UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2014

LANTHEUS MEDICAL IMAGING, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	333-169785	 	51-0396366	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
331 Treble Cove Road, North Billerica, MA 01862
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (978) 671-8001
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
On August 12, 2014, Lantheus Medical Imaging, Inc. (the “Company”) announced via press release its financial results as of and for the three and six months ended June 30, 2014. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits

Exhibit
No.	  	Description	
 	 	
99.1	  	Press release of Lantheus Medical Imaging, Inc. dated August 12, 2014, announcing its financial results as of and for the three and six months ended June 30, 2014.	

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 hereunto duly authorized.

 	 	 	 	LANTHEUS MEDICAL IMAGING, INC.	
 	 	 	 	
 	 	 	 	By:	 	/s/ Michael P. Duffy	
 	 	 	 	Name:	 	Michael P. Duffy	
 	 	 	 	Title:	 	Vice President and General Counsel	
 	 	 	 	
Date: August 12, 2014	 	 	 	 	 	 	

EXHIBIT INDEX

Exhibit
No.	  	Description	  	Location	
 	 	 	
99.1	  	Press release of Lantheus Medical Imaging, Inc. dated August 12, 2014, announcing its financial results as of and for the three and six months ended June 30, 2014.	  	Furnished herewith *	
 
*	Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.	

Exhibit 99.1

TUESDAY, AUGUST 12, 2014
CONTACTS:

Linda Lennox	  	Meara Murphy	
Office: 978-671-8854	  	Office: 978-671-8508	
Cell: 908-627-3424	  	Cell: 617-794-1045	
Lantheus Medical Imaging Reports Results for Second Quarter
Ended June 30, 2104
Worldwide revenues increase 7% as-reported and 8% constant currency
Adjusted EBITDA increases to $16.3 million on continued gross margin expansion
and operating expense leverage
No. BILLERICA, Mass. (August 12, 2014) – Lantheus Medical Imaging, Inc. (“LMI”), a wholly-owned operating subsidiary of parent company Lantheus MI Intermediate, Inc. and a global leader in developing, manufacturing, selling and distributing innovative diagnostic imaging agents, today reported financial results for its second quarter ended June 30, 2014.
Worldwide revenue totaled $75.6 million during the second quarter ended June 30, 2014, representing a 7% increase over $70.6 million reported during the second quarter of 2013. Excluding the impact of foreign currency, revenue increased 8% during the second quarter.
The Company’s second quarter 2014 GAAP net loss totaled $1.6 million, narrowed by $12.9 million from a net loss of $14.5 million in second quarter of 2013, while the Company’s Adjusted EBITDA increased by $9.8 million, to $16.3 million for the second quarter of 2014 from $6.5 million in the second quarter of 2013. The attached financial tables include a reconciliation of U.S. GAAP to non-GAAP results.
Jeffrey Bailey, President and CEO said, “We have been undertaking a financial and operational transformation of our business over the past six quarters, and our success to date is quite evident with the financial results of our second quarter. Our 8% constant currency revenue growth, accompanied by significant gross margin expansion and operating expense reduction, combined to expand our Adjusted EBITDA by 149% from year-ago levels, and has elevated our business to a meaningfully greater level of financial performance in a relatively short period of time.”

Mr. Bailey continued, “We continue to be pleased by the momentum of our business. Sequentially, our second quarter 2014 revenue and Adjusted EBITDA results exceeded those of our first quarter, the result of accelerated revenue growth in combination with continued operating leverage. During the second quarter, DEFINITY revenues once again grew sequentially, the result of continued growth of the U.S. ultrasound contrast market and the execution of our dedicated sales force. Looking ahead, the dynamics of our markets, the initiatives that we are targeting and the capabilities of our team combine to create exciting opportunities for our business during the remainder of 2014 and beyond.”
Conference Call
As previously announced, the Company will host a conference call starting at 4:30 p.m. (Eastern Time) today. To access the live conference call via telephone, please dial 1-866-510-0712 (U.S. callers) or 1-617-597-5380 (international callers) and provide passcode 37835042. A live audio webcast of the call also will be available on the homepage of the Company’s website at www.lantheus.com . A replay of the telephone conference call and audio webcast will be available from approximately 6:30 p.m. ET on August 12, 2014 through midnight on August 25, 2014. To access a replay of the conference call, dial 1-888-286-8010 (U.S. callers) or 1-617-801-6888 (international callers), and provide passcode 62046667. A replay of this conference call will also be available via for at least 90 days in the Investor Relations section of our website located at  www.lantheus.com .
The conference call may include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at  www.lantheus.com .
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as net sales excluding the impact of foreign currency, EBITDA and Adjusted EBITDA. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that may be described from time to time in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Lantheus Medical Imaging, Inc. and Lantheus MI Intermediate, Inc.
Lantheus Medical Imaging, Inc. (“LMI”), a wholly-owned operating subsidiary of parent company, Lantheus MI Intermediate, Inc., is a global leader in developing, manufacturing, selling and distributing innovative diagnostic imaging agents. LMI provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. LMI’s key products include the echocardiography contrast agent DEFINITY ®  Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite ®  (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs.
Lantheus has more than 500 employees worldwide with headquarters in North Billerica, Massachusetts, and offices in Puerto Rico, Canada and Australia.
– Tables Follow –

