6-K

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For August 20, 2003

Commission File Number 001-31335

AU Optronics Corp.
(Translation of registrant’s name into English)

No. 1 Li-Hsin Road 2
Science-Based Industrial Park
Hsinchu, Taiwan
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  X   Form 40-F ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s "home country"), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ___ No   X  

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Not applicable





INDEX TO EXHIBITS

Item  
1. Investor Conference Materials entitled, “AU Optronics 2003 2nd Quarter Results”, dated August 20, 2003




Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  AU Optronics Corp.
     
     
Date: August 20, 2003 By: /s/ Max Weishun Cheng                
    Name: Max Weishun Cheng
Title: Chief Financial Officer




Item 1


   
  Agenda
     
  Welcome and Introduction
     
  2Q’03 Financial Results
     
  Recent Development
     
  Remarks
     
  Q&A
     

 

1

 

Safe Harbor Notice

The statements included in this presentation that are not historical in nature are “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics’ future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics’ current expectations.

Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.

Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics’ forward-looking statements can be found in AU Optronics’ annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003.

 
 

 

      2Q’03 Financial Results
 

 

2

 

 

  2Q 2003 Income Statement (Consolidated)  
  Amount : NT$ Million Except Per Share Data              
                     
    2Q'03(a) 1Q'03(a) QoQ
Change %		   1H'03(a)  
   
 
 
  Net Sales 23,842 100.0% 18,268 100.0% 30.5%   42,110  100.0%  
  Cost of Goods Sold (19,241) (80.7%) (16,378) (89.7%) 17.5%    (35,619) (84.6%)  
     Gross Profit 4,601  19.3% 1,890  10.3% 143.4%   6,491 15.4%  
  Operating Expenses (1,618) (6.8%) (1,343) (7.4%) 20.5%   (2,961) (7.0%)  
   
 
 
     Operating Income 2,983  12.5% 547  3.0%  445.3%   3,530   8.4%  
  Net Non-operating Income (Exp.) (58) (0.2%) (368) (2.0%) (84.2%)   (425)  (1.0%)  
   
 
 
     Income before Tax 2,926  12.3% 179  1.0%  1534.6%   3,105  7.4%  
  Income Tax Credit (Exp.) 0  0.0% 0  0.0%     0  0.0%  
   
 
 
    Net Income 2,926  12.3% 179  1.0%  1534.6%   3,105   7.4%   
   
 
 
      Basic EPS (NT$) (b) 0.69    0.04     1625.0%   0.73      
      Fully Diluted EPS (NT$) (b) 0.68            0.72      
                     
     EBITDA 6,811  28.6% 4,051  22.2%     10,862  25.8%  
                     
    Unit Shipment (Million)                  
      Large Size Panels 2.8    2.3    18.3%   5.1     
      Small & Medium Panels (AV) 4.7    2.6    80.1%   7.4     
                     
 (a)  Unaudited, prepared by AU Optronics Corp. on a consolidated basis  
 (b)  Total weighted average outstanding shares of 4,255 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 1H’03 and 2Q’03, while 4,014 million was used for 1Q’03  
 

  2Q 2003 Balance Sheet Highlights (Consolidated)  
  Amount : NT$ Million            
    2Q'03(a)   1Q'03(a)   QoQ
Change %		  
   
 
 
 
  Cash & ST Investment 18,523   21,304   (13.1%)  
  Inventory 7,162   7,890   (9.2%)  
  LT Debt 22,204   23,361   (5.0%)  
  Equity 78,812   77,965   1.1%   
  Total Assets 131,956   126,876   4.0%   
               
   Fixed Assets 114,172   104,111      
     Accumulated Depreciation (31,989) 28.0% (28, 624) 27.5%    
   
   
   Net Fixed Assets 82,182    75,487       
               
   Debt to Equity (Fully Diluted) 38.0%   39.8%      
   Net Debt to Equity (Fully Diluted) 18.2%   17.1%      
 (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis  
 

 

3

2Q 2003 Cash Flow Highlights (Consolidated)
           
 Amount : NT$ Million 2Q'03(a) 1Q'03(a) QoQ
Change		   1H'03(a)  
 
 
 
 From Operation 8,844  2,267  6,577    11,111   
   Net Profit 2,926  179  2,747    ,105   
   Depreciation & Amortization 3,828  3,504  324    7,332   
 
 
 From Investment (9,114) (7,736) (1,378)   (16,850)  
   Capital Expenditure (9,683) (6,911) (2,772)   (16,594)  
 
 
 From Financing (1,950) (2,412) 462    (4,362)  
   Repayment of Long Term Debt (1,847) (2,899) 1,052    (4,746)  
   Syndication Loan 348  0  348       
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis.        
 

