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Eagle Materials Inc.$109.31$.56.51%

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 Eagle Materials Reports First Quarter EPS up 22% on Record Revenues
   Thursday, July 27, 2017 6:30:00 AM ET

Eagle Materials Inc. (EXP ) today reported financial results for the first quarter of fiscal 2018 ended June 30, 2017. Notable items for the quarter include (all comparisons, unless otherwise noted, are with the prior year’s first quarter):

Company First Quarter Results

-- Record revenues of $366.1 million, up 23%

-- Net earnings per diluted share of $1.13, up 22%

-- Eagle’s first quarter financial results were impacted by approximately $1.5 million (pre-tax), or $0.02 per share, of costs associated with reduced production at one of its cement plants in connection with a plant modification project (described further below)

-- Eagle’s first quarter financial results also include approximately $1.2 million (pre-tax), or $0.02 per share, of acquisition and purchase accounting related costs

First quarter earnings before interest and income taxes increased 22%, reflecting improved sales volumes and net sales prices across nearly all businesses and the financial results of the recently acquired cement plant in Fairborn, Ohio and related assets (the Fairborn Business).

Cement, Concrete and Aggregates

Cement revenues for the first quarter, including joint venture and intersegment revenues, totaled $182.9 million, which was 26% higher than the same quarter last year. The average net sales price for this quarter was $106.95 per ton, 6% higher than the same quarter last year. Total Cement sales volumes for the quarter were over 1.5 million tons, 21% higher than the same quarter a year ago. Like-for-like average net cement sales prices and sales volumes increased 4% and 7%, respectively, versus the first quarter of fiscal 2017 (comparison excludes cement sales from the Fairborn Business since its acquisition date).

Operating earnings from Cement for the first quarter were a record $43.2 million and 37% greater than the same quarter a year ago. The earnings improvement was driven primarily by improved average net cement sales prices and cement sales volumes and earnings from the Fairborn Business. During the quarter, our Nevada cement plant experienced reduced production in connection with the installation of certain pollution control equipment to enable the plant to burn solid-waste fuels. The ability to use solid-waste fuel will lower energy costs in the future. The reduced production negatively affected the absorption of operating costs at the cement plant during the quarter. The project is expected to be completed in the fall.

Concrete and Aggregates reported revenues for the first quarter of $43.5 million, an increase of 26%. First quarter operating earnings were $6.0 million for the first quarter, a 63% improvement from the same quarter a year ago, reflecting improved concrete and aggregates pricing and concrete sales volumes.

Gypsum Wallboard and Paperboard

Gypsum Wallboard and Paperboard revenues for the first quarter totaled $153.9 million, which were 9% greater than the same quarter a year ago. The average Gypsum Wallboard net sales price this quarter was $159.01 per MSF, 1% greater than the same quarter a year ago. Gypsum Wallboard sales volume for the quarter of 654 million square feet (MMSF) represents an 11% increase from the same quarter last year. Paperboard sales volumes for the quarter were 79,000 tons, 5% less than the same quarter a year ago, reflecting the timing of third-party purchases. The average Paperboard net sales price this quarter was $549.69 per ton, 10% greater than the same quarter a year ago.

Gypsum Wallboard and Paperboard reported first quarter operating earnings of $48.8 million, down 4% from the same quarter last year. The earnings decline primarily reflects increased operating costs at our papermill due to the timing of our annual maintenance outage and higher recycled fiber costs, partially offset by improved Gypsum Wallboard sales volumes and sales prices.

Oil and Gas Proppants

Oil and Gas Proppants reported first quarter revenues of $18.9 million, a 271% increase from the prior year reflecting improved frac sand sales volumes and net sales prices. The first quarter’s operating loss of $2.0 million includes depreciation, depletion and amortization of $7.6 million.

