Richardson Electronics, Ltd.

RELL

RELLRichardson Electronics, Ltd. US flag

NASDAQ

18.01

USD

+0.83

- -

260.64MMarket Cap

Income Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

Sales/Revenue/Turnover	159	158	141	138	137	142	137	163	167	156	177	225	263	196	209
+ Sales & Services Revenue	159	158	141	138	137	142	137	163	167	156	177	225	263	196	209
- Cost of Revenue	113	111	100	97	96	97	93	108	115	106	118	153	179	136	144
+ Cost of Goods & Services	113	111	100	97	96	97	93	108	115	106	118	153	179	136	144
Gross Profit	46	47	42	41	41	45	44	55	52	50	59	72	84	60	65
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	43	41	42	43	49	52	50	52	52	51	56	56	59	60	62
+ Selling, General & Admin	43	41	42	43	49	52	50	52	52	51	56	56	59	60	62
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	3	6	- -	-2	-8	-7	-6	3	- -	-2	3	16	25	- -	3
- Non-Operating (Income) Loss	- -	-1	-1	-2	-1	-1	- -	-1	6	- -	1	- -	- -	- -	4
+ Interest Expense, Net	- -	-1	-1	-1	-1	-1	- -	- -	-1	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	1	1	1	1	1	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	1	- -	1	-1	- -	- -	- -	- -	6	- -	1	- -	- -	1	5
Pretax Income	2	8	1	-1	-7	-6	-6	4	-6	-1	2	16	25	- -	-2
- Income Tax Expense (Benefit)	- -	- -	- -	- -	-1	1	1	2	1	1	1	-2	3	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	2	8	- -	- -	-6	-7	-7	2	-7	-2	2	18	22	- -	-1
- Net Extraordinary Losses (Gains)	-86	-1	-1	- -	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	86	1	1	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-172	-1	-2	- -	- -	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	88	9	1	-1	-6	-7	-7	4	-7	-2	2	18	22	- -	-1
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	88	9	1	-1	-6	-7	-7	4	-7	-2	2	18	22	- -	-1
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	88	9	1	-1	-6	-7	-7	4	-7	-2	2	18	22	- -	-1
EBIT	3	6	- -	-2	-8	-7	-6	3	- -	-2	3	16	25	- -	3
EBITDA	5	7	1	-1	-6	-4	-3	6	3	2	6	19	29	5	7
EBITDA Margin (%)	3.04	4.62	0.76	-1.01	-4.66	-3.11	-2.36	3.89	1.65	1.11	3.57	8.64	10.91	2.41	3.17
EBITA	3	6	- -	-2	-8	-7	-6	3	- -	-2	3	16	25	- -	3
Gross Margin (%)	29.03	29.64	29.45	29.73	30.04	31.57	32.06	33.75	31.04	31.86	33.25	31.92	31.86	30.52	31.02
Operating Margin (%)	1.8	3.91	0.01	-1.8	-5.91	-4.79	-4.36	2.05	-0.25	-1.06	1.64	7.11	9.51	0.21	1.26
Profit Margin (%)	55.36	5.4	0.88	-0.37	-4.06	-4.76	-5.06	2.34	-4.4	-1.18	0.94	7.98	8.5	0.03	-0.55
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.11	0.2	0.23	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	- -
Depreciation Expense	2	1	1	1	2	2	3	3	3	3	3	3	4	4	4
Basic Weighted Avg Shares	18	17	15	14	14	13	13	13	13	13	13	13	14	14	- -
Basic EPS, GAAP	4.9	0.5	0.08	-0.04	-0.4	-0.52	-0.54	0.3	-0.56	-0.14	0.13	1.33	1.6	- -	- -
Basic EPS from Cont Ops	0.11	0.47	0.03	-0.02	-0.4	-0.52	-0.54	0.18	-0.56	-0.14	0.13	1.33	1.6	- -	- -
Diluted Weighted Avg Shares	18	17	15	14	14	13	13	13	13	13	13	14	15	15	- -
Diluted EPS, GAAP	4.83	0.5	0.08	-0.04	-0.4	-0.52	-0.54	0.29	-0.56	-0.14	0.12	1.29	1.53	- -	- -
Diluted EPS from Cont Ops	0.11	0.47	0.03	-0.02	-0.4	-0.52	-0.54	0.18	-0.56	-0.14	0.12	1.29	1.53	- -	- -