Lantheus MI Intermediate, Inc. and subsidiaries
Condensed Consolidated Statements of Operations
(dollars in thousands – unaudited)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	
Revenues	  	$	75,613	  	 	$	70,601	  	 	$	148,949	  	 	$	141,619	  	
Cost of goods sold	  	 	44,554	  	 	 	49,654	  	 	 	87,829	  	 	 	97,860	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	31,059	  	 	 	20,947	  	 	 	61,120	  	 	 	43,759	  	
Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	9,402	  	 	 	8,993	  	 	 	18,900	  	 	 	18,790	  	
General and administrative expenses	  	 	8,990	  	 	 	8,293	  	 	 	17,842	  	 	 	18,546	  	
Research and development expenses	  	 	2,687	  	 	 	7,537	  	 	 	5,909	  	 	 	19,535	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	21,079	  	 	 	24,823	  	 	 	42,651	  	 	 	56,871	  	
Operating income (loss)	  	 	9,980	  	 	 	(3,876	) 	 	 	18,469	  	 	 	(13,112	) 	
Interest expense, net	  	 	(10,567	) 	 	 	(10,619	) 	 	 	(21,119	) 	 	 	(21,288	) 	
Other (expense) income, net	  	 	(175	) 	 	 	(87	) 	 	 	(589	) 	 	 	634	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss before income taxes	  	 	(762	) 	 	 	(14,582	) 	 	 	(3,239	) 	 	 	(33,766	) 	
Provision (benefit) for income taxes	  	 	874	  	 	 	(82	) 	 	 	(318	) 	 	 	546	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(1,636	) 	 	$	(14,500	) 	 	$	(2,921	) 	 	$	(34,312	) 	

Lantheus MI Intermediate, Inc. and subsidiaries
Consolidated Sales Analysis
(dollars in thousands – unaudited)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2014	 	  	2013	 	  	% change	 	 	2014	 	  	2013	 	  	% change	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	23,019	  	  	 	18,291	  	  	 	25.8	% 	 	 	45,003	  	  	 	35,037	  	  	 	28.4	% 	
TechneLite	  	 	20,624	  	  	 	22,140	  	  	 	(6.8	)% 	 	 	40,723	  	  	 	41,712	  	  	 	(2.4	)% 	
Xenon	  	 	8,899	  	  	 	7,638	  	  	 	16.5	% 	 	 	18,605	  	  	 	15,945	  	  	 	16.7	% 	
Cardiolite	  	 	506	  	  	 	432	  	  	 	17.1	% 	 	 	1,027	  	  	 	6,862	  	  	 	(85.0	)% 	
Other	  	 	5,520	  	  	 	3,730	  	  	 	48.0	% 	 	 	10,021	  	  	 	6,930	  	  	 	44.6	% 	

Total U.S.	  	$	58,568	  	  	$	52,231	  	  	 	12.1	% 	 	$	115,379	  	  	$	106,486	  	  	 	8.4	% 	

