Delaware | 62-1612879 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
100 North Point Center East, Suite 600 Alpharetta, Georgia | 30022 |
(Address of principal executive offices) | (Zip code) |
Item 2.02 | Results of Operations and Financial Condition |
99.1 | Press Release, dated February 11, 2015, of Schweitzer-Mauduit International, Inc., announcing earnings for the quarter ended December 31, 2014. |
99.1 | Press Release, dated February 11, 2015, of Schweitzer-Mauduit International, Inc., announcing earnings for the quarter ended December 31, 2014. |
• | Fourth quarter Net Sales of $181.7 million decreased 7.5% versus the prior year quarter; absent the impacts of the recent Euro decline and a business interruption in France, the Company believes fourth quarter Net Sales would have been approximately flat with the prior year period. Full year 2014 Net Sales increased 2.8% to $794.3 million compared to 2013 |
• | Fourth quarter Net Income from Continuing Operations was $18.4 million, up from a loss of $11.2 million in the prior year quarter, and $89.7 million for full year 2014, versus $78.5 million in 2013; fourth quarter Adjusted Net Income from Continuing Operations (see non-GAAP reconciliations) was $23.3 million, down from $28.5 million in the prior year quarter, and $105.9 million for full year 2014, down from $120.2 million in 2013 |
• | Fourth quarter Net Income from Continuing Operations per Diluted Share was $0.61 versus a loss of $0.35 in the prior year quarter, and $2.93 for full year 2014, up from $2.49 in 2013; fourth quarter Adjusted Diluted Earnings Per Share from Continuing Operations (see non-GAAP reconciliations) was $0.77, versus $0.91 in the prior year quarter, and $3.46 in 2014, versus $3.82 in 2013 |
• | 2014 Operating Cash Flow from Continuing Operations was $166.4 million in 2014, versus $175.8 million in 2013; Free Cash Flow from Continuing Operations (see non-GAAP reconciliations) was $130.3 million in 2014, versus $146.2 million in 2013 |
• | Paper segment sales volumes increased 3.4% versus the prior year quarter, driven by continued strong double-digit growth in non-tobacco products and essentially flat tobacco paper sales volumes with segment revenues impacted by unfavorable product mix; Paper segment sales volumes for the full year decreased 0.9% |
• | Lower Ignition Propensity, or LIP, cigarette paper sales volumes (included in the Paper segment) decreased 4.7% versus the prior year quarter and full year; the full year decrease includes the impact of a customer inventory rebuild in 2013 due to Hurricane Sandy |
• | Reconstituted Tobacco segment sales volumes decreased 34.7% versus the prior year quarter, driven in part by a short-term business interruption in France due to a labor dispute which was resolved prior to year end, continued customer inventory corrections, and smoking attrition; full year Reconstituted Tobacco segment sales volumes decreased 28.2%, but 2015 segment sales volumes are expected to grow slightly |
• | Two strategic acquisitions in the Filtration segment were closed in December 2014 and are expected to contribute more than $35 million of Net Sales and $0.08 to $0.10 of Adjusted Diluted Earnings Per Share from Continuing Operations in 2015 |
• | CTS mill in China is now operational; volumes expected to ramp up during 2015 |
• | Continued efforts to right size capacity and reduce operating costs, including management structure consolidation |
• | Initiated LIP patent infringement litigation in Germany against a competitor |
• | Established the Advanced Fibers and Materials group to focus on accelerating diversification efforts within our non-tobacco paper business |
• | 2015 Adjusted Diluted EPS from Continuing Operations guidance of $3.50, up slightly from 2014 |
• | Changes in sales or production volumes, pricing or manufacturing costs of reconstituted tobacco products, cigarette paper (including for lower ignition propensity cigarettes), filtration-related products due to changing customer demands, inventory adjustments or rebalancings, new technologies such as e-cigarettes, competition or otherwise; |
• | Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company’s understanding of, and entry into, new industries and technologies; |
• | Changes in the source and intensity of competition in our market segments; |
• | Our ability to attract and retain key personnel, due to our prior restructuring actions, the tobacco industry in which we operate or otherwise; |
• | Weather conditions, including potential impacts, if any, from climate change, known and unknown, seasonal factors, that affect the demand for virgin tobacco leaf and natural disasters or unusual weather events; |
• | Increases in commodity prices and lack of availability of such commodities, including energy, wood pulp and resins could impact the profitability of our products; |
• | Increases in operating costs due to inflation or otherwise, such as labor expense, compensation and benefits costs, including costs related to the comprehensive health care reform law enacted in 2010; |
• | Employee retention and labor shortages; |
• | Changes in employment, wage and hour laws and regulations in the U.S. and France, including loi de Securisation de l'emploi, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws; |
• | Regulatory or enforcement initiatives by regulatory agencies, including the U.S. Food and Drug Administration relating to regulation of cigars and cigar components or otherwise; |
• | New reports as to the effect of smoking on human health; |
• | Changes in general economic, financial and credit conditions in the U.S., Europe and elsewhere, including the impact thereof on currency (including any weakening of the euro) and interest rates; |
• | The success of, and costs associated with, current or future restructuring initiatives, including the granting of any needed governmental approvals and the occurrence of work stoppages or other labor disruptions; |
• | Changes in the discount rates, revenue growth, cash flow growth rates or other assumptions used by the Company in its assessment for impairment of assets and adverse economic conditions or other factors that would result in significant impairment charges; |
• | The failure of one or more material suppliers, including energy, resin and pulp suppliers, to supply materials as needed to maintain our product plans and cost structure; |
• | International conflicts and disputes (including in Russia and Ukraine) and their impact on our sales and the adoption of new LIP regulations; |
• | The pace and extent of further international adoption of Low Ignition Propensity cigarette standards and the nature of standards so adopted; |
• | Risks associated with our 50%-owned, non-U.S. joint ventures relating to control and decision-making, compliance, transparency and customer relations, among others; |
• | A failure in our risk management and currency or interest rate swaps and hedging programs, including the failure of any insurance company or counterparty; |
• | The number, type, outcomes (by judgment or settlement) and costs of legal, tax, regulatory or administrative proceedings and/or amnesty programs, including those in Brazil; |
• | The outcome of the LIP intellectual property litigation and European Patent Office opposition proceedings; |
• | Labor activities, including strikes or other disruptions, at our facilities and the impact of new regulations or changes in existing regulations and procedures by the National Labor Relations Board or other U.S. and non-U.S. authorities; |
• | Risks associated with acquisitions or other strategic transactions, including acquired liabilities and restrictions, retention of customers from businesses acquired, achieving any expected results or synergies from acquired businesses, compliance with new regulatory frameworks, difficulties in integrating acquired businesses or implementing strategic transactions generally and risks associated with international acquisition transactions, including in countries where we do not have a material presence; |
