UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2019

or

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

For the transition period from _____________ to ___________

Commission File Number 1-8462

 

GRAHAM CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

16-1194720

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

20 Florence Avenue, Batavia, New York

14020

(Address of principal executive offices)

(Zip Code)

585-343-2216

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.10 Per Share

 

GHM

 

NYSE

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

 

Accelerated filer

  

Non-accelerated filer

  

 

Smaller reporting company

  

Emerging growth company

  

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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

Yes     No  

As of October 30, 2019, there were outstanding 9,883,017 shares of the registrant’s common stock, par value $.10 per share.

 

 

 

 


Graham Corporation and Subsidiaries

Index to Form 10-Q

As of September 30, 2019 and March 31, 2019 and for the Three and Six-Month Periods Ended September 30, 2019 and 2018  

 

 

 

Page

Part I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

4

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

 

 

 

Item 4.

Controls and Procedures

27

 

 

 

Part II.

OTHER INFORMATION

 

 

 

 

 

 

 

Item 6.

EXHIBITS

28

 

 

 

Signatures

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

GRAHAM CORPORATION AND SUBSIDIARIES

FORM 10-Q

SEPTEMBER 30, 2019

PART I – FINANCIAL INFORMATION

3


Item 1.

Unaudited Condensed Consolidated Financial Statements

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Amounts in thousands, except per share data)

 

 

(Amounts in thousands, except per share data)

 

Net sales

 

$

21,643

 

 

$

21,441

 

 

$

42,236

 

 

$

50,992

 

Cost of products sold

 

 

16,695

 

 

 

15,214

 

 

 

32,574

 

 

 

37,623

 

Gross profit

 

 

4,948

 

 

 

6,227

 

 

 

9,662

 

 

 

13,369

 

Other expenses and income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

3,847

 

 

 

4,718

 

 

 

8,403

 

 

 

9,269

 

Selling, general and administrative – amortization

 

 

 

 

 

60

 

 

 

11

 

 

 

119

 

Other expense

 

 

 

 

 

 

 

 

523

 

 

 

 

Other income

 

 

(87

)

 

 

(206

)

 

 

(174

)

 

 

(412

)

Interest income

 

 

(363

)

 

 

(351

)

 

 

(762

)

 

 

(640

)

Interest expense

 

 

4

 

 

 

1

 

 

 

7

 

 

 

3

 

Total other expenses and income

 

 

3,401

 

 

 

4,222

 

 

 

8,008

 

 

 

8,339

 

Income before provision for income taxes

 

 

1,547

 

 

 

2,005

 

 

 

1,654

 

 

 

5,030

 

Provision for income taxes

 

 

342

 

 

 

178

 

 

 

367

 

 

 

880

 

Net income

 

$

1,205

 

 

$

1,827

 

 

$

1,287

 

 

$

4,150

 

Per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

0.12

 

 

$

0.19

 

 

$

0.13

 

 

$

0.42

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

0.12

 

 

$

0.19

 

 

$

0.13

 

 

$

0.42

 

Weighted average common shares

  outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,883

 

 

 

9,832

 

 

 

9,869

 

 

 

9,810

 

Diluted

 

 

9,885

 

 

 

9,848

 

 

 

9,872

 

 

 

9,826

 

Dividends declared per share

 

$

0.11

 

 

$

0.10

 

 

$

0.21

 

 

$

0.19

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

4


GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Amounts in thousands)

 

 

(Amounts in thousands)

 

Net income

 

$

1,205

 

 

$

1,827

 

 

$

1,287

 

 

$

4,150

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(136

)

 

 

(134

)

 

 

(223

)

 

 

(333

)

Defined benefit pension and other postretirement plans net of

  income tax expense of $54 and $48, for the three months

  ended September 30, 2019 and 2018, respectively, and

  $109 and $97 for the six months ended September 30, 2019

  and 2018, respectively

 

 

195

 

 

 

170

 

 

 

389

 

 

 

340

 

Total other comprehensive income

 

 

59

 

 

 

36

 

 

 

166

 

 

 

7

 

Total comprehensive income

 

$

1,264

 

 

$

1,863

 

 

$

1,453

 

 

$

4,157

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

5


GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

September 30,

 

 

March 31,

 

 

 

2019

 

 

2019

 

 

 

(Amounts in thousands, except per share data)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,882

 

 

$

15,021

 

Investments

 

 

61,914

 

 

 

62,732

 

Trade accounts receivable, net of allowances ($26 and $33 at September 30 and

   March 31, 2019, respectively)

 

 

12,120

 

 

 

17,582

 

Unbilled revenue

 

 

13,036

 

 

 

7,522

 

Inventories

 

 

23,597

 

 

 

24,670

 

Prepaid expenses and other current assets

 

 

1,165

 

 

 

1,333

 

Income taxes receivable

 

 

840

 

 

 

1,073

 

Assets held for sale

 

 

 

 

 

4,850

 

