The Walt Disney Company (NYSE: DIS) today reported quarterly
earnings of $2.6 billion for its third fiscal quarter ended
July 2, 2016, an increase of $114 million over the prior-year
quarter. Diluted earnings per share (EPS) for the quarter increased
10% to $1.59 from $1.45 in the prior-year quarter. Excluding
certain items affecting comparability(1), EPS for the quarter
increased 12% to $1.62 from $1.45 in the prior-year quarter. EPS
for the nine months ended July 2, 2016 increased 17% to $4.63
from $3.95 in the prior-year period. Excluding certain items
affecting comparability(1), EPS for the nine months increased to
$4.61 from $3.95 in the prior-year period.
“Disney delivered another quarter of double-digit EPS growth,
and we are thrilled with our continued performance,” said Robert A.
Iger, Chairman and Chief Executive Officer, The Walt Disney
Company. “Our results are evidence that our asset mix is strong, as
is our ability to execute in ways that enhance the Disney brand and
create value for our shareholders while we invest for future
growth.”
The following table summarizes the third quarter and nine-month
results for fiscal 2016 and 2015 (in millions, except per share
amounts):
Quarter Ended Nine Months Ended July
2,2016 June 27,2015 Change July 2,2016 June 27,2015
Change Revenues $ 14,277 $ 13,101 9 % $ 42,490 $ 38,953 9 % Segment
operating income (2) $ 4,456 $ 4,120 8 % $ 12,545 $ 11,147 13 % Net
income (3) $ 2,597 $ 2,483 5 % $ 7,620 $ 6,773 13 % Diluted EPS (3)
$ 1.59 $ 1.45 10 % $ 4.63 $ 3.95 17 % Cash provided by operations $
3,624 $ 2,808 29 % $ 9,386 $ 7,581 24 % Free cash flow (2) $ 2,489
$ 1,652 51 % $ 5,695 $ 4,520 26 %
(1)
Items affecting comparability during the quarter ended July
2, 2016 included restructuring and impairment charges ($44 million)
in connection with shutting down certain international film
production operations. For the nine months ended July 2, 2016 items
affecting comparability included the Company’s share of a net gain
recognized by A&E Television Networks (A&E) in connection
with an acquisition of an interest in Vice Group Holding, Inc.
(Vice Gain) ($332 million), a charge in connection with the
discontinuation of our Infinity console game business (Infinity
Charge) ($147 million) and restructuring and impairment charges
($125 million) due to asset impairments and contract termination
and severance costs. These items had a net favorable impact of $60
million. See the reconciliation of reported EPS to EPS excluding
certain items affecting comparability on page 8.
(2)
Segment operating income and free cash flow are non-GAAP financial
measures. See the discussion on page 7 and 8.
(3)
Reflects amounts attributable to shareholders of The Walt Disney
Company, i.e. after deduction of noncontrolling interests.
SEGMENT RESULTS
The following table summarizes the third quarter and nine-month
segment operating results for fiscal 2016 and 2015 (in
millions):
Quarter Ended Nine Months Ended July
2,2016 June 27,2015 Change July 2,2016 June 27,2015
Change Revenues: Media Networks $ 5,906 $ 5,768 2 % $ 18,031 $
17,438 3 % Parks and Resorts 4,379 4,131 6 % 12,588 11,801 7 %
Studio Entertainment 2,847 2,040 40 % 7,630 5,583 37 % Consumer
Products &
Interactive Media
1,145 1,162 (1 )% 4,241 4,131 3 % $
14,277 $ 13,101 9 % $ 42,490 $ 38,953 9
% Segment operating income: Media Networks $ 2,372 $ 2,378 -- % $
6,083 $ 5,974 2 % Parks and Resorts 994 922 8 % 2,599 2,293 13 %
Studio Entertainment 766 472 62 % 2,322 1,443 61 % Consumer
Products &
Interactive Media
324 348 (7 )% 1,541 1,437 7 % $ 4,456
$ 4,120 8 % $ 12,545 $ 11,147 13 %
Media Networks
Media Networks revenues for the quarter increased 2% to $5.9
billion and segment operating income decreased $6 million to $2.4
billion.
