Kadant Reports Third Quarter 2026 Results

(MENAFN- GlobeNewsWire - Nasdaq) WESTFORD, Mass., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended October 3, 2026.

Third Quarter Financial Highlights

• Bookings increased 22% to $291 million
• Revenue increased 15% to a record $313 million
• Gross margin decreased 50 basis points to 44.7%
• Net income increased 27% to $35 million
• GAAP EPS increased 26% to $2.96
• Adjusted EPS increased 21% to a record $3.64
• Adjusted EBITDA increased 24% to a record $72 million and represented 22.9% of revenue
• Operating cash flow increased 33% to a record $63 million
  

Note: Percent changes above are based on comparison to the corresponding prior year quarter. All references to earnings per share (EPS) are to our EPS as calculated on a diluted basis. Adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, free cash flow, and changes in organic revenue are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading“Use of Non-GAAP Financial Measures.”

Management Commentary
“We delivered an exceptional third quarter, achieving record results across multiple key financial metrics, including revenue, adjusted EPS, and cash flow, while generating strong bookings growth across all three operating segments,” said Jeffrey L. Powell, chief executive officer of Kadant.“The strength of our aftermarket business, combined with disciplined execution and operational excellence, positions us well for a strong finish to the year.”

Third Quarter 2026 Compared to 2025
Revenue increased 15 percent to a record $313.2 million compared to $271.6 million in 2025. Organic revenue increased four percent, which excludes an increase of 11 percent from acquisitions. Gross margin decreased 50 basis points to 44.7 percent, compared to 45.2 percent in 2025.

Net income was $35.1 million, increasing 27 percent compared to $27.7 million in 2025. GAAP EPS increased 26 percent to $2.96 compared to $2.35 in 2025 and adjusted EPS increased 21 percent to a record $3.64 compared to $3.01 in 2025. Adjusted EPS excludes intangible asset amortization expense of $0.56 and acquisition-related costs of $0.11 in 2026, and intangible asset amortization expense of $0.42, acquisition-related costs of $0.22, and other costs of $0.02 in 2025. Acquisition-related costs include acquisition costs and profit in inventory and backlog amortization expense.

Adjusted EBITDA increased 24 percent to a record $71.7 million and represented 22.9 percent of revenue in 2026 compared to $58.0 million and 21.4 percent of revenue in 2025. Operating cash flow increased 33 percent to a record $62.9 million compared to $47.3 million in 2025. Free cash flow increased 32 percent to a record $58.1 million compared to $44.1 million in 2025.

Bookings increased 22 percent to $291.1 million compared to $238.4 million in 2025. Organic bookings increased 10 percent, which excludes an increase of 12 percent from acquisitions.

Summary and Outlook
“Looking ahead to the remainder of the year, we expect aftermarket demand to remain stable and project activity to show some improvement, although the timing of large capital orders continues to be influenced by economic and geopolitical uncertainty,” continued Mr. Powell.“Our strong year-to-date performance positions us to deliver a record-setting 2026. We expect revenue of $1.195 to $1.210 billion in 2026, revised from our previous guidance of $1.190 to $1.210 billion, and GAAP EPS of $9.88 to $10.03, revised from our previous guidance of $9.78 to $10.03. We are raising our adjusted EPS guidance and now expect $12.58 to $12.73 for 2026, revised from our prior guidance of $12.43 to $12.68. Our revised adjusted EPS guidance excludes $2.19 per share of intangible amortization expense and $0.51 per share of acquisition-related costs. For the fourth quarter of 2026, we expect revenue of $287 to $302 million, GAAP EPS of $2.01 to $2.16, and adjusted EPS of $2.67 to $2.82, which excludes $0.55 per share of intangible amortization expense and $0.11 per share of acquisition-related costs.”

Conference Call
Kadant will hold a webcast with a slide presentation for investors on Wednesday, November 4, 2026, at 11:00 a.m. Eastern Time to discuss its third quarter financial performance, as well as future expectations. To listen to the call live and view the webcast, go to the“Investors” section of the Company's website at kadant.com. Participants interested in joining the call's live question and answer session are required to register by clicking here or selecting the Q&A link on our website to receive a dial-in number and unique PIN. It is recommended that you join the call 10 minutes prior to the start of the event. A replay of the webcast presentation will be available on our website through December 4, 2026.

Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the Securities and Exchange Commission and will be available at sec.gov. After the webcast, Kadant will post its updated general investor presentation incorporating the third quarter results on its website at kadant.com under the“Investors” section.

Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation (organic revenue), adjusted operating income, adjusted net income, adjusted EPS, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.

We use organic revenue to understand our trends and to forecast and evaluate our financial performance and compare revenue to prior periods. Organic revenue excludes revenue from acquisitions for the four quarterly reporting periods following the date of the acquisition and the effect of foreign currency translation. Revenue in the third quarter of 2026 included $31.0 million from acquisitions and a favorable foreign currency translation effect of $0.6 million compared to the third quarter of 2025. Revenue in the first nine months of 2026 included $98.9 million from acquisitions and a favorable foreign currency translation effect of $14.5 million compared to the first nine months of 2025. Our other non-GAAP financial measures exclude amortization expense related to acquired intangible assets, profit in inventory, and backlog (collectively, purchase accounting expenses); acquisition costs; and other income or expense, as indicated. We exclude purchase accounting expenses and acquisition costs to provide a more meaningful and consistent comparison of our operating results over time and with peer companies. While we have a history of acquisition activity, such transactions do not occur on a predictable cycle, and the size and nature of these transactions will vary. We believe it is important for investors to understand that these intangible assets were recorded as part of purchase accounting and that they contribute to revenue generation. We also exclude other items as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs, expenditures or income, or none at all. Additionally, we use free cash flow in order to provide insight on our ability to generate cash for acquisitions and debt repayments, as well as for other investing and financing activities.

We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them additional measures of our performance.

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations or cash flows prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.

Third Quarter

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

• Pre-tax intangible asset amortization expense of $8.8 million in 2026 and $6.5 million in 2025.
• Pre-tax profit in inventory and backlog amortization expense of $1.3 million in 2026 and $0.6 million in 2025.
• Pre-tax acquisition costs of $0.5 million in 2026 and $2.3 million in 2025.
• Pre-tax indemnification asset reversal of $0.3 million in 2026.
• Pre-tax impairment costs of $0.3 million in 2025.
  

Adjusted net income and adjusted EPS exclude:

• After-tax intangible asset amortization expense of $6.6 million ($8.8 million net of tax of $2.2 million) in 2026 and $4.9 million ($6.5 million net of tax of $1.6 million) in 2025.
• After-tax profit in inventory and backlog amortization expense of $1.0 million ($1.3 million net of tax of $0.3 million) in 2026 and $0.5 million ($0.6 million net of tax of $0.1 million) in 2025.
• After-tax acquisition costs of $0.4 million ($0.5 million net of tax of $0.1 million) in 2026 and $2.2 million ($2.3 million net of tax of $0.1 million) in 2025.
• After-tax impairment costs of $0.2 million ($0.3 million net of tax of $0.1 million) in 2025.
  

Free cash flow is calculated as operating cash flow less:

• Capital expenditures of $4.8 million in 2026 and $3.2 million in 2025.
  

First Nine Months

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

• Pre-tax intangible asset amortization expense of $25.9 million in 2026 and $19.2 million in 2025.
• Pre-tax profit in inventory and backlog amortization expense of $3.9 million in 2026 and $1.2 million in 2025.
• Pre-tax acquisition costs of $1.7 million in 2026 and $3.5 million in 2025.
• Pre-tax indemnification asset reversal of $0.2 million in 2026.
• Pre-tax impairment costs of $0.3 million in 2025.
  

Adjusted net income and adjusted EPS exclude:

• After-tax intangible asset amortization expense of $19.4 million ($25.9 million net of tax of $6.5 million) in 2026 and $14.4 million ($19.2 million net of tax of $4.8 million) in 2025.
• After-tax profit in inventory and backlog amortization expense of $2.9 million ($3.9 million net of tax of $1.0 million) in 2026 and $0.9 million ($1.2 million net of tax of $0.3 million) in 2025.
• After-tax acquisition costs of $1.7 million in 2026 and $3.4 million ($3.5 million net of tax of $0.1 million) in 2025.
• After-tax impairment costs of $0.2 million ($0.3 million net of tax of $0.1 million) in 2025.
  

Free cash flow is calculated as operating cash flow less:

• Capital expenditures of $19.0 million in 2026 and $11.0 million in 2025.
  

Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.

Financial Highlights (unaudited)
(In thousands, except per share amounts and percentages)
	Three Months Ended		Nine Months Ended
Consolidated Statement of Income	October 3, 2026		September 27, 2025		October 3, 2026		September 27, 2025
Revenue	$	313,160			$	271,567			$	907,540			$	766,044
Costs and Operating Expenses:
Cost of revenue		173,071				148,906				503,743				416,011
Selling, general and administrative expenses		82,705				75,839				246,884				221,001
Research and development expenses		3,831				3,919				12,371				11,166
Other costs		-				287				-				287
		259,607				228,951				762,998				648,465
Operating Income		53,553				42,616				144,542				117,579
Interest Income		548				373				1,394				1,329
Interest Expense		(5,594	)			(3,089	)			(15,392	)			(10,249	)
Other Expense, Net		(23	)			(19	)			(68	)			(52	)
Income Before Provision for Income Taxes		48,484				39,881				130,476				108,607
Provision for Income Taxes		12,799				11,766				36,123				29,416
Net Income		35,685				28,115				94,353				79,191
Net Income Attributable to Noncontrolling Interests		(613	)			(393	)			(1,304	)			(1,247	)
Net Income Attributable to Kadant	$	35,072			$	27,722			$	93,049			$	77,944
Earnings per Share Attributable to Kadant:
Basic	$	2.97			$	2.35			$	7.88			$	6.62
Diluted	$	2.96			$	2.35			$	7.87			$	6.61
Weighted Average Shares:
Basic		11,809				11,777				11,804				11,771
Diluted		11,829				11,802				11,817				11,790

	Three Months Ended		Three Months Ended
Adjusted Net Income and Adjusted Diluted EPS (a)	October 3, 2026		October 3, 2026		September 27, 2025		September 27, 2025
Net Income and Diluted EPS Attributable to Kadant, as Reported	$	35,072		$	2.96		$	27,722		$	2.35
Adjustments, Net of Tax:
Intangible Asset Amortization		6,624			0.56			4,900			0.42
Profit in Inventory and Backlog Amortization		965			0.08			459			0.04
Acquisition Costs		413			0.03			2,172			0.18
Other Costs		-			-			216			0.02
Adjusted Net Income and Adjusted Diluted EPS (a,b)	$	43,074		$	3.64		$	35,469		$	3.01
	Nine Months Ended		Nine Months Ended
	October 3, 2026		October 3, 2026		September 27, 2025		September 27, 2025
Net Income and Diluted EPS Attributable to Kadant, as Reported	$	93,049		$	7.87		$	77,944		$	6.61
Adjustments, Net of Tax:
Intangible Asset Amortization		19,392			1.64			14,420			1.22
Profit in Inventory and Backlog Amortization		2,930			0.25			925			0.08
Acquisition Costs		1,686			0.14			3,390			0.29
Other Costs		-			-			216			0.02
Adjusted Net Income and Adjusted Diluted EPS (a,b)	$	117,057		$	9.91		$	96,895		$	8.22

	Three Months Ended				Increase (Decrease) Excluding Acquisitions and FX (a,c)
Revenue by Segment	October 3, 2026		September 27, 2025		Increase (Decrease)
Flow Control	$	102,382			$	94,839			$	7,543			$	6,805
Industrial Processing		143,402				106,393				37,009				6,334
Material Handling		67,376				70,335				(2,959	)			(3,090	)
	$	313,160			$	271,567			$	41,593			$	10,049
Percentage of Parts and Consumables Revenue		70	%			69	%
	Nine Months Ended				Increase Excluding Acquisitions and FX (a,c)
	October 3, 2026		September 27, 2025		Increase
Flow Control	$	301,300			$	283,227			$	18,073			$	10,146
Industrial Processing		410,240				291,854				118,386				15,278
Material Handling		196,000				190,963				5,037				2,705
	$	907,540			$	766,044			$	141,496			$	28,129
Percentage of Parts and Consumables Revenue		71	%			72	%
	Three Months Ended				Increase Excluding Acquisitions and FX (c)
Bookings by Segment	October 3, 2026		September 27, 2025		Increase
Flow Control	$	100,855			$	93,844			$	7,011			$	6,293
Industrial Processing		123,038				85,162				37,876				10,569
Material Handling		67,187				59,349				7,838				7,998
	$	291,080			$	238,355			$	52,725			$	24,860
Percentage of Parts and Consumables Bookings		72	%			74	%
	Nine Months Ended				Increase Excluding Acquisitions and FX (c)
	October 3, 2026		September 27, 2025		Increase
Flow Control	$	315,229			$	286,886			$	28,343			$	20,037
Industrial Processing		403,483				282,902				120,581				20,521
Material Handling		205,248				194,160				11,088				8,362
	$	923,960			$	763,948			$	160,012			$	48,920
Percentage of Parts and Consumables Bookings		72	%			71	%

