Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF)
today reported results for the fiscal second quarter ended March
31, 2020.
Consolidated revenue of $566.4 million increased 3% compared to
the prior year quarter revenue of $549.6 million.
Income from continuing operations totaled $0.9 million, or $0.02
per share, compared to $6.5 million, or $0.15 per share, in the
prior year quarter. Current year results included loss from debt
extinguishment of $6.7 million ($5.2 million, net of tax, or $0.12
per share), restructuring charges of $3.1 million ($3.0 million,
net of tax, or $0.07 per share), acquisition costs of $3.0 million
($2.3 million, net of tax, or $0.05 per share), and discrete and
certain other tax benefits, net, that affect comparability of
approximately $1.4 million or $0.03 per share. Prior year quarter
results included discrete and certain other tax benefits, net, that
affect comparability of $0.1 million or $0.00 per share. Excluding
these items, current income from continuing operations would have
been $10.1 million, or $0.23 per share, compared to $6.4 million,
or $0.15 per share, in the prior year quarter, a 53% increase.
Adjusted EBITDA was $48.0 million, increasing 13% from the prior
year quarter of $42.5 million. Unallocated amounts (primarily
corporate overhead) in the second quarter of 2020 and 2019,
respectively, were $11.9 million and $11.2 million, respectively.
Adjusted EBITDA excluding unallocated amounts totaled $59.9 million
in the second quarter of 2020, increasing 12% from the prior year
of $53.7 million. Adjusted EBITDA is defined as net income
excluding interest income and expense, income taxes, depreciation
and amortization, restructuring charges, loss from debt
extinguishment and acquisition related expenses, as well as other
items that may affect comparability, as applicable (“Adjusted
EBITDA”, a non-GAAP measure).
Ronald J. Kramer, Chairman and Chief Executive Officer,
commented, "Griffon has entered the unprecedented COVID-19 pandemic
from a position of strength on an operational and competitive
basis. Our positive momentum, along with enhanced liquidity and a
reinforced balance sheet, will enable our businesses to manage the
near-term effects of the current environment while continuing to
make the necessary investments to execute our strategic growth plan
and drive long-term shareholder value."
Segment Operating
Results
Consumer and Professional Products ("CPP")
CPP revenue in the current quarter of $274.9 million decreased
4% compared to the prior year period, driven by decreased volume of
7%, primarily due to prior year new product load-ins and the
unfavorable impact of COVID-19 in the UK, and an unfavorable impact
of foreign exchange of 1%, partially offset by favorable price and
mix of 2% and incremental revenue from the Apta acquisition of
2%.
CPP Adjusted EBITDA in the current quarter was $25.0 million,
decreasing 13% from the prior year quarter primarily due to the
reduced revenue noted above and increased tariffs. For the quarter
ended March 31, 2020, EBITDA reflects an unfavorable foreign
exchange impact of 1%. Adjusted EBITDA margin was 9.1% in the
current quarter compared to 9.9% in the prior year quarter.
On November 29, 2019, AMES acquired Vatre Group Limited
("Apta"), a leading United Kingdom supplier of innovative garden
pottery and associated products sold to leading UK and Ireland
garden centers for approximately $10.5 million. This acquisition
broadens AMES' product offerings in the market and increases its
in-country operational footprint.
Strategic Initiative
In November 2019, Griffon announced the development of a
next-generation business platform for CPP to enhance the growth,
efficiency, and competitiveness of its U.S. operations.
This initiative includes three key development areas. First,
multiple independent information systems will be unified into a
single data and analytics platform which will serve the whole CPP
U.S. enterprise. Second, certain CPP U.S. operations will be
consolidated to optimize facilities footprint and talent. Third,
strategic investments in automation and facilities expansion will
be made to increase the efficiency of our manufacturing and
fulfillment operations, and support e-commerce growth.
The roll-out of the new business platform will occur over
approximately a three-year period, with completion expected by the
end of calendar 2022. When fully implemented, these actions will
result in an annual cash savings of $15 million to $20 million, and
a $20 million to $25 million reduction in inventory, both based on
operating levels at the beginning of the initiative.
