LOUISVILLE, Ky.--(BUSINESS WIRE)--
Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) reported that diluted
earnings per share from continuing operations2 increased 1%
to $2.87 for its year ended April 30, 2009. Reported operating
income decreased 4% to $661 million for fiscal 2009. Adjusting for the
items in Schedule A of this press release, underlying operating income
grew 4% for the year. Fiscal 2009 reported operating margin (operating
income as a percent of net sales) remained strong at nearly 21%,
consistent with fiscal 2008. In addition, Brown-Forman's return on
invested capital3 approximated 16% while operating cash flows
approached $500 million.
Paul Varga, the company's chief executive officer stated, "Given today's
global economy, we are pleased with our company's fiscal 2009 results.
We were able to deliver earnings growth despite significant global
economic and foreign exchange headwinds. We believe our underlying
operating income growth rate continues to be in the top tier of major
wine and spirit companies. Most importantly, in an environment where
good health cannot be taken for granted, Brown-Forman remains a strong
and healthy company."
During fiscal 2009, Brown-Forman's total shareholder returns4
outperformed the S&P 500's by over 20 percentage points. The company
ranked at or near the top of public spirits companies and outstripped
the S&P 500 over the last five-, 10-, and 15-year periods. Varga added,
"We are proud to have a track record of outperforming our total
shareholder return benchmarks over the short term and long term, and in
good economies and bad."
Brown-Forman's reported net sales of $3.2 billion for the fiscal year
ended April 30, 2009 declined 3% when compared with fiscal 2008.
Underlying net sales grew 3% for the year. The primary brands that drove
underlying net sales growth were Jack Daniel's Tennessee Whiskey,
Finlandia, Gentleman Jack, and New Mix5. Poland, Australia,
the United Kingdom, Mexico, the United States, and Russia were the major
geographical contributors to underlying net sales growth for the year.
Despite the significant strengthening of the U.S. dollar during fiscal
2009, international revenues still contributed more than 52% of net
sales. Schedule C contains more detailed depletion6 and net
sales information by brand.
Brown-Forman gained one percentage point of income statement leverage
between underlying sales growth of 3% and underlying operating income
growth of 4%. Benefits of price increases were partially offset by a
higher cost environment for grain and fuel. Throughout the year, the
company reallocated spending and adjusted its promotional mix to those
brands, markets, and channels where it believed the consumer and trade
were most responsive to the investments during the challenging and
volatile economic environment. These adjustments included increased
spending for value-added packaging and selective consumer price
promotion programs. In addition, savings from tight management of
discretionary spending as well as lower performance-related costs, such
as incentive compensation, also contributed to the growth in operating
income for the year.
Brown-Forman's balance sheet remained strong and the company maintained
an "A2" rating from Moody's and an "A" rating from Standard & Poor's
throughout fiscal 2009. The company's healthy balance sheet allowed it
to have uninterrupted access to commercial paper markets, to complete
the sale of $250 million in aggregate principal amount of 5% Notes in
January 2009, and to repurchase $39 million of cumulative Class A and
Class B Common Shares in fiscal 2009. During fiscal 2009, Brown-Forman
paid cash dividends totaling $169 million on its Class A and Class B
Common Stock, representing a fiscal year increase of 7%. This marks
Brown-Forman's 63rd consecutive year of quarterly dividends and the
company has increased its annual dividend per share for the past 25
consecutive years.
Fourth Quarter
Fiscal 2009 fourth quarter diluted earnings per share declined 19% over
the same prior year period to $0.53 and operating income decreased 10%
to $121 million, due primarily to the costs associated with the
reduction in workforce and distributor inventory reductions. Underlying
operating income grew 1% for the quarter versus the same period in
fiscal 2008.
Fiscal 2010 Outlook
The company is projecting modest underlying growth in operating income
for fiscal 2010, despite an expectation that the consumer and trade
environment will continue to be challenging. Reported results are
expected to be significantly impacted by the dramatic strengthening the
U.S. dollar experienced in the middle of fiscal 2009. At recent spot
rates, fiscal 2010 earnings per share would be reduced by approximately
$0.12, net of hedged foreign currency exposure. Given the general
uncertainties of the current environment, the company projects fiscal
2010 earnings per share to be in the range of $2.60 to $3.00. The
improvement or deterioration of the global economic and consumer
environment, changes in distributor and retail inventory, and foreign
exchange fluctuations will most likely affect the company's actual
performance within this range.
Commenting on the guidance, Varga said, "We are assuming that the
business challenges and uncertainty of today will persist during fiscal
2010. While we expect foreign exchange to negatively affect reported
earnings and recognize the possibility that further inventory reductions
may occur, we are targeting modest growth in underlying operating
income. Longer term, we remain confident about the growth opportunities
for our brands and our company."
The following table lists the fiscal 2009 factors that the guidance
assumes will not affect fiscal 2010 earnings and illustrates the
currently anticipated factors that influence the guidance:
EPS Roll Forward
Fiscal 2009 Reported EPS $2.87
Absence of Fiscal 2009 Items:
Non-cash Agave Charge 0.11
Gain on Italian Wine Divestiture (0.13)
Reduction in Workforce Charge 0.05
Fiscal 2009 Adjusted EPS7 $2.90
Incremental Change Considering Underlying Growth Targets and (0.18) to 0.22
Economic Uncertainty
Fiscal 2010 EPS Excluding Foreign Exchange At Recent Rates $2.72 to $3.12
Estimated Foreign Exchange Impact At Recent Rates (0.12)
Fiscal 2010 EPS Guidance $2.60 to $3.00
Brown-Forman will host a conference call to discuss the results at 10:00
a.m. (EDT) this morning. All interested parties in the U.S. are invited
to join the conference call by dialing 888-624-9285 and asking for the
Brown-Forman call. International callers should dial 706-679-3410 and
ask for the Brown-Forman call. No password is required. The company
suggests that participants dial in approximately ten minutes in advance
of the 10:00 a.m. start of the conference call.
A live audio broadcast of the conference call will also be available via
Brown-Forman's Internet Web site, www.brown-forman.com,
through a link to "Investor Relations." For those unable to participate
in the live call, a replay will be available by calling 800-642-1687
(U.S.) or 706-645-9291 (international). The identification code is
11887445. A digital audio recording of the conference call will also be
available on the Web site approximately one hour after the conclusion of
the conference call. The replay will be available for at least 30 days
following the conference call.
Brown-Forman Corporation is a producer and marketer of fine quality
beverage alcohol brands, including Jack Daniel's, Southern Comfort,
Finlandia, Canadian Mist, Fetzer, Korbel, Gentleman Jack, el Jimador,
Tequila Herradura, Sonoma-Cutrer, Chambord, Tuaca, Woodford Reserve, and
Bonterra.
Important Information on Forward-Looking Statements:
This report contains statements, estimates, and projections that are
"forward-looking statements" as defined under U.S. federal securities
laws. Words such as "expect," "believe," "intend," "estimate," "will,"
"may," "anticipate," "project," and similar words identify
forward-looking statements, which speak only as of the date we make
them. Except as required by law, we do not intend to update or revise
any forward-looking statements, whether as a result of new information,
future events, or otherwise. By their nature, forward-looking statements
involve risks, uncertainties and other factors (many beyond our control)
that could cause our actual results to differ materially from our
historical experience or from our current expectations or projections.
These risks and other factors include, but are not limited to:
-- deepening or expansion of the global economic downturn or turmoil in
financial and equity markets (and related credit and capital market
instability and illiquidity; decreased consumer and trade spending;
higher unemployment; supplier, customer or consumer credit or other
financial problems; further inventory reductions by distributors,
wholesalers, or retailers; bank failures or governmental
nationalizations, etc.)
-- competitors' pricing actions (including price promotions, discounting,
couponing or free goods), marketing, product introductions, or other
competitive activities aimed at our brands
-- trade or consumer reaction to our product line extensions or new
marketing initiatives
-- further decline in consumer confidence or spending, whether related to
global economic conditions, wars, natural disasters, pandemics (such as
swine flu), terrorist attacks or other factors
-- increases in tax rates (including excise, sales, corporate, individual
income, dividends, capital gains), changes in tax rules (e.g., LIFO,
foreign income deferral, U.S. manufacturing deduction) or accounting
standards, tariffs, or other restrictions affecting beverage alcohol,
and the unpredictability and suddenness with which they can occur
-- trade or consumer resistance to price increases in our products
-- tighter governmental restrictions on our ability to produce and market
our products, including advertising and promotion
-- business disruption, decline or costs related to reductions in workforce
or other cost-cutting measures
-- lower returns on pension assets, higher interest rates on debt, or
significant changes in recent inflation rates (whether up or down)
-- fluctuations in the U.S. dollar against foreign currencies, especially
the British pound, euro, Australian dollar, or Polish zloty
-- reduced bar, restaurant, hotel and other on-premise business; consumer
shifts to discount stores to buy our products; or other price-sensitive
consumer behavior
-- changes in consumer preferences, societal attitudes or cultural trends
that result in reduced consumption of our products
-- distribution arrangement changes that affect the timing of our sales or
limit our ability to market or sell our products
-- adverse impacts resulting from our acquisitions, dispositions, joint
ventures, business partnerships, or portfolio strategies
-- lower profits, due to factors such as fewer used barrel sales, lower
production volumes (either for our own brands or those of third
parties), or cost increases in energy or raw materials, such as grapes,
grain, agave, wood, glass, plastic, or closures
-- climatic changes, agricultural uncertainties, our suppliers' financial
hardships or other factors that reduce the availability or quality of
grapes, agave, grain, glass, closures, plastic, or wood
-- negative publicity related to our company, brands, personnel,
operations, business performance or prospects
-- product counterfeiting, tampering, or contamination and resulting
negative effects on our sales, brand equity, or corporate reputation
-- adverse developments stemming from state, federal or other governmental
investigations of beverage alcohol industry business, trade, or
marketing practices by us, our distributors, or retailers
-- impairment in the recorded value of inventory, fixed assets, goodwill or
other intangibles
Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended
April 30,
2008 2009 Change
Continuing Operations
Net sales $ 772.3 $ 683.3 (12 %)
Excise taxes 165.9 146.3 (12 %)
Cost of sales 205.4 178.4 (13 %)
Gross profit 401.0 358.6 (11 %)
Advertising expenses 101.0 88.9 (12 %)
Selling, general, and administrative expenses 158.4 150.2 (5 %)
Amortization expense 1.2 1.2
Other expense (income), net 5.0 (3.2 )
Operating income 135.4 121.5 (10 %)
Interest expense, net 9.0 7.5
Income before income taxes 126.4 114.0 (10 %)
Income taxes 27.7 34.4
Net income $ 98.7 $ 79.6 (19 %)
Earnings per share:
Basic 0.65 0.53 (19 %)
Diluted 0.65 0.53 (19 %)
Discontinued Operations
Net income $ 0.4 $ -
Earnings per share:
Basic - -
Diluted - -
Total Company
Net income $ 99.1 $ 79.6 (20 %)
Earnings per share:
Basic 0.66 0.53 (19 %)
Diluted 0.65 0.53 (19 %)
Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Year Ended
April 30,
2008 2009 Change
Continuing Operations
Net sales $ 3,282.2 $ 3,192.2 (3 %)
Excise taxes 700.7 711.0 1 %
Cost of sales 886.9 904.5 2 %
Gross profit 1,694.6 1,576.7 (7 %)
Advertising expenses 415.2 383.0 (8 %)
Selling, general, and administrative 591.5 547.4 (7 %)
expenses
Amortization expense 5.1 5.0
Other (income), net (2.2 ) (19.8 )
Operating income 685.0 661.1 (4 %)
Interest expense, net 41.4 31.0
Income before income taxes 643.6 630.1 (2 %)
Income taxes 204.2 195.7
Net income $ 439.4 $ 434.4 (1 %)
Earnings per share:
Basic 2.87 2.89 1 %
Diluted 2.84 2.87 1 %
Discontinued Operations
Net income $ 0.4 $ -
Earnings per share:
Basic - -
Diluted - -
Total Company
Net income $ 439.8 $ 434.4 (1 %)
Earnings per share:
Basic 2.87 2.89 0 %
Diluted 2.85 2.87 1 %
Brown-Forman Corporation
Unaudited Condensed Consolidated Balance Sheets
(Dollars in millions)
April 30,
2008 2009
Assets:
Cash and cash equivalents $ 119 $ 340
Accounts receivable, net 453 367
Inventories 685 652
Other current assets 199 215
Total current assets 1,456 1,574
Property, plant, and equipment, net 501 483
Goodwill 688 675
Other intangible assets 699 686
Other assets 61 57
Total assets $ 3,405 $ 3,475
Liabilities:
Accounts payable and accrued expenses $ 380 $ 326
Short-term borrowings 589 490
Other current liabilities 15 20
Total current liabilities 984 836
Long-term debt 417 509
Deferred income taxes 89 80
Accrued postretirement benefits 121 175
Other liabilities 69 59
Total liabilities 1,680 1,659
Stockholders' equity 1,725 1,816
Total liabilities and stockholders' equity $ 3,405 $ 3,475
Brown-Forman Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
Year Ended
April 30,
2008 2009
Cash provided by operating activities $ 534 $ 491
Cash flows from investing activities:
Acquisition of brand names and trademarks (13 ) -
Sale of brand names and trademarks - 17
Sale of short-term investments 86 -
Additions to property, plant, and equipment (41 ) (49 )
Other (4 ) (5 )
Cash provided by (used for) investing activities 28 (37 )
Cash flows from financing activities:
Net (repayment) issuance of debt (172 ) (4 )
Acquisition of treasury stock (223 ) (39 )
Special distribution to stockholders (204 ) -
Dividends paid (158 ) (169 )
Other 21 (4 )
Cash used for financing activities (736 ) (216 )
Effect of exchange rate changes on cash and cash 10 (17 )
equivalents
Net (decrease) increase in cash and cash equivalents (164 ) 221
Cash and cash equivalents, beginning of period 283 119
Cash and cash equivalents, end of period $ 119 $ 340
Brown-Forman Corporation
Supplemental Information (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended
April 30,
2008 2009
Gross margin 51.9% 52.5%
Operating margin 17.5% 17.8%
Effective tax rate 22.0% 30.2%
Cash dividends paid per common share $ 0.2720 $ 0.2875
Shares (in thousands) used in the calculation of
earnings per share
Basic 150,962 150,050
Diluted 152,211 150,890
Year Ended
April 30,
2008 2009
Gross margin 51.6% 49.4%
Operating margin 20.9% 20.7%
Effective tax rate 31.7% 31.1%
Cash dividends paid per common share $ 1.0280 $ 1.1190
Shares (in thousands) used in the calculation of
earnings per share
Basic 153,080 150,452
Diluted 154,511 151,522
These figures have been prepared in accordance with
the company's customary accounting practices.
Schedule A
Brown-Forman Corporation
Continuing Operations Only
Supplemental Information (Unaudited)
Three Months Ended Twelve Months Ended
April 30, 2009 April 30, 2009
Reported change in net sales (12 %) (3 %)
Australian excise tax (1 %) (1 %)
Impact from Italian wines divestiture 1 % -
Net sales from agency brands 1 % 1 %
Estimated net change in distributor 1 % 1 %
inventories
Impact of foreign currencies 10 % 5 %
Underlying change in net sales 0 % 3 %
Reported change in gross profit (11 %) (7 %)
Non-cash agave charge - 1 %
Transition expenses from acquisitions 1 % -
Gross profit from agency brands 1 % 1 %
Estimated net change in distributor 1 % 1 %
inventories
Impact of foreign currencies 6 % 4 %
Underlying change in gross profit (2 %) 0 %
Reported change in advertising (12 %) (8 %)
Advertising from agency brands - 1 %
Impact from Italian wines divestiture 1 % 1 %
Impact of foreign currencies 9 % 4 %
Underlying change in advertising (2 %) (2 %)
Reported change in SG&A (5 %) (7 %)
Reduction in workforce (7 %) (2 %)
Transition expenses from acquisitions 1 % 1 %
Impact of foreign currencies 7 % 3 %
Underlying change in SG&A (4 %) (5 %)
Reported change in operating income (10 %) (4 %)
Impact of foreign currencies (3 %) 4 %
Non-cash agave charge - 3 %
Impact from Italian wines divestiture - (3 %)
Transition expenses from acquisitions - (1 %)
Operating income from agency brands 1 % 1 %
Estimated net change in distributor 4 % 2 %
inventories
Reduction in workforce 9 % 2 %
Underlying change in operating income 1 % 4 %
Notes:
Australian excise tax - Refers to the impact of the 70% increase in
excise tax of ready-to-drink products in Australia, implemented on April
27, 2008. Since net sales are recorded including revenues associated
with excise taxes, we believe it is important to make this adjustment to
better understand our underlying sales trends.
Italian wines divestiture - Refers to the company's December 2008 sale
of its Bolla and Fontana Candida Italian wine brands to Gruppo Italiano
Vini (GIV). We believe that excluding the net gain on the sale of, as
well as the prior incremental contribution from these Italian wine
brands provides helpful information in forecasting and planning the
growth expectations of the company.
Agency brands - Refers to the impact of certain agency brands
distributed in various geographies, primarily Appleton, Amarula,
Durbanville Hills, and Red Bull, which exited Brown-Forman's portfolio
during fiscal 2008.
Estimated net change in distributor inventories - Refers to the
estimated financial impact of changes in distributor inventories for the
company's brands. We compute this effect using our estimated depletion
trends and separately identify trade inventory changes in the variance
analysis for our key measures. Based on the estimated depletions and the
fluctuations in distributor inventory levels, we then adjust the
percentage variances from prior to current periods for our key measures.
We believe it is important to make this adjustment in order for
management and investors to understand the results of our business
without distortions that can arise from varying levels of distributor
inventories.
Impact of foreign currencies - Refers to net gains and losses incurred
by the company relating to sales and purchases in currencies other than
the U.S. Dollar. We use the measure to understand the growth of the
business on a constant dollar basis as fluctuations in exchange rates
can distort the underlying growth of our business (both positively and
negatively). To neutralize the effect of foreign exchange fluctuations,
we have historically translated current year results at prior year
rates. While we recognize that foreign exchange volatility is a reality
for a global company, we routinely review our company performance on a
constant dollar basis. We believe this allows both management and our
investors to understand better our company's growth trends.
Non-cash agave charge - Refers to an abnormal number of agave plants
identified during the first quarter of fiscal 2009 as dead or dying.
Although agricultural uncertainties are inherent in our tequila or any
other business that includes the growth and harvesting of raw materials,
we believe that the magnitude of this item distorts the underlying
trends of our business. Therefore, we believe that excluding this
non-cash charge allows for a better understanding of profit trends.
Transition expenses from acquisitions - Refers to transition related
expenses, including a required GAAP inventory write-up, from the
acquisition of the Casa Herradura brands in January 2007, thus making
comparisons difficult to understand. We believe that excluding
transition expenses related to the acquisition provides helpful
information in forecasting and planning the growth expectations of the
company.
Reduction in workforce - Refers to the $12 million of charges associated
with the 8% reduction in the global workforce, including the early
retirement program, during April 2009. We believe that excluding these
costs provides investors a better understanding of the continuing cost
base of the company.
The company cautions that non-GAAP measures may be considered in
addition to, but not as a substitute for, the company's reported GAAP
results.
Schedule B
Period Ending April 30, 2009 Annualized Total Shareholder Returns (Dividends
Reinvested)
Company/Index 1-Year 5-Year 10-Year 15-Year
Brown-Forman (Class B) (13%) 7% 7% 12%
Index Benchmarks
S&P 500 (35%) (3%) (2%) 6%
S&P 500 Consumer Staples (20%) 1% 2% 9%
Major Public Wine & Spirits Competitors
Campari
U.S. Dollar (24%) 10% NA NA
Local Currency (10%) 8% NA NA
Constellation (Class A) (37%) (7%) 6% 9%
Diageo
U.S. Dollar (39%) 1% 4% 7%
Local Currency (18%) 5% 5% 7%
Fortune Brands (40%) (9%) 3% 8%
Pernod Ricard
U.S. Dollar (44%) 6% 13% 11%
Local Currency (34%) 4% 11% 10%
Remy Cointreau
U.S. Dollar (44%) 3% 10% 2%
Local Currency (34%) 1% 8% 1%
Source: Bloomberg
Schedule C
Brown-Forman Corporation
Supplemental Information (Unaudited)
Fiscal 2009
Nine-Liter Depletion % Net Sales % Change vs.