Balance Sheet (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

Total Current Assets	288	213	203	192	161	136	128	138	131	127	134	153	168	162	166
+ Cash, Cash Equivalents & STI	223	149	141	134	98	63	62	60	50	47	43	40	25	24	36
+ Cash & Cash Equivalents	171	44	102	103	75	60	55	60	42	31	43	35	25	24	36
+ ST Investments	52	105	39	32	24	2	6	- -	8	16	- -	5	- -	- -	- -
+ Accounts & Notes Receiv	22	26	25	21	22	25	21	23	24	20	25	30	30	25	24
+ Accounts Receivable, Net	22	20	18	18	21	25	21	23	24	20	25	30	30	25	24
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	7	6	3	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	31	35	34	34	39	45	43	51	53	57	64	80	110	110	103
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	31	35	34	34	39	45	43	51	53	57	64	80	110	110	103
+ Other ST Assets	12	3	3	3	2	3	3	4	3	2	2	2	3	2	3
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	26	18	14	11	24	32	29	29	22	24	22	27	30	31	30
+ Property, Plant & Equip, Net	5	4	5	7	10	13	16	18	19	21	20	20	23	23	21
+ Property, Plant & Equip	26	26	28	31	35	38	42	46	49	53	54	57	63	66	59
- Accumulated Depreciation	21	22	23	24	25	25	26	28	30	32	35	37	39	42	38
+ LT Investments & Receivables	17	11	5	2	12	8	2	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	17	11	5	2	12	8	2	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4	3	4	3	2	11	11	10	3	3	3	6	7	7	9
+ Total Intangible Assets	- -	2	2	1	1	10	10	9	3	3	2	2	2	2	- -
+ Goodwill	- -	1	2	- -	- -	6	6	6	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	1	1	1	4	3	3	3	3	2	2	2	2	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	4	1	1	2	1	1	1	1	1	- -	1	4	5	6	9
Total Assets	314	231	217	204	185	168	157	166	153	151	157	180	198	192	196
+ Payables & Accruals	57	21	24	22	24	22	22	28	25	25	27	34	32	26	30
+ Accounts Payable	18	13	14	12	16	15	16	20	17	17	17	24	24	15	21
+ Accrued Taxes	32	5	5	5	5	3	3	3	3	3	5	6	4	3	4
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	8	4	4	4	4	3	3	5	6	5	5	5	4	7	5
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1
+ Other ST Liabilities	20	- -	- -	- -	2	3	2	2	3	2	4	6	4	5	5
+ Deferred Revenue	- -	- -	- -	- -	2	2	1	2	2	2	3	5	3	5	5
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	20	- -	- -	- -	- -	1	1	- -	1	1	1	1	- -	1	1
Total Current Liabilities	77	21	24	22	26	24	24	30	28	29	32	41	37	32	37
+ LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	2	1	2	1
+ LT Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	2	1	2	1
+ Other LT Liabilities	15	10	8	7	2	2	1	1	1	1	2	1	1	1	1
+ Accrued Liabilities	13	7	7	6	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2	3	1	1	1	1	1	1	1	1	1	1	1	1	1
Total Noncurrent Liabilities	15	10	8	7	2	2	1	1	1	3	3	3	2	2	2
Total Liabilities	92	31	32	29	28	26	25	31	29	32	35	44	39	34	39
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	113	89	75	67	64	60	60	61	62	62	63	67	72	73	75
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	112	88	74	66	63	59	59	60	61	62	63	66	71	73	74
- Treasury Stock	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	99	104	102	98	89	79	69	70	60	55	53	68	87	84	79
+ Other Equity	12	7	9	10	4	3	3	4	2	1	5	1	1	1	2
Equity Before Minority Interest	222	200	185	175	157	142	132	135	124	119	122	136	159	158	157
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	222	200	185	175	157	142	132	135	124	119	122	136	159	158	157
Total Liabilities & Equity	314	231	217	204	185	168	157	166	153	151	157	180	198	192	196
Shares Outstanding	18	16	15	14	14	13	13	13	13	13	13	14	14	14	14
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	2	3	2	3	2
Net Debt	-171	-44	-102	-103	-75	-60	-55	-60	-42	-31	-43	-35	-25	-24	-36
Net Debt to Equity	-77	-21.92	-55.07	-58.77	-47.58	-42.67	-41.81	-44.73	-33.95	-25.73	-35.63	-26.13	-15.68	-15.36	-22.92
Tangible Common Equity Ratio	70.7	86.42	85.07	85.84	84.62	83.25	82.98	80.16	80.53	78.37	77.22	75.27	80.26	81.92	79.96
Current Ratio	3.72	10	8.43	8.91	6.22	5.66	5.29	4.6	4.63	4.34	4.17	3.72	4.59	5.05	4.51
Cash Conversion Cycle	85.66	108.03	125.43	126.05	139.53	162.91	171.7	150.73	159.96	185.63	183.17	172.37	194.71	293.67	263.35