The cost to implement this new business platform, over the
three-year duration of the project, will include approximately $35
million of one-time charges and approximately $40 million in
capital investments. The one-time charges are comprised of $16
million of cash charges, which includes $12 million of
personnel-related costs such as training, severance, and duplicate
personnel costs, as well as $4 million of facility and lease exit
costs. The remaining $19 million of charges are non-cash and
primarily relate to asset write-downs.
In addition to the growth, efficiency and competitive benefits,
this initiative is expected to increase our operating margin and
free cash flow.
In connection with this initiative, during the six months ended
March 31, 2020 CPP incurred pre-tax restructuring and other related
exit costs approximating $9.5 million, comprised of cash charges of
approximately $4.8 million and non-cash, asset-related charges of
$4.7 million; the cash charges included $3.8 million for one-time
termination benefits and other personnel-related costs and $1.1
million for facility exit costs.
Home and Building Products ("HBP")
HBP revenue in the current quarter totaling $209.8 million
increased 12% from the prior year quarter, due to increased volume
of 9% with an additional 3% due to favorable mix and price.
HBP Adjusted EBITDA in the current quarter was $30.6 million,
increasing 52% from the prior year quarter, primarily from the
increased revenue noted above including mix, pricing and volume
related benefits on absorption, as well as improved operational
efficiencies. Adjusted EBITDA margin was 14.6% in the current
quarter compared to 10.8% in the prior year quarter.
Defense Electronics ("DE")
DE revenue in the current quarter totaled $81.6 million,
increasing 9% from the prior year quarter, primarily due to
increased volume of airborne and maritime surveillance systems.
DE Adjusted EBITDA in the current quarter was $4.2 million,
decreasing 14% from the prior year quarter, primarily driven by
product mix, increased operating expenses associated with the
timing of bid and proposal efforts, partially offset by the
increased sales volume noted above. Adjusted EBITDA margin was 5.2%
in the current quarter compared to 6.6% in the prior year
quarter.
Contract backlog was $332 million at March 31, 2020, compared to
$389 million at September 30, 2019, with 73% expected to be
fulfilled in the next 12 months. During the year, DE was awarded
several new contracts and received incremental funding on existing
contracts approximating $90 million, which translates into a 0.9
book-to-bill ratio for the trailing twelve months.
Taxes
The Company reported pretax income for the quarters ended March
31, 2020 and 2019, respectively, and recognized tax provisions of
69.4% and 33.0%, respectively. Excluding all items that affect
comparability, the effective tax rates for the quarters ended March
31, 2020 and 2019 were 35.9% and 34.0%, respectively. The current
year-to-date effective tax rate was 42.1% and the rate excluding
all items that affect comparability was 34.4%.
Balance Sheet and Capital
Expenditures
At March 31, 2020, the Company had cash and equivalents of $69.0
million and total debt outstanding of $1.23 billion, resulting in a
net debt position of $1.16 billion. Borrowing availability under
the revolving credit facility was $195.1 million subject to certain
loan covenants. Capital expenditures were $9.3 million for the
quarter ended March 31, 2020.
Share Repurchases
As of March 31, 2020, Griffon had $58 million remaining under
its Board of Directors authorized repurchase program. There have
been no purchases under these authorizations to date in fiscal
2020.
Conference Call
Information
The Company will hold a conference call today, April 28, 2020,
at 4:30 PM ET.
The call can be accessed by dialing 1-877-407-0792 (U.S.
participants) or 1-201-689-8263 (International participants).
Callers should ask to be connected to the Griffon Corporation
teleconference or provide conference ID number 13702582.
Participants are encouraged to dial-in at least 10 minutes before
the scheduled start time.
A replay of the call will be available starting on Tuesday,
April 28, 2020 at 7:30 PM ET by dialing 1-844-512-2921 (U.S.) or
1-412-317-6671 (International), and entering the conference ID
number: 13702582. The replay will be available through May 12, 2020
at 11:59 PM ET.
