CHARLOTTE, N.C., Nov. 14, 2025 (GLOBE NEWSWIRE) -- SPAR Group, Inc. (NASDAQ: SGRP) ("SPAR," "SPAR Group" or the "Company"), an innovative services company offering comprehensive merchandising, marketing, and distribution solutions to retailers and brands throughout the United States and Canada, today reported financial and operating results for the three and nine months ended September 30, 2025.
William Linnane, President and Chief Executive Officer of SPAR Group, commented, "Although we are very pleased to report topline momentum this quarter, with combined U.S. and Canada net revenues up 28.2% over third quarter last year, we recognize that there is more work ahead to build a structurally leaner and more profitable business. The quarter had a benefit to its growth rate due to the timing of one-off project work. However, overall we do expect the growth of U.S. and Canada net revenue to be higher in second half than in first half of 2025. As we plan for 2026, our strategic imperatives center on driving continued revenue growth-particularly within higher margin merchandising services for retailers and consumer packaged goods clients-reducing senior team leadership costs and management layers, eliminating non-revenue-generating costs, and heightening our focus on cash generation and working capital discipline."
"Our leadership team is excited and fully aligned around a shared vision of growth and transformation into a leaner, profit-driven organization. While we remain a people-centric business, our new Chief Technology Officer, Josh Jewett, is accelerating the use of technology and AI to transform SPAR's go-to-market strategy, driving innovation and competitive differentiation across the industry. While growth remains essential, our priority is to build a structurally higher-margin business that delivers strong cash flow and generates long-term shareholder value," concluded Linnane.
Antonio Calisto Pato, Chief Financial Officer of SPAR Group, commented, "The second half of 2025, which includes third quarter results, represents a reset period for SPAR. While we are pleased with topline performance, the revenue mix weighed on margins due to a higher proportion of retailer remodeling work in total net revenues. Our 2026 business development initiatives are highly focused on adjusting to the new sales mix and addressing its lower margins."
"We are also advancing efforts to create a leaner cost structure going forward through disciplined management of controllable selling, general, and administrative expenses. The Company is targeting SG&A at approximately $6.5 million per quarter or lower, excluding legal and other one-time items. In addition, we remain focused on driving positive cash flow and sustaining disciplined working capital management. Notably, accounts receivable balances and operating cash usage increased in 2025, driven by both revenue growth and the impact of our program management agreement with a large retail client. Finally, we recently amended and extended our ABL facilities to provide greater flexibility and support to further strengthen the Company's balance sheet and financial position," concluded Calisto Pato.
Third Quarter 2025 Highlights
- Net revenues were $41.4 million. On a comparable basis, net revenues for the U.S. and Canada were up 28.2%1 versus the prior year quarter. The prior year included non-comparable net revenues related to joint venture divestitures in Mexico, Japan, and India.
- Consolidated Gross Margin was 18.6% of sales, due to higher remodeling mix shifts, compared to 22.3% of sales in the year ago quarter.
- The Company incurred approximately $4.0 million of restructuring costs and severance in the third quarter and an additional $1.6 million of unusual or one-time costs primarily related to legal expenses, strategic alternatives and moving expenses related to our new corporate office in Charlotte. In the prior year quarter, strategic alternative costs were approximately $1 million. Excluding these unusual or one-time costs in both periods, third quarter 2025 SG&A were $7.6 million, compared to a similar amount in the prior year. As noted, the business is aggressively working to reduce this towards a sustainable run rate below $6.5 million per quarter.
- Income tax expense of $1.7 million in the quarter includes a $1.9 million valuation allowance related to U.S. federal and state deferred tax assets, which had a $(0.08) per share impact on the GAAP results for the quarter. This non-cash adjustment has no impact on current or future cash flow, liquidity, or debt covenants.
