Energy Focus, Inc. (NasdaqCM:EFOI) – Investment Memo – 8/22/15

Thesis

Energy Focus (Nasdaq:EFOI) is an early stage growth stock that is likely to achieve 50%

- 100% growth rates over the next 12 to 36 months. Having benefited from over 10 years

of DARPA research grants, EFOI has started commercializing its military-grade and

commercial LED lighting systems. EFOI is the sole provider of retrofit LED lights for

the U.S. Navy and is benefiting from a complete overhaul of Navy lighting systems to

LED. EFOI is also well positioned to benefit from similar overhauls in other branches of

the government and the wide-spread commercial adoption of LED. EFOI is well-

managed, has no debt and is highly profitable.

Company Overview

Description: EFOI manufactures energy-efficient LED lights and lighting systems

for the retrofit market.

Customers: EFOI primarily sells to the U.S. Navy (>50% sales), but has also

started developing sales channels with the Coast Guard, Navies of U.S. allies,

U.S. military bases, hospitals, k-12 schools, manufacturing facilities, and retailers.

o While U.S. Naval and other maritime markets represent EFOI’s most

imminent opportunities for growth, EFOI has already made several

notable sales in the other channels.

Strategy: EFOI focuses on being a niche leader in specific high-end applications

and SKUs of the LED market. EFOI claims to be the largest North American

producer of tubular LED lights and the largest supplier for the military-grade

maritime retrofit market.

o To capitalize on its success with DARPA and the U.S. Navy, EFOI is

actively seeking to expand into adjacent markets such as LED systems for

new-built Navy ships, retrofit contracts with U.S. naval allies, contracts

with other branches of government.

o EFOI is “aggressively” ramping its salesforce for commercial verticals

and has a pipeline of commercial sales into H2 2015 and H1 2016.

o EFOI’s CEO commented on the Q2 ’14 earnings call: “our approach to

the market is that once we decide to enter a market, we must have done

enough research in order to be sure we could be the market leader in the

particular vertical… being a channel leader is a lot more profitable than

being everywhere. So that's our main marketing approach and sales

approach, which is really differentiated from many other LED lighting

providers, which usually tend to do too many things, having too many

products to too many markets.”

Capitalization Financials Valuation

Market Cap $158,664 LTM Sales $47,110 EV / LTM Sales 3.2x

Cash $10,173 LTM Growth 204.5% EV / 2016 Sales 1.7x

Debt $525 LTM EBITDA $3,519 EV / LTM EBITDA 42.3x

Enterprise Value $149,016 LTM Margin 7.5% EV / 2016 EBITDA 8.6x

$ in thousands. Data as of 8/22/15 (Q2 2015). Financial projections based on management guidance.

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Products:

Company History: EFOI was founded in the 1980’s as Fiberstars and sold

lighting for pools and spas. The company IPOed on Nasdaq in 1994. EFOI began

offering lighting-related consulting services. By the 2000’s the pool lighting and

consulting businesses declined. EFOI sold the pool business in 2013 and sold the

consulting business in Q3 2014.

o EFOI began working with DARPA in 2002 and has been awarded over

$53 million in R&D contracts and won DARPA’s 2007 Small Business

Innovation Research award.

Investment Highlights

Rapidly growing provider of LED lighting systems with secular growth tailwinds.

o EFOI has achieved 5 consecutive quarters of strong sales growth

averaging 88% and improving EBITDA margins.

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o Last quarter, EFOI raised guidance from 50% to 100% sales growth and

has guided for 50% annual growth over the next several years.

o EFOI is positioned as the sole supplier of retrofit LED lighting systems to

the Navy as it overhauls to100% LED. EFOI estimates that the Navy has

already retrofitted 16% of its existing ship fixtures and has announced

plans to expand its retrofit program to land bases and new-built ships.

o EFOI should be able to leverage its success with the Navy to several

adjacent markets including other maritime retrofit opportunities, contracts

with other government departments and commercial retrofit opportunities.

Strong relationship with U.S. Department of Defense, with over $53mm in R&D

contracts since 2002.

o EFOI’s partnership with DARPA aimed at creating LED technologies

specifically for military-grade applications. The success of the R&D

program provides EFOI with credibility when selling to the government

and approaching commercial opportunities.

o The military-grade certified status of products validate the quality and

provide higher switching costs given the onerous certification process.