Total current assets

 

 

124,554

 

 

 

134,783

 

Property, plant and equipment, net

 

 

16,761

 

 

 

17,071

 

Prepaid pension asset

 

 

4,702

 

 

 

4,267

 

Operating lease assets

 

 

312

 

 

 

 

Other assets

 

 

135

 

 

 

149

 

Total assets

 

$

146,464

 

 

$

156,270

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of capital lease obligations

 

$

50

 

 

$

51

 

Accounts payable

 

 

7,617

 

 

 

12,405

 

Accrued compensation

 

 

5,273

 

 

 

5,126

 

Accrued expenses and other current liabilities

 

 

2,443

 

 

 

2,933

 

Customer deposits

 

 

29,609

 

 

 

30,847

 

Operating lease liabilities

 

 

148

 

 

 

 

Liabilities held for sale

 

 

 

 

 

3,525

 

Total current liabilities

 

 

45,140

 

 

 

54,887

 

Capital lease obligations

 

 

71

 

 

 

95

 

Operating lease liabilities

 

 

157

 

 

 

 

Deferred income tax liability

 

 

1,283

 

 

 

1,056

 

Accrued pension liability

 

 

704

 

 

 

662

 

Accrued postretirement benefits

 

 

614

 

 

 

604

 

Total liabilities

 

 

47,969

 

 

 

57,304

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value, 500 shares authorized

 

 

 

 

 

 

Common stock, $.10 par value, 25,500 shares authorized,

   10,699 and 10,650 shares issued and 9,883 and 9,843 shares

   outstanding at September 30 and March 31, 2019, respectively

 

 

1,070

 

 

 

1,065

 

Capital in excess of par value

 

 

25,714

 

 

 

25,277

 

Retained earnings

 

 

92,979

 

 

 

93,847

 

Accumulated other comprehensive loss

 

 

(8,667

)

 

 

(8,833

)

Treasury stock (816 and 807 shares at September 30 and March 31, 2019,

   respectively)

 

 

(12,601

)

 

 

(12,390

)

Total stockholders’ equity

 

 

98,495

 

 

 

98,966

 

Total liabilities and stockholders’ equity

 

$

146,464

 

 

$

156,270

 

 

See Notes to Condensed Consolidated Financial Statements.

 

6


GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Six Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

Operating activities:

 

(Dollar amounts in thousands)

 

Net income

 

$

1,287

 

 

$

4,150

 

Adjustments to reconcile net income to net cash (used) provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

980

 

 

 

980

 

Amortization

 

 

11

 

 

 

119

 

Amortization of unrecognized prior service cost and actuarial losses

 

 

498

 

 

 

437

 

Equity-based compensation expense

 

 

412

 

 

 

534

 

Loss on disposal or sale of property, plant and equipment

 

 

 

 

 

30

 

Loss on sale of Energy Steel & Supply Co.

 

 

87

 

 

 

 

Deferred income taxes

 

 

119

 

 

 

207

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

5,287

 

 

 

2,656

 

Unbilled revenue

 

 

(5,514

)

 

 

(5,276

)

Inventories

 

 

990

 

 

 

3,652

 

Prepaid expenses and other current and non-current assets

 

 

109

 

 

 

(679

)

Income taxes receivable

 

 

233

 

 

 

(303

)

Operating lease assets

 

 

138

 

 

 

 

Prepaid pension asset

 

 

(435

)

 

 

(576

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

(4,721

)

 

 

(6,097

)

Accrued compensation, accrued expenses and other current and non-current

   liabilities

 

 

(268

)

 

 

1,086

 

Customer deposits

 

 

(1,116

)

 

 

4,096

 

Operating lease liabilities

 

 

(64

)

 

 

 

Long-term portion of accrued compensation, accrued pension liability

   and accrued postretirement benefits

 

 

52

 

 

 

59

 

Net cash (used) provided by operating activities

 

 

(1,915

)

 

 

5,075

 

Investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(679

)

 

 

(367

)

Proceeds from the sale of Energy Steel & Supply Co.

 

 

602

 

 

 

 

Purchase of investments

 

 

(82,414

)

 

 

(64,611

)

Redemption of investments at maturity

 

 

83,232

 

 

 

45,023

 

Net cash provided (used) by investing activities

 

 

741

 

 

 

(19,955

)

Financing activities:

 

 

 

 

 

 

 

 

Principal repayments on capital lease obligations

 

 

(25

)

 

 

(52

)

Issuance of common stock

 

 

 

 

 

171

 

Dividends paid

 

 

(2,075

)

 

 

(1,868

)

Purchase of treasury stock

 

 

(230

)

 

 

(146

)

Net cash used by financing activities

 

 

(2,330

)

 

 

(1,895

)

Effect of exchange rate changes on cash

 

 

(187

)

 

 

(303

)

Net decrease in cash and cash equivalents, including cash classified within current

   assets held for sale

 

 

(3,691

)

 

 

(17,078

)