4

 

2003 Installed Capacity by Fab
   FAB Substrate Size
(mm)		 12/2002
Capacity		 6/2003
Capacity		 12/2003(F)
Capacity		  
  L3A (G3.5) 610 x 720 45,000 45,000 45,000  
  L3B (G3.5) 610 x 720 35,000 35,000 5,000 LTPS
25,000 a-Si		  
  L5(G3.5) 600 x 720 60,000 60,000 60,000  
  L6(G4.0) 680 x 880 60,000 60,000 60,000  
  L8A (G5.0) 1100 x 1250 n.a. 20,000 50,000  

5

 

 

2003 Revised Financial Forecast (Consolidated)
               
Amount : NT$ Million Except Per Share Data   2003 Forecast(a)          
 
 
  Revised   Margin Previous   Margin  
 
 
Net Sales 97,275   100.0% 96,270   100.0%  
Gross Profit 18,096   18.6% 9,854   10.2%  
Operating Profit 11,680   12.0% 3,831   4.0%  
 
 
Net Profit 10,509   10.8% 2,580   2.7%  
 
 
  Basic EPS (NT$)(b) 2.46     0.61      
 
 
               
Forecasted Unit Shipment (Million)              
     Large Size Panels (incl. TV) 11.2     11.7      
     Small & Medium Panels (A/V) 23.0     23.0      
               
 (a) All figures are prepared by AU Optronics Corp. on a consolidated basis, without accountant review  
 (b) Assuming total weighted average outstanding shares of 4,275 million for Basic EPS  

 

6

 

Recent Development

 

 


Leading 5th Generation Migration in Taiwan
   
G5 Phase I (L8A: 1100x1250) Smooth Ramp Up: Total Capacity 50K substrates/month
  10/11/2002: First equipment move-in
  12/8/2002: First G5 mother glass in Taiwan
  12/24/2002: First G5 panel light up (17”)
  2/2003: First ODF equipment move-in
  3/2003: First G5 commercial production commenced in Taiwan
  6/2003: 20K substrates/month, smooth ODF phase-in
  9/2003 estimated capacity: 35K substrates/month
  12/2003 estimated capacity: 50K substrates/month
G5 Phase II (L8B: 1100x1300): 70K substrates/month
  4Q 2003: Equipment move-in
  2Q 2004: Commercial production
In-House G5 Color Filter Fab (C1):
  6/2003: First equipment move in
  10/2003: Scheduled mass production

 

7

 


  At Forefront of State-of-the-Art Technologies
     
LTPS: Self-developed technology ready for mass production
Transflective Technology: Self-developed technology leading the industry – Vital for handset, PDA… etc
Brilliant MVA (“b-MVA”) Jointly Developed with FDTC: High brightness & wide view angle notebook PC
LCD TV Technologies:
  Fast Response Time: Fast liquid crystal, over drive, image tracking backlight
  High Image Quality: Premium MVA (“p-MVA”), high contrast ratio, high brightness, high color saturation
  Leading Image Processing: Color mapping, dynamic gamma, black-level extension


At Forefront of State-of-the-Art Technologies
     
Winner of the 2003 Gold Panel Display Awards by the National Science Council, Industrial Development Bureau and OCIID:
  Greatest Industry Contribution – Dr. Po-Yen Lu, EVP of AUO
  Best Technology – 16ms fast response LCD, AUO designed and integrated liquid crystal material, pixel design, driving circuit, etc.
  Best Product – First G5 technology 26”W TFT-LCD TV panel with Premium MVA
World's first high efficient, low -power, full color a-Si Phosphorescent AMOLED at 2003 SID Conference
World's only 8.4" Ultra Light Weight (210g) SVGA TFT-LCD integrated with Digitizer at the CeBIT HANNOVER 2003

8

 

 

9

 

TFT-LCD New Product Highlights
     
Large Size LCD TV: 26”W & 30”W – Best specifications in industry
  Highest brightness & contrast ratio
  Slimmest dimensions & weight
Monitor: Industry’s fastest 15” & 17” monitor series
  16ms intrinsic response time – 6~18 months ahead of global competitors
  12ms series ready to launch in 4Q 2003 – reinforce technology leadership
Handset: 2.2” & 2.7” high resolution for “Smart Phone”
  Transflective & LTPS technology
Notebook PC: 12.1”W – a new industrial standard
  Slim-type wide format, a new mobile computing trend