The following table provides further detail of the Media
Networks results (in millions):
Quarter Ended Nine Months Ended July
2,2016 June 27,2015 Change July 2,2016 June 27,2015
Change Revenues: Cable Networks $ 4,200 $ 4,140 1 % $ 12,676
$ 12,336 3 % Broadcasting 1,706 1,628 5 % 5,355
5,102 5 % $ 5,906 $ 5,768 2 % $ 18,031
$ 17,438 3 % Segment operating income: Cable Networks
$ 2,090 $ 2,078 1 % $ 5,300 $ 5,132 3 % Broadcasting 282 300
(6 )% 783 842 (7 )% $ 2,372 $ 2,378
-- % $ 6,083 $ 5,974 2 %
Cable Networks
Cable Networks revenues for the quarter increased 1% to $4.2
billion and operating income increased 1% to $2.1 billion. The
increase in operating income was due to growth at ESPN, partially
offset by a decrease at the Disney Channels, lower equity income
from A&E and lower Freeform results.
The increase at ESPN was due to affiliate and advertising
revenue growth, partially offset by higher programming costs.
Affiliate revenue growth was due to contractual rate increases,
partially offset by a decline in subscribers and an unfavorable
impact from foreign currency translation. Higher advertising
revenue was due to an increase in units sold, which included the
benefit of an additional NBA championship game. The programming
cost increase was driven by renewals for the Masters and
international soccer rights and contractual rate increases for the
NBA and MLB.
Lower results at the Disney Channel and Freeform reflected
decreased program sales, partially offset by higher affiliate
revenue which was driven by contractual rate increases.
Lower equity income from A&E was due to a decrease in
advertising revenue and the impact of the conversion of the H2
channel to Viceland, partially offset by lower programming
costs.
Broadcasting
Broadcasting revenues for the quarter increased 5% to $1.7
billion, and operating income decreased 6% to $282 million. The
decrease in operating income was due to lower network advertising
revenues, higher equity losses from Hulu and increased cost write
downs for network programming, partially offset by affiliate
revenue growth and higher operating income from program sales.
Lower network advertising was driven by lower ratings, partially
offset by higher rates. Higher equity losses from Hulu reflected
increased programming, marketing and labor costs, partially offset
by higher subscription and advertising revenues. Affiliate revenue
growth was primarily due to contractual rate increases. Higher
operating income from program sales was due to a subscription video
on demand sale of How to Get Away with Murder.
Parks and Resorts
Parks and Resorts revenues for the quarter increased 6% to $4.4
billion and segment operating income increased 8% to $994 million.
Operating income growth for the quarter was due to an increase at
our domestic operations, partially offset by a decrease at our
international operations. Results were adversely impacted by the
absence of the Easter holiday, which occurred in the third quarter
of the prior year compared to the second quarter of the current
year.
Higher operating income at our domestic operations was due to
guest spending growth and lower costs, partially offset by lower
volumes. The increase in guest spending was driven by higher
average ticket prices at our theme parks and cruise line. Lower
costs reflected decreases in labor and marketing costs from
efficiency initiatives. Costs also benefited from lower
infrastructure costs due to timing and a decrease in fuel costs.
These decreases were partially offset by higher depreciation, labor
and other cost inflation and costs associated with new attractions.
The decrease in volumes was due to lower attendance, partially
offset by higher occupied room nights.
Lower operating income at our international operations was due
to higher pre-opening costs at Shanghai Disney Resort and lower
attendance and higher operating costs at Disneyland Paris. These
decreases were partially offset by cost efficiency initiatives as
well as higher volumes and guest spending at Hong Kong Disneyland
Resort.
Studio Entertainment
Studio Entertainment revenues for the quarter increased 40% to
$2.8 billion and segment operating income increased 62% to $766
million. Higher operating income was due to increases in theatrical
and home entertainment distribution results, partially offset by an
unfavorable impact from foreign currency translation.
The operating income growth in theatrical distribution was due
to the strong performance of the titles in release, which included
five significant titles in the current quarter compared to four in
the prior-year quarter, partially offset by marketing costs for The
BFG, which was released at the end of the current quarter. Current
quarter titles included Captain America: Civil War, The Jungle
Book, Finding Dory and Alice Through the Looking Glass compared to
Avengers: Age of Ultron, Cinderella, Inside Out and Tomorrowland in
the prior-year quarter. Additionally, the current quarter included
the continuing performance of Zootopia, which was released in the
second quarter of the current year, compared to no Disney animated
release in the prior-year quarter.
