Hastings Entertainment, Inc. Reports Results for the Second Quarter of Fiscal 2013

Hastings Entertainment, Inc. Reports Results for the Second Quarter of Fiscal
                                     2013

PR Newswire

AMARILLO, Texas, Aug. 19, 2013

AMARILLO, Texas, Aug. 19, 2013 /PRNewswire/ -- Hastings Entertainment,
Inc.(NASDAQ: HAST), a leading multimedia entertainment retailer, today
reported results for the three and six months ended July 31, 2013. Net loss
was approximately $4.1 million, or $0.50 per diluted share, for the three
months ended July 31, 2013 compared to a net loss of approximately $3.4
million, or $0.41 per diluted share, for the three months ended July 31,
2012. Net loss was approximately $6.3 million, or $0.77 per diluted share,
for the six months ended July 31, 2013 compared to net loss of $2.5 million,
or $0.31 per diluted share, for the six months ended July 31, 2012.

"Our revenues continue to be negatively impacted by the popularity of digital
delivery, rental kiosks and subscription based services, as well as the
longevity of the current video game console life-cycle," said John H.
Marmaduke, Chief Executive Officer and Chairman. "Additionally, our second
quarter book and rental revenues were negatively impacted by a relatively weak
new release schedule. The decline in sales of the Fifty Shades trilogy, when
compared to the second quarter of fiscal 2012, accounted for over half of our
decline in book revenues. As we have previously disclosed, one of our
strategic initiatives is the introduction of new product categories which
includes consumer electronics, music electronics and accessories, hobby,
recreation and lifestyle, vinyl and tablets. The majority of these products
are included in our Electronics category which had a comparable sales increase
of 17.2% for the second quarter of fiscal 2013 which is on top of a 5.4%
comparable sales increase for the second quarter of fiscal 2012. Several of
the remaining new categories are included in our Trends department which had a
10.7% increase for the second quarter of fiscal 2013 which is on top of an
11.2% increase for the second quarter of fiscal 2012. This was driven by the
forty-four stores that were reset during fiscal 2012 and nineteen stores reset
by the first week of July for the current six month period. The Electronic and
Trends departments in these reset stores had significant increases in
revenueswhen compared to the rest of our superstores that have not had a
reset. We are greatly encouraged by the performance of these new products and
plan to reset an additional forty stores during fiscal 2013. Finally, we
continue to see growth in our Movie and Hardback Cafe departments.

"In order to reduce our SG&A expenses in light of our lower revenue base, we
underwent a restructuring of our corporate store support center which included
staff reduction, department consolidation and the termination of four of our
eight corporate officers. The total cost of this restructuring was
approximately $1.4 million which we recognized during the first quarter of
fiscal 2013. Additionally, we have closed eight underperforming stores thus
far in fiscal 2013, with plans to close an additional store by the end of the
fiscal year. For the six months ended July 31, 2013 we have reduced selling,
general and administrative expenses by approximately $5.0 million excluding
the restructuring charge.

"With the current and expected future success of our new product categories,
along with the expected launch of new game consoles in the latter half of our
current fiscal year as well as an expected stronger release schedule for games
and movies, we are encouraged with our earnings prospects for the second half
of our current fiscal year."

Financial Results for the Second Quarter of Fiscal Year 2013

Revenues. Total revenues for the second quarter decreased approximately $8.3
million, or 7.9%, to $95.8 million compared to $104.1 million for the second
quarter of fiscal 2012. As of July 31, 2013, we operated 8 fewer superstores,
as compared to July 31, 2012. The following is a summary of our revenues
results (dollars in thousands):

                 Three Months Ended July 31,
                 2013                 2012                 Increase/(Decrease)
                           Percent              Percent
                 Revenues  Of Total   Revenues  Of Total   Dollar     Percent
Merchandise    $ 82,795    86.4%    $ 89,314    85.8%    $ (6,519)    -7.3%
Revenue
Rental Revenue   12,903    13.5%      15,087    14.5%      (2,184)    -14.5%
Gift Card
Breakage         83        0.1%       (348)     (0.3%)     431        123.9%

 Revenue
 Total     $ 95,781    100.0%   $ 104,053   100.0%   $ (8,272)    -7.9%
Revenues
Comparable-store revenues ("Comp")
 Total       -6.2%
 Merchandise -5.4%
 Rental      -10.9%

