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Posted on Jul 01, 2024

1) Prepare an Operating Asset Management Analysis by calculating for each company the : a) current ratio d) day's sales uncollected g) payables turnover b)

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1) Prepare an Operating Asset Management Analysis by calculating for each company the : a) current ratio d) day's sales uncollected g) payables turnover b) quick ratio e) inventory turnover h) days' payable c) receivables turnover f) days' inventory on hand i) financing period 2) Prepare a profitability And Total Asset Management Analysis by calculating for each company the: a) profit margin b) asset turnover c) return on assets 3) Prepare a Financial Risk Analysis by calculating for each company the: a) debt to equity ratio b) return on equity c) interest coverage ratio* 4) Prepare a Liquidity Analysis by calculating for each company the cash flow yield a) Cash flows to sales b) Cash flows to assets c) Free cash flows 5) Prepare An Analysis Of Market Strength by calculating for each company the: a) price/earnings ratio b) dividend yield (DOLLAR AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS AND SELECTED OPERATING DATA) Buckle JANUARY 31, 2015 FEBRUARY 1, 2014 FEBRUARY 2, 2013 (a) INCOME STATEMENT DATA NET SALES $ 1,153,142 $ 1,128,001 $ 1,124,007 INCOME BEFORE INCOME TAXES $ 259,696 $ 260,456 $ 261,699 PROVISION FOR INCOME TAXES $ 97,132 $ 97,872 $ 97,394 NET INCOME $ 162,564 $ 162,584 $ 164,305 DILUTED EARNINGS PER SHARE $ 3.38 $ 3.39 $ 3.44 NET INCOME AS A PERCENTAGE OF NET SALES 14.1% 14.4% 14.6% BALANCE SHEET DATA WORKING CAPITAL $ 202,318 $ 218,756 147,917 LONG-TERM INVESTMENTS $ 43,698 $ 43,436 $ 35,735 TOTAL ASSETS $ 542,993 $ 546,293 $ 477,974 LONG-TERM DEBT $ $ STOCKHOLDERS' EQUITY $ 355,278 $ 361,930 $ 289,649 SELECTED OPERATING DATA NUMBER OF STORES OPEN AT YEAR END 460 450 440 AVERAGE SALES PER SQUARE FOOT ta $ 459 $ 461 475 $ $ AVERAGE SALES PER STORE (000'S) $ 2,321 $ 2,318 2,380 COMPARABLE STORE SALES CHANGE -% -% 2.1% THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) January 31, 2015 February 1, 2014 ASSETS $ $ CURRENT ASSETS: Cash and cash equivalents Short-term investments (Notes A, B, and C) Receivables Inventory Prepaid expenses and other assets (Note F) Total current assets 133,708 25,857 8,567 129,921 26,536 324,589 164,868 20,197 4,318 124,141 28,613 342,137 PROPERTY AND EQUIPMENT (Note D) Less accumulated depreciation and amortization 427,915 (255,252) 172,663 393,656 (235,087) 158,569 LONG-TERM INVESTMENTS (Notes A, B, and C) OTHER ASSETS (Note G) 43,698 2,043 43,436 2.151 $ 542,993 $ 546,293 LIABILITIES AND STOCKHOLDERS' EQUITY S S CURRENT LIABILITIES: Accounts payable Accrued employee compensation Accrued store operating expenses Gift certificates redeemable Income taxes payable Total current liabilities 35,714 36,920 9,984 23,992 15,661 122,271 37,147 36,933 9,983 23,131 16,187 123,381 DEFERRED COMPENSATION (Note I) DEFERRED RENT LIABILITY OTHER LIABILITIES (Note F) Total liabilities 14,261 40,566 10,617 187,715 12,797 37,564 10,621 184,363 COMMITMENTS (Notes E and H) 484 STOCKHOLDERS' EQUITY (Note J): Common stock, authorized 100,000,000 shares of $.01 par value; 48,379,613 and 48,336,392 shares issued and outstanding at January 31, 2015 and February 1, 2014, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders' equity 131,112 224,111 (429) 355,278 483 124,134 238,151 (838) 361,930 S 542,993 S 546,293 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 SALES, Net of returns and allowances of $110,793, $108,851, and $106,612, respectively $ 1,153,142 S 1,128,001 S 1,124,007 COST OF SALES (Including buying, distribution, and