----

**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549                                                            **

**FORM 10-Q**

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

For the  quarterly period ended September 30, 2005

OR

[  ]

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

Commission File Number 0-14488

 

**SEITEL, INC.**

(Exact name of registrant as  specified in charter) 

 

Delaware

76-0025431 

(State or other jurisdiction of  incorporation or organization)

(IRS Employer Identification  Number) 
 
 
10811 S. Westview Circle

 
Building C, Suite 100

77043 

Houston, Texas

(Zip Code) 

(Address of principal executive  offices)

  
 
Registrant's  telephone number, including area code:

(713) 881-8900

 

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.

 

Yes

[ X ]

No

[    ]

Indicate by check mark whether the registrant is an accelerated filer (asdefined in Rule 12b-2 of the Act).

 

Yes

[    ]

No

[ X ]

 

Indicate by check mark whether theregistrant has filed all documents and reports required to be filed by Sections12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to thedistribution of securities under a plan confirmed by a court.

 

Yes

[ X ]

No

[    ]

Indicate by check mark whether the registrant isa shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes

[   ]

No

[ X ]

As of November 7, 2005, there were 153,692,511 shares of the Company's commonstock, par value $.01 per share outstanding.

 
 **INDEX** 

Page      
PART I.

FINANCIAL  INFORMATION

       

Item 1.

Financial Statements................................................................................      

 

3

Condensed Consolidated  Balance Sheets as of

September  30, 2005 (Unaudited) and December 31, 2004.............................................      

 

3

Condensed Consolidated  Statements of Operations (Unaudited)

for the  Three Months Ended September 30, 2005 and 2004...........................................      

 

4

Condensed Consolidated  Statements of Operations (Unaudited)

for the  Nine Months Ended September 30, 2005 and 2004............................................      

 

5

Condensed Consolidated  Statements of Comprehensive Income (Loss) (Unaudited) 

for the  Three and Nine Months Ended September 30, 2005 and 2004.............................      

 

6

Condensed Consolidated  Statements of Stockholders' Equity

for the  year ended December 31, 2004 and for the 

Nine Months  Ended September 30, 2005 (Unaudited)...................................................

 

7

Condensed Consolidated  Statements of Cash Flows (Unaudited)

for the  Nine Months Ended September 30, 2005 and 2004............................................      

 

8

Notes to Condensed Consolidated  Interim Financial Statements.................................... 

 

10

Item 2.

Management's  Discussion and Analysis of

Financial  Condition and Results of Operations.............................................      

 

29

Item 3.

Quantitative  and Qualitative

Disclosures  About Market Risk..................................................................

 

39

Item 4.

Controls  and Procedures...........................................................................      

 

39

PART II.

OTHER  INFORMATION..............................................................................................

 

40

Signatures      ................................................................................................................

41

 
Index**PART I - FINANCIAL INFORMATION****Item 1.  FINANCIAL STATEMENTS**SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share amounts) 
(Unaudited)

September 30,

December 31,

2005

2004

ASSETS

      Cash and  equivalents

$

49,553

$

43,285

      Restricted cash

84

162

      Receivables

            Trade, net

32,500

41,164

            Notes and  other, net

252

2,149

      Net seismic data  library

122,802

151,230

      Net property and equipment

9,021

11,077

      Oil and gas  operations held for sale

191

223

      Investment in  marketable securities

71

33

      Prepaid expenses,  deferred charges and other 

14,459

14,159

      Deferred income  taxes

5,689

-
        
      TOTAL ASSETS

$

234,622

$

263,482
        
LIABILITIES AND  STOCKHOLDERS' EQUITY

      Accounts payable  and accrued liabilities

$

17,301

$

30,472

      Income taxes  payable

184

-

      Oil and gas  operations held for sale

31

28

      Debt

            Senior  Notes

185,152

188,726

            Notes  payable

388

697

      Obligations under  capital leases

4,078

5,294

      Deferred income  taxes

-

606

      Deferred revenue

43,705

53,488

TOTAL LIABILITIES

250,839

279,311
        
COMMITMENTS AND  CONTINGENCIES 
        
STOCKHOLDERS' EQUITY

      Preferred stock,  par value $.01 per share; authorized

            5,000,000  shares; none issued

-

-

      Common stock, par  value $.01 per share; authorized

            400,000,000  shares; issued and outstanding 

            152,716,111  at September 30, 2005 and 151,414,143

            at December  31, 2004

1,527

1,514

      Additional  paid-in capital

237,759

235,081

      Retained deficit

(257,566

)

(254,384

)

      Deferred  compensation - restricted stock

(2,334

)

(1,125

)

      Notes receivable  from officers and employees

            for stock  purchases

(1

)

(21

)

      Accumulated other  comprehensive income

4,398

3,106

TOTAL STOCKHOLDERS'  DEFICIT

(16,217

)

(15,829

)
        
TOTAL LIABILITIES AND  STOCKHOLDERS' EQUITY

$

234,622

$

263,482
 The accompanying notes are an integral part of these condensed consolidated financial statements.
 

Index

 
SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share amounts) 
Three Months Ended September 30,

2005

2004
        
REVENUE

$

24,550

$

27,404
        
EXPENSES:

      Depreciation and  amortization

19,441

90,771

      Cost of sales

55

52

      Selling, general  and administrative expenses

7,680

7,073

27,176

97,896
        
LOSS FROM OPERATIONS

(2,626

)

(70,492

)
        
Interest expense, net

(5,593

)

(8,147

)

Foreign currency  exchange gains

1,978

1,761
Reorganization items  
-  
(6,383
)
 

 
  
Loss from continuing  operations before income taxes

(6,241

)

(83,261

)
        
Benefit for income  taxes

(3,878

)

(2,583

)
        
Loss from continuing  operations

(2,363

)

(80,678

)
        
Income from  discontinued operations 

22

89
        
NET LOSS

$

(2,341

)

$

(80,589

)
        
Basic and diluted loss  per share:

             Loss from  continuing operations

$

(.02

)

$

(.76

)

             Income  from discontinued operations

-

-

             Net loss

$

(.02

)

$

(.76

)
        
Weighted average number  of common and common

      equivalent shares  - basic and diluted

152,745

106,289
 The accompanying notes are an integral part of these condensed consolidated financial statements.
 

 

Index
 SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share amounts)   
Nine Months Ended September 30,
 
2005

2004
       
REVENUE

$

107,817

$

103,764
       
EXPENSES:

      Depreciation and  amortization

76,363

139,193

      Cost of sales

143

261

      Selling, general  and administrative expenses

23,018

23,287

99,524

162,741
       
INCOME (LOSS) FROM  OPERATIONS

8,293

(58,977

)
       
Interest expense, net

(17,572

)

(18,415

)

Foreign currency  exchange gains

1,161

953

Loss on sale of  security

(11

)

-

Reorganization items

-

(12,415

)
       
Loss from continuing  operations before income taxes 

(8,129

)

(88,854

)

Benefit for income  taxes

(4,906

)

(2,272

)
       
Loss from continuing  operations 

(3,223

)

(86,582

)
       
Income from discontinued operations

41

133
       
NET LOSS

$

(3,182

)

$

(86,449

)
       
Basic and diluted loss  per share:

      Loss from  continuing operations

$

(.02

)

$

(1.65

)

      Income from  discontinued operations

-

-

      Net loss

$

(.02

)

$

(1.65

)
       
Weighted average number  of common and

      common equivalent  shares - basic and diluted

152,294

52,544
 The accompanying notes are an integral part of these condensed consolidated financial statements.
 

Index

 

SEITEL, INC. ANDSUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME (LOSS) (Unaudited)(In thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2005

2004

2005

2004

  
 
 
 
 
 
 
 
 
 
 
 
Net loss

$

(2,341

)

$

(80,589

)

$

(3,182

)

$

(86,449

)

  
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains  (losses) on securities held as 

      available for  sale

      Unrealized net  holding gains (losses) arising

             during  period

30

6

40

(73

)

      Less:  Reclassification adjustment for

             losses  included in income

-

-

11

-

  
 
 
 
 
 
 
 
 
 
 
 
Foreign currency  translation adjustments

1,424

882

1,241

108

  
 
 
 
 
 
 
 
 
 
 
 
Comprehensive loss

$

(887

)

$

(79,701

)

$

(1,890

)

$

(86,414

)

 

 

The accompanying notes are an integral part ofthese condensed consolidated financial statements.

 
Index
 

SEITEL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Inthousands, except share amounts) 

 

Accum-

ulated

Deferred

Notes

Other

Compen-

Receivable

Compre-

Additional

Retained

sation - 

from

hensive

Common Stock

Paid-In

Earnings 

Treasury Stock

Restricted

Officers &

Income

Shares

Amount

Capital

(Deficit)

Shares

Amount

Stock

Employees

(Loss)

Balance, December 31, 2003

25,811,601

$

258

$

166,630

$

(159,731

)

(435,918

)

$

(5,373

)

$

-

$

(124

)

$

2,062

 Proceeds from issuance of

     common stock, net of

     expenses

125,000,000

1,250

53,639

-

-

-

-

-

-

 Issuance of restricted stock

1,038,460

10

1,137

-

-

-

(1,147

)

-

-

 Issuance of common

     stock warrant

-

-

16,489

-

-

-

-

-

-

 Amortization of deferred

     compensation cost

-

-

-

-

-

-

22

-

-

 Retirement of treasury shares

(435,918

)

(4

)

(2,814

)

(2,555

)

435,918

5,373

-

-

-

 Payments received on notes 

     receivable from officers

     and employees

-

-

-

-

-

-

-

103

-

 Net loss

-

-

-

(92,098

)

-

-

-

-

 Foreign currency translation

     adjustments

-

-

-

-

-

-

-

1,106

 Unrealized loss on marketable 

     securities 

-

-

-

-

-

-

-

(62

)

Balance, December 31, 2004

151,414,143

1,514

235,081

(254,384

)

-

-

(1,125

)

(21

)

3,106

 Issuance of restricted stock

1,532,032

15

2,054

-

-

-

(2,069

)

-

-

 Cancellation of restricted stock

(230,064

)

(2

)

(302

)

-

-

-

304

-

-

 Amortization of deferred 

     compensation costs

-

-

-

-

-

-

556

-

-

 Accrual for restricted stock

     issuance under performance

     plan

-

-

904

-

-

-

-

-

-

 Expense related to stock options

-

-

22

-

-

-

-

-

-

 Payments received on notes 

     receivable from officers

     and employees

-

-

-

-

-

-

-

20

-

 Net loss

-

-

-

(3,182

)

-

-

-

-

-

 Foreign currency translation

     adjustments

-

-

-

-

-

-

-

-

1,241

 Unrealized gain on marketable 

     securities 

-

-

-

-

-

-

-

-

40

 Reclassification adjustment for

     losses on marketable securities

     included in income

-

-

-

-

-

-

-

-

11

Balance, September 30, 2005

 (unaudited)

152,716,111

$

1,527

$

237,759

$

(257,566

)

-

$

-

$

(2,334

)

$

(1

)

$

4,398

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 

Index

 

SEITEL, INC. ANDSUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)

 

Nine Months Ended September 30,
 

2005

2004

Cash flows from  operating activities:

Reconciliation of net  loss to net cash provided by operating activities

   of continuing  operations:

   Net loss

$

(3,182

)

$

(86,449

)

   Income from  discontinued operations, net of tax

(41

)

(133

)

   Depreciation and  amortization

76,363

139,193

   Deferred income tax  benefit

(5,512

)

(1,193

)

   Amortization of  deferred financing costs

1,115

1,657

   Amortization of debt  discount

426

105

   Amortization of  deferred compensation

556

2

   Allowance for  collection of trade receivables

10

75

   Non-cash  compensation expense

904

-

   Non-cash expense  related to stock options

22

-

   Non-cash sales

(12,404

)

(14,751

)

   Loss on sale of  security

11

-

   Loss on sale of  property and equipment

1

-

   Decrease in  receivables

10,485

304

   Decrease in other  assets

1,385

171

   Decrease in deferred  revenue

(4,275

)

(1,318

)

   Decrease in accounts  payable and other liabilities 

(8,942

)

(15,969

)

      Net cash provided  by operating activities of continuing operations

56,922

21,694
       
Cash flows from  investing activities:

   Cash invested in  seismic data 

(43,614

)

(38,836

)

   Cash paid to acquire  property and equipment

(670

)

(889

)

   Cash received from  disposal of property and equipment

13

-

   Cash from sale of  security

4

-

   Decrease in  restricted cash

78

41

      Net cash used in  investing activities of continuing operations

(44,189

)

(39,684

)
       
Cash flows from  financing activities:

   Proceeds from senior  note offering, net

-

182,858

   Principal payments  on senior notes

(4,000

)

(255,000

)

   Principal payments  on notes payable

(309

)

(5,439

)

   Principal payments  on capital lease obligations

(1,320

)

(1,061

)

   Proceeds from  issuance of common stock

-

75,000

   Costs of debt and  equity transactions

(185

)

(5,463

)

   Payments on notes  receivable from officers and employees

38

215

      Net cash used in  financing activities of continuing operations

(5,776

)

(8,890

)
       
Effect of exchange rate  changes 

(840

)

(856

)

Net cash provided by  discontinued operations

151

1,298

Net increase (decrease)  in cash and equivalents

6,268

(26,438

)
       
Cash and cash  equivalents at beginning of period

43,285

44,362

Cash and cash  equivalents at end of period

$

49,553

$

17,924
 The accompanying notes are an integral part of these condensed consolidated financial statements.
 

Index

 
SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - continued(in thousands) 
* *

Nine Months Ended September 30,

2005

2004

Supplemental disclosure of cash flow information:

   Cash paid during period for:

      Interest    

$

23,818

$

25,135

      Income taxes

$

8

$

166

Supplemental schedule of non-cash investing and financing activities:

   Additions to seismic data library

$

6,640

$

8,917
  The accompanying notes are an integral part of these condensed consolidated financial statements.
 