Forward-looking
Statements
“Safe Harbor” Statements under the Private Securities Litigation
Reform Act of 1995: All statements related to, among other things,
income (loss), earnings, cash flows, revenue, changes in
operations, operating improvements, industries in which Griffon
operates and the United States and global economies that are not
historical are hereby identified as “forward-looking statements”
and may be indicated by words or phrases such as “anticipates,”
“supports,” “plans,” “projects,” “expects,” “believes,” “should,”
“would,” “could,” “hope,” “forecast,” “management is of the
opinion,” “may,” “will,” “estimates,” “intends,” “explores,”
“opportunities,” the negative of these expressions, use of the
future tense and similar words or phrases. Such forward-looking
statements are subject to inherent risks and uncertainties that
could cause actual results to differ materially from those
expressed in any forward-looking statements. These risks and
uncertainties include, among others: current economic conditions
and uncertainties in the housing, credit and capital markets;
Griffon's ability to achieve expected savings from cost control,
restructuring, integration and disposal initiatives; the ability to
identify and successfully consummate, and integrate, value-adding
acquisition opportunities; increasing competition and pricing
pressures in the markets served by Griffon’s operating companies;
the ability of Griffon’s operating companies to expand into new
geographic and product markets, and to anticipate and meet customer
demands for new products and product enhancements and innovations;
reduced military spending by the government on projects for which
Griffon's Telephonics Corporation supplies products, including as a
result of defense budget cuts or other government actions; the
ability of the federal government to fund and conduct its
operations; increases in the cost or lack of availability of raw
materials such as resin, wood and steel, components or purchased
finished goods, including the impact from tariffs; changes in
customer demand or loss of a material customer at one of Griffon's
operating companies; the potential impact of seasonal variations
and uncertain weather patterns on certain of Griffon’s businesses;
political events that could impact the worldwide economy; a
downgrade in Griffon’s credit ratings; changes in international
economic conditions including interest rate and currency exchange
fluctuations; the reliance by certain of Griffon’s businesses on
particular third party suppliers and manufacturers to meet customer
demands; the relative mix of products and services offered by
Griffon’s businesses, which impacts margins and operating
efficiencies; short-term capacity constraints or prolonged excess
capacity; unforeseen developments in contingencies, such as
litigation, regulatory and environmental matters; unfavorable
results of government agency contract audits of Telephonics
Corporation; Griffon’s ability to adequately protect and maintain
the validity of patent and other intellectual property rights; the
cyclical nature of the businesses of certain of Griffon’s operating
companies; and possible terrorist threats and actions and their
impact on the global economy; the impact of COVID-19 on the U.S.
and the global economy, including business disruptions, reductions
in employment and an increase in business and operating facility
failures, specifically among our customers; Griffon's ability to
service and refinance its debt; and the impact of recent and future
legislative and regulatory changes, including, without limitation,
the Tax Cuts and Jobs Act of 2017. Such statements reflect the
views of the Company with respect to future events and are subject
to these and other risks, as previously disclosed in the Company’s
Securities and Exchange Commission filings. Readers are cautioned
not to place undue reliance on these forward-looking statements.
These forward-looking statements speak only as of the date made.
Griffon undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
About Griffon
Corporation
Griffon Corporation is a diversified management and holding
company that conducts business through wholly-owned subsidiaries.
Griffon oversees the operations of its subsidiaries, allocates
resources among them and manages their capital structures. Griffon
provides direction and assistance to its subsidiaries in connection
with acquisition and growth opportunities as well as divestitures.
In order to further diversify, Griffon also seeks out, evaluates
and, when appropriate, will acquire additional businesses that
offer potentially attractive returns on capital.
Griffon currently conducts its operations through three
reportable segments:
- CPP conducts its operations through AMES. Founded in 1774, AMES
is the leading North American manufacturer and a global provider of
branded consumer and professional tools and products for home
storage and organization, landscaping, and enhancing outdoor
lifestyles. CPP sells products globally through a portfolio of
leading brands including True Temper, AMES, and ClosetMaid.
