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Monsanto Delivers Record Second-Quarter Results on Strong Growth of U.S. and International Corn Businesses, Growing Demand for Roundup
ST. LOUIS, April 2, 2008 /PRNewswire-FirstCall/ --
($ in millions) Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
Net Sales by Segment
Corn seed and traits $1,747 $1,192 $2,214 $1,552
Soybean seed and traits 455 373 617 543
Cotton seed and traits 40 23 82 48
Vegetable and fruit seed 206 174 336 274
All other crops seeds and
traits 97 68 132 93
TOTAL Seeds and Genomics $2,545 $1,830 $3,381 $2,510
Roundup and other glyphosate-based
herbicides $982 $530 $1,990 $1,179
All other agricultural productivity
products 252 249 507 459
TOTAL Agricultural Productivity $1,234 $779 $2,497 $1,638
TOTAL Net Sales $3,779 $2,609 $5,878 $4,148
Gross Profit $2,229 $1,448 $3,284 $2,130
Operating Expenses $755 $616 $1,417 $1,176
Interest (Income) Expense - Net $(7) $3 $(3) $6
Other (Income) Expense - Net $ (203) $6 $(184) $20
Net Income $1,129 $ 543 $1,385 $633
Diluted (Loss) Earnings
per Share $2.02 $0.98 $2.48 $1.14
Items Affecting Comparability -
EPS Impact
Loss on Discontinued
Operations -- $0.01 -- $0.02
Solutia Claim Settlement $(0.23) $(0.23)
Diluted (Loss) Earnings per Share
from Ongoing Business
(For the definition of ongoing
EPS, see note 1.) $1.79 $0.99 $2.25 $1.16
Effective Tax Rate
(Continuing Operations) 33% 34% 32% 31%
Comparison as a Percent of Second Second Six Months Six Months
Net Sales: Quarter 2008 Quarter 2007 2008 2007
Gross profit 59% 56% 56% 51%
Selling, general and
administrative expenses (SG&A) 14% 16% 17% 20%
Research and development
expenses (excluding acquired
in-process R&D) 6% 7% 7% 9%
Income before income taxes and
minority interest 45% 32% 35% 22%
Net Income 30% 21% 24% 15%
Comment from Monsanto Chairman, President and Chief Executive Officer Hugh Grant: "The performance of our seeds and traits business has us on track for another exceptional year and well positioned to support our five-year strategic growth plan. Between now and 2012, we are the only agriculture company that can point to consistent growth irrespective of commodity price swings, fluctuations in planted acres or the popularity of ethanol. Over the next five years we're poised to set the bar higher as we deliver a game changing platform every other year, real products that create real value for the farmer and for our shareowners." Operations Update Monsanto reported record net sales of $3.8 billion for the second quarter of fiscal year 2008, which were 45 percent higher than sales in the same period in fiscal year 2007. Key drivers for the quarter were increased revenues from the company's U.S. corn seed and traits business as well as increased revenues from its Brazilian corn seed business. Results in the quarter also reflected increased revenues from the company's Roundup agricultural herbicides globally. Monsanto saw record sales of $5.9 billion in the first six months of the company's fiscal year 2008. The year-to-date sales were 42 percent higher than sales compared with the same period in fiscal year 2007. Key contributors to the company's growth included increased sales of Roundup and other glyphosate- based herbicides globally as well as higher worldwide corn seed and traits revenues. Monsanto reported net income of $1.1 billion in the second quarter of fiscal year 2008, compared with reported net income of $543 million in the same period last year. For the first six months of fiscal year 2008, Monsanto reported net income of $1.4 billion, which was significantly higher than net income of $633 million the company realized in the first six months of fiscal year 2007. Earnings per share (EPS) for the second quarter was $2.02 on an as- reported basis, and was $1.79 on an ongoing basis. Earnings per share (EPS) for the first six months of fiscal year 2008 were $2.48 on an as-reported basis, and $2.25 on an ongoing basis. Both periods were affected favorably by $0.23 per share from the settlement of Monsanto's claims in conjunction with Solutia's emergence from bankruptcy. In recognition of its claims and contributions, Monsanto received $163 million in cash and approximately 2.5 million shares of new Solutia common stock during the second quarter. (For a reconciliation of ongoing EPS, see page 1). Cash Flow For