Since becoming CEO, James Tu has proven to be an extremely capable leader and

has restructured and focused the Company.

o Divested the Pool (2013) and consulting businesses (2014).

o Successfully re-listed on the Nasdaq and had an equity offering in 2014.

o Opened a Washington DC office and created an “advisory board” of well-

known professionals (including a retired navy admiral) to stimulate sales.

o Made strong board appointments which increased company credibility.

o Successfully began commercializing LED technology; Under Tu’s watch,

sales have ramped (5 quarters of 50%+ growth).

o Consolidated manufacturing footprint into one facility in Ohio and

brought the company to profitability.

Relatively unknown company with very little institutional awareness.

o EFOI has virtually no sell-side coverage (Roth Capital and Rodman &

Renshaw issue reports).

o As EFOI continues to execute on growth, it will likely attract institutional

investors that will help drive up the value of shares.

Revenue is primarily in USD, little impact from volatile FX markets

Insiders own 38% of the company and have made recent insider purchases.

o Insiders are highly incentivized to increase shareholder value.

o There has been a trend of net insider buying with over 390,000 net shares

purchased by the major holds YTD in 2015 and only 1 sale transaction.

Investment Risks & Mitigating Factors

There are several yellow and orange flags present in terms of corporate governance and

accounting issues; however, the issues are diligence-able and a reasonable level of

comfort can be achieved.

After getting de-listed from Nadaq, a new investor base primarily consisting of

Chinese nationals purchased majority of the stock. Because Chinese business

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people have a poor reputation for business ethics, the presence of these investors

potentially calls into question the integrity of the company.

o The fact that EFOI has been able to win U.S. military contracts since the

ownership change is a huge vote of confidence.

o CEO Tu has proven to be a very capable leader and has not been

promotional; he has generally under-promised and executed.

o Several new high-profile board and advisory council appointments provide

credibility to the Company.

James Tu has a related part transaction with the company where he receives a 5%

commission from Asian sales.

o The deal was what initially introduced James to the company and was

structured before he took on any executive or board positions

o Payments made under this contract during 2012, 2013 and 2014 were

$523k, $425k and $0.

Plante & Moran, a non-big 4 firm, has been EFOI’s auditor for the past 6 years.

o Plante & Morgan is the 11th

largest public accounting firm in the U.S.

o According to Capital IQ, Plante & Moran has audited 108 other companies

including several other small and mid-cap public companies.

There has been significant turnover in executives. In particular, there have been 4

CFO’s in the past 4 years. In the 2014 10K, the Company disclosed material

weakness in internal controls with regard to revenue recognition.

o After undergoing a decline in business during the financial crisis, getting

de-listing, ownership change and business restructuring, the elevated

executive turnover is understandable and not surprising.

o Given the reported material weakness in internal controls, it makes sense

that the CFO was fired in February 2015.

o The reported material weakness in internal controls is a red flag; however,

the fact that the Company was willing to make the disclosure could signal

that the Company is making an earnest attempt to properly disclose

financial issues and clean itself up after years of restructuring.

o The Company provided a subsequent disclosure that it had rectified the

issues in the Q1 ’15 10-Q by establishing new accounting controls.

The current shareholder base is highly concentrated with the top 5 shareholders

owning over 60% of the shares outstanding. Most of these shareholders entered

the stock in 2012 and are sitting on ~400% gains. A major shareholder selling

could result in significant share price declines.

o There has been a trend of net insider buying with over 390,000 net shares

purchased by the major holds YTD in 2015 and only 1 sale transaction.

EFOI’s sales base is highly concentrated with the Navy accounting for over half

of current sales. Losing its contract would significantly hurt the Company.

o This is a very sticky relationship given EFOI’s history with DARPA and

EFOI’s status as the sole supplier for retrofit LEDs.

EFOI’s lighting technology could become out of date or fail to gain commercial

adoption if EFOI cannot compete with its much larger rivals.

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o EFOI has benefited from over a decade of DARPA R&D grants and joint-

projects. EFOI currently has some of the best LED technology on the

market and holds over 80 patents. This is not a near-term issue.

o Technological obsolesce is not a near-term issue for EFOI in military-

grade products which have undergone careful testing to get certified.

Management & Leadership

James Tu has been the CEO and Executive Chairman of EFOI since May 2013.