Details of Financial Results

We conduct one of our cement plant operations, Texas Lehigh Cement Company LP, through a 50/50 joint venture (the "Joint Venture"). We utilize the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenues and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenues as a part of a segment’s total revenues. Intersegment sales are eliminated on the income statement. Refer to Attachment 3 for a reconciliation of the amounts referred to above.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Cement, Gypsum Wallboard, Recycled Paperboard, Concrete and Aggregates, and Oil and Gas Proppants from 40 facilities across the US. Eagle is headquartered in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on July 27, 2017. The conference call will be webcast simultaneously on the Eagle Web site http://www.eaglematerials.com . A replay of the webcast and the presentation will be archived on that site for one year. For more information, contact Eagle at (214) 432-2000.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s business; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in activity in the oil and gas industry, including the level of fracturing activities and the demand for frac sand; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; a cyber-attack or data security breach; announced increases in capacity in the gypsum wallboard, cement and frac sand industries; changes in the demand for residential housing construction or commercial construction; risks related to pursuit of acquisitions, joint ventures and other transactions; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenues and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. This report is filed with the Securities and Exchange Commission. With respect to our completed acquisition of the Fairborn Business as described in this press release, factors, risks and uncertainties that may cause actual events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize any expected synergies from or other benefits of the transaction, possible negative effects of consummation of the transaction, significant transaction or ownership transition costs, unknown liabilities or other adverse developments affecting the Fairborn Business, including the results of operations of the Fairborn Business prior and after the closing, the effect on the Fairborn Business of the same or similar factors discussed above to which our business is subject, including changes in market conditions in the construction industry and general economic and business conditions that may affect us following the acquisition. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

 
Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenues and Earnings by Lines of Business (Quarter)
Attachment 3 Sales Volume, Net Sales Prices and Intersegment and
Cement Revenues
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Lines of
Business
 
 
 
Eagle Materials Inc.
Attachment 1
 
                                                                                                              Eagle Materials Inc.
                                                                                                       Statement of Consolidated Earnings
                                                                                                  (dollars in thousands, except per share data)
                                                                                                                   (unaudited)
 
                                                                                                                           Quarter Ended
                                                                                                                                                                   June 30,
                                                                                             ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  2017               2016     
                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                             
Revenues                                                                                                        $    366,121                                                                                   $    297,504
                                                                                                                                                                                             
Cost of Goods Sold                                                                                280,062                                                  225,549  
                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                             
      Gross Profit                                                                                                    86,059                                                                                         71,955
                                                                                                                                                                                             
Equity in Earnings of Unconsolidated Joint Venture                                                                     9,876                                                                                          7,980
Corporate General and Administrative Expenses                                                                         (9,679 )                                                                                       (9,833 )
Other, net                                                                                            757                                                    1,075  
                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                             
      Earnings before Interest and Income Taxes                                                                       87,013                                                                                         71,177
Interest Expense, net                                                                              (7,483 )                                                                    (3,901 )
                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                             
      Earnings before Income Taxes                                                                                    79,530                                                                                         67,276
                                                                                                                                                                                             
Income Tax Expense                                                                                (24,648 )                                                                   (21,932 )
                                                                                             -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
                                                                                                                                                                                             
      Net Earnings                                                                                              $     54,882                                                                $     45,344  
                                                                                             ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                             
                                                                                                                                                                                             
 
NET EARNINGS PER SHARE
      Basic                                                                                                     $       1.14                                                                $       0.94  
                                                                                             ==================== ========== ====================                                           ==================== ========== ====================
      Diluted                                                                                                   $       1.13                                                                $       0.93  
                                                                                             ==================== ========== ====================                                           ==================== ========== ====================
                                                                                                                                                                                             
AVERAGE SHARES OUTSTANDING
      Basic                                                                                    48,121,890                                               48,014,195  
                                                                                             ==================== ========== ====================                                           ==================== ========== ====================
      Diluted                                                                                  48,655,553                                               48,522,207  
                                                                                             ==================== ========== ====================                                           ==================== ========== ====================
 