 

http://www.auo.com
IR@auo.com
 

10

 

 

Appendix:

Unconsolidated Financial Results

 

 

 

 

 

Income Statement (Unconsolidated)
QoQ Comparison
                             
  Amount : NT$ Million Except Per Share Data                      
                               
    2Q'03(a)   1Q'03(a)   QoQ
Change %		   1H'03(a)  
   
 
 
 
 
  Net Sales 22,076   100.0%   17,115    100.0%   29.0%   39,191   100.0%  
  Cost of Goods Sold (17,587)   (79.7%)   (15,491)   (90.5%)   13.5%   (33,078)   (84.4%)  
   
 
 
 
 
     Gross Profit 4,489   20.3%   1,624    9.5%   176.4%   6,113   15.6%  
  Operating Expenses (1,539)   (7.0%)   (1,227)   (7.2%)   25.4%   (2,766)   (7.1%)  
   
 
 
 
 
     Operating Income 2,950    13.4%   397    2.3%   643.1%   3,347   8.5%  
  Net Non-operating Income (Exp.) (24)   (0.1%)   (218)   (1.3%)   (89.0%)   (242)   (0.6%)  
   
 
 
 
 
     Income before Tax 2,926    13.3%   179    1.0%   1534.6%   3,105   7.9%  
  Income Tax Credit (Exp.) 0    0.0%   0    0.0%       0   0.0%  
   
 
 
 
 
     Net Income 2,926    13.3%   179    1.0%   1534.6%   3,105   7.9%  
   
 
 
 
 
       Basic EPS (NT$) (a) 0.69        0.04        1625.0%   0.73      
       Fully Diluted EPS (NT$) (a) 0.68                    0.72      
                               
   EBITDA 6,650   30.1%   3,800   22.2%       10,450   26.7%  
                               
(a)    Total weighted average outstanding shares of 4,255 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 1H’03 and 2Q’03, while 4,014 million was used for 1Q’03.  
 

 

11

 

  Balance Sheet& Cash Flow (Unconsolidated)
QoQ Comparison 		 
    2Q'03   1Q'03   QoQ
Change % 		 
   
 
 
 
  Cash & Cash Equivalents 14,926   11.6%   17,701   14.3%   (15.7%)  
  ST Inv. / Marketable Securities 2,634   2.0%   3,182   2.6%   (17.2%)  
  LT Debt 20,757   16.1%   22,258   18.0%   (6.7%)  
  Equity 78,812   61.2%   77,965   62.9%   1.1%  
  Total Assets 128,845   100.0%   123,881   100.0%   4.0%  
                       
   Debt to Equity (Fully Diluted) 36.2%       38.5%          
   Net Debt to Equity (Fully Diluted) 17.5%       16.1%          
                       
   Depreciation & Amortization 3,700       3,403       8.7%  
   Capital Expenditure 8,709       6,269       38.9%  
   Inventory 6,354       7,393       (14.1%)  
                       
   

 

  Income Statement (Unconsolidated)
YoY Comparison 		 
  Amount : NT$ Million Except Per Share Data      
    2Q'03   2Q'02   YoY
Change %		  
   
 
 
 
  Net Sales 22,076   100.0%   22,671   100.0%   (2.6%)  
  Cost of Goods Sold (17,587)   (79.7%)   (16,726)   (73.9%)   5.1%  
   
 
 
 
     Gross Profit 4,489   20.3%   5,945   26.1%   (24.5%)  
  Operating Expenses (1,539)   (7.0%)   (1,084)   (4.3%)   42.0%  
   
 
 
 
     Operating Income 2,950   13.4%   4,861   21.7%   (39.3%)  
  Net Non-operating Income (Exp.) (24)   (0.1%)   (965)   (4.3%)   (97.5%)  
   
 
 
 
    Income before Tax 2,926   13.3%   3,896   17.4%   (24.9%)  
  Income Tax Credit (Exp.) 0   0.0%   0   0.0%   –  
   
 
 
 
    Net Income 2,926   13.3%   3,896   17.4%   (24.9%)   
   
 
 
 
     Basic EPS (NT$)(a) 0.69       1.18       (41.5%)  
     Fully Diluted EPS (NT$)(a) 0.68       1.06       (35.8%)  
                       
   EBITDA 6,650   30.1%   7,973   34.8%   -16.6%  
                       
  1. Total weighted average outstanding shares of 4,255 million and 4 ,337 million were used in Basic and Fully Diluted EPS calculation for 2Q’03, while 3,282 million and 3,687 million were used for 2Q’02, respectively.
  