occupancy costs) 645,810 628,856 624,692 Gross profit 507,332 499,145 499,315 OPERATING EXPENSES: Selling General and administrative 212,688 37,671 250,359 206,893 35,258 242,151 201,963 39,177 241,140 INCOME FROM OPERATIONS 256,973 256,994 258,175 OTHER INCOME, Net (Note A) 2.723 3,462 3,524 INCOME BEFORE INCOME TAXES 259,696 260,456 261,699 PROVISION FOR INCOME TAXES (Note F) 97,132 97,872 97,394 NET INCOME $ 162,564 $ 162,584 S 164,305 EARNINGS PER SHARE (Note K): Basic S 3.39 3.41 S 3.47 Diluted $ 3.38 $ 3.39 S 3.44 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 SALES, Net of returns and allowances of $110,793, $108,851, and $106,612, respectively $ 1,153,142 S 1,128,001 S 1,124,007 COST OF SALES (Including buying, distribution, and occupancy costs) 645,810 628,856 624,692 Gross profit 507,332 499,145 499,315 OPERATING EXPENSES: Selling General and administrative 212,688 37,671 250,359 206,893 35,258 242,151 201,963 39,177 241,140 INCOME FROM OPERATIONS 256,973 256,994 258,175 OTHER INCOME, Net (Note A) 2.723 3,462 3,524 INCOME BEFORE INCOME TAXES 259,696 260,456 261,699 PROVISION FOR INCOME TAXES (Note F) 97,132 97,872 97,394 NET INCOME $ 162,564 $ 162,584 S 164,305 EARNINGS PER SHARE (Note K): Basic S 3.39 3.41 S 3.47 Diluted $ 3.38 $ 3.39 S 3.44 Number of Shares Common Stock Paid-in Capital Retained Earnings Comprehensive Loss Total BALANCE, January 28, 2012 47,432,089 $ 474 $ 100,333 $ 263,039 $ (699) S 363,147 164,305 (254,633) 164,305 (254,633) 4 842 846 377,520 249,660 3 Net income Dividends paid on common stock, (55.30 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax (3) 8,388 7,831 8,388 7.831 (235) (235) BALANCE, February 2, 2013 48,059,269 S 481 $ 117,391 S 172,711 $ (934) s 289.649 162,584 162,584 (97,144) (97,144) Net income Dividends paid on common stock, (52.02 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 25,555 251,568 2 (2) 5,066 5.066 1,679 1.679 96 96 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 S 238,151 $ (838) S 361.930 Net income 162,564 (176,604) 162,564 (176,604) 70 70 Dividends paid on common stock, (53.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 17,091 26,130 1 6,013 6.013 Number of Shares Common Stock Paid-in Capital Retained Earnings Comprehensive Loss Total BALANCE, January 28, 2012 47,432,089 $ 474 $ 100,333 $ 263,039 $ (699) S 363,147 164,305 (254,633) 164,305 (254,633) 4 842 846 377,520 249,660 3 Net income Dividends paid on common stock, (55.30 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax (3) 8,388 7,831 8,388 7.831 (235) (235) BALANCE, February 2, 2013 48,059,269 S 481 $ 117,391 S 172,711 $ (934) s 289.649 162,584 162,584 (97,144) (97,144) Net income Dividends paid on common stock, (52.02 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 25,555 251,568 2 (2) 5,066 5.066 1,679 1.679 96 96 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 S 238,151 $ (838) S 361.930 Net income 162,564 (176,604) 162,564 (176,604) 70 70 Dividends paid on common stock, (53.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 17,091 26,130 1 6,013 6.013 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 $ 238,151 $ (838) $ 361,930 Net income 162,564 162,564 (176,604) (176,604) | | | - 17,091 70 Dividends paid on common stock, ($3.