- GAAP Net loss attributable to SPAR Group, Inc., including the one-time and restructuring costs, was ($8.8) million, or ($0.37) per diluted share, compared to a loss of ($0.2) million, or ($0.01) per diluted share in the prior year quarter. Non-GAAP adjusted diluted loss per common share attributable to SPAR Group Inc. was ($0.10) compared to adjusted diluted income per common share attributable to SPAR Group Inc of $0.05 in the prior year quarter.
- Adjusted EBITDA attributable to SPAR Group, Inc. was $90 thousand, or 0.2% of sales, compared to the prior year quarter of $221 thousand, or 0.6% of sales.
- In early October, the Company amended and expanded revolving credit facilities to $36 million, with an extension until October 2027.
1 Refer to the Geographic Data table in the Segment footnote of the Company's Form 10-Q for the third quarter of 2025.
First Nine Months 2025 Highlights
- Net revenues were $114.1 million. On a comparable basis, net revenues for the U.S. and Canada were up 12.6%1 versus the prior year quarter. The prior year included non-comparable net revenues related to joint venture divestitures in South Africa, Mexico, China, Japan, and India.
- Consolidated Gross Margin was 21.1% of sales, an increase compared to 20.8% of sales in the prior year period.
- Restructuring costs and severance of $4.0 million were recognized in the 2025 period compared to zero in the prior year.
- Income tax expense of $2.0 million in the period includes a $1.9 million valuation allowance related to U.S. federal and state deferred tax assets, which had a $(0.08) per share impact on the GAAP results for the period. This non-cash adjustment has no impact on current or future cash flow, liquidity, or debt covenants.
- GAAP Net income (loss) attributable to SPAR Group, Inc. was ($8.3) million, or ($0.35) per diluted share, compared to $2.6 million, or $0.11 per diluted share, in the first nine months of fiscal 2025. The 2024 period includes a $4.8 million gain on sale. Non-GAAP adjusted diluted loss per common share attributable to SPAR Group Inc. was ($0.07) compared to adjusted diluted income per common share attributable to SPAR Group Inc was $0.01.
- Adjusted EBITDA attributable to SPAR Group, Inc. was $2.9 million, or 2.5% of sales, compared to the prior year first nine months of $4.3 million, or 3.3% of sales.
1 Refer to the Geographic Data table in the Segment footnote of the Company's Form 10-Q for the third quarter of 2025.
Financial Position as of September 30, 2025
The Company's total liquidity at the end of the quarter was $10.4 million, with $8.2 million in cash and cash equivalents and $2.2 million of unused availability as of September 30, 2025. For the nine months ending September 30, 2025, net cash used by operating activities was $16.0 million. The Company ended the period with net working capital of $8.5 million on September 30, 2025.
About SPAR Group, Inc.
SPAR Group is an innovative services company offering comprehensive merchandising, marketing and distribution solutions to retailers and brands throughout the United States and Canada. We provide the resources and analytics that improve brand experiences and transform retail spaces. We offer a unique combination of scale and flexibility with a passion for client results that separates us from the competition. For more information, please visit the SPAR Group's website at http://www.sparinc.com.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains, and the above referenced recorded comments, will contain "forward-looking statements" within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, made by, or respecting, SPAR Group, Inc. ("SGRP") and its subsidiaries (together with SGRP, "SPAR", "SPAR Group" or the "Company"), filed in an Annual Report on Form 10-K/A by SGRP with the Securities and Exchange Commission (the "SEC") for its fiscal year ended December 31, 2024, and SGRP's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and statements as and when filed with the SEC (including the Quarterly Report, the Annual Report and the Proxy Statement, the Information Statement, the Second Special Meeting Proxy/Information Statement, each a "SEC Report"). "Forward-looking statements" are defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other applicable federal and state securities laws, rules and regulations, as amended (together with the Securities Act and Exchange Act, the "Securities Laws").