• | Risks associated with dispositions, including post-closing claims being made against us, disruption to our other businesses during a sale process or thereafter, credit risks associated with any buyer of such disposed assets and our ability to collect funds due from any such buyer; |
• | Risks associated with our global asset realignment initiatives, including changes in law, treaties, interpretations or regulatory determinations; audits made by applicable regulatory authorities and our external auditor; and our ability to operate our business in a manner consistent with the regulatory requirements for such realignment; |
• | Increased taxation on tobacco-related products; |
• | Costs and timing of implementation of any upgrades to our information technology systems; |
• | Failure by us to comply with any privacy or data security laws or to protect against theft of customer, employee and corporate sensitive information; and |
• | Other factors described in this document and from time to time in documents that we file with the SEC. |
Three Months Ended December 31, | ||||||||||
2014 | 2013 | % Change | ||||||||
Net Sales | $ | 181.7 | $ | 196.5 | (7.5 | )% | ||||
Cost of products sold | 132.6 | 134.6 | (1.5 | ) | ||||||
Gross Profit | 49.1 | 61.9 | (20.7 | ) | ||||||
Selling expense | 5.5 | 5.7 | (3.5 | ) | ||||||
Research expense | 3.8 | 4.2 | (9.5 | ) | ||||||
General expense | 16.0 | 14.3 | 11.9 | |||||||
Total nonmanufacturing expenses | 25.3 | 24.2 | 4.5 | |||||||
Restructuring and impairment expense | 6.5 | 38.4 | (83.1 | ) | ||||||
Operating (Loss) Profit | 17.3 | (0.7 | ) | N.M. | ||||||
Interest expense | 1.8 | 0.9 | N.M. | |||||||
Other income, net | 3.0 | 2.7 | 11.1 | |||||||
Income from Continuing Operations before Income Taxes and Income from Equity Affiliates | 18.5 | 1.1 | N.M. | |||||||
Provision for income taxes | 1.9 | 13.0 | (85.4 | ) | ||||||
Income from equity affiliates | 1.8 | 0.7 | N.M. | |||||||
Income (Loss) from Continuing Operations | 18.4 | (11.2 | ) | N.M. | ||||||
Income from Discontinued Operations | 0.1 | 1.5 | (93.3 | ) | ||||||
Net Income (Loss) | $ | 18.5 | $ | (9.7 | ) | N.M. | ||||
Net Income (Loss) per Share - Basic: | ||||||||||
Income (Loss) per share from continuing operations | $ | 0.61 | $ | (0.35 | ) | N.M. | ||||
Income per share from discontinued operations | — | 0.04 | N.M. | |||||||
Net income (loss) per share – basic | $ | 0.61 | $ | (0.31 | ) | N.M. | ||||
Net Income (Loss) per Share – Diluted: | ||||||||||
Income (Loss) per share from continuing operations | $ | 0.61 | $ | (0.35 | ) | N.M. | ||||
Income per share from discontinued operations | — | 0.05 | N.M. | |||||||
Net income (loss) per share – diluted | $ | 0.61 | $ | (0.30 | ) | N.M. | ||||
Cash Dividends Declared Per Share | $ | 0.38 | $ | 0.36 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic | 30,099,200 | 31,099,500 | ||||||||
Diluted | 30,219,500 | 31,312,900 |
Year Ended December 31, | ||||||||||
2014 | 2013 | % Change | ||||||||
Net Sales | $ | 794.3 | $ | 772.8 | 2.8 | % | ||||
Cost of products sold | 575.5 | 520.1 | 10.7 | |||||||
Gross Profit | 218.8 | 252.7 | (13.4 | ) | ||||||
Selling expense | 22.0 | 20.9 | 5.3 | |||||||
Research expense | 15.7 | 15.3 | 2.6 | |||||||
General expense | 61.9 | 50.3 | 23.1 | |||||||
Total nonmanufacturing expenses | 99.6 | 86.5 | 15.1 | |||||||
Restructuring and impairment expense | 13.1 | 41.3 | (68.3 | ) | ||||||
Operating Profit | 106.1 | 124.9 | (15.1 | ) | ||||||
Interest expense | 7.2 | 2.9 | N.M. | |||||||
Other income, net | 9.3 | 5.7 | 63.2 | |||||||
Income from Continuing Operations before Income Taxes and Income from Equity Affiliates | 108.2 | 127.7 | (15.3 | ) | ||||||
Provision for income taxes | 20.5 | 53.0 | (61.3 | ) | ||||||
Income from equity affiliates | 2.0 | 3.8 | (47.4 | ) | ||||||
Income from Continuing Operations | 89.7 | 78.5 | 14.3 | |||||||
Loss from Discontinued Operations | — | (2.4 | ) | N.M. | ||||||
Net Income | $ | 89.7 | $ | 76.1 | 17.9 | % | ||||
Net Income (Loss) per Share - Basic: | ||||||||||
Income per share from continuing operations | $ | 2.94 | $ | 2.51 | 17.1 | % | ||||
