Upcoming Dividend • Jun 26
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 03 July 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.6%). Declared Dividend • Jun 01
Dividend of NT$3.00 announced Dividend of NT$3.00 is the same as last year. Ex-date: 3rd July 2026 Payment date: 31st July 2026 Dividend yield will be 5.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (dividend approximately 26x free cash flows). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.9% EPS decline seen over the last 5 years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.35 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$651.5m (down 2.3% from 1Q 2025). Net income: NT$93.6m (up 9.7% from 1Q 2025). Profit margin: 14% (up from 13% in 1Q 2025). The increase in margin was driven by lower expenses. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$4.50 (vs NT$3.95 in FY 2024) Full year 2025 results: EPS: NT$4.50 (up from NT$3.95 in FY 2024). Revenue: NT$2.41b (down 4.5% from FY 2024). Net income: NT$284.6m (up 14% from FY 2024). Profit margin: 12% (up from 9.9% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Feb 25
Farcent Enterprise Co.,Ltd, Annual General Meeting, May 29, 2026 Farcent Enterprise Co.,Ltd, Annual General Meeting, May 29, 2026. Location: no,275, ta lung st., datong district, taipei city Taiwan Duyuru • Jan 06
Farcent Enterprise Co.,Ltd Announces on Behalf of the Major Subsidiary Eutech International Co.,Ltd. Cash Dividends Farcent Enterprise Co.,Ltd announced on behalf of the major subsidiary Eutech International Co.,Ltd. Cash dividends of RMB 4,164,008.42. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$1.19 (vs NT$1.08 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.19 (up from NT$1.08 in 3Q 2024). Revenue: NT$581.3m (down 7.5% from 3Q 2024). Net income: NT$75.3m (up 10% from 3Q 2024). Profit margin: 13% (up from 11% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: NT$0.88 (vs NT$1.04 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.88 (down from NT$1.04 in 2Q 2024). Revenue: NT$564.3m (down 6.3% from 2Q 2024). Net income: NT$55.4m (down 16% from 2Q 2024). Profit margin: 9.8% (down from 11% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Jun 26
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.9%). Duyuru • Jun 05
Farcent Enterprise Co.,Ltd Approves Dividend, Payable on July 31, 2025 Farcent Enterprise Co.,Ltd approved dividend of TWD 3.0000 per share payable on July 31, 2025, ex-date on July 03, 2025 and record date on July 04, 2025, at the board of directors or shareholders meeting or decision by the Company: June 3, 2025. Reported Earnings • May 06
First quarter 2025 earnings released: EPS: NT$1.35 (vs NT$0.82 in 1Q 2024) First quarter 2025 results: EPS: NT$1.35 (up from NT$0.82 in 1Q 2024). Revenue: NT$666.8m (flat on 1Q 2024). Net income: NT$85.3m (up 65% from 1Q 2024). Profit margin: 13% (up from 7.8% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Duyuru • Apr 24
Farcent Enterprise Co.,Ltd to Report Q1, 2025 Results on May 02, 2025 Farcent Enterprise Co.,Ltd announced that they will report Q1, 2025 results on May 02, 2025 New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$96.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.19b market cap, or US$96.6m). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$3.95 (vs NT$3.65 in FY 2023) Full year 2024 results: EPS: NT$3.95 (up from NT$3.65 in FY 2023). Revenue: NT$2.53b (down 3.5% from FY 2023). Net income: NT$250.0m (up 8.3% from FY 2023). Profit margin: 9.9% (up from 8.8% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Duyuru • Feb 25
Farcent Enterprise Co.,Ltd, Annual General Meeting, May 29, 2025 Farcent Enterprise Co.,Ltd, Annual General Meeting, May 29, 2025. Location: no,275, ta lung st., datong district, taipei city Taiwan Duyuru • Feb 15
Farcent Enterprise Co.,Ltd to Report Fiscal Year 2024 Results on Feb 24, 2025 Farcent Enterprise Co.,Ltd announced that they will report fiscal year 2024 results on Feb 24, 2025 Duyuru • Jan 21
Farcent Enterprise Co.,Ltd Announces the Appointment of Lin HongWei as Chief Sustainability Officer Farcent Enterprise Co.,Ltd announced the appointment of Lin HongWei, Vice President at Farcent company, as Chief Sustainability Officer. Effective date: January 20, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$1.08 (vs NT$0.81 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.08 (up from NT$0.81 in 3Q 2023). Revenue: NT$628.4m (down 1.1% from 3Q 2023). Net income: NT$68.2m (up 33% from 3Q 2023). Profit margin: 11% (up from 8.1% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Duyuru • Oct 26
Farcent Enterprise Co.,Ltd to Report Q3, 2024 Results on Nov 04, 2024 Farcent Enterprise Co.,Ltd announced that they will report Q3, 2024 results on Nov 04, 2024 Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$1.04 (vs NT$0.86 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.04 (up from NT$0.86 in 2Q 2023). Revenue: NT$602.2m (down 3.4% from 2Q 2023). Net income: NT$66.0m (up 22% from 2Q 2023). Profit margin: 11% (up from 8.7% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Jul 27