Cash Flow Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	05/31/2011	05/31/2012	05/31/2013	05/31/2014	05/31/2015	05/31/2016	05/31/2017	05/31/2018	05/31/2019	05/31/2020	05/31/2021	05/31/2022	05/31/2023	05/31/2024	05/31/2025

+ Net Income	88	9	1	-1	-6	-7	-7	4	-7	-2	2	18	22	- -	-1
+ Depreciation & Amortization	2	1	1	1	2	2	3	3	3	3	3	3	4	4	4
+ Non-Cash Items	-108	3	1	1	-1	1	1	1	8	2	2	-3	1	1	3
+ Stock-Based Compensation	1	- -	1	1	1	1	- -	1	1	1	1	1	1	1	2
+ Deferred Income Taxes	-111	3	- -	-1	-2	- -	- -	- -	- -	- -	- -	-4	- -	-1	-3
+ Asset Impairment Charge	- -	- -	- -	2	- -	- -	- -	- -	6	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	2	- -	- -	- -	- -	- -	- -	- -	1	1	1	- -	- -	- -	5
+ Chg in Non-Cash Work Cap	20	-62	6	3	-5	-10	5	-5	-7	-1	-6	-17	-35	1	5
+ (Inc) Dec in Accts Receiv	-7	-2	2	4	-3	-3	4	-2	-2	4	-4	-6	- -	5	- -
+ (Inc) Dec in Inventories	-17	-4	3	2	-8	-6	2	-8	-4	-5	-5	-21	-30	- -	- -
+ (Inc) Dec in Prepaid Assets	-6	5	- -	- -	-1	- -	-1	-1	1	1	- -	- -	-1	- -	- -
+ Inc (Dec) in Accts Payable	40	-55	2	-3	6	-2	- -	5	-1	- -	3	10	-4	-5	4
+ Inc (Dec) in Other	11	-5	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2	-49	9	5	-10	-14	2	3	-3	2	1	2	-8	7	11
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-3	-23	-15	-9	-4	-5	- -	- -	- -	- -	- -	3	4	1	- -
+ Increase in Capital Stock	5	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	4	1	- -
+ Decrease in Capital Stock	-9	-24	-15	-9	-4	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-68	-47	71	11	-2	25	1	9	-8	-8	16	-5	5	- -	- -
+ Dec in LT Investment	777	377	154	342	34	27	4	13	10	21	25	- -	5	- -	- -
+ Inc in LT Investment	-845	-424	-83	-331	-36	-2	-2	-4	-18	-29	-9	-5	- -	- -	- -
+ Net Cash From Acq & Div	- -	-2	-3	-1	- -	-12	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	-2	-3	-1	- -	-12	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	228	- -	-2	-3	-5	-4	-5	-5	-4	-2	-3	-3	-7	-4	4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	160	-49	67	8	-7	8	-4	4	-12	-10	13	-8	-2	-4	4
+ Dividends Paid	-2	-3	-4	-3	-3	-3	-3	-3	-3	-3	-3	-3	-3	-3	-3
+ Net Cash From Debt	-39	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	182	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	1
+ Repayments of Debt	-221	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-4	-1
+ Other Financing Activities	20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-25	-27	-18	-12	-7	-8	-3	-3	-3	-3	-3	- -	- -	-3	-3
Effect of Foreign Exchange Rates	4	-2	1	- -	-5	-1	- -	1	-1	- -	2	-1	-1	- -	- -
Net Changes in Cash	138	-125	57	- -	-24	-13	-5	4	-17	-11	11	-7	-10	- -	11
EBITDA	5	7	1	-1	-6	-4	-3	6	3	2	6	19	29	5	7
EBITDA Margin (%)	3.04	4.62	0.76	-1.01	-4.66	-3.11	-2.36	3.89	1.65	1.11	3.57	8.64	10.91	2.41	3.17
Free Cash Flow	2	-49	9	5	-10	-14	2	3	-3	2	1	2	-8	7	11
Net Cash Paid for Acquisitions	- -	2	3	1	- -	12	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	2	- -	9	- -	- -	- -	- -	3	- -	- -	1	- -	-8	7	- -
Free Cash Flow to Equity	-37	-49	9	5	-10	-14	2	3	-3	2	1	2	-8	7	11
Free Cash Flow per Basic Share	0.12	-2.87	0.57	0.33	-0.71	-1.04	0.14	0.23	-0.2	0.15	0.06	0.14	-0.59	0.46	- -
Price/Free Cash Flow	116.86	-4.06	21.32	31.26	-12.25	-5	42.89	42.76	-25.82	28.66	136.28	101.65	-29.53	24.9	- -
Cash Flow to Net Income	0.02	-5.71	6.91	-8.96	1.76	2.01	-0.26	0.77	0.35	-1.05	0.5	0.11	-0.37	106.95	-9.23
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -