LOUISVILLE, Ky.--(BUSINESS WIRE)--
Brown-Forman Corporation (NYSE:BFB) (NYSE:BFA) reported diluted earnings
per share increased 8% to $2.53 and operating income rose 10% to $592
million for the first nine months of fiscal 2010. During its fiscal 2010
third quarter ended January 31, 2010, the company's diluted earnings per
share declined 10% to $0.73 and operating income decreased 2% to
$174 million. Adjusting for the items in Schedule A of this press
release, underlying operating income grew 10% for the first nine months
of fiscal 2010 but declined 2% for the third quarter.
Brown-Forman's reported net sales for the nine months ended January 31,
2010 were $2.5 billion, 1% lower than the same prior year period, while
the reported net sales increased 10% for the company's fiscal third
quarter. Underlying net sales grew 1% for the first nine months of
fiscal 2010 and were up 2% in the third quarter.
Paul Varga, the company's chief executive officer stated, "We are
pleased to deliver underlying net sales growth for our third quarter and
fiscal year-to-date. During a challenging environment, we believe our
people have been resilient, our brands have remained healthy, and our
performance remains at or near the top of the industry. While the
operating environment remains both difficult and competitive, I believe
we have the portfolio, the distribution assets, the people, and the
innovation capacity to continue our top-tier underlying net sales
performance."
For the first nine months of fiscal 2010, strong underlying net sales
gains for Brown-Forman's ready-to-drink brands, as well as growth for
Gentleman Jack, Jack Daniel's, and el Jimador, were partially offset by
underlying net sales declines of Southern Comfort, Finlandia, and some
agency brands. Geographically, underlying net sales increases in
Australia, Germany, and France outpaced reductions in Poland, the U.K.,
and Russia. Total continuing portfolio depletions2 grew 3%
over the nine month period and increased 4% during the quarter. Schedule
B contains more detailed depletion and net sales information by brand.
Brown-Forman's fiscal 2010 first nine months gross profit grew 1% on a
reported basis and increased slightly on an underlying basis. For the
third quarter, gross profit grew 11% on a reported basis and 3% on an
underlying basis. Gross margins improved slightly for the nine and three
month periods when compared to the same prior year periods. Underlying
operating income outperformed underlying gross profit trends during the
first nine months of fiscal 2010 as the company benefited from lower
operating expenses. Brown-Forman increased its underlying advertising
spend during its fiscal third quarter as the company employed
investments delayed from earlier in the fiscal year. Underlying
advertising costs for the first nine months were 10% lower when compared
to the same prior year period. Brown-Forman continued to seek
efficiencies in spending and to reallocate brand investments to
activities accounted for elsewhere on the income statement, such as
packaging enhancements, promotional activity, and ready-to-drink product
expansion. The company's fiscal year-to-date underlying selling,
general, and administrative expense continued to benefit from a reduced
cost base as a result of the company's fiscal 2009 early retirement
program and reduction in workforce, and from continued tight management
of discretionary expenses along with timing-related shifts. As expected,
underlying selling, general, and administrative expenses increased
during the third quarter as the company cycled against the period where
it adjusted performance-related incentive expenses in the prior year
following the downturn in the business. During the third quarter,
Brown-Forman recorded a non-cash trademark impairment charge of $11.6
million, or $0.07 per share on Don Eduardo, a low-volume, high-priced
tequila.
Brown-Forman has maintained an industry-leading return on average
invested capital3 of nearly 17%. The company continued to
operate with a strong balance sheet supported by robust cash flows from
operations. According to a report published by Standard & Poor's in
January, Brown-Forman ranked 17th out of 158 consumer
products companies in the strength of its financial position. As of
January 31, 2010, the company's net debt was $525 million, down nearly
$200 million from a year ago. The company improved its total debt to
total capital ratio4 to 29% from its January 31, 2009 level
of 37%. During fiscal 2010, the company repurchased a combined total of
nearly $157 million Class A and Class B shares as part of program that
expired on December 3, 2009. Cash provided by operating activities for
the first nine months of fiscal 2010 was approximately $425 million, a
24% increase over the same prior year period. In January 2010,
Brown-Forman approved a regular quarterly dividend of $0.30 per share on
Class A and Class B common stock. Stockholders of record on March 8,
2010, will receive the cash dividend on April 1, 2010. Brown-Forman has
paid regular quarterly cash dividends for 64 consecutive years and
increased them for the last 26 years.