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 70 26,130 (1) | | | | 6,013 6,013 896 896 Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 409 409 BALANCE, January 31, 2015 48,379,613 $ 484 $ 131,112 $ 224,111 $ (429) $ 355,278 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 $ 162,564 S 162,584 $ 164.305 31,679 6,013 (1,675) 1,163 32,631 5,066 (2,086) 988 33,834 8,388 (1,939) 1,528 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization Amortization of non-vested stock grants, net of forfeitures Deferred income taxes Other Changes in operating assets and liabilities: Receivables Inventory Prepaid expenses and other assets Accounts payable Accrued employee compensation Accrued store operating expenses Gift certificates redeemable Income taxes payable Deferred rent liabilities and deferred compensation (2,134) (5,780) 3,508 (2,915) (13) 1 861 (1,970) 4,466 (989) (20,288) (2,255) 2,738 (5,250) (138) 910 (2,699) 2,814 596 356 (10.281) 6,534 (671) (1,004) 1,935 14,897 2.463 Net cash flows from operating activities 195,768 174,026 220,941 (45,454) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from sale of property and equipment Other Purchases of investments Proceeds from sales/maturities of investments 108 (43,404) 38,131 (28,811) 11 112 (32,314) 30,981 (30,297) 1,140 130 (29,933) 37,294 Net cash flows from investing activities (50,619) (30,021) (21,666) 70 846 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the exercise of stock options Excess tax benefit from stock option exercises Payment of dividends 399 225 (176,604) 5,609 (254,633) (97,144) Net cash flows from financing activities (176,309) (96,745) (248,178) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (31,160) 47,260 (48,903) CASH AND CASH EQUIVALENTS, Beginning of year 164,868 117,608 166,511 CASH AND CASH EQUIVALENTS, End of year $ 133,708 $ 164,868 $ 117,608 See notes to consolidated financial statements. D. PROPERTY AND EQUIPMENT January 31, 2015 February 1, 2014 $ $ Land Building and improvements Office equipment Transportation equipment Leasehold improvements Furniture and fixtures Shipping/receiving equipment Screenprinting equipment Construction-in-progress Total 2,165 28,033 10,080 20,790 154,441 167,575 27,172 111 17,548 427,915 2,165 28,006 9,357 20,782 146,655 157,771 26,392 111 2,417 $ $ 393,656 1) Prepare an Operating Asset Management Analysis by calculating for each company the : a) current ratio d) day's sales uncollected g) payables turnover b) quick ratio e) inventory turnover h) days' payable c) receivables turnover f) days' inventory on hand i) financing period 2) Prepare a profitability And Total Asset Management Analysis by calculating for each company the: a) profit margin b) asset turnover c) return on assets 3) Prepare a Financial Risk Analysis by calculating for each company the: a) debt to equity ratio b) return on equity c) interest coverage ratio* 4) Prepare a Liquidity Analysis by calculating for each company the cash flow yield a) Cash flows to sales b) Cash flows to assets c) Free cash flows 5) Prepare An Analysis Of Market Strength by calculating for each company the: a) price/earnings ratio b) dividend yield (DOLLAR AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS AND SELECTED OPERATING DATA) Buckle JANUARY 31, 2015 FEBRUARY 1, 2014 FEBRUARY 2, 2013 (a) INCOME STATEMENT DATA NET SALES $ 1,153,142 $ 1,128,001 $ 1,124,007 INCOME BEFORE INCOME TAXES $ 259,696 $ 260,456 $ 261,699 PROVISION FOR INCOME TAXES $ 97,132 $ 97,872 $ 97,394 NET INCOME $ 162,564 $ 162,584 $ 164,305 DILUTED EARNINGS PER SHARE $ 3.38 $ 3.39 $ 3.44 NET INCOME AS A PERCENTAGE OF NET SALES 14.1% 14.4% 14.6% BALANCE SHEET DATA WORKING CAPITAL $ 202,318 $ 218,756 147,917 LONG-TERM INVESTMENTS $ 43,698 $ 43,436 $ 35,735 TOTAL ASSETS $ 542,993 $ 546,293 $ 477,974 LONG-TERM DEBT $ $ STOCKHOLDERS' EQUITY $ 355,278 $ 361,930 $ 289,649 SELECTED OPERATING DATA NUMBER OF STORES OPEN AT YEAR END 460 450 440 AVERAGE SALES PER SQUARE FOOT ta $ 459 $ 461 475 $ $ AVERAGE SALES PER STORE (000'S) $ 2,321 $ 2,318 2,380 COMPARABLE STORE SALES CHANGE -% -% 2.1% THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) January 