UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2006

Carter’s, Inc.

(Exact name of registrant as specified in its charter)


Delaware

 

001-31829

 

13-3912933

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)


The Proscenium,
1170 Peachtree Street NE, Suite 900
Atlanta, Georgia 30309

(Address of principal executive offices, including zip code)

 

(404) 745-2700

(Registrant’s telephone number, including area code)

 

 

 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



Item 2.02.

Results of Operations and Financial Condition.

On February 21, 2006, Carter’s, Inc. issued a press release announcing its financial results for its fourth quarter and fiscal 2005 results for the periods ended December 31, 2005.  A copy of that press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 9.01.

Financial Statements and Exhibits.


 

(a)

Not applicable.

 

 

 

 

 

 

(b)

Not applicable.

 

 

 

 

 

 

(c)

Not applicable.

 

 

 

 

 

 

(d)

Exhibits – The following exhibit is furnished as part of this Current Report on   Form 8-K.

 

 

 

 

 

 

 

Exhibits

 

 

 

 

 

 

 

 

 

Exhibit
Number

 

Description

 

 


 


 

 

99.1

 

Press Release of Carter’s, Inc., dated February 21, 2006




Signature

            Pursuant to the requirements of the Securities Exchange Act of 1934, Carter’s, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

February 21, 2006

 

 

 

 

 

 

CARTER’S, INC.

 

 

 

 

 

 

 

By:

/s/ MICHAEL D. CASEY

 

 


 

Name:

Michael D. Casey

 

Title:

Executive Vice President and
Chief Financial Officer



Exhibit 99.1

Carter’s, Inc. Reports Fourth Quarter and Fiscal 2005 Results

 

-

FOURTH QUARTER SALES INCREASED $118 MILLION, UP 51%

 

 

 

 

-

FOURTH QUARTER GAAP DILUTED EPS $0.57; ADJUSTED EPS $0.68, UP 36%

 

 

 

 

-

FISCAL 2005 SALES INCREASED $298 MILLION, UP 36%

 

 

 

 

-

FISCAL 2005 GAAP DILUTED EPS $1.55; ADJUSTED EPS $2.45, UP 47%

 

 

 

 

-

FISCAL 2005 OPERATING CASH FLOW INCREASED $95 MILLION

          ATLANTA, Feb. 21 /PRNewswire-FirstCall/ -- Carter’s, Inc. (NYSE: CRI), the largest branded marketer in the United States of apparel exclusively for babies and young children, reported its fourth quarter and fiscal 2005 results.

          As noted in its press release dated July 14, 2005, Carter’s, Inc. (the “Company”) acquired all of the outstanding common stock of OshKosh B’Gosh, Inc. (“OshKosh”) for a purchase price of $312.1 million (the “Acquisition”). As part of financing the Acquisition, the Company refinanced its existing debt (the “Refinancing”), including its former senior credit facility, and repurchased all of its 10.875% Senior Subordinated Notes due 2011 (the “Notes”).  Results for fiscal 2005 include OshKosh’s results for the period from July 14, 2005 through December 31, 2005, whereas the results for fiscal 2004 reflect the Company’s results on a stand-alone basis.

          Fourth Quarter 2005 Compared to Fourth Quarter 2004

          Net sales increased 50.6% to $350.5 million.  This increase reflects growth in all channels of distribution and includes $103.7 million in net sales from OshKosh. Excluding OshKosh, net sales increased 6.1% to $246.8 million.

          Retail store sales increased 98.0% to $170.2 million. Excluding OshKosh retail store sales of $76.6 million, retail store sales increased 8.9% to $93.6 million.  This increase was driven by a 6.1% increase in comparable store sales and new store openings.

          The Company’s wholesale sales increased 28.4% to $138.3 million. Excluding OshKosh wholesale sales of $27.0 million, wholesale sales increased 3.2% to $111.3 million. Mass channel sales increased 7.6% to $42.0 million.



          Net income increased 15.4% to $17.3 million, or $0.57 per diluted share, including charges related to the Acquisition and plant closure costs. Excluding these charges, adjusted net income increased 37.5% to $20.7 million, or $0.68 per diluted share.  The reconciliation of income, as reported under generally accepted accounting principles (“GAAP”), to income adjusted for these charges is shown below.

