UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-7753
DECORATOR INDUSTRIES, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1001433
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10011 Pines Blvd., Suite #201, Pembroke Pines, Florida 33024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 436-8909
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Title of each class Outstanding at November 4, 2002
------------------- -------------------------------
Common Stock, Par Value $.20 Per Share 2,787,817
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
DECORATOR INDUSTRIES, INC.
BALANCE SHEETS
September 28, 2002 December 29, 2001
------------------ -----------------
ASSETS (UNAUDITED)
CURRENT ASSETS:
Cash and Cash Equivalents $ 2,753,483 $ 2,319,568
Accounts Receivable, less allowance for
doubtful accounts ($273,287 and $221,462) 4,184,373 3,525,377
Inventories 4,758,335 3,789,665
Other Current Assets 385,313 327,784
----------- -----------
TOTAL CURRENT ASSETS 12,081,504 9,962,394
----------- -----------
Property and Equipment:
Land, Buildings & Improvements 4,241,457 4,240,777
Machinery, Equipment, Furniture and Fixtures 5,560,321 5,212,066
----------- -----------
Total Property and Equipment 9,801,778 9,452,843
Less: Accumulated Depreciation and Amortization 4,460,328 4,045,789
----------- -----------
Net Property and Equipment 5,341,450 5,407,054
----------- -----------
Goodwill 2,731,717 2,731,717
Other Assets 293,061 264,351
----------- -----------
TOTAL ASSETS $20,447,732 $18,365,516
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts Payable $ 3,371,111 $ 2,102,730
Current Maturities of Long-term Debt 121,503 105,441
Accrued Expenses:
Income taxes 29,692 39,518
Compensation 862,275 764,305
Other 916,695 876,327
----------- -----------
TOTAL CURRENT LIABILITIES 5,301,276 3,888,321
----------- -----------
Long-Term Debt 1,509,540 1,604,245
Deferred Income Taxes 447,000 409,000
----------- -----------
TOTAL LIABILITIES 7,257,816 5,901,566
----------- -----------
Stockholders' Equity
Common stock $.20 par value:
Authorized shares, 10,000,000; Issued shares, 4,485,635 897,127 897,127
Paid-in Capital 1,425,588 1,425,437
Retained Earnings 19,207,039 18,300,698
----------- -----------
21,529,754 20,623,262
Less: Treasury stock, at cost: 1,697,913 and 1,669,948 shares 8,339,838 8,159,312
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 13,189,916 12,463,950
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $20,447,732 $18,365,516
=========== ===========
The accompanying notes are an integral part of the financial statements.
1
DECORATOR INDUSTRIES, INC.
STATEMENTS OF EARNINGS
(UNAUDITED)
FOR THIRTEEN WEEKS ENDED: FOR THIRTY-NINE WEEKS ENDED:
--------------------------------------------- --------------------------------------------------
September 28, 2002 September 29, 2001 September 28, 2002 September 29, 2001
Net sales $ 9,971,156 100.00% $ 9,205,017 100.00% $ 29,252,684 100.00% $ 26,733,634 100.00%
Cost of products sold 7,855,531 78.78% 7,147,010 77.64 22,786,202 77.89% 21,114,597 78.98%
----------- ----------- ------------- ------------
2,115,625 21.22% 2,058,007 22.36% 6,466,482 22.11% 5,619,037 21.02%
Selling and
Administrative expenses 1,549,224 15.54% 1,441,145 15.66% 4,561,172 15.59% 4,572,944 17.11%
----------- ----------- ------------- ------------
Operating income 566,401 5.68% 616,862 6.70% 1,905,310 6.52% 1,046,093 3.91%
Interest and
investment income 14,903 0.15% 11,607 0.13% 40,007 0.13% 31,710 0.12%
Interest expense (8,668) (0.09)% (12,940) (0.14)% (23,517) (0.08)% (54,235) (0.20)%
----------- ----------- ------------- ------------
Earnings before 572,636 5.74% 615,529 6.69% 1,921,800 6.57% 1,023,568 3.83%
income taxes
Provision for income taxes 229,000 2.30% 243,000 2.64% 764,000 2.61% 414,000 1.55%
----------- ----------- ------------- ------------
NET INCOME $ 343,636 3.44% $ 372,529 4.05% $ 1,157,800 3.96% $ 609,568 2.28%
=========== =========== ============= ============
EARNINGS PER SHARE:
Basic $ 0.12 $ 0.14 $ 0.41 $0.22
Diluted $ 0.12 $ 0.14 $ 0.41 $0.22
Weighted-average number of
shares outstanding:
Basic 2,786,142 2,832,593 2,795,575 2,811,905
Diluted 2,836,547 2,832,593 2,834,149 2,822,432
The accompanying notes are an integral part of the financial statements.