second quarter fiscal year 2008, net cash provided by operating activities was $1.9 billion, compared with $520 million in the same period of fiscal year 2007. Net cash required by investing activities was $404 million for the second quarter of fiscal year 2008, compared with $230 million for the same quarter of fiscal year 2007. As a result, free cash flow was $1.5 billion for the second quarter fiscal year 2008, compared with $290 million for the same quarter in fiscal year 2007. (For a reconciliation of free cash flow, see note 1.) Improved earnings, higher accruals for marketing programs because of higher sales, and higher customer prepayments contributed to the increase in free cash flow in the first half of 2008. Cash received for the settlement of the Solutia-related claim also contributed to the increase in the period. Net cash required by financing activities was $142 million for the second quarter of fiscal year 2008, compared with $200 million for the same period in fiscal year 2007. Outlook The second and third quarters of fiscal year 2008 are expected to be the primary drivers for the company's fiscal year 2008 EPS results. These quarters reflect both the relative size of the company's U.S. business and the importance of its seeds and traits business to Monsanto's earnings. The company historically records a loss in the fourth quarter. Monsanto's full-year 2008 EPS is expected to be in the range of $3.38 to $3.48 on a reported basis and in the range of $3.15 and $3.25 on an ongoing basis. (For a reconciliation of ongoing EPS, see page 1). The company now expects that its free cash flow for fiscal year 2008 will be $1.3 billion. The company expects net cash provided by operating activities to be in the range of $2.45 billion, and net cash required by investing activities to be approximately $1.15 billion for fiscal year 2008. (For a reconciliation of free cash flow, see note 1.) This revised free cash flow guidance reflects planned capital expenditures to de-bottleneck Monsanto's glyphosate production facility in Luling, Louisiana, which were announced separately today. Monsanto's full-year 2008 EPS and free cash flow guidance does not reflect the effect of the recently-announced agreement to acquire De Ruiter Seeds. Performance Against Key Growth Drivers Between 2007 and 2012 Between 2007 and the end of 2012, Monsanto's business is poised to effectively double the gross profit potential of its business. This growth will be led by the company's performance against six key areas within its global seeds and traits business (see below). These drivers were recently outlined at a November 2007 investor event. The chart below outlines Monsanto's progress against its six growth drivers. It will be published as part of the company's second- and fourth-quarter earnings announcements of its 2008 fiscal year.
Growth Drivers and 2012 Commitments
U.S. Corn Business
-- Grow U.S. seed footprint by 1 to 2 share points annually in DEKALB
brand
-- Expand triple trait penetration to 45 to 55 million acres by 2010 and
bridge to SmartStax launch
International Corn Business
-- Grow international seed footprint by 1 to 2 share points annually
-- Stem losses in Brazil and hold share in 2008; grow business in 2009
and beyond
-- Set the table for biotech trait ramp up outside the United States
International Soybean Business
-- Release Roundup Ready 2 Yield soybeans on 1 to 2 million acres in 2009
-- Grow penetration of Roundup Ready soybeans in Brazil to create
footprint for Roundup Ready 2 Yield by insect-protected soybeans
International Cotton Business
-- Apply breeding technology to diverse Delta and Pine Land germplasm
-- Convert cotton portfolio to second-generation traits in the United
States and India
Vegetable Seeds Business
-- Improve working capital and margins through operational excellence,
pricing to value and shift to richer mix
-- Launch new products with increased value and accelerate launches via
use of molecular markers
Research and Development (R&D) Pipeline
-- Continue to drive breeding gains across crop platforms
-- Deliver value in established trait pipeline and unlock opportunity in
yield and stress BASF collaboration
Fiscal Year 2008 Performance Against Milestones
U.S. Corn Business
-- 2 to 3 percentage point gain in DEKALB
-- 1 to 2 percentage point gain in American Seeds Inc.