 

 

Three-month period ended December 31, 2005

 

 

 


 

 

 

Income
Before 
Taxes

 

Net
Income

 

Diluted
 EPS

 

 

 



 



 



 

 

 

(dollars in millions, except EPS)

 

Income, as reported (GAAP)

 

$

28.5

 

$

17.3

 

$

0.57

 

Acquisition charges:

 

 

 

 

 

 

 

 

 

 

Inventory step-up (a)

 

 

3.5

 

 

2.2

 

 

0.07

 

Intangible amortization (b)

 

 

1.2

 

 

0.7

 

 

0.02

 

 

 

 

4.7

 

 

2.9

 

 

0.09

 

Facility closings:

 

 

 

 

 

 

 

 

 

 

Mexico closure costs (c)

 

 

0.8

 

 

0.5

 

 

0.02

 

 

 

 

5.5

 

 

3.4

 

 

0.11

 

Income, as adjusted

 

$

34.0

 

$

20.7

 

$

0.68

 


 


 

(a)

Fair value step-up of inventory acquired from OshKosh included in cost of goods sold.

 

(b)

Non-cash charges associated with the Acquisition, including the amortization of OshKosh intangible assets, primarily licensing agreements.

 

(c)

Charges associated with the closure of the Company’s sewing facilities in Mexico.

          Fred Rowan, Chairman and CEO, noted that, “Our results continue to reflect the strength of our diversified platform for growth.  We grew in all of our channels of distribution in the fourth quarter, including a 6.1% comparable store sales increase in our Carter’s retail stores.  We have made significant progress in the initial phases of the OshKosh integration.  With OshKosh, we reached over $1 billion in sales in fiscal 2005 and created significant synergies and organic growth opportunities, which we believe will enable us to sustain our long-term growth objectives.”

          Fiscal 2005 Compared to Fiscal 2004

          Net sales increased 36.2% to $1.1 billion, including $199.8 million in net sales from OshKosh.  Excluding OshKosh, net sales increased 12.0% to $921.5 million.

          Retail store sales increased 56.7% to $456.6 million.  Excluding OshKosh retail store sales of $140.1 million, retail store sales increased 8.6% to $316.5 million.  This increase was driven by a 4.8% increase in comparable store sales and 17 new store openings.  As of December 31, 2005, the Company had 193 Carter’s retail stores and 142 OshKosh retail stores.

          The Company’s wholesale sales increased 26.2% to $486.8 million. Excluding OshKosh wholesale sales of $59.7 million, wholesale sales increased 10.7% to $427.0 million.  Net sales to the mass channel increased 22.0% to $178.0 million.



          Net income decreased 4.9% to $47.2 million, or $1.55 per diluted share, including charges related to the Refinancing, charges related to the Acquisition, and plant closure costs.  Excluding these charges, adjusted net income increased 48.5% to $74.3 million, or $2.45 per diluted share.  The reconciliation of income, as reported under GAAP, to income adjusted for these charges is shown below.

 

 

Fiscal year ended December 31, 2005

 

 

 


 

 

 

Income
Before 
Taxes

 

Net
Income

 

Diluted
 EPS

 

 

 



 



 



 

 

 

(dollars in millions, except EPS)

 

Income, as reported (GAAP)

 

$

77.9

 

$

47.2

 

$

1.55

 

Refinancing:

 

 

 

 

 

 

 

 

 

 

Tender premium (a)

 

 

14.0

 

 

8.5

 

 

0.28

 

Debt issuance costs (b)

 

 

5.6

 

 

3.4

 

 

0.11

 

Unamortized discount (c)

 

 

0.5

 

 

0.3

 

 

0.01

 

 

 

 

20.1

 

 

12.2

 

 

0.40

 

Acquisition charges:

 

 

 

 

 

 

 

 

 

 

Inventory step-up (d)

 

 

13.9

 

 

8.5

 

 

0.28

 

Intangible amortization (e)

 

 

2.2

 

 

1.3

 

 

0.04

 

 

 

 

16.1

 

 

9.8

 

 

0.32

 

Facility closings:

 

 

 

 

 

 

 

 

 

 

Mexico closure costs (f)

 

 

8.4

 

 

5.1

 

 

0.18

 

 

 

 

44.6

 

 

27.1

 

 

0.90

 

Income, as adjusted

 

$

122.5

 

$

74.3

 

$

2.45

 


 


 

(a)

Tender premium to repurchase the Notes.

 

(b)

Non-cash charge to write off debt issuance costs associated with the Refinancing.

 

(c)

Non-cash charge related to the write-off of the unamortized discount on the Notes.

 

(d)

Fair value step-up of inventory acquired from OshKosh included in cost of goods sold.