   
 

12

  Balance Sheet & Cash Flow (Unconsolidated)
YoY Comparison 		 
  Amount : NT$ Million                    
    2Q'03 2Q'02   Change %  
   
 
 
 
  Cash & Cash Equivalents 14,926   11.6%   25,645   20.3%   (41.8%)  
  ST Inv. & Marketable Securities 2,634   2.0%   5,137   4.1%   (48.7%)  
  LT Debt 20,757   16.1%   27,422   21.7%   (24.3%)  
  Equity 78,812   61.2%   77,103   60.9%   2.2%  
  Total Assets 128,845   100.0%   126,594   100.0%   1.8%  
                       
   Debt to Equity (Fully Diluted) 36.2%       40.8%          
   Net Debt to Equity (Fully Diluted) 17.5%       8.3%          
                       
   Depreciation & Amortization 3,700       3,112       18.9%  
   Capital Expenditure 8,709       4,979       74.9%  
   Inventory 6,354       8,285       (23.3%)  
                     
   

 

13

AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
As of June 30, 2003 and 2002
(Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD))
 
  As of June 30, 2003 As of June 30, 2002 YoY
 
ASSETS USD NTD % NTD % Change %  
Cash and Cash Equivalents 431 14,926 11.6 25,645 20.3 (10,719) (41.8)
Short-term Investment 76 2,634 2.0 5,137 4.1 (2,503) (48.7)
Notes & Accounts Receivables 447 15,455 12.0 11,266 8.9 4,189 37.2
Other Current Financial Assets 14 492 0.4 570 0.5 (78) (13.6)
Inventories 184 6,354 4.9 8,285 6.5 (1,931) (23.3)
Other Current Assets 34 1,168 0.9 1,310 1.0 (142) (10.8)  
 
  Total Current Assets 1,186 41,030 31.8 52,213 41.2 (11,183) (21.4)
 
Long-term Investments 46 1,604 1.2 636 0.5 968 152.1
 
Fixed Assets 3,173 109,805 85.2 87,291 69.0 22,514 25.8
Less Accumulated Depreciation (914) (31,625) (24.5) (19,946) (15.8) (11,678) 58.5
 
  Net Fixed Assets 2,259 78,180 60.7 67,345 53.2 10,835 16.1
 
Other Assets 232 8,032 6.2 6,400 5.1 1,632 25.5
Total Assets 3,723 128,845 100.0 126,594 100.0 2,252 1.8
 
LIABILITIES
  		             
               
Accounts Payable 455 15,762 12.2 12,854 10.2 2,908 22.6
Current Installments of Long-term Liabilities 274 9,486 7.4 6,862 5.4 2,624 38.2
Other Current Liabilities 113 3,894 3.0 2,262 1.8 1,632 72.1
 
Total Current Liabilities 842 29,141 22.6 21,978 17.4 7,163 32.6
 
Long-term Borrowings 549 18,990 14.7 21,120 16.7 (2,130) (10.1)  
Long-term Commercial Paper 0 0 0.0 2,773 2.2 (2,773) (100.0)  
Bonds and Convertible Bonds Payable 51 1,767 1.4 3,530 2.8 (1,763) (49.9)  
Other Long-term Liabilities 4 134 0.1 90 0.1 44 48.8  
 
Total Liabilities 1,446 50,033 38.8 49,491 39.1 542 1.1
 
SHAREHOLDERS’ EQUITY
             
               
Common Stock 1,234 42,704 33.1 39,766 31.4 2,938 7.4
Capital Surplus 917 31,731 24.6 31,423 24.8 308 1.0
Retained Earnings 134 4,626 3.6 5,930 4.7 (1,304) (22.0)
Cumulative Translation Adjustment 0 2 0.0 (16) (0.0) 18 (114.0)  
Treasury Stock (7) (251) (0.2) 0 0.0 (251) 0.0
 
Total Stockholders’ Equity 2,278 78,812 61.2 77,103 49.1 1,710 2.2
 
Total Liabilities & Stockholders’ Equity 3,724 128,845 100.0 126,594 100.0 2,252 1.8
 
 
Note: New Taiwan dollars amounts have been translated into U.S. dollars at the rate of NT$ 34.61 per U.S. dollar at the end of June, 2003
 

AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended June 30, 2003 and 2002 and Mar.31, 2003
(Expressed in Millions New Taiwan Dollars (NTD) and U.S. Dollars (USD)
Except for Per Share Data and Shares Outstanding)