The forward-looking statements made by the Company in this Press Release may include (without limitation) any expectations, guidance or other information respecting the pursuit or achievement of the Company's corporate strategic objectives. The Company's forward-looking statements also include, in particular and without limitation, those made in "Business", "Risk Factors", "Legal Proceedings", and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report. You can identify forward-looking statements in such information by the Company's use of terms such as "may", "will", "expect", "intend", "believe", "estimate", "anticipate", "continue", "plan", "project" or similar words or variations or negatives of those words.
You should carefully consider (and not place undue reliance on) the Company's forward-looking statements, risk factors and the other risks, cautions and information made, contained or noted in or incorporated by reference into this Press Release, the Annual Report, the Proxy Statement and the other applicable SEC Reports that could cause the Company's actual performance or condition (including its assets, business, clients, capital, cash flow, credit, expenses, financial condition, income, liabilities, liquidity, locations, marketing, operations, performance, prospects, sales, strategies, taxation or other achievement, results, risks, trends or condition) to differ materially from the performance or condition planned, intended, anticipated, estimated or otherwise expected by the Company (collectively, "expectations") and described in the information in the Company's forward-looking and other statements, whether expressed or implied. Although the Company believes them to be reasonable, those expectations involve known and unknown risks, uncertainties, and other unpredictable factors (many of which are beyond the Company's control) that could cause those expectations to fail to occur or be realized or such actual performance or condition to be materially and adversely different from the Company's expectations. In addition, new risks and uncertainties arise from time to time, and it is impossible for the Company to predict these matters or how they may arise or affect the Company. Accordingly, the Company cannot assure you that its expectations will be achieved in whole or in part, that the Company has identified all potential risks, or that the Company can successfully avoid or mitigate such risks in whole or in part, any of which could be significant and materially adverse to the Company and the value of your investment in SGRP's Common Stock.
You should also carefully review the risk factors described in the Annual Report (See Item 1A - Risk Factors) and any other risks, cautions or information made, contained or noted in or incorporated by reference into the Annual Report, the Proxy Statement or other applicable SEC Report. All forward-looking and other statements or information attributable to the Company or persons acting on its behalf are expressly subject to and qualified by all such risk factors and other risks, cautions and information.
The Company does not intend or promise, and the Company expressly disclaims any obligation, to publicly update or revise any forward-looking statements, risk factors or other risks, cautions or information (in whole or in part), whether as a result of new information, risks or uncertainties, future events or recognition or otherwise, except as and to the extent required by applicable law.
Investor Relations Contact:
Sandy Martin or Phillip Kupper
Three Part Advisors
214-616-2207
smartin@threepa.com; pkupper@threepa.com
Financial Statements Follow -
| SPAR Group, Inc. and Subsidiaries | ||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||
| (unaudited) | ||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net revenues | $ | 41,416 | $ | 37,788 | $ | 114,087 | $ | 130,586 | ||||||
| Field management | 2,048 | 2,569 | 7,489 | 6,681 | ||||||||||