 

(e)

Non-cash charges associated with the Acquisition, including the amortization of OshKosh intangible assets, primarily licensing agreements.

 

(f)

Charges associated with the closure of the Company’s sewing facilities in Mexico, including $1.6 million of accelerated depreciation in cost of goods sold.

          Net cash provided by operations was $137.3 million in fiscal 2005 compared to net cash provided by operations of $42.7 million in fiscal 2004.  Net cash provided by operations reflects the increase in earnings, adjusted for non- cash charges and Refinancing charges, and favorable changes in working capital.  Additionally, since the Acquisition, the Company has paid down $70 million of its new $500 million term loan.

          As part of our integration, we have closed all 15 OshKosh “Lifestyle” stores and 14 underperforming OshKosh outlet stores.  With the closure of OshKosh’s Liberty, Kentucky distribution center, we have consolidated OshKosh’s distribution network.  We have closed OshKosh’s Choloma, Honduras sewing facility and have also recently announced our plans to close OshKosh’s Uman, Mexico sewing facility during the first half of fiscal 2006.  These closures will complete our transition to third-party sourcing of OshKosh products.

          During the fourth quarter of fiscal 2005, we opened 10 Carter’s retail stores and closed three stores.  In total, we opened 17 Carter’s retail stores in fiscal 2005 and closed four stores.



          Business Outlook

          Our business outlook is based on our current expectations and includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  Although the Company believes the comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

(dollars in millions, except for share data)

 

First Quarter 2006

 

Fiscal Year 2006

 


 



 



 

Consolidated Net Sales

 

$

292.0 +42%(a

)

$

1,325 to $1,360

 

 

 

 

 

 

 

+18% to +21% (b

)

Consolidated Adjusted

 

 

 

 

 

 

 

Diluted EPS

 

$

0.53 +15%(c

)

$

2.90 to $2.95

 

 

 

 

 

 

 

+18% to +20% (d

)


 


 

(a)

Comparison to the first quarter of fiscal 2005.

 

(b)

Comparison to fiscal 2005.

 

(c)

First quarter of fiscal 2006 excludes $0.6 million in stock option expense related to the adoption of SFAS 123R, or $0.02 per diluted share, $0.7 million in amortization of licensing agreements and leasehold interests, or $0.02 per diluted share, and $0.2 million in charges associated with the closure of Carter’s sewing facilities in Mexico, or $0.01 per diluted share.  Estimated adjusted increase compared to first quarter of fiscal 2005 results of $0.46 per diluted share.

 

(d)

Fiscal 2006 excludes $3.0 million in stock option expense related to the adoption of SFAS 123R, or $0.10 per diluted share, $2.9 million in amortization of licensing agreements and leasehold interests, or $0.10 per diluted share, and $0.3 million in charges associated with the closure of Carter’s sewing facilities in Mexico.  Estimated adjusted increase compared to adjusted fiscal 2005 results of $2.45 per diluted share as described above, excluding plant closure costs, purchase accounting charges (amortization of licensing agreements, leasehold interests, and inventory adjustments), and debt extinguishment costs.

          The Company will broadcast its quarterly conference call on February 22, 2006 at 8:30 a.m. Eastern Time.  To participate in the call, please dial 1- 913-981-4910.  To listen to the live broadcast over the internet, please log on to www.carters.com, go to “About Carter’s,” click on “Investor Relations,” and then click on the link “Fourth Quarter Conference Call.”  A replay of the call will be available shortly after the broadcast through midnight Eastern Time, March 3, 2006, at 1-719-457-0820, passcode 5943057, and will be archived on the Company’s website at the same location as the live webcast.

          For more information on Carter’s, Inc. please visit www.carters.com.

          Cautionary Language

          Statements contained herein that relate to the Company’s future performance, including, without limitation, statements with respect to the Company’s anticipated results for fiscal 2006 or any other future period, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions.  Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected.  Factors that could cause actual results to materially differ include a decrease in sales to, or the loss of one or more of the Company’s key customers, deflationary trends in prices, disruptions in foreign supply sources, negative publicity, the loss of one or more of the Company’s major suppliers for raw materials, competition in the baby and young children’s apparel market, changes in consumer preference and fashion trends, a decrease in the overall level of consumer spending, the Company’s exposure to interest rate risk, the impact of governmental regulations and environmental risks applicable to the Company’s business, and seasonal fluctuations in the children’s apparel business.  These risks are described in Carter’s, Inc.’s and OshKosh B’Gosh, Inc.’s most recently filed annual reports on Form 10-K under the headings “Risk Factors” and “Statement Regarding Forward-Looking Statements.”  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