	Three Months Ended		Nine Months Ended
Additional Segment Information	October 3, 2026		September 27, 2025		October 3, 2026		September 27, 2025
Gross Margin:
Flow Control	53.0	%		51.9	%		52.7	%		53.0	%
Industrial Processing	42.0	%		43.6	%		41.7	%		43.4	%
Material Handling	37.9	%		38.5	%		37.7	%		38.3	%
Consolidated	44.7	%		45.2	%		44.5	%		45.7	%

Operating Income:
Flow Control	$	28,275			$	22,342			$	77,243			$	69,537
Industrial Processing		26,403				18,828				73,599				51,146
Material Handling		10,983				12,533				29,302				30,007
Corporate		(12,108	)			(11,087	)			(35,602	)			(33,111	)
	$	53,553			$	42,616			$	144,542			$	117,579
Adjusted Operating Income (a,b,d):
Flow Control	$	29,538			$	23,730			$	81,044			$	74,004
Industrial Processing		33,339				24,417				93,394				62,555
Material Handling		13,669				15,247				37,365				38,307
Corporate		(12,108	)			(11,087	)			(35,602	)			(33,111	)
	$	64,438			$	52,307			$	176,201			$	141,755
Capital Expenditures:
Flow Control (i)	$	1,943			$	1,213			$	9,992			$	4,102
Industrial Processing		1,542				783				4,771				3,703
Material Handling		1,275				1,198				3,993				3,190
Corporate		7				-				216				3
	$	4,767			$	3,194			$	18,972			$	10,998
	Three Months Ended		Nine Months Ended
Cash Flow and Other Data	October 3, 2026		September 27, 2025		October 3, 2026		September 27, 2025
Operating Cash Flow	$	62,901			$	47,252			$	138,327			$	110,569
Capital Expenditures (i)		(4,767	)			(3,194	)			(18,972	)			(10,998	)
Free Cash Flow (a)	$	58,134			$	44,058			$	119,355			$	99,571
Depreciation and Amortization Expense	$	16,110			$	12,397			$	46,301			$	36,479

Balance Sheet Data	October 3, 2026		January 3, 2026
Assets
Cash, Cash Equivalents, and Restricted Cash	$	138,607		$	122,681
Accounts Receivable, Net		179,217			158,567
Inventories		207,027			206,854
Contract Assets		10,085			6,599
Property, Plant, and Equipment, Net		224,791			196,656
Intangible Assets		345,385			350,376
Goodwill		658,096			555,621
Other Assets		108,708			114,824
	$	1,871,916		$	1,712,178
Liabilities and Stockholders' Equity
Accounts Payable	$	60,271		$	53,362
Debt Obligations		453,146			372,720
Other Borrowings		2,060			1,781
Other Liabilities		293,224			293,248
Total Liabilities		808,701			721,111
Stockholders' Equity		1,063,215			991,067
	$	1,871,916		$	1,712,178

