UNITED STATES SECURITIES AND EXCHANGE COMMISSIONS

WASHINGTON D.C. 20549

FORM 10-QSB

 

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

| For the quarterly period ended:
September 30 2001
Commission File Number:
000-27793
 
**ELECTRONIC SYSTEMS TECHNOLOGY, INC.(A Washington Corporation)****
I.R.S. Employer    Identification no.
91-1238077
415 N. Quay St., #4Kennewick WA 99336
Registrant's telephone number, including area code:(509) 735-9092
 

 

Check whether the issuer (1) has filed all reports required to be filedby Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. Yes [ X ] No [ ] 

The number of shares outstanding of common stock as of September 30,2001 was 5,098,667.

 
**PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS.

ELECTRONIC SYSTEMS TECHNOLOGY, INC.(as prepared by Management)(Unaudited)****
SELECTED FINANCIAL DATA
Nine Months Ended
September 30, 2001
September 30, 2000Sales
$ 927,970
$ 1,021,365Other Revenues
163,847
176,620Gross Profit
436,732
457,655 Income (Loss) Before Taxes 
1,244
36,550Net Income (Loss) After Taxes
1,026
24,124 Earnings (Loss) Per Share Before TaxesBasic
$ 0.00
$ 0.006Diluted
0.00
0.006 Earnings (Loss) Per Share After TaxesBasic
$ 0.00
$ 0.004Diluted
0.00
0.004 Weighted Average Shares Outstanding Primary
5,642,914
5,744,992Diluted
5,613,667
5,744,992 Total Assets
$ 2,425,185
$ 2,457,104 Long-Term Debt and Capital Lease Obligations
$ 0
$ 0 Shareholders' Equity
$ 2,321,472
$ 2,308,326 Shareholders' Equity Per Share
$ 0.46
$ 0.46 Working Capital
$ 2,129,650
$ 2,113,748 Current Ratio
21.5:1
16:1 Equity To Total Assets
96%
94%
 

 

 

 

 
**ELECTRONIC SYSTEMS TECHNOLOGY, INC.BALANCE SHEET(as prepared by Management)(Unaudited)****
September 30,    2001
Dec. 31 ,2000ASSETSCURRENT ASSETS Cash and cash equivalents
$ 1,441,582
$ 1,452,287 Accounts Receivable, net of allowance for    uncollectibles
199,966
183,627 Inventory
564,030
561,946 Accrued Interest
3,164
9,522 Prepaid Expenses
18,206
11,121Provision for Federal Income Taxes
6,415
6,633Total Current Assets
$ 2,233,363
$ 2,225,136 PROPERTY & EQUIPMENT net of    Depreciation of $347,896 at    September 30, 2001 and $316,765    At Dec. 31, 2000
174,111
175,722 OTHER ASSETS
17,711
7,013TOTAL ASSETS
$ 2,425,185
$ 2,407,871 LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIESAccounts Payable
$ 73,934
$ 78,103Refundable Deposits
10,566
--Deferred Tax Liability 
915
915Accrued Liabilities
18,298
20,707Total Current Liabilities 
103,713
99,725 STOCKHOLDERS' EQUITY    Common Stock, $.001 Par Value    50,000,000 Shares Authorized    5,098,667 Shares Issued And Outstanding 
$ 5,099
$ 5,069 Additional Paid-in Capital
945,734
933,464 Retained Earnings
1,370,639
1,369,613
$ 2,321,472
$ 2,308,146 TOTAL LIABILITIES AND    STOCKHOLDERS' EQUITY
$ 2,425,185
$ 2,407,871 
(See "Notes to Financial Statements")
**ELECTRONIC SYSTEMS TECHNOLOGY, INC.STATEMENT OF OPERATIONS(as prepared by Management)(Unaudited)
 