2
DECORATOR INDUSTRIES, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THIRTY-NINE WEEKS ENDED:
September 28, 2002 September 29, 2001
------------------ ------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,157,800 $ 609,568
Adjustments To Reconcile Net Income To Net Cash
Provided By Operating Activities:
Depreciation And Amortization 497,492 570,287
Provision For Losses On Accounts Receivable 53,131 111,000
Deferred Taxes 27,000 121,000
Loss On Disposal Of Assets 19 94,981
(Increase) Decrease from Changes in Accounts Receivable (712,127) (625,478)
(Increase) Decrease from Changes in Inventories (968,670) 1,073,114
(Increase) Decrease from Changes in Prepaid Expenses (46,529) 416,466
(Increase) Decrease from Changes in Other Assets (28,710) (14,681)
Increase (Decrease) from Changes in Accounts Payable 1,268,381 536,337
Increase (Decrease) from Changes in Accrued Expenses 128,512 (579,542)
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,376,299 2,313,052
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (441,156) (430,726)
Proceeds from Property Dispositions 9,250 76,638
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES (431,906) (354,088)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-Term Debt Payments (78,643) (77,864)
Dividend Payments (251,459) (253,852)
Proceeds from Exercise of Stock Options -- 22,324
Purchase of Common Stock for Treasury (210,376) (89,791)
Issuance of Stock for Director's Trust 30,000 32,559
----------- -----------
NET CASH USED IN FINANCING ACTIVITIES (510,478) (366,624)
----------- -----------
Net Increase in Cash and Cash Equivalents 433,915 1,592,340
Cash and Cash Equivalents at Beginning of Year 2,319,568 307,819
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,753,483 $ 1,900,159
=========== ===========
Supplemental disclosures of cash flow information:
Cash paid for:
Interest $ 24,005 $ 52,617
Income taxes $ 754,325 $ 202,792
The accompanying notes are an integral part of the financial statements.
3
DECORATOR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2002 AND SEPTEMBER 29, 2001
(UNAUDITED)
NOTE 1. In the opinion of management, the accompanying unaudited financial
statements contain all adjustments necessary to present fairly the
Company's financial position as of September 28, 2002, the changes
therein for the thirty-nine week period then ended and the results of
operations for the thirty-nine week periods ended September 28, 2002 and
September 29, 2001.
NOTE 2. The financial statements included in the Form 10-Q are presented in
accordance with the requirements of the form and do not include all of
the disclosures required by accounting principles generally accepted in
the United States of America. For additional information, reference is
made to the Company's annual report on Form 10-K for the year ended
December 29, 2001. The results of operations for the thirty-nine week
periods ended September 28, 2002 and September 29, 2001 are not
necessarily indicative of operating results for the full year. Certain
numbers from prior periods have been reclassified for comparative
purposes.
NOTE 3. INVENTORIES
Inventories at September 28, 2002 and December 29, 2001
consisted of the following:
September 28, 2002 December 29, 2001
------------------ -----------------
Raw Material
and Supplies $4,355,629 $3,475,824
In Process and
Finished Goods 402,706 313,841
---------- ----------
Total Inventory $4,758,335 $3,789,665
========== ==========
4
DECORATOR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2002 AND SEPTEMBER 29, 2001
(UNAUDITED)
NOTE 4. EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by
weighted-average number of shares outstanding. Diluted earnings
per share include the dilutive effect of stock options. In
accordance with SFAS No. 128, the following is a reconciliation of
the numerators and denominators of the basic and diluted EPS
computations.
Thirteen weeks ended: Thirty-nine weeks ended:
September 28, 2002 September 29, 2001 September 28, 2002 September 29, 2001
------------------ ------------------ ------------------ ------------------
Numerator:
Net income $ 343,636 $ 372,529 $1,157,800 $ 609,568
========== ========== ========== ==========
Denominator:
Weighted-average
number of common
shares outstanding 2,786,142 2,832,593 2,795,575 2,811,905
Dilutive effect of
stock options on net
income 50,405 -- 38,574 10,527
---------- ---------- ---------- ----------
2,836,547 2,832,593 2,834,149 2,822,432
========== ========== ========== ==========
Diluted earnings per
share: $ 0.12 $ 0.14 $ 0.41 $ 0.22
========== ========== ========== ==========
5
DECORATOR INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2002 AND SEPTEMBER 29, 2001
(UNAUDITED)
NOTE 5. ADOPTION OF STATEMENT 142
In accordance with SFAS No. 142, "Goodwill and Other
Intangible Assets", in the period of initial application and
thereafter, goodwill amortization expense is to be excluded
from net earnings, as illustrated in the following
reconciliation.