	Three Months Ended		Nine Months Ended
Adjusted Operating Income and Adjusted EBITDA Reconciliation (a)	October 3, 2026		September 27, 2025		October 3, 2026		September 27, 2025
Consolidated
		Net Income Attributable to Kadant	$	35,072			$	27,722			$	93,049			$	77,944
		Net Income Attributable to Noncontrolling Interests		613				393				1,304				1,247
		Provision for Income Taxes		12,799				11,766				36,123				29,416
		Interest Expense, Net		5,046				2,716				13,998				8,920
		Other Expense, Net		23				19				68				52
		Operating Income		53,553				42,616				144,542				117,579
		Intangible Asset Amortization Expense		8,843				6,521				25,854				19,174
		Profit in Inventory Amortization Expense (e)		1,252				465				3,862				500
		Backlog Amortization Expense (f)		-				165				-				746
		Acquisition Costs		453				2,253				1,731				3,498
		Indemnification Asset Reversal (Provision) (g)		337				-				212				(29	)
		Other Costs		-				287				-				287
		Adjusted Operating Income (a,b)		64,438				52,307				176,201				141,755
		Depreciation Expense		7,267				5,711				20,447				16,559
		Adjusted EBITDA (a)	$	71,705			$	58,018			$	196,648			$	158,314
		Adjusted EBITDA Margin (a,h)		22.9	%			21.4	%			21.7	%			20.7	%
Flow Control
		Operating Income	$	28,275			$	22,342			$	77,243			$	69,537
		Intangible Asset Amortization Expense		1,263				1,239				3,801				3,679
		Profit in Inventory Amortization Expense (e)		-				-				-				35
		Backlog Amortization Expense (f)		-				147				-				610
		Acquisition Costs		-				2				-				41
		Indemnification Asset Reversal (g)		-				-				-				102
		Adjusted Operating Income (a,b)		29,538				23,730				81,044				74,004
		Depreciation Expense		1,864				1,935				5,564				5,588
		Adjusted EBITDA (a)	$	31,402			$	25,665			$	86,608			$	79,592
		Adjusted EBITDA Margin (a,h)		30.7	%			27.1	%			28.7	%			28.1	%
Industrial Processing
		Operating Income	$	26,403			$	18,828			$	73,599			$	51,146
		Intangible Asset Amortization Expense		4,894				2,600				13,990				7,414
		Profit in Inventory Amortization Expense (e)		1,252				465				3,862				465
		Acquisition Costs		453				2,237				1,731				3,449
		Indemnification Asset Reversal (Provision) (g)		337				-				212				(206	)
		Other Costs		-				287				-				287
		Adjusted Operating Income (a,b)		33,339				24,417				93,394				62,555
		Depreciation Expense		4,160				2,621				11,169				7,436
		Adjusted EBITDA (a)	$	37,499			$	27,038			$	104,563			$	69,991
		Adjusted EBITDA Margin (a,h)		26.1	%			25.4	%			25.5	%			24.0	%
Material Handling
		Operating Income	$	10,983			$	12,533			$	29,302			$	30,007
		Intangible Asset Amortization Expense		2,686				2,682				8,063				8,081
		Backlog Amortization Expense (f)		-				18				-				136
		Acquisition Costs		-				14				-				8
		Indemnification Asset Reversal (g)		-				-				-				75
		Adjusted Operating Income (a,b)		13,669				15,247				37,365				38,307
		Depreciation Expense		1,219				1,142				3,652				3,499
		Adjusted EBITDA (a)	$	14,888			$	16,389			$	41,017			$	41,806
		Adjusted EBITDA Margin (a,h)		22.1	%			23.3	%			20.9	%			21.9	%
Corporate
		Operating Loss	$	(12,108	)		$	(11,087	)		$	(35,602	)		$	(33,111	)
		Depreciation Expense		24				13				62				36
		EBITDA (a)	$	(12,084	)		$	(11,074	)		$	(35,540	)		$	(33,075	)
(a)		Represents a non-GAAP financial measure.
(b)		Reflects new methodology, announced on February 19, 2026, to exclude intangible asset amortization expense.
(c)		Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period.
(d)		See reconciliation to the most directly comparable GAAP financial measure under“Adjusted Operating Income and Adjusted EBITDA Reconciliation.”
(e)		Represents amortization expense within cost of revenue associated with acquired profit in inventory.
(f)		Represents intangible amortization expense associated with acquired backlog.
(g)		Represents the reversal of or provision for indemnification assets related to the release of or establishment of tax reserves associated with uncertain tax positions.
(h)		Calculated as adjusted EBITDA divided by revenue in each period.
(i)		Includes $5.8 million paid in the nine months ended October 3, 2026 for the purchase of a previously leased manufacturing facility.

About Kadant
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing^®. The Company's products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 4,000 employees in 22 countries worldwide. For more information, visit kadant.com.

Safe Harbor Statement
The following constitutes a“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading“Risk Factors” in Kadant's Annual Report on Form 10-K for the fiscal year ended January 3, 2026 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.

Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000
...

Media Contact Information:
Wes Martz, 978-776-2000
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