Full-Year Outlook
We have narrowed our fiscal 2010 full-year earnings outlook to $2.98 to
$3.08 per share, which incorporates the $0.07 per share non-cash
trademark impairment charge. In addition, this guidance includes
expectations of continued underlying net sales trends, current foreign
exchange spot rates, projected costs associated with route-to-consumer
enhancements, an anticipated higher effective tax rate, as well as
incremental underlying investments in both advertising and selling,
general, and administrative expenses. We remain concerned about the
impact on consumption trends from a soft on-premise channel, consumer
trading-down, and heightened competitive activity. While we anticipate
overall operating expenses to decline for fiscal year 2010, year-to-date
trends are expected to moderate as underlying investments in both
advertising and selling, general, and administrative expenses are
expected to be higher in the fourth quarter when compared to the same
prior year period.
Brown-Forman will host a conference call to discuss the results at 10:00
a.m. (EST) 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
57578645. 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.
For 140 years, Brown-Forman Corporation has enriched the experience of
life by responsibly building fine quality beverage alcohol brands,
including Jack Daniel's Tennessee Whiskey, Southern Comfort, Finlandia,
Jack Daniel's & Cola, Canadian Mist, Fetzer, Korbel, Gentleman Jack, el
Jimador, Tequila Herradura, Sonoma-Cutrer, Chambord, New Mix, Tuaca,
Woodford Reserve, and Bonterra. Brown-Forman's brands are supported by
nearly 4,000 employees and sold in approximately 135 countries
worldwide. For more information about the company, please visit http://www.brown-forman.com/.
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:
-- Prolonged or deepening global economic downturn or renewed 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; inventory fluctuations at distributors, wholesalers,
or retailers; bank failures or governmental nationalizations; etc.)
-- competitors' pricing actions (including price reductions, 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 marketing
activities
-- prolonged or deeper declines in consumer confidence or spending, whether
related to global economic conditions, wars, natural disasters, weather,
pandemics, terrorist attacks or other factors
-- changes in tax rates (including excise, sales, corporate, individual
income, dividends, capital gains) or in related reserves, 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, sell,
price, or 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 euro, British pound, Australian dollar, or Polish zloty
-- changes in consumer behavior including further reduction of bar,
restaurant, hotel and other on-premise business; shifts to discount
store purchases or shifts away from premium-priced products; other
price-sensitive consumer behavior; or further reductions in travel
-- changes in consumer preferences, societal attitudes or cultural trends
that result in reduced consumption of our products
-- distribution arrangement decisions that affect the timing of our sales,
temporarily disrupt the marketing or sale of our products, or that
result in implementation-related costs
-- 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), sales mix shift toward lower priced or lower margin skus, 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 affect 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 any assets, including receivables,
inventory, fixed assets, goodwill or other intangibles
1 Underlying change represents the percentage increase or
decrease 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) increases or decreases for the third quarter and first nine
months of fiscal 2010, 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 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.
3 Return on average invested capital is defined as the sum of
net income (excluding extraordinary items) and after-tax interest
expense, divided by average invested capital. Invested capital equals
assets less liabilities, excluding interest-bearing debt.
4 Total debt to total capital is defined as total debt
divided by the sum of total debt and stockholders' equity.
Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Three Months Ended
January 31,
2009 2010 Change
Net sales $ 784.1 $ 861.7 10 %
Excise taxes 191.7 224.3 17 %
Cost of sales 221.8 226.5 2 %
Gross profit 370.6 410.9 11 %
Advertising expenses 87.0 92.0 6 %
Selling, general, and administrative expenses 113.1 131.5 16 %
Amortization expense 1.3 1.3
Other (income) expense, net (8.0 ) 12.2
Operating income 177.2 173.9 (2 %)
Interest expense, net 8.1 7.1
Income before income taxes 169.1 166.8 (1 %)
Income taxes 45.7 58.9
Net income $ 123.4 $ 107.9 (13 %)
Earnings per share:
Basic $ 0.82 $ 0.73 (10 %)
Diluted $ 0.81 $ 0.73 (10 %)
Gross margin 47.3 % 47.7 %
Operating margin 22.6 % 20.2 %
Effective tax rate 27.0 % 35.3 %
Cash dividends paid per common share $ 0.2875 $ 0.3000
Shares (in thousands) used in the calculation
of earnings per share
Basic 150,544 146,758
Diluted 151,338 147,542
Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
(Dollars in millions, except per share amounts)
Nine Months Ended
January 31,
2009 2010 Change
Net sales $ 2,508.9 $ 2,492.5 (1 %)
Excise taxes 564.7 585.5 4 %
Cost of sales 726.1 673.0 (7 %)
Gross profit 1,218.1 1,234.0 1 %
Advertising expenses 294.1 260.2 (12 %)
Selling, general, and administrative expenses 397.2 373.7 (6 %)
Amortization expense 3.8 3.8
Other (income) expense, net (16.6 ) 4.8
Operating income 539.6 591.5 10 %
Interest expense, net 23.5 21.7
Income before income taxes 516.1 569.8 10 %
Income taxes 161.3 193.3
Net income $ 354.8 $ 376.5 6 %
Earnings per share:
Basic $ 2.35 $ 2.54 8 %
Diluted $ 2.34 $ 2.53 8 %
Gross margin 48.6 % 49.5 %
Operating margin 21.5 % 23.7 %
Effective tax rate 31.2 % 33.9 %
Cash dividends paid per common share $ 0.8315 $ 0.8750
Shares (in thousands) used in the calculation
of earnings per share
Basic 150,592 148,162
Diluted 151,600 148,880
Brown-Forman Corporation
Unaudited Condensed Consolidated Balance Sheets
(Dollars in millions)
April 30, January 31,
2009 2010
Assets:
Cash and cash equivalents $ 340.1 $ 241.7
Accounts receivable, net 367.1 454.0
Inventories 652.0 658.3
Other current assets 214.6 194.4
Total current assets 1,573.8 1,548.4
Property, plant, and equipment, net 482.8 464.2
Goodwill 675.0 677.6
Other intangible assets 686.1 672.9
Other assets 57.0 55.2
Total assets $ 3,474.7 $ 3,418.3
Liabilities:
Accounts payable and accrued expenses $ 326.4 $ 361.4
Dividends payable - 44.1
Short-term borrowings 336.6 105.3
Current portion of long-term debt 152.9 153.1
Other current liabilities 19.7 20.1
Total current liabilities 835.6 684.0
Long-term debt 509.3 508.3
Deferred income taxes 79.6 109.8
Accrued postretirement benefits 175.6 171.4
Other liabilities 58.8 63.0
Total liabilities 1,658.9 1,536.5
Stockholders' equity 1,815.8 1,881.8
Total liabilities and stockholders' equity $ 3,474.7 $ 3,418.3
Brown-Forman Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Dollars in millions)
Nine Months Ended
January 31,
2009 2010
Cash provided by operating activities $ 342.9 $ 424.5
Cash flows from investing activities:
Sale of brand names and trademarks 16.8 -
Additions to property, plant, and equipment (37.1 ) (17.2 )
Other (2.5 ) (2.2 )
Cash used for investing activities (22.8 ) (19.4 )
Cash flows from financing activities:
Net issuance (repayment) of debt 66.5 (233.0 )
Acquisition of treasury stock (22.8 ) (157.5 )
Dividends paid (125.6 ) (129.8 )
Other (3.1 ) (0.8 )
Cash used for financing activities (85.0 ) (521.1 )
Effect of exchange rate changes on cash and cash (19.3 ) 17.6
equivalents
Net increase (decrease) in cash and cash equivalents 215.8 (98.4 )
Cash and cash equivalents, beginning of period 118.9 340.1
Cash and cash equivalents, end of period $ 334.7 $ 241.7
These figures have been prepared in accordance with
the company's customary accounting practices.