International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	497	  	  	 	451	  	  	 	10.2	% 	 	 	871	  	  	 	734	  	  	 	18.7	% 	
TechneLite	  	 	2,901	  	  	 	3,114	  	  	 	(6.8	)% 	 	 	5,843	  	  	 	5,968	  	  	 	(2.1	)% 	
Xenon	  	 	—  	  	  	 	9	  	  	 	(100	)% 	 	 	4	  	  	 	25	  	  	 	(84.0	)% 	
Cardiolite	  	 	4,306	  	  	 	4,756	  	  	 	(9.5	)% 	 	 	8,465	  	  	 	9,236	  	  	 	(8.3	)% 	
Other	  	 	9,341	  	  	 	10,040	  	  	 	(7.0	)% 	 	 	18,387	  	  	 	19,170	  	  	 	(4.1	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	17,045	  	  	$	18,370	  	  	 	(7.2	)% 	 	$	33,570	  	  	$	35,133	  	  	 	(4.4	)% 	

Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	23,516	  	  	 	18,742	  	  	 	25.5	% 	 	 	45,874	  	  	 	35,771	  	  	 	28.2	% 	
TechneLite	  	 	23,525	  	  	 	25,254	  	  	 	(6.8	)% 	 	 	46,566	  	  	 	47,680	  	  	 	(2.3	)% 	
Xenon	  	 	8,899	  	  	 	7,647	  	  	 	16.4	% 	 	 	18,609	  	  	 	15,970	  	  	 	16.5	% 	
Cardiolite	  	 	4,812	  	  	 	5,188	  	  	 	(7.2	)% 	 	 	9,492	  	  	 	16,098	  	  	 	(41.0	)% 	
Other	  	 	14,861	  	  	 	13,770	  	  	 	7.9	% 	 	 	28,408	  	  	 	26,100	  	  	 	8.8	% 	

Total Revenues	  	$	75,613	  	  	$	70,601	  	  	 	7.1	% 	 	$	148,949	  	  	$	141,619	  	  	 	5.2	% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Supplemental Sales Information
(unaudited)

 	  	June 30, 2014 Quarter-to-Date Sales Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l Constant
Currency	 	 	Int’l As
Reported	 	 	Total Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	26	% 	 	 	18	% 	 	 	10	% 	 	 	26	% 	 	 	25	% 	
TechneLite	  	 	(7	)% 	 	 	(1	)% 	 	 	(7	)% 	 	 	(6	)% 	 	 	(7	)% 	
Xenon	  	 	17	% 	 	 	(100	)% 	 	 	(100	)% 	 	 	16	% 	 	 	16	% 	
Cardiolite	  	 	17	% 	 	 	(5	)% 	 	 	(9	)% 	 	 	(3	)% 	 	 	(7	)% 	
Other	  	 	48	% 	 	 	(3	)% 	 	 	(7	)% 	 	 	11	% 	 	 	8	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	12	% 	 	 	(3	)% 	 	 	(7	)% 	 	 	8	% 	 	 	7	% 	

 	  	June 30, 2014 Year-to-Date Sales Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l Constant
Currency	 	 	Int’l As
Reported	 	 	Total Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	28	% 	 	 	29	% 	 	 	19	% 	 	 	28	% 	 	 	28	% 	
TechneLite	  	 	(2	)% 	 	 	5	% 	 	 	(2	)% 	 	 	(1	)% 	 	 	(2	)% 	
Xenon	  	 	17	% 	 	 	(84	)% 	 	 	(84	)% 	 	 	17	% 	 	 	17	% 	
Cardiolite	  	 	(85	)% 	 	 	(3	)% 	 	 	(8	)% 	 	 	(38	)% 	 	 	(41	)% 	
Other	  	 	45	% 	 	 	2	% 	 	 	(4	)% 	 	 	13	% 	 	 	9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	8	% 	 	 	2	% 	 	 	(4	)% 	 	 	7	% 	 	 	5	% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency
(dollars in thousands – unaudited)

 	  	Three Months Ended
June 30, 2014	 	  	Six Months Ended
June 30, 2014	 	
 	  	International
Net Sales	 	  	Total Net
Sales	 	  	International
Net Sales	 	  	Total Net
Sales	 	
 	 	 	 	 	