          Contact:
          Eric Martin
          Vice President, Investor Relations
          (404) 745-2889



CARTER’S, INC.
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for share data)
(unaudited)

 

 

Three-month periods ended

 

Fiscal years ended

 

 

 


 


 

 

 

December 31,
2005

 

January 1,
2005

 

December 31,
2005

 

January 1,
2005

 

 

 



 



 



 



 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

$

138,349

 

$

107,790

 

$

486,750

 

$

385,810

 

Retail

 

 

170,156

 

 

85,941

 

 

456,581

 

 

291,362

 

Mass Channel

 

 

41,988

 

 

39,006

 

 

178,027

 

 

145,949

 

Total net sales

 

 

350,493

 

 

232,737

 

 

1,121,358

 

 

823,121

 

Cost of goods sold

 

 

224,712

 

 

148,426

 

 

725,086

 

 

525,082

 

Gross profit

 

 

125,781

 

 

84,311

 

 

396,272

 

 

298,039

 

Selling, general, and administrative expenses

 

 

96,082

 

 

57,082

 

 

288,624

 

 

208,756

 

Facility closure costs

 

 

750

 

 

31

 

 

6,828

 

 

620

 

Royalty income

 

 

(6,882

)

 

(3,105

)

 

(20,426

)

 

(12,362

)

Operating income

 

 

35,831

 

 

30,303

 

 

121,246

 

 

101,025

 

Loss on extinguishment of debt

 

 

—  

 

 

—  

 

 

20,137

 

 

—  

 

Interest expense, net

 

 

7,340

 

 

4,863

 

 

23,242

 

 

18,517

 

Income before income taxes

 

 

28,491

 

 

25,440

 

 

77,867

 

 

82,508

 

Provision for income taxes

 

 

11,166

 

 

10,424

 

 

30,665

 

 

32,850

 

Net income

 

$

17,325

 

$

15,016

 

$

47,202

 

$

49,658

 

Basic net income per common share

 

$

0.60

 

$

0.53

 

$

1.65

 

$

1.77

 

Diluted net income per common share

 

$

0.57

 

$

0.50

 

$

1.55

 

$

1.66

 

Basic weighted average number of shares outstanding

 

 

28,794,402

 

 

28,404,776

 

 

28,640,252

 

 

28,125,584

 

Diluted weighted average number of shares outstanding

 

 

30,494,743

 

 

30,077,042

 

 

30,376,692

 

 

29,927,957

 

          Adjusted Net Income

          In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present net income and net income on a per share basis excluding certain adjustments discussed above.  Details of these items are presented in the table below, which reconciles the GAAP results to adjusted net income and adjusted net income per share.  The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP.  The adjusted, non-GAAP financial information is presented for informational purposes only and is not necessarily indicative of the Company’s future condition or results of operations.  Also, this earnings release and the reconciliation from GAAP results to adjusted results can be found on the Company’s website at www.carters.com.

          Adjusted net income for fiscal 2005 excludes the following after-tax adjustments:

 

Refinancing:

 

 

 

-

Tender premium of $8.5 million to repurchase the Notes;

 

 

 

 

-

Non-cash charge of $3.4 million to write off debt issuance costs associated with the refinancing;

 

 

 

 

-

Non-cash charge of $0.3 million related to the write-off of an unamortized discount on the Notes;


 

Acquisition charges:

 

 

 

-

Charge of $8.5 million related to a fair value step-up of inventory acquired from OshKosh, included in cost of goods sold;

 

 

 

 

-

Non-cash charges of $1.3 million for the amortization of licensing agreements and leasehold interests; and


 

Facility closings:

 

 

 

-

Charge of $5.1 million associated with closure of the Carter’s sewing facilities in Mexico.

          Adjusted results for fiscal 2004 exclude $0.4 million in after-tax restructuring charges related to the closures of the Carter’s sewing facilities in Costa Rica and a distribution facility in Leola, Pennsylvania. These adjustments are set forth in the reconciliation of results in accordance with GAAP to the adjusted results shown in the table below.  The Company believes that the adjusted information in this press release provides a meaningful comparison of its operational and financial results.