Thirteen weeks ended: Thirty-nine weeks ended:
---------------------------------- -----------------------------------
September 28, September 29, September 28, September 29,
2002 2001 2002 2001
Reported net earnings $ 343,636 $ 372,529 $ 1,157,800 $ 609,568
Add back: goodwill
amortization (after tax) -- 21,410 -- 64,231
----------- ----------- ------------- -----------
Adjusted net earnings $ 343,636 $ 393,939 $ 1,157,800 $ 673,799
=========== =========== ============= ===========
Basic earnings per share
Reported net earnings $ 0.12 $ 0.14 $ 0.41 $ 0.22
Goodwill amortization
(after tax) -- .01 -- .02
----------- ----------- ------------- -----------
Adjusted net earnings $ 0.12 $ 0.15 $ 0.41 $ 0.24
=========== =========== ============= ===========
Diluted earnings per share
Reported net earnings $ 0.12 $ 0.14 $ 0.41 $ 0.22
Goodwill amortization
(after tax) -- .01 -- .02
----------- ----------- ------------- -----------
Adjusted net earnings $ 0.12 $ 0.15 $ 0.41 $ 0.24
=========== =========== ============= ===========
6
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
CAUTIONARY STATEMENT: THIS QUARTERLY REPORT ON FORM 10-Q MAY CONTAIN STATEMENTS
RELATING TO FUTURE EVENTS, INCLUDING RESULTS OF OPERATIONS, THAT ARE CONSIDERED
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS REPRESENT THE
COMPANY'S EXPECTATIONS OR BELIEF AS TO FUTURE EVENTS AND, BY THEIR VERY NATURE,
ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH MAY RESULT IN ACTUAL EVENTS
DIFFERING MATERIALLY FROM THOSE ANTICIPATED. IN PARTICULAR, FUTURE OPERATING
RESULTS AND FUTURE LIQUIDITY WILL BE AFFECTED BY THE LEVEL OF DEMAND FOR
RECREATIONAL VEHICLES, MANUFACTURED HOUSING AND HOTEL/MOTEL ACCOMMODATIONS AND
MAY BE AFFECTED BY CHANGES IN ECONOMIC CONDITIONS, INTEREST RATE FLUCTUATIONS,
COMPETITIVE PRODUCTS AND PRICING PRESSURES WITHIN THE COMPANY'S MARKETS, THE
COMPANY'S ABILITY TO CONTAIN ITS MANUFACTURING COSTS AND EXPENSES, AND OTHER
FACTORS. FORWARD-LOOKING STATEMENTS BY THE COMPANY SPEAK ONLY AS OF THE DATE
MADE, AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE SUCH
STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE
OCCURRENCE OF UNANTICIPATED EVENTS.
FINANCIAL CONDITION
The Company's financial condition, as measured by the following ratios,
continues to be strong at the end of the Third Quarter 2002.
September 28, 2002 December 29, 2001
------------------ -----------------
Current Ratio 2.28 2.56
Quick Ratio 1.38 1.59
LT Debt to Total Capital 10.27% 11.40%
Working Capital $6,780,228 $6,074,073
Days sales outstanding in accounts receivable were 37.3 days at September 28,
2002 compared to 38.5 days at September 29, 2001. Accounts receivable increased
by 18.7%, inventories increased by 25.6%, and cash increased by $433,915 over
the nine month period ended September 28, 2002.
Management does not foresee any events which will adversely affect its liquidity
during 2002. At the quarter end, the Company had no borrowings against its
$5,000,000 revolving line of credit. With the available borrowing capacity and
the Company's cash balances, the financial condition is more than adequate to
finance internal growth and the acquisitions of businesses.
7
RESULTS OF OPERATIONS
The following tables show the percentage relationship to net sales of certain
items in the Company's Statement of Earnings:
Third Third
Quarter Quarter YTD YTD
Earnings Ratios 2002 2001 2002 2001
--------------- ---- ---- ---- ----
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of products sold 78.78 77.64 77.89 78.98
Selling and administrative 15.54 15.66 15.59 17.11
Interest and investment income (0.15) (0.13) (0.13) (0.12)
Interest expense 0.09 0.14 0.08 0.20
Income taxes 2.30 2.64 2.61 1.55
Net income 3.44 4.05 3.96 2.28
8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations. (Continued)
THIRTEEN WEEK PERIOD ENDED SEPTEMBER 28, 2002 (THIRD QUARTER 2002) COMPARED TO
THIRTEEN WEEK PERIOD ENDED SEPTEMBER 29, 2001 (THIRD QUARTER 2001)
- ------------------------------------------------------------------------------
Net sales for the Third Quarter 2002 were $9,971,156, compared to $9,205,017 for
the same period in the previous year, an 8.3% increase. The Company experienced
increased sales in the recreational vehicle market, while sales decreased in the
manufactured housing market.