The increase in home entertainment distribution results was
primarily due to higher unit sales and net effective pricing
reflecting the performance of Star Wars: The Force Awakens and
Zootopia in the current quarter compared to the international
performance of Big Hero 6 in the prior-year quarter.
Consumer Products & Interactive
Media
Consumer Products & Interactive Media revenues for the
quarter decreased 1% to $1.1 billion and segment operating income
decreased 7% to $324 million. Lower operating income was driven by
decreases at our merchandise licensing, retail and Japan mobile
businesses, partially offset by an increase at our games
business.
Lower results at our merchandise licensing business were driven
by higher revenue in the prior year from Frozen merchandise, an
unfavorable impact from foreign currency translation, an increase
in revenue share with the Studio Entertainment segment and higher
marketing costs. These decreases were partially offset by revenue
growth from merchandise based on Finding Dory/Finding Nemo and Star
Wars.
The decrease at our retail business was due to an unfavorable
impact from foreign currency translation and lower operating
margins. Higher operating income at our games business was driven
by a decrease in product development and marketing costs due to the
discontinuation of our Infinity console game business.
OTHER FINANCIAL INFORMATION
Corporate and Unallocated Shared
Expenses
Corporate and unallocated shared expenses increased $13 million
to $159 million in the current quarter driven by the timing of
allocations to operating segments.
Interest expense, net
Interest expense, net was as follows (in millions):
Quarter Ended July 2,2016 June 27,2015 Change
Interest expense $ (88 ) $ (62 ) (42 )% Interest and
investment income 18 50 (64 )% Interest expense, net
$ (70 ) $ (12 )
>(100
)%
The increase in interest expense for the quarter was due to
higher average debt balances, partially offset by higher
capitalized interest driven by the continued development of the
Shanghai Disney Resort.
The decrease in interest and investment income for the quarter
was due to gains on sales of investments in the prior-year
quarter.
Income Taxes
The effective income tax rate was as follows:
Quarter Ended July 2,2016 June 27,2015 Change
Effective income tax rate 35.2 % 33.4 % (1.8 ) ppt
The increase in the effective income tax rate for the quarter
was primarily due to increased foreign losses for which we are not
recognizing a tax benefit.
Noncontrolling Interests
Quarter Ended (in millions) July 2,2016 June
27,2015 Change Net income attributable to noncontrolling interests
$ 115 $ 156 26 %
The decrease in net income attributable to noncontrolling
interests for the quarter was primarily due to higher pre-opening
expenses at Shanghai Disney Resort and lower results at Disneyland
Paris, partially offset by higher results at ESPN.
Net income attributable to noncontrolling interests is
determined on income after royalties and management fees, financing
costs and income taxes.
Cash Flow
Cash provided by operations and free cash flow were as follows
(in millions):
Nine Months Ended July 2,2016 June 27,2015
Change Cash provided by operations $ 9,386 $ 7,581 $ 1,805
Investments in parks, resorts and other property (3,691 ) (3,061 )
(630 ) Free cash flow (1) $ 5,695 $ 4,520 $ 1,175
(1)
Free cash flow is not a financial measure defined by GAAP.
See the discussion of non-GAAP financial measures that follows.
Cash provided by operations for the first nine months of fiscal
2016 increased 24% or $1.8 billion to $9.4 billion compared to the
first nine months of fiscal 2015. The increase in cash provided by
operations was driven by higher Studio and Parks and Resorts
segment operating results. This increase was partially offset by an
increase in Studio Entertainment receivables driven by higher
revenues in the current nine months compared to the prior year.
Cash provided by operations also reflected higher pension
contributions in the current period.