-- Expect 26 to 28 million acres of triple-trait technology in fiscal
year 2008
International Corn Business
-- Expect 5 percentage point gain in Argentina
-- Plan to hold share at 40 percent in Brazil
-- Monsanto's first double-stack corn trait approval in Argentina
-- YieldGard Corn Borer approval in Brazil, including hybrid approvals
International Soybean Business
-- Regulatory approvals received for Roundup Ready 2 Yield soybean
product in Japan, Philippines and Taiwan
-- Penetration of Roundup Ready soybeans is expected to be 55 percent of
the planted acres in Brazil in fiscal year 2008, or up from 50 percent
in fiscal year 2007
International Cotton Business
-- U.S. production plans implemented to accelerate conversion of
second-generation traits in 2009
-- India planting season not yet under way, plans in place to support
conversion of Bollgard II in India
Vegetable Seeds Business
-- Gross profit as a percent of sales expected to be in mid-fifties for
the full year
-- Single-digit price increases through first half
-- On track for completion of 2,500 markers for tomatoes and peppers and
1,500 markers for an 11 additional crops by the 2009 target; a fifty
percent increase in the number of markers for the latter group
Research and Development (R&D) Pipeline
-- Averaged an 8.4 bu/acre yield advantage of DEKALB in U.S. corn in
2007
-- Averaged a 14 bu/acre yield advantage of DEKALB triple U.S. corn
market in 2007
-- Five biotech projects advanced phases, including both first- and
second-generation drought-tolerant corn projects
Seeds and Genomics Segment Detail
($ in millions) Net Sales
Seeds and Genomics Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
Corn seed and traits $1,747 $1,192 $2,214 $1,552
Soybean seed and traits 455 373 617 543
Cotton seed and traits 40 23 82 48
Vegetable and fruit seed 206 174 336 274
All other crops seeds and traits 97 68 132 93
TOTAL Seeds and Genomics $2,545 $1,830 $3,381 $2,510
($ in millions) Gross Profit
Seeds and Genomics Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
Corn seed and traits $1,173 $790 $1,458 $1,013
Soybean seed and traits 269 256 380 378
Cotton seed and traits 33 28 57 43
Vegetable and fruit seed 113 87 177 138
All other crops seeds and traits 46 32 57 37
TOTAL Seeds and Genomics $1,634 $1,193 $2,129 $1,609
($ in millions) Earnings Before Interest & Taxes (EBIT)
Seeds and Genomics Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
EBIT (For a reconciliation
of EBIT, see note 1.) $1,077 $744 $1,057 $745
Unusual Items Affecting EBIT
Loss on Discontinued
Operations None $(5) None $(13)
Seeds and Genomics segment consists of the company's global seeds and related traits business, and genetic technology platforms. Sales for Monsanto's Seeds and Genomics segment were $2.5 billion for the second quarter of fiscal year 2008, or 39 percent higher than sales in the same period last year. During the second quarter of fiscal year 2008, the company realized increased revenue from its branded corn seed and traits business in the United States, Brazil and Europe based on strong customer demand. Results in the quarter also reflected increased revenue from its U.S. soybean seed and traits business as well as increased sales of the company's Seminis vegetable seed business. This year, the company's national and regional corn seed brands are poised to gain market share in the United States. Monsanto currently estimates that its DEKALB corn seed brand could grow by 2 to 3 percentage points, a substantial gain for a seventh consecutive season. Monsanto also estimates that its American Seeds Inc. corn seed brands could grow by 1 to 2 percentage points. Growth in the quarter was also driven by strong adoption of its higher- margin triple-trait corn technology in its national and regional corn seed brands. Monsanto technology trait acres were up across the board, with triple- trait corn technology expected to be grown on an estimated 26-to-28 million acres in the United States, or an increase of more than 39 percent compared with the prior year. Monsanto now estimates that its portfolio mix of the higher-margin triple-trait technology in its DEKALB brand will be at the upper end of its previously announced range of 55 to 60 percent, and that the mix in its American Seeds Inc brands will be approximately 55 percent. Sales for the segment were also higher for the first six months of the 2008 fiscal year compared with sales in the same period last year. First-half segment sales were $3.4 billion, or 35 percent higher than first-half segment sales in fiscal year 2007. The key drivers for growth in the second quarter were also the primary contributors to growth in the first-half of the fiscal year.
Agricultural Productivity Segment Detail
($ in millions) Net Sales
Agricultural Productivity Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
Roundup and other
glyphosate-based
herbicides $982 $530 $1,990 $1,179
All other agricultural productivity
products 252 249 507 459
TOTAL Agricultural
Productivity $1,234 $779 $2,497 $1,638
($ in millions) Gross Profit
Agricultural Productivity Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
Roundup and other
glyphosate-based
herbicides $478 $155 $965 $349
All other agricultural
productivity products 117 100 190 172
TOTAL Agricultural
Productivity $595 $255 $1,155 $521
($ in millions) Earnings Before Interest & Taxes (EBIT)
Agricultural Productivity Second Second Six Months Six Months
Quarter 2008 Quarter 2007 2008 2007
EBIT (For a reconciliation of
EBIT, see note 1.) $601 $78 $986 $181
Unusual Items Affecting EBIT
Solutia Claim Settlement $210 None $210 None
The Agricultural Productivity segment consists primarily of crop protection products, residential lawn-and-garden herbicide products, and the company's animal agriculture business. Sales for Monsanto's Agricultural Productivity segment were $1.2 billion for the second quarter of fiscal year 2008, or 58 percent higher compared with sales in the same period last year. Higher sales of Roundup and other glyphosate-based herbicides globally contributed to the results in the quarter. Sales for the segment were higher for the first six months of the 2008 fiscal year compared with sales in the same period last year. First-half segment sales were $2.5 billion or 52 percent higher than first-half segment sales in fiscal year 2007. Improved sales of Roundup and other glyphosate- based herbicides globally were a key driver for growth in the first half of the fiscal year. Improved pricing, volume and mix of branded Roundup herbicides also contributed to the increase in both periods. Gross profit for the segment in the first six months was $1.2 billion or more than double the gross profit realized in the same period last year. The increase in the period related primarily to higher pricing of branded Roundup herbicides as well as higher volumes. Webcast Information In conjunction with this announcement, Monsanto will hold a conference call at 8:30 a.m. central time (9:30 a.m. eastern time) today. The call will focus on these results and future expectations. The call may also include a discussion of Monsanto's strategic initiatives, product performance and other matters related to the company's business. Presentation slides and a simultaneous audio webcast of the conference call may be accessed by visiting the company's web site at http://www.monsanto.com and clicking on "Investor Information." Visitors may need to download Windows Media Player(TM) prior to listening to the webcast. Following the live broadcast, a replay of the webcast will be available on the Monsanto Web site for three weeks. About Monsanto Company Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see http://www.monsanto.com. Cautionary Statements Regarding Forward-Looking Information: Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent reports on Forms 10-Q and 10-K. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results. Notes to editors: Bollgard, DEKALB, Roundup Ready 2 Yield, Seminis, YieldGard and Roundup are trademarks of Monsanto Company and its wholly owned subsidiaries. References to Roundup herbicides in this release mean Roundup branded herbicides, excluding lawn-and-garden herbicide products.