 
Eagle Materials Inc.
Attachment 2
 
                                                                                                        Eagle Materials Inc.
                                                                                    Revenues and Segment Operating Earnings by Lines of Business
                                                                                                       (dollars in thousands)
                                                                                                             (unaudited)
 
                                                                                                                  Quarter Ended
                                                                                                                                                          June 30,
                                                                                       ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                           2017            2016   
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
Revenues*
                                                                                                                                                                                    
Gypsum Wallboard and Paperboard:
   Gypsum Wallboard                                                                                       $ 126,813                                                                                   $ 113,262
   Gypsum Paperboard                                                                      27,056                                                28,309  
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                            153,869                                                                                     141,571
                                                                                                                                                                                    
Cement (Wholly Owned)                                                                                       149,836                                                                                     116,369
                                                                                                                                                                                    
Oil and Gas Proppants                                                                                        18,910                                                                                       5,096
                                                                                                                                                                                    
Concrete and Aggregates                                                                   43,506                                                34,468  
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                    
         Total                                                                                            $ 366,121                                                                $ 297,504  
                                                                                       ==================== ======= ====================                                           ==================== ======= ====================
 
Segment Operating Earnings
                                                                                                                                                                                    
Gypsum Wallboard and Paperboard:
   Gypsum Wallboard                                                                                       $  43,821                                                                                   $  39,336
   Gypsum Paperboard                                                                       4,938                                                11,227  
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                             48,759                                                                                      50,563
                                                                                                                                                                                    
Cement:
   Wholly Owned                                                                                              33,305                                                                                      23,620
   Joint Venture                                                                           9,876                                                 7,980  
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                             43,181                                                                                      31,600
                                                                                                                                                                                    
Oil and Gas Proppants                                                                                        (2,026 )                                                                                    (5,912 )
                                                                                                                                                                                    
Concrete and Aggregates                                                                                       6,021                                                                                       3,684
                                                                                                                                                                                    
Other, net                                                                                   757                                                 1,075  
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                    
         Sub-total                                                                                        $  96,692                                                                                   $  81,010
                                                                                                                                                                                                                 
Corporate General and Administrative Expense                                              (9,679 )                                                                 (9,833 )
                                                                                       -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                 
                                                                                                          $  87,013                                                                $  71,177  
   Earnings before Interest and Income Taxes
                                                                                       ==================== ======= ====================                                           ==================== ======= ====================
 
* Net of Intersegment and Joint Venture Revenues listed on
Attachment 3.
 
 
Eagle Materials Inc.
Attachment 3
 
                                                                                                Eagle Materials Inc.
                                                                             Sales Volume, Net Sales Prices and Intersegment and Cement
                                                                                                      Revenues
                                                                                                     (unaudited)
 
                                                                                                             Sales Volume
                                                                                               ---------------------------------------------------------------------------------------------------------------------
                                                                                                                                                   Quarter Ended
                                                                                                                                                     June 30,
                                                                                               ---------------------------------------------------------------------------------------------------------------------
                                                                                                2017      2016            Change
                                                                                               -----                                           -----                                           ---------------------
                                                                                                                                                                                                
Gypsum Wallboard (MMSF’s)                                             654                                             587                                                  +11 %
                                                                                                                                                                                                
Cement (M Tons):
   Wholly Owned                                                                                1,268                                           1,033                                                  +23 %
   Joint Venture                                                                                 243                                             218                                                  +11 %
                                                                                               -----                                           -----
                                                                                               1,511                                           1,251                                                  +21 %
                                                                                                                                                                                                
Paperboard (M Tons):
   Internal                                                                                       31                                              29                                                   +7 %
   External                                                                                       48                                              54                                                  -11 %
                                                                                               -----                                           -----
                                                                                                  79                                              83                                                   -5 %
                                                                                                                                                                                                
Concrete (M Cubic Yards)                                                                         357                                             287                                                  +24 %
                                                                                                                                                                                                