Index

 
**SEITEL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited)September 30, 2005 ****NOTE A-BASIS OF PRESENTATION **
The accompanyingunaudited financial statements of Seitel, Inc. and its subsidiaries (the"Company") have been prepared in accordance with generally acceptedaccounting principles for interim financial information and in accordance withthe instructions of Regulation S-X.  Accordingly, they do not include all ofthe information and notes required by accounting principles generally acceptedin the United States for complete financial statements.  In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals)considered necessary for a fair presentation have been included.  The condensedconsolidated balance sheet of the Company as of December 31, 2004, has beenderived from the audited balance sheet of the Company as of that date. Operating results for the nine months ended September 30, 2005 are notnecessarily indicative of the results that may be expected for the year endingDecember 31, 2005.  These unaudited financial statements should be read inconjunction with the financial statements and notes thereto for the year endedDecember 31, 2004 contained in the Company's Annual Report filed on Form 10-Kwith the Securities and Exchange Commission ("SEC").

**Contractual Obligations:**  Asof September 30, 2005, the Company had approximately $337.0 million ofoutstanding debt and lease obligations, with aggregate contractual cashobligations summarized as follows (in thousands):

Payments due by period

Remainder of

2006 -

2009-

2011 and

Contractual cash obligations

Total

2005

2008

2010

thereafter
              
Debt obligations (1) (2)

$

322,800

$

19

$

66,841

$

44,559

$

211,381

Capital lease obligations (2)

6,906

1,212

918

639

4,137

Operating lease obligations 

7,294

243

3,199

2,019

1,833

Total contractual cash obligations

$

337,000

$

1,474

$

70,958

$

47,217

$

217,351

 

(1)  Debtobligations include the face amount of the 11.75% senior notes totaling $189.0million.

(2)  Amountsinclude interest related to debt and capital lease obligations.

**NOTE B-REORGANIZATION PROCEEDINGS AND PLAN OFREORGANIZATION**

On July 21, 2003 (the "Petition Date"), Seitel,Inc. and its wholly owned U.S. subsidiaries filed voluntary petitions forrelief under Chapter 11 of the United States Bankruptcy Code (the"Bankruptcy Code") in the United States Bankruptcy Court for theDistrict of Delaware (the "Bankruptcy Court") (Chapter 11 Case No.03-12227 (PJW)).  Seitel, Inc. and its 30 U.S. subsidiaries that filedpetitions are collectively referred to herein as the "Debtors" andthe Chapter 11 Cases of these entities are collectively referred to herein asthe "Cases."  By order of the Bankruptcy Court dated July 25, 2003,the Cases were jointly administered.  From the Petition Date until theeffective date of its plan of reorganization, the Debtors operated theirbusiness and managed their properties as "Debtors-in-possession"pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code.  No trustee wasappointed in the Cases.  

None of the Company's direct or indirect subsidiaries or affiliatesincorporated in Canada or other non-U.S. jurisdictions filed Chapter 11.  Suchnon-filing, non-U.S. based subsidiaries and affiliates are called"non-Debtors".   

 

On January 17, 2004, the Debtors filedwith the Bankruptcy Court the third amended joint plan of reorganization (the"Plan"), which subsequently was amended on February 6, 2004. The Planwas supported by the Official Committee of Equity Holders of Seitel, Inc., aswell as Berkshire Hathaway, Inc. and Ranch Capital L.L.C., holders of $255million aggregate principal amount of the Company's old senior unsecured notes,and was accepted by the holders of more than 99.6% of the shares of theCompany's common stock who voted on the Plan.  On March 18, 2004, theBankruptcy Court confirmed the Plan and on July 2, 2004, the Plan becameeffective.

 

Index

 

In accordance with the Plan:
-  All of the Company's     outstanding allowed pre-petition claims were fully paid, in cash, together     with post-petition interest, except with respect to any disputed claims     and any claims that were reinstated under the Plan.-  On July 2, 2004, all 25,375,683     outstanding shares of the Company's common stock were cancelled and     converted into:-  25,375,683 shares of reorganized common stock, representing allof the outstanding shares of reorganized common stock on the effective date ofthe Plan, and
-  warrants to purchase an aggregate of 125,000,000 shares ofreorganized common stock ("Stockholder Warrants") at an exerciseprice of $.60 per share exercisable through August 2, 2004.
-  To the extent the Stockholder Warrants were not exercised in full prior to August 2, 2004, Mellon HBV Alternative Strategies LLC ("Mellon HBV") agreed (for itself and on behalf of certain of its affiliated funds and managed accounts, collectively the "Standby Purchasers") to purchase, at $.60 per share, after the Stockholder Warrants expired on August 2, 2004 but in no event later than August 12, 2004 (the "Guaranty Performance Date"), all shares of reorganized common stock not purchased upon the exercise of the Stockholder Warrants.   
-  As compensationfor Mellon HBV's obligation to act as Standby Purchasers, the Company issued tothem on August 12, 2004 warrants to purchase 15,037,568 shares of the Company'sreorganized common stock (the "Standby Purchaser Warrants"). TheStandby Purchaser Warrants are exercisable until August 12, 2011 at an initialexercise price of $.72 per share, subject to adjustment upon the occurrence ofcertain events.

On August 2, 2004, theexpiration date of the warrants, 24,183,206 Stockholder Warrants were exercisedand the Company issued 119,126,154 shares of common stock for $0.60 per shareor $71,475,693 in the aggregate.  On August 12, 2004, Mellon HBV purchased fromthe Company, at $0.60 per share, 5,873,846 shares of common stock not purchasedas a result of the exercise of Stockholder Warrants, for an aggregate of$3,524,307.  In total, the Company received $75 million of gross proceedsthrough the exercise of Stockholder Warrants and the sale of standby purchaseshares to Mellon HBV.

 

On July 2, 2004, the Companycompleted the private placement of $193.0 million face value 11.75% new seniornotes due 2011 for proceeds of $188.5 million which were placed in escrowpending the completion of the issuance of common stock pursuant to the Plan,among other things.  On August 12, 2004, the proceeds from the debt offering,net of underwriters' fees, of $182.9 million were released from escrow to theCompany.

 

The Company utilized the net proceedsfrom the exercise of Stockholder Warrants and the sale of shares to Mellon HBV,the net proceeds from the sale of the new senior notes along with availablecash to pay, in full, allowed pre-petition claims together with post-petitioninterest totaling approximately $291.0 million.  The payment of allowedpre-petition claims was completed on August 13, 2004.

 

Reorganization items under the Cases are expense or income items that were incurred or realized by the Debtors because they were in reorganization. These items include, but are not limited to, professional fees and similar types of expenses incurred directly related to the Cases, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors because they were not paying their pre-petition liabilities. For the three and nine months ended September 30, 2004, reorganization items were as follows (in thousands):

 

Three Months

Nine Months

Ended

Ended

September 30,

September 30,

2004

2004

Professional fees

$

3,918

$

9,227

Interest Income

(21

)

(98

)

Accelerated amortization of deferred debt issue costs

-

1,007

Reduction of pre-petition liabilities

(2

)

(517

)

Other

2,488

2,796

Total

$

6,383

$

12,415
 

 

Index

 

**NOTE C-REVENUE RECOGNITION**
*Revenue from Data Acquisition*
 

The Company generates revenue when it creates a newseismic survey that is initially licensed by one or more of its customers touse the resulting data.  The initial licenses usually provide the customer witha limited exclusivity period, which will normally last for six months afterfinal delivery of the processed data.  The payments for the initial exclusivelicenses are sometimes referred to as underwriting or prefunding.  Customersmake periodic payments throughout the creation period, which generallycorrespond to costs incurred and work performed.  These payments arenon-refundable.

 

Revenue from the creation of new seismic data isrecognized throughout the creation process using the proportional performancemethod based upon costs incurred and work performed to date as a percentage oftotal estimated costs and work required.  Management believes that this methodis the most reliable and representative measure of progress for its datacreation projects.  The duration of most data creation projects is generallyless than one year.  Under these contracts, the Company creates new seismicdata designed in conjunction with its customers and specifically suited to thegeology of the area using the most appropriate technology available. 

 

The Company outsources the substantial majority of thework required to complete data acquisition projects to third partycontractors.  The Company's payments to these third party contractors comprisethe substantial majority of the total estimated costs of the project and arepaid throughout the creation period.  A typical survey includes specificactivities required to complete the survey; each activity has value to thecustomers.  Typical activities, that often occur concurrently, include:
-  permitting for land access, mineral rights, and regulatoryapproval;
-  surveying;
-  drilling for the placement of energy sources; 
-  recording the data in the field; and 
-  processing the data.

The customers paying for the initial exclusive licensesreceive legally enforceable rights to any resulting product of each activity. The customers also receive access to and use of the newly acquired, processeddata.  

 

The customers' access to and use of the results of thework performed and of the newly acquired, processed data is governed by alicense agreement, which is a separate agreement from the acquisition contract.The Company's acquisition contracts require the customer either to have alicense agreement in place or to execute one at the time the acquisitioncontract is signed. The Company maintains sole ownership of the newly acquireddata, which is added to its library, and is free to license the data to othercustomers when the original customers' exclusivity period ends.  ******

 

Index

 
*Revenue from Non-Exclusive Data Licenses*
******The Company recognizes a substantial portion of its revenue from datalicenses sold after any exclusive license period.  These are sometimes referredto as resale licensing revenue, post acquisition license sales or shelf sales.

 

These sales fall under the following four basic forms ofnon-exclusive license contracts.
-  Specific license contract - The     customer licenses and selects data from the data library at the time the     contract is entered into and holds this license for a long-term period.-  Library card license contract -     The customer initially receives only access to data. The customer may then     select specific data, from the collection of data to which it has access,     to hold long-term under its license agreement. The length of the selection     periods under the library card contracts is limited in time.-  Review and possession license     contract - The customer obtains the right to review a certain quantity of     data for a limited period of time. During the review period, the customer     may select specific data from that available for review to hold long-term     under its license agreement. Any data not selected for long-term licensing     must be returned to the Company at the end of the review period.-  Review only license contract -     The customer obtains rights to review a certain quantity of data for a     limited period of time, but does not obtain the right to select specific     data to hold long-term.
The Company's non-exclusivelicense contracts specify the following:
-  that all customers must sign a license agreement governing theuse of data;
-  the specific payment terms, generally ranging from 30 days to 18months, and that such payments are non-cancelable and non-refundable; 
-  the actual data that is accessible to the customer; and 
-  that the data is licensed in     its present form, where is and as is and the Company is under no     obligation to make any enhancements, modifications or additions to the     data unless specific terms to the contrary are included.  
Revenue from the non-exclusivelicensing of seismic data is recognized when the following criteria are met:
-  the Company has an arrangement with the customer  that is validated by a signed contract;
-  the sales price is fixed and determinable; 
-  collection is reasonably assured;
-  the customer has selected the specific data or the contract hasexpired without full selection; and
-  the license term has begun.

Copies of the data are available to the customerimmediately upon request.

 

For licenses that have been invoiced but have not met theaforementioned criteria, the revenue is deferred along with the related directcosts (primarily sales commissions).  This normally occurs under the librarycard license contracts, review and possession license contracts or review onlylicense contracts because the data selection may occur over time. Additionally, if the contract allows licensing of data that is not currentlyavailable or enhancements, modifications or additions to the data are requiredper the contract, revenue is deferred until such time that the data isavailable for licensing.

 

 

Index

 
*Revenue from Non-Monetary Exchanges*
 

In certain cases, the Company will take ownership of acustomer's seismic data or revenue interest (collectively referred to as "data")in exchange for a non-exclusive license to selected seismic data from theCompany's library.  Occasionally, in connection with specific data acquisitioncontracts, the Company receives both cash and ownership of seismic data fromthe customer as consideration for the underwriting of new data acquisition. These exchanges are referred to as non-monetary exchanges.  Anon-monetary exchange always complies with the following criteria:  
-  the data license delivered is always distinct from the     data received;the customer forfeits ownership of its data; andthe Company retains ownership in its data.
This exchange is not a "like kind" exchangebecause the Company receives ownership of distinct data to be added to itslibrary, and this data may be relicensed by the Company on a continuing basis,in exchange for a data license. Once data selection or creation is completed,the exchange represents the culmination of the earnings process with thecustomer and is not merely an exchange between two seismic companies.

 

In non-monetary exchange transactions, the Company recordsa data library asset for the data received at the time the contract is enteredinto and recognizes revenue on the transaction in equal value in accordancewith its policy on revenue from data licenses, that is, when the seismic datais selected by the customer, or revenue from data acquisition, as applicable. The data license to the customer is in the form of one of the four basic formsof contracts discussed above.  These transactions are valued at the fair valueof the data received or delivered, whichever is more readily determinable.

 

Fair value of the data exchanged is determined using amulti-step process as follows:
-  First, the Company determines     the value of the license granted to the customer.  The range of cash     transactions by the Company for licenses of similar data during the prior     six months for licenses in the United States and for the prior twelve     months for licenses in Canada are evaluated. In evaluating the range of     cash transactions, the Company does not consider transactions that are     disproportionately high or low.-  Second, the Company considers     the value of the data received from the customer. In determining the value     of the data received, the Company considers the age, quality, current     demand and future marketability of the data as well as the cost that would     be required to create the data.  In the United States, the Company applies     a limitation on the value it assigns per square mile on the data     exchanged. In Canada, in the event of a difference greater than 2% between     the value of the license granted and the value of the data received, the     Company assigns the lower value to the exchange.  -  Third, the Company obtains     concurrence from an independent third party on the portfolio of all     non-monetary exchanges of $500,000 or more in order to support the     Company's valuation of the data received.  The Company obtains this     concurrence on an annual basis, usually in connection with the preparation     of its annual financial statements.
Due to the Company's revenue recognition policies, revenuerecognized on non-monetary exchange transactions may not occur at the same timethe seismic data acquired is recorded as an asset.  The activity related tonon-monetary exchanges was as follows (in thousands):

 

Three Months

Nine Months

Ended September 30,

Ended September 30,

2005

2004

2005

2004
             
Seismic data library  additions

$

1,851

$

687

$

6,640

$

8,836
             
Revenue recognized  based on

   selections of data

678

3,784

10,472

12,800
             
Revenue recognized  related to

   acquisition  contracts

1,235

32

1,932

1,870
*Revenue from Seitel Solutions*
Revenue from Seitel Solutions("Solutions") is recognized as the services for reproduction and delivery ofseismic data are provided to customers.