Monsanto Company
Selected Financial Information
(Dollars in millions, except per share amounts)
Unaudited
Statements of Consolidated
Operations Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Feb. 29, Feb. 28, Feb. 29, Feb. 28,
2008 2007 2008 2007
Net Sales $3,779 $2,609 $ 5,878 $ 4,148
Cost of Goods Sold 1,550 1,161 2,594 2,018
Gross Profit 2,229 1,448 3,284 2,130
Operating Expenses:
Selling, General and
Administrative Expenses 534 430 995 812
Research and Development
Expenses 221 186 421 364
Acquired In-Process
Research and Development - - 1 -
Total Operating Expenses 755 616 1,417 1,176
Income From Operations 1,474 832 1,867 954
Interest Expense 32 34 68 67
Interest Income (39) (31) (71) (61)
Solutia-Related (Income)
Expenses (204) 9 (187) 19
Other Expense (Income)
- Net 1 (3) 3 1
Income Before Income Taxes
and Minority Interest 1,684 823 2,054 928
Income Tax Provision 555 277 662 290
Minority Interest (Income)
Expense - - 7 (3)
Income From Continuing
Operations $1,129 $546 $ 1,385 $641
Discontinued Operations:
Loss from Operations of
Discontinued Businesses - (5) - (13)
Income Tax Benefit - (2) - (5)
Loss on Discontinued
Operations - (3) - (8)
Net Income $1,129 $543 $1,385 $633
EBIT (see note 1) $1,678 $822 $2,043 $926
Basic Earnings (Loss)
per Share
Income from Continuing
Operations $2.06 $1.00 $2.53 $1.18
Loss on Discontinued
Operations - - - $ (0.02)
Net Income $2.06 $1.00 $2.53 $1.16
Diluted Earnings (Loss)
per Share
Income from Continuing
Operations $2.02 $0.99 $2.48 $1.16
Loss on Discontinued
Operations - $(0.01) - $ (0.02)
Net Income $2.02 $0.98 $2.48 $1.14
Weighted Average Shares
Outstanding:
Basic 547.8 543.6 547.0 543.4
Diluted 559.2 554.3 558.5 554.0
Monsanto Company
Selected Financial Information
(Dollars in millions)
Unaudited
Condensed Statements of Consolidated As of As of
Financial Position Feb. 29, 2008 Aug. 31, 2007
Assets
Current Assets:
Cash and Cash Equivalents $2,285 $866
Trade Receivables - Net of Allowances
of $235 and $217, Respectively 2,238 1,499
Miscellaneous Receivables 466 407
Deferred Tax Assets 328 449
Inventories 2,248 1,719
Other Current Assets 111 144
Total Current Assets 7,676 5,084
Property, Plant and Equipment - Net of
Accumulated Depreciation of $3,518 and $3,260,
Respectively 2,813 2,656
Goodwill 2,773 2,625
Other Intangible Assets - Net 1,377 1,415
Noncurrent Deferred Tax Assets 802 730
Long-Term Receivables - Net of Allowances of
$166 and $131, Respectively 587 79
Other Assets 565 394
Total Assets $16,593 $12,983
Liabilities and Shareowners' Equity
Current Liabilities:
Short-Term Debt, Including Current Portion
of Long-Term Debt $260 $270
Accounts Payable 709 649
Income Taxes Payable 234 150
Accrued Compensation and Benefits 265 349
Accrued Marketing Programs 646 517
Deferred Revenues 924 260
Grower Production Accruals 143 86
Dividends Payable 96 96
Miscellaneous Short-Term Accruals 810 698
Total Current Liabilities 4,087 3,075
Long-Term Debt 1,155 1,150
Postretirement Liabilities 497 542
Long-Term Portion of Solutia-Related Reserve 136 119
Long-Term Deferred Revenue 550 -
Other Liabilities 869 594
Shareowners' Equity 9,299 7,503
Total Liabilities and Shareowners' Equity $16,593 $12,983
Debt to Capital Ratio: 13% 16%
Monsanto Company
Selected Financial Information
(Dollars in millions)
Unaudited
Statements of Consolidated Six Months Ended Six Months Ended
Cash Flows Feb. 29, 2008 Feb. 28, 2007
Operating Activities:
Net Income $1,385 $633
Adjustments to Reconcile Cash Provided
by Operations:
Items That Did Not Require
(Provide) Cash:
Depreciation and Amortization
Expense 281 257
Bad-Debt Expense 38 23
Receipt of Securities from Solutia