Capital Expenditures and Depreciation
Expense
Investments in parks, resorts and other property were as follows
(in millions):
Nine Months Ended July 2,2016 June 27,2015 Media
Networks Cable Networks $ 55 $ 51 Broadcasting 55 37 Total
Media Networks 110 88 Parks and Resorts Domestic 1,619 1,002
International 1,689 1,644 Total Parks and Resorts 3,308
2,646 Studio Entertainment 67 84 Consumer Products &
Interactive Media 33 46 Corporate 173 197 Total investments
in parks, resorts and other property $ 3,691 $ 3,061
Capital expenditures increased by $630 million to $3.7 billion
for the nine months primarily due to higher spending at Walt Disney
World Resort, Hong Kong Disneyland Resort and Disneyland Resort,
partially offset by lower spending at Shanghai Disney Resort.
Depreciation expense was as follows (in millions):
Nine Months Ended July 2,2016 June 27,2015 Media
Networks Cable Networks $ 111 $ 114 Broadcasting 68 71 Total
Media Networks 179 185 Parks and Resorts Domestic 949 865
International 283 258 Total Parks and Resorts 1,232
1,123 Studio Entertainment 36 41 Consumer Products &
Interactive Media 46 51 Corporate 185 185 Total depreciation
expense $ 1,678 $ 1,585
Non-GAAP Financial
Measures
This earnings release presents EPS excluding the impact of
certain items affecting comparability, free cash flow and aggregate
segment operating income, all of which are important financial
measures for the Company, but are not financial measures defined by
GAAP.
These measures should be reviewed in conjunction with the
relevant GAAP financial measures and are not presented as
alternative measures of EPS, cash flow or net income as determined
in accordance with GAAP. EPS excluding certain items affecting
comparability, free cash flow and aggregate segment operating
income as we have calculated them may not be comparable to
similarly titled measures reported by other companies.
EPS excluding certain items affecting
comparability – The Company uses EPS excluding certain items
to evaluate the performance of the Company’s operations exclusive
of certain items affecting comparability of results from period to
period. The Company believes that information about EPS exclusive
of these items is useful to investors, particularly where the
impact of the excluded items is significant in relation to reported
earnings, because the measure allows for comparability between
periods of the operating performance of the Company’s business and
allows investors to evaluate the impact of the excluded items
separately from the impact of the operations of the business.
The following table reconciles reported EPS to EPS excluding
certain items affecting comparability for the current quarter and
nine months.
(in millions except EPS) Pre-Tax Income/
Loss
Tax Benefit/
Expense (1)
After-Tax Income/
Loss (2)
EPS (3) Change vs. prior year period Quarter Ended
July 2, 2016: As reported $ 4,183 $ (1,471 ) $ 2,712 $ 1.59 10 %
Exclude: Restructuring and impairment charges (4) 44 (2 ) 42
0.03 Excluding certain items affecting comparability
$ 4,227 $ (1,473 ) $ 2,754 $ 1.62 12 %
Nine Months Ended July 2, 2016: As reported $ 11,987 $ (4,089 ) $
7,898 $ 4.63 17 % Exclude: Vice Gain (5) (332 ) 122 (210 ) (0.13 )
Infinity Charge (5) 147 (54 ) 93 0.06 Restructuring and impairment
charges (4) 125 (36 ) 89 0.05 Excluding
certain items affecting comparability $ 11,927 $ (4,057 ) $
7,870 $ 4.61 17 %
(1)
Tax benefit/expense adjustments are determined using the tax
rate applicable to the individual item affecting comparability.
(2)
Net income is before noncontrolling interest share.
(3)
EPS is net of noncontrolling interest share, where applicable.
Total may not equal the sum of the column due to rounding.
(4)
Charges for the quarter primarily consisted of asset impairments in
connection with shutting down certain international film production
operations. Charges for the nine month period were driven by asset
impairments and contract termination and severance costs.
(5)
See page 1 for further discussion of the Vice Gain and Infinity
Charge.
Free cash flow – The Company uses
free cash flow (cash provided by operations less investments in
parks, resorts and other property), among other measures, to
evaluate the ability of its operations to generate cash that is
available for purposes other than capital expenditures. Management
believes that information about free cash flow provides investors
with an important perspective on the cash available to service debt
obligations, make strategic acquisitions and investments and pay
dividends or repurchase shares.