 

Index

 

**NOTE D-SEISMIC DATA LIBRARY**

** **

The Company's seismic datalibrary consists of seismic surveys that are offered for license to customerson a non-exclusive basis. Costs associated with creating, acquiring or purchasingthe seismic data library are capitalized and amortized principally on theincome forecast method subject to a straight-line amortization period of fouryears, applied on a quarterly basis at the individual survey level.

 

*Costs of Seismic Data Library*  

For purchased seismic data, the Company capitalizes the purchase price of theacquired data.  

For data received through a non-monetary exchange, the Company capitalizes anamount equal to the fair value of the data received by the Company or the fairvalue of the license granted to the customer, whichever is more readilydeterminable.  See Note C for discussion of the process used to determine fairvalue.

For internally created data, the capitalized costs include costs paid to thirdparties for the acquisition of data and related permitting, surveying and otheractivities associated with the data creation activity.  In addition, theCompany capitalizes certain internal costs related to processing the createddata.  Such costs include salaries and benefits of the Company's processingpersonnel and certain other costs incurred for the benefit of the processingactivity.  The Company believes that the internal processing costs capitalizedare not greater than, and generally are less than, those that would be incurredand capitalized if such activity were performed by a third party.  Capitalizedcosts for internal data processing were $433,000 and $446,000 and for the threemonths ended September 30, 2005 and 2004, respectively, and $1,274,000 and $1,319,000for the nine months ended September 30, 2005 and 2004, respectively. 

*Data Library Amortization*

The Company amortizes its seismic data library using the greater of theamortization that would result from the application of the income forecast methodsubject to a minimum amortization rate or a straight-line basis over the usefullife of the data.  Effective July 1, 2004, the estimated useful life of theCompany's seismic data was changed to four years (see *"Revision ofUseful Life"* below).  For existing surveys less than four years of ageat July 1, 2004, the revision in useful life is being recognized prospectivelyover the remaining useful life of each seismic survey.  With respect to eachsurvey in the data library, the useful life policy is applied from the timesuch survey is available for licensing to customers on a non-exclusive basis,since some data in the library may not be licensed until an exclusivity period(usually six months) has lapsed.

The Company applies the income forecast method by forecasting the ultimaterevenue expected to be derived from a particular data library component overthe estimated useful life of each survey comprising part of such component. This forecast is made by the Company annually and reviewed quarterly.  If,during any such review, the Company determines that the ultimate revenue for alibrary component is expected to be significantly different than the originalestimate of total revenue for such library component, the Company revises theamortization rate attributable to future revenue from each survey in suchcomponent.  Effective July 1, 2004, the lowest amortization rate the Companyapplies using the income forecast method is 70%.  In addition, in connectionwith the forecast reviews and updates, the Company evaluates the recoverabilityof its seismic data library, and if required under Statement of FinancialAccounting Standards ("SFAS") No. 144, "Accounting for theImpairment and Disposal of Long-Lived Assets," records an impairmentcharge with respect to such data.  See discussion on *"Seismic DataLibrary Impairment"* below.

The actual rate of amortization depends on the specific seismic surveyslicensed and selected by the Company's customers during the period.  As of October1, 2005, the amortization rates for all components are 70%.  Additionally,certain library components have been fully amortized; consequently, noamortization expense is required on revenue recorded for these librarycomponents.

 

Index

 

The greater of the income forecast or straight-line amortization policy isapplied quarterly on a cumulative basis at the individual survey level. Underthis policy, the Company first records amortization using the income forecastmethod.  The cumulative amortization recorded for each survey is then comparedwith the cumulative straight-line amortization. If the cumulative straight-lineamortization is higher for any specific survey, additional amortization expenseis recorded, resulting in accumulated amortization being equal to thecumulative straight-line amortization for such survey.  (See *"Revisionof Useful Life"* below.)  This requirement is applied regardless offuture-year revenue estimates for the library component of which the survey isa part and does not consider the existence of deferred revenue with respect tothe library component or to any survey.  

* *

*Revision of Useful Life*

 

The Company reevaluated its estimate of the useful life ofits seismic data library and, effective July 1, 2004, revised the estimateduseful life of all of its seismic data library to four years from five yearsfor offshore data and from seven years for onshore data.  In making thisdecision, the Company considered a number of factors, including, among others,the useful lives used by others in the industry, additional amortizationcharges recorded, previous impairment charges recorded and seismic industryconditions.  With respect to each survey in the data library, the useful lifepolicy is applied from the time such survey is available for licensing tocustomers generally, since some data in the library may not be licensed untilan exclusivity period (usually six months) has lapsed.  For existing surveysless than four years of age at July 1, 2004, the revision in useful life isbeing recognized prospectively over the remaining useful life of each seismicsurvey.

 

Since certain surveys within the seismic data library wereolder than the revised estimate of useful life, the Company recorded additionalamortization expense of $59.1 million on July 1, 2004, the date the revisionbecame effective.  The effect from this change on reported results was areduction in net income of $3.4 million, or $.02 per share, for the nine monthsended September 30, 2005.

 

*Seismic Data Library Impairment*

******The Company evaluates its seismic data library by grouping individualsurveys into components based on its operations and geological and geographicaltrends, resulting in the following data library segments for purposes ofevaluating impairments:  (I) Gulf of Mexico offshore comprised of the followingcomponents:  (a) multi-component data, (b) value-added products, (c) oceanbottom cable data, (d) shelf data, and (e) deep water data; (II)  North Americaonshore comprised of the following components: (a) Texas Gulf Coast, (b)northern, eastern and western Texas, (c) southern Louisiana/Mississippi, (d)northern Louisiana, (e) Rocky Mountains, (f) North Dakota, (g) other UnitedStates, (h) Canada and (i) value-added products, and (III) international dataoutside North America.  The Company believes that these library componentsconstitute the lowest levels of independently identifiable cash flows.

 

As events or conditions require,the Company evaluates the recoverability of its seismic data library inaccordance with SFAS No. 144.  The Company evaluates its seismic data libraryfor impairment whenever events or changes in circumstances indicate that thecarrying amounts may not be recoverable.  The Company considers the level of salesperformance in each component compared to projected sales, as well as industryconditions, among others, to be key factors in determining when its seismicdata should be evaluated for impairment.  In evaluating sales performance ofeach component, the Company generally considers three consecutive quarters ofactual performance below forecasted sales, among other things, to be anindicator of potential impairment.

****In accordance with SFAS No. 144, the impairment evaluation is based firston a comparison of the undiscounted future cash flows over each component'sremaining estimated useful life with the carrying value of each librarycomponent.  If the undiscounted cash flows are equal to or greater than thecarrying value of such component, no impairment is recorded.  If undiscountedcash flows are less than the carrying value of any component, the forecast offuture cash flows related to such component is discounted to fair value andcompared with such component's carrying amount. The difference between thelibrary component's carrying amount and the discounted future value of theexpected revenue stream is recorded as an impairment charge.

For purposes of evaluating potential impairment losses, the Company estimatesthe future cash flows attributable to a library component by evaluating, amongother factors, historical and recent revenue trends, oil and gas prospectivityin particular regions, general economic conditions affecting its customer baseand expected changes in technology. The cash flow estimates exclude expectedfuture revenues attributable to non-monetary data exchanges and future datacreation projects.

 

 

Index

 

The estimation of future cash flows and fair value is highly subjective andinherently imprecise.  Estimates can change materially from period to periodbased on many factors, including those described in the preceding paragraph.Accordingly, if conditions change in the future, the Company may record furtherimpairment losses relative to its seismic data library, which could be materialto any particular reporting period.

 

**NOTE E-DISCONTINUED OPERATIONS**

****In June 2002, the Company's Board of Directors unanimously adopted aplan to dispose of the Company's oil and gas operations by sale. Accordingly,the Company's consolidated financial statements report the oil and gasoperations as discontinued operations.  In January 2004, the Company sold aportion of its remaining oil and gas assets for approximately $1,287,000.  TheCompany continues to market its remaining oil and gas assets for sale.

Revenue from discontinued operations was $49,000 and $54,000 for the threemonths ended September 30, 2005 and 2004, respectively, and $136,000 and $164,000for the nine months ended September 30, 2005 and 2004, respectively. Pre-taxincome from discontinued operations was $22,000 and $89,000 for the threemonths ended September 30, 2005 and 2004, respectively, and $41,000 and $133,000for the nine months ended September 30, 2005 and 2004, respectively. 

The Company uses the full-cost method of accounting for its oil and gasoperations.

 

**NOTE F-INCOME TAXES**

 

As of September 30, 2005, theCompany has a net deferred tax asset of $5.7 million attributable to itsCanadian operations.  During 2005, the Company determined that it was morelikely than not that the deferred tax asset related to its Canadian operationswould be realized; thus, the valuation allowance previously provided againstthis deferred tax asset was reversed resulting in the net deferred tax asset.  Inthe U.S., the Company has a net deferred tax asset of $92.7 million, all ofwhich is fully offset by a valuation allowance.  Additionally, in Canada, the Company has a remaining net deferred tax asset of $4,000, all of which is fullyoffset by a valuation allowance.  The recognition of such remaining deferredtax assets will not occur until such time that it is more likely than not thatsome portion or all of the deferred tax asset will be realized.  As of September30, 2005, the recovery of such remaining deferred tax assets is not assured ofrealization.

The following is the detail ofincome tax expense (benefit) for the three and nine months ended September 30,2005 (in thousands):

Three Months

Nine Months

Ended 

Ended 

September 30, 2005

September 30, 2005

U.S.

Canada

U.S.

Canada

Tax expense (benefit)  resulting from:

   Current operations

$

207

$

(324

)

$

230

$

1,040

   Reversal of  valuation allowance

-

(3,761

)

-

(6,176

)

   Total tax expense  (benefit)

$

207

$

(4,085

)

$

230

$

(5,136

)
 NOTE G-DEBT
The following is a summary of the Company's debt (in thousands):

 

September 30,

December 31,

2005

2004

11.75% Senior  Notes

$

189,000

$

193,000

Revolving  Credit Facility

-

-

Subsidiary  revolving line of credit

-

-

Note payable  to former executive

388

415

Term loans

-

282

189,388

193,697

Less:  Debt  discount

(3,848

)

(4,274

)

$

185,540

$

189,423

 

 

Index

 

**11.75%Senior Notes:**  OnJuly 2, 2004, the Company completed a private placement of Senior UnsecuredNotes ("Senior Notes") in the aggregate principal amount of $193.0million.  The Senior Notes were offered at a discount of 2.325% from theirprincipal amount at maturity to yield 12.25% and resulted in cash proceeds,before offering expenses, of approximately $188.5 million received by theCompany on August 12, 2004, following release of the funds from escrow. Interest on the Senior Notes is payable semi-annually on January 15 and July 15at the annual rate of 11.75%.  The Senior Notes mature on July 15, 2011.  TheSenior Notes are unsecured and are guaranteed by substantially all of theCompany's U.S. subsidiaries on a senior basis.  The Senior Notes containrestrictive covenants that limit the Company's ability to, among other things,incur additional indebtedness, make capital expenditures in excess of specifiedamounts, pay dividends and complete mergers, acquisition and sales of assets. As required by their terms, the Senior Notes were exchanged for senior notes oflike amounts and terms in a publicly registered exchange offer in February2005.

 

From time to time on or before July 15, 2007, theCompany may redeem up to 35% of the aggregate principal amount of the SeniorNotes with the net proceeds of equity offerings at a redemption price equal to111.75% of the principal amount, plus accrued and unpaid interest.  Subject to certainconditions, if at the end of each fiscal year the Company has excess cash flow(as defined in the indenture) in excess of $5.0 million, the Company will berequired to use 50% of the excess cash flow to fund an offer to repurchase theSenior Notes on a pro rata basis at 100% of its principal amount, plus accruedand unpaid interest.  If the Company has less than $5.0 million in excess cashflow at the end of any fiscal year, such excess cash flow will be carriedforward to succeeding years, and such repurchase offer will be required to bemade in the first year in which the cumulative excess cash flow for all yearsin which there has not been an offer is at least $5.0 million.  Such repurchaseoffer will be required only if there is no event of default under the Company'srevolving credit facilities prior to and after giving effect to the repurchasepayment.  Because of excess cash flow generated for the year ended December 31,2004, in the first quarter of 2005 the Company made a repurchase offer for principalof up to $4.8 million to the holders of its Senior Notes.  $4.0 millionprincipal amount of Senior Notes were tendered, and the Company made payment,including accrued interest, of $4.1 million on May 5, 2005.  Upon a change ofcontrol (as defined in the indenture), each holder of the Senior Notes willhave the right to require the Company to offer to purchase all of such holder'snotes at a price equal to 101% of the principal amount, plus accrued and unpaidinterest.

 

**Revolving Credit Facility:**  On April 16, 2004, theCompany entered into a revolving credit facility with Wells Fargo Foothill,Inc., as lender, to which a revolving loan commitment of $30 million, subjectto borrowing base limitations, was made available on July 2, 2004.  Interest ispayable at an applicable margin above either LIBOR or the prime rate. Borrowings under the revolving credit facility are secured by a first priority,perfected security interest in and lien on substantially all of the Company's U.S. assets and a pledge of all of the issued and outstanding capital stock of the Company's U.S. subsidiaries.  The revolving credit facility contains covenants requiring the Companyto achieve and maintain certain financial results, and restricts, among otherthings, the amount of capital expenditures, the ability to incur additionalindebtedness and the ability to grant additional liens.  The revolving creditfacility requires the payment of an unused line fee of .375% per annum payablein arrears.

 

**Subsidiary Revolving****Line of Credit:**  TheCompany's wholly owned subsidiary, Olympic Seismic Ltd. ("Olympic"),has a revolving credit facility, which allows it to borrow up to $5 million(Canadian) subject to an availability formula by way of prime-based loans,bankers' acceptances or letters of credit. The rate applicable to borrowings isthe bank's prime rate plus 0.35% per annum and the bankers' acceptances is 1.50%per annum.  Letter of credit fees are based on scheduled rates in effect at thetime of issuance. The facility is secured by the assets of Olympic, SEIC TrustAdministration Ltd. (as sole trustee of, and for and on behalf of, SEICBusiness Trust) and SEIC Holdings, Ltd., but is not guaranteed by Seitel, Inc.or any of its other U.S. subsidiaries.  However, all intercompany debt owing byOlympic, SEIC Trust Administration Ltd., SEIC Business Trust or SEIC Holdings,Ltd. to Seitel, SEIC Partners' Limited Partnership or to any Seitel U.S.subsidiary (approximately $37.9 million (Canadian) at September 30, 2005)has been subordinated to the repayment of the revolving credit facility. Available borrowings under the facility are equivalent to a maximum of $5million (Canadian), subject to a requirement that such borrowings may notexceed 75% of good accounts receivable (as defined in the agreement) of SEICTrust Administration, less prior-ranking claims, if any, relating to inventoryor accounts. The facility is subject to repayment upon demand and is availablefrom time to time at the bank's sole discretion.