Settlement (38) -
Stock-Based Compensation Expense 41 35
Excess Tax Benefits from Stock-Based
Compensation (118) (34)
Deferred Income Taxes 156 7
Equity Affiliate Expense - Net 3 21
Acquired In-Process Research and
Development 1 -
Other Items (52) 5
Changes in Assets and Liabilities
That Provided (Required) Cash, Net of Acquisitions:
Trade Receivables (505) (585)
Inventories (439) (170)
Deferred Revenues 603 291
Accounts Payable and Other Accrued Liabilities 673 110
PCB Litigation Settlement Receivable 16 16
Solutia-Related Liabilities (11) (17)
Net Investment Hedge Settlement (64) (4)
Other Items (93) (68)
Net Cash Provided by Operating Activities 1,877 520
Cash Flows Provided (Required) by Investing
Activities:
Maturities of Short-Term Investments 59 22
Capital Expenditures (314) (182)
Acquisitions of Businesses, Net of
Cash Acquired (103) (62)
Purchases of Long-Term Equity Securities (78) -
Technology and Other Investments (16) (24)
Other Investments and Property Disposal Proceeds 48 16
Net Cash Required by Investing Activities (404) (230)
Cash Flows Provided (Required) by Financing
Activities:
Net Change in Financing With Less Than
90-Day Maturities (19) (5)
Short-Term Debt Reductions (9) (8)
Long-Term Debt Proceeds - 4
Long-Term Debt Reductions - (71)
Payments on Other Financing (1) (3)
Treasury Stock Purchases (121) (71)
Stock Option Exercises 82 42
Excess Tax Benefits From Stock-Based
Compensation 118 34
Dividend Payments (192) (122)
Net Cash Required by Financing Activities (142) (200)
Effect of Exchange Rate Changes on Cash and
Cash Equivalents 88 15
Net Increase in Cash and Cash Equivalents 1,419 105
Cash and Cash Equivalents at Beginning of Period 866 1,460
Cash and Cash Equivalents at End of Period $2,285 $ 1,565
Three Months Ended Six Months Ended
Feb. 29, Feb. 28, Feb. 29. Feb. 28,
2008 2007 2008 2007
EBIT - Seeds and Genomics Segment $1,077 $744 $ 1,057 $745
EBIT - Agricultural Productivity
Segment 601 78 986 181
EBIT- Total 1,678 822 2,043 926
Interest (Income) Expense - Net (7) 3 (3) 6
Income Tax Provision(A) 556 276 661 287
Net Income $1,129 $543 $1,385 $633
(A) Includes the income tax provision on minority interest income.
Reconciliation of EPS to Ongoing EPS: Ongoing EPS is calculated excluding certain after-tax items which Monsanto does not consider part of ongoing operations. The reconciliation of EPS to Ongoing EPS for the second quarter and six months ended Feb. 29, 2008, and Feb. 28, 2007, is included on page 1 of this release. Reconciliation of Free Cash Flow: Free cash flow represents the total of cash flows from operating activities and investing activities, as reflected in the Statements of Consolidated Cash Flows presented in this release. With respect to the fiscal year 2008 free cash flow guidance, Monsanto does not include any estimates or projections of Net Cash Provided (Required) by Financing Activities because in order to prepare any such estimate or projection, Monsanto would need to rely on market factors and conditions that are outside of its control.
Fiscal Year Six Months Ended
2008 Feb. 29, Feb. 28,
Guidance 2008 2007
Net Cash Provided by Operating Activities $2,450 $1,877 $520
Net Cash Required by Investing Activities (1,150) (404) (230)
Free Cash Flow $1,300 1,473 290
Net Cash Required by Financing Activities N/A (142) (200)
Effect of Exchange Rate Changes on Cash and
Cash Equivalents N/A 88 15
Net Increase in Cash and Cash Equivalents N/A 1,419 105
Cash and Cash Equivalents at Beginning of
Period N/A 866 1,460
Cash and Cash Equivalents at End of Period N/A $2,285 $1,565
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