Schedule A
Brown-Forman Corporation
Supplemental Information (Unaudited)
Three Months Ended Nine Months Ended
January 31, 2010 January 31, 2010
Reported change in net sales 10 % (1 %)
Foreign currencies (5 %) 1 %
Estimated net change in trade (4 %) -
inventories
Excise tax increases (1 %) (1 %)
Discontinued brands 2 % 2 %
Underlying change in net sales 2 % 1 %
Reported change in gross profit 11 % 1 %
Estimated net change in trade (5 %) -
inventories
Foreign currencies (3 %) -
Non-cash agave charge (FY2009) - (2 %)
Discontinued brands - 1 %
Underlying change in gross profit 3 % 0 %
Reported change in advertising 6 % (12 %)
Foreign currencies (5 %) 1 %
Discontinued brands 1 % 1 %
Underlying change in advertising 2 % (10 %)
Reported change in SG&A 16 % (6 %)
Foreign currencies (4 %) 1 %
Discontinued brands 1 % -
Underlying change in SG&A 13 % (5 %)
Reported change in operating income (2 %) 10 %
Estimated net change in trade (11 %) -
inventories
Foreign currencies (9 %) (2 %)
Non-cash agave charge (FY2009) - (5 %)
Impairment charge 7 % 2 %
Discontinued brands 13 % 5 %
Underlying change in operating income (2 %) 10 %
Notes:
Excise tax increases - Refers to the impact of the additional revenues
related to excise tax increases implemented during the period, primarily
in Australia, Poland, and the U.K. 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.
Discontinued brands - Refers both to the company's December 2008 sale of
its Bolla and Fontana Candida Italian wine brands to Gruppo Italiano
Vini (GIV) and to the impact of certain agency brands distributed in
various geographies that exited Brown-Forman's portfolio during the
comparable fiscal year. We believe that excluding the prior incremental
net contribution from these brands, as well as the net gain on the sale
of the Italian wine brands, provides helpful information in forecasting
and planning the growth expectations of the company.
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 (FY2009) - 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 $22.4 million pre-tax non-cash charge allows for a better
understanding of profit trends.
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.
Impairment charge - Refers to a non-cash charge related to a trademark
impairment of Don Eduardo, a low-volume, high-priced tequila brand. We
believe excluding this $11.6 million pre-tax non-cash charge allows for
a better understanding of profit trends.
The company cautions that non-GAAP measures should be considered in
addition to, but not as a substitute for, the company's reported GAAP
results.
Schedule B
Brown-Forman Corporation
Supplemental Information (Unaudited)
Nine Months Ended January 31, 2010
% Change vs. YTD FY2009
Depletions Net Sales
Brand 9-Liter Reported Constant Currency5
Jack Daniel's Family of Brands 12% 7% 6%
Jack Daniel's Family of Whiskey 1% 3% 2%
Brands6
Jack Daniel's RTD7 45% 51% 43%
Finlandia (3%) (16%) (9%)
Southern Comfort Family of Brands (2%) (1%) (4%)
Southern Comfort (7%) (4%) (7%)
Southern Comfort RTD/RTP8 36% 59% 50%
Fetzer Valley Oaks (5%) (4%) (4%)
Canadian Mist (1%) 2% 2%
Korbel Champagne 1% 6% 6%
el Jimador 6% (1%) 8%
New Mix RTD9 (4%) (16%) (1%)
Super-Premium Other10 0% (0%) 2%
Rest of Brand Portfolio (11%) (14%) (7%)
(excluding Discontinued Brands)
Total Continuing Brands11 3% 1% 2%
5 Constant currency represents reported net sales with the
effects of fluctuating foreign exchange rates 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.