- HBP conducts its operations through Clopay. Founded in 1964,
Clopay is the largest manufacturer and marketer of garage doors and
rolling steel doors in North America. Residential and commercial
sectional garage doors are sold through professional dealers and
leading home center retail chains throughout North America under
the brands Clopay, Ideal, and Holmes. Rolling steel door and grille
products designed for commercial, industrial, institutional, and
retail use are sold under the CornellCookson brand.
- Defense Electronics conducts its operations through Telephonics
Corporation, founded in 1933, a globally recognized leading
provider of highly sophisticated intelligence, surveillance and
communications solutions for defense, aerospace and commercial
customers.
For more information on Griffon and its operating subsidiaries,
please see the Company’s website at www.griffon.com.
Griffon evaluates performance and allocates resources based on
operating results from continuing operations before interest income
and expense, income taxes, depreciation and amortization,
restructuring charges, loss from debt extinguishment and
acquisition related expenses, as well as other items that may
affect comparability, as applicable (“Adjusted EBITDA”, a non-GAAP
measure). Griffon believes this information is useful to
investors.
The following table provides a reconciliation of Adjusted EBITDA
to Income before taxes from continuing operations:
GRIFFON CORPORATION AND
SUBSIDIARIES OPERATING HIGHLIGHTS (in thousands)
For the Three Months Ended
March 31,
For the Six Months Ended March
31,
REVENUE
2020
2019
2020
2019
Consumer and Professional Products
$
274,912
$
287,732
$
515,988
$
504,206
Home and Building Products
209,829
186,799
451,210
410,094
Defense Electronics
81,609
75,102
147,590
145,855
Total consolidated net sales
$
566,350
$
549,633
$
1,114,788
$
1,060,155
ADJUSTED EBITDA
Consumer and Professional Products
$
25,027
$
28,616
$
46,953
$
49,181
Home and Building Products
30,635
20,137
71,336
51,432
Defense Electronics
4,248
4,936
8,723
9,721
Total
59,910
53,689
127,012
110,334
Unallocated amounts, excluding
depreciation*
(11,947
)
(11,208
)
(23,889
)
(22,472
)
Adjusted EBITDA
47,963
42,481
103,123
87,862
Net interest expense
(16,561
)
(17,305
)
(32,511
)
(33,636
)
Depreciation and amortization
(15,719
)
(15,492
)
(31,544
)
(30,577
)
Loss from debt extinguishment
(6,690
)
—
(6,690
)
—
Restructuring charges
(3,104
)
—
(9,538
)
—
Acquisition costs
(2,960
)
—
(2,960
)
—
Income before taxes from continuing
operations
$
2,929
$
9,684
$
19,880
$
23,649
* Primarily Corporate Overhead
For the Three Months Ended
March 31,
For the Six Months Ended March
31,
DEPRECIATION and
AMORTIZATION
2020
2019
2020
2019
Segment:
Consumer and Professional Products
$
8,222
$
8,184
$
16,453
$
15,990
Home and Building Products
4,668
4,548
9,468
9,057
Defense Electronics
2,676
2,621
5,320
5,257
Total segment depreciation and
amortization
15,566
15,353
31,241
30,304
Corporate
153
139
303
273
Total consolidated depreciation and
amortization
$
15,719
$
15,492
$
31,544
$
30,577
GRIFFON CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (in thousands, except per share data)
Three Months Ended March
31,
Six Months Ended March
31,
2020
2019
2020
2019
Revenue
$
566,350
$
549,633
$
1,114,788
$
1,060,155
Cost of goods and services
414,318
412,129
812,835
779,605
Gross profit
152,032
137,504
301,953
280,550
Selling, general and administrative
expenses
126,467
111,783
244,265
225,537
Income from operations
25,565
25,721
57,688
55,013
Other income (expense)
Interest expense
(16,871
)
(17,517
)
(33,082
)
(34,046
)
Interest income
310
212
571
410
Loss from debt extinguishment, net
(6,690
)
—
(6,690
)
—
Other, net
615
1,268
1,393
2,272