 

**Note Payable to Former Executive:**  In connectionwith the settlement of certain litigation, the Company entered into a notepayable to a former executive consisting of payments of $6,417 per month for 36months commencing June 2003, and payments of $6,000 per month for 84 monthscommencing June 2006.  The note is non-interest bearing.  The note isguaranteed by Olympic. 

 

 

Index

 

**Other:**  In 2004, theCompany entered into a short-term financing arrangement totaling $361,000 inorder to finance certain of its insurance premiums.  The loan was paid in fullin the third quarter of 2005.

**NOTE H-EARNINGS PER SHARE**

In accordance with SFAS No. 128, "Earnings per Share," basic earningsper share is computed based on the weighted average shares of common stockoutstanding during the periods.  Diluted earnings per share is computed basedon the weighted average shares of common stock plus the assumed issuance ofcommon stock for all potentially dilutive securities.  For the three and ninemonths ended September 30, 2005 and 2004, the Company did not have anypotentially dilutive securities.  A weighted average number of options andwarrants to purchase 6,878,000, 1,482,000, 6,569,000 and 2,574,000 shares ofcommon stock were outstanding during the third quarter of 2005 and 2004 and thenine months ended September 30, 2005 and 2004, respectively, but were notincluded in the computation of diluted per share income because they wereantidilutive.  

 

The Company accounts for employee stock-basedcompensation using the intrinsic value method prescribed by AccountingPrinciples Board ("APB") Opinion No. 25, "Accounting for StockIssued to Employees."  APB Opinion No. 25 generally does not requirecompensation costs to be recorded on options which have exercise prices atleast equal to the market price of the stock on the date of grant. Accordingly,no compensation cost has been recognized for the Company's stock-based plans.Had compensation cost for the Company's stock-based compensation plans beendetermined based on the fair value at the grant dates for awards under thoseplans consistent with the optional accounting method prescribed by SFAS No.123, "Accounting for Stock-Based Compensation" and expensed pro-rataover the vesting period of the awards, the Company's net loss and loss per sharewould have been reduced to the pro forma amounts indicated below (in thousands,except per share data):

 
  Three Months Ended  Nine Months Ended   September 30,   September 30,    2004  2005  2005  2004 
Net loss:

      As reported

$

(2,341

)

$

(80,589

)

$

(3,182

)

$

(86,449

)

      Less:  Total stock-based  employee expense

            determined under SFAS  No. 123, net of tax

-

(41

)

-

(1,062

)

      Pro forma

$

(2,341

)

$

(80,630

)

$

(3,182

)

$

(87,511

)

Basic and diluted income (loss) per share:

      As reported

$

(.02

)

$

(.76

)

$

(.02

)

$

(1.65

)

      Pro forma

$

(.02

    )

$

(.76

    )

$

(.02

    )

$

(1.67

    )

For issuances of restricted stock to employees,compensation expense is determined as the difference between the purchaseprice, if any, and the fair market value of such stock on the date ofissuance.  Such compensation expense is recognized pro-rata over the vestingperiods of the awards.

**NOTE I-STATEMENT OF CASH FLOW INFORMATION**

The Company had restricted cashat September 30, 2005 and December 31, 2004 of $84,000 and $162,000,respectively, related to collateral on a seismic operations bond.

During the nine months ended September30, 2005 and 2004, the Company had non-cash additions to its seismic datalibrary comprised of the following (in thousands):  

* *

Nine Months Ended September 30,

2005

2004

Non-monetary exchanges

$

6,640

$

8,836

Offset of certain data  creation costs against amounts due from the

customer for data  license fees and certain data creation costs that

were paid to the Company's vendors from an escrow account

maintained jointly by the Company and its customer

-

81

Total non-cash  additions

$

6,640

$

8,917

 

Index

 

Non-cash sales consistedof the following for the nine months ended September 30, 2005 and 2004 (inthousands):

 

* *

Nine Months Ended September 30,

2005

2004

Acquisition revenue on underwriting from non-monetary

exchange contracts

$

1,932

$

1,870

Licensing revenue from selections on non-monetary exchange  contracts

10,472

12,800

Offset of certain data creation costs against amounts due  from the

customer for data license fees and certain data creation  costs that

were paid to the Company's vendors from an escrow account

maintained jointly by the Company and its customer

-

81

Total non-cash revenue

$

12,404

$

14,751

Operatingcash flows resulting from reorganization items for the nine months ended September30, 2004 included the following (in thousands):

Nine Months

Ended September 30,

2004

Interest  received on cash accumulated

     because  of the Chapter 11 proceeding

$

(98

)

Professional  and other fees paid for services 

     rendered  in connection with the Chapter 11 proceeding

14,176

$

14,078

 

**NOTE J-COMMITMENTSAND CONTINGENCIES**

 
Litigation
 

See "Note B - ReorganizationProceedings and Plan of Reorganization" for a detailed discussion of theCompany's Chapter 11 reorganization and the Plan.

The Company and certain of its former and currentofficers and directors were named as defendants in eleven lawsuits brought asclass actions alleging violations of the federal securities laws, all of whichwere consolidated by an Order entered August 7, 2002, under Cause No. 02-1566,styled *In re Seitel, Inc. Securities Litigation*, in the United StatesDistrict Court for the Southern District of Texas. The Court appointed a leadplaintiff and lead counsel for plaintiffs, who subsequently filed aconsolidated amended complaint, which added the Company's previous auditors,Ernst & Young LLP, as a defendant. The consolidated amended complaintalleged that during a proposed class period of May 5, 2000 through April 1, 2002, the defendants violated sections 10(b) and 20(a) of the Securities andExchange Act of 1934 by overstating revenues in violation of generally acceptedaccounting principles. The plaintiffs sought an unspecified amount of actualand exemplary damages, costs of court, pre- and post-judgment interest andattorneys' and experts' fees.  The Company, its named current and/or formerdirectors and officers, and the class representative entered into a memorandumof understanding, which contemplated allowance of a "class claim" toassert the rights of the class in the Chapter 11 Cases and an ultimatesettlement for cash to be funded out of the Debtors' cash and directors' andofficers' insurance policies. The memorandum of understanding was approved uponnotice and a hearing by order of the Bankruptcy Court dated December 10, 2003. Pursuant thereto, the Company funded its portion of the settlement amount($980,000) to an escrow account in 2003. The parties have since finalized theirsettlement agreement, which contains terms substantially in accordance with theterms of the memorandum of understanding. On December 29, 2004, the Bankruptcy Court granted Seitel's motion for approval of the parties' full settlementagreement. By order dated July 29, 2005, the United States District Courtapproved the parties' settlement. The carrier of the Company's directors' andofficers' insurance policies has timely funded the balance of the settlement (itsportion), in accordance with the terms of the order.  The action is expected tocontinue as between the class representative and Ernst & Young LLP.

 

Index

 

On July 18, 2002, Paul Frame, the Company's former chief executive officer, sued the Company in the 113th  Judicial District Court of Harris County, No. 2002-35891. Mr. Frame alleged abreach of his employment contract and defamation. He also sought a declaratoryjudgment that certain funds he received from the Company were proper and do nothave to be repaid.  Mr. Frame filed claims totaling $20.2 million in theCompany's Chapter 11 Cases, which have been disallowed by order of theBankruptcy Court.  On April 1, 2005, the Company filed a motion for summaryjudgment seeking dismissal of Mr. Frame's complaint in the District Court.  Inlate April 2005, Mr. Frame filed a motion for leave to file an amendedcomplaint in the District Court.  Hearing dates have not been set for theseApril 2005 motions.  In 2002, the Company filed a counter suit to recoverapproximately $4.2 million in corporate funds that the Company believes Mr.Frame inappropriately caused the Company to pay him or for his benefit plusover $800,000 due on two notes that were accelerated pursuant to theirrespective terms. The Company also holds a judgment against Mr. Frame in theamount of at least $590,000 relating to a loan made to Mr. Frame by Bank OneN.A. and guaranteed by the Company.  The Company has requested and isinvestigating information with respect to Mr. Frame and the nature and extentof his assets for purposes of analyzing whether to continue pursuit of thecivil litigation described above and potential debt collection.  The partiesfiled a joint motion to abate the above proceedings for a limited time.

 

The Company and its subsidiary,Seitel Data, Ltd., were parties to a class action lawsuit for geophysicaltrespass entitled *Juan O. Villarreal v. Grant Geophysical, Inc.*, et al.,Cause No. DC-00-214, in the 229th District Court of Starr County, Texas that was initiated on April 1, 2002. The plaintiffs sued a number of defendants,including the Company and Seitel Data, Ltd. The plaintiffs alleged that certaindefendants conducted unauthorized 3-D seismic exploration of the mineralinterests by obtaining seismic data on adjoining property, and sold theinformation obtained to other defendants. The plaintiffs sought an unspecifiedamount of damages. All defendants obtained summary judgments dismissing theplaintiffs' claims, and the plaintiffs appealed to the San Antonio Court ofAppeals under Cause No. 04-02-00674-CV. During the pendency of the Company'sbankruptcy proceedings, the San Antonio Court of Appeals affirmed the trialcourt's decision as to the Company's co-defendants and stayed the appeal as tothe Company. The Texas Supreme Court denied plaintiffs Petition for Certiorari,refusing to hear the matter.  The plaintiff filed an unliquidated claim (amountunspecified) in the Chapter 11 Cases. The Company objected to this claim, whichwas withdrawn by order of the Bankruptcy Court dated June 29, 2005.  This June 2005 order includes the plaintiffs' agreement to dismiss their appeal, andthe parties are preparing an agreed order of dismissal to be filed with the SanAntonio Court of Appeals.

 

The Company sued its former in-housecounsel and law firm in *Seitel, Inc. v. Cynthia Moulton and FranklinCardwell & Jones, P.C.,* Cause No. 2003-09151 in the 127th Judicial District Court of Harris County, Texas. The suit alleges negligence, breach offiduciary duty and breach of contract in relation to Seitel's engagement of thelaw firm Franklin Cardwell & Jones to manage its legal matters and surroundingthe settlement of a personal lawsuit against the former chief executive officerand other aspects of representation. The Company seeks recovery for fees paidof approximately $750,000, disgorgement of attorneys' fees, and relatedexpenses. Initial pleadings were filed on February 21, 2003 and discovery is underway.  On July 29, 2005, the parties' attempt at mediation was notsuccessful.  The trial, originally set for October 2005, has been reset toFebruary 20, 2006.  The defendants have joined Paul Frame and Kevin Fiur, bothof whom were the Company's former chief executive officers, in the action.

 

In addition to the lawsuitsdescribed above, the Company is involved from time to time in ordinary, routineclaims and lawsuits incidental to its business. In the opinion of management,uninsured losses, if any, resulting from the ultimate resolutions of thesematters should not be material to the Company's financial position or resultsof operation. 

 

It is not possible to predict ordetermine the outcomes of the legal actions brought against it or by it, or to providean estimate of all additional losses, if any, that may arise. At September 30, 2005, the Company did not have any amounts accrued related to the claims setforth above, as all amounts have been paid or the Company believes it is notprobable that any amounts will be paid relative to the litigation and claimsset forth above.  However, if one or more of the parties were to prevailagainst the Company in one or more of the cases described above that have notbeen settled, the amounts of any judgments against the Company or settlementsthat the Company may enter into, could be material to the Company's financialstatements for any particular reporting period.

 

Index
NOTE K-SUPPLEMENTAL GUARANTORS CONSOLIDATINGCONDENSED FINANCIAL INFORMATION
On July 2, 2004, Seitel, Inc.(the "Parent") completed a private placement of 11.75% SeniorUnsecured Notes in the aggregate principal amount of $193.0 million of which$189.0 million was outstanding at September 30, 2005. Seitel, Inc.'s paymentobligations under the Senior Notes are jointly and severally guaranteed bycertain of its 100% owned U.S. subsidiaries ("GuarantorSubsidiaries"). All subsidiaries of Seitel, Inc. that do not guaranty theSenior Notes are referred to as Non-Guarantor Subsidiaries. 

The consolidating condensedfinancial statements are presented below and should be read in connection withthe Condensed Consolidated Financial Statements of the Company. Separatefinancial statements of the Guarantor Subsidiaries are not presented because(i) the Guarantor Subsidiaries are wholly-owned and have fully andunconditionally guaranteed the Senior Notes on a joint and several basis, and(ii) the Company's management has determined such separate financial statementsare not material to investors. 

The following consolidatingcondensed financial information presents: the consolidating condensed balancesheets as of September 30, 2005 and December 31, 2004, and the consolidatingcondensed statements of operations and statements of cash flows for the ninemonths ended September 30, 2005 and 2004 of (a) the Parent; (b) the GuarantorSubsidiaries; (c) the Non-Guarantor Subsidiaries; (d) elimination entries; and(e) the Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiarieson a consolidated basis. 

Investments in subsidiaries areaccounted for on the equity method. The principal elimination entries eliminateinvestments in subsidiaries, intercompany balances, intercompany transactionsand intercompany sales. 