6 Includes Jack Daniel's Tennessee Whiskey, Gentleman Jack,
and Jack Daniel's Single Barrel
7 Refers to all ready-to-drink line extensions of Jack
Daniel's such as Jack Daniel's & Cola, Jack Daniel's & Ginger, and Jack
Daniel's Country Cocktails
8 Refers to all ready-to-drink and ready-to-pour line
extensions of Southern Comfort including Southern Comfort & Cola,
Southern Comfort Lime & Lemonade, Southern Comfort Hurricane, and
Southern Comfort Sweet Tea
9 Ready-to-drink brand produced with el Jimador tequila.
10 Includes Bonterra, Chambord, Herradura, Sonoma-Cutrer,
Tuaca, and Woodford Reserve
11 Total continuing brand reported net sales can be
calculated using data supplied on Schedule A by adding the discontinued
brand adjustment to the reported change in net sales. Calculating
constant currency net sales requires the addition of the foreign
currencies adjustment. The numbers may differ due to rounding.
Additional Commentary:
-- For most of the company's individual brands, price/mix was positive
during the nine month period. During the fiscal third quarter, portfolio
price/mix was positive as continuing brand portfolio depletions were up
4%, reported net sales increased 12%, and constant currency net sales
grew 7%.
Schedule B Continued
Brown-Forman Corporation
Supplemental Information (Unaudited)
Nine Months Ended January 31, 2010
Additional Commentary Continued:
-- For the Jack Daniel's Family of Whiskey Brands, fiscal 2010 first nine
months depletion gains in Australia, France, Germany, Mexico, and Poland
outpaced declines in South Africa, the travel retail channel, Peru, and
the United Arab Emirates. For the third quarter, depletions for the Jack
Daniel's Family of Whiskey Brands increased in the mid-single digits as
we estimate that trade inventory returned to more normalized levels.
Depletion gains in the U.S., Germany, France, and Mexico more than
offset declines in Italy, the U.K., and South Korea during the quarter.
-- International depletions for Jack Daniel's Tennessee Whiskey grew 8% in
the third quarter and 2% for the first nine months of fiscal 2010. U.S.
depletions for the brand grew 1% for the three month period and were
flat for the nine month period.
-- Gentleman Jack's and Jack Daniel's Single Barrel's depletions, reported
net sales, and constant currency net sales grew at double-digit rates
during the three and nine month periods.
-- Jack Daniel's RTDs registered significant double-digit growth in net
sales on both a reported and constant currency basis as the brand has
benefitted from strong volumetric gains in Germany as well as the
geographic expansion into the U.K., Mexico, Italy, and a number of other
markets. In Australia, Jack Daniel's & Cola registered double-digit
growth in both reported and constant currency net sales due in part to
depressed results in the first six months of last year that followed the
April 2008 unexpected increase of the ready-to-drink tax in the country.
-- Finlandia's performance was affected by a downturn in the Poland market
for vodka related to unfavorable weather conditions, a very difficult
on-premise environment, and cycling against a buy-in prior to a fiscal
2009 price increase.
-- Southern Comfort RTD/RTP brands continued to perform well as consumers
continued to respond favorably to pre-mixed versions of cocktails for
off-premise consumption. Southern Comfort liqueur depletions declines
continued as the on-premise channel remained weak globally.
-- el Jimador's growth continued due to strong double-digit depletion gains
in the U.S., outperformance of the tequila category in Mexico, and
expansion into international markets.
-- New Mix continued to stabilize after the brand was affected by the H1N1
flu scare in Mexico City during the company's fiscal first quarter.
During the third quarter, the brand reported and constant currency net
sales grew in the low single digits.
-- Most of the company's super-premium brands delivered strong growth
during the third quarter, bringing the nine month depletion and reported
net sales comparisons to flat and constant currency net sales into
positive territory. Woodford Reserve, Bonterra, Chambord, and
Sonoma-Cutrer grew reported and constant currency net sales in the
double-digits and Herradura grew reported and constant currency net
sales in the mid-single digits during the quarter.
-- A decline in agency brand volume following price increases was the
primary driver of the declines in the rest of the portfolio.
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