Aggregate segment operating income
– The Company evaluates the performance of its operating segments
based on segment operating income, and management uses aggregate
segment operating income as a measure of the performance of
operating businesses separate from non-operating factors. The
Company believes that information about aggregate segment operating
income assists investors by allowing them to evaluate changes in
the operating results of the Company’s portfolio of businesses
separate from non-operational factors that affect net income, thus
providing separate insight into both operations and the other
factors that affect reported results.
A reconciliation of segment operating income to net income is as
follows (in millions):
Quarter Ended Nine Months Ended July 2,2016
June 27,2015 July 2,2016 June 27,2015 Segment operating
income $ 4,456 $ 4,120 $ 12,545 $ 11,147 Corporate and unallocated
shared expenses (159 ) (146 ) (457 ) (441 ) Restructuring and
impairment charges (44 ) — (125 ) — Interest expense, net (70 ) (12
) (161 ) (62 ) Vice Gain — — 332 — Infinity Charge(1) — —
(147 ) — Income before income taxes 4,183 3,962
11,987 10,644 Income taxes (1,471 ) (1,323 ) (4,089 ) (3,533 ) Net
income $ 2,712 $ 2,639 $ 7,898 $ 7,111
(1)
The Infinity Charge was primarily due to an inventory
write-down. The charge also included severance and other asset
impairments and was reported in "Cost of products" in the Condensed
Consolidated Statements of Income.
CONFERENCE CALL INFORMATION
In conjunction with this release, The Walt Disney Company will
host a conference call today, August 9, 2016, at 5:00 PM
EDT/2:00 PM PDT via a live Webcast. To access the Webcast go to
www.disney.com/investors. The
discussion will be available via replay through August 23, 2016 at
7:00 PM EDT/4:00 PM PDT.
FORWARD-LOOKING STATEMENTS
Management believes certain statements in this earnings release
may constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are made on the basis of management’s views and
assumptions regarding future events and business performance as of
the time the statements are made. Management does not undertake any
obligation to update these statements.
Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the
Company, including restructuring or strategic initiatives
(including capital investments or asset acquisitions or
dispositions), as well as from developments beyond the Company’s
control, including:
- changes in domestic and global economic
conditions, competitive conditions and consumer preferences;
- adverse weather conditions or natural
disasters;
- health concerns;
- international, political, or military
developments; and
- technological developments.
Such developments may affect travel and leisure businesses
generally and may, among other things, affect:
- the performance of the Company’s
theatrical and home entertainment releases;
- the advertising market for broadcast
and cable television programming;
- expenses of providing medical and
pension benefits;
- demand for our products; and
- performance of some or all company
businesses either directly or through their impact on those who
distribute our products.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K for the year ended October 3, 2015 under Item 1A,
“Risk Factors,” and subsequent reports.
THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (unaudited; in millions, except per
share data) Quarter Ended Nine Months Ended July
2,2016 June 27,2015 July 2,2016 June 27,2015
Revenues: Services $ 12,113 $ 11,308 $ 35,906 $ 32,587 Products
2,164 1,793 6,584 6,366 Total revenues
14,277 13,101 42,490 38,953 Costs and expenses: Cost of services
(exclusive of depreciation and amortization) (5,946 ) (5,547 )
(18,568 ) (17,224 ) Cost of products (exclusive of depreciation and
amortization) (1,255 ) (1,116 ) (4,120 ) (3,785 ) Selling, general,
administrative and other (2,305 ) (2,101 ) (6,467 ) (6,117 )
Depreciation and amortization (626 ) (575 ) (1,838 ) (1,751 ) Total
costs and expenses (10,132 ) (9,339 ) (30,993 ) (28,877 )
Restructuring and impairment charges (44 ) — (125 ) — Interest
expense, net (70 ) (12 ) (161 ) (62 ) Equity in the income of