Below is a summary of the Comp results for our major merchandise categories:

              Three Months Ended July 31,
              2013             2012
Trends        10.7%            11.2%
Electronics   7.2%             5.4%
Movies        2.9%             0.4%
Hardback Cafe 2.7%             12.1%
Consumables   -6.1%            7.9%
Music         -10.9%           -11.6%
Games         -14.8%           -22.8%
Books         -14.9%           2.5%

Trends Comps increased 10.7% for the quarter, primarily due to increased sales
in action figures, novelty toy gifts, barware, licensed and branded products,
and recreation and lifestyles products. Licensed and branded products for
which we experienced strong sales during the quarter were Minecraft, Duck
Dynasty and My Little Pony. The Trends department also includes recreation and
lifestyles products whose growth was driven by the addition of hobby products
to reset stores as well as the growth in the existing categories of
skateboards, disc golf, exercise accessories and airsoft products.
Electronics Comps increased 7.2% for the quarter, primarily due to increased
sales in categories such as speaker systems, tablets and accessories, home
entertainment, wireless phone accessories, gadgets and turntables. Expanded
product categories such as televisions, fitness electronics, kids electronics,
home security and app enhanced accessories also showed strong growth. Movies
Comps increased 2.9% for the quarter, primarily due to increased sales of new
DVD Boxed Sets and new Midline DVD movies, partially offset by declining sales
in used DVD movies. Hardback Cafe Comps increased 2.7% for the quarter,
primarily due to increased sales in hot and cold beverages, partially offset
by decreased sales in blended beverages. Consumables Comps decreased 6.1% for
the quarter, primarily due to weaker sales of bottle drinks, fountain drinks
and everyday consumable items. Music Comps decreased 10.9% for the quarter,
primarily resulting from lower sales of new and used CDs and the continued
increase in popularity of digital delivery. Games Comps decreased 14.8% for
the quarter, primarily due to lower sales of new and used video game consoles
and accessories and used video games. The longevity of the current console
cycle continues to contribute to weak overall sales in the video game
industry. Book Comps decreased 14.9% for the quarter, primarily due to a
decrease in trade paperback sales as compared to the second quarter of fiscal
2012 which included strong sales from the Fifty Shades trilogy, and to a
lesser extent, a weaker release schedule for new books.

Rental Comps decreased 10.9% for the quarter primarily due to fewer rentals of
DVDs and video games, partially offset by an increase in rentals of Blu-ray
movies. Rental Movie Comps decreased 9.5% for the quarter partially due to a
weaker new release schedule during the quarter as compared to the second
quarter of fiscal 2012 and the continued impact of competitor rental kiosks
and subscription-based rental services. Rental Video Game Comps, which
continue to be affected by the longevity of the current console cycle,
decreased 23.1%.

Gross Profit – Merchandise. For the second quarter, total merchandise gross
profit dollars decreased approximately $3.2 million, or 10.6%, to $27.1
million from $30.3 million for the same period in the prior year. This
decrease is primarily due to a decrease in revenue, which is partially
attributed to operating fewer superstores this quarter compared to the same
period in the prior year, combined with a decline in gross profit margin
rate. As a percentage of total merchandise revenue, merchandise gross profit
decreased to 32.7% for the quarter compared to 33.9% for the same period in
the prior year, resulting primarily from a continued shift in mix of revenues
by category, higher shrinkage and a higher expense to return products.

Gross Profit – Rental. For the second quarter, total rental gross profit
dollars decreased approximately $1.6 million, or 16.0%, to $8.4 million from
$10.0 million for the same period in the prior year. This decrease is
primarily due to a decrease in revenue which is partially attributed to
operating fewer superstores this quarter compared to the same period in the
prior year. As a percentage of total rental revenue, rental gross profit
decreased to 65.4% for the quarter compared to 66.6% for the same period in
the prior year, primarily due to an increase in revenues under revenue sharing
agreements which generally have lower margins when compared to traditional
agreements.

