td (and ) Tj ET Q q 0 0 0 rg BT 111.96 477.40 Td (the ) Tj ET Q q 0 0 0 rg BT 127.37 477.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 156.39 477.40 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 209.97 477.40 Td (as ) Tj ET Q q 0 0 0 rg BT 221.10 477.40 Td (amended ) Tj ET Q q 0 0 0 rg BT 262.77 477.40 Td (by ) Tj ET Q q 0 0 0 rg BT 275.73 477.40 Td (this ) Tj ET Q q 0 0 0 rg BT 293.16 477.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 349.50 477.40 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 398.51 477.40 Td (the ) Tj ET Q q 0 0 0 rg BT 413.91 477.40 Td (legal, ) Tj ET Q q 0 0 0 rg BT 440.01 477.40 Td (valid ) Tj ET Q q 0 0 0 rg BT 463.96 477.40 Td (and ) Tj ET Q q 0 0 0 rg BT 481.81 477.40 Td (binding ) Tj ET Q q 0 0 0 rg BT 517.39 477.40 Td (obligation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 464.20 Td (of ) Tj ET Q q 0 0 0 rg BT 63.14 464.20 Td (such ) Tj ET Q q 0 0 0 rg BT 87.28 464.20 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 133.41 464.20 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 188.68 464.20 Td (in ) Tj ET Q q 0 0 0 rg BT 201.22 464.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 254.65 464.20 Td (with ) Tj ET Q q 0 0 0 rg BT 278.18 464.20 Td (its ) Tj ET Q q 0 0 0 rg BT 292.56 464.20 Td (terms, ) Tj ET Q q 0 0 0 rg BT 323.72 464.20 Td (except ) Tj ET Q q 0 0 0 rg BT 356.40 464.20 Td (as ) Tj ET Q q 0 0 0 rg BT 369.54 464.20 Td (such ) Tj ET Q q 0 0 0 rg BT 393.68 464.20 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 458.74 464.20 Td (may ) Tj ET Q q 0 0 0 rg BT 481.66 464.20 Td (be ) Tj ET Q q 0 0 0 rg BT 496.02 464.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 531.16 464.20 Td (by ) Tj ET Q q 0 0 0 rg BT 546.13 464.20 Td (any ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 451.00 Td (applicable ) Tj ET Q q 0 0 0 rg BT 98.52 451.00 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 147.29 451.00 Td (, ) Tj ET Q q 0 0 0 rg BT 153.36 451.00 Td (insolvency) Tj ET Q q 0 0 0 rg BT 200.31 451.00 Td (, ) Tj ET Q q 0 0 0 rg BT 206.38 451.00 Td (moratorium ) Tj ET Q q 0 0 0 rg BT 261.63 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 274.12 451.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 307.99 451.00 Td (laws ) Tj ET Q q 0 0 0 rg BT 331.48 451.00 Td (af) Tj ET Q q 0 0 0 rg BT 339.82 451.00 Td (fecting ) Tj ET Q q 0 0 0 rg BT 373.69 451.00 Td (creditors) Tj ET Q q 0 0 0 rg BT 415.02 451.00 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 451.00 Td (rights ) Tj ET Q q 0 0 0 rg BT 446.72 451.00 Td (generally) Tj ET Q q 0 0 0 rg BT 486.92 451.00 Td (. ) Tj ET Q q 0 0 0 rg BT 493.00 451.00 Td ( ) Tj ET Q q 0 0 0 rg BT 496.08 451.00 Td (The ) Tj ET Q q 0 0 0 rg BT 516.50 451.00 Td (execution, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 437.80 Td (delivery ) Tj ET Q q 0 0 0 rg BT 88.34 437.80 Td (and ) Tj ET Q q 0 0 0 rg BT 106.53 437.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 164.40 437.80 Td (of ) Tj ET Q q 0 0 0 rg BT 175.87 437.80 Td (this ) Tj ET Q q 0 0 0 rg BT 193.55 437.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 250.23 437.80 Td (\(i\)are ) Tj ET Q q 0 0 0 rg BT 279.09 437.80 Td (within ) Tj ET Q q 0 0 0 rg BT 309.51 437.80 Td (such ) Tj ET Q q 0 0 0 rg BT 331.97 437.80 Td (Borrower) Tj ET Q q 0 0 0 rg BT 374.53 437.80 Td () Tj ET Q q 0 0 0 rg BT 377.59 437.80 Td (s ) Tj ET Q q 0 0 0 rg BT 384.17 437.80 Td (powers, ) Tj ET Q q 0 0 0 rg BT 420.99 437.80 Td (have ) Tj ET Q q 0 0 0 rg BT 444.06 437.80 Td (been ) Tj ET Q q 0 0 0 rg BT 467.13 437.80 Td (duly ) Tj ET Q q 0 0 0 rg BT 488.98 437.80 Td (authorized ) Tj ET Q q 0 0 0 rg BT 537.71 437.80 Td (by ) Tj ET Q q 0 0 0 rg BT 551.01 437.80 Td (all ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 424.60 Td (necessary ) Tj ET Q q 0 0 0 rg BT 96.33 424.60 Td (company ) Tj ET Q q 0 0 0 rg BT 140.22 424.60 Td (action, ) Tj ET Q q 0 0 0 rg BT 173.43 424.60 Td (are ) Tj ET Q q 0 0 0 rg BT 190.43 424.60 Td (not ) Tj ET Q q 0 0 0 rg BT 208.06 424.60 Td (in ) Tj ET Q q 0 0 0 rg BT 220.19 424.60 Td (contravention ) Tj ET Q q 0 0 0 rg BT 284.24 424.60 Td (of ) Tj ET Q q 0 0 0 rg BT 296.98 424.60 Td (law ) Tj ET Q q 0 0 0 rg BT 316.44 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 329.18 424.60 Td (the ) Tj ET Q q 0 0 0 rg BT 346.19 424.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 374.20 424.60 Td (of ) Tj ET Q q 0 0 0 rg BT 386.94 424.60 Td (such ) Tj ET Q q 0 0 0 rg BT 410.68 424.60 Td (Borrower) Tj ET Q q 0 0 0 rg BT 453.24 424.60 Td () Tj ET Q q 0 0 0 rg BT 456.29 424.60 Td (s ) Tj ET Q q 0 0 0 rg BT 464.15 424.60 Td (by-laws, ) Tj ET Q q 0 0 0 rg BT 505.30 424.60 Td (certificate ) Tj ET Q q 0 0 0 rg BT 552.84 424.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 411.40 Td (incorporation, ) Tj ET Q q 0 0 0 rg BT 113.55 411.40 Td (or ) Tj ET Q q 0 0 0 rg BT 124.24 411.40 Td (other ) Tj ET Q q 0 0 0 rg BT 148.38 411.40 Td (applicable ) Tj ET Q q 0 0 0 rg BT 195.12 411.40 Td (documents ) Tj ET Q q 0 0 0 rg BT 244.31 411.40 Td (relating ) Tj ET Q q 0 0 0 rg BT 279.44 411.40 Td (to ) Tj ET Q q 0 0 0 rg BT 289.53 411.40 Td (such ) Tj ET Q q 0 0 0 rg BT 311.23 411.40 Td (Borrower) Tj ET Q q 0 0 0 rg BT 353.79 411.40 Td () Tj ET Q q 0 0 0 rg BT 356.85 411.40 Td (s ) Tj ET Q q 0 0 0 rg BT 362.67 411.40 Td (formation ) Tj ET Q q 0 0 0 rg BT 407.58 411.40 Td (or ) Tj ET Q q 0 0 0 rg BT 418.28 411.40 Td (to ) Tj ET Q q 0 0 0 rg BT 428.37 411.40 Td (the ) Tj ET Q q 0 0 0 rg BT 443.35 411.40 Td (conduct ) Tj ET Q q 0 0 0 rg BT 479.70 411.40 Td (of ) Tj ET Q q 0 0 0 rg BT 490.40 411.40 Td (such ) Tj ET Q q 0 0 0 rg BT 512.10 411.40 Td (Borrower) Tj ET Q q 0 0 0 rg BT 554.66 411.40 Td () Tj ET Q q 0 0 0 rg BT 557.72 411.40 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 398.20 Td (business ) Tj ET Q q 0 0 0 rg BT 90.18 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 102.24 398.20 Td (of ) Tj ET Q q 0 0 0 rg BT 114.30 398.20 Td (any ) Tj ET Q q 0 0 0 rg BT 133.08 398.20 Td (material ) Tj ET Q q 0 0 0 rg BT 172.01 398.20 Td (agreement ) Tj ET Q q 0 0 0 rg BT 220.71 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 232.77 398.20 Td (undertaking ) Tj ET Q q 0 0 0 rg BT 288.20 398.20 Td (to ) Tj ET Q q 0 0 0 rg BT 299.66 398.20 Td (which ) Tj ET Q q 0 0 0 rg BT 329.44 398.20 Td (such ) Tj ET Q q 0 0 0 rg BT 352.49 398.20 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 397.54 398.20 Td (is ) Tj ET Q q 0 0 0 rg BT 407.78 398.20 Td (a ) Tj ET Q q 0 0 0 rg BT 415.56 398.20 Td (party ) Tj ET Q q 0 0 0 rg BT 441.05 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 453.11 398.20 Td (by ) Tj ET Q q 0 0 0 rg BT 467.01 398.20 Td (which ) Tj ET Q q 0 0 0 rg BT 496.79 398.20 Td (such ) Tj ET Q q 0 0 0 rg BT 519.85 398.20 Td (Borrower ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 385.00 Td (is ) Tj ET Q q 0 0 0 rg BT 59.90 385.00 Td (bound, ) Tj ET Q q 0 0 0 rg BT 92.72 385.00 Td (\(ii\)will ) Tj ET Q q 0 0 0 rg BT 128.59 385.00 Td (not ) Tj ET Q q 0 0 0 rg BT 145.21 385.00 Td (conflict ) Tj ET Q q 0 0 0 rg BT 181.37 385.00 Td (with ) Tj ET Q q 0 0 0 rg BT 203.49 385.00 Td (or ) Tj ET Q q 0 0 0 rg BT 215.22 385.00 Td (violate ) Tj ET Q q 0 0 0 rg BT 247.72 385.00 Td (any ) Tj ET Q q 0 0 0 rg BT 266.17 385.00 Td (law ) Tj ET Q q 0 0 0 rg BT 284.62 385.00 Td (or ) Tj ET Q q 0 0 0 rg BT 296.35 385.00 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 346.26 385.00 Td (or ) Tj ET Q q 0 0 0 rg BT 357.99 385.00 Td (any ) Tj ET Q q 0 0 0 rg BT 376.43 385.00 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 423.30 385.00 Td (order) Tj ET Q q 0 0 0 rg BT 446.07 385.00 Td (, ) Tj ET Q q 0 0 0 rg BT 451.39 385.00 Td (writ, ) Tj ET Q q 0 0 0 rg BT 474.42 385.00 Td (injunction ) Tj ET Q q 0 0 0 rg BT 521.59 385.00 Td (or ) Tj ET Q q 0 0 0 rg BT 533.32 385.00 Td (decree ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.56 371.80 Td (any ) Tj ET Q q 0 0 0 rg BT 79.84 371.80 Td (court ) Tj ET Q q 0 0 0 rg BT 104.85 371.80 Td (or ) Tj ET Q q 0 0 0 rg BT 116.41 371.80 Td (Governmental ) Tj ET Q q 0 0 0 rg BT 181.73 371.80 Td (Body) Tj ET Q q 0 0 0 rg BT 204.85 371.80 Td (, ) Tj ET Q q 0 0 0 rg BT 210.00 371.80 Td (\(iii\)will ) Tj ET Q q 0 0 0 rg BT 248.76 371.80 Td (not ) Tj ET Q q 0 0 0 rg BT 265.21 371.80 Td (require ) Tj ET Q q 0 0 0 rg BT 298.76 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 314.60 371.80 Td (Consent ) Tj ET Q q 0 0 0 rg BT 353.05 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 364.62 371.80 Td (any ) Tj ET Q q 0 0 0 rg BT 382.90 371.80 Td (Governmental ) Tj ET Q q 0 0 0 rg BT 448.22 371.80 Td (Body ) Tj ET Q q 0 0 0 rg BT 474.46 371.80 Td (or ) Tj ET Q q 0 0 0 rg BT 486.02 371.80 Td (any ) Tj ET Q q 0 0 0 rg BT 504.30 371.80 Td (other ) Tj ET Q q 0 0 0 rg BT 529.30 371.80 Td (Person, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 358.60 Td (except ) Tj ET Q q 0 0 0 rg BT 81.81 358.60 Td (those ) Tj ET Q q 0 0 0 rg BT 108.14 358.60 Td (Consents ) Tj ET Q q 0 0 0 rg BT 151.58 358.60 Td (which ) Tj ET Q q 0 0 0 rg BT 181.57 358.60 Td (will ) Tj ET Q q 0 0 0 rg BT 201.79 358.60 Td (have ) Tj ET Q q 0 0 0 rg BT 225.66 358.60 Td (been ) Tj ET Q q 0 0 0 rg BT 249.54 358.60 Td (duly ) Tj ET Q q 0 0 0 rg BT 272.20 358.60 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 315.93 358.60 Td (made ) Tj ET Q q 0 0 0 rg BT 342.86 358.60 Td (or ) Tj ET Q q 0 0 0 rg BT 355.13 358.60 Td (compiled ) Tj ET Q q 0 0 0 rg BT 399.17 358.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 423.66 358.60 Td (to ) Tj ET Q q 0 0 0 rg BT 435.33 358.60 Td (date ) Tj ET Q q 0 0 0 rg BT 456.75 358.60 Td (hereof ) Tj ET Q q 0 0 0 rg BT 487.95 358.60 Td (and ) Tj ET Q q 0 0 0 rg BT 506.94 358.60 Td (which ) Tj ET Q q 0 0 0 rg BT 536.93 358.60 Td (are ) Tj ET Q q 0 0 0 rg BT 553.47 358.60 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 345.40 Td (full ) Tj ET Q q 0 0 0 rg BT 67.88 345.40 Td (force ) Tj ET Q q 0 0 0 rg BT 93.08 345.40 Td (and ) Tj ET Q q 0 0 0 rg BT 111.58 345.40 Td (ef) Tj ET Q q 0 0 0 rg BT 119.92 345.40 Td (fect, ) Tj ET Q q 0 0 0 rg BT 141.76 345.40 Td (and ) Tj ET Q q 0 0 0 rg BT 160.26 345.40 Td (\(iv\)will ) Tj ET Q q 0 0 0 rg BT 198.61 345.40 Td (not ) Tj ET Q q 0 0 0 rg BT 215.27 345.40 Td (conflict ) Tj ET Q q 0 0 0 rg BT 251.48 345.40 Td (with, ) Tj ET Q q 0 0 0 rg BT 276.39 345.40 Td (nor ) Tj ET Q q 0 0 0 rg BT 293.67 345.40 Td (result ) Tj ET Q q 0 0 0 rg BT 320.71 345.40 Td (in ) Tj ET Q q 0 0 0 rg BT 331.88 345.40 Td (any ) Tj ET Q q 0 0 0 rg BT 350.37 345.40 Td (breach ) Tj ET Q q 0 0 0 rg BT 382.29 345.40 Td (in ) Tj ET Q q 0 0 0 rg BT 393.45 345.40 Td (any ) Tj ET Q q 0 0 0 rg BT 411.95 345.40 Td (of ) Tj ET Q q 0 0 0 rg BT 423.72 345.40 Td (the ) Tj ET Q q 0 0 0 rg BT 439.76 345.40 Td (provisions ) Tj ET Q q 0 0 0 rg BT 488.21 345.40 Td (of ) Tj ET Q q 0 0 0 rg BT 499.98 345.40 Td (or ) Tj ET Q q 0 0 0 rg BT 511.75 345.40 Td (constitute ) Tj ET Q q 0 0 0 rg BT 557.13 345.40 Td (a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 332.20 Td (default ) Tj ET Q q 0 0 0 rg BT 83.50 332.20 Td (under ) Tj ET Q q 0 0 0 rg BT 111.50 332.20 Td (or ) Tj ET Q q 0 0 0 rg BT 123.62 332.20 Td (result ) Tj ET Q q 0 0 0 rg BT 151.02 332.20 Td (in ) Tj ET Q q 0 0 0 rg BT 162.53 332.20 Td (the ) Tj ET Q q 0 0 0 rg BT 178.92 332.20 Td (creation ) Tj ET Q q 0 0 0 rg BT 217.30 332.20 Td (of ) Tj ET Q q 0 0 0 rg BT 229.42 332.20 Td (any ) Tj ET Q q 0 0 0 rg BT 248.26 332.20 Td (Lien ) Tj ET Q q 0 0 0 rg BT 271.38 332.20 Td (except ) Tj ET Q q 0 0 0 rg BT 303.04 332.20 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 348.76 332.20 Td (Encumbrances ) Tj ET Q q 0 0 0 rg BT 416.47 332.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 441.43 332.20 Td (any ) Tj ET Q q 0 0 0 rg BT 460.27 332.20 Td (asset ) Tj ET Q q 0 0 0 rg BT 484.61 332.20 Td (of ) Tj ET Q q 0 0 0 rg BT 496.73 332.20 Td (such ) Tj ET Q q 0 0 0 rg BT 519.85 332.20 Td (Borrower ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 319.00 Td (under ) Tj ET Q q 0 0 0 rg BT 78.16 319.00 Td (the ) Tj ET Q q 0 0 0 rg BT 94.72 319.00 Td (provisions ) Tj ET Q q 0 0 0 rg BT 143.68 319.00 Td (of ) Tj ET Q q 0 0 0 rg BT 155.96 319.00 Td (any ) Tj ET Q q 0 0 0 rg BT 174.96 319.00 Td (material ) Tj ET Q q 0 0 0 rg BT 214.12 319.00 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 265.79 319.00 Td (charter ) Tj ET Q q 0 0 0 rg BT 299.44 319.00 Td (document, ) Tj ET Q q 0 0 0 rg BT 348.68 319.00 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 401.60 319.00 Td (by-law ) Tj ET Q q 0 0 0 rg BT 435.27 319.00 Td (or ) Tj ET Q q 0 0 0 rg BT 447.55 319.00 Td (other ) Tj ET Q q 0 0 0 rg BT 473.27 319.00 Td (instrument ) Tj ET Q q 0 0 0 rg BT 523.44 319.00 Td (to ) Tj ET Q q 0 0 0 rg BT 535.12 319.00 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 305.80 Td (such ) Tj ET Q q 0 0 0 rg BT 72.91 305.80 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 117.82 305.80 Td (is ) Tj ET Q q 0 0 0 rg BT 127.90 305.80 Td (a ) Tj ET Q q 0 0 0 rg BT 135.53 305.80 Td (party ) Tj ET Q q 0 0 0 rg BT 160.89 305.80 Td (or ) Tj ET Q q 0 0 0 rg BT 172.80 305.80 Td (by ) Tj ET Q q 0 0 0 rg BT 186.55 305.80 Td (which ) Tj ET Q q 0 0 0 rg BT 216.18 305.80 Td (it ) Tj ET Q q 0 0 0 rg BT 225.04 305.80 Td (or ) Tj ET Q q 0 0 0 rg BT 236.96 305.80 Td (its ) Tj ET Q q 0 0 0 rg BT 250.10 305.80 Td (property ) Tj ET Q q 0 0 0 rg BT 290.11 305.80 Td (is ) Tj ET Q q 0 0 0 rg BT 300.20 305.80 Td (a ) Tj ET Q q 0 0 0 rg BT 307.83 305.80 Td (party ) Tj ET Q q 0 0 0 rg BT 333.19 305.80 Td (or ) Tj ET Q q 0 0 0 rg BT 345.10 305.80 Td (by ) Tj ET Q q 0 0 0 rg BT 358.85 305.80 Td (which ) Tj ET Q q 0 0 0 rg BT 388.48 305.80 Td (it ) Tj ET Q q 0 0 0 rg BT 397.34 305.80 Td (may ) Tj ET Q q 0 0 0 rg BT 419.03 305.80 Td (be ) Tj ET Q q 0 0 0 rg BT 432.16 305.80 Td (bound.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 292.60 Td (2. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 292.60 Td (After ) Tj ET Q q 0 0 0 rg BT 184.59 292.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 216.08 292.60 Td (ef) Tj ET Q q 0 0 0 rg BT 224.43 292.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 244.29 292.60 Td (to ) Tj ET Q q 0 0 0 rg BT 256.23 292.60 Td (this ) Tj ET Q q 0 0 0 rg BT 274.75 292.60 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 335.26 292.60 Td (the ) Tj ET Q q 0 0 0 rg BT 352.08 292.60 Td (representations ) Tj ET Q q 0 0 0 rg BT 422.04 292.60 Td (and ) Tj ET Q q 0 0 0 rg BT 441.31 292.60 Td (warranties ) Tj ET Q q 0 0 0 rg BT 490.50 292.60 Td (contained ) Tj ET Q q 0 0 0 rg BT 536.64 292.60 Td (in ) Tj ET Q q 0 0 0 rg BT 548.57 292.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 279.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 79.40 279.40 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 130.72 279.40 Td (are ) Tj ET Q q 0 0 0 rg BT 146.59 279.40 Td (true ) Tj ET Q q 0 0 0 rg BT 166.14 279.40 Td (and ) Tj ET Q q 0 0 0 rg BT 184.47 279.40 Td (correct ) Tj ET Q q 0 0 0 rg BT 217.45 279.40 Td (in ) Tj ET Q q 0 0 0 rg BT 228.45 279.40 Td (all ) Tj ET Q q 0 0 0 rg BT 241.89 279.40 Td (material ) Tj ET Q q 0 0 0 rg BT 280.38 279.40 Td (respects ) Tj ET Q q 0 0 0 rg BT 318.25 279.40 Td (except ) Tj ET Q q 0 0 0 rg BT 349.40 279.40 Td (to ) Tj ET Q q 0 0 0 rg BT 360.41 279.40 Td (the ) Tj ET Q q 0 0 0 rg BT 376.29 279.40 Td (extent ) Tj ET Q q 0 0 0 rg BT 405.62 279.40 Td (any ) Tj ET Q q 0 0 0 rg BT 423.95 279.40 Td (such ) Tj ET Q q 0 0 0 rg BT 446.56 279.40 Td (representation ) Tj ET Q q 0 0 0 rg BT 511.31 279.40 Td (or ) Tj ET Q q 0 0 0 rg BT 522.92 279.40 Td (warranty ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 266.20 Td (is ) Tj ET Q q 0 0 0 rg BT 59.66 266.20 Td (expressly ) Tj ET Q q 0 0 0 rg BT 103.52 266.20 Td (stated ) Tj ET Q q 0 0 0 rg BT 131.50 266.20 Td (to ) Tj ET Q q 0 0 0 rg BT 142.37 266.20 Td (have ) Tj ET Q q 0 0 0 rg BT 165.46 266.20 Td (been ) Tj ET Q q 0 0 0 rg BT 188.54 266.20 Td (made ) Tj ET Q q 0 0 0 rg BT 214.68 266.20 Td (as ) Tj ET Q q 0 0 0 rg BT 226.16 266.20 Td (of ) Tj ET Q q 0 0 0 rg BT 237.64 266.20 Td (a ) Tj ET Q q 0 0 0 rg BT 244.84 266.20 Td (specific ) Tj ET Q q 0 0 0 rg BT 281.37 266.20 Td (date, ) Tj ET Q q 0 0 0 rg BT 304.75 266.20 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 266.20 Td (which ) Tj ET Q q 0 0 0 rg BT 344.83 266.20 Td (case ) Tj ET Q q 0 0 0 rg BT 366.08 266.20 Td (each ) Tj ET Q q 0 0 0 rg BT 388.54 266.20 Td (such ) Tj ET Q q 0 0 0 rg BT 411.03 266.20 Td (representation ) Tj ET Q q 0 0 0 rg BT 475.65 266.20 Td (and ) Tj ET Q q 0 0 0 rg BT 493.85 266.20 Td (warranty ) Tj ET Q q 0 0 0 rg BT 535.26 266.20 Td (is ) Tj ET Q q 0 0 0 rg BT 544.92 266.20 Td (true ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 253.00 Td (and ) Tj ET Q q 0 0 0 rg BT 69.10 253.00 Td (correct ) Tj ET Q q 0 0 0 rg BT 102.85 253.00 Td (in ) Tj ET Q q 0 0 0 rg BT 114.63 253.00 Td (all ) Tj ET Q q 0 0 0 rg BT 128.84 253.00 Td (material ) Tj ET Q q 0 0 0 rg BT 168.10 253.00 Td (respects ) Tj ET Q q 0 0 0 rg BT 206.75 253.00 Td (as ) Tj ET Q q 0 0 0 rg BT 219.13 253.00 Td (of ) Tj ET Q q 0 0 0 rg BT 231.51 253.00 Td (such ) Tj ET Q q 0 0 0 rg BT 254.90 253.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 292.32 253.00 Td (date, ) Tj ET Q q 0 0 0 rg BT 316.61 253.00 Td (and ) Tj ET Q q 0 0 0 rg BT 335.71 253.00 Td (no ) Tj ET Q q 0 0 0 rg BT 349.93 253.00 Td (Default ) Tj ET Q q 0 0 0 rg BT 386.14 253.00 Td (or ) Tj ET Q q 0 0 0 rg BT 398.52 253.00 Td (Event ) Tj ET Q q 0 0 0 rg BT 427.40 253.00 Td (of ) Tj ET Q q 0 0 0 rg BT 439.78 253.00 Td (Default ) Tj ET Q q 0 0 0 rg BT 475.99 253.00 Td (has ) Tj ET Q q 0 0 0 rg BT 493.87 253.00 Td (occurred ) Tj ET Q q 0 0 0 rg BT 535.56 253.00 Td (and ) Tj ET Q q 0 0 0 rg BT 554.67 253.00 Td (is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 239.80 Td (continuing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.60 Td (G. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 225.13369140625002 m 183.4990234375 225.13369140625002 l s q 0 0 0 rg BT 122.00 226.60 Td (Reaf) Tj ET Q q 0 0 0 rg BT 142.57 226.60 Td (firmation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 183.50 226.60 Td (. ) Tj ET Q q 0 0 0 rg BT 189.63 226.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.02 226.60 Td (Except ) Tj ET Q q 0 0 0 rg BT 226.94 226.60 Td (as ) Tj ET Q q 0 0 0 rg BT 239.49 226.60 Td (specifically ) Tj ET Q q 0 0 0 rg BT 293.57 226.60 Td (modified ) Tj ET Q q 0 0 0 rg BT 336.67 226.60 Td (by ) Tj ET Q q 0 0 0 rg BT 351.05 226.60 Td (this ) Tj ET Q q 0 0 0 rg BT 369.58 226.60 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 430.09 226.60 Td (the ) Tj ET Q q 0 0 0 rg BT 446.91 226.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 477.05 226.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 529.30 226.60 Td (and ) Tj ET Q q 0 0 0 rg BT 548.56 226.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 213.40 Td (other ) Tj ET Q q 0 0 0 rg BT 74.74 213.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 99.48 213.40 Td (Documents ) Tj ET Q q 0 0 0 rg BT 151.73 213.40 Td (remain ) Tj ET Q q 0 0 0 rg BT 184.41 213.40 Td (in ) Tj ET Q q 0 0 0 rg BT 195.10 213.40 Td (full ) Tj ET Q q 0 0 0 rg BT 212.52 213.40 Td (force ) Tj ET Q q 0 0 0 rg BT 237.25 213.40 Td (and ) Tj ET Q q 0 0 0 rg BT 255.27 213.40 Td (ef) Tj ET Q q 0 0 0 rg BT 263.62 213.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 282.25 213.40 Td (in ) Tj ET Q q 0 0 0 rg BT 292.94 213.40 Td (accordance ) Tj ET Q q 0 0 0 rg BT 344.54 213.40 Td (with ) Tj ET Q q 0 0 0 rg BT 366.24 213.40 Td (their ) Tj ET Q q 0 0 0 rg BT 388.54 213.40 Td (respective ) Tj ET Q q 0 0 0 rg BT 435.26 213.40 Td (terms ) Tj ET Q q 0 0 0 rg BT 461.84 213.40 Td (and ) Tj ET Q q 0 0 0 rg BT 479.86 213.40 Td (are ) Tj ET Q q 0 0 0 rg BT 495.43 213.40 Td (hereby ) Tj ET Q q 0 0 0 rg BT 527.50 213.40 Td (ratified, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 200.20 Td (reaf) Tj ET Q q 0 0 0 rg BT 66.89 200.20 Td (firmed ) Tj ET Q q 0 0 0 rg BT 98.96 200.20 Td (and ) Tj ET Q q 0 0 0 rg BT 117.60 200.20 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 165.55 200.20 Td (by ) Tj ET Q q 0 0 0 rg BT 179.30 200.20 Td (Borrowers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 187.00 Td (H. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 185.53369140625 m 199.30126953125 185.53369140625 l s q 0 0 0 rg BT 122.00 187.00 Td (Events ) Tj ET Q q 0 0 0 rg BT 154.55 187.00 Td (of ) Tj ET Q q 0 0 0 rg BT 166.32 187.00 Td (Default) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 199.30 187.00 Td (. ) Tj ET Q q 0 0 0 rg BT 204.66 187.00 Td ( ) Tj ET Q q 0 0 0 rg BT 206.69 187.00 Td (Any ) Tj ET Q q 0 0 0 rg BT 228.24 187.00 Td (failure ) Tj ET Q q 0 0 0 rg BT 259.55 187.00 Td (to ) Tj ET Q q 0 0 0 rg BT 270.72 187.00 Td (comply ) Tj ET Q q 0 0 0 rg BT 306.32 187.00 Td (with ) Tj ET Q q 0 0 0 rg BT 328.48 187.00 Td (the ) Tj ET Q q 0 0 0 rg BT 344.53 187.00 Td (terms ) Tj ET Q q 0 0 0 rg BT 371.58 187.00 Td (of ) Tj ET Q q 0 0 0 rg BT 383.35 187.00 Td (this ) Tj ET Q q 0 0 0 rg BT 401.27 187.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 458.26 187.00 Td (will ) Tj ET Q q 0 0 0 rg BT 477.98 187.00 Td (constitute ) Tj ET Q q 0 0 0 rg BT 523.36 187.00 Td (an ) Tj ET Q q 0 0 0 rg BT 536.35 187.00 Td (Event ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 173.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.91 173.80 Td (Default ) Tj ET Q q 0 0 0 rg BT 97.65 173.80 Td (under ) Tj ET Q q 0 0 0 rg BT 125.44 173.80 Td (the ) Tj ET Q q 0 0 0 rg BT 141.63 173.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 171.27 173.80 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 160.60 Td (I. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 159.13369140625002 m 170.25927734375 159.13369140625002 l s q 0 0 0 rg BT 122.00 160.60 Td (Integration) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 170.26 160.60 Td (. ) Tj ET Q q 0 0 0 rg BT 178.42 160.60 Td ( ) Tj ET Q q 0 0 0 rg BT 183.44 160.60 Td (This ) Tj ET Q q 0 0 0 rg BT 207.21 160.60 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 269.75 160.60 Td (together ) Tj ET Q q 0 0 0 rg BT 311.20 160.60 Td (with ) Tj ET Q q 0 0 0 rg BT 336.16 160.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.01 160.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 386.72 160.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 441.00 160.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.29 160.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.14 160.60 Td (Loan ) Tj ET Q q 0 0 0 rg BT 509.15 160.60 Td (Documents, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 147.40 Td (incorporates ) Tj ET Q q 0 0 0 rg BT 107.12 147.40 Td (all ) Tj ET Q q 0 0 0 rg BT 120.87 147.40 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 177.39 147.40 Td (of ) Tj ET Q q 0 0 0 rg BT 189.31 147.40 Td (the ) Tj ET Q q 0 0 0 rg BT 205.50 147.40 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.58 147.40 Td (hereto ) Tj ET Q q 0 0 0 rg BT 267.81 147.40 Td (with ) Tj ET Q q 0 0 0 rg BT 290.12 147.40 Td (respect ) Tj ET Q q 0 0 0 rg BT 324.03 147.40 Td (to ) Tj ET Q q 0 0 0 rg BT 335.34 147.40 Td (the ) Tj ET Q q 0 0 0 rg BT 351.53 147.40 Td (subject ) Tj ET Q q 0 0 0 rg BT 385.44 147.40 Td (matter ) Tj ET Q q 0 0 0 rg BT 416.29 147.40 Td (hereof ) Tj ET Q q 0 0 0 rg BT 447.13 147.40 Td (and ) Tj ET Q q 0 0 0 rg BT 465.77 147.40 Td (is ) Tj ET Q q 0 0 0 rg BT 475.86 147.40 Td (the ) Tj ET Q q 0 0 0 rg BT 492.05 147.40 Td (final ) Tj ET Q q 0 0 0 rg BT 514.97 147.40 Td (expression ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 134.20 Td (and ) Tj ET Q q 0 0 0 rg BT 68.63 134.20 Td (agreement ) Tj ET Q q 0 0 0 rg BT 117.19 134.20 Td (of ) Tj ET Q q 0 0 0 rg BT 129.10 134.20 Td (the ) Tj ET Q q 0 0 0 rg BT 145.29 134.20 Td (parties ) Tj ET Q q 0 0 0 rg BT 177.36 134.20 Td (hereto ) Tj ET Q q 0 0 0 rg BT 207.59 134.20 Td (with ) Tj ET Q q 0 0 0 rg BT 229.90 134.20 Td (respect ) Tj ET Q q 0 0 0 rg BT 263.80 134.20 Td (to ) Tj ET Q q 0 0 0 rg BT 275.10 134.20 Td (the ) Tj ET Q q 0 0 0 rg BT 291.29 134.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 325.20 134.20 Td (matter ) Tj ET Q q 0 0 0 rg BT 356.04 134.20 Td (hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 121.00 Td (J. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 119.53369140625 m 174.794921875 119.53369140625 l s q 0 0 0 rg BT 122.00 121.00 Td (Severability) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 174.44 121.00 Td (. ) Tj ET Q q 0 0 0 rg BT 180.52 121.00 Td ( ) Tj ET Q q 0 0 0 rg BT 183.85 121.00 Td (If ) Tj ET Q q 0 0 0 rg BT 194.51 121.00 Td (any ) Tj ET Q q 0 0 0 rg BT 213.72 121.00 Td (part ) Tj ET Q q 0 0 0 rg BT 234.16 121.00 Td (of ) Tj ET Q q 0 0 0 rg BT 246.65 121.00 Td (this ) Tj ET Q q 0 0 0 rg BT 265.14 121.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 322.85 121.00 Td (is ) Tj ET Q q 0 0 0 rg BT 333.52 121.00 Td (contrary ) Tj ET Q q 0 0 0 rg BT 373.50 121.00 Td (to, ) Tj ET Q q 0 0 0 rg BT 388.13 121.00 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 436.68 121.00 Td (by) Tj ET Q q 0 0 0 rg BT 446.96 121.00 Td (, ) Tj ET Q q 0 0 0 rg BT 453.05 121.00 Td (or ) Tj ET Q q 0 0 0 rg BT 465.54 121.00 Td (deemed ) Tj ET Q q 0 0 0 rg BT 503.07 121.00 Td (invalid ) Tj ET Q q 0 0 0 rg BT 536.96 121.00 Td (under ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 107.80 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 101.71 107.80 Td (Laws, ) Tj ET Q q 0 0 0 rg BT 131.73 107.80 Td (such ) Tj ET Q q 0 0 0 rg BT 155.34 107.80 Td (provision ) Tj ET Q q 0 0 0 rg BT 200.34 107.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 224.56 107.80 Td (be ) Tj ET Q q 0 0 0 rg BT 238.39 107.80 Td (inapplicable ) Tj ET Q q 0 0 0 rg BT 295.59 107.80 Td (and ) Tj ET Q q 0 0 0 rg BT 314.92 107.80 Td (deemed ) Tj ET Q q 0 0 0 rg BT 352.56 107.80 Td (omitted ) Tj ET Q q 0 0 0 rg BT 389.62 107.80 Td (to ) Tj ET Q q 0 0 0 rg BT 401.62 107.80 Td (the ) Tj ET Q q 0 0 0 rg BT 418.50 107.80 Td (extent ) Tj ET Q q 0 0 0 rg BT 448.83 107.80 Td (so ) Tj ET Q q 0 0 0 rg BT 462.05 107.80 Td (contrary) Tj ET Q q 0 0 0 rg BT 497.98 107.80 Td (, ) Tj ET Q q 0 0 0 rg BT 504.18 107.80 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 552.84 107.80 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 94.60 Td (invalid, ) Tj ET Q q 0 0 0 rg BT 86.05 94.60 Td (but ) Tj ET Q q 0 0 0 rg BT 102.86 94.60 Td (the ) Tj ET Q q 0 0 0 rg BT 119.05 94.60 Td (remainder ) Tj ET Q q 0 0 0 rg BT 166.38 94.60 Td (hereof ) Tj ET Q q 0 0 0 rg BT 197.22 94.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 220.75 94.60 Td (not ) Tj ET Q q 0 0 0 rg BT 237.55 94.60 Td (be ) Tj ET Q q 0 0 0 rg BT 250.69 94.60 Td (invalidated ) Tj ET Q q 0 0 0 rg BT 302.31 94.60 Td (thereby ) Tj ET Q q 0 0 0 rg BT 338.04 94.60 Td (and ) Tj ET Q q 0 0 0 rg BT 356.67 94.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 380.20 94.60 Td (be ) Tj ET Q q 0 0 0 rg BT 393.33 94.60 Td (given ) Tj ET Q q 0 0 0 rg BT 420.52 94.60 Td (ef) Tj ET Q q 0 0 0 rg BT 428.87 94.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 448.10 94.60 Td (so ) Tj ET Q q 0 0 0 rg BT 460.63 94.60 Td (far ) Tj ET Q q 0 0 0 rg BT 475.59 94.60 Td (as ) Tj ET Q q 0 0 0 rg BT 487.50 94.60 Td (possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 81.40 Td (K. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 79.93369140624998 m 244.0625 79.93369140624998 l s q 0 0 0 rg BT 122.00 81.40 Td (Submission ) Tj ET Q q 0 0 0 rg BT 177.38 81.40 Td (of ) Tj ET Q q 0 0 0 rg BT 189.69 81.40 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 244.06 81.40 Td (. ) Tj ET Q q 0 0 0 rg BT 250.84 81.40 Td ( ) Tj ET Q q 0 0 0 rg BT 254.59 81.40 Td (The ) Tj ET Q q 0 0 0 rg BT 275.72 81.40 Td (submission ) Tj ET Q q 0 0 0 rg BT 329.26 81.40 Td (of ) Tj ET Q q 0 0 0 rg BT 342.46 81.40 Td (this ) Tj ET Q q 0 0 0 rg BT 361.49 81.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 419.90 81.40 Td (to ) Tj ET Q q 0 0 0 rg BT 432.49 81.40 Td (the ) Tj ET Q q 0 0 0 rg BT 449.96 81.40 Td (parties ) Tj ET Q q 0 0 0 rg BT 483.31 81.40 Td (or ) Tj ET Q q 0 0 0 rg BT 496.51 81.40 Td (their ) Tj ET Q q 0 0 0 rg BT 520.70 81.40 Td (agents ) Tj ET Q q 0 0 0 rg BT 552.83 81.40 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 68.20 Td (attorneys ) Tj ET Q q 0 0 0 rg BT 92.45 68.20 Td (for ) Tj ET Q q 0 0 0 rg BT 107.41 68.20 Td (review ) Tj ET Q q 0 0 0 rg BT 139.47 68.20 Td (or ) Tj ET Q q 0 0 0 rg BT 150.77 68.20 Td (signature ) Tj ET Q q 0 0 0 rg BT 193.22 68.20 Td (does ) Tj ET Q q 0 0 0 rg BT 215.52 68.20 Td (not ) Tj ET Q q 0 0 0 rg BT 231.70 68.20 Td (constitute ) Tj ET Q q 0 0 0 rg BT 276.61 68.20 Td (a ) Tj ET Q q 0 0 0 rg BT 283.62 68.20 Td (commitment ) Tj ET Q q 0 0 0 rg BT 341.35 68.20 Td (by ) Tj ET Q q 0 0 0 rg BT 354.02 68.20 Td (Agent ) Tj ET Q q 0 0 0 rg BT 383.03 68.20 Td (or ) Tj ET Q q 0 0 0 rg BT 394.33 68.20 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 431.89 68.20 Td (to ) Tj ET Q q 0 0 0 rg BT 442.58 68.20 Td (amend ) Tj ET Q q 0 0 0 rg BT 474.03 68.20 Td (or ) Tj ET Q q 0 0 0 rg BT 485.32 68.20 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 530.22 68.20 Td (modify ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 55.00 Td (any ) Tj ET Q q 0 0 0 rg BT 69.45 55.00 Td (of ) Tj ET Q q 0 0 0 rg BT 82.18 55.00 Td (the ) Tj ET Q q 0 0 0 rg BT 99.19 55.00 Td (provisions ) Tj ET Q q 0 0 0 rg BT 148.60 55.00 Td (of ) Tj ET Q q 0 0 0 rg BT 161.33 55.00 Td (the ) Tj ET Q q 0 0 0 rg BT 178.34 55.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 208.61 55.00 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 261.05 55.00 Td (and ) Tj ET Q q 0 0 0 rg BT 280.50 55.00 Td (this ) Tj ET Q q 0 0 0 rg BT 299.18 55.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 357.12 55.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 381.47 55.00 Td (have ) Tj ET Q q 0 0 0 rg BT 405.80 55.00 Td (no ) Tj ET Q q 0 0 0 rg BT 420.37 55.00 Td (binding ) Tj ET Q q 0 0 0 rg BT 457.55 55.00 Td (force ) Tj ET Q q 0 0 0 rg BT 483.71 55.00 Td (or ) Tj ET Q q 0 0 0 rg BT 496.44 55.00 Td (ef) Tj ET Q q 0 0 0 rg BT 504.79 55.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 524.84 55.00 Td (until ) Tj ET Q q 0 0 0 rg BT 548.58 55.00 Td (the ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 741.40 Td (T) Tj ET Q q 0 0 0 rg BT 55.95 741.40 Td (welfth ) Tj ET Q q 0 0 0 rg BT 86.20 741.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 143.32 741.40 Td (Ef) Tj ET Q q 0 0 0 rg BT 153.51 741.40 Td (fective ) Tj ET Q q 0 0 0 rg BT 186.18 741.40 Td (Date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 728.20 Td (L. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 726.73369140625 m 278.63427734375 726.73369140625 l s q 0 0 0 rg BT 122.00 728.20 Td (Counterparts; ) Tj ET Q q 0 0 0 rg BT 185.65 728.20 Td (Facsimile ) Tj ET Q q 0 0 0 rg BT 232.20 728.20 Td (Signatures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 278.63 728.20 Td (. ) Tj ET Q q 0 0 0 rg BT 285.16 728.20 Td ( ) Tj ET Q q 0 0 0 rg BT 288.66 728.20 Td (This ) Tj ET Q q 0 0 0 rg BT 311.16 728.20 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 369.31 728.20 Td (may ) Tj ET Q q 0 0 0 rg BT 392.02 728.20 Td (be ) Tj ET Q q 0 0 0 rg BT 406.18 728.20 Td (executed ) Tj ET Q q 0 0 0 rg BT 449.04 728.20 Td (in ) Tj ET Q q 0 0 0 rg BT 461.37 728.20 Td (any ) Tj ET Q q 0 0 0 rg BT 481.03 728.20 Td (number ) Tj ET Q q 0 0 0 rg BT 518.40 728.20 Td (of ) Tj ET Q q 0 0 0 rg BT 531.34 728.20 Td (and ) Tj ET Q q 0 0 0 rg BT 551.00 728.20 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 715.00 Td (dif) Tj ET Q q 0 0 0 rg BT 62.02 715.00 Td (ferent ) Tj ET Q q 0 0 0 rg BT 90.47 715.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 122.59 715.00 Td (hereto ) Tj ET Q q 0 0 0 rg BT 152.87 715.00 Td (on ) Tj ET Q q 0 0 0 rg BT 166.67 715.00 Td (separate ) Tj ET Q q 0 0 0 rg BT 205.50 715.00 Td (counterparts, ) Tj ET Q q 0 0 0 rg BT 265.42 715.00 Td (all ) Tj ET Q q 0 0 0 rg BT 279.21 715.00 Td (of ) Tj ET Q q 0 0 0 rg BT 291.17 715.00 Td (which, ) Tj ET Q q 0 0 0 rg BT 323.61 715.00 Td (when ) Tj ET Q q 0 0 0 rg BT 350.23 715.00 Td (so ) Tj ET Q q 0 0 0 rg BT 362.81 715.00 Td (executed, ) Tj ET Q q 0 0 0 rg BT 407.45 715.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 431.02 715.00 Td (be ) Tj ET Q q 0 0 0 rg BT 444.21 715.00 Td (deemed ) Tj ET Q q 0 0 0 rg BT 481.21 715.00 Td (an ) Tj ET Q q 0 0 0 rg BT 494.39 715.00 Td (original, ) Tj ET Q q 0 0 0 rg BT 534.15 715.00 Td (but ) Tj ET Q q 0 0 0 rg BT 551.01 715.00 Td (all ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 701.80 Td (such ) Tj ET Q q 0 0 0 rg BT 74.19 701.80 Td (counterparts ) Tj ET Q q 0 0 0 rg BT 132.59 701.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 157.39 701.80 Td (constitute ) Tj ET Q q 0 0 0 rg BT 204.19 701.80 Td (one ) Tj ET Q q 0 0 0 rg BT 224.10 701.80 Td (and ) Tj ET Q q 0 0 0 rg BT 244.01 701.80 Td (the ) Tj ET Q q 0 0 0 rg BT 261.48 701.80 Td (same ) Tj ET Q q 0 0 0 rg BT 288.11 701.80 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 340.69 701.80 Td ( ) Tj ET Q q 0 0 0 rg BT 343.83 701.80 Td (Any ) Tj ET Q q 0 0 0 rg BT 366.80 701.80 Td (signature ) Tj ET Q q 0 0 0 rg BT 411.15 701.80 Td (delivered ) Tj ET Q q 0 0 0 rg BT 456.10 701.80 Td (by ) Tj ET Q q 0 0 0 rg BT 471.13 701.80 Td (a ) Tj ET Q q 0 0 0 rg BT 480.04 701.80 Td (party ) Tj ET Q q 0 0 0 rg BT 506.67 701.80 Td (by ) Tj ET Q q 0 0 0 rg BT 521.70 701.80 Td (facsimile ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 688.60 Td (transmission ) Tj ET Q q 0 0 0 rg BT 108.36 688.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 131.89 688.60 Td (be ) Tj ET Q q 0 0 0 rg BT 145.02 688.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 181.97 688.60 Td (to ) Tj ET Q q 0 0 0 rg BT 193.28 688.60 Td (be ) Tj ET Q q 0 0 0 rg BT 206.41 688.60 Td (an ) Tj ET Q q 0 0 0 rg BT 219.54 688.60 Td (original ) Tj ET Q q 0 0 0 rg BT 256.51 688.60 Td (signature ) Tj ET Q q 0 0 0 rg BT 299.58 688.60 Td (hereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 675.40 Td (M. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 673.93369140625 m 192.4033203125 673.93369140625 l s q 0 0 0 rg BT 122.00 675.40 Td (Governing ) Tj ET Q q 0 0 0 rg BT 173.22 675.40 Td (Law) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 192.05 675.40 Td (. ) Tj ET Q q 0 0 0 rg BT 198.97 675.40 Td ( ) Tj ET Q q 0 0 0 rg BT 202.83 675.40 Td (This ) Tj ET Q q 0 0 0 rg BT 225.64 675.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 284.19 675.40 Td (is ) Tj ET Q q 0 0 0 rg BT 295.69 675.40 Td (a ) Tj ET Q q 0 0 0 rg BT 304.75 675.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 331.52 675.40 Td (Document ) Tj ET Q q 0 0 0 rg BT 381.51 675.40 Td (and ) Tj ET Q q 0 0 0 rg BT 401.56 675.40 Td (is ) Tj ET Q q 0 0 0 rg BT 413.07 675.40 Td (governed ) Tj ET Q q 0 0 0 rg BT 458.17 675.40 Td (by ) Tj ET Q q 0 0 0 rg BT 473.34 675.40 Td (the ) Tj ET Q q 0 0 0 rg BT 490.02 675.40 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 542.45 675.40 Td (Law ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 662.20 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 97.88 662.20 Td (in ) Tj ET Q q 0 0 0 rg BT 109.72 662.20 Td (the ) Tj ET Q q 0 0 0 rg BT 126.44 662.20 Td (State ) Tj ET Q q 0 0 0 rg BT 151.72 662.20 Td (of ) Tj ET Q q 0 0 0 rg BT 164.17 662.20 Td (New ) Tj ET Q q 0 0 0 rg BT 187.74 662.20 Td (Y) Tj ET Q q 0 0 0 rg BT 194.58 662.20 Td (ork, ) Tj ET Q q 0 0 0 rg BT 215.28 662.20 Td (other ) Tj ET Q q 0 0 0 rg BT 241.17 662.20 Td (than ) Tj ET Q q 0 0 0 rg BT 263.39 662.20 Td (those ) Tj ET Q q 0 0 0 rg BT 289.89 662.20 Td (conflict ) Tj ET Q q 0 0 0 rg BT 326.77 662.20 Td (of ) Tj ET Q q 0 0 0 rg BT 339.22 662.20 Td (law ) Tj ET Q q 0 0 0 rg BT 358.39 662.20 Td (provisions ) Tj ET Q q 0 0 0 rg BT 407.51 662.20 Td (that ) Tj ET Q q 0 0 0 rg BT 427.29 662.20 Td (would ) Tj ET Q q 0 0 0 rg BT 458.07 662.20 Td (defer ) Tj ET Q q 0 0 0 rg BT 483.95 662.20 Td (to ) Tj ET Q q 0 0 0 rg BT 495.79 662.20 Td (the ) Tj ET Q q 0 0 0 rg BT 512.51 662.20 Td (substantive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 649.00 Td (laws ) Tj ET Q q 0 0 0 rg BT 73.30 649.00 Td (of ) Tj ET Q q 0 0 0 rg BT 85.59 649.00 Td (another ) Tj ET Q q 0 0 0 rg BT 121.71 649.00 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 177.70 649.00 Td ( ) Tj ET Q q 0 0 0 rg BT 180.61 649.00 Td (This ) Tj ET Q q 0 0 0 rg BT 203.30 649.00 Td (governing ) Tj ET Q q 0 0 0 rg BT 251.04 649.00 Td (law ) Tj ET Q q 0 0 0 rg BT 270.05 649.00 Td (election ) Tj ET Q q 0 0 0 rg BT 308.00 649.00 Td (has ) Tj ET Q q 0 0 0 rg BT 325.80 649.00 Td (been ) Tj ET Q q 0 0 0 rg BT 349.70 649.00 Td (made ) Tj ET Q q 0 0 0 rg BT 376.66 649.00 Td (by ) Tj ET Q q 0 0 0 rg BT 390.79 649.00 Td (the ) Tj ET Q q 0 0 0 rg BT 407.36 649.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 439.82 649.00 Td (in ) Tj ET Q q 0 0 0 rg BT 451.51 649.00 Td (reliance ) Tj ET Q q 0 0 0 rg BT 489.45 649.00 Td (on, ) Tj ET Q q 0 0 0 rg BT 506.33 649.00 Td (among ) Tj ET Q q 0 0 0 rg BT 539.40 649.00 Td (other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 635.80 Td (things, ) Tj ET Q q 0 0 0 rg BT 82.75 635.80 Td ( ) Tj ET Q q 0 0 0 rg BT 85.85 635.80 Td (Section ) Tj ET Q q 0 0 0 rg BT 121.94 635.80 Td (5-1401 ) Tj ET Q q 0 0 0 rg BT 156.21 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 168.47 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 185.01 635.80 Td (General ) Tj ET Q q 0 0 0 rg BT 222.93 635.80 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 277.36 635.80 Td (Law ) Tj ET Q q 0 0 0 rg BT 300.01 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 312.27 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 328.81 635.80 Td (State ) Tj ET Q q 0 0 0 rg BT 353.91 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 366.18 635.80 Td (New ) Tj ET Q q 0 0 0 rg BT 389.59 635.80 Td (Y) Tj ET Q q 0 0 0 rg BT 396.43 635.80 Td (ork, ) Tj ET Q q 0 0 0 rg BT 416.94 635.80 Td (as ) Tj ET Q q 0 0 0 rg BT 429.21 635.80 Td (amended ) Tj ET Q q 0 0 0 rg BT 472.02 635.80 Td (\(as ) Tj ET Q q 0 0 0 rg BT 487.94 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 506.93 635.80 Td (to ) Tj ET Q q 0 0 0 rg BT 518.59 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 535.13 635.80 Td (extent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 622.60 Td (applicable\), ) Tj ET Q q 0 0 0 rg BT 104.36 622.60 Td (and ) Tj ET Q q 0 0 0 rg BT 122.99 622.60 Td (other ) Tj ET Q q 0 0 0 rg BT 147.74 622.60 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 198.75 622.60 Td (Law) Tj ET Q q 0 0 0 rg BT 217.58 622.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 609.40 Td (N. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 607.93369140625 m 224.234375 607.93369140625 l s q 0 0 0 rg BT 122.00 609.40 Td (Successors ) Tj ET Q q 0 0 0 rg BT 172.09 609.40 Td (and ) Tj ET Q q 0 0 0 rg BT 189.39 609.40 Td (Assigns) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 224.23 609.40 Td (. ) Tj ET Q q 0 0 0 rg BT 228.81 609.40 Td ( ) Tj ET Q q 0 0 0 rg BT 230.49 609.40 Td (This ) Tj ET Q q 0 0 0 rg BT 251.47 609.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 307.67 609.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 330.26 609.40 Td (be ) Tj ET Q q 0 0 0 rg BT 342.47 609.40 Td (binding ) Tj ET Q q 0 0 0 rg BT 377.90 609.40 Td (upon ) Tj ET Q q 0 0 0 rg BT 401.72 609.40 Td (and ) Tj ET Q q 0 0 0 rg BT 419.42 609.40 Td (inure ) Tj ET Q q 0 0 0 rg BT 443.85 609.40 Td (to ) Tj ET Q q 0 0 0 rg BT 454.22 609.40 Td (the ) Tj ET Q q 0 0 0 rg BT 469.48 609.40 Td (benefit ) Tj ET Q q 0 0 0 rg BT 501.84 609.40 Td (of ) Tj ET Q q 0 0 0 rg BT 512.83 609.40 Td (Borrowers, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 596.20 Td (Lenders, ) Tj ET Q q 0 0 0 rg BT 90.55 596.20 Td (Agent, ) Tj ET Q q 0 0 0 rg BT 123.23 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 142.15 596.20 Td (all ) Tj ET Q q 0 0 0 rg BT 156.19 596.20 Td (future ) Tj ET Q q 0 0 0 rg BT 185.50 596.20 Td (holders ) Tj ET Q q 0 0 0 rg BT 220.93 596.20 Td (of ) Tj ET Q q 0 0 0 rg BT 233.13 596.20 Td (the ) Tj ET Q q 0 0 0 rg BT 249.62 596.20 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 303.99 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 322.92 596.20 Td (their ) Tj ET Q q 0 0 0 rg BT 346.12 596.20 Td (respective ) Tj ET Q q 0 0 0 rg BT 393.75 596.20 Td (successors ) Tj ET Q q 0 0 0 rg BT 443.23 596.20 Td (and ) Tj ET Q q 0 0 0 rg BT 462.15 596.20 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 499.73 596.20 Td (except ) Tj ET Q q 0 0 0 rg BT 531.47 596.20 Td (that ) Tj ET Q q 0 0 0 rg BT 551.01 596.20 Td (no ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 583.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 94.04 583.00 Td (may ) Tj ET Q q 0 0 0 rg BT 114.87 583.00 Td (assign ) Tj ET Q q 0 0 0 rg BT 144.26 583.00 Td (or ) Tj ET Q q 0 0 0 rg BT 155.32 583.00 Td (transfer ) Tj ET Q q 0 0 0 rg BT 190.80 583.00 Td (any ) Tj ET Q q 0 0 0 rg BT 208.57 583.00 Td (of ) Tj ET Q q 0 0 0 rg BT 219.62 583.00 Td (its ) Tj ET Q q 0 0 0 rg BT 231.91 583.00 Td (rights ) Tj ET Q q 0 0 0 rg BT 258.85 583.00 Td (or ) Tj ET Q q 0 0 0 rg BT 269.91 583.00 Td (obligations ) Tj ET Q q 0 0 0 rg BT 320.69 583.00 Td (under ) Tj ET Q q 0 0 0 rg BT 347.62 583.00 Td (this ) Tj ET Q q 0 0 0 rg BT 364.99 583.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 421.26 583.00 Td (without ) Tj ET Q q 0 0 0 rg BT 456.76 583.00 Td (the ) Tj ET Q q 0 0 0 rg BT 472.09 583.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 495.36 583.00 Td (written ) Tj ET Q q 0 0 0 rg BT 528.41 583.00 Td (consent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 569.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.31 569.80 Td (Agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.60 Td (O. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 555.13369140625 m 221.85693359375 555.13369140625 l s q 0 0 0 rg BT 122.00 556.60 Td (Attorneys) Tj ET Q q 0 0 0 rg BT 168.23 556.60 Td ( ) Tj ET Q q 0 0 0 rg BT 171.21 556.60 Td (Fees; ) Tj ET Q q 0 0 0 rg BT 197.40 556.60 Td (Costs) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 221.86 556.60 Td (. ) Tj ET Q q 0 0 0 rg BT 227.58 556.60 Td ( ) Tj ET Q q 0 0 0 rg BT 230.56 556.60 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 279.97 556.60 Td (agree ) Tj ET Q q 0 0 0 rg BT 306.76 556.60 Td (to ) Tj ET Q q 0 0 0 rg BT 318.29 556.60 Td (promptly ) Tj ET Q q 0 0 0 rg BT 361.60 556.60 Td (pay) Tj ET Q q 0 0 0 rg BT 376.77 556.60 Td (, ) Tj ET Q q 0 0 0 rg BT 382.50 556.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 407.47 556.60 Td (written ) Tj ET Q q 0 0 0 rg BT 441.61 556.60 Td (demand, ) Tj ET Q q 0 0 0 rg BT 482.15 556.60 Td (all ) Tj ET Q q 0 0 0 rg BT 496.13 556.60 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 546.13 556.60 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 543.40 Td (documented ) Tj ET Q q 0 0 0 rg BT 105.87 543.40 Td (attorneys) Tj ET Q q 0 0 0 rg BT 149.04 543.40 Td ( ) Tj ET Q q 0 0 0 rg BT 151.16 543.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 170.98 543.40 Td (and ) Tj ET Q q 0 0 0 rg BT 188.98 543.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 213.09 543.40 Td (incurred ) Tj ET Q q 0 0 0 rg BT 251.85 543.40 Td (in ) Tj ET Q q 0 0 0 rg BT 262.52 543.40 Td (connection ) Tj ET Q q 0 0 0 rg BT 312.90 543.40 Td (with ) Tj ET Q q 0 0 0 rg BT 334.57 543.40 Td (the ) Tj ET Q q 0 0 0 rg BT 350.12 543.40 Td (negotiation, ) Tj ET Q q 0 0 0 rg BT 404.48 543.40 Td (documentation ) Tj ET Q q 0 0 0 rg BT 471.96 543.40 Td (and ) Tj ET Q q 0 0 0 rg BT 489.96 543.40 Td (execution ) Tj ET Q q 0 0 0 rg BT 534.83 543.40 Td (of ) Tj ET Q q 0 0 0 rg BT 546.11 543.40 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 530.20 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 110.20 530.20 Td ( ) Tj ET Q q 0 0 0 rg BT 113.28 530.20 Td (If ) Tj ET Q q 0 0 0 rg BT 123.68 530.20 Td (any ) Tj ET Q q 0 0 0 rg BT 142.64 530.20 Td (legal ) Tj ET Q q 0 0 0 rg BT 167.09 530.20 Td (action ) Tj ET Q q 0 0 0 rg BT 197.05 530.20 Td (or ) Tj ET Q q 0 0 0 rg BT 209.29 530.20 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 261.23 530.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 285.08 530.20 Td (be ) Tj ET Q q 0 0 0 rg BT 298.54 530.20 Td (commenced ) Tj ET Q q 0 0 0 rg BT 354.76 530.20 Td (at ) Tj ET Q q 0 0 0 rg BT 365.77 530.20 Td (any ) Tj ET Q q 0 0 0 rg BT 384.73 530.20 Td (time ) Tj ET Q q 0 0 0 rg BT 407.36 530.20 Td (by ) Tj ET Q q 0 0 0 rg BT 421.43 530.20 Td (any ) Tj ET Q q 0 0 0 rg BT 440.39 530.20 Td (party ) Tj ET Q q 0 0 0 rg BT 466.07 530.20 Td (to ) Tj ET Q q 0 0 0 rg BT 477.70 530.20 Td (this ) Tj ET Q q 0 0 0 rg BT 495.99 530.20 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 553.44 530.20 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 517.00 Td (connection ) Tj ET Q q 0 0 0 rg BT 100.83 517.00 Td (with ) Tj ET Q q 0 0 0 rg BT 122.96 517.00 Td (its ) Tj ET Q q 0 0 0 rg BT 135.93 517.00 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 197.76 517.00 Td (or ) Tj ET Q q 0 0 0 rg BT 209.50 517.00 Td (enforcement, ) Tj ET Q q 0 0 0 rg BT 269.79 517.00 Td (the ) Tj ET Q q 0 0 0 rg BT 285.80 517.00 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 332.97 517.00 Td (party ) Tj ET Q q 0 0 0 rg BT 358.15 517.00 Td (or ) Tj ET Q q 0 0 0 rg BT 369.88 517.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 401.78 517.00 Td (in ) Tj ET Q q 0 0 0 rg BT 412.91 517.00 Td (such ) Tj ET Q q 0 0 0 rg BT 435.65 517.00 Td (action ) Tj ET Q q 0 0 0 rg BT 465.10 517.00 Td (or ) Tj ET Q q 0 0 0 rg BT 476.84 517.00 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 528.28 517.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 551.63 517.00 Td (be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 503.80 Td (entitled ) Tj ET Q q 0 0 0 rg BT 86.01 503.80 Td (to ) Tj ET Q q 0 0 0 rg BT 97.58 503.80 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 166.57 503.80 Td (of ) Tj ET Q q 0 0 0 rg BT 178.75 503.80 Td (its ) Tj ET Q q 0 0 0 rg BT 192.16 503.80 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 242.21 503.80 Td (attorneys) Tj ET Q q 0 0 0 rg BT 285.37 503.80 Td ( ) Tj ET Q q 0 0 0 rg BT 288.39 503.80 Td (fees ) Tj ET Q q 0 0 0 rg BT 309.11 503.80 Td (and ) Tj ET Q q 0 0 0 rg BT 328.01 503.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 353.03 503.80 Td (in ) Tj ET Q q 0 0 0 rg BT 364.60 503.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 415.88 503.80 Td (therewith, ) Tj ET Q q 0 0 0 rg BT 463.18 503.80 Td (in ) Tj ET Q q 0 0 0 rg BT 474.75 503.80 Td (addition ) Tj ET Q q 0 0 0 rg BT 513.82 503.80 Td (to ) Tj ET Q q 0 0 0 rg BT 525.39 503.80 Td (all ) Tj ET Q q 0 0 0 rg BT 539.40 503.80 Td (other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 490.60 Td (relief ) Tj ET Q q 0 0 0 rg BT 75.95 490.60 Td (to ) Tj ET Q q 0 0 0 rg BT 87.26 490.60 Td (which ) Tj ET Q q 0 0 0 rg BT 116.89 490.60 Td (the ) Tj ET Q q 0 0 0 rg BT 133.08 490.60 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 180.43 490.60 Td (party ) Tj ET Q q 0 0 0 rg BT 205.78 490.60 Td (or ) Tj ET Q q 0 0 0 rg BT 217.69 490.60 Td (parties ) Tj ET Q q 0 0 0 rg BT 249.76 490.60 Td (may ) Tj ET Q q 0 0 0 rg BT 271.45 490.60 Td (be ) Tj ET Q q 0 0 0 rg BT 284.58 490.60 Td (entitled.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 477.40 Td (P) Tj ET Q q 0 0 0 rg BT 90.45 477.40 Td (. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 475.93369140625 m 196.45166015625 475.93369140625 l s q 0 0 0 rg BT 122.00 477.40 Td (Jury ) Tj ET Q q 0 0 0 rg BT 142.61 477.40 Td (T) Tj ET Q q 0 0 0 rg BT 148.94 477.40 Td (rial ) Tj ET Q q 0 0 0 rg BT 165.27 477.40 Td (W) Tj ET Q q 0 0 0 rg BT 174.77 477.40 Td (aiver) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 196.15 477.40 Td (. ) Tj ET Q q 0 0 0 rg BT 200.70 477.40 Td ( ) Tj ET Q q 0 0 0 rg BT 202.36 477.40 Td (T) Tj ET Q q 0 0 0 rg BT 208.32 477.40 Td (o ) Tj ET Q q 0 0 0 rg BT 215.61 477.40 Td (the ) Tj ET Q q 0 0 0 rg BT 230.85 477.40 Td (extent ) Tj ET Q q 0 0 0 rg BT 259.52 477.40 Td (not ) Tj ET Q q 0 0 0 rg BT 275.38 477.40 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 322.39 477.40 Td (by ) Tj ET Q q 0 0 0 rg BT 335.19 477.40 Td (applicable ) Tj ET Q q 0 0 0 rg BT 382.18 477.40 Td (law) Tj ET Q q 0 0 0 rg BT 397.35 477.40 Td (, ) Tj ET Q q 0 0 0 rg BT 401.90 477.40 Td (each ) Tj ET Q q 0 0 0 rg BT 423.84 477.40 Td (party ) Tj ET Q q 0 0 0 rg BT 448.24 477.40 Td (to ) Tj ET Q q 0 0 0 rg BT 458.60 477.40 Td (this ) Tj ET Q q 0 0 0 rg BT 475.89 477.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 532.07 477.40 Td (hereby ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 464.20 Td (expressly ) Tj ET Q q 0 0 0 rg BT 95.55 464.20 Td (waives ) Tj ET Q q 0 0 0 rg BT 130.10 464.20 Td (any ) Tj ET Q q 0 0 0 rg BT 149.99 464.20 Td (right ) Tj ET Q q 0 0 0 rg BT 174.77 464.20 Td (to ) Tj ET Q q 0 0 0 rg BT 187.33 464.20 Td (trial ) Tj ET Q q 0 0 0 rg BT 209.04 464.20 Td (by ) Tj ET Q q 0 0 0 rg BT 224.05 464.20 Td (jury ) Tj ET Q q 0 0 0 rg BT 245.77 464.20 Td (of ) Tj ET Q q 0 0 0 rg BT 258.94 464.20 Td (any ) Tj ET Q q 0 0 0 rg BT 278.83 464.20 Td (claim, ) Tj ET Q q 0 0 0 rg BT 310.01 464.20 Td (demand, ) Tj ET Q q 0 0 0 rg BT 351.59 464.20 Td (action, ) Tj ET Q q 0 0 0 rg BT 385.22 464.20 Td (or ) Tj ET Q q 0 0 0 rg BT 398.39 464.20 Td (cause ) Tj ET Q q 0 0 0 rg BT 426.82 464.20 Td (of ) Tj ET Q q 0 0 0 rg BT 439.99 464.20 Td (action ) Tj ET Q q 0 0 0 rg BT 470.87 464.20 Td (1. ) Tj ET Q q 0 0 0 rg BT 483.12 464.20 Td (arising ) Tj ET Q q 0 0 0 rg BT 517.07 464.20 Td (under ) Tj ET Q q 0 0 0 rg BT 546.12 464.20 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 451.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 107.25 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 119.29 451.00 Td (any ) Tj ET Q q 0 0 0 rg BT 138.05 451.00 Td (other ) Tj ET Q q 0 0 0 rg BT 163.53 451.00 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 216.21 451.00 Td (document, ) Tj ET Q q 0 0 0 rg BT 265.21 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 277.25 451.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 325.93 451.00 Td (executed ) Tj ET Q q 0 0 0 rg BT 367.89 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 379.93 451.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 423.73 451.00 Td (in ) Tj ET Q q 0 0 0 rg BT 435.16 451.00 Td (connection ) Tj ET Q q 0 0 0 rg BT 486.30 451.00 Td (herewith, ) Tj ET Q q 0 0 0 rg BT 530.41 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 542.45 451.00 Td (2.in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 437.80 Td (any ) Tj ET Q q 0 0 0 rg BT 68.27 437.80 Td (way ) Tj ET Q q 0 0 0 rg BT 88.99 437.80 Td (connected ) Tj ET Q q 0 0 0 rg BT 135.97 437.80 Td (with ) Tj ET Q q 0 0 0 rg BT 157.92 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 169.47 437.80 Td (related ) Tj ET Q q 0 0 0 rg BT 201.79 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 213.34 437.80 Td (incidental ) Tj ET Q q 0 0 0 rg BT 259.10 437.80 Td (to ) Tj ET Q q 0 0 0 rg BT 270.05 437.80 Td (the ) Tj ET Q q 0 0 0 rg BT 285.88 437.80 Td (dealings ) Tj ET Q q 0 0 0 rg BT 324.93 437.80 Td (of ) Tj ET Q q 0 0 0 rg BT 336.48 437.80 Td (the ) Tj ET Q q 0 0 0 rg BT 352.31 437.80 Td (parties ) Tj ET Q q 0 0 0 rg BT 384.03 437.80 Td (hereto ) Tj ET Q q 0 0 0 rg BT 413.90 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 425.46 437.80 Td (any ) Tj ET Q q 0 0 0 rg BT 443.73 437.80 Td (of ) Tj ET Q q 0 0 0 rg BT 455.29 437.80 Td (them ) Tj ET Q q 0 0 0 rg BT 479.67 437.80 Td (with ) Tj ET Q q 0 0 0 rg BT 501.62 437.80 Td (respect ) Tj ET Q q 0 0 0 rg BT 535.16 437.80 Td (to ) Tj ET Q q 0 0 0 rg BT 546.11 437.80 Td (this ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 424.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 107.66 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 120.11 424.60 Td (any ) Tj ET Q q 0 0 0 rg BT 139.28 424.60 Td (other ) Tj ET Q q 0 0 0 rg BT 165.16 424.60 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 218.25 424.60 Td (document, ) Tj ET Q q 0 0 0 rg BT 267.66 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 280.11 424.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 329.20 424.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 371.57 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 384.01 424.60 Td (delivered ) Tj ET Q q 0 0 0 rg BT 428.22 424.60 Td (in ) Tj ET Q q 0 0 0 rg BT 440.06 424.60 Td (connection ) Tj ET Q q 0 0 0 rg BT 491.61 424.60 Td (herewith, ) Tj ET Q q 0 0 0 rg BT 536.13 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 548.57 424.60 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 411.40 Td (transactions ) Tj ET Q q 0 0 0 rg BT 105.15 411.40 Td (related ) Tj ET Q q 0 0 0 rg BT 137.69 411.40 Td (hereto ) Tj ET Q q 0 0 0 rg BT 167.78 411.40 Td (or ) Tj ET Q q 0 0 0 rg BT 179.56 411.40 Td (thereto ) Tj ET Q q 0 0 0 rg BT 212.71 411.40 Td (in ) Tj ET Q q 0 0 0 rg BT 223.88 411.40 Td (each ) Tj ET Q q 0 0 0 rg BT 246.64 411.40 Td (case ) Tj ET Q q 0 0 0 rg BT 268.17 411.40 Td (whether ) Tj ET Q q 0 0 0 rg BT 306.21 411.40 Td (now ) Tj ET Q q 0 0 0 rg BT 327.77 411.40 Td (existing ) Tj ET Q q 0 0 0 rg BT 365.21 411.40 Td (or ) Tj ET Q q 0 0 0 rg BT 376.99 411.40 Td (hereafter ) Tj ET Q q 0 0 0 rg BT 418.67 411.40 Td (arising, ) Tj ET Q q 0 0 0 rg BT 453.98 411.40 Td (and ) Tj ET Q q 0 0 0 rg BT 472.47 411.40 Td (whether ) Tj ET Q q 0 0 0 rg BT 510.51 411.40 Td (sounding ) Tj ET Q q 0 0 0 rg BT 553.46 411.40 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 398.20 Td (contract ) Tj ET Q q 0 0 0 rg BT 88.40 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 100.54 398.20 Td (tort ) Tj ET Q q 0 0 0 rg BT 118.80 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 130.94 398.20 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 176.69 398.20 Td (and ) Tj ET Q q 0 0 0 rg BT 195.55 398.20 Td (each ) Tj ET Q q 0 0 0 rg BT 218.67 398.20 Td (party ) Tj ET Q q 0 0 0 rg BT 244.26 398.20 Td (hereto ) Tj ET Q q 0 0 0 rg BT 274.72 398.20 Td (hereby ) Tj ET Q q 0 0 0 rg BT 307.63 398.20 Td (consents ) Tj ET Q q 0 0 0 rg BT 348.49 398.20 Td (that ) Tj ET Q q 0 0 0 rg BT 367.96 398.20 Td (any ) Tj ET Q q 0 0 0 rg BT 386.82 398.20 Td (such ) Tj ET Q q 0 0 0 rg BT 409.97 398.20 Td (claim, ) Tj ET Q q 0 0 0 rg BT 440.13 398.20 Td (demand, ) Tj ET Q q 0 0 0 rg BT 480.68 398.20 Td (action, ) Tj ET Q q 0 0 0 rg BT 513.29 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 525.43 398.20 Td (cause ) Tj ET Q q 0 0 0 rg BT 552.84 398.20 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 385.00 Td (action ) Tj ET Q q 0 0 0 rg BT 78.43 385.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 100.75 385.00 Td (be ) Tj ET Q q 0 0 0 rg BT 112.69 385.00 Td (decided ) Tj ET Q q 0 0 0 rg BT 148.44 385.00 Td (by ) Tj ET Q q 0 0 0 rg BT 160.99 385.00 Td (court ) Tj ET Q q 0 0 0 rg BT 185.14 385.00 Td (trial ) Tj ET Q q 0 0 0 rg BT 204.41 385.00 Td (without ) Tj ET Q q 0 0 0 rg BT 239.57 385.00 Td (a ) Tj ET Q q 0 0 0 rg BT 246.00 385.00 Td (jury) Tj ET Q q 0 0 0 rg BT 263.01 385.00 Td (, ) Tj ET Q q 0 0 0 rg BT 267.31 385.00 Td (and ) Tj ET Q q 0 0 0 rg BT 284.74 385.00 Td (that ) Tj ET Q q 0 0 0 rg BT 302.79 385.00 Td (any ) Tj ET Q q 0 0 0 rg BT 320.22 385.00 Td (party ) Tj ET Q q 0 0 0 rg BT 344.37 385.00 Td (to ) Tj ET Q q 0 0 0 rg BT 354.48 385.00 Td (this ) Tj ET Q q 0 0 0 rg BT 371.58 385.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 427.51 385.00 Td (may ) Tj ET Q q 0 0 0 rg BT 448.00 385.00 Td (file ) Tj ET Q q 0 0 0 rg BT 464.21 385.00 Td (an ) Tj ET Q q 0 0 0 rg BT 476.14 385.00 Td (original ) Tj ET Q q 0 0 0 rg BT 511.91 385.00 Td (counterpart ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 371.80 Td (or ) Tj ET Q q 0 0 0 rg BT 61.77 371.80 Td (a ) Tj ET Q q 0 0 0 rg BT 69.26 371.80 Td (copy ) Tj ET Q q 0 0 0 rg BT 93.25 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 105.02 371.80 Td (this ) Tj ET Q q 0 0 0 rg BT 123.52 371.80 Td (Section ) Tj ET Q q 0 0 0 rg BT 159.12 371.80 Td (with ) Tj ET Q q 0 0 0 rg BT 181.28 371.80 Td (any ) Tj ET Q q 0 0 0 rg BT 199.77 371.80 Td (court ) Tj ET Q q 0 0 0 rg BT 224.98 371.80 Td (as ) Tj ET Q q 0 0 0 rg BT 236.75 371.80 Td (written ) Tj ET Q q 0 0 0 rg BT 270.51 371.80 Td (evidence ) Tj ET Q q 0 0 0 rg BT 312.20 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 323.97 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 340.02 371.80 Td (consents ) Tj ET Q q 0 0 0 rg BT 380.51 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 392.27 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 408.32 371.80 Td (parties ) Tj ET Q q 0 0 0 rg BT 440.25 371.80 Td (hereto ) Tj ET Q q 0 0 0 rg BT 470.34 371.80 Td (to ) Tj ET Q q 0 0 0 rg BT 481.50 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 497.54 371.80 Td (waiver ) Tj ET Q q 0 0 0 rg BT 530.08 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 541.85 371.80 Td (their ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 358.60 Td (right ) Tj ET Q q 0 0 0 rg BT 73.69 358.60 Td (to ) Tj ET Q q 0 0 0 rg BT 85.15 358.60 Td (trial ) Tj ET Q q 0 0 0 rg BT 105.78 358.60 Td (by ) Tj ET Q q 0 0 0 rg BT 119.69 358.60 Td (jury) Tj ET Q q 0 0 0 rg BT 136.69 358.60 Td (. ) Tj ET Q q 0 0 0 rg BT 142.36 358.60 Td ( ) Tj ET Q q 0 0 0 rg BT 145.06 358.60 Td (W) Tj ET Q q 0 0 0 rg BT 155.00 358.60 Td (ithout ) Tj ET Q q 0 0 0 rg BT 183.58 358.60 Td (limiting ) Tj ET Q q 0 0 0 rg BT 221.33 358.60 Td (the ) Tj ET Q q 0 0 0 rg BT 237.68 358.60 Td (applicability ) Tj ET Q q 0 0 0 rg BT 295.57 358.60 Td (of ) Tj ET Q q 0 0 0 rg BT 307.65 358.60 Td (any ) Tj ET Q q 0 0 0 rg BT 326.44 358.60 Td (other ) Tj ET Q q 0 0 0 rg BT 351.95 358.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 396.42 358.60 Td (of ) Tj ET Q q 0 0 0 rg BT 408.49 358.60 Td (the ) Tj ET Q q 0 0 0 rg BT 424.84 358.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 454.61 358.60 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 509.13 358.60 Td (the ) Tj ET Q q 0 0 0 rg BT 525.48 358.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 552.83 358.60 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 345.40 Td (Article ) Tj ET Q q 0 0 0 rg BT 83.29 345.40 Td (XII ) Tj ET Q q 0 0 0 rg BT 101.31 345.40 Td (of ) Tj ET Q q 0 0 0 rg BT 113.22 345.40 Td (the ) Tj ET Q q 0 0 0 rg BT 129.41 345.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 159.05 345.40 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 210.67 345.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 234.19 345.40 Td (apply ) Tj ET Q q 0 0 0 rg BT 261.38 345.40 Td (to ) Tj ET Q q 0 0 0 rg BT 272.69 345.40 Td (this ) Tj ET Q q 0 0 0 rg BT 290.72 345.40 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 332.20 Td (Q. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 122 330.73369140625 m 195.8349609375 330.73369140625 l s q 0 0 0 rg BT 122.00 332.20 Td (T) Tj ET Q q 0 0 0 rg BT 127.95 332.20 Td (otal ) Tj ET Q q 0 0 0 rg BT 146.97 332.20 Td (Agreement) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.83 332.20 Td (. ) Tj ET Q q 0 0 0 rg BT 201.82 332.20 Td ( ) Tj ET Q q 0 0 0 rg BT 204.83 332.20 Td (This ) Tj ET Q q 0 0 0 rg BT 226.90 332.20 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 287.27 332.20 Td (the ) Tj ET Q q 0 0 0 rg BT 303.94 332.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 333.96 332.20 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 388.82 332.20 Td (and ) Tj ET Q q 0 0 0 rg BT 407.94 332.20 Td (the ) Tj ET Q q 0 0 0 rg BT 424.61 332.20 Td (other ) Tj ET Q q 0 0 0 rg BT 450.45 332.20 Td (Loan ) Tj ET Q q 0 0 0 rg BT 476.29 332.20 Td (Documents ) Tj ET Q q 0 0 0 rg BT 529.63 332.20 Td (contain ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 319.00 Td (the ) Tj ET Q q 0 0 0 rg BT 65.39 319.00 Td (entire ) Tj ET Q q 0 0 0 rg BT 92.39 319.00 Td (understanding ) Tj ET Q q 0 0 0 rg BT 156.66 319.00 Td (among ) Tj ET Q q 0 0 0 rg BT 188.56 319.00 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 239.70 319.00 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 277.08 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 294.48 319.00 Td (Agent ) Tj ET Q q 0 0 0 rg BT 323.32 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 341.16 319.00 Td (supersede ) Tj ET Q q 0 0 0 rg BT 386.49 319.00 Td (all ) Tj ET Q q 0 0 0 rg BT 399.44 319.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 422.77 319.00 Td (agreements ) Tj ET Q q 0 0 0 rg BT 474.81 319.00 Td (and ) Tj ET Q q 0 0 0 rg BT 492.65 319.00 Td (understandings, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 305.80 Td (if ) Tj ET Q q 0 0 0 rg BT 58.11 305.80 Td (any) Tj ET Q q 0 0 0 rg BT 73.27 305.80 Td (, ) Tj ET Q q 0 0 0 rg BT 77.41 305.80 Td (relating ) Tj ET Q q 0 0 0 rg BT 112.40 305.80 Td (to ) Tj ET Q q 0 0 0 rg BT 122.34 305.80 Td (the ) Tj ET Q q 0 0 0 rg BT 137.16 305.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.71 305.80 Td (matter ) Tj ET Q q 0 0 0 rg BT 199.19 305.80 Td (hereof. ) Tj ET Q q 0 0 0 rg BT 231.11 305.80 Td (Any ) Tj ET Q q 0 0 0 rg BT 251.45 305.80 Td (promises, ) Tj ET Q q 0 0 0 rg BT 295.30 305.80 Td (representations, ) Tj ET Q q 0 0 0 rg BT 366.02 305.80 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 415.97 305.80 Td (or ) Tj ET Q q 0 0 0 rg BT 426.52 305.80 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 474.94 305.80 Td (not ) Tj ET Q q 0 0 0 rg BT 490.38 305.80 Td (herein ) Tj ET Q q 0 0 0 rg BT 519.25 305.80 Td (contained ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 292.60 Td (and ) Tj ET Q q 0 0 0 rg BT 68.22 292.60 Td (hereinafter ) Tj ET Q q 0 0 0 rg BT 118.19 292.60 Td (made ) Tj ET Q q 0 0 0 rg BT 144.34 292.60 Td (have ) Tj ET Q q 0 0 0 rg BT 167.44 292.60 Td (no ) Tj ET Q q 0 0 0 rg BT 180.78 292.60 Td (force ) Tj ET Q q 0 0 0 rg BT 205.71 292.60 Td (and ) Tj ET Q q 0 0 0 rg BT 223.93 292.60 Td (ef) Tj ET Q q 0 0 0 rg BT 232.27 292.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 251.09 292.60 Td (unless ) Tj ET Q q 0 0 0 rg BT 280.93 292.60 Td (in ) Tj ET Q q 0 0 0 rg BT 291.82 292.60 Td (writing, ) Tj ET Q q 0 0 0 rg BT 328.68 292.60 Td (signed ) Tj ET Q q 0 0 0 rg BT 359.74 292.60 Td (by ) Tj ET Q q 0 0 0 rg BT 373.08 292.60 Td (Borrowers) Tj ET Q q 0 0 0 rg BT 422.36 292.60 Td ( ) Tj ET Q q 0 0 0 rg BT 424.69 292.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.40 292.60 Td (Agent) Tj ET Q q 0 0 0 rg BT 472.33 292.60 Td (s ) Tj ET Q q 0 0 0 rg BT 478.95 292.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 525.87 292.60 Td (of) Tj ET Q q 0 0 0 rg BT 534.84 292.60 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 564.77 292.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 279.40 Td (Neither ) Tj ET Q q 0 0 0 rg BT 88.44 279.40 Td (this ) Tj ET Q q 0 0 0 rg BT 108.59 279.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 168.42 279.40 Td (nor ) Tj ET Q q 0 0 0 rg BT 188.54 279.40 Td (any ) Tj ET Q q 0 0 0 rg BT 209.88 279.40 Td (portion ) Tj ET Q q 0 0 0 rg BT 247.11 279.40 Td (or ) Tj ET Q q 0 0 0 rg BT 261.73 279.40 Td (provisions ) Tj ET Q q 0 0 0 rg BT 313.02 279.40 Td (hereof ) Tj ET Q q 0 0 0 rg BT 346.57 279.40 Td (may ) Tj ET Q q 0 0 0 rg BT 370.97 279.40 Td (be ) Tj ET Q q 0 0 0 rg BT 386.80 279.40 Td (changed, ) Tj ET Q q 0 0 0 rg BT 431.66 279.40 Td (modified, ) Tj ET Q q 0 0 0 rg BT 479.58 279.40 Td (amended, ) Tj ET Q q 0 0 0 rg BT 527.49 279.40 Td (waived, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 266.20 Td (supplemented, ) Tj ET Q q 0 0 0 rg BT 116.27 266.20 Td (dischar) Tj ET Q q 0 0 0 rg BT 147.84 266.20 Td (ged, ) Tj ET Q q 0 0 0 rg BT 168.90 266.20 Td (cancelled, ) Tj ET Q q 0 0 0 rg BT 215.59 266.20 Td (or ) Tj ET Q q 0 0 0 rg BT 227.18 266.20 Td (terminated ) Tj ET Q q 0 0 0 rg BT 276.64 266.20 Td (orally ) Tj ET Q q 0 0 0 rg BT 304.73 266.20 Td (or ) Tj ET Q q 0 0 0 rg BT 316.31 266.20 Td (by ) Tj ET Q q 0 0 0 rg BT 329.74 266.20 Td (any ) Tj ET Q q 0 0 0 rg BT 348.05 266.20 Td (course ) Tj ET Q q 0 0 0 rg BT 379.18 266.20 Td (of ) Tj ET Q q 0 0 0 rg BT 390.77 266.20 Td (dealing, ) Tj ET Q q 0 0 0 rg BT 428.32 266.20 Td (or ) Tj ET Q q 0 0 0 rg BT 439.91 266.20 Td (in ) Tj ET Q q 0 0 0 rg BT 450.89 266.20 Td (any ) Tj ET Q q 0 0 0 rg BT 469.20 266.20 Td (manner ) Tj ET Q q 0 0 0 rg BT 504.61 266.20 Td (other ) Tj ET Q q 0 0 0 rg BT 529.63 266.20 Td (than ) Tj ET Q q 0 0 0 rg BT 551.00 266.20 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 253.00 Td (an ) Tj ET Q q 0 0 0 rg BT 62.96 253.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 111.35 253.00 Td (in ) Tj ET Q q 0 0 0 rg BT 122.48 253.00 Td (writing, ) Tj ET Q q 0 0 0 rg BT 159.59 253.00 Td (signed ) Tj ET Q q 0 0 0 rg BT 190.89 253.00 Td (by ) Tj ET Q q 0 0 0 rg BT 204.47 253.00 Td (the ) Tj ET Q q 0 0 0 rg BT 220.48 253.00 Td (party ) Tj ET Q q 0 0 0 rg BT 245.66 253.00 Td (to ) Tj ET Q q 0 0 0 rg BT 256.80 253.00 Td (be ) Tj ET Q q 0 0 0 rg BT 269.76 253.00 Td (char) Tj ET Q q 0 0 0 rg BT 288.49 253.00 Td (ged. ) Tj ET Q q 0 0 0 rg BT 309.70 253.00 Td ( ) Tj ET Q q 0 0 0 rg BT 312.28 253.00 Td (Each ) Tj ET Q q 0 0 0 rg BT 336.85 253.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 381.58 253.00 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 446.47 253.00 Td (that ) Tj ET Q q 0 0 0 rg BT 465.54 253.00 Td (it ) Tj ET Q q 0 0 0 rg BT 474.23 253.00 Td (has ) Tj ET Q q 0 0 0 rg BT 491.48 253.00 Td (been ) Tj ET Q q 0 0 0 rg BT 514.82 253.00 Td (advised ) Tj ET Q q 0 0 0 rg BT 551.00 253.00 Td (by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 239.80 Td (counsel ) Tj ET Q q 0 0 0 rg BT 86.49 239.80 Td (in ) Tj ET Q q 0 0 0 rg BT 97.93 239.80 Td (connection ) Tj ET Q q 0 0 0 rg BT 149.08 239.80 Td (with ) Tj ET Q q 0 0 0 rg BT 171.53 239.80 Td (the ) Tj ET Q q 0 0 0 rg BT 187.85 239.80 Td (execution ) Tj ET Q q 0 0 0 rg BT 233.50 239.80 Td (of ) Tj ET Q q 0 0 0 rg BT 245.55 239.80 Td (this ) Tj ET Q q 0 0 0 rg BT 263.70 239.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 320.96 239.80 Td (and ) Tj ET Q q 0 0 0 rg BT 339.73 239.80 Td (the ) Tj ET Q q 0 0 0 rg BT 356.06 239.80 Td (other ) Tj ET Q q 0 0 0 rg BT 381.55 239.80 Td (Loan ) Tj ET Q q 0 0 0 rg BT 407.04 239.80 Td (Documents ) Tj ET Q q 0 0 0 rg BT 460.03 239.80 Td (and ) Tj ET Q q 0 0 0 rg BT 478.80 239.80 Td (is ) Tj ET Q q 0 0 0 rg BT 489.02 239.80 Td (not ) Tj ET Q q 0 0 0 rg BT 505.97 239.80 Td (relying ) Tj ET Q q 0 0 0 rg BT 540.01 239.80 Td (upon ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 226.60 Td (oral ) Tj ET Q q 0 0 0 rg BT 69.85 226.60 Td (representations ) Tj ET Q q 0 0 0 rg BT 139.19 226.60 Td (or ) Tj ET Q q 0 0 0 rg BT 151.10 226.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 200.28 226.60 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 255.58 226.60 Td (with ) Tj ET Q q 0 0 0 rg BT 277.89 226.60 Td (the ) Tj ET Q q 0 0 0 rg BT 294.08 226.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 321.27 226.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.90 226.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 388.49 226.60 Td (of ) Tj ET Q q 0 0 0 rg BT 400.40 226.60 Td (this ) Tj ET Q q 0 0 0 rg BT 418.44 226.60 Td (Amendment.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 205.65 200.20 Td ([Remainder of Page Intentionally Left Blank]) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 64.75 175.00 Td (IN ) Tj ET Q q 0 0 0 rg BT 80.20 175.00 Td (WITNESS ) Tj ET Q q 0 0 0 rg BT 134.97 175.00 Td (WHEREOF) Tj ET Q q 0 0 0 rg BT 192.01 175.00 Td (, the parties hereto have duly executed this ) Tj ET Q q 0 0 0 rg BT 398.94 175.00 Td (Amendment as of the date first ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 271.65 160.60 Td (written above.) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 741.40 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 383.06 741.40 Td (TION,) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 704.20 Td (a Delaware corporation, as a Borrower) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 667.00 Td (By: _____/s/Robert E. Dose_______) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.55 667.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 653.80 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.32 653.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.00 653.80 Td (Robert E. Dose) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 640.60 Td (T) Tj ET Q q 0 0 0 rg BT 272.33 640.60 Td (itle:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.44 640.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.00 640.60 Td (V) Tj ET Q q 0 0 0 rg BT 318.28 640.60 Td (ice President) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 603.40 Td (VIRCO INC.,) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 566.20 Td (a Delaware corporation, as a Borrower) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 529.00 Td (By: _____/s/Robert E. Dose_______) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.55 529.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 515.80 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.32 515.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.00 515.80 Td (Robert E. Dose) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 502.60 Td (T) Tj ET Q q 0 0 0 rg BT 272.33 502.60 Td (itle:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.44 502.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.00 502.60 Td (V) Tj ET Q q 0 0 0 rg BT 318.28 502.60 Td (ice President) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 442.60 Td (PNC BANK, NA) Tj ET Q q 0 0 0 rg BT 341.49 442.60 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 382.01 442.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.15 442.60 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 430.00 442.60 Td (TION,) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 405.40 Td (as Lender and as ) Tj ET Q q 0 0 0 rg BT 341.75 405.40 Td (Agent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 368.20 Td (By: _____/s/Jeanette ) Tj ET Q q 0 0 0 rg BT 363.26 368.20 Td (V) Tj ET Q q 0 0 0 rg BT 369.98 368.20 Td (andenber) Tj ET Q q 0 0 0 rg BT 410.10 368.20 Td (gh___) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.60 368.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 355.00 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.32 355.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.00 355.00 Td (Jeanette ) Tj ET Q q 0 0 0 rg BT 348.97 355.00 Td (V) Tj ET Q q 0 0 0 rg BT 355.70 355.00 Td (andenber) Tj ET Q q 0 0 0 rg BT 395.81 355.00 Td (gh) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 341.80 Td (T) Tj ET Q q 0 0 0 rg BT 272.33 341.80 Td (itle: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.19 341.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 302.00 341.80 Td ( Senior ) Tj ET Q q 0 0 0 rg BT 341.52 341.80 Td (V) Tj ET Q q 0 0 0 rg BT 348.80 341.80 Td (ice President) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.10 721.25 Td (LIST) Tj ET Q q 0 0 0 rg BT 272.71 721.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 288.73 721.25 Td ( SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 700.25 Td (V) Tj ET Q q 0 0 0 rg BT 292.62 700.25 Td (irco Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.70 688.25 Td (2027 Harpers ) Tj ET Q q 0 0 0 rg BT 325.17 688.25 Td (W) Tj ET Q q 0 0 0 rg BT 333.81 688.25 Td (ay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.35 676.25 Td (T) Tj ET Q q 0 0 0 rg BT 270.76 676.25 Td (orrance, CA) Tj ET Q q 0 0 0 rg BT 319.08 676.25 Td ( 90501) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit23.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.85 721.25 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 180.01 721.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 196.03 721.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 271.14 721.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 381.44 721.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.05 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 696.05 Td (e consent to the incorporation by reference in the following Registration Statements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 672.05 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 672.05 Td (Registration Statement \(Form S-8 No.333-32539\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 358.00 672.05 Td (V) Tj ET Q q 0 0 0 rg BT 364.62 672.05 Td (irco Mfg. Corporation 1997 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 660.05 Td (Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 648.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 648.05 Td (Registration Statement \(Form S-8 No.333-51717\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 358.00 648.05 Td (V) Tj ET Q q 0 0 0 rg BT 364.62 648.05 Td (irco Mfg. Corporation Employee Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 636.05 Td (Ownership Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 624.05 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 624.05 Td (Registration Statement \(Form S-8 No.333-74832\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 358.00 624.05 Td (V) Tj ET Q q 0 0 0 rg BT 364.62 624.05 Td (irco Mfg. Corporation 401\(K\) Savings Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 612.05 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 612.05 Td (Registration Statement \(Form S-8 No.333-143874\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 612.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 612.05 Td (irco Mfg. Corporation 2007 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 600.05 Td (Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 588.05 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 588.05 Td (Registration Statement \(Form S-8 No. 333-175638\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 588.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 588.05 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 475.35 588.05 Td (1 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.05 Td (Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 564.05 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 564.05 Td (Registration Statement \(Form S-8 No. 333-198723\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 564.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 564.05 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 475.35 564.05 Td (1 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 552.05 Td (Plan, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 540.05 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 540.05 Td (Registration Statement \(Form S-3 No. 333-135618\) of ) Tj ET Q q 0 0 0 rg BT 305.79 540.05 Td (V) Tj ET Q q 0 0 0 rg BT 312.42 540.05 Td (irco Mfg. Corporation pertaining to the resale of ) Tj ET Q q 0 0 0 rg BT 508.01 540.05 Td (V) Tj ET Q q 0 0 0 rg BT 514.63 540.05 Td (irco Mfg. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 528.05 Td (Corporation) Tj ET Q q 0 0 0 rg BT 137.10 528.05 Td (s common stock by certain selling securityholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.05 Td (of our report dated ) Tj ET Q q 0 0 0 rg BT 126.64 498.05 Td (April25, 2016, with respect to the consolidated financial statements and schedule of ) Tj ET Q q 0 0 0 rg BT 466.65 498.05 Td (V) Tj ET Q q 0 0 0 rg BT 473.27 498.05 Td (irco Mfg. Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.05 Td (included in this ) Tj ET Q q 0 0 0 rg BT 113.61 486.05 Td (Annual Report \(Form 10-K\) of ) Tj ET Q q 0 0 0 rg BT 239.79 486.05 Td (V) Tj ET Q q 0 0 0 rg BT 246.42 486.05 Td (irco Mfg. Corporation for the year ended January31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 438.05 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 413.46 438.05 Td (Y) Tj ET Q q 0 0 0 rg BT 419.68 438.05 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.05 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 412.05 Td (Angeles, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.05 Td (April25, 2016) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert ) Tj ET Q q 0 0 0 rg BT 87.50 708.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 99.54 708.25 Td (V) Tj ET Q q 0 0 0 rg BT 106.16 708.25 Td (irtue, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-K of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.25 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 491.12 621.25 Td (, the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 592.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 73.32 592.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 592.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 592.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 194.66 580.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 568.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 551.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 539.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 527.25 Td (is made known to us by others within those entities, particularly during the period in which this report is being prepared; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.42 Td (Date: April 25, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Chief Executive Officer and Chairman of the Board) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert E. Dose, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-K of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.25 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 491.12 621.25 Td (, the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 592.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 73.32 592.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 592.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 592.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 194.66 580.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 568.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 551.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 539.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 527.25 Td (is made known to us by others within those entities, particularly during the period in which this report is being prepared; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.42 Td (Date: April 25, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 249.76 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 284.02 725.25 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 366.35 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.67 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 375.16 725.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.70 713.25 Td (18 U.S.C. SECTION 1350, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 701.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 252.23 701.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 357.89 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.21 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 366.70 701.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 689.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 255.63 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.95 689.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 373.44 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.39 689.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 396.32 689.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 412.33 689.25 Td ( 2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Each of the undersigned hereby certifies, in his capacity as an of) Tj ET Q q 0 0 0 rg BT 307.50 672.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 338.96 672.25 Td (V) Tj ET Q q 0 0 0 rg BT 345.58 672.25 Td (irco Mfg. Corporation \(the Company\), for purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 393.84 660.25 Td (Act of 2002, that to his own knowledge: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 639.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 639.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.50 639.25 Td (Annual Report of the Company on Form 10-K for the period ended January 31, 2016, fully complies with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 627.25 Td (the requirements of Section 13\(a\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 358.20 627.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 606.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 606.25 Td (The information contained in such report fairly presents, in all material respects, the financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 594.25 Td (results of operation of the Company) Tj ET Q q 0 0 0 rg BT 256.49 594.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Dated: ) Tj ET Q q 0 0 0 rg BT 78.60 556.25 Td (April 25, 2016) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 526.75 m 329.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 446.75 m 329.5 446.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.32 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.42 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.32 Td (and Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.32 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.42 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.32 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 382.25 Td ( signed original of this written statement required by Section 906 has been provided to ) Tj ET Q q 0 0 0 rg BT 404.47 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 411.09 382.25 Td (irco Mfg. Corporation and will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (retained by ) Tj ET Q q 0 0 0 rg BT 97.02 370.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.64 370.25 Td (irco Mfg. Corporation and furnished to the Securities and Exchange Commission or its staf) Tj ET Q q 0 0 0 rg BT 467.84 370.25 Td (f upon request. ) Tj ET Q endstream endobj 175 0 obj <> /View <>>>>> endobj 176 0 obj <> /View <>>>>> endobj 177 0 obj <> endobj 178 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;