31, 2015 February 1, 2014 ASSETS $ $ CURRENT ASSETS: Cash and cash equivalents Short-term investments (Notes A, B, and C) Receivables Inventory Prepaid expenses and other assets (Note F) Total current assets 133,708 25,857 8,567 129,921 26,536 324,589 164,868 20,197 4,318 124,141 28,613 342,137 PROPERTY AND EQUIPMENT (Note D) Less accumulated depreciation and amortization 427,915 (255,252) 172,663 393,656 (235,087) 158,569 LONG-TERM INVESTMENTS (Notes A, B, and C) OTHER ASSETS (Note G) 43,698 2,043 43,436 2.151 $ 542,993 $ 546,293 LIABILITIES AND STOCKHOLDERS' EQUITY S S CURRENT LIABILITIES: Accounts payable Accrued employee compensation Accrued store operating expenses Gift certificates redeemable Income taxes payable Total current liabilities 35,714 36,920 9,984 23,992 15,661 122,271 37,147 36,933 9,983 23,131 16,187 123,381 DEFERRED COMPENSATION (Note I) DEFERRED RENT LIABILITY OTHER LIABILITIES (Note F) Total liabilities 14,261 40,566 10,617 187,715 12,797 37,564 10,621 184,363 COMMITMENTS (Notes E and H) 484 STOCKHOLDERS' EQUITY (Note J): Common stock, authorized 100,000,000 shares of $.01 par value; 48,379,613 and 48,336,392 shares issued and outstanding at January 31, 2015 and February 1, 2014, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders' equity 131,112 224,111 (429) 355,278 483 124,134 238,151 (838) 361,930 S 542,993 S 546,293 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 SALES, Net of returns and allowances of $110,793, $108,851, and $106,612, respectively $ 1,153,142 S 1,128,001 S 1,124,007 COST OF SALES (Including buying, distribution, and occupancy costs) 645,810 628,856 624,692 Gross profit 507,332 499,145 499,315 OPERATING EXPENSES: Selling General and administrative 212,688 37,671 250,359 206,893 35,258 242,151 201,963 39,177 241,140 INCOME FROM OPERATIONS 256,973 256,994 258,175 OTHER INCOME, Net (Note A) 2.723 3,462 3,524 INCOME BEFORE INCOME TAXES 259,696 260,456 261,699 PROVISION FOR INCOME TAXES (Note F) 97,132 97,872 97,394 NET INCOME $ 162,564 $ 162,584 S 164,305 EARNINGS PER SHARE (Note K): Basic S 3.39 3.41 S 3.47 Diluted $ 3.38 $ 3.39 S 3.44 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 SALES, Net of returns and allowances of $110,793, $108,851, and $106,612, respectively $ 1,153,142 S 1,128,001 S 1,124,007 COST OF SALES (Including buying, distribution, and occupancy costs) 645,810 628,856 624,692 Gross profit 507,332 499,145 499,315 OPERATING EXPENSES: Selling General and administrative 212,688 37,671 250,359 206,893 35,258 242,151 201,963 39,177 241,140 INCOME FROM OPERATIONS 256,973 256,994 258,175 OTHER INCOME, Net (Note A) 2.723 3,462 3,524 INCOME BEFORE INCOME TAXES 259,696 260,456 261,699 PROVISION FOR INCOME TAXES (Note F) 97,132 97,872 97,394 NET INCOME $ 162,564 $ 162,584 S 164,305 EARNINGS PER SHARE (Note K): Basic S 3.39 3.41 S 3.47 Diluted $ 3.38 $ 3.39 S 3.44 Number of Shares Common Stock Paid-in Capital Retained Earnings Comprehensive Loss Total BALANCE, January 28, 2012 47,432,089 $ 474 $ 100,333 $ 263,039 $ (699) S 363,147 164,305 (254,633) 164,305 (254,633) 4 842 846 377,520 249,660 3 Net income Dividends paid on common stock, (55.30 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax (3) 8,388 7,831 8,388 7.831 (235) (235) BALANCE, February 2, 2013 48,059,269 S 481 $ 117,391 S 172,711 $ (934) s 289.649 162,584 162,584 (97,144) (97,144) Net income Dividends paid on common stock, (52.02 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 25,555 251,568 2 (2) 5,066 5.066 1,679 1.679 96 96 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 S 238,151 $ (838) S 361.930 Net income 162,564 (176,604) 162,564 (176,604) 70 70 Dividends paid on common stock, (53.