Tu first became involved with EFOI in Q1 2012 when he struck a deal to

distribute EFOI’s products in Asia. At that time he purchased some equity in the

business. He apparently became more interested in the business and purchased

more equity and became non-executive chairman in December 2012.

o Since becoming CEO, he has proven to be extremely capable and has

restructured and focused the Company. (see investment highlights)

o Tu is a Taiwanese national who received his MBA in the U.S. and worked

as an equity research analyst at 2 hedge funds in the U.S. for 8 years. Tu

manages a Clean Tech fund called 5 Elements Global Advisors.

Note: I was unable to find other investments made by Tu. Would be

helpful to learn more about past situations he has been in

Eric Hilliard has been the president and COO since October 2013. Hilliard has

been with the company since 2006.

Marcia Miller has been the CFO since July 2015. She joined the Company in

March 2012 serving as Controller and was interim CFO starting in February 2015.

Several new board members joined in 2015 which add credibility to the company.

o Ronald D. Black, Ph.D. (new in 2015) - CEO and President of Rambus

Inc., a $1.5bn public company, since June 2012.

o Glenda Dorchak (new in 2015) - Former Executive Vice President and

General Manager of Global Business for Spansion, Inc.

o Marc J. Eisenberg (new in 2015) - CEO of ORBCOMM Inc., a $416bn

public company, since March 2008.

Financial Performance

EFOI has achieved 5 consecutive quarters of strong growth and improving

EBITDA margins.

In the Q2 ’14 earnings call, guidance was increased from 50% annual growth to

100%

In the last quarter, EBITDA margins were 18.3% due to the significantly reduced

SG&A from divested businesses and consolidated manufacturing footprint.

Valuation

EFOI is inexpensive to peers given its much higher growth rates, higher

profitability and niche leadership in the military-grade maritime retrofit market.

EFOI is currently trading ~1.7x 2016E sales and ~8.6x 2016E EBITDA despite its

prospects to achieve 50% - 100% growth and EBITDA margins over 20%.

Given its current valuation, EFOI share prices could reasonably double over the

next 12 months if it continues to executive on growth and profitability.

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o Peer small cap industrial growth stocks trade at ~2.0x forward sales and

~11.0x forward EBITDA.

o Peer lighting stocks trade at ~1.0x forward sales and ~8.5x forward

EBITDA. These stocks are less comparable due to the growth profile.

o Acuity Brands, a fast growing lighting stock (mid-teens growth), trades for

2.8x forward sales and 16.2x forward EBITDA.

Industry Commentary

According to a July 2015 U.S. Department of Energy report, LED has surpassed

many conventional lighting technologies in terms of energy efficiency, lifetime,

versatility, and color quality, and due to their increasing cost competitiveness

LED is beginning to successfully compete in a variety of lighting applications.

The Department of Energy forecasts that LED lighting will represent 84% of all

lighting sales by 2030, resulting in an annual primary energy savings of 3.0

quadrillion British thermal units (quads).

Recent earnings reports by major lighting companies confirm that LED sales are

accelerating

o Philips: “Q2 2015 LED-based sales grew by 21% compared to Q2 2014

and now represent 40% of sales. Conventional-based sales declined 16%

year-on-year.”

o Acuity Brands: “Q2 2015 sales of our LED products grew by 55% this

quarter compared with the year-ago period, an extraordinary achievement

when one considers that sales of LED-based luminaires at Acuity now

account for 46% of our total sales, which, as you know, include non-

fixture-related lighting products.”

o Revolution Lighting: “Q2 2015 revenue increased by 30% quarter-over-

quarter. The increase reflects strong LED sales across all industries,

namely health, industrial, educational and multi-family housing sectors.”

2013 2014 2015E 2016E 2017E

Sales 21,533 28,962 57,924 86,886 130,329

Growth 34.5% 100.0% 50.0% 50.0%

EBITDA (8,169) (4,985) 8,689 17,377 26,066

Margin (37.9%) (17.2%) 15.0% 20.0% 20.0%

Marketcap 158,700

Net Debt (9,700)

TEV 149,000

TEV / Sales 6.9x 5.1x 2.6x 1.7x 1.1x

TEV / EBITDA (18.2x) (29.9x) 17.1x 8.6x 5.7x

$ in thousands. Data as of 8/22/15. Projections based on management guidance.