Aggregates (M Tons)                                                                              895                                             944                                                   -5 %
                                                                                                                                                                                                
Frac Sand (M Tons)                                                                               315                                              74                                                 +326 %
 
                                                                               Average Net Sales Price *
                                                                 ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Quarter Ended
                                                                                                                             June 30,
                                                                 ---------------------------------------------------------------------------------------------------------------------------------
                                                                     2017            2016               Change
                                                                 ------------                                          ------------                                          ---------------------
                                                                                                                                                                              
Gypsum Wallboard (MSF)                                              $ 159.01                                              $ 157.69                                                   +1 %
Cement (Ton)                                                        $ 106.95                                              $ 100.63                                                   +6 %
Paperboard (Ton)                                                    $ 549.69                                              $ 498.92                                                  +10 %
Concrete (Cubic Yard)                                               $  98.96                                              $  92.73                                                   +7 %
Aggregates (Ton)                                                    $   9.22                                              $   8.30                                                  +11 %
 
* Net of freight and delivery costs billed to customers.
 
                                                                  Intersegment and Cement Revenues
                                                                                                                ($ in thousands)
                                                                     -------------------------------------------------------------------------------------------------
                                                                                                                  Quarter Ended
                                                                                                                    June 30,
                                                                     -------------------------------------------------------------------------------------------------------
                                                                                 2017                               2016
                                                                     -----------------------------                                          --------------------------------
Intersegment Revenues:
   Cement                                                                               $   4,929                                                              $      3,535
   Paperboard                                                                              17,357                                                                    14,506
   Concrete and Aggregates                                                 413                                                    283
                                                                     -------------------- -------                                           -------------------- ----------
                                                                                        $  22,699                                                              $     18,324
                                                                     ==================== =======                                           ==================== ==========
                                                                                                                                             
Cement Revenues:
   Wholly Owned                                                                         $ 149,836                                                              $    116,369
   Joint Venture                                                        28,170                                                 24,888
                                                                     -------------------- -------                                           -------------------- ----------
                                                                                        $ 178,006                                                              $    141,257
                                                                     ==================== =======                                           ==================== ==========
 
 
Eagle Materials Inc.
Attachment 4
 
                                                                                                                                                                    Eagle Materials Inc.
                                                                                                                                                                 Consolidated Balance Sheets
                                                                                                                                                                   (dollars in thousands)
                                                                                                                                                                         (unaudited)
 
                                                                                                                                           June 30,                                                                                               March 31,
                                                                                                            --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    2017                                                    2016                                                                                          2017*
                                                                                                            ----------------------------------------------------                                          ----------------------------------------------------                                          ----------------------------------------------------
ASSETS
-----------------------------------------------------------------
Current Assets -
   Cash and Cash Equivalents                                                                                                   $    12,233                                                                                   $     9,180                                                                                   $     6,561
   Accounts and Notes Receivable, net                                                                                              175,002                                                                                       142,298                                                                                       136,313
   Inventories                                                                                                                     244,886                                                                                       240,999                                                                                       252,846
   Prepaid and Other Assets                                                                                       8,181                                                   8,020                                                   4,904  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
      Total Current Assets                                                                                      440,302                                                 400,497                                                 400,624  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Property, Plant and Equipment -                                                                                     2,454,800                                                                                     2,083,592                                                                                     2,439,438
   Less: Accumulated Depreciation                                                                              (919,732 )                                                                 (837,242 )                                                                 (892,601 )
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
      Property, Plant and Equipment, net                                                                                         1,535,068                                                                                     1,246,350                                                                                     1,546,837
Investments in Joint Venture                                                                                                        53,750                                                                                        48,700                                                                                        48,620
Notes Receivable                                                                                                                       653                                                                                         2,652                                                                                           815
Goodwill and Intangibles                                                                                                           234,707                                                                                       163,298                                                                                       235,505
Other Assets                                                                                                     15,110                                                  27,588                                                  14,723  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                               $ 2,279,590                                                                $ 1,889,085                                                                $ 2,247,124  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
LIABILITIES AND STOCKHOLDERS’ EQUITY
-----------------------------------------------------------------
Current Liabilities -
   Accounts Payable                                                                                                            $    78,763                                                                                   $    61,322                                                                                   $    92,193
   Accrued Liabilities                                                                                                              53,288                                                                                        40,509                                                                                        55,379
   Federal Income Tax Payable                                                                                                       26,462                                                                                         9,919                                                                                           733
   Current Portion of Senior Notes                                                                               81,214                                                   8,000                                                  81,214  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
      Total Current Liabilities                                                                                 239,727                                                 119,750                                                 229,519  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Long-term Liabilities                                                                                                               42,026                                                                                        58,642                                                                                        42,878
Bank Credit Facility                                                                                                               200,000                                                                                       373,000                                                                                       225,000
Private Placement Senior Unsecured Notes                                                                                            36,500                                                                                       117,714                                                                                        36,500
4.500% Senior Unsecured Notes due 2026                                                                                             343,921                                                                                             -                                                                                       343,753
Deferred Income Taxes                                                                                                              162,329                                                                                       163,536                                                                                       166,024
Stockholders’ Equity -
                                                                                                                                         -                                                                                             -                                                                                             -
   Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares;
   None Issued
                                                                                                                                       485                                                                                           484                                                                                           485
   Common Stock, Par Value $0.01; Authorized 100,000,000 Shares;
   Issued and Outstanding 48,547,960; 48,391,969 and 48,453,268
   Shares, respectively
Capital in Excess of Par Value                                                                                                     151,141                                                                                       144,076                                                                                       149,014
Accumulated Other Comprehensive Losses                                                                                              (7,199 )                                                                                     (11,097 )                                                                                      (7,396 )
Retained Earnings                                                                                             1,110,660                                                 922,980                                               1,061,347  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Total Stockholders’ Equity                                                      1,255,087                                               1,056,443                                               1,203,450  
                                                                                                            -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                               $ 2,279,590                                                                $ 1,889,085                                                                $ 2,247,124  
                                                                                                            ==================== ========= ====================                                           ==================== ========= ====================                                           ==================== ========= ====================
 
*From audited financial statements.
 
 
Eagle Materials Inc.
Attachment 5
 
                                                                          Eagle Materials Inc.
                                                      Depreciation, Depletion and Amortization by Lines of Business
                                                                         (dollars in thousands)
                                                                               (unaudited)
 
 
The following presents depreciation, depletion and amortization
by segment for the quarters ended June 30, 2017 and 2016:
 
                                                                  Depreciation, Depletion and
                                                                                                               Amortization
                                                                                                             ($ in thousands)
                                                                  -------------------------------------------------------------------------------------------------
                                                                                                               Quarter Ended
                                                                                                                 June 30,
                                                                  -------------------------------------------------------------------------------------------------------
                                                                              2017                               2016
                                                                  -----------------------------                                          --------------------------------
                                                                                                                                          
Cement                                                                               $  12,479                                                              $      8,611
Gypsum Wallboard                                                                         4,442                                                                     4,762
Paperboard                                                                               2,137                                                                     2,100
Oil and Gas Proppants                                                                    7,606                                                                     5,184
Concrete and Aggregates                                                                  1,914                                                                     1,749
Other                                                                   369                                                    457
                                                                  -------------------- -------                                           -------------------- ----------
                                                                                     $  28,947                                                              $     22,863
                                                                  ==================== =======                                           ==================== ==========

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170727005075r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005075/en/

SOURCE: Eagle Materials Inc.

Eagle Materials Inc. 
David B. Powers, 214-432-2000 
President and Chief Executive Officer 
or 
D. Craig Kesler, 214-432-2000 
Executive Vice President and Chief Financial Officer 
or 
Robert S. Stewart, 214-432-2000 
Executive Vice President, Strategy, Corporate Development and Communications


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