 

Index

**CONSOLIDATINGCONDENSED BALANCE SHEET**

**As of September30, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

 

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                       
ASSETS

   Cash and equivalents

$

-

$

38,337

$

11,216

$

-

$

49,553

   Restricted cash

-

84

-

-

84

   Receivables

      Trade, net

-

22,728

9,772

-

32,500

      Notes and other,  net

59

21

172

-

252

   Intercompany  receivables (payables)

262,634

(247,776

)

(14,858

)

-

-

   Investment in  subsidiaries

(95,990

)

244,469

48,125

(196,604

)

-

   Net seismic data  library

-

75,691

49,318

(2,207

)

122,802

   Net other property and equipment

-

4,934

4,087

-

9,021

   Oil and gas  operations held for sale

-

191

-

-

191

   Investment in  marketable securities

-

-

71

-

71

   Prepaid expenses,  deferred charges

      and other assets

6,705

7,021

733

-

14,459

   Deferred income  taxes

-

-

5,689

-

5,689
                
   TOTAL ASSETS

$

173,408

$

145,700

$

114,325

$

(198,811

)

$

234,622
                
LIABILITIES AND  STOCKHOLDERS'

   EQUITY

   Accounts payable and  accrued liabilities

$

7,384

$

6,500

$

3,417

$

-

$

17,301

   Income taxes payable

-

-

184

-

184

   Oil and gas  operations held for sale

-

31

-

-

31

   Senior Notes

185,152

-

-

-

185,152

   Notes payable

388

-

-

-

388

   Obligations under  capital leases

1,107

-

2,971

-

4,078

   Deferred revenue

-

34,755

8,950

-

43,705

TOTAL LIABILITIES

194,031

41,286

15,522

-

250,839
                
STOCKHOLDERS' EQUITY

   Common stock

1,527

-

-

-

1,527

   Additional paid-in  capital

237,759

-

-

-

237,759

   Parent investment

-

209,770

27,632

(237,402

)

-

   Retained earnings  (deficit)

(257,566

)

(105,346

)

66,765

38,581

(257,566

)

   Deferred  compensation - restricted stock 

(2,334

)

-

-

-

(2,334

)

   Notes receivable  from officers

      and employees

-

(1

)

-

-

(1

)

   Accumulated other  comprehensive

      income (loss)

(9

)

(9

)

4,406

10

4,398

TOTAL STOCKHOLDERS'  EQUITY (DEFICIT)

(20,623

)

104,414

98,803

(198,811

)

(16,217

)
                
TOTAL LIABILITIES AND

   STOCKHOLDERS' EQUITY      

$

173,408

$

145,700

$

114,325

$

(198,811

)

$

234,622

 

Index

**CONSOLIDATINGCONDENSED STATEMENT OF OPERATIONS**

**For the NineMonths Ended September 30, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
 
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                                                                     
REVENUE

$

-

$

70,315

$

40,772

$

(3,270

)

$

107,817
                
EXPENSES:

   Depreciation and  amortization

-

48,208

28,428

(273

)

76,363

   Cost of sales

-

123

20

-

143

   Selling, general and

      administrative  expenses

1,504

14,836

9,948

(3,270

)

23,018

1,504

63,167

38,396

(3,543

)

99,524
                
INCOME (LOSS) FROM  OPERATIONS

(1,504

)

7,148

2,376

273

8,293
                
Interest expense, net

(1,517

)

(14,696

)

(1,359

)

-

(17,572

)

Foreign currency  exchange gains

-

5

1,156

-

1,161

Loss on sale of  security

-

-

(11

)

-

(11

)

Dividend income from  subsidiary

-

96

-

(96

)

-
                
Income (loss) from  continuing operations 

   before income taxes  and equity in 

   income of  subsidiaries 

(3,021

)

(7,447

)

2,162

177

(8,129

)

Provision (benefit) for  income taxes

-

230

(5,136

)

-

(4,906

)

Equity in income (loss)  of subsidiaries

(161

)

7,306

-

(7,145

)

-
                
Income (loss) from  continuing operations 

(3,182

)

(371

)

7,298

(6,968

)

(3,223

)
                
Income from  discontinued operations,

   net of tax

-

41

-

-

41
                
NET INCOME (LOSS)

$

(3,182

)

$

(330

)

$

7,298

$

(6,968

)

$

(3,182

)

 

Index

**CONSOLIDATINGCONDENSED STATEMENT OF CASH FLOWS**

**For the NineMonths Ended September 30, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

       

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                             
Cash flows  from operating activities:

            Net  cash provided by (used in) 

                  operating  activities of

                  continuing  operations

$

(24,959

)

$

51,903

$

29,978

$

-

$

56,922
                                        
Cash flows from investing activities:

       Cash  invested in seismic data

-

(21,281

)

(22,333

)

-

(43,614

)

       Cash  paid to acquire property

            and  equipment

-

(494

)

(176

)

-

(670

)

       Cash  received from disposal of property

            and  equipment

-

-

13

-

13

       Cash  from sale of security

-

-

4

-

4

       Decrease  in restricted cash

-

78

-

-

78

            Net  cash used in investing activities 

                 of continuing operations

-

(21,697

)

(22,492

)

-

(44,189

)
                                        
Cash flows from financing activities:

       Principal  payments on senior notes

(4,000

)

-

-

-

(4,000

)

       Principal  payments on notes payable

(27

)

(282

)

-

-

(309

)

       Principal  payments on capital

            lease  obligations

(1,295

)

-

(25

)

-

(1,320

)

       Costs  of debt and equity transactions

(185

)

-

-

-

(185

)

       Payments  on notes receivable from 

            officers,  employees and director

-

38

-

-

38

       Intercompany  transfers

30,466

(22,521

)

(7,945

)

-

-

            Net  cash provided by (used in) 

                 financing  activities of

                 continuing  operations

24,959

(22,765

)

(7,970

)

-

(5,776

)
                                                                
Effect of  exchange rate changes

-

-

(840

)

-

(840

)

Net cash  provided by discontinued

       operations

-

151

-

-

151

Net increase (decrease)  in cash

       and  equivalents

-

7,592

(1,324

)

-

6,268

Cash and  equivalents at beginning of period

-

30,745

12,540

-

43,285

Cash and  equivalents at end of period

$

-

$

38,337

$

11,216

$

-

$

49,553

                                                                                                    

 

Index

**CONSOLIDATINGCONDENSED BALANCE SHEET**

**As of December 31,2004**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                      
ASSETS

   Cash and equivalents

$

-

$

30,745

$

12,540

$

-

$

43,285

   Restricted cash

-

162

-

-

162

   Receivables

      Trade, net

-

27,754

13,410

-

41,164

      Notes and other,  net

-

143

2,006

-

2,149

   Intercompany  receivables (payables)

273,516

(255,917

)

(17,599

)

-

-

   Investment in  subsidiaries

(94,501

)

235,512

46,602

(187,613

)

-

   Net seismic data  library

-

102,537

51,183

(2,490

)

151,230

   Net other property and equipment

-

5,837

5,240

-

11,077

   Oil and gas  operations held for sale

-

223

-

-

223

   Investment in  marketable securities

-

-

33

-

33

   Prepaid expenses,  deferred charges

     and other assets

7,509

5,377

1,273

-

14,159
                                                                                        
   TOTAL ASSETS

$

186,524

$

152,373

$

114,688

$

(190,103

)

$

263,482
                      
LIABILITIES AND  STOCKHOLDERS'

   EQUITY

      Accounts payable  and accrued liabilities

$

13,905

$

10,625

$

5,942

$

-

$

30,472

      Oil and gas  operations held for sale

-

28

-

-

28

      Senior Notes

188,726

-

-

-

188,726

      Notes payable

415

282

-

-

697

      Obligations under  capital leases

2,402

-

2,892

-

5,294

      Deferred income  taxes

-

-

606

-

606

      Deferred revenue

-

36,714

16,774

-

53,488

TOTAL LIABILITIES

205,448

47,649

26,214

-

279,311
                      
STOCKHOLDERS' EQUITY

   Common stock

1,514

-

-

-

1,514

   Additional paid-in  capital

235,081

-

-

-

235,081

   Parent investment

-

209,770

25,882

(235,652

)

-

   Retained earnings  (deficit)

(254,384

)

(105,016

)

59,467

45,549

(254,384

)

   Deferred compensation  - restricted stock 

(1,125

)

-

-

-

(1,125

)

   Notes receivable  from officers

      and employees

-

(21

)

-

-

(21

)

   Accumulated other  comprehensive

      income (loss)

(10

)

(9

)

3,125

-

3,106

TOTAL STOCKHOLDERS'  EQUITY (DEFICIT)

(18,924

)

104,724

88,474

(190,103

)

(15,829

)
                      
TOTAL LIABILITIES AND      

   STOCKHOLDERS' EQUITY      

$

186,524

$

152,373

$

114,688

$

(190,103

)

$

263,482
** **
 

Index

 
 
**CONSOLIDATINGCONDENSED STATEMENT OF OPERATIONS**

**For the NineMonths Ended September 30, 2004**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

       

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                                                                                               
REVENUE

$

-

$

77,494

$

31,480

$

(5,210

)

$

103,764
                      
EXPENSES:

   Depreciation and  amortization

-

110,173

29,306

(286

)

139,193

   Cost of sales

-

217

44

-

261

   Selling, general and  administrative

      expenses

1,493

16,184

10,820

(5,210

)

23,287

1,493

126,574

40,170

(5,496

)

162,741
                                                                            
LOSS FROM OPERATIONS

(1,493

)

(49,080

)

(8,690

)

286

(58,977

)
                                                                            
Interest expense, net

(495

)

(16,885

)

(1,035

)

-

(18,415

)

Foreign currency  exchange losses

-

(3

)

956

-

953

Reorganization items

(4

)

(12,401

)

(10

)

-

(12,415

)
                      
Loss from continuing  operations

   before income taxes  and equity in 

   loss of subsidiaries

(1,992

)

(78,369

)

(8,779

)

286

(88,854

)

Benefit for income  taxes

(33

)

(1,317

)

(922

)

-

(2,272

)

Equity in loss of  subsidiaries

(84,490

)

(7,844

)

-

92,334

-
                                                                            
Loss from continuing  operations

(86,449

)

(84,896

)

(7,857

)

92,620

(86,582

)
                      
Income from  discontinued 

   operations, net of  tax

-

58

75

-

133
                                                                                                          
NET LOSS

$

(86,449

)

$

(84,838

)

$

(7,782

)

$

92,620

$

(86,449

)

 

Index

**CONSOLIDATINGCONDENSED STATEMENT OF CASH FLOWS**

**For the NineMonths Ended September 30, 2004**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **
       
**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**
                             
Cash flows  from operating activities:

       Net  cash provided by (used in) operating 

            activities  of continuing operations

$

(25,098

)

$

25,805

$

20,987

$

-

$

21,694
                      
Cash flows from investing activities:

       Cash  invested in seismic data

-

(20,759

)

(18,077

)

-

(38,836

)

       Cash  paid to acquire property

            and  equipment

-

(740

)

(149

)

-

(889

)

       Decrease  in restricted cash

-

41

-

-

41

            Net  cash used in investing activities 

            of continuing operations

-

(21,458

)

(18,226

)

-

(39,684

)
                      
Cash flows from financing activities:

       Principal  payments on notes payable

(5

)

(5,417

)

(17

)

-

(5,439

)

       Principal  payments on capital

            lease  obligations

(1,010

)

-

(51

)

-

(1,061

)

       Proceeds  from issuance of senior notes

182,858

-

-

-

182,858

       Principal  payments under senior notes

(255,000

)

-

-

-

(255,000

)

       Proceeds  from issuance of common 

            stock

75,000

-

-

-

75,000

       Costs  of debt and equity transactions

(5,463

)

-

-

-

(5,463

)

       Payments  on notes receivable from 

            officers,  employees and director

-

215

-

-

215

       Intercompany  transfers

28,718

(28,718

)

-

-

-

            Net  cash provided by (used in) 

                 financing  activities of continuing

                 operations

25,098

(33,920

)

(68

)

-

(8,890

)
                                                                
Effect of  exchange rate changes

-

-

(856

)

-

(856

)

Net cash  provided by (used in)

       discontinued  operations

-

1,223

75

-

1,298

Net increase  (decrease) in cash

       and  equivalents

-

(28,350

)

1,912

-

(26,438

)

Cash and  equivalents at beginning of period

-

41,125

3,237

-

44,362

Cash and  equivalents at end of period

$

-

$

12,775

$

5,149

$

-

$

17,924

 

Index
**NOTE L-RECENT ACCOUNTINGPRONOUNCEMENTS**
In December 2002, the FASB issuedSFAS No. 148 - "Accounting for Stock-Based Compensation - Transition andDisclosure - an amendment of FASB Statement No. 123."  In December 2004,the FASB issued SFAS No. 123(R), "Share-Based Payment," whichsupersedes SFAS No. 148.  SFAS No. 123(R) establishes standards fortransactions in which an entity exchanges its equity instruments for goods orservices.  This standard requires a public entity to measure the cost ofemployee services received in exchange for an award of equity instruments basedon the grant-date fair value of the award.  This eliminates the exception toaccount for such awards using the intrinsic method previously allowable underAPB Opinion No. 25.  In March 2005, the SEC issued Staff Accounting Bulletin("SAB") 107. Among other things, SAB 107 provides interpretive guidance relatedto the interaction between SFAS No. 123(R) and certain SEC rules andregulations, as well as provides the SEC staff's views regarding the valuationof share-based payment arrangements for public companies.  On April 14, 2005,the SEC issued press release 2005-57 which amends the compliance date of SFASNo. 123(R).  As a result, SFAS No. 123(R) will be effective for annualreporting periods beginning on or after June 15, 2005.  The Company currentlyexpects to adopt SFAS No. 123(R) effective January 1, 2006.  The Company hasnot yet quantified the financial impact of the adoption of this standard.

In December 2004, the FASB issuedSFAS No. 153, "Exchanges of Nonmonetary Assets - an amendment of APB OpinionNo. 29".  This statement addresses the measurement of exchanges of nonmonetaryassets.  It eliminates the exception from fair value measurement fornonmonetary exchanges of similar productive assets in paragraph 21(b) of APBOpinion No. 29, *Accounting for Nonmonetary Transactions*, and replaces itwith an exception for exchanges that do not have commercial substance.  Thisstatement specifies that a nonmonetary exchange has commercial substance if thefuture cash flows of the entity are expected to change significantly as aresult of the exchange.  SFAS No. 153 will be effective for nonmonetary assetexchanges occurring in fiscal periods beginning after June 15, 2005.  TheCompany does not expect the adoption of SFAS No. 153 to have any effect on itsfinancial position or results of operations.