Selling, General and Administrative Expenses ("SG&A"). As a percentage of
total revenue, SG&A decreased to 41.1% for the second quarter compared to
41.4% for the same period in the prior year. SG&A decreased approximately
$3.6 million during the quarter, or 8.4%, to $39.4 million compared to $43.0
million for the same quarter last year. The decrease results primarily from a
$1.5 million reduction in corporate salary expense due to lower bonus payouts
and the restructuring that took place in the first quarter of fiscal 2013,
$1.0 million reduction in store labor expense, a decrease of $0.7 million in
store advertising and a $0.6 million decrease in depreciation expense. The
decrease in depreciation expense and, to a certain extent, the decrease in
store labor expense, are primarily a result of operating fewer superstores
this quarter compared to the same period in the prior year. These reductions
were partially offset by a $0.3 million increase in store maintenance
expense.

Interest Expense. For both the second quarter of fiscal 2013 and fiscal 2012,
interest expense was approximately $0.3 million, as interest rates for both
periods averaged 2.5%.

Income Tax Expense. The effective tax rate for the second quarter was (1.3%)
primarily due to Texas state income tax, which is based primarily on gross
margin.

Financial Results for the Six Months Ended July 31, 2013

Revenues. Total revenues for the six months ended July 31, 2013 decreased
approximately $14.6 million, or 6.7%, to $204.9 million compared to $219.5
million for the six months ended July 31, 2012. The following is a summary of
our revenues results (dollars in thousands):

                 Six Months Ended July 31,
                 2013                 2012                 Increase/(Decrease)
                           Percent              Percent
                 Revenues  Of Total   Revenues  Of Total   Dollar      Percent
Merchandise    $ 177,595   86.7%    $ 188,833   86.0%    $ (11,238)    -6.0%
Revenue
Rental Revenue   27,116    13.2%      30,913    14.1%      (3,797)     -12.3%
Gift Card
Breakage         197       0.1%       (206)     -0.1%      403         195.6%

 Revenue
 Total     $ 204,908   100.0%   $ 219,540   100.0%   $ (14,632)    -6.7%
Revenues
Comparable-store revenues ("Comp")
 Total       -4.9%
 Merchandise -4.2%
 Rental      -9.3%

Below is a summary of the Comp results for our major merchandise categories:

              Six Months Ended July 31,
              2013            2012
Electronics   14.1%           8.8%
Trends        9.6%            11.4%
Hardback Cafe 5.7%            8.7%
Movies        3.9%            -2.2%
Consumables   -4.2%           3.2%
Books         -11.4%          0.3%
Music         -11.6%          -10.8%
Games         -18.0%          -22.1%

Electronics Comps increased 14.1% for the period, primarily due to increased
sales in categories such as home entertainment, speaker docks, tablets and
accessories, turntables and wireless phone accessories. Strong growth was
also realized in expanding categories such as fitness electronics, kids
electronics, and app enhanced accessories. Trends Comps increased 9.6% for
the period, primarily due to increased sales in action figures, novelty toy
gifts, barware, licensed and branded products, and recreation and lifestyles
products. Licensed and branded products that did well during the period were
Walking Dead, Sons of Anarchy, and Doctor Who. The Trends department also
includes recreation and lifestyles products whose growth was driven by the
addition of hobby products to reset stores as well as the growth in the
existing categories of skateboards, disc golf, exercise accessories and
airsoft products. Hardback Cafe Comps increased 5.7% for the period,
primarily due to increased sales in hot, cold and blended beverages. Movies
Comps increased 3.9% for the period, primarily due to increased sales of new
DVD Boxed Sets, new Blu-Ray and DVD Midline movies, partially offset by
declining sales in used DVD movies. Consumables Comps decreased 4.2% for the
period, primarily due to weaker sales of bottle drinks, fountain drinks and
everyday consumable items. Book Comps decreased 11.4% for the period,
primarily due to a decrease in trade paperback and hardback sales as compared
to the first half of fiscal 2012 which included strong sales from the Fifty
Shades and Hunger Games trilogies, and a weaker release schedule for new
books. Music Comps decreased 11.6% for the period, primarily resulting from
lower sales of new and used CDs and the continued increase in popularity of
digital delivery. The decrease is partially offset by an increase in new
vinyl album sales. Games Comps decreased 18.0% for the period, primarily due
to lower sales of new and used video game consoles and accessories, and used
video games. The longevity of the current console cycle continues to
contribute to weak overall sales in the video game industry.

Rental Comps decreased 9.3% for the period primarily due to fewer rentals of
DVDs and video games, partially offset by an increase in rentals of Blu-ray
movies. Rental Movie Comps decreased 7.8% for the period and continue to be
impacted by competitor rental kiosks and subscription-based rental services.
Rental Video Game Comps, which continue to be affected by the longevity of the
current console cycle, decreased 22.2%.

Gross Profit – Merchandise. For the current six months, total merchandise
gross profit dollars decreased approximately $4.8 million, or 7.7%, to $57.5
million from $62.3 million for the same period in the prior year, primarily
due to a decrease in revenue which is partially attributed to operating fewer
superstores this period compared to the same period in the prior year. As a
percentage of total merchandise revenue, merchandise gross profit decreased to
32.4% for the current six months, compared to 33.0% for the same period in the
prior year, primarily due to a shift in mix of revenues by category, a higher
expense to return products and markdown expenses which is partially offset by
lower freight expense.

Gross Profit – Rental. For the current six months, total rental gross profit
dollars decreased approximately $2.7 million, or 13.2%, to $17.7 million from
$20.4 million for the same period in the prior year primarily due to a
decrease in revenue which is partially attributed to operating fewer
superstores this period compared to the same period in the prior year. As a
percentage of total rental revenue, rental gross profit decreased to 65.4% for
the current six month period compared to 65.9% for the same period in the
prior year, primarily due to an increase in revenues under revenue sharing
agreements which generally have lower margins when compared to traditional
agreements. The rate decrease is partially offset by a decrease in
depreciation and shrink expense.

Selling, General and Administrative Expenses ("SG&A"). As a percentage of
total revenue, SG&A increased to 39.6% for the current six months compared to
38.4% for the same period in the prior year primarily due to deleveraging
resulting from lower revenues. SG&A decreased approximately $3.2 million, or
3.8%, to $81.1 million compared to $84.3 million for the same period last
year. The main drivers of the decrease in SG&A included a $1.0 million
decrease in store labor expense, a $1.0 million decrease in depreciation
expense, a $1.0 million decrease in store advertising expense and a $0.8
million decrease in corporate salary expense. The decrease in depreciation
expense and, to a certain extent, the decrease in store labor expense, are
primarily a result of operating fewer superstores this period compared to the
same period in the prior year. The reductions were partially offset by an
increase of $0.5 million in store maintenance expense.

Interest Expense. For both the first half of fiscal 2013 and fiscal 2012,
interest expense was approximately $0.6 million, as interest rates for both
periods averaged 2.5%.

Income Tax Expense. As the Company has a net operating loss and a net
deferred tax asset, which has been offset by a full valuation allowance at the
end of fiscal 2011, there is no tax liability, with the exception of Texas
state income tax; therefore, the effective tax rate for the first half of
fiscal 2013 is (1.8%). The valuation allowance is approximately $13.2 million
as of July 31, 2013. We reassess the valuation allowance quarterly, and if
future evidence allows for a partial or full release of the valuation
allowance, a tax benefit will be recorded accordingly.

Stock Repurchases

During the second quarter of fiscal 2013, we purchased a total of 26,900
shares of common stock at a cost of $99,701, or $3.71 per share. We purchased
these shares as part of a stock repurchase program originally announced in
September 2001 and subsequently extended and expanded. As of July 31, 2013 a
total of $5.6 million remained available under the stock repurchase program.

Store Activity

Since May 20, 2013, which was the last date we reported store activity, we
have the following activity to report.

  oStore closed in Paris, TX, in June
  oStore closed in Jacksonville, AR in June
  oStore closed in Fayetteville, AR in June
  oStore closed in Duncan, OK in July
  oStore closed in Springdale, AR in August

Safe Harbor Statement

This press release contains "forward-looking statements." Hastings
Entertainment, Inc. is including this statement for the express purpose of
availing itself of the protections of the safe harbor provided by the Private
Securities Litigation Reform Act of 1995 with respect to all such
forward-looking statements. These forward-looking statements are based on
currently available information and represent the beliefs of the management of
the Company. These statements are subject to risks and uncertainties that
could cause actual results to differ materially. These risks include, but are
not limited to, consumer appeal of our existing and planned product offerings,
and the related impact of competitor pricing and product offerings; overall
industry performance and the accuracy of our estimates and judgments regarding
trends; our ability to obtain favorable terms from suppliers; our ability to
respond to changing consumer preferences, including with respect to new
technologies and alternative methods of content delivery, and to effectively
adjust our offerings if and as necessary; the application and impact of future
accounting policies or interpretations of existing accounting policies;
unanticipated adverse litigation results or effects; the effects of a
continued deterioration in economic conditions in the U.S. or the markets in
which we operate our stores; the effect of inclement weather on the ability of
consumers to reach our stores; the "sequester" and related governmental
spending and budget matters; and other factors which may be outside of the
company's control. We undertake no obligation to affirm, publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise. Please refer to the company's annual, quarterly,
and periodic reports on file with the Securities and Exchange Commission for a
more detailed discussion of these and other risks that could cause results to
differ materially.

About Hastings

Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia
entertainment retailer that combines the sale of new and used books, videos,
video games and CDs, and trends and consumer electronics merchandise, with the
rental of videos and video games in a superstore format. We currently operate
129 superstores, averaging approximately 24,000 square feet, primarily in
medium-sized markets throughout the United States. We also operate three
concept stores, Sun Adventure Sports, with locations in Amarillo, Texas and
Lubbock, Texas, and TRADESMART, in Littleton, Colorado.

We operate www.goHastings.com, an e-commerce Internet web site that makes
available to our customers new and used entertainment products and unique,
contemporary gifts and toys. The site features exceptional product and
pricing offers. The Investor Relations section of our web site contains press
releases, a link to request financial and other literature and access to our
filings with the Securities and Exchange Commission.



Consolidated Balance Sheets
(Dollars in thousands)
                                       July 31,      July 31,      January 31,
                                       2013          2012          2013
                                       (unaudited)   (unaudited)
Assets
Current assets
 Cash and cash equivalents         $ 3,482       $ 4,397       $ 3,730
 Merchandise inventories, net        144,602       143,592       145,337
 Prepaid expenses and other          11,136        10,265        10,427
current assets
 Total current assets          159,220       158,254       159,494
Rental assets, net                     9,939         10,618        11,353
Property and equipment, net            29,594        35,404        32,099
Intangible assets, net                 244           244           244
Other assets                           681           2,237         2,792
Total assets                         $ 199,678     $ 206,757     $ 205,982
Liabilities and shareholders' equity
Current liabilities
 Trade accounts payable            $ 45,539      $ 51,499      $ 54,928
 Accrued expenses and other          28,795        27,339        27,396
current liabilities
 Total current liabilities     74,334        78,838        82,324
Long-term debt, excluding current      51,872        35,893        41,805
maturities
Deferred income taxes                  55            47            50
Other liabilities                      5,636         8,251         7,828
Shareholders' equity
 Preferred stock                     —             —             —
 Common stock                        119           119           119
 Additional paid-in capital          36,325        36,490        36,375
 Retained earnings                   52,333        68,487        58,642
 Accumulated other comprehensive     340           154           247
income
 Treasury stock, at cost             (21,336)      (21,522)      (21,408)
 Total shareholders' equity    67,781        83,728        73,975
Total liabilities and shareholders'  $ 199,678     $ 206,757     $ 205,982
equity



Consolidated Statements of Operations
(In thousands, except per share data)
                         Three months ended          Six months ended
                         July 31,                    July 31,
                         2013          2012          2013          2012
                         (unaudited)   (unaudited)   (unaudited)   (unaudited)
Merchandise revenue    $ 82,795      $ 89,314      $ 177,595     $ 188,833
Rental revenue           12,903        15,087        27,116        30,913
Gift card breakage       83            (348)         197           (206)
revenue
 Total revenues        95,781        104,053       204,908       219,540
Merchandise cost of      55,696        59,050        120,128       126,579
revenue
Rental cost of revenue   4,466         5,038         9,369         10,553
 Total cost of         60,162        64,088        129,497       137,132
revenues
 Gross profit          35,619        39,965        75,411        82,408
Selling, general and
administrative           39,388        43,035        81,134        84,325
expenses
 Operating loss        (3,769)       (3,070)       (5,723)       (1,917)
Other income
(expense):
 Interest expense,     (332)         (292)         (596)         (570)
net
 Other, net            52            72            123           96
 Loss before income    (4,049)       (3,290)       (6,196)       (2,391)
taxes
Income tax expense       54            66            113           132
 Net loss            $ (4,103)     $ (3,356)     $ (6,309)     $ (2,523)
Basic loss per share   $ (0.50)      $ (0.41)      $ (0.77)      $ (0.31)
Diluted loss per share $ (0.50)      $ (0.41)      $ (0.77)      $ (0.31)
Weighted-average
common shares
outstanding:
 Basic               8,140         8,214         8,142         8,238
 Dilutive effect     —             —             —             —
of stock awards
 Diluted             8,140         8,214         8,142         8,238



