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0000320193 | 20031219 | 10-K | 652 | Expansion of the Retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure, operating lease commitments, personnel, and other operating expenses. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 653 | Capital expenditures associated with the Retail segment since its inception totaled approximately $290 million through the end of fiscal 2003, $92 million of which was incurred during 2003. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 654 | As of September 27, 2003, the Retail segment had approximately 1,300 employees and had outstanding operating lease commitments associated with retail store space and related facilities of $354 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 655 | The Company would incur substantial costs should it choose to terminate its Retail segment or close individual stores. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 656 | Such costs could adversely affect the Company's results of operations and financial condition. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 657 | Investment in a new business model such as the Retail segment is inherently risky, particularly in light of the significant investment involved, the current economic climate, and the fixed nature of a substantial portion of the Retail segment's operating expenses. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 658 | Gross Margin
Gross margin for the three fiscal years ended September 27, 2003 are as follows (in millions, except gross margin percentages):
Gross margin decreased to 27.5% of net sales in 2003 from 27.9% of net sales in 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 659 | This decline in gross margin reflects relatively aggressive pricing actions on several Macintosh models instituted by the Company beginning in late fiscal 2002 as a result of continued pricing pressure throughout the personal computer industry, lower sales of relatively higher margin Power Macintosh systems during the ... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 660 | This decline is also attributable to a rise in certain component costs as the year progressed. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 661 | The aforementioned negative factors affecting gross margins during 2003 were partially offset by the increase in higher margin software and direct sales. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 662 | The Company anticipates that its gross margin and the gross margin of the overall personal computer industry will remain under pressure throughout fiscal 2004 in light of weak economic conditions, price competition in the personal computer industry, and potential increases in component pricing. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 663 | The Company also expects to continue to incur air freight charges on the Power Mac G5 and other products during 2004. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 664 | The foregoing statements regarding the Company's expected gross margin during 2004, general demand for personal computers, anticipated industry component pricing, anticipated air freight charges, and future economic conditions are forward-looking. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 665 | There can be no assurance that current gross margins will be maintained, targeted gross margin levels will be achieved, or current margins on existing individual products will be maintained. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 666 | In general, gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material an... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 667 | In response to these downward pressures, the Company expects it will continue to take pricing actions with respect to its products. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 668 | Gross margins could also be affected by the Company's ability to effectively manage product quality and warranty costs and to stimulate demand for certain of its products. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 669 | The Company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates over time; however, the Company's results of operations can be significantly affected in the short-term by fluctuations in exchange rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 670 | The Company orders components for its products and builds inventory in advance of product shipments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 671 | Because the Company's markets are volatile and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and produce or order from third-parties excess or insufficient inventories of particular products or components. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 672 | The Company's operating results and financial condition in the past have been and may in the future be materially adversely affected by the Company's ability to manage its inventory levels and outstanding purchase commitments and to respond to short-term shifts in customer demand patterns. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 673 | Gross margin increased to 27.9% of net sales in 2002 from 23.0% in 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 674 | Gross margin in 2001 was unusually low resulting from negative gross margin of 2% experienced in the first quarter of 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 675 | As a
percentage of net sales, the Company's quarterly gross margins declined during fiscal 2002 from 31% in the first quarter down to 26% in the fourth quarter. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 676 | This decline resulted from several factors including a rise in component costs as the year progressed and aggressive pricing by the Company across its products lines instituted as a result of continued pricing pressures in the personal computer industry. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 677 | Operating Expenses
Operating expenses for the three fiscal years ended September 27, 2003 are as follows (in millions, except for percentages):
Research and Development (R&D)