 
Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS
**CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION**

****This Quarterly Report on Form 10-Q contains forward-looking statements.  Statementscontained in this report about Seitel, Inc.'s future outlook, prospects,strategies and plans, and about industry conditions, demand for seismicservices and the future economic life of our seismic data are forward-looking. All statements that express belief, expectation, estimates or intentions, aswell as those that are not statements of historical fact, are forward looking.The words "proposed", "anticipates","anticipated", "will", "would","should", "estimates" and similar expressions are intendedto identify forward-looking statements.  Forward-looking statements representour reasonable present belief and are based on our current expectations andassumptions with respect to future events. While we believe our expectationsand assumptions are reasonable, they involve risks and uncertainties beyond ourcontrol that could cause the actual results or outcome to differ materiallyfrom the expected results or outcome reflected in our forward-lookingstatements. In light of these risks, uncertainties and assumptions, theforward-looking events discussed in this Quarterly Report may not occur.  Suchrisks and uncertainties include, without limitation, our ability to comply withthe terms of our final judgment of permanent injunction by the SEC, the impacton our results of operations of our significant amount of debt, our significantamount of debt service and interest expense, our ability to obtain and maintainnormal terms with our vendors and service providers, our ability to maintaincontracts that are critical to our operations, changes in the oil and gasindustry or the economy generally, changes in the exploration budgets of ourseismic data customers, actual customer demand for our seismic data and relatedservices, the timing and extent of changes in commodity prices for natural gas,crude oil and condensate and natural gas liquids, conditions in the capitalmarkets and equity markets during the periods covered by the forward-lookingstatements and our ability to obtain alternate debt or equity financing onsatisfactory terms if internally generated funds are insufficient to fund ourcapital needs.  The foregoing and other risk factors are discussed in ourAnnual Report on Form 10-K filed with the SEC for the year endedDecember 31, 2004, and certain risks and uncertainties are discussedbelow.  

 

 

Index

 

The forward-lookingstatements contained in this report speak only as of the date hereof.  Exceptas required by the federal and state securities laws, we undertake noobligation to publicly update or revise any forward-looking statements, whetheras a result of new information, future events or any other reason.  All forward-lookingstatements attributable to Seitel, Inc. or any person acting on its behalf areexpressly qualified in their entirety by the cautionary statements contained orreferred to in our 2004 Annual Report filed on Form 10-K and in our 2005 quarterlyreports filed with the SEC. 

 

**Overview**

 

**General**

** **

We have ownership in an extensivelibrary of onshore and offshore seismic data that we offer for license to oiland gas companies. We believe that our library of onshore seismic data is oneof the largest available for licensing in the United States and Canada. We also have ownership in a library of offshore data covering parts of the U.S.Gulf of Mexico shelf and certain deep water areas in the western and centralU.S. Gulf of Mexico. We generate revenue primarily by licensing data from ourdata library and from new data acquisition substantially underwritten or paidfor by clients.  Oil and gas companies use seismic data in oil and gasexploration and development efforts to increase the probability of drilling success. By participating in underwritten, nonexclusive surveys or purchasing licensesto existing data, oil and gas companies can obtain access to surveys at reducedcosts as compared to acquiring seismic data on a proprietary basis.

 

Our primary areas of focus areonshore U.S. and Canada and, to a lesser extent, offshore U.S. Gulf of Mexico. These markets continue to experience major changes.  The major internationaloil companies are increasing their focus on exploration opportunities outsidethe U.S., with independent oil and gas companies responsible for the majorityof current U.S. drilling activity.  Production decline rates are acceleratingworldwide and are the most pronounced in mature fields of North America. However, commodity prices for oil and natural gas are at high levels and thedemand for natural gas in the U.S. could exceed supply during the next two tothree years unless new production is brought on line in the U.S. and Canada.  Liquid natural gas imports, while growing, are not expected to make up theforecasted shortfall in the supply of natural gas in the U.S. in the near term.

 

We believe that we will be ableto sustain the improvement of our return on investment over the next yearprovided the overall demand for seismic data remains strong with the higher commodityprices.  Our clients continue to seek our services to create data in the U.S. and in Canada, and the level of underwriting or pre-funding for these projects has been strongthroughout 2005.  Licensing data "off theshelf" does not require the longer planning and lead times like new datacreation and thus is more likely to fluctuate quarter to quarter.

 

The Gulf Coast hurricanes inAugust and September 2005, did not impact our data acquisition operationsbecause we did not have any crews operating in the areas affected by thehurricanes.  Our sales in these areas were strong for the quarter, but itis not possible to quantify the lost or delayed opportunities that may haveresulted from the hurricanes.  

 

We filed bankruptcy in mid-2003and our Plan of Reorganization became effective on July 2, 2004.  Our clientscontinued to engage our services and license our data throughout our bankruptcyperiod. We have both grown the library and continued to license our data atsteady levels during the last two years. 

 

Since 2002, we have eliminatednon-core business activities, improved our capital discipline and reducedoperating costs.  We believe our operating cost structure is aligned with ourcurrent level of business.  Costs and expenses associated with ourrestructuring efforts and bankruptcy were significant.  Since emerging frombankruptcy, such fees and expenses have been substantially reduced.  Theprincipal amount of our indebtedness has been reduced; however, our annualinterest expense is higher on the debt we now have.

 

**Principal FactorsAffecting Our Business**

** **

Ourbusiness is dependent upon a variety of factors, many of which are beyond ourcontrol. The following are those that we consider to be principal factorsaffecting our business.

 

 

Index

 

***Demand for Seismic Data.***  Demand for our products and services iscyclical due to the nature of the energy industry.  In particular, demand forour seismic data services depends upon exploration, production, development andfield management spending by oil and gas companies and, in the case of new datacreation, their willingness to forgo ownership in the seismic data. Capitalexpenditures by oil and gas companies depend upon several factors, includingactual and forecasted petroleum commodity prices and the companies' ownshort-term and strategic plans. These capital expenditures may also be affectedby worldwide economic conditions. Demand for our seismic data is more likely tobe influenced by natural gas prices rather than crude oil prices due to thegeographic location of our seismic data. The recent level of high commodityprices has resulted in many oil and gas companies focusing their efforts ondevelopment drilling to produce existing reserves rather than expending timeand capital on exploration.  We do not believe this situation represents along-term trend given new prospects are needed to find oil and gas reserves.

 

***Availability of Capital for Our Customers.***  Many of our customersconsist of independent oil and gas companies and private prospect-generatingcompanies that rely primarily on private equity capital to fund theirexploration, production, development and field management activities.Significant changes in the private equity market and the availability ofprivate equity capital could have a material impact on the ability of suchcompanies to obtain funding necessary to purchase our seismic data.

 

***Merger and Acquisition Activity.*** In recent years, therehas been an increase in the level of merger and acquisition activity within ourclient base. This activity could have a negative impact on seismic companiesthat operate in markets with a limited number of participating clients.However, we believe that, over time, this activity could have a positive impacton our business, as it should generate re-licensing fees, result in increasedvitality in the trading of mineral interests and result in the creation of newindependent customers through the rationalization of staff within thosecompanies affected by this activity.

 

***Natural Gas Reserve Replacement.***  Oil and gas reservesare currently being depleted at a rate estimated by industry analysts of 5% to10% per year for the major oil and gas operators. As a result, we believe thereis an increasing need in the oil and gas industry to replace such reserves,which is expected to increase the demand for our seismic data.

 

***Government Regulation.***  Our operations are subject to a variety offederal, provincial, state, foreign and local laws and regulations, includingenvironmental laws. We invest financial and managerial resources to comply withthese laws and related permit requirements. Existing laws or regulations andthe adoption of new laws or regulations limiting or increasing exploration orproduction activities by oil and gas companies may have a material effect onour business operations.

 

**Non-GAAP Key Performance Measures**

** **

Managementconsiders a variety of performance measures in evaluating and managing ourfinancial condition and operating performance at various times and from time totime. Certain of these performance measures are non-GAAP financial measures.Generally, a non-GAAP financial measure is a numerical measure of a company'sperformance, financial position or cash flows that either excludes or includesamounts that are not normally excluded or included in the most directlycomparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. These non-GAAP measuresare not in accordance with, nor are they a substitute for, GAAP measures. Thesenon-GAAP measures are intended to supplement our presentation of our financialresults that are prepared in accordance with GAAP.

 

Thefollowing are the key performance measures considered by management.

 

**Cash Resales**

 

Cash resales result frominvoicing customers for purchases of licenses to data from our library. Weexpect cash resales to generally follow a consistent trend over severalquarters, while considering our normal seasonality. Volatility in this trendover several consecutive quarters could indicate changing market conditions. The following is a reconciliation of this non-GAAP financial measure to themost directly comparable GAAP financial measure, total revenue (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2005

2004

2005

2004

Cash resales

$

20,278

$

14,946

$

65,510

$

52,271

Other revenue components:

     Acquisition revenue

3,643

5,216

19,482

31,065

     Non-monetary exchanges

129

1,532

6,970

10,470

     Deferral of revenue

(8,948

)

(7,648

)

(33,672

)

(31,639

)

     Selections of data

8,216

12,211

45,629

37,990

     Solutions and other

1,232

1,147

3,898

3,607

Total revenue, as reported

$

24,550

$

27,404

$

107,817

$

103,764

 

 

Index

 

**Cash Margin**

 

Cash margin includes cash resales plusall other cash revenues other than from data acquisitions, less cash selling,general and administrative expenses and cost of goods sold.  We believe thismeasure is helpful in determining the level of cash from operations we haveavailable for debt service and funding of capital expenditures (net of theportion funded or underwritten by our customers).  The following is aquantitative reconciliation of this non-GAAP financial measure to the most directlycomparable GAAP financial measure, operating income (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2005

2004

2005

2004

Cash margin 

$

14,497

$

8,968

$

47,729

$

32,330

Add (subtract) other revenue  components not 

      included in cash margin:

            Acquisition revenue

3,643

5,216

19,482

31,065

            Non-monetary exchanges

129

1,532

6,970

10,470

            Deferral of revenue

(8,948

)

(7,648

)

(33,672

)

(31,639

)

            Selections of data

8,216

12,211

45,629

37,990

Less:

            Depreciation and  amortization

(19,441

)

(90,771

)

(76,363

)

(139,193

)

            Non-cash operating  expenses

(722

)

-

(1,482

)

-

Operating income (loss), as  reported

$

(2,626

)

$

(70,492

)

$

8,293
 

$

(58,977

)

 

**Cash Operating Income**

 

We define cash operatingincome as cash revenue (derived primarily from seismic data acquisitions, cashlicensing resales and Solutions) less cost of sales and selling, general andadministrative expenses.  We believe that this measure is helpful indetermining the level of cash flow we have available for debt service andfunding of capital expenditures, although management uses this measure to alesser extent than cash margin.  The following is a quantitative reconciliationof this non-GAAP financial measure to the most directly comparable GAAPfinancial measure, operating income (in thousands):

** **

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2005

2004

2005

2004

Cash operating income

$

16,183

$

14,152

$

63,797

$

61,525

Add (subtract) other revenue  components

      not included in cash  operating income:

            Acquisition  underwriting from non-

            monetary exchanges

1,235

32

1,932

1,870

            Non-monetary exchanges

129

1,532

6,970

10,470

            Deferral of revenue

(8,948

)

(7,648

)

(33,672

)

(31,639

)

            Selections of data

8,216

12,211

45,629

37,990

Less:

            Depreciation and  amortization

(19,441

)

(90,771

)

(76,363

)

(139,193

)

Operating income (loss), as  reported

$

(2,626
)
$

(70,492

)

$

8,293

$

(58,977

)

** **

**Growth of our Seismic Data Library**

 

We regularly add to our seismic datalibrary through four different methods: (1) recording new data; (2) creatingnew value-added products from existing data within our library; (3) buyingownership of existing data for cash; and (4) obtaining ownership of existingdata sets through non-monetary exchanges. For the period from January 1, 2005to November 2, 2005, we completed the addition of approximately 1,800 squaremiles of seismic data to our library.  Additions to our seismic data libraryare weighted to the early part of the year due to the winter being the optimumtime to shoot new data in Canada and due to the purchase of two data librariesin the first quarter of 2005.  For the year ended December 31, 2004, wecompleted the addition of approximately 2,300 square miles of seismic data toour library.  As of November 2, 2005, we had approximately 400 square miles ofseismic data in progress.

 

 

Index

 

**Critical Accounting Policies**

We operate in one business segment, which is made up of seismic dataacquisition, seismic data licensing, seismic data processing and seismicreproduction services.  There have not been any changes in our criticalaccounting policies since December 31, 2004.

 

**Seasonality andTiming Factors**

****Our results of operations fluctuate from quarter to quarter due to a numberof factors. Our results are influenced by oil and gas industry capitalexpenditure budgets and spending patterns. These budgets are not necessarilyspent in equal or progressive increments during the year, with spendingpatterns affected by individual oil and gas company requirements as well asindustry-wide conditions. In addition, under our revenue recognition policy,revenue recognition from data licensing contracts is dependent, among otherthings, upon when the customer selects the data. As a result, our seismic datarevenue does not necessarily flow evenly or progressively during a year or fromyear to year. Although the majority of our data licensing transactions providefor fees to us of under $500,000 per transaction, occasionally a single datalicense transaction from our library, including those resulting from the mergerand acquisition of our oil and gas company customers, may be substantiallylarger. Such large license transactions or an unusually large number of, orreduction in, data selections by customers can materially impact our resultsduring a quarter, creating an impression of a revenue trend that may not berepeated in subsequent periods. In our data creation activities,weather-related or other events outside our control may impact or delay surveysduring any given quarter.

**Results of Operations**

****The following tablesummarizes the components of our revenue for the three and nine months ended September30, 2005 and 2004 (in thousands):

 
        Three months ended  Nine months ended         September 30,  September 30,         2005  2004  2005  2004                    
Acquisition revenue:

      Cash underwriting

$

2,408

$

5,184

$

17,550

$

29,195

      Underwriting from non-monetary exchanges

1,235

32

1,932

1,870

      Total acquisition revenue

3,643

5,216

19,482

31,065

Resale licensing revenue:

      New resales for cash

20,278

14,946

65,510

52,271

      Non-monetary exchanges

129

1,532

6,970

10,470

      Deferral of revenue

(8,948

)

(7,648

)

(33,672

)

(31,639

)

      Selections of data

8,216

12,211

45,629

37,990

      Total resale licensing revenue

19,675

21,041

84,437

69,092

Solutions and other

1,232

1,147

3,898

3,607

Total revenue

$

24,550

$

27,404

$

107,817

$

103,764

The 10% decrease in total revenuefor the three months ended September 30, 2005 compared to the correspondingperiod in 2004 was primarily due to a decrease in the non-cash components ofrevenue, principally selections of data.  In addition, we experienced a delayin one of our new seismic programs resulting in acquisition revenue being delayedinto 2006.  These decreases were partially offset by an increase in the levelof new cash resales, increasing 36% from the 2004 third quarter.  The 4%increase in total revenue for the nine months ended September 30, 2005 comparedto the first nine months of 2004 was primarily due to the strong level oflicensing data from our existing library, both in cash resales and selectionsof data.  The level of licensing activity during 2005 reflects the increase incurrent demand for seismic data from our library.  Cash resales increased 25% forthe nine months ended September 30, 2005 compared to 2004, while selections ofseismic data increased 20% for the same period.  These increases were largely offsetby a decrease in the level of new data acquisition revenue.  The acquisitionrevenue for the nine months ended September 30, 2005 was lower than the sameperiod in 2004 due to a planned reduction in new data acquisitions to allow forcash purchases of existing data, and the delay in one of our new seismic programsdescribed above.

 

Index

 

At September 30, 2005, we had a deferred revenue balance of $43.7 million,of which $9.4 million resulted from non-monetary exchanges, compared to theDecember 31, 2004 balance of $53.5 million.  The deferred revenue will berecognized when selection of the data is made by the customer or uponexpiration of the selection period, whichever occurs first.

Seismic data library amortization amounted to $18.8 million in the thirdquarter of 2005 compared to $89.5 million in the third quarter of 2004 and $73.9million for the first nine months of 2005 compared to $135.2 million for thefirst nine months of 2004.  The third quarter and nine month 2004 periodsincluded $59.1 million of amortization resulting from the revision in theestimated useful life of the data used in the straight-line calculationeffective July 1, 2004.  Certain seismic surveys within our data library wereolder than the revised estimate of useful life, resulting in this charge. Additionally, the amount of seismic data library amortization fluctuates basedon the level and location of specific seismic surveys licensed (includinglicensing resulting from new data acquisition) and selected by our customersduring any period as well as the amount of straight-line amortization requiredunder our accounting policy.  

 

Seismic data amortization as apercentage of seismic acquisition and resale licensing revenue is summarized asfollows (in thousands):

 

Three Months Ended 

Percentage of

Components of Amortization

September 30,

Revenue

2005

2004

2005

2004

Income forecast

$

7,347

$

11,687

31

%

45

%

Straight-line

11,408

18,720

49

%

71

%

Revision of useful life

-

59,060

-

225

%

Total

$

18,755

$

89,467

80

%

341

%
                                      
Nine Months Ended 

Percentage of

Components of Amortization

September 30,

Revenue

2005

2004

2005

2004

Income forecast

$

40,121

$

47,257

39

%

47

%

Straight-line

33,807

28,930

32

%

29

%

Revision of useful life

-

59,060

-

59

%

Total

$

73,928

$

135,247

71

%

135

%

The decrease in the rate ofincome forecast amortization in 2005 is principally due to the mix of databeing licensed, including the effects of the level of revenue recognized ondata whose costs have been fully amortized.  The decrease in straight-lineamortization for the three months ended September 30, 2005 is primarilyattributable to certain data programs reaching full amortization sinceSeptember 30, 2004 resulting in lower straight-line amortization.  The increasein straight-line amortization for the nine months ended September 30, 2005 isprimarily due to the reduction in the useful life to four years from sevenyears for onshore data and from five years for offshore data, effective July 1,2004, resulting in higher amortization in the 2005 period.

Selling,general and administrative ("SG&A") expenses were $7.7 million inthe third quarter of 2005 compared to $7.1 million in the third quarter of 2004. The increase in SG&A expense is primarily due to performance based compensationexpense associated with the incentive compensation plan implemented in 2005, aportion of which is non-cash, as well as expense associated with restrictedstock awards.  These increases were partially offset by a decrease incommission expense due to elimination of commissions on revenue for certainsenior executives in 2005.  Additionally, the 2004 period included non-recurring charges of $246,000related to severance costs paid to a former officer.  SG&A expenses were $23.0million in the first nine months of 2005 compared to $23.3 million in the firstnine months of 2004.  In the 2005 nine month period, performance basedcompensation expense increased $1.5 million due to the implementation of theincentive compensation plan in 2005 and we recorded $0.5 million of expenseassociated with restricted stock awards.  Commission expense decreased in thefirst nine months of 2005 by $0.9 million due to elimination of commissions on revenue for certain senior executives in2005.  The 2004 period included non-recurring charges of $0.9 millionrelated to severance costs paid to former executive officers and a formerconsultant to the chief executive officer pursuant to their retention andchange of control agreements and $0.6 million related to legal fees and settlementof certain litigation.

 

 

Index

 

Interest expense, net, was $5.6million and $8.1 million in the third quarters of 2005 and 2004, respectively,and was $17.6 million and $18.4 million for the nine months ended September 30,2005 and 2004, respectively.  The decrease in the third quarter of 2005 ascompared to 2004 was primarily due to the 2004 third quarter including interestexpense on both the old and new senior notes for the first half of the quarter. The decrease in net interest expense for the nine months of 2005 was primarilydue to interest earned on cash investments.

 

During the three and nine monthsended September 30, 2004, we incurred expenses associated with reorganizationtotaling $6.4 million and $12.4 million, respectively.  Reorganization itemsare expense or income items that were incurred or realized by Debtors becausethey were in reorganization. These items include, but are not limited to,professional fees and similar types of expenses incurred directly related tothe Chapter 11 Cases, loss accruals or gains or losses resulting fromactivities of the reorganization process, and interest earned on cashaccumulated by Debtors because they were not paying their pre-petitionliabilities. For the three and nine months ended September 30, 2004,reorganization items were as follows (in thousands):

 

Three Months

Nine Months

Ended

Ended

September 30, 2004

September 30, 2004

Professional fees

$

3,918

$

9,227

Interest Income

(21

)

(98

)

Accelerated amortization of deferred debt issue costs

-

1,007

Reduction of pre-petition liabilities

(2

)

(517

)

Other

2,488

2,796

Total

$

6,383

$

12,415

 

Tax benefit was $3.9 million and $2.6million in the third quarters of 2005 and 2004, respectively, and $4.9 million and $2.3million for the nine months ended September 30, 2005 and 2004, respectively.   During2005, we determined that it was more likely than not that the deferred taxasset related to the Canadian operations would be realized.  Therefore, in thethird quarter and first nine months of 2005, $3.8 million and $6.2 million,respectively, of the valuation allowance previously provided against thisdeferred tax asset was reversed resulting in the tax benefit.

 

***DiscontinuedOperations***

In June 2002, our Board of Directorsunanimously adopted a plan to dispose of our oil and gas operations by sale. Accordingly, our consolidated financial statements report the oil and gasoperations as discontinued operations.  In 2002, we sold substantially all ofour oil and gas assets.  In January 2004, we sold a portion of our remainingoil and gas assets.  Our remaining oil and gas assets are not material and wecontinue to seek buyers.  

Revenue from the discontinued operations was $49,000 and $54,000 for the threemonths ended September 30, 2005 and 2004, respectively, and $136,000 and $164,000for the nine months ended September 30, 2005 and 2004, respectively. Pre-taxincome from discontinued operations was $22,000 and $89,000 for the threemonths ended September 30, 2005 and 2004, respectively, and was $41,000 and $133,000for the nine months ended September 30, 2005 and 2004, respectively. 
**Liquidity andCapital Resources**Sources and Uses of Liquidity
 

During the three and ninemonths ended September 30, 2005, our primary sources of liquidity were cashfrom operations and cash and cash equivalents on hand.  As of November7, 2005, we had approximately $57.8 million in consolidatedcash, cash equivalents and short-term investments.  Other sources of liquidityinclude our credit facilities described below.

*** ***

***U.S. CreditFacility.***  We have in place a revolving credit facility for up to $30million, subject to borrowing base limitations.  The borrowing base isdetermined from time to time based on the lesser of:

 
-  $30 million,-  0.75 times our U.S. cash     operating income (defined as cash revenue, derived primarily from seismic     data acquisition revenue, cash resale licensing revenue and Solutions     revenue, less cost of sales and SG&A, before depreciation and     amortization expense for the trailing 12-month period), or-  the sum of (1) 85% of eligible     U.S. short term accounts (defined as accounts that are not long term     accounts and within 90 days of invoice date), (2) 50% of eligible U.S.     long term accounts (defined as accounts with contracts for periods of     performance from one month to 18 months, where the account debtor makes     payments over the term of the contract), and (3) $20 million.
Index

 

Interest is payable at an applicable margin above either LIBOR or the primerate.  The facility is secured by a first priority, perfected security interest in substantially allof our U.S. assets and a pledge of all of the issued and outstanding capitalstock of our U.S. subsidiaries.  At November 7, 2005, there was no outstandingbalance under the facility and there was $29.7 million of availability. Covenants in the agreement limit our ability to, among other things, incuradditional indebtedness, pay dividends, and complete mergers, acquisitions andsales of assets.  In addition, the agreement requires us to maintain certainfinancial ratios.  We were in compliance with all such covenants and ratios asof September 30, 2005.

 

***CanadianCredit Facility.***  On January 12, 2004, our wholly owned subsidiary,Olympic Seismic Ltd. ("Olympic"), entered into a revolving credit facility. The facilityallows it to borrow up to $5 million (Canadian), subject to an availabilityformula, by way of prime-based loans, bankers' acceptances or letters ofcredit. The rate applicable to borrowings is the bank's prime rate plus 0.35%per annum and to bankers' acceptances is 1.50% per annum. Letter of credit feesare based on scheduled rates in effect at the time of issuance. The facility issecured by the assets of Olympic, SEIC Trust Administration Ltd. (as soletrustee of, and for and on behalf of, SEIC Business Trust) and SEIC Holdings,Ltd., but is not guaranteed by us or any of our other U.S. subsidiaries. However, all intercompany debt owing by Olympic, SEIC Trust Administration Ltd.,SEIC Business Trust or SEIC Holdings, Ltd. to us, SEIC Partners LimitedPartnership or to any of our U.S. subsidiaries (approximately $37.9 million(Canadian) at September 30, 2005) has been subordinated to the repayment of therevolving credit facility. Available borrowings under the facility areequivalent to a maximum of $5.0 million (Canadian), subject to a requirementthat such borrowings may not exceed 75% of good accounts receivable (as definedin the agreement) of SEIC Trust Administration, less prior-ranking claims, ifany, relating to inventory or accounts. The facility is subject to repaymentupon demand and is available from time to time at the bank's sole discretion.As of November 7, 2005, no amounts were outstanding on this revolving line ofcredit and $5.0 million (Canadian) was available on the line of credit. Olympicis not a party to any of the debt issued by us other than the note payable to aformer executive. 

 

***Operating Activities*.** Cash flows provided by operating activities from continuing operations were $56.9million and $21.7 million for the nine months ended September 30, 2005 and2004, respectively.  The increase from 2004 to 2005 was primarily due to anincrease in the collection of receivables as well as a decrease in expensespaid associated with our bankruptcy proceedings.

***Investing Activities***.  Cash flows used in investing activitiesfrom continuing operations were $44.2 million and $39.7 million for the ninemonths ended September 30, 2005 and 2004, respectively.  Cash expenditures forseismic data were $43.6 million and $38.8 million for the nine months ended September30, 2005 and 2004, respectively.  

***Financing Activities****.*  Cash flowsused in financing activities were $5.8 million and $8.9 million for the ninemonths ended September 30, 2005 and 2004, respectively.  During the nine monthsended September 30, 2005 payments on senior notes, term loans and capitalleases equaled $5.6 million.  

As of September 30, 2005, we had outstanding debt and lease obligations, withaggregate contractual cash obligations summarized as follows (in thousands):

 

Payments due by period

Remainder of

2006-

2009-

2011 and

Contractual cash obligations

Total

2005

2008

2010

thereafter

Debt obligations (1) (2)

$

322,800

$

19

$

66,841

$

44,559

$

211,381

Capital lease obligations (2)

6,906

1,212

918

639

4,137

Operating lease obligations 

7,294

243

3,199

2,019

1,833

Total contractual cash obligations

$

337,000

$

1,474

$

70,958

$

47,217

$

217,351

 

(1)        Debt obligations includethe face amount of the 11.75% senior notes totaling $189.0 million.

(2)        Amounts include interestrelated to debt and capital lease obligations.

 

 

Index

 

On July 2, 2004, we consummatedan institutional private placement of 11.75% senior unsecured notes totaling$193.0 million aggregate principal amount due on July 15, 2011.  These noteswere offered at a discount of 2.325% from their principal amount at maturityresulting in cash proceeds, before offering expenses, of approximately $188.5million, which proceeds were used to partially fund payments of allowedcreditors' claims required under the Plan.  Interest is payable in cash,semi-annually in arrears on January 15 and July 15 of each year, commencing onJanuary 15, 2005. As required by their terms, our 11.75% senior notes wereexchanged for senior notes of like amounts and terms in a publicly registeredexchange offer in February 2005. The 11.75% senior notes are unsecured and areguaranteed by substantially all of our domestic subsidiaries on a seniorbasis.  The 11.75% senior notes contain restrictive covenants which limit ourand our subsidiaries' ability to, among other things, incur additionalindebtedness, make capital expenditures in excess of specified amounts, paydividends and complete mergers, acquisitions and sales of assets.