 
Year over Year Comparison
Sequential Comparison
1H 2003
% of
1H 2002
YoY
2Q 2003
% of
1Q 2003
QoQ
USD
NTD
Sales
NTD
Chg %
USD
NTD
Sales
NTD
Chg %
 
Net Sales 1,130 39,191 100.0 42,420 (7.6) 636 22,076 100.0 17,115 29.0
Cost of Goods Sold 954 33,078 84.4 33,169 (0.3) 507 17,587 79.7 15,491 13.5
 
Gross Profit (Loss) 176 6,113 15.6 9,251 (33.9) 129 4,489 20.3 1,624 176.4
 
Operating Expenses  
Selling 10 371 0.9 273 36.0 6 219 1.0 151 44.8
Administrative 31 1,060 2.7 670 58.2 17 582 2.6 478 21.9
Research and Development 39 1,336 3.4 1,066 25.4 21 737 3.3 598 23.3
 
Total Operating Expenses 80 2,766 7.2 2,008 37.8 44 1,539 7.0 1,227 25.4  
 
Total Operating Income (Loss) 96 3,347 8.5 7,244 (53.8) 85 2,950 13.4 397 643.3
 
Net Non-Operating Income (Expenses) (7) (242) (0.6) (1,314) (81.6) (1) (24) (0.1) (218) (89.0)  
 
Income (Loss) before Income Tax 89 3,105 7.9 5,930 (47.6) 84 2,926 13.3 179 1,535.6  
 
Income Tax (Expense) Benefit 0 0 0.0 0 0.0 0 0 0.0 0 -  
 
Net Income (Loss) 89 3,105 7.9 5,930 (47.6) 84 2,926 13.3 179 1,535.6
 
Basic Earnings (Loss) Per Share 0.0211 0.73   1.81 (59.6) 0.0198 0.69   0.04 1,619.3
 
Basic Earnings (Loss) Per ADS 0.2106 7.30   18.07 (59.6) 0.1982 6.88   0.40 1,619.3
 
Weighted Average Number   4,255   3,282     4,255   4,014  
   
 
   
 
 
 
Note: (1)  New Taiwan dollars amounts have been translated into U.S. dollars at the weighted average rate of NT$34.648 per U.S. dollar for the first quarter of 2003
 
(2)  1 ADR equals 10 ordinary shares
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the 6 Months Ended June 30, 2003 and 2002
(Figures in Million of New Taiwan dollars (NTD) and U.S. dollars (USD))		  
           
    2003   2002  
   
 
 
    USD   NTD   NTD  
   
 
 
 
Cash Flows from Operating Activities:          
  Net Income 90   3,105   5,930
  Depreciation & Amortization 205   7,103   6,028
  Provision (Reversal) for Inventory Devaluation 44   1,523   786
  S.T & L.T Investment Loss recovery profit (6)   (196)   646
  Changes in Working Capital & Others (78)   (2,699)   (206)
   
 
 
 
  Net Cash Provided by (Used in) Operating Activities 255   8,836   13,185
           
Cash Flows from Investing Activities:          
  Decrease (Increase) in Short-term Investments 19   666   (635)
  Acquisition of Property, Plant and Equipment (433)   (14,979)   (7,042)
  Proceeds from Disposal of Property, Plant and Equipment 9   311   47
  Increase in Long-term Equity Investments (13)   (436)   (524)
  Decrease (Increase) in Restricted Cash in Bank 1   23   91
  Increase in Intangible Assets (22)   (746)   (212)
  Decrease (Increase) in Other Assets 3   89   (4)
   
 
 
 
  Net Cash Used in Investing Activities (436)   (15,072)   (8,279)
           
Cash Flows from Financing Activities:          
  Decrease in Short-term Borrowings 0   0   (2,545)
  Increase in Guarantee Deposits 0   0   0
  Increase (Decrease) in Long-term Borrowings (127)   (4,399)   (2,408)
  Issuance of Common Stock for Cash 0   0   19,170
  Directors' and Supervisors' Remuneration 0   0   0
  Increase in Treasury Stock (2)   (68)   0
   
 
 
 
  Net Cash Provided by Financing Activities (129)   (4,467)   14,217
           
Effect of Exchange Rate Change on Cash (1)   (30)   79
   
 
 
 
Net Increase (Decrease) in Cash and Cash Equivalents (311)   (10,733)   19,202
   
 
 
 
Cash and Cash Equivalents at Beginning of Period 741   25,659   6,443
   
 
 
 
Cash and Cash Equivalents at End of Period 430   14,926   25,645