Total other expense, net
(22,636
)
(16,037
)
(37,808
)
(31,364
)
Income before taxes from continuing
operations
2,929
9,684
19,880
23,649
Provision from income taxes
2,034
3,194
8,373
8,406
Income from continuing operations
$
895
$
6,490
$
11,507
$
15,243
Discontinued operations:
Loss from operations of discontinued
operations
—
(11,000
)
—
(11,000
)
Benefit for income taxes
—
(3,354
)
—
(3,354
)
Loss from discontinued operations
—
(7,646
)
—
(7,646
)
Net income (loss)
$
895
$
(1,156
)
$
11,507
$
7,597
Income (loss) from continuing
operations
$
0.02
$
0.16
$
0.28
$
0.37
Income (loss) from discontinued
operations
—
(0.19
)
—
(0.19
)
Basic earnings per common share
$
0.02
$
(0.03
)
$
0.28
$
0.19
Basic weighted-average shares
outstanding
41,565
40,949
41,369
40,849
Income from continuing operations
$
0.02
$
0.15
$
0.26
$
0.36
Income (loss) from discontinued
operations
—
(0.18
)
—
(0.18
)
Diluted earnings per common share
$
0.02
$
(0.03
)
$
0.26
$
0.18
Diluted weighted-average shares
outstanding
43,734
42,832
43,826
42,376
Dividends paid per common share
$
0.0750
$
0.0725
$
0.1500
$
0.1450
Net income (loss)
$
895
$
(1,156
)
$
11,507
$
7,597
Other comprehensive income (loss), net of
taxes:
Foreign currency translation
adjustments
(16,471
)
2,885
(10,001
)
(2,851
)
Pension and other post retirement
plans
669
184
1,341
368
Change in cash flow hedges
968
(189
)
667
(87
)
Total other comprehensive income (loss),
net of taxes
(14,834
)
2,880
(7,993
)
(2,570
)
Comprehensive income (loss), net
$
(13,939
)
$
1,724
$
3,514
$
5,027
GRIFFON CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands)
(Unaudited)
March 31, 2020
September 30, 2019
CURRENT ASSETS
Cash and equivalents
$
69,024
$
72,377
Accounts receivable, net of allowances of
$12,681 and $7,881
335,033
264,450
Contract costs and recognized income not
yet billed, net of progress payments of $22,294 and $13,861
94,495
105,111
Inventories
462,119
442,121
Prepaid and other current assets
42,723
40,799
Assets of discontinued operations
321
321
Total Current Assets
1,003,715
925,179
PROPERTY, PLANT AND EQUIPMENT,
net
335,820
337,326
OPERATING LEASE RIGHT-OF-USE
ASSETS
156,258
—
GOODWILL
436,782
437,067
INTANGIBLE ASSETS, net
353,743
356,639
OTHER ASSETS
29,556
15,840
ASSETS OF DISCONTINUED
OPERATIONS
2,873
2,888
Total Assets
$
2,318,747
$
2,074,939
CURRENT LIABILITIES
Notes payable and current portion of
long-term debt
$
9,470
$
10,525
Accounts payable
228,674
250,576
Accrued liabilities
118,479
124,665
Current portion of operating lease
liabilities
28,047
—
Liabilities of discontinued operations
2,450
4,333
Total Current Liabilities
387,120
390,099
LONG-TERM DEBT, net
1,216,226
1,093,749
LONG-TERM OPERATING LEASE
LIABILITIES
133,498
—
OTHER LIABILITIES
102,295
109,997
LIABILITIES OF DISCONTINUED
OPERATIONS
3,154
3,331
Total Liabilities
1,842,293
1,597,176
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity
476,454
477,763
Total Liabilities and Shareholders’
Equity
$
2,318,747
$
2,074,939
GRIFFON CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands)
Six Months Ended March
31,
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
11,507
$
7,597
Net loss from discontinued operations
—
7,646
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation and amortization
31,544
30,577
Stock-based compensation
8,302
7,500
Asset impairment charges -
restructuring
4,388
—
Provision for losses on accounts
receivable
596
316
Amortization of debt discounts and
issuance costs
2,267
2,841
Loss from debt extinguishment, net
6,690
—
Deferred income taxes
408
(865
)
Gain on sale of assets and investments
(274
)
(137
)
Non-cash lease expense
18,739
—
Change in assets and liabilities, net of
assets and liabilities acquired:
Increase in accounts receivable and