| Direct expenses | 31,678 | 26,777 | 82,570 | 96,795 | ||||||||||
| Gross profit | 7,690 | 8,442 | 24,028 | 27,110 | ||||||||||
| Selling, general and administrative expense | 9,187 | 8,558 | 22,994 | 24,322 | ||||||||||
| Restructuring costs and severance | 4,018 | - | 4,018 | - | ||||||||||
| Loss (gain) on sale of business | - | 960 | - | (4,786 | ) | |||||||||
| Depreciation and amortization | 404 | 454 | 1,185 | 1,380 | ||||||||||
| Operating (loss) income | (5,919 | ) | (1,530 | ) | (4,169 | ) | 6,194 | |||||||
| Interest expense | 663 | 582 | 1,721 | 1,647 | ||||||||||
| Other expense, net | 463 | 472 | 460 | 184 | ||||||||||
| (Loss) income before income tax (benefit) expense | (7,045 | ) | (2,584 | ) | (6,350 | ) | 4,363 | |||||||
| Income tax (benefit) expense | 1,719 | (2,314 | ) | 1,953 | 14 | |||||||||
| (Loss) income from continuing operations | (8,764 | ) | (270 | ) | (8,303 | ) | 4,349 | |||||||
| Discontinued Operations | ||||||||||||||
| Income from discontinued operations | - | - | - | 1,381 | ||||||||||
| Loss on disposal of business | - | - | - | (1,188 | ) | |||||||||
| Income tax expense | - | - | - | (1,074 | ) | |||||||||
| Net loss from discontinued operations | - | - | - | (881 | ) | |||||||||
| Net (loss) income | (8,764 | ) | (270 | ) | (8,303 | ) | 3,468 | |||||||
| Net loss (income) attributable to non-controlling interest | - | 88 | - | (914 | ) | |||||||||
| Net (loss) income attributable to SPAR Group, Inc. | $ | (8,764 | ) | $ | (182 | ) | $ | (8,303 | ) | $ | 2,554 | |||
| Basic (loss) earnings per common share attributable to SPAR Group, Inc. from continuing operations | $ | (0.37 | ) | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.15 | |||
| Diluted (loss) earnings per common share attributable to SPAR Group, Inc. from continuing operations | $ | (0.37 | ) | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.15 | |||
| Basic loss per common share attributable to SPAR Group, Inc. from discontinued operations | $ | - | $ | - | $ | - | $ | (0.04 | ) | |||||
| Diluted loss per common share attributable to SPAR Group, Inc. from discontinued operations | $ | - | $ | - | $ | - | $ | (0.04 | ) | |||||
| Basic (loss) earnings per common share attributable to SPAR Group, Inc. | $ | (0.37 | ) | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.11 | |||
| Diluted (loss) earnings per common share attributable to SPAR Group, Inc. | $ | (0.37 | ) | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.11 | |||
| Weighted-average common shares outstanding - basic | 23,648 | 23,435 | 23,523 | 23,591 | ||||||||||
| Weighted-average common shares outstanding - diluted | 23,696 | 23,435 | 23,567 | 23,768 | ||||||||||
| SPAR Group, Inc. and Subsidiaries | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (unaudited) | ||||||
| (In thousands, except share and per share data) | ||||||
| September 30 | December 31, | |||||
| 2025 | 2024 | |||||
| Assets: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 8,206 | $ | 18,221 | ||
| Accounts receivable, net | 41,349 | 24,766 | ||||
| Prepaid expenses and other current assets | 2,345 | 3,009 | ||||
| Total current assets | 51,900 | 45,996 | ||||
| Property and equipment, net | 3,269 | 2,015 | ||||
| Operating lease right-of-use assets | 813 | 630 | ||||
| Goodwill | 856 | 856 | ||||
| Intangible assets, net | 742 | 841 | ||||
| Deferred income taxes | 1,898 | 4,259 | ||||
| Other assets | 2,187 | 1,834 | ||||
| Total assets | $ | 61,665 | $ | 56,431 | ||
| Liabilities and equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 13,363 | $ | 8,767 | ||
| Accrued expenses and other current liabilities | 4,324 | 3,533 | ||||
| Customer incentives and deposits | 1,154 | 892 | ||||
| Lines of credit and short-term loans | 23,783 | 16,082 | ||||
| Current portion of long-term debt | 500 | 500 | ||||
| Current portion of operating lease liabilities | 291 | 276 | ||||