Change Fiscal 2008
Brand Cases (000's) vs. Fiscal 2008 Reported Constant
Currency8
Jack Daniel's
Family of Whiskey 9,830 1% (2%) 4%
Brands9
New Mix RTD 4,635 7% 4% 13%
Jack Daniel's 3,405 4% 3% 15%
RTD10
Finlandia 3,030 7% 10% 12%
Southern Comfort 2,335 (5%) (11%) (3%)
Fetzer Valley 2,295 (3%) (5%) (3%)
Oaks
Canadian Mist 1,850 (2%) (1%) (1%)
Korbel Champagne 1,290 (1%) (3%) (3%)
el Jimador 1,050 3% (3%) 3%
Super-Premium 1,190 2% 1% 3%
Other11
Additional Commentary:
-- For the Jack Daniel's Family of Whiskey Brands, depletion gains in
Australia, France, the U.S., Poland, Romania, Canada, and Mexico were
partially offset by declines in Spain, Germany, Italy, South Africa and
the travel retail channel.
-- Depletions for Jack Daniel's Tennessee Whiskey showed slight growth for
fiscal 2009; reported net sales declined 3% while constant currency net
sales grew 3%.
-- Gentleman Jack's net sales grew at a double-digit rate on both a
reported and constant currency basis for fiscal 2009.
-- Jack Daniel's & Cola reported and constant currency net sales increases
were primarily driven by the increase in Australian ready-to-drink
taxes.
-- Finlandia's strong performance for depletions and net sales (on both a
reported and a constant currency basis) in Eastern Europe continued.
-- Southern Comfort continued to be affected by a weak on-premise
environment, particularly in the U.S. and the U.K., as well as
reductions in distributor and trade inventory levels.
-- Although super-premium priced brand performance reflected growth,
depletion growth trends slowed, particularly in the second half of the
fiscal year as they were affected by the weak consumer environment, a
soft on-premise channel, consumer trading down to lower priced products,
and reductions in distributor and retail inventory levels.
1 Underlying growth represents the percentage growth in reported financial
results in accordance with generally accepted accounting principles (GAAP) in
the United States, adjusted for certain items. A reconciliation from reported
to underlying net sales, gross profit, advertising expense, SG&A, and
operating income (non-GAAP measures) growth for the fourth quarter and the
fiscal year, and the reasons why management believes these adjustments to be
useful to the reader, are included in Schedule A and the notes to this press
release.
2 All per share amounts have been adjusted to reflect the October 27, 2008
Class B common stock distribution. For every four shares of Class A or Class B
common stock, one Class B share was issued. All financial and statistical
information contained in this press release relates to the continuing
operations of the company unless otherwise stated.
3 Return on invested capital is defined as the sum of net income and after-tax
interest expense, divided by average invested capital (defined as assets less
liabilities plus interest-bearing debt).
4 Refer to Schedule B for a listing of total shareholder return metrics.
5 Tequila ready-to-drink brand acquired in January 2007 as part of Casa
Herradura.
6 Depletions are shipments direct to retail or from distributors to wholesale
and retail customers, and are commonly regarded in the industry as an
approximate measure of consumer demand.
7We believe that excluding specific items affecting fiscal 2009 results, which
are not anticipated to impact fiscal 2010 earnings, provides helpful
information in forecasting and planning the growth expectations of the
company.
8 Constant currency represents reported net sales with the affect of a
stronger U.S. dollar removed. Management uses the measure to understand the
growth of the business on a constant dollar basis as fluctuations in exchange
rates can distort the underlying growth of the business both positively and
negatively.
9 Includes Jack Daniel's Tennessee Whiskey, Gentleman Jack, and Jack Daniel's
Single Barrel
10 Refers to all ready-to-drink line extensions of Jack Daniel's such as Jack
Daniel's & Cola and Jack Daniel's Country Cocktails
11 Includes Bonterra, Chambord, Herradura, Sonoma-Cutrer, Tuaca, and Woodford
Reserve were affected by the weak consumer environment, a soft on-premise
channel, consumer trading down to lower priced products, and reductions in
distributor and retail inventory levels.
Source: Brown-Forman Corporation
Contact: Brown-Forman Corporation
Phil Lynch, 502-774-7928
Vice President
Director Corporate Communications
and Public Relations
or
Ben Marmor, 502-774-6691
Assistant Vice President
Director Investor Relations