Three Months    Ended
Nine Months    Ended
September 30,    2001
September 30,    2000
September 30, 2001
September 30, 2000SALES
$506,242
$432,439
$ 927,970
$1,021,365COST OF SALESBeginning Inventory
$ 641,778
$ 499,202
$ 561,946
$ 357,490Purchases and Allocated Costs
171,378
260,365
493,322
725,567 
$ 813,156
$ 759,567
$ 1,055,268
$ 1,083,057Ending Inventory
564,030
519,347
564,030
519,347Total Cost of Sales
$ 249,126
$ 240,220
$ 491,238
$ 563,710Gross Profit
$ 257,116
$ 192,219
$ 436,732
$ 457,655 OPERATING EXPENSESFinance/Administration
$ 33,160
$ 33,872
$ 118,872
$ 125,669Research & Development
21,536
48,964
104,786
139,346Marketing
71,193
55,692
197,062
170,140Customer Service
$ 23,613
$ 22,814
$ 79,782
$ 73,604Total Operating Expense
$ 149,502
$ 161,342
$ 500,502
$ 508,759OPERATING INCOME (LOSS)
$ 107,614
$ 30,877
$ (63,770)
$ (51,104) Other Income (expenses)Interest Income
$ 12,068
$ 19,967
$ 45,338
$ 58,543Loss on Asset Disposal
--
--
( 1,059)
--Engineering Services
43,769
47,488
118,509
118,077Engineering Support
(39,855)
(32,385)
(97,775)
(88,966)Other Income (expense)
$ 15,982
$ 35,070
$ 65,014
$ 87,654 INCOME (LOSS) BEFORE TAX
$ 123,596
$ 65,947
$ 1,244
$ 36,550Provision For Income Tax
(42,022)
(22,422)
( 218)
(12,426) NET INCOME (LOSS)
$ 81,574
$ 43,525
$ 1,026
$ 24,124 Basic Earnings (Loss) Per Share    Before Tax
$ 0.02
$ 0.01
$ 0.00
$ 0.006Basic Earnings (Loss) Per Share    After Tax
$ 0.014
$ 0.008
$ 0.00
$ 0.004 Diluted Earnings (Loss) Per Share    Before Tax
$ 0.02
$ 0.01
$ 0.00
$ 0.006Diluted Earnings (Loss) Per Share    After Tax
$ 0.014
$ 0.008
$ 0.00
$ 0.004
(See "Notes to Financial Statements") 
** 

ELECTRONIC SYSTEMS TECHNOLOGY, INC.STATEMENT OF CASH FLOWS(as prepared by Management)(Unaudited)****Nine Months Ended
September 30, 2001
September 30, 2000 CASH FLOWS PROVIDED (USED) IN OPERATING    ACTIVITIES:Net Income (Loss)
$1,026
$24,124Noncash items included in income:Depreciation
31,132
29,497Loss on Disposition of Assets
1,059
--Amortization
1,246
1,845Provision for Federal Income Taxes
218
5,045 DECREASE (INCREASE) IN CURRENT ASSETS:Accounts Receivable Net
(16,339)
(57,919)Inventory
(2,084)
(161,857)Prepaid Expenses
(7,085)
(9,789)Accrued Interest
6,358
(3,354) INCREASE (DECREASE) IN CURRENT    LIABILITIES:Accounts Payable and Accrued Expenses 
$ ( 6,578)
$ 4,351Refundable Deposits
10,566
78,038Accrued Federal Income Taxes
--
3,426
$ 19,519
$(86,593)CASH FLOWS PROVIDED (USED) IN INVESTING    ACTIVITIES:Additions To Property And Equipment
$(30,580)
$(71,323)Capitalized Software
$(11,944)
--
$(42,524)
$(71,323)CASH FLOWS PROVIDED (USED) IN FINANCING    ACTIVITIES:Common Stock Issued through exercised stock    options
30
115Additional Paid In Capital from exercised    stock options
12,270
39,335
$ 12,300
$ 39,450NET INCREASE (DECREASE) IN CASH    AND    CASH EQUIVALENTS
$ (10,705)
$ (118,466)Cash And Cash EquivalentsAt    Beginning Of Period
1,452,287
1,624,728Cash And Cash Equivalents At Ending of Period 
$1,441,582
$1,506,262 SUPPLEMENTAL DISCLOSURES OF CASH FLOWS    INFORMATION:Cash Paid Year To Date:Interest
$ 0
$ 0Federal Income Taxes
$ 0
$ 3,955 Cash And Cash Equivalents:Cash
$ 6,100
$ 5,803Money Market Accounts
453,850
461,877Certificates Of Deposit
981,632
1,038,582
$ 1,441,582
$ 1,506,262
(See "Notes to Financial Statements)
**ELECTRONIC SYSTEMS TECHNOLOGY, INC.NOTES TO FINANCIAL STATEMENTS(as prepared by Management)(Unaudited)**NOTE 1 - BASIS OF PRESENTATION**
The financial statements of Electronic Systems Technology, Inc.(the"Company" ), presented in this Form 10Q are unaudited and reflect, in theopinion of Management, a fair presentation of operations for the three and nine monthperiods ended September 30, 2001 and September 30, 2000. Certain information and footnotedisclosure normally included in financial statements prepared in accordance with generallyaccepted accounting principals have been condensed or omitted pursuant to the applicablerules and regulations of the Securities and Exchange Commission. These financialstatements should be read in conjunction with the audited financial statements and notesthereto included in the Company's Form 10K for the year ended December 31, 2000 as filedwith Securities and Exchange Commission.