Loss per share from discontinued operations | — | (0.08 | ) | N.M. | ||||||
Net income per share – basic | $ | 2.94 | $ | 2.43 | 21.0 | % | ||||
Net Income (Loss) per Share – Diluted: | ||||||||||
Income per share from continuing operations | $ | 2.93 | $ | 2.49 | 17.7 | % | ||||
Loss per share from discontinued operations | — | (0.07 | ) | N.M. | ||||||
Net income per share – diluted | $ | 2.93 | $ | 2.42 | 21.1 | % | ||||
Cash Dividends Declared Per Share | $ | 1.46 | $ | 1.26 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic | 30,238,000 | 31,056,700 | ||||||||
Diluted | 30,356,500 | 31,238,300 |
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 290.3 | $ | 272.0 | |||
Accounts receivable | 93.9 | 107.6 | |||||
Inventories | 108.4 | 132.8 | |||||
Other current assets | 26.8 | 24.7 | |||||
Property, plant and equipment, net | 362.0 | 393.2 | |||||
Goodwill | 125.5 | 121.1 | |||||
Other noncurrent assets | 179.7 | 175.4 | |||||
Total Assets | $ | 1,186.6 | $ | 1,226.8 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current debt | $ | 2.9 | $ | 4.2 | |||
Other current liabilities | 120.6 | 142.1 | |||||
Long-term debt | 437.2 | 381.2 | |||||
Pension and other postretirement benefits | 34.1 | 28.7 | |||||
Deferred income tax liabilities | 71.4 | 80.9 | |||||
Other noncurrent liabilities | 31.4 | 28.3 | |||||
Stockholders’ equity | 489.0 | 561.4 | |||||
Total Liabilities and Stockholders’ Equity | $ | 1,186.6 | $ | 1,226.8 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Net income | $ | 89.7 | $ | 76.1 | |||
Less: Loss from discontinued operations | — | (2.4 | ) | ||||
Income from continuing operations | 89.7 | 78.5 | |||||
Depreciation and amortization | 45.1 | 37.3 | |||||
Impairment | — | 37.2 | |||||
Deferred income tax provision | 2.9 | 17.3 | |||||
Pension and other postretirement benefits | 1.2 | 1.1 | |||||
Stock-based compensation | 5.9 | 3.2 | |||||
Income from equity affiliate | (2.0 | ) | (3.8 | ) | |||
Excess tax benefits of stock-based awards | (0.6 | ) | (0.5 | ) | |||
Cash dividends received from equity affiliates | 4.4 | 3.7 | |||||
Other items | 0.8 | 1.0 | |||||
Net changes in operating working capital | 19.0 | 0.8 | |||||
Net cash provided (used) by operating activities of: | |||||||
Continuing operations | 166.4 | 175.8 | |||||
Discontinued operations | (0.5 | ) | 2.3 | ||||
Cash Provided by Operations | 165.9 | 178.1 | |||||
Capital spending | (35.1 | ) | (29.1 | ) | |||
Capitalized software costs | (1.0 | ) | (0.5 | ) | |||
Investment in equity affiliates | (8.8 | ) | — | ||||
Acquisitions, net of cash | (32.6 | ) | (229.7 | ) | |||
Other investing | 3.0 | 5.6 | |||||
Cash Used for Investing | (74.5 | ) | (253.7 | ) | |||
Cash dividends paid to SWM stockholders | (44.5 | ) | (39.5 | ) | |||
Changes in short-term debt | (0.4 | ) | — | ||||
Proceeds from issuances of long-term debt | 228.3 | 455.6 | |||||
Payments on long-term debt | (170.6 | ) | (228.1 | ) | |||
Purchases of treasury stock | (52.5 | ) | (1.7 | ) | |||
Proceeds from exercise of stock options | — | 0.5 | |||||
Excess tax benefits of stock-based awards | 0.6 | 0.5 | |||||
Cash Provided by (Used in) Financing | (39.1 | ) | 187.3 | ||||
Effect of Exchange Rate Changes on Cash | (34.0 | ) | 9.1 | ||||
Increase in Cash and Cash Equivalents | $ | 18.3 | $ | 120.8 |
Net Sales | |||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||
Paper | $ | 111.7 | $ | 130.3 | (14.3 | )% | $ | 496.3 | $ | 543.4 | (8.7 | )% | |||||||||
Reconstituted Tobacco | 39.7 | 62.0 | (36.0 | ) | 170.6 | 225.2 | (24.2 | ) | |||||||||||||
Filtration | 30.3 | 4.2 | N.M. | 127.4 | 4.2 | N.M. | |||||||||||||||
Total Consolidated | $ | 181.7 | $ | 196.5 | (7.5 | )% | $ | 794.3 | $ | 772.8 | 2.8 | % |
Operating Profit (Loss) | |||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
Return on Net Sales | Return on Net Sales | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Paper | $ | 14.4 | $ | 22.5 | 12.9 | % | 17.3 | % | $ | 74.5 | $ | 102.5 | 15.0 | % | 18.9 | % | |||||||||||
Reconstituted Tobacco | 11.0 | (15.7 | ) | 27.7 | (25.3 | ) | 50.0 | 