Farcent Enterprise Co.,Ltd to Report Q2, 2024 Results on Aug 05, 2024 Farcent Enterprise Co.,Ltd announced that they will report Q2, 2024 results on Aug 05, 2024 Upcoming Dividend • Jul 26
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 28 August 2024. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.4%). Declared Dividend • Jul 08
Dividend of NT$2.80 announced Shareholders will receive a dividend of NT$2.80. Ex-date: 1st August 2024 Payment date: 28th August 2024 Dividend yield will be 5.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 6.0% to shift the payout ratio to a potentially unsustainable range, which is less than the 12% EPS decline seen over the last 5 years. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.82 (vs NT$1.16 in 1Q 2023) First quarter 2024 results: EPS: NT$0.82 (down from NT$1.16 in 1Q 2023). Revenue: NT$665.5m (down 4.8% from 1Q 2023). Net income: NT$51.6m (down 30% from 1Q 2023). Profit margin: 7.8% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • May 08
Farcent Enterprise Co.,Ltd Announces Change of Acting Spokesperson and Accounting Officer Farcent Enterprise Co.,Ltd announced change of acting spokesperson and accounting officer. Name, title, and resume of the previous position holder: acting spokesperson: Chin Mei-Hua/manager/finance and accounting manager of Farcent company, accounting officer: Chin Mei-Hua/manager/finance and accounting manager of Farcent company. Name, title, and resume of the new position holder: acting spokesperson: Ying Yang-Chun/senior manager/special assistant to chairman's office of Farcent company, accounting officer: Ying Yang-Chun/senior manager/special assistant to chairman's office of Farcent company. Effective date: May 7, 2024. Duyuru • May 01
Farcent Enterprise Co.,Ltd to Report Q1, 2024 Results on May 07, 2024 Farcent Enterprise Co.,Ltd announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 07, 2024 Duyuru • Mar 22
Farcent Enterprise Co.,Ltd Announces CEO Changes, Effective April 1, 2024 Farcent Enterprise Co.,Ltd announced change in CEO. Name, title, and resume of the previous position holder: Hui Min, Lei,CEO, CEO of Farcent company. Name, title, and resume of the new position holder: Chia Yu, Wang,CEO, vice chairperson of Farcent company. Type of the change: resignation. Reason for the change: Personal career planning. Effective date: April 1, 2024. Any other matters that need to be specified: The newly appointed CEO will convene a board meeting to make decisions in the near future. Duyuru • Feb 27
Farcent Enterprise Co.,Ltd, Annual General Meeting, Jun 13, 2024 Farcent Enterprise Co.,Ltd, Annual General Meeting, Jun 13, 2024. Location: No. 275, Dalong St., Datong Dist., Confucius Temple Theater Taipei City Taiwan Agenda: To consider 2023 business report; to consider Audit Committee's Review Report on the 2023 Financial Statement; to consider 2023 distributable compensation for employees and directors; to consider distribution of 2023 Earnings of cash dividend Report; to consider to report the investment in China of 2023; to acknowledged the 2023 Business Report and Financial Statements; and to consider other matters. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: NT$0.81 (vs NT$1.05 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.81 (down from NT$1.05 in 3Q 2022). Revenue: NT$635.5m (down 11% from 3Q 2022). Net income: NT$51.2m (down 23% from 3Q 2022). Profit margin: 8.1% (down from 9.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: NT$0.86 (vs NT$0.87 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.86 (down from NT$0.87 in 2Q 2022). Revenue: NT$623.4m (up 1.3% from 2Q 2022). Net income: NT$54.3m (down 1.7% from 2Q 2022). Profit margin: 8.7% (down from 9.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Jul 27
Upcoming dividend of NT$3.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. Payout ratio and cash payout ratio are on the higher end at 79% and 92% respectively. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.4%). New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings have declined by 1.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.6% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (92% cash payout ratio). Duyuru • Jul 04
Farcent Enterprise Co.,Ltd Announces Cash Dividend, Payable on August 30, 2023 Farcent Enterprise Co.,Ltd announced cash dividend of TWD 189,701,553 (TWD 3.00 per common share). Ex-rights (ex-dividend) trading date is August 3, 2023. Ex-rights (ex-dividend) record date is August 9, 2023. Payment date of cash dividend distribution is August 30, 2023. Buying Opportunity • Jun 14
Now 20% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be NT$74.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.1%. Buying Opportunity • May 30
Now 20% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be NT$74.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.1%. Duyuru • Feb 02