The results of operation for the three and nine month periods ended September 30, 2001and September 30, 2000, are not necessarily indicative of the results expected for thefull fiscal year or for any other fiscal period.
**NOTE 2 - INVENTORIES**
Inventories are stated at lower of cost or market with cost determined using the FIFO(first in, first out) method. Inventories consist of the following:

September 302001
December 312000Parts
$332,825
$ 415,673Work in progress
88,143
43,110Finished goods
143,062
103,163
$564,030
$ 561,946
 
**NOTE 3 – EARNINGS (LOSS) PER SHARE**
Basic Earnings Per Share (EPS) excludes dilution and is computed bydividing income available to common stockholders by the weighted-average number of commonshares outstanding for the period. Diluted EPS reflects potential dilution occurring ifsecurities or other contracts to issue common stock were exercised or converted intocommon stock or resulted in the issuance of common stock that then shared in the earningsof the Company. The primary weighted average number of common shares outstanding was5,642,914 and 5,744,992 for the quarters ended September 30, 2001 and 2000 respectively.

For the Quarter Ended    September 30, 2001 
Income(Numerator)
Shares(Denominator)
Per-ShareAmount
Basic EPS 

Income available to common stockholders
$81,574
5,642,914
$0.014
Diluted EPS

Income available to common stockholders+assumed conversions
$81,574
5,613,667
$0.014** 

NOTE 4 - STOCK OPTIONS**
As of September 30, 2001, the Company had outstanding stock options that have beengranted periodically to individual employees and directors with no less than three yearsof continuous tenure with Company. On February 9, 2001, additional stock options topurchase shares of the Company's common stock were granted to individual employees anddirectors with no less than three years continuous tenure. The options granted on February9, 2001 totaled 195,000 shares under option and have an exercise price of $0.44 per share.The options granted on February 9, 2001 may be exercised any time during the period fromFebruary 9, 2001 through February 9, 2004. The Company's Form 8-K dated February 9, 2001,as filed with the Securities and Exchange Commission is included herein by reference. Alloutstanding stock options must be exercised within 90 days after termination ofemployment. During the 12 month period from September 30, 2000 to September 30, 2001,230,000 shares under option expired, 30,000 shares under option were exercised, and195,000 shares under option were granted. At September 30, 2001 there were 515,000 sharesunder option reserved for future exercises.

The Company has adopted the disclosure-only provisions of Statement ofFinancial Accounting Standards (SFAS) No. 123, "Accounting for Stock-BasedCompensation." The Company undertakes to make disclosures and calculations pursuantto SFAS 123 on an annual basis coinciding with the issuance of the Company's AnnualFinancial Statements. Accordingly, no compensation cost has been recognized for the stockoption plan. 
**NOTE 5 - RELATED PARTY TRANSACTIONS**
For the nine-month period ended September 30, 2001 services in the amount of $52,712were contracted with Manufacturing Services, Inc., of which the owner/president is amember of the Board of Directors of the Company. 

 
**ITEM II

MANGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATION***Management's discussion and analysis is intended to be read in conjunction with thecompany's unaudited financial statements and the integral notes thereto for the quarterending September 30, 2001. The following statements may be forward looking in nature andactual results may differ materially.***A. RESULTS OF OPERATIONS

REVENUES:**
Total revenues from the sale of the Company's ESTeem(TM)wireless modem systems, accessories, and services increased to $550,011 for the thirdquarter of 2001 as compared to $479,927 in the third quarter of 2000, reflecting anincrease of 15%. Gross revenues increased to $562,079 for the quarter ending September 30,2001, from $499,894 for the same quarter of 2000, reflecting an increase of 12%. The salesrevenue increase is due to increased product sales in both the domestic and foreignindustrial automation market sectors, when compared with the same quarter of 2000. Year todate revenues from the sale of the Company's products and services decreased to $1,046,479for the first nine months ended September 30, 2001 as compared to $1,139,442 for the sameperiod of 2000, due to low sales volumes during the first six months of 2001. InManagement's opinion, the increase in revenues for the quarter ended September 30, 2001 isa short-term result and should not be considered a long-term trend. Uncertain economicfactors may cause reduced revenues from industrial automation customers having a negativeimpact on projects involving the Company revenues received from products and services.

The Company's revenues have historically fluctuated from quarter toquarter due to timing factors such as customer order placement and product shipments tocustomers, as well as customer buying trends, and changes in the general economicenvironment. The procurement process regarding plant and project automation, or projectdevelopment, which usually surrounds the decision to purchase ESTeem products can belengthy. This procurement process may involve bid activities unrelated to the ESTeemproducts, such as additional systems and subcontract work, as well as capital budgetconsiderations on the part of the customer. Because of the complexity of this procurementprocess, forecasts in regard to the Company's revenues become difficult to predict.

The Company's revenues fall into three major customer categories, Domestic, Export andU.S. Government Sales. Domestic commercial sales increased to $415,754 in the thirdquarter of 2001 as compared to $404,187 for the third quarter of 2000. Foreign exportsales for the third quarter of 2001 increased to $117,328 as compared to the $68,703 inthe same quarter of 2000, due to strong sales activity in the countries of South Korea,Canada and Jordan.

U.S. Government sales increased in the third quarter of 2001 to $16,929, from thirdquarter 2000 levels of $7,037. Management believes the increase in U.S. Government salesis a short-term timing difference in product revenues when compared with the relativelylow U.S. Government sales of the same quarter of 2000. The Company has overall experiencedan overall reduction in U.S. Government sales revenue when compared with past historicallevels. Management believes the reduction is the result of a continued lack of newgovernment projects and purchases for the Company's products during the previous twelvemonths, and which Management feels may continue for the foreseeable future. Due to theuncertain nature of U.S. Government purchasing, Management does not base profitability orliquidity projections on expected U.S. Government sales.

During the quarter ended September 30, 2001, material and services provided to RockwellAutomation for an industrial automation project accounted for 31% of the Company's salesand service revenues. No other sales to a single customer comprised 10% or more of theCompany's product and service sales for the quarter ending September 30, 2001. 

A percentage breakdown of EST's major customer categories of Domestic, Export and U.S.Government Sales, for the third quarter of 2001 and 2000 are as follows:

For the third quarter of 
2001
2000
Domestic Sales
76%
85%
Export Sales
21%
14%
U.S. Government Sales
3%
1%
A percentage breakdown of EST's product sales categories for the third quarter of 2001and 2000 are as follows:

For the Quarter Ended    September 30 
2001
2000
ESTeem Model 192
70%
46%
ESTeem Model 95
3%
3%
ESTeem Model 96
1%
1%
ESTeem Accessories
17%
38%
Factory Services
1%
2%
Site Support
8%
10%
Sales for the third quarter of 2001 and 2000 include foreign export sales as follows:

Three Months Ended
September 30, 2001
September 30, 2000
Export sales
$ 117,328
$ 68,703
Percent of sales
21%
14%
 

The geographic distribution of foreign sales for the third quarter of 2001 and 2000 isas follows:

Percent of Foreign Sales
COUNTRY
September 30, 2001
September 30, 2000South Korea
28%
7%Canada
25%
5%Jordan
20%
--Japan
12%
--Brazil
11%
63%Puerto Rico
4%
--Mexico
Nil
--Austria 
Nil
NilChile
Nil
--Australia
--
16%Taiwan
--
5%Indonesia
--
2%Ecuador
--
1%
The majority of the Company's domestic sales for the third quarter of2001 were used in Industrial Automation applications. Industrial Automation applicationshave historically been the majority of the Company's domestic sales, which Managementbelieves will continue for the foreseeable future, but will also be, augmented by sales ofMobile Data Computer Systems for public safety entities. During the first 9 months of2001, Mobile Data Computer Systems sales levels were lower than anticipated, a trend whichManagement believes may continue in the near term due to current market conditions andpublic safety entity purchases being linked to uncertain government funding. The majorityof the Company's foreign sales during the third quarter of 2001 were used in SupervisoryControl and Data Acquisition (SCADA) applications, primarily for water/waste water controlprojects. It is Management's opinion that the majority of foreign export applications forIndustrial Automation applications for the foreseeable future, however foreign salesduring the third quarter of 2001 included large SCADA water/waste water projects.
**BACKLOG:**
The Company had backlog of $129,000 at September 30, 2001, for orders placed late inthe quarter. The Company expects to make delivery of all backlog items in early in thefourth quarter of 2001. Customers generally place orders on an "as neededbasis". Shipment is generally made within 5 to 10 working days after receipt of anorder from a customer.
**COST OF SALES:**
Cost of sales percentages of gross sales for the third quarters of 2001and 2000 were 49% and 56% of gross sales respectively. Cost of Sales variations areattributable to the type of product sold and the size of the order. The decrease in costof sales in the third quarter of 2001 is due to an increased ratio of higher profit marginproducts sold during the quarter as compared with the same quarter of 2000. 
**OPERATING EXPENSES:**
Operating expenses for the third quarter of 2001 decreased $11,840 when compared withthe third quarter of 2000. The following is a delineation of operating expenses:

For the quarter ended:
September 30,2001
September 30, 2000
Increase (Decrease)
Finance/Administration
$ 33,160
$ 33,872
$ ( 712)
Research/Development
21,536
48,964
( 27,428)
Marketing
71,193
55,692
15,501
Customer Service
23,613
22,814
799
Total Operating Expenses
$ 149,502
$ 161,342
$ (11,840)**FINANCE AND ADMINISTRATION:**
During the third quarter of 2001Finance and Administration expenses decreased $712 whencompared with the third quarter of 2000. The decrease is the result of decreaseddepartment related travel expenses when compared with the same quarter of 2000. 
**RESEARCH AND DEVELOPMENT:**
During the third quarter of 2001, Research and Development expenses decreased $27,428when compared with the third quarter of 2000. The decrease in Research and Developmentexpenditures during the third quarter of 2000 is due to a portion of salaries and wagesbeing capitalized as a software asset for development of the ESTeem 192E Ethernet basedsoftware operating system during the third quarter of 2001. Also there was reducedsubcontracted engineering expertise contracted by the Company during the third quarter of2001 when compared with the same quarter of 2000. 
**MARKETING:**
Marketing expenses increased $15,501 from the same period in 2000, dueto increased travel and tradeshow expenditures by the Company during the third quarter of2001compared with the same period of 2000. 
**CUSTOMER SERVICE:**
Customer service expenses for the third quarter of 2001 increased $799when compared with the third quarter of 2000. The increase is attributable to a decreasedamount of costs being billed directly to customers during the third quarter of 2001whencompared with the same quarter of 2000.
**INTEREST INCOME:**
The Corporation earned $12,068 in interest income for the quarter ended September 30,2001. Sources of interest income were short-term investments, as well as savings and moneymarket accounts.
**ENGINEERING SUPPORT:**
Engineering support costs increased to $39,855 for the quarter endedSeptember 30, 2001, as compared to $32,385 for the same period of 2000. The increase inengineering support costs is the result of decreased profit margin for engineeringservices performed by the Company in the third quarter of 2001, when compared with higherprofit margin, fixed fee engineering services performed by the Company during the thirdquarter of 2000. 
**NET INCOME (LOSS):**
The Corporation had net income of $81,574 for the third quarter of 2001, compared to a$43,525 for the third quarter of 2000. The increase is attributable to increased salesrevenues combined with reduced operating and cost of goods sold expenses during the thirdquarter of 2001, as compared with the third quarter of 2000. Year to date the Company hasNet Income of $1,026 for the nine months ended September 30, 2001 as compared with $24,124for the same nine month period of 2000. The reduced Net Income levels are the result ofreduced product sales revenues during the first two quarters of 2001 effecting year todate profitability when compared with the same period of 2000. 
**B. Financial Condition, Liquidity and Capital Resources**
The Corporation's current asset to current liabilities ratio atSeptember 30, 2001 was 21.5:1 compared to 22.3:1 at December 31, 2000. The decrease incurrent ratio is due to increases in refundable customer deposits and capital expendituresby the Company for fixed, non-current assets when compared with December 31, 2000 amounts.