 

From time to time on orbefore July 15, 2007, we may redeem up to 35% of the aggregate principal amountof our 11.75% senior notes with the net proceeds of equity offerings at aredemption price equal to 111.75% of the principal amount, plus accrued andunpaid interest.  Subject to certain conditions, if at the end of each fiscalyear we have excess cash flow (as defined in the indenture) in excess of $5.0million, we will be required to use 50% of the excess cash flow to fund anoffer to repurchase our 11.75% senior notes on a pro rata basis at 100% of itsprincipal amount, plus accrued and unpaid interest.  If we have less than $5.0million in excess cash flow at the end of any fiscal year, such excess cashflow will be carried forward to succeeding years, and such repurchase offerwill be required to be made in the first year in which the cumulative excesscash flow for all years in which there has not been an offer is at least $5.0million.  Such repurchase offer will be required only if there is no event ofdefault under our revolving credit facilities prior to and after giving effectto the repurchase payment.  Because of excess cash flow generated for the yearended December 31, 2004, in the first quarter of 2005 the Company made arepurchase offer for principal of up to $4.8 million to the holders of itsSenior Notes.  $4.0 million principal amount of Senior Notes were tendered, andthe Company made payment, including accrued interest, of $4.1 million on May 5,2005.  Upon a change of control (as defined in the indenture), each holder ofour 11.75% senior notes will have the right to require us to offer to purchaseall of such holder's notes at a price equal to 101% of the principal amount,plus accrued and unpaid interest.

 

***Anticipated Liquidity.***  Our ability to make requiredpayments of principal and interest on borrowings under our revolving creditfacility and in respect of our 11.75% senior notes, incur additionalindebtedness, and comply with our various debt covenants, will depend primarilyon our ability to generate substantial operating cash flows. Over the next 12months, we expect to obtain the funds necessary to pay our operating, capitaland other expenses and principal and interest on our 11.75% senior notes,borrowings under our revolving credit facilities and our other indebtedness,from our operating cash flows, cash and cash equivalents on hand and, ifrequired, from additional borrowings (to the extent available under ourrevolving credit facilities and otherwise subject to the borrowing base). Ourability to satisfy our payment obligations depends substantially on our futureoperating and financial performance, which necessarily will be affected by, andsubject to, industry, market, economic and other factors. We will not be ableto predict or control many of these factors, such as economic conditions in themarkets where we operate and competitive pressures. 

 

For adiscussion of a number of factors that may impact our liquidity and the sufficiencyof our capital resources, see " - Overview" above.

 
Deferred Taxes
 

As of September 30, 2005, we havea net deferred tax asset of $5.7 million attributable to our Canadianoperations.  During 2005, we determined that it was more likely than not thatthe deferred tax asset related to our Canadian operations would be realized;thus, the valuation allowance previously provided against this deferred taxasset was reversed resulting in the net deferred tax asset.  In the U.S., we have a net deferred tax asset of $92.7 million, all of which is fully offset by avaluation allowance.  Additionally, in Canada, we have a remaining net deferredtax asset of $4,000 that is fully offset by a valuation allowance.  Therecognition of such remaining deferred tax assets will not occur until suchtime that it is more likely than not that some portion or all of the deferredtax asset will be realized.  As of September 30, 2005, the recovery of suchremaining deferred tax assets is not assured of realization.

 

 

Index

 

Section382 of the Internal Revenue Code places a limit on certain tax attributes whichwere in existence prior to a greater than 50% change in ownership.  The rulesuse a rolling three-year period for determination of such change.  Currently,we do not anticipate that any remaining tax credit carryforwards or certainother of our tax attributes applicable to periods prior to the effective dateof the Plan (collectively, "pre-change losses") will be subject to limitation under Section 382 of theInternal Revenue Code as a result of the Plan.  However, we will continue toanalyze and monitor ownership changes to identify potential limitationspursuant to Section 382.  

**Off-Balance Sheet Transactions**

 

Other than operating leases, we donot maintain any off-balance sheet transactions, arrangements, obligations orother relationships with unconsolidated entities or others that are reasonablylikely to have a material current or future effect on our financial condition,changes in financial condition, revenue or expense, results of operations,liquidity, capital expenditures or capital resources.

**Capital Expenditures**

****During the first nine monthsof 2005, capital expenditures for seismic data and other property and equipmentamounted to $44.2 million.  Our capital expenditures for the remainderof 2005 are presently estimated to be $20.8 million.  The first nine months of 2005actual and 2005 estimated remaining capital expenditures are comprised of thefollowing (in thousands):  

 

Actual for

Nine Months 

Estimate For

Ended

Remainder of

September 30, 2005

2005

New data acquisition

$

26,931

$

6,574

Cash purchases of seismic data  and other

10,007

11,170

Non-monetary exchanges

6,640

2,763

Other property and equipment

671

306

Total capital expenditures

44,249

20,813

Less: Non-monetary exchanges

(6,640

)

(2,763

)

Changes in working capital

6,675

-

Cash investment per statement  of cash flows

$

44,284

$

18,050

 

The capital expendituresdiscussed above are within the capital expenditure limitations imposed by our11.75% senior notes and U.S. revolving credit facility.

 

Capitalexpenditures funded from operating cash flow are as follows (in thousands):

 

Actual for

Nine Months 

Estimate For

Ended

Remainder of

September 30, 2005

2005

Total capital expenditures

$

44,249

$

20,813

Less:

Non-cash additions

(6,640

)

(2,763

)

Cash underwriting

(17,550

)

(4,215

)

Capital expenditures funded from operating cash flow

$

20,059

$

13,835

 

As of November 2, 2005, we hadcapital expenditure commitments related to data acquisition projects ofapproximately $41.5 million, for which approximately $30.9 million of cashunderwriting has been obtained.

 

 

Index

 

**Recent Accounting Pronouncements**

 

In December 2002, the FinancialAccounting Standards Board ("FASB") issued SFAS No. 148 -"Accounting for Stock-Based Compensation - Transition and Disclosure - anamendment of FASB Statement No. 123."  In December 2004, the FASB issuedSFAS No. 123(R), "Share-Based Payment," which supersedes SFAS No.148. SFAS No. 123(R) establishes standards for transactions in which an entityexchanges its equity instruments for goods or services. This standard requiresa public entity to measure the cost of employee services received in exchangefor an award of equity instruments based on the grant-date fair value of theaward. This eliminates the exception to account for such awards using theintrinsic method previously allowable under Accounting Principles Board("APB") Opinion No. 25.  In March 2005, the SEC issued StaffAccounting Bulletin ("SAB") 107. Among other things, SAB 107 providesinterpretive guidance related to the interaction between SFAS No. 123(R) andcertain SEC rules and regulations, as well as provides the SEC staff's viewsregarding the valuation of share-based payment arrangements for publiccompanies.  On April 14, 2005, the SEC issued press release 2005-57 whichamends the compliance date of SFAS No. 123(R).  As a result, SFAS No. 123(R)will be effective for annual reporting periods beginning on or after June 15,2005.  Seitel currently expects to adopt SFAS No. 123(R) effective January 1,2006.  We have not yet quantified the financial impact of adoption of thisstandard.****

** **

In December 2004, the FASB issuedSFAS No. 153, "Exchanges of Nonmonetary Assets - an amendment of APB OpinionNo. 29".  This statement addresses the measurement of exchanges of nonmonetaryassets.  It eliminates the exception from fair value measurement fornonmonetary exchanges of similar productive assets in paragraph 21(b) of APBOpinion No. 29, Accounting for Nonmonetary Transactions, and replaces it withan exception for exchanges that do not have commercial substance.  Thisstatement specifies that a nonmonetary exchange has commercial substance if thefuture cash flows of the entity are expected to change significantly as aresult of the exchange.  SFAS No. 153 will be effective for nonmonetary assetexchanges occurring in fiscal periods beginning after June 15, 2005.  TheCompany does not expect the adoption of SFAS No. 153 to have any effect on itsfinancial position or results of operations.

 

**Item 3.  QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK**

 

We are exposed tomarket risk, including adverse changes in interest rates and foreign currencyexchange rates.  

**Interest Rate Risk**

****We may enter into variousfinancial instruments, such as interest rate swaps, to manage the impact ofchanges in interest rates. As of September 30, 2005, we did not have any openinterest rate swap or interest rate lock agreements.  Therefore, our exposureto changes in interest rates primarily results from our short-term andlong-term debt with both fixed and floating interest rates.

**Foreign Currency Exchange Rate Risk**

****Our Canadian subsidiaries conductbusiness in the Canadian dollar, therefore, we are subject to foreign currencyexchange rate risk on cash flows related to sales, expenses, financing andinvesting transactions in currencies other than the U.S. dollar.  As of September30, 2005, we did not have any open forward exchange contracts.  

We have not had any significant changes in the market risk exposures sinceDecember 31, 2004.

 

**Item4.  CONTROLS AND PROCEDURES**

 

**(a)**

**Evaluation of Disclosure Controls and Procedures**

 

As of the end of the period  covered by this report, our management carried out an evaluation, under the  supervision and with the participation of the Company's President and Chief  Executive Officer and Chief Financial Officer, of the effectiveness of the  design and operation of the Company's disclosure controls and procedures (as  such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange  Act), pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the  Company's President and Chief Executive Officer along with the Company's  Chief Financial Officer concluded that the Company's disclosure controls and  procedures as of September 30, 2005 are effective in ensuring that  information required to be disclosed in the reports we file or submit under  the Exchange Act is recorded, processed, summarized, and reported within the  time periods specified in the Securities Exchange Commission rules and forms,  and that such information is accumulated and communicated to our management,  including the Company's President and Chief Executive Officer and the  Company's Chief Financial Officer, as appropriate, to allow timely decisions  regarding required disclosures. 

     

**(b)**

**Changes in Internal Control Over  Financial Reporting**

     

There have been no changes in our  internal controls over financial reporting during the quarter ended September  30, 2005 that have materially affected, or are reasonably likely to  materially affect, our internal controls over financial reporting.

 

Index

 

**PART II - OTHER INFORMATION**

 

**Item 1.  LEGAL PROCEEDINGS**

 

See Part I, Item 1, Note J toConsolidated Financial Statements, which is incorporated herein by reference.

 

**Items 2., 3. and 4.**  Not applicable.

 

**Item 5.  OTHERINFORMATION**

 

**(a)**

**Not    applicable.**

 

**(b)**

**AdvanceNotice for Director Nominations**

     

On October 19, 2005, the Company's Board of Directors(the "Board") amended Section 3.3 (Nominations) of Company's Amended andRestated Bylaws to include advance notice provisions.  These provisionsinclude: (1) requiring Company's receipt of the stockholder's written notice ofa proposed nominee no later than the date that in the current year correspondsto the 120th day prior to the date Company's proxy statement was released tostockholders in connection with the previous year's annual meeting ofstockholders; (2) requiring Company's receipt of the stockholder's writtennotice of a proposed nominee no later than the tenth day following the day onwhich Company gives public notice of a current year annual meeting if no annualmeeting was held in the prior year or if the current year annual meeting haschanged by more than 30 days from the prior year; (3) notwithstanding thenotice deadlines described in (1) and (2) to the contrary, if the number ofdirectors to be elected to the Board is increased and there is no publicannouncement naming all of the nominees for directors or specifying the size ofthe increased Board at least 130 days prior to the date Company's proxystatement was released to stockholders in connection with the previous year'sannual meeting of stockholders, a stockholder's written notice shall beconsidered timely, but only with respect to nominees for any new positionscreated by such increase, if it is received no later than the close of businesson the tenth day following the day on which such Company makes public notice ofsuch increase; (4) in the case of a special meeting of stockholders at whichdirectors are to be elected, requiring Company's receipt of the stockholder'swritten notice of a proposed nominee no later than the tenth day following theday on which Company gives public notice of the special meeting; and (5)requiring the stockholder's written notice to include certain information,including information required to be disclosed in a proxy statement under therules of the Securities and Exchange Commission.

 

The deadline forstockholder's written notice of a proposed nominee for the 2006 Annual Meetingof Stockholders is December 19, 2005.  These deliveries and notices must bemade at the principal executive offices of the Company at 10811 S. Westview  Circle, Building C, Suite 100, Houston, Texas 77043. 

 

**Item 6.  EXHIBITS**

 

3.1

*

Amended and Restated Bylaws of  Seitel, Inc., adopted October 19, 2005

 

10.1

†*

Form of Restricted Stock Award  Agreement for Canadian employee grants made under the Seitel, Inc. 2004 Stock  Option Plan

 

10.2

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between Robert D. Monson and the  Company

 

10.3

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between Kevin P. Callaghan and the  Company

 

10.4

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between William Restrepo and the  Company

 

10.5

†*

Revised Summary of 2005  Non-Employee Director and Executive Officer Compensation and Incentive  Arrangements

 

31.1

*

Certification of Principal  Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

31.2

*

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

32.1

**

Certification of Principal Executive  Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section  906 Of The Sarbanes-Oxley Act of 2002

 

32.2

**

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 906 Of The Sarbanes-Oxley Act of 2002

            

_______________

 

†     Management contract,compensation plan or arrangement.

*     Filed herewith.

**    Furnished, not filed, pursuantto Item 601(b)(32) of Regulation S-K.
** **** 

Index
** **
**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of  1934, the registrant has duly caused this report

to be signed on its behalf by the undersigned thereunto duly  authorized.

**SEITEL, INC.**

Dated: November

8,

2005

/s/

Robert D. Monson

Robert D. Monson

Chief Executive Officer  and President

Dated: November

8,

2005

/s/

William J. Restrepo

William J. Restrepo

Chief Financial Officer

 

Index

 

EXHIBIT

INDEX

Exhibit

Title

Page

Number 

     

3.1

 

*

 

Amended and Restated Bylaws of  Seitel, Inc., adopted October 19, 2005

     

44

     

10.1

†*

Form of Restricted Stock Award  Agreement for Canadian employee grants made under the Seitel, Inc. 2004 Stock  Option Plan

 

63

10.2

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between Robert D. Monson and the  Company

 

73

10.3

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between Kevin P. Callaghan and the  Company

 

93

10.4

†*

Amended and Restated Employment  Agreement, dated October 19, 2005, by and between William Restrepo and the  Company

 

112

10.5

†*

Revised Summary of 2005  Non-Employee Director and Executive Officer Compensation and Incentive  Arrangements

 

131

31.1

*

Certification of Principal  Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

136

31.2

*

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

138

32.1

**

Certification of Principal Executive  Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section  906 Of The Sarbanes-Oxley Act of 2002

 

140

32.2

**

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 906 Of The Sarbanes-Oxley Act of 2002

142

_______________

 

†     Management contract,compensation plan or arrangement.

*     Filed herewith.

**    Furnished, not filed, pursuantto Item 601(b)(32) of Regulation S-K.

 

 
 ** |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|