EFOI Latest HoldersKey Person Holder Shares held % Of CSO $ Change in Shares % Change Position DateHongfei Zhang Bright Horizon Partners Inc. 1,030,434 10.261 15.8 (100,000) (8.85) May-29-2015Jiangang Luo Luo Ph.D., Jiangang (Independent Director) 913,371 9.096 14.0 911,371 45,568.55 Jul-23-2015Jiangang Luo Cleantech Global Limited 910,869 9.071 13.9 - 0 May-29-2015Gina Huang Brilliant Start Enterprise, Inc. 852,173 8.486 13.0 - 0 May-29-2015

William CohenCohen, William (Independent Director and Member of Compensation Committee)

708,695 7.057 10.9 600,000 552.0 Jul-23-2015

Gina Huang Huang, Gina 600,000 5.975 9.2 - 0 May-29-2015William Cohen Costar Partners II, LLC 600,000 5.975 9.2 200,000 50.0 May-29-2015Scott Desano Desano, Scott E. 500,869 4.988 7.7 - 0 May-29-2015James Tu 5 Elements Energy Efficiency Ltd. 380,000 3.784 5.8 - 0 May-29-2015James Tu 5 Elements Global Fund L.P 300,000 2.987 4.6 - 0 May-29-2015

CI Investments Inc. 284,058 2.829 4.3 (197,882) (41.06) Jun-30-2015Cheng Bi Bi, Cheng 237,300 2.363 3.6 - 0 Jan-19-2015

Herald Investment Management Limited 199,789 1.99 3.1 - 0 Dec-31-2014Venator Capital Management Ltd. 68,502 0.682 1.0 68,502 New Jun-30-2015Davenport, John M. (Former Executive Director) 34,169 0.34 0.5 - 0 May-29-2015Goldman Sachs Group, Investment Banking and Securities Investments 28,925 0.288 0.4 (7,891) (21.43) Jun-30-2015State of New Jersey Common Pension Fund 20,000 0.199 0.3 (40,000) (66.67) Jun-30-2015BlackRock, Inc. (NYSE:BLK) 18,856 0.188 0.3 18,856 New Jun-30-2015Hilliard, Eric W. (President and Chief Operating Officer) 9,412 0.094 0.1 1,334 16.51 Jun-30-2015Lincoln Park Capital 9,005 0.09 0.1 - 0 Aug-29-2014Miller, Marcia Jean (Chief Financial Officer) 7,181 0.072 0.1 766 11.94 Jun-30-2015Morgan Stanley, Investment Banking and Brokerage Investments 4,717 0.047 0.1 701 17.46 Jun-30-2015Merrill Lynch & Co. Inc., Banking Investments 2,000 0.02 0 - 0 Jun-30-2015Lamanna, Frank (Former Chief Financial Officer and Secretary) 1,597 0.016 0 1,597 New May-29-2015Royal Bank of Canada, Banking & Securities Investments 1,500 0.015 0 1,500 New Jun-30-2015Matrisciano, Theresa A. (Former Vice President of Human Resources) 434 0.004 0 - 0 Dec-31-2014

Held by insiders 70.5%

Comparable Companies AnalysisSmall-cap Industrial Growth Stocks

Company Name TickerEnterprise Value

Net Debt & NCI Market Cap

NTM Sales Growth

LTM EBITDA Margin

EV / NTM Sales

EV / NTM EBITDA

Price / NTM Earnings

Amphenol APH $17,426.3 $1,400.1 $16,026.2 6.4% 23.0% 3.0x 12.8x 19.6xThe Toro Company TTC $4,158.6 $276.2 $3,882.4 7.3% 14.8% 1.7x 10.5x 17.7xPool POOL $3,417.5 $462.5 $2,955.0 8.3% 9.5% 1.4x 14.0x 21.7xDycom Industries DY $2,546.8 $424.1 $2,122.7 11.5% 11.5% 1.2x 9.1x 23.7xTASER International TASR $1,060.6 ($86.5) $1,147.1 14.3% 23.4% 5.1x 23.9x 38.9xAmerican Woodmark AMWD $934.4 ($168.0) $1,102.4 10.9% 8.9% 1.0x 10.0x 22.9xPGT PGTI $758.7 $145.6 $613.1 14.1% 15.6% 1.9x 9.7x 17.4x

Mean $4,329.0 $350.6 $3,978.4 10.4% 15.3% 2.2x 12.9x 23.1xMedian $2,546.8 $276.2 $2,122.7 10.9% 14.8% 1.7x 10.5x 21.7x