For the quarter ending September 30, 2001, the Company had cash andcash equivalent short-term investment holdings of $1,441,582 as compared to cash and cashequivalent holdings of $1,452,287 at December 31, 2000. The decrease is attributable tocapital asset and capitalized software development, and increased prepaid expenses paid bythe Company, while being offset by receipt of refundable deposits from customers and theCompany's net income for the quarter ended September 30, 2001.

Accounts receivable increased to $199,966 as of September 30, 2001,from December 31, 2000 levels of $183,627. Inventory increased to $564,030 at September30, 2001, from December 31, 2000 levels of $561,946, due to increased procurement forproducts entering production. The Company's fixed assets, net of depreciation, decreasedto $174,111 as of September 30, 2001, from December 31, 2000 levels of $175,722. Year todate capital expenditures of $30,580 were for purchase of manufacturing and research anddevelopment equipment. Management foresees additional capital expenditures may benecessary to support the production and sale of the Company's products. Research andDevelopment expenses in the amount of $11,944, used in software development of the ESTeem192E Ethernet based operating system were capitalized as a software asset during the thirdquarter of 2001. This resulted in the Company's other asset category increasing to$17,711, net of amortization, from December 31, 2000 levels of $7,013. 

As of September 30, 2001, the Company's trade accounts payable balancewas $73,934 as compared with $78,103 at December 31, 2000, and reflects amounts owed forpurchases of inventory items and contracted services. Refundable deposit liability was$10,566 for the quarter ended September 30, 2001, and reflects prepaid amounts for foreignsales orders paid prior to shipment of material by the Company.

It is Management's opinion the Company's cash, cash equivalent reserves, and workingcapital at September 30, 2001 are sufficient to satisfy requirements for operations,capital expenditures, and other expenditures as may arise in the short term. 
***FORWARD LOOKING STATEMENTS: The above discussionmay contain forward looking statements that involve a number of risks and uncertainties.In addition to the factors discussed above, among other factors that could cause actualresults to differ materially are the following: competitive factors such as rival wirelessarchitectures and price pressures; availability of third party component products atreasonable prices; inventory risks due to shifts in market demand and/or price erosion ofpurchased components; change in product mix, and risk factors that are listed in theCompany's reports and registration statements filed with the Securities and ExchangeCommission.
 

 
**PART IIOTHER INFORMATION

Item 6. EXHIBITS AND REPORTS ON FORM 8-K**(b)Reports on Form 8-K
Form 8-K dated February 9, 2001 is incorporated herein by reference.
Exhibit NumberNotes to Financial Statements**4.****Instruments defining the    Rights of Security Holders including indentures.**
Form 8-K dated February 9, 2001 is incorporated herein by reference. 
**11.****Statement Re: computation of    per share earnings.**
Note 3 to Financial Statements
**SIGNATURES**
In accordance with the requirements of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

ELECTRONIC SYSTEMS TECHNOLOGY, INC.
 
Date: November 9, 2001/s/ T.L. KIRCHNER Name: T.L. KirchnerTitle: Director/President(Principal Executive Officer)Date: November 9, 2001/s/ JON CORREIO Name: Jon CorreioTitle: Vice President, Finance &    Administration(Principal Financial Officer)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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