CARTER’S, INC.
GAAP VS. ADJUSTED RESULTS
(dollars in thousands, except for share data)
(unaudited)

 

 

Three-month periods ended

 

Fiscal years ended

 

 

 


 


 

 

 

December 31,
2005

 

January 1,
2005

 

December 31,
2005

 

January 1,
2005

 

 

 



 



 



 



 

Net income, as reported (GAAP)

 

$

17,325

 

$

15,016

 

$

47,202

 

$

49,658

 

Adjustments (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

Refinancing:

 

 

 

 

 

 

 

 

 

 

 

 

 

Tender premium

 

 

—  

 

 

—  

 

 

8,479

 

 

—  

 

Write-off of debt issuance costs

 

 

—  

 

 

—  

 

 

3,381

 

 

—  

 

Write-off of unamortized debt discount

 

 

—  

 

 

—  

 

 

323

 

 

—  

 

 

 

 

—  

 

 

—  

 

 

12,183

 

 

—  

 

Acquisition charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of inventory step-up

 

 

2,153

 

 

—  

 

 

8,479

 

 

—  

 

Amortization of OshKosh licensing agreements and leasehold interests

 

 

732

 

 

—  

 

 

1,342

 

 

—  

 

 

 

 

2,885

 

 

—  

 

 

9,821

 

 

—  

 

Facility closings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico closure costs

 

 

454

 

 

—  

 

 

5,099

 

 

—  

 

Other closure costs

 

 

—  

 

 

15

 

 

—  

 

 

373

 

Net income, as adjusted

 

$

20,664

 

$

15,031

 

$

74,305

 

$

50,031

 

Diluted weighted average shares outstanding, as reported

 

 

30,494,743

 

 

30,077,042

 

 

30,376,692

 

 

29,927,957

 

Diluted net income per share, as reported

 

$

0.57

 

$

0.50

 

$

1.55

 

$

1.66

 

Diluted net income per share, as adjusted

 

$

0.68

 

$

0.50

 

$

2.45

 

$

1.67

 

CARTER’S, INC.
CONSOLIDATED BALANCE SHEET
(dollars in thousands, except for share data)
(unaudited)

 

 

December 31,
2005

 

January 1,
2005

 

 

 



 



 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

84,276

 

$

33,265

 

Accounts receivable, net

 

 

96,144

 

 

80,440

 

Inventories, net

 

 

188,454

 

 

120,792

 

Prepaid expenses and other current assets

 

 

6,262

 

 

4,499

 

Deferred income taxes

 

 

23,909

 

 

12,571

 

Total current assets

 

 

399,045

 

 

251,567

 

Property, plant, and equipment, net

 

 

79,458

 

 

53,187

 

Tradenames

 

 

322,233

 

 

220,233

 

Cost in excess of fair value of net assets acquired

 

 

284,172

 

 

139,282

 

Licensing agreements, net

 

 

17,150

 

 

—  

 

Leasehold interests, net

 

 

1,619

 

 

—  

 

Deferred debt issuance costs, net

 

 

8,257

 

 

5,867

 

Other assets

 

 

4,793

 

 

2,829

 

Total assets

 

$

1,116,727

 

$

672,965

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

 

$

3,241

 

$

724

 

Accounts payable

 

 

63,735

 

 

26,453

 

Other current liabilities

 

 

87,037

 

 

38,422

 

Total current liabilities

 

 

154,013

 

 

65,599

 

Long-term debt

 

 

426,791

 

 

183,778

 

Deferred income taxes

 

 

124,439

 

 

83,579

 

Other long-term liabilities

 

 

24,840

 

 

12,076

 

Total liabilities

 

 

730,083

 

 

345,032

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred stock; par value $.01 per share; 100,000 shares authorized; none issued or outstanding at December 31, 2005 and January 1, 2005

 

 

—  

 

 

—  

 

Common stock, voting; par value $.01 per share; 40,000,000 shares authorized; 28,909,729 shares and 28,432,452 shares issued and outstanding at December 31, 2005 and January 1, 2005

 

 

289

 

 

284

 

Additional paid-in capital

 

 

260,414

 

 

247,610

 

Deferred compensation

 

 

(2,749

)

 

(95

)

Accumulated other comprehensive income

 

 

1,354

 

 

—  

 

Retained earnings

 

 

127,336

 

 

80,134

 

Total stockholders’ equity

 

 

386,644

 

 

327,933

 

Total liabilities and stockholders’ equity

 

$

1,116,727

 

$

672,965

 

SOURCE  Carter’s, Inc.
          -0-                                             02/21/2006
          /CONTACT:  Eric Martin, Vice President, Investor Relations of Carter’s, Inc., +1-404-745-2889/
          /Web site:  http://www.carters.com/
          (CRI)