Lighting Industry Peers

Company Name TickerEnterprise Value

Net Debt & NCI Market Cap

NTM Sales Growth

LTM EBITDA Margin

EV / NTM Sales

EV / NTM EBITDA

Price / NTM Earnings

Koninklijke Philips PHIA $29,413.9 $5,281.0 $24,132.9 6.1% 7.9% 1.1x 8.0x 15.0xAcuity Brands AYI $8,287.7 ($298.4) $8,586.1 13.2% 16.1% 2.8x 16.2x 30.7xOSRAM Licht OSR $4,782.8 ($650.3) $5,433.1 3.2% 8.6% 0.7x 6.0x 17.4xCree CREE $2,141.6 ($513.2) $2,654.8 9.8% 8.0% 1.2x 6.8x 23.7xLSI Industries LYTS $194.4 ($26.4) $220.8 10.9% 4.5% 0.6x 19.3xRevolution Lighting RVLT $169.5 $22.6 $146.9 55.9% 1.8% 1.1x 8.6x

Mean $7,498.3 $635.9 $6,862.4 16.5% 7.8% 1.2x 9.1x 21.2xMedian $3,462.2 ($162.4) $4,044.0 10.4% 7.9% 1.1x 8.0x 19.3x

Company Name TickerEnterprise Value

Net Debt & NCI Market Cap

NTM Sales Growth

LTM EBITDA Margin

EV / NTM Sales

EV / NTM EBITDA

Price / NTM Earnings

Energy Focus EFOI $149.0 ($9.7) $158.7 53.2% 8.3% 2.1x 14.1x 20.1x

EFOI Segment FinancialsQ1' 2013 Q2' 2013 Q3' 2013 Q4' 2013 Q1' 2014 Q2' 2014 Q3' 2014 Q4' 2014 Q1' 2015 Q2' 2015

Government Products 1,010 1,603 707 358 1,478 2,715 6,002 9,019 10,802 14,086Commercial Products 1,641 1,647 1,451 1,227 1,230 2,834 1,648 272 2,303 2,532R&D Services 316 420 565 741 23 17 16 19 17 3Turnkey Solutions 1,491 1,983 2,104 4,269 2,188 1,133 224 144 23 0Total Sales 4,458 5,653 4,827 6,595 4,919 6,699 7,890 9,454 13,145 16,621

Growth Q/QGovernment Products 58.7% (55.9%) (49.4%) 312.8% 83.7% 121.1% 50.3% 19.8% 30.4%Commercial Products 0.4% (11.9%) (15.4%) 0.2% 130.4% (41.8%) (83.5%) 746.7% 9.9%R&D Services 33.0% 34.5% 31.2% (96.9%) (26.1%) (5.9%) 18.8% (10.5%) (82.4%)Turnkey Solutions 33.0% 6.1% 102.9% (48.7%) (48.2%) (80.2%) (35.7%) (84.0%) (100.0%)Total 26.8% (14.6%) 36.6% (25.4%) 36.2% 17.8% 19.8% 39.0% 26.4%

Growth Y/YGovernment Products 46.3% 69.4% 748.9% 2419.3% 630.9% 418.8%Commercial Products (25.0%) 72.1% 13.6% (77.8%) 87.2% (10.7%)R&D Services (92.7%) (96.0%) (97.2%) (97.4%) (26.1%) (82.4%)Turnkey Solutions 46.7% (42.9%) (89.4%) (96.6%) (98.9%) (100.0%)Total 10.3% 18.5% 63.5% 43.4% 167.2% 148.1%

EFOI Historical Quarterly Financials

Income Statement Q1' 2013 Q2' 2013 Q3' 2013 Q4' 2013 Q1' 2014 Q2' 2014 Q3' 2014 Q4' 2014 Q1' 2015 Q2' 2015

Revenue 4,458 5,653 4,827 6,595 4,919 6,699 7,890 9,454 13,145 16,621Cost of Sales 3,575 4,415 3,897 5,067 3,497 4,525 5,332 6,240 7,743 8,990Gross Profit 883 1,238 930 1,528 1,422 2,174 2,558 3,214 5,402 7,631SG&A 2,082 2,471 2,472 2,689 2,304 2,533 2,648 3,425 3,624 3,903R&D 37 172 57 331 191 203 232 409 543 657Net Interest 126 167 166 383 2,618 28 23 20 23 26EBIT (1,362) (1,572) (1,765) (1,875) (3,691) (590) (345) (640) 1,212 3,045D&A 225 229 219 215 71 70 72 68 52 55EBITDA (1,137) (1,343) (1,546) (1,660) (3,620) (520) (273) (572) 1,264 3,100Other 94 (410) 105 584 360 33 58 80 57 (25)EBT (1,456) (1,162) (1,870) (2,459) (4,051) (623) (403) (720) 1,155 3,070Taxes 0 0 0 0 (1) (1) 0 0 (10) 923Disc. Ops (28) (483) (219) (3,856) 20 0 0 30 36 36Net Income (1,428) (679) (1,651) 1,397 (4,070) (622) (403) (750) 1,129 2,111