Cost of products sold increased to 78.8% in the Third Quarter 2002 compared to
77.6% a year ago. This increase was the result of somewhat higher labor and
material costs.
Selling and administrative expenses were $1,549,224 in the Third Quarter 2002
versus $1,441,145 in the Third Quarter 2001. This increase resulted from
increased performance based compensation and costs related to the implementation
of a new computer system. These costs were partially offset by the change in
accounting for goodwill (see Note 5).
Interest expense decreased to $8,668 in the Third Quarter 2002 from $12,940 in
the Third Quarter 2001 because of reduced borrowings and lower interest rates.
Net income decreased to $343,636 in the Third Quarter 2002 compared to $372,529
of net income in the Third Quarter 2001. This decrease is largely the result of
the increases in the cost of products sold and administrative expenses.
THIRTY-NINE WEEK PERIOD ENDED SEPTEMBER 28, 2002 (FIRST NINE MONTHS 2002)
COMPARED TO THIRTY-NINE WEEK PERIOD ENDED SEPTEMBER 29, 2001 (FIRST NINE MONTHS
2001)
- -------------------------------------------------------------------------------
Net sales for the First Nine Months 2002 were $29,252,684, up from $26,733,634
in the prior year, a 9.4% increase. The Company experienced a significant sales
increase in the recreational vehicle market. Hospitality sales increased
modestly while manufactured housing sales have decreased.
Cost of products sold decreased to 77.9% in the First Nine Months 2002 compared
to 78.9% a year ago. The improvement is largely the result of increased labor
and material efficiencies and allocating fixed expenses over a larger sales
volume.
Selling and administrative expenses were $4,561,172 in the First Nine Months
2002 versus $4,572,944 in the First Nine Months 2001. This decrease is
attributable to the change in accounting for goodwill (see Note 5), a reduction
in bad debt expense, a decrease in the administrative workforce, offset by an
increase in performance based compensation and costs related to the
implementation of a new computer system.
Net income for the First Nine Months 2002 increased to $1,157,800 or $0.41 cents
per share (diluted) compared to $609,568 or 22 cents per share (diluted) in the
same period in 2001. This increase is largely the result of increased sales,
better material utilization, and improved labor efficiencies.
9
Item 4. Controls and Procedures.
(a) The Company's Chief Financial Officer (CFO) and its Controller have reviewed
the effectiveness of the Company's disclosure controls and procedures as defined
in Exchange Act Rules 13a-14(c) and 15d-14(c) within 90 days of the date of this
report. These officers have concluded that the Company's disclosure controls and
procedures were adequate and effective to ensure that material information
relating to the financial statements has been disclosed.
(b) There were no significant changes in the Company's internal controls or in
other factors that could significantly affect the Company's internal controls
and procedures subsequent to the review date, nor any significant deficiencies
or material weaknesses in such internal controls and procedures requiring
corrective actions.
10
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
99.2 - Certificate required by 18 U.S.C.ss.1350.
(b) No reports on Form 8-K were filed by the Company during the quarterly
period ended September 28, 2002.
11
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.
DECORATOR INDUSTRIES, INC.
(Registrant)
Date: November 12, 2002 By: /s/ William A. Bassett
---------------------------------
William A. Bassett, President
Date: November 12, 2002 By: /s/ Michael K. Solomon
---------------------------------
Michael K. Solomon, Treasurer
12
CERTIFICATIONS
I, William A. Bassett, President, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Decorator
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
we have:
(a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
(b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
(c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons
performing the equivalent function):
(a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Date: November 12, 2002 By: /s/ William A. Bassett
---------------------------------
William A. Bassett, President
13
I, Michael K. Solomon, Treasurer, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Decorator
Industries, Inc.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
we have:
(a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
(b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
(c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;
5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons
performing the equivalent function):
(a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have
identified for the registrant's auditors any material weaknesses in
internal controls; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Date: November 12, 2002 By: /s/ Michael K. Solomon
-----------------------------
Michael K. Solomon, Treasurer
14