contract costs and recognized income not yet billed
(61,815
)
(47,669
)
Increase in inventories
(20,958
)
(37,852
)
(Increase) decrease in prepaid and other
assets
(6,005
)
2,323
Decrease in accounts payable, accrued
liabilities, income taxes payable and operating lease
liabilities
(56,792
)
(28,945
)
Other changes, net
560
1,662
Net cash used in operating activities
(60,843
)
(55,006
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and
equipment
(22,519
)
(17,418
)
Acquired businesses, net of cash
acquired
(10,531
)
(9,219
)
Insurance payments
—
(10,604
)
Proceeds from sale of assets
290
62
Investment purchase
—
(149
)
Net cash used in investing activities
(32,760
)
(37,328
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid
(7,349
)
(6,847
)
Purchase of shares for treasury
(7,479
)
(1,478
)
Proceeds from long-term debt
1,061,343
143,101
Payments of long-term debt
(939,071
)
(48,169
)
Financing costs
(13,176
)
(945
)
Contingent consideration for acquired
businesses
—
(1,686
)
Other, net
83
83
Net cash provided by financing
activities
94,351
84,059
GRIFFON CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands)
Six Months Ended March
31,
2020
2019
CASH FLOWS FROM DISCONTINUED
OPERATIONS:
Net cash used in operating activities
(1,994
)
(3,438
)
Net cash used in investing activities
—
—
Net cash used in financing activities
—
—
Net cash used in discontinued
operations
(1,994
)
(3,438
)
Effect of exchange rate changes on cash
and equivalents
(2,107
)
(66
)
NET DECREASE IN CASH AND EQUIVALENTS
(3,353
)
(11,779
)
CASH AND EQUIVALENTS AT BEGINNING OF
PERIOD
72,377
69,758
CASH AND EQUIVALENTS AT END OF PERIOD
$
69,024
$
57,979
Griffon evaluates performance based on Earnings per share and
Net income excluding restructuring charges, loss from debt
extinguishment, acquisition related expenses, discrete and certain
other tax items, as well other items that may affect comparability,
as applicable. Griffon believes this information is useful to
investors. The following tables provides a reconciliation of Income
from continuing operations to Adjusted income from continuing
operations and Earnings per common share from continuing operations
to Adjusted earnings per common share from continuing
operations:
GRIFFON CORPORATION AND
SUBSIDIARIES RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO
ADJUSTED INCOME FROM CONTINUING OPERATIONS (in thousands, except
per share data)
For the Three Months Ended
March 31,
For the Six Months Ended March
31,
2020
2019
2020
2019
Income from continuing operations
$
895
$
6,490
$
11,507
$
15,243
Adjusting items:
Loss from debt extinguishment
6,690
—
6,690
—
Restructuring charges
3,104
—
9,538
—
Acquisition costs
2,960
—
2,960
—
Tax impact of above item
(2,183
)
—
(4,469
)
—
Discrete and certain other tax provisions
(benefits), net
(1,413
)
(97
)
(580
)
370
Adjusted income from continuing
operations
$
10,053
$
6,393
$
25,646
$
15,613
Diluted earnings per common share
$
0.02
$
0.15
$
0.26
$
0.36
Adjusting items, net of tax:
Loss from debt extinguishment
0.12
—
0.12
—
Restructuring charges
0.07
—
0.16
—
Acquisition costs
0.05
—
0.05
—
Discrete and certain other tax provisions
(benefits), net
(0.03
)
—
(0.01
)
0.01
Adjusted earnings per common share
$
0.23
$
0.15
$
0.59
$
0.37
Weighted-average shares outstanding (in
thousands)
43,734
42,832
43,826
42,376
Note: Due to rounding, the sum of earnings per common share and
adjusting items, net of tax, may not equal adjusted earnings per
common share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200428005966/en/
Company: Brian G. Harris SVP & Chief Financial Officer
Griffon Corporation (212) 957-5000 Investor Relations: Michael
Callahan Managing Director ICR Inc. (203) 682-8311
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