Basic EPS (3.19) (1.47) (3.36) 2.77 (7.87) (0.79) (0.46) (0.80) 1.17 2.11Diluted EPS (3.19) (1.47) (3.36) 2.77 (7.87) (0.79) (0.46) (0.80) 1.13 2.08Basic Shares 4.4699 4.623 4.916 5.044 5.172 7.836 8.781 9.419 9.671 10.019Diluted Shares 4.4699 4.623 4.916 5.044 5.172 7.836 8.781 9.419 9.993 10.138

Balance Sheet Q1' 2013 Q2' 2013 Q3' 2013 Q4' 2013 Q1' 2013 Q2' 2014 Q3' 2014 Q4' 2014 Q1' 2015 Q2' 2015

Cash and Equivalents 452 2,266 952 2,860 1,960 1,596 6,737 7,531 8,869 10,173Accounts Receivables 3,864 4,133 3,807 3,348 3,170 3,817 3,843 3,113 3,126 2,506Retainage Receivable 673 190 381 577 582 472 201 0 0 0Costs on Uncompleted Contracts 97 127 162 145 255 129 0 0 0 0Inventories 3,113 2,383 2,989 2,510 2,127 2,589 3,633 7,283 10,826 9,847Prepaid Expenses and Other 1,069 1,279 1,681 1,207 620 1,311 1,340 1,002 991 1,084Asset Held for Sale 0 0 0 130 0 0 0 0 0 0Total Current Assets 9,268 10,378 9,972 10,777 8,714 9,914 15,754 18,929 23,812 23,610PP&E 1,763 1,624 1,466 536 516 531 542 479 539 732Intangibles 545 156 106 55 41 27 14 0 0 0Collateralized Assets 1,000 1,000 1,000 1,000 1,000 1,000 1,000 0 0 0Other Assets 119 135 319 440 172 116 89 88 86 111Total Assets 12,695 13,293 12,863 12,808 10,443 11,588 17,399 19,496 24,437 24,453

Accounts Payable 5,430 3,826 4,854 3,707 2,482 3,624 4,988 7,601 7,061 4,911Accrued Expenses 1,835 1,603 1,325 1,218 971 1,147 892 1,397 1,215 1,462Line-of-credit 1,212 1,602 836 0 1,109 824 736 453 1,726 455Current Maturities of Long-term Debt 780 305 58 59 61 62 64 0 0 0Deferred Revenue 300 226 0 71 71 183 113 133 236 200Costs on Uncompleted Contracts 0 0 0 764 355 22 46 23 0 0Billings in Excess of Costs 187 319 1,461 0 0 0 0 0 0 0Accrued Federal & State Income Taxes 0 0 0 0 0 0 0 0 0 923Accrued Warranty Reserve 0 0 0 0 0 0 0 0 503 471Total Current Liabilities 9,744 7,881 8,534 5,819 5,049 5,862 6,839 9,607 10,741 8,422Long-term Debt 3,528 4,065 4,252 4,011 218 202 185 70 70 70Other Liabilities 18 58 56 54 51 49 4 46 89 87Total Liabilities 13,290 12,004 12,842 9,884 5,318 6,113 7,028 9,723 10,900 8,579

Common Stock - Par Value 4 5 5 1 8 1 1 1 1 1Additional Paid in Capital 81,031 83,594 83,946 85,446 91,708 92,682 97,985 98,133 100,741 101,003Retained Earnings (82,052) (82,731) (84,382) (82,985) (87,055) (87,677) (88,080) (88,830) (87,701) (85,590)AOCI 422 421 452 462 464 469 465 469 496 460Total Shareholders Equity (595) 1,289 21 2,924 5,125 5,475 10,371 9,773 13,537 15,874Total Liabilities & Equity 12,695 13,293 12,863 12,808 10,443 11,588 17,399 19,496 24,437 24,453