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 17,091 26,130 1 6,013 6.013 Number of Shares Common Stock Paid-in Capital Retained Earnings Comprehensive Loss Total BALANCE, January 28, 2012 47,432,089 $ 474 $ 100,333 $ 263,039 $ (699) S 363,147 164,305 (254,633) 164,305 (254,633) 4 842 846 377,520 249,660 3 Net income Dividends paid on common stock, (55.30 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax (3) 8,388 7,831 8,388 7.831 (235) (235) BALANCE, February 2, 2013 48,059,269 S 481 $ 117,391 S 172,711 $ (934) s 289.649 162,584 162,584 (97,144) (97,144) Net income Dividends paid on common stock, (52.02 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 25,555 251,568 2 (2) 5,066 5.066 1,679 1.679 96 96 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 S 238,151 $ (838) S 361.930 Net income 162,564 (176,604) 162,564 (176,604) 70 70 Dividends paid on common stock, (53.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 17,091 26,130 1 6,013 6.013 BALANCE, February 1, 2014 48,336,392 $ 483 $ 124,134 $ 238,151 $ (838) $ 361,930 Net income 162,564 162,564 (176,604) (176,604) | | | - 17,091 70 Dividends paid on common stock, ($3.66 per share) Common stock issued on exercise of stock options Issuance of non-vested stock, net of forfeitures Amortization of non-vested stock grants, net of forfeitures 70 26,130 (1) | | | | 6,013 6,013 896 896 Income tax benefit related to exercise of stock options Change in unrealized loss on investments, net of tax 409 409 BALANCE, January 31, 2015 48,379,613 $ 484 $ 131,112 $ 224,111 $ (429) $ 355,278 January 31, 2015 Fiscal Years Ended February 1, 2014 February 2, 2013 $ 162,564 S 162,584 $ 164.305 31,679 6,013 (1,675) 1,163 32,631 5,066 (2,086) 988 33,834 8,388 (1,939) 1,528 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization Amortization of non-vested stock grants, net of forfeitures Deferred income taxes Other Changes in operating assets and liabilities: Receivables Inventory Prepaid expenses and other assets Accounts payable Accrued employee compensation Accrued store operating expenses Gift certificates redeemable Income taxes payable Deferred rent liabilities and deferred compensation (2,134) (5,780) 3,508 (2,915) (13) 1 861 (1,970) 4,466 (989) (20,288) (2,255) 2,738 (5,250) (138) 910 (2,699) 2,814 596 356 (10.281) 6,534 (671) (1,004) 1,935 14,897 2.463 Net cash flows from operating activities 195,768 174,026 220,941 (45,454) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from sale of property and equipment Other Purchases of investments Proceeds from sales/maturities of investments 108 (43,404) 38,131 (28,811) 11 112 (32,314) 30,981 (30,297) 1,140 130 (29,933) 37,294 Net cash flows from investing activities (50,619) (30,021) (21,666) 70 846 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the exercise of stock options Excess tax benefit from stock option exercises Payment of dividends 399 225 (176,604) 5,609 (254,633) (97,144) Net cash flows from financing activities (176,309) (96,745) (248,178) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (31,160) 47,260 (48,903) CASH AND CASH EQUIVALENTS, Beginning of year 164,868 117,608 166,511 CASH AND CASH EQUIVALENTS, End of year $ 133,708 $ 164,868 $ 117,608 See notes to consolidated financial statements. D. PROPERTY AND EQUIPMENT January 31, 2015 February 1, 2014 $ $ Land Building and improvements Office equipment Transportation equipment Leasehold improvements Furniture and fixtures Shipping/receiving equipment Screenprinting equipment Construction-in-progress Total 2,165 28,033 10,080 20,790 154,441 167,575 27,172 111 17,548 427,915 2,165 28,006 9,357 20,782 146,655 157,771 26,392 111 2,417 $ $ 393,656