Consolidated Statements of Cash Flows
(Dollars in thousands)
                                                     Six Months Ended July 31,
                                                     2013          2012
                                                     (unaudited)   (unaudited)
Cash flows from operating activities:
Net loss                                          $ (6,309)     $ (2,523)
Adjustments to reconcile net loss to net

 cash provided by (used in) operations:
 Rental asset depreciation expense               1,943         3,069
 Purchases of rental assets                      (3,632)       (4,835)
 Property and equipment depreciation expense     6,637         7,707
 Deferred income taxes                           5             5
 Loss on rental assets lost, stolen and          188           363
defective
 Loss on disposal of other assets                73            93
 Non-cash stock-based compensation               93            371
 Changes in operating assets and liabilities:
 Merchandise inventories                         3,651         11,191
 Prepaid expenses and other current assets       1,429         4,964
 Trade accounts payable                          (8,661)       (505)
 Accrued expenses and other current              (527)         1,189
liabilities
 Other assets and liabilities, net               (201)         (246)
 Net cash provided by (used in) operating     (5,311)       20,843
activities
Cash flows from investing activities:
 Purchases of property and equipment              (4,207)       (3,754)
 Net cash used in investing activities        (4,207)       (3,754)
Cash flows from financing activities:
 Net (repayments) borrowings under revolving      10,069        (17,386)
credit facility
 Purchase of treasury stock                       (128)         (214)
 Change in cash overdraft                         (728)         736
 Proceeds from exercise of stock options          57            —
 Net cash provided by (used in) financing     9,270         (16,864)
activities
Net increase (decrease) in cash                      (248)         225
Cash at beginning of period                          3,730         4,172
Cash at end of period                              $ 3,482       $ 4,397



Balance Sheet and Other Ratios ( A )
(Dollars in thousands, except per share amounts)
                                               July 31,   July 31,

                                               2013       2012
Merchandise inventories, net                 $ 144,602  $ 143,592
Inventory turns, trailing 12 months ( B )      1.82       1.84
Long-term debt                               $ 51,872   $ 35,893
Long-term debt to total capitalization ( C )   43.4%      30.0%
Book value ( D )                             $ 67,781   $ 83,728
Book value per share ( E )                   $ 8.32     $ 10.16

                                Three Months Ended July  Six Months Ended July
                                31,                      31,
                                2013        2012         2013         2012
Comparable-store revenues ( F
):
 Total                        -6.2%       -3.3%        -4.9%        -5.2%
 Merchandise                  -5.4%       -1.7%        -4.2%        -3.5%
 Rental                       -10.9%      -11.2%       -9.3%        -14.1%

( A ) Calculations may differ in the method employed from similarly titled
      measures used by other companies.
      Calculated as merchandise cost of goods sold for the period's trailing
( B ) twelve months divided by average merchandise inventory over the same
      period.
( C ) Defined as long-term debt divided by long-term debt plus total
      shareholders' equity (book value).
( D ) Defined as total shareholders' equity.
      Defined as total shareholders' equity divided by weighted average
( E ) diluted shares outstanding for the six months ended July 31, 2013 and
      2012, respectively.
      Stores included in the comparable-store revenues calculation are those
      stores that have been open for a minimum of 60 weeks. Also included are
( F ) stores that are remodeled or relocated during the comparable period.
      Sales via the internet and gift card breakage revenues are not included
      and closed stores are removed from each comparable period for the
      purpose of calculating comparable-store revenues.





SOURCE Hastings Entertainment, Inc.

Website: http://www.gohastings.com
Contact: Dan Crow, Vice President and Chief Financial Officer, Hastings
Entertainment, Inc., (806) 677-1422, www.goHastings.com
 
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