The Company recognizes that focused investments in R&D are critical to its future growth and competitive position in the marketplace and are dire... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 678 | The Company has historically relied upon innovation to remain competitive. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 679 | R&D expense amounted to approximately 8% of total net sales during 2003, 2002 and 2001, up substantially from approximately 5% of total net sales in fiscal year 2000 and recent earlier periods. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 680 | The Company's management believes that maintaining or increasing the pace of innovation and product development is the best way to respond to current economic and market conditions and will continue to position the Company for future growth as conditions improve. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 681 | R&D expense increased 6% or $25 million to $471 million in 2003 as compared to 2002, which follows a $16 million increase in 2002 as compared to 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 682 | The overall increase in R&D expense relates primarily to increased headcount and support for new product development activities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 683 | R&D spending also included capitalized software development costs of approximately $14.7 million related to the development of Mac OS X Panther in 2003; approximately $13.3 million associated with the development of Mac OS X Jaguar and approximately $6 million associated with the PowerSchool enterprise student informat... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 684 | Further information related to the Company's capitalization of software development costs may be found in Part II, Item 8 of this Form 10-K at Note 1 of Notes to Consolidated Financial Statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 685 | Selling, General, and Administrative Expense (SG&A)
SG&A increased $103 million or 9% during 2003 as compared to 2002 due primarily to the Company's continued expansion of the Retail segment and increases in headcount. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 686 | The overall increase was partially offset by a decrease in current year discretionary spending on marketing and advertising and by savings resulting from the 2003 and 2002 restructuring activities described below. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 687 | SG&A decreased $29 million or 3% during 2002 as compared to 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 688 | The decrease in SG&A in 2002 was primarily the result of lower discretionary spending on marketing and advertising expenses, decreased spending related to information systems, and benefits directly related to the Company's restructuring actions in 2002 and 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 689 | The decreases were partially offset by higher sales expense in 2002 resulting from increased operating expenses associated with expansion of the Company's Retail segment. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 690 | Restructuring Actions
During the second quarter of 2003, the Company's management approved and initiated restructuring actions that resulted in recognition of a total restructuring charge of $2.8 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 691 | The primary focus of actions taken in the second quarter were for the most part supplemental to actions initiated in the prior two quarters and focused on further headcount reductions in various sales and marketing functions in the Company's Americas and Europe operating segments and further reductions associated with ... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 692 | The second quarter actions resulted in recognition of severance costs of $2.4 million for termination of 93 employees, 92 of whom were terminated prior to the end of 2003 at a cost of $2.2 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 693 | During the second quarter of 2003, an additional $400,000 was accrued for asset write-offs and lease payments on an abandoned facility in the Americas operating segment. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 694 | The Company estimates these restructuring actions will reduce quarterly operating expenses by $1.5 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 695 | During the first quarter of 2003, the Company's management approved and initiated restructuring actions with a total cost of $24 million that resulted in the termination of manufacturing operations at the Company-owned facility in Singapore, further reductions in headcount resulting from the shift in PowerSchool produc... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 696 | These restructuring actions will ultimately result in the elimination of 260 positions worldwide, all but one was eliminated by the end of 2003. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 697 | The Company estimates these restructuring actions will reduce quarterly operating expenses by $6 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 698 | During fiscal 2002, the Company recorded total restructuring charges of $30 million related to actions intended to eliminate certain activities and better align the Company's operating expenses with existing general economic conditions and to partially offset the cost of continuing investments in new product developmen... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 699 | The Company estimates these restructuring actions will result in reduced quarterly operating expenses of approximately $10 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 700 | Of the $30 million restructuring charge for fiscal 2002, $6 million was incurred in the fourth quarter of 2002 related to actions designed to reduce headcount costs in corporate operations and sales and to adjust its PowerSchool product strategy. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 701 | Headcount actions, primarily in corporate operations, sales, and PowerSchool related research and development, resulted in the elimination of approximately 180 positions worldwide at a cost of $1.8 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 702 | The shift in product strategy at PowerSchool included discontinuing development and marketing of a PowerSchool product that resulted in the impairment of previously capitalized development costs associated with the product in the amount of $4.5 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 703 | The remaining charge in 2002 of $24 million was incurred in the first quarter of 2002 and resulted in the elimination of approximately 425 positions worldwide, at a cost of $8 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 704 | Positions were eliminated primarily in the Company's operations, information systems, and administrative functions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 705 | In addition, these restructuring actions also included significant changes in the Company's information systems strategy resulting in termination of equipment leases and cancellation of existing projects and activities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 706 | Related lease and contract cancellation charges totaled $12 million, and charges for asset impairments totaled $4 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 707 | During the first quarter of 2003, the Company reversed the remaining unused accrual of $600,000. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 708 | Purchased In-Process Research and Development (IPR&D)
During the fourth quarter of 2002, the Company acquired Emagic GmbH, a provider of professional software solutions for computer based music production, for approximately $30 million in cash; $551,000 of which was allocated to IPR&D. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 709 | The amount of the purchase price allocated to IPR&D was expensed upon acquisition, because the technological feasibility of products under development had not been established and no alternative future uses existed. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 710 | The IPR&D relates primarily to Emagic's Logic series technology and extensions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 711 | At the date of the acquisition, the products under development were between 43%-83% complete, and it was expected that the remaining work would be completed during the Company's fiscal 2003 at a cost of approximately $415,000. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 712 | The remaining efforts, which were completed in 2003, included finalizing user interface design and development, and testing. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 713 | The fair value of the IPR&D was determined
using the income approach, which reflects the projected free cash flows that will be generated by the IPR&D projects and that are attributable to the acquired technology, and discounting the projected net cash flows back to their present value using a discount rate of 25%. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 714 | In May 2001, the Company acquired PowerSchool, Inc., a provider of web-based student information systems for K-12 schools and districts that enables schools to record, access, report, and manage their student data and performance in real-time, and gives parents real-time web access to track their children's progress. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 715 | Of total purchase consideration of $66.1 million, $10.8 million was allocated to IPR&D and was expensed upon acquisition because the technological feasibility of products under development had not been established and no alternative future uses existed. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 716 | The IPR&D relates to technologies representing processes and expertise employed to design, develop, and deploy a functioning, scalable web-based student information system for use by K-12 schools. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 717 | At the date of the acquisition, the PowerSchool product under development was approximately 50% complete, and it was expected that the remaining 50% would be completed during the Company's fiscal 2002 at a cost of approximately $9.25 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 718 | The remaining efforts, which were completed during 2002, included completion of coding, finalizing user interface design and development, and testing. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 719 | The fair value of the IPR&D was determined using the income approach, which reflects the projected free cash flows that will be generated by the IPR&D projects and that are attributable to the acquired technology, and discounting the projected net cash flows back to their present value using a discount rate of 25%. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 720 | Other Income and Expense
Other income and expense for the three fiscal years ended September 27, 2003 are as follows (in millions):
Gains and Losses on Non-current Investments
The Company has held investments in EarthLink Inc. (EarthLink), Akamai Technologies, Inc. (Akamai), ARM Holdings plc (ARM) and certain investmen... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 721 | These investments have been reflected in the consolidated balance sheets as long term assets within other assets and have been categorized as available-for-sale requiring that they be carried at fair value with unrealized gains and losses, net of taxes, reported in equity as a component of accumulated other comprehensi... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 722 | The Company recognizes an impairment charge to earnings in the event a decline in fair value below the cost basis of one of these investments is determined to be other-than-temporary. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 723 | The Company includes recognized gains and losses resulting from the sale or from other-than-temporary declines in fair value associated with these investments in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 724 | Further information related to the Company's non-current debt and equity investments may be found in Part II, Item 8 of this Form 10-K at Note 2 of Notes to Consolidated Financial Statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 725 | During 2003, the Company sold 1,875,000 shares of Akamai stock for net proceeds of approximately $9 million, and a gain before taxes of approximately $8 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 726 | Additionally, the Company sold its remaining investment in ARM stock, 278,000 shares, for net proceeds of approximately $295,000, and a
gain before taxes of $270,000, and sold its remaining investment in EarthLink stock, 6,540,000 shares, for net proceeds of approximately $37 million, and a gain before taxes of $2 mill... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 727 | The fair value of the Company's remaining investment in Akamai as of September 27, 2003, was approximately $5 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 728 | During 2002, the Company determined that declines in the fair value of certain of these investments were other-than-temporary. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 729 | As a result, the Company recognized a $44 million charge to earnings to writedown the basis of its investment in EarthLink, a $6 million charge to earnings to writedown the basis of its investment in Akamai, and a $15 million charge to earnings to writedown the basis of its investment in a private company investment. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 730 | These losses in 2002 were partially offset by the sale of 117,000 shares of EarthLink stock for net proceeds of $2 million and a gain before taxes of $223,000, the sale of 250,000 shares of Akamai stock for net proceeds of $2 million and a gain before taxes of $710,000, and the sale of approximately 4.7 million shares ... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 731 | During 2001, the Company sold a total of approximately 1 million shares of Akamai stock for net proceeds of $39 million and recorded a gain before taxes of $36 million, and sold a total of approximately 29.8 million shares of ARM stock for net proceeds of $176 million and recorded a gain before taxes of $174 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 732 | These gains during 2001 were partially offset by a $114 million charge to earnings that reflected an other-than-temporary decline in the fair value of the Company's investment in EarthLink and an $8 million charge that reflected an other-than-temporary decline in the fair value of certain private company investments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 733 | Unrealized Loss on Convertible Securities
On October 1, 2000, the Company adopted Statement of Financial Accounting Standard (SFAS) No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 734 | 133, Accounting for Derivative Instruments and Hedging Activities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 735 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 736 | 133 established accounting and reporting standards for derivative instruments, hedging activities, and exposure definition. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 737 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 738 | 133 required the Company to adjust the carrying value of the derivative component of its investment in Samsung to earnings during the first quarter of 2001, the before tax effect of which was an unrealized loss of approximately $13 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 739 | Interest and Other Income, Net
Net interest and other income decreased $29 million or 26% to $83 million during 2003. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 740 | The decrease is primarily the result of declining investment yields on the Company's cash and short-term investments resulting from substantially lower market interest rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 741 | The weighted average interest rate earned by the Company on its cash, cash equivalents and short-term investments fell to 1.89% in 2003 compared to 2.85% in 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 742 | The decrease is offset by the increase of $14 million from the gain on the sales of short term investments from the Company's fixed income portfolio, and the increase of $6 million from the gain on the forward purchase agreement during the fourth quarter of 2003. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 743 | Net interest and other income was $112 million in fiscal 2002, compared to $217 million in fiscal 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 744 | This $105 million or 48% decrease was primarily the result of declining investment yields on the Company's cash and short-term investments resulting from substantially lower market interest rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 745 | The weighted average interest rate earned by the Company on its cash, cash equivalents and short-term investments fell to 2.85% in 2002 compared to 5.38% in 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 746 | Provision for Income Taxes
The Company's effective tax rate for 2003 was 26% compared to the higher statutory rate due primarily to research and development credits, a non-taxable gain on stock repurchase and certain undistributed foreign earnings for which no U.S. taxes were provided. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 747 | As of September 27, 2003, the Company had deferred tax assets arising from deductible temporary differences, tax losses, and tax credits of $452 million before being offset against certain deferred tax liabilities and a valuation allowance for presentation on the Company's consolidated balance sheet. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 748 | As of September 27, 2003, a valuation allowance of $30 million was
recorded against the deferred tax asset for the benefits of tax losses that may not be realized. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 749 | The valuation allowance relates principally to the operating loss carryforwards acquired from NeXT and other acquisitions, the utilization of which is subject to certain limitations imposed by the Internal Revenue Code. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 750 | Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, will be sufficient to fully recover the remaining net deferred tax assets. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 751 | The Company will continue to evaluate the realizability of the deferred tax assets quarterly by assessing the need for and amount of the valuation allowance. | 0001047469-03-041604/full-submission.txt |
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