Plus:  Net decrease in cash classified within current assets held for sale

 

 

552

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(3,139

)

 

 

(17,078

)

Cash and cash equivalents at beginning of period

 

 

15,021

 

 

 

40,456

 

Cash and cash equivalents at end of period

 

$

11,882

 

 

$

23,378

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

7


 

GRAHAM CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 

SIX MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

 

(Unaudited)

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2019

 

 

10,650

 

 

$

1,065

 

 

$

25,277

 

 

$

93,847

 

 

$

(8,833

)

 

$

(12,390

)

 

$

98,966

 

Cumulative effect of change in

  accounting principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80

)

 

 

 

 

 

 

 

 

 

 

(80

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

 

 

107

 

 

 

 

 

 

 

189

 

Issuance of shares

 

 

83

 

 

 

8

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares

 

 

(34

)

 

 

(3

)

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(988

)

 

 

 

 

 

 

 

 

 

 

(988

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(230

)

 

 

(230

)

Balance at June 30, 2019

 

 

10,699

 

 

 

1,070

 

 

 

25,360

 

 

 

92,861

 

 

 

(8,726

)

 

 

(12,620

)

 

 

97,945

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,205

 

 

 

59

 

 

 

 

 

 

 

1,264

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,087

)

 

 

 

 

 

 

 

 

 

 

(1,087

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

324

 

Issuance of treasury stock

 

 

 

 

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

49

 

Balance at September 30, 2019

 

 

10,699

 

 

$

1,070

 

 

$

25,714

 

 

$

92,979

 

 

$

(8,667

)

 

$

(12,601

)

 

$

98,495

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2018

 

 

10,579

 

 

$

1,058

 

 

$

23,826

 

 

$

99,011

 

 

$

(8,250

)

 

$

(12,296

)

 

$

103,349

 

Cumulative effect of change in

  accounting principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,022

)

 

 

 

 

 

 

 

 

 

 

(1,022

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,323

 

 

 

(29

)

 

 

 

 

 

 

2,294

 

Issuance of shares

 

 

59

 

 

 

6

 

 

 

96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(885

)

 

 

 

 

 

 

 

 

 

 

(885

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

260

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(146

)

 

 

(146

)

Balance at June 30, 2018

 

 

10,638

 

 

 

1,064

 

 

 

24,182

 

 

 

99,427

 

 

 

(8,279

)

 

 

(12,442

)

 

 

103,952

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,827

 

 

 

36

 

 

 

 

 

 

 

1,863

 

Issuance of shares

 

 

4

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(983

)

 

 

 

 

 

 

 

 

 

 

(983

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

274

 

Issuance of treasury stock

 

 

 

 

 

 

 

 

 

 

47

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

79

 

Balance at September 30, 2018

 

 

10,642

 

 

$

1,064

 

 

$

24,572

 

 

$

100,271

 

 

$

(8,243

)

 

$

(12,410

)

 

$

105,254

 

 

See Notes to Condensed Consolidated Financial Statements.

 

8


GRAHAM CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Amounts in thousands, except per share data)

 

 

NOTE 1 – BASIS OF PRESENTATION:

Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned foreign subsidiaries located in Suzhou, China and Ahmedabad, India.  During the fiscal year ended March 31, 2019 ("fiscal 2019") the Company decided to divest of its wholly-owned domestic subsidiary, Energy Steel & Supply Co. ("Energy Steel"), located in Lapeer, Michigan.  The sale of Energy Steel was completed in June 2019 and the accompanying Condensed Consolidated Financial Statements include the results of operations of Energy Steel for the period April 1, 2018 through June 23, 2019.  The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission.  The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements.  The unaudited Condensed Consolidated Balance Sheet as of March 31, 2019 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2019.  For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2019 fiscal 2019.  In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements.

The Company's results of operations and cash flows for the three and six months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2020 ("fiscal 2020").

 

 

NOTE 2 – REVENUE RECOGNITION:

The Company accounts for revenue in accordance with Accounting Standard Codification 606, “Revenue from Contracts with Customers” (“ASC 606”), which it adopted on April 1, 2018 using the modified retrospective approach.

The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer.  For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer.  For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date.

The following table presents the Company’s revenue disaggregated by product line and geographic area:

 

 

9


 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

September 30,

 

 

September 30,

 

Product Line

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Heat transfer equipment

 

$

6,479

 

 

$

6,173

 

 

$

14,331

 

 

$

10,331

 

Vacuum equipment

 

 

8,733

 

 

 

7,842

 

 

 

14,263

 

 

 

25,058

 

All other

 

 

6,431

 

 

 

7,426

 

 

 

13,642

 

 

 

15,603

 

Net sales

 

$

21,643

 

 

$

21,441

 

 

$

42,236

 

 

$

50,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographic Region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

$

1,018

 

 

$

1,876

 

 

$

4,237

 

 

$

4,625

 

Canada

 

 

1,896