| Total current liabilities | 43,415 | 30,050 | ||||
| Operating lease liabilities, net of current portion | 529 | 353 | ||||
| Long-term debt | 1,132 | 1,722 | ||||
| Total liabilities | 45,076 | 32,125 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity: | ||||||
| Total stockholders' equity | 16,589 | 24,306 | ||||
| Total liabilities and stockholders' equity | $ | 61,665 | $ | 56,431 | ||
| SPAR Group, Inc. and Subsidiaries | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (unaudited) | |||||||
| (In thousands) | |||||||
| Nine Months Ended | |||||||
| September 30 | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (8,303 | ) | $ | 3,468 | ||
| Adjustments to reconcile net (loss) income to net cash used in operating activities | |||||||
| Depreciation and amortization | 1,205 | 1,380 | |||||
| Amortization of operating lease right-of-use assets | 253 | 415 | |||||
| Provision for expected credit losses | - | 133 | |||||
| Deferred income tax expense | 1,947 | 4,577 | |||||
| Gain on sale of businesses | - | (4,786 | ) | ||||
| Share-based compensation expense | 138 | 107 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (16,368 | ) | (2,276 | ) | |||
| Prepaid expenses and other current assets | 311 | 408 | |||||
| Accounts payable | 4,590 | 4,333 | |||||
| Operating lease liabilities | (348 | ) | (415 | ) | |||
| Accrued expenses, other current liabilities, due to affiliates and customer incentives and deposits | 613 | (7,648 | ) | ||||
| Net cash used in operating activities of continuing operations | (15,962 | ) | (304 | ) | |||
| Net cash used in operating activities of discontinued operations | - | (426 | ) | ||||
| Net cash used in operating activities | (15,962 | ) | (730 | ) | |||
| Cash flows from investing activities | |||||||
| Purchases of property and equipment and capitalized software | (1,534 | ) | (898 | ) | |||
| Proceeds from the sale of joint ventures, net of cash transferred | - | 6,675 | |||||
| Net cash (used in) provided by investing activities of continuing operations | (1,534 | ) | 5,777 | ||||
| Net cash provided by investing activities of discontinued operations | - | 3,751 | |||||
| Net cash (used in) provided by investing activities | (1,534 | ) | 9,528 | ||||
| Cash flows from financing activities | |||||||
| Borrowings under line of credit | 111,018 | 103,184 | |||||
| Repayments under line of credit | (103,354 | ) | (97,782 | ) | |||
| Proceeds from the sale of treasury shares | 440 | - | |||||
| Proceeds from term debt | - | 16 | |||||
| Repurchase of common stock | - | (1,800 | ) | ||||
| Payments of notes to seller | (636 | ) | (1,843 | ) | |||
| Payments to acquire noncontrolling interests | - | (250 | ) | ||||
| Net cash provided by financing activities of continuing operations | 7,468 | 1,525 | |||||
| Net cash used in financing activities of discontinued operations | - | (1,315 | ) | ||||
| Net cash provided by financing activities | 7,468 | 210 | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 13 | (75 | ) | ||||
| Net change in cash and cash equivalents | (10,015 | ) | 8,933 | ||||
| Cash and cash equivalents at beginning of period | 18,221 | 10,719 | |||||
| Cash and cash equivalents at end of period | $ | 8,206 | $ | 19,652 | |||
Reconciliation of GAAP to Non-GAAP Financial Measures
Non-GAAP net income attributable to SPAR Group and related per share amounts represents net income attributable to SPAR Group adjusted for the removal of a one-time positive adjustment. Adjusted EBITDA represents net income before, as applicable from time to time, (i) depreciation and amortization of long-lived assets, (ii) interest expense (iii) income tax expense, (iv) Board of Directors incremental compensation expense, (v) restructuring, (vi) impairment, (vii) nonrecurring legal settlement costs and associated legal expenses unrelated to the Company's core operations, (viii) and special items as determined by management. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as an alternative to performance measure derived in accordance with GAAP as an indicator of our operating performance. We present Adjusted net income attributable to SPAR Group and per share amounts, and Adjusted EBITDA because management uses these measures as key performance indicators, and we believe that securities analysts, investors and others use these measures to evaluate companies in our industry. Our calculation of these measures may not be comparable to similarly named measures reported by other companies. The following tables present a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to these measures for the periods presented:
| SPAR Group, Inc. | ||||||||||||||
| Net income (Loss) attributable to SPAR Group, Inc. to | ||||||||||||||
| Adjusted Net income (Loss) attributable to SPAR Group, Inc. Reconciliation | ||||||||||||||
| Diluted earnings per share attributable to SPAR Group, Inc. to | ||||||||||||||
| Adjusted Diluted earnings per share attributable to SPAR Group, Inc. Reconciliation | ||||||||||||||
| (In thousands) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net Income (loss) attributable to SPAR Group Inc. | $ | (8,764 | ) | $ | (182 | ) | $ | (8,303 | ) | $ | 2,554 | |||
| Adjustments to Consolidated EBITDA (net of taxes)* | 4,428 | 1,393 | 4,648 | (2,225 | ) | |||||||||
| Deferred tax valuation allowance | 1,900 | - | 1,900 | - | ||||||||||
| Adjusted Net income (loss) attributable to SPAR Group, Inc. | $ | (2,436 | ) | $ | 1,211 | $ | (1,755 | ) | $ | 329 | ||||
| Diluted income per common share attributable to SPAR Group, Inc. | $ | (0.37 | ) | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.11 | |||
| Adjustments to Consolidated EBITDA per share (net of taxes) | 0.27 | 0.06 | 0.28 | (0.10 | ) | |||||||||
| Adjusted Diluted income per common share attributable to SPAR Group, Inc. | $ | (0.10 | ) | $ | 0.05 | $ | (0.07 | ) | $ | 0.01 | ||||
| * 2025 Q3 Adjustments to Consolidated EBITDA include $4,018K related to restructuring & severance, exceptional BOD payments of $544K, share based compensation of $84K, and $959K of other one-time expenses. 2024 Q3 Adjustments to Consolidated EBITDA includes a $960K loss on sale of businesses and $(149)K for stock based compensation, and $952K of other one time expenses. All of these are tax effected at 21% to compute the after tax value presented here. | ||||||||||||||
| SPAR Group, Inc. | ||||||||||||||
| Net Income (Loss) to Consolidated Adjusted EBITDA to | ||||||||||||||
| Adjusted EBITDA attributable to SPAR Group, Inc. Reconciliation | ||||||||||||||
| (In thousands) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Consolidated net (loss) income from continuing operations | $ | (8,764 | ) | $ | (270 | ) | $ | (8,303 | ) | $ | 4,349 | |||
| Depreciation and amortization from continuing operations | 404 | 454 | 1,185 | 1,380 | ||||||||||
| Interest expense from continuing operations | 663 | 582 | 1,721 | 1,647 | ||||||||||
| Income tax (benefit) expense from continuing operations | 1,719 | (2,314 | ) | 1,953 | 14 | |||||||||
| Other expense from continuing operations | 463 | 472 | 460 | 184 | ||||||||||
| EBITDA of discontinued operations | - | - | - | 1,475 | ||||||||||
| Consolidated EBITDA | (5,515 | ) | (1,076 | ) | (2,984 | ) | 9,049 | |||||||
| Restructuring costs & severance | 4,018 | - | 4,018 | 256 | ||||||||||
| Exceptional BOD payments | 544 | - | 544 | - | ||||||||||
| Loss (gain) on sale of business | - | 960 | - | (4,786 | ) | |||||||||
| Share based compensation | 84 | (149 | ) | 138 | 107 | |||||||||
| Other one time expenses | 959 | 952 | 1,184 | 1,607 | ||||||||||
| Consolidated Adjusted EBITDA | 90 | 687 | 2,900 | 6,233 | ||||||||||
| Adjusted EBITDA attributable to non-controlling interest | - | (466 | ) | - | (1,909 | ) | ||||||||
| Adjusted EBITDA attributable to SPAR Group, Inc. | $ | 90 | $ | 221 | $ | 2,900 | $ | 4,324 | ||||||
Source: SPAR Group, Inc.