Net sales, as reported	  	$	17,045	  	  	$	75,613	  	  	$	33,570	  	  	$	148,949	  	
Currency impact as compared to prior period	  	 	822	  	  	 	822	  	  	 	2,139	  	  	 	2,139	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net sales, excluding the impact of foreign currency	  	$	17,867	  	  	$	76,435	  	  	$	35,709	  	  	$	151,088	  	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(dollars in thousands – unaudited)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
 	  	2014	 	 	2013	 	 	2014	 	 	2013	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net loss, as reported	  	$	(1,636	) 	 	$	(14,500	) 	 	$	(2,921	) 	 	$	(34,312	) 	
Interest expense, net	  	 	10,567	  	 	 	10,619	  	 	 	21,119	  	 	 	21,288	  	
Provision (benefit) for income taxes	  	 	896	  	 	 	85	  	 	 	(121	) 	 	 	274	  	
Depreciation	  	 	2,137	  	 	 	2,370	  	 	 	4,351	  	 	 	4,772	  	
Amortization of intangible assets	  	 	2,271	  	 	 	4,160	  	 	 	4,573	  	 	 	8,326	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	14,235	  	 	 	2,734	  	 	 	27,001	  	 	 	348	  	
Reconciling items impacting EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash stock-based
compensation	  	 	251	  	 	 	306	  	 	 	535	  	 	 	563	  	
Legal fees relating to business interruption claim	  	 	231	  	 	 	119	  	 	 	465	  	 	 	387	  	
Asset write-off	  	 	91	  	 	 	958	  	 	 	511	  	 	 	2,058	  	
Severance and recruiting costs	  	 	216	  	 	 	400	  	 	 	301	  	 	 	4,491	  	
Sponsor fee and other	  	 	258	  	 	 	681	  	 	 	509	  	 	 	938	  	
New manufacturer costs	  	 	1,035	  	 	 	1,347	  	 	 	3,013	  	 	 	2,510	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	16,317	  	 	$	6,545	  	 	$	32,335	  	 	$	11,295	  	

Adjusted EBITDA as a percentage of net sales	  	 	21.6	% 	 	 	9.3	% 	 	 	21.7	% 	 	 	8.0	% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of Free Cash Flow
(dollars in thousands – unaudited)

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30,
2014	 	 	June 30,
2013	 	 	June 30,
2014	 	 	June 30,
2013	 	
 	 	 	 	 	
Net cash used in operating activities	  	$	(4,225	) 	 	$	(15,963	) 	 	$	(4,240	) 	 	$	(16,113	) 	
Capital expenditures	  	 	(1,998	) 	 	 	(1,347	) 	 	 	(3,480	) 	 	 	(2,796	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	(6,223	) 	 	$	(17,310	) 	 	$	(7,720	) 	 	$	(18,909	) 	

Lantheus MI Intermediate, Inc. and subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands – unaudited)

 	  	June 30,
2014	 	 	December 31,
2013	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	14,100	  	 	$	16,669	  	
Accounts receivable, net	  	 	42,536	  	 	 	38,910	  	
Inventory	  	 	16,301	  	 	 	18,310	  	
Income tax receivable	  	 	596	  	 	 	325	  	
Deferred tax assets	  	 	13	  	 	 	18	  	
Other current assets	  	 	4,525	  	 	 	3,087	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	78,071	  	 	 	77,319	  	
 	 	 	
Property, plant and equipment, net	  	 	96,381	  	 	 	97,653	  	
Capitalized software development costs, net	  	 	1,866	  	 	 	1,470	  	
Intangibles, net	  	 	31,192	  	 	 	34,998	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Deferred financing costs	  	 	8,549	  	 	 	9,639	  	
Deferred tax assets	  	 	37	  	 	 	15	  	
Other long-term assets	  	 	19,769	  	 	 	22,577	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	251,579	  	 	$	259,385	  	

Liabilities and stockholder’s deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Line of credit	  	$	13,500	  	 	$	8,000	  	
Accounts payable	  	 	13,987	  	 	 	18,103	  	
Accrued expenses and other liabilities	  	 	23,891	  	 	 	25,492	  	
Deferred tax liability	  	 	61	  	 	 	57	  	
Deferred revenue	  	 	2,175	  	 	 	3,979	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	53,614	  	 	 	55,631	  	
Asset retirement obligation	  	 	7,052	  	 	 	6,385	  	
Long-term debt, net	  	 	399,159	  	 	 	399,037	  	
Deferred tax liability	  	 	8	  	 	 	12	  	
Other long-term liabilities	  	 	32,607	  	 	 	35,408	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	492,440	  	 	 	496,473	  	

Stockholder’s deficit	  	 	(240,861	) 	 	 	(237,088	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholder’s deficit	  	$	251,579	  	 	$	259,385	  	
 	  	 	 	 	 	 	 	 	
###