investees 152 212 776 630 Income before
income taxes 4,183 3,962 11,987 10,644 Income taxes (1,471 ) (1,323
) (4,089 ) (3,533 ) Net income 2,712 2,639 7,898 7,111 Less: Net
income attributable to noncontrolling interests (115 ) (156 ) (278
) (338 ) Net income attributable to The Walt Disney Company
(Disney) $ 2,597 $ 2,483 $ 7,620 $ 6,773
Earnings per share attributable to Disney: Diluted $
1.59 $ 1.45 $ 4.63 $ 3.95 Basic
$ 1.60 $ 1.46 $ 4.66 $ 3.99
Weighted average number of common and common equivalent shares
outstanding: Diluted 1,631 1,711 1,647 1,714
Basic 1,621 1,696 1,636 1,699
Dividends declared per share $ 0.71 $ 0.66
$ 1.42 $ 1.81
THE WALT DISNEY
COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
July 2,2016 October 3,2015 ASSETS Current assets Cash and
cash equivalents $ 5,227 $ 4,269 Receivables 8,958 8,019
Inventories 1,354 1,571 Television costs and advances 1,231 1,170
Deferred income taxes — 767 Other current assets 847 962
Total current assets
17,617 16,758 Film and television costs 6,091 6,183 Investments
3,228 2,643 Parks, resorts and other property Attractions,
buildings and equipment 49,526 42,745 Accumulated depreciation
(26,275 ) (24,844 ) 23,251 17,901 Projects in progress 2,371 6,028
Land 1,243 1,250 26,865 25,179 Intangible assets, net
6,995 7,172 Goodwill 27,802 27,826 Other assets 2,316 2,421
Total assets $ 90,914 $ 88,182
LIABILITIES AND EQUITY Current liabilities Accounts payable and
other accrued liabilities $ 8,719 $ 7,844 Current portion of
borrowings 5,312 4,563 Unearned royalties and other advances 4,041
3,927 Total current liabilities 18,072 16,334
Borrowings 15,129 12,773 Deferred income taxes 4,076 4,051 Other
long-term liabilities 5,491 6,369 Commitments and contingencies
Equity Preferred stock, $.01 par value, Authorized – 100 million
shares, Issued – none — —
Common stock, $.01 par value, Authorized –
4.6 billion shares, Issued – 2.9 billion shares at July 2, 2016 and
2.8 billion shares at October 3, 2015
35,683 35,122 Retained earnings 64,321 59,028 Accumulated other
comprehensive loss (2,699 ) (2,421 ) 97,305 91,729 Treasury stock,
at cost, 1.2 billion shares (53,112 ) (47,204 ) Total Disney
Shareholders’ equity 44,193 44,525 Noncontrolling interests 3,953
4,130 Total equity 48,146 48,655 Total
liabilities and equity $ 90,914 $ 88,182
THE WALT DISNEY COMPANY CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited; in millions)
Nine Months Ended July 2,2016 June 27,2015 OPERATING
ACTIVITIES Net income $ 7,898 $ 7,111 Depreciation and amortization
1,838 1,751 Gains on sales of investments (27 ) (89 ) Deferred
income taxes 885 (167 ) Equity in the income of investees (776 )
(630 ) Cash distributions received from equity investees 594 553
Net change in film and television costs and advances (224 ) (623 )
Equity-based compensation 305 309 Other 403 214 Changes in
operating assets and liabilities: Receivables (821 ) (229 )
Inventories 214 48 Other assets (87 ) (274 ) Accounts payable and
other accrued liabilities (628 ) (507 ) Income taxes (188 ) 114
Cash provided by operations 9,386 7,581
INVESTING ACTIVITIES Investments in parks, resorts and other
property (3,691 ) (3,061 ) Sales of investments 44 143 Acquisitions
(400 ) — Other (179 ) (137 ) Cash used in investing activities
(4,226 ) (3,055 ) FINANCING ACTIVITIES Commercial paper
borrowings, net (216 ) 2,352 Borrowings 4,046 181 Reduction of
borrowings (672 ) (2,006 ) Dividends (1,168 ) (1,948 ) Repurchases
of common stock (5,908 ) (2,823 ) Proceeds from exercise of stock
options 216 292 Contributions from noncontrolling interest holders
— 1,012 Other (389 ) (301 ) Cash used in financing activities
(4,091 ) (3,241 ) Impact of exchange rates on cash and cash
equivalents (111 ) (231 ) Change in cash and cash
equivalents 958 1,054 Cash and cash equivalents, beginning of
period 4,269 3,421 Cash and cash equivalents, end of
period $ 5,227 $ 4,475
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160809006402/en/
The Walt Disney CompanyZenia MuchaCorporate
Communications818-560-5300orLowell SingerInvestor
Relations818-560-6601
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