Farcent Enterprise Co.,Ltd Announces Chief Internal Auditor Changes Farcent Enterprise Co.,Ltd announced that Name, title, and resume of the previous position holder: Yungyi,Hsieh Assistant manager chief internal auditor of Farcent company. Name, title, and resume of the new position holder: Sumei,Chen Assistant manager chief internal auditor of Farcent company. Effective February 1, 2023. The appointment of the new Chief internal auditor will be submitted to the next Board meeting for ratification. Duyuru • Dec 23
Farcent Enterprise Co.,Ltd Announces Resignation of Hsing Kuo as Executive Director, Effective December 31, 2022 Farcent Enterprise Co.,Ltd announced resignation of Hsing Kuo as Executive director of the company, with effect from December 31, 2022. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.06 (vs NT$1.20 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.06 (down from NT$1.20 in 3Q 2021). Revenue: NT$710.8m (down 8.6% from 3Q 2021). Net income: NT$66.6m (down 12% from 3Q 2021). Profit margin: 9.4% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$0.87 (vs NT$0.73 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.87 (up from NT$0.73 in 2Q 2021). Revenue: NT$615.3m (up 6.4% from 2Q 2021). Net income: NT$55.2m (up 19% from 2Q 2021). Profit margin: 9.0% (up from 8.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year and the company’s share price has also fallen by 13% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (5.6%). Duyuru • Jul 01
Farcent Enterprise Co., Ltd Announces Cash Dividend, Payable on August 25, 2022 Farcent Enterprise Co. Ltd. announced cash dividend of TWD 189,701,553 or TWD 3.00 per common share, ex-rights (ex-dividend) trading date is July 28, 2022, ex-rights (ex-dividend) record date is August 4, 2022, dividend payable on August 25, 2022. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$1.39 (vs NT$1.39 in 1Q 2021) First quarter 2022 results: EPS: NT$1.39 (up from NT$1.39 in 1Q 2021). Revenue: NT$795.0m (down 12% from 1Q 2021). Net income: NT$87.9m (flat on 1Q 2021). Profit margin: 11% (up from 9.7% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.14 (down from NT$5.51 in FY 2020). Revenue: NT$3.14b (up 2.6% from FY 2020). Net income: NT$261.5m (down 25% from FY 2020). Profit margin: 8.3% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.20 (vs NT$2.55 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$777.5m (down 4.6% from 3Q 2020). Net income: NT$76.0m (down 53% from 3Q 2020). Profit margin: 9.8% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$0.73 (vs NT$1.14 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$578.2m (down 23% from 2Q 2020). Net income: NT$46.3m (down 36% from 2Q 2020). Profit margin: 8.0% (down from 9.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Aug 02
Upcoming dividend of NT$3.86 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 03 September 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (6.0%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS NT$1.39 (vs NT$1.24 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$902.4m (up 35% from 1Q 2020). Net income: NT$87.8m (up 12% from 1Q 2020). Profit margin: 9.7% (down from 12% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS NT$5.51 (vs NT$5.37 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$3.06b (down 9.8% from FY 2019). Net income: NT$348.1m (up 2.5% from FY 2019). Profit margin: 11% (up from 10.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 18% per year. Duyuru • Feb 27
Farcent Enterprise Co., Ltd, Annual General Meeting, Jun 16, 2021 Farcent Enterprise Co., Ltd, Annual General Meeting, Jun 16, 2021. Agenda: To report the execution of 2020 shareholders' meeting; to consider 2020 business report, Supervisor's Review Report of 2020; to report the distribution compensation for employees and directors for 2020; to consider the proposal for distribution of 2020 earnings; to report the investment in China of 2020; to revise the Rules of Procedure for Board of Firectors Meetings and Ethical Corporate Management Best Practice Principles; to revise the procedures for Lending Funds to Others; to revise the procedures for Shareholders' Meeting Agenda Handbooks; to revise the procedures for Election of Directors; to consider elections for board of directors (including independent directors); and to consider other matters. Is New 90 Day High Low • Feb 01
New 90-day low: NT$68.90 The company is down 4.0% from its price of NT$71.40 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Household Products industry, which is down 9.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$70.00 The company is down 4.0% from its price of NT$72.80 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Household Products industry, which is down 15% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$2.55 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$815.3m (up 9.0% from 3Q 2019). Net income: NT$161.4m (up 147% from 3Q 2019). Profit margin: 20% (up from 8.7% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$69.90 The company is down 8.0% from its price of NT$75.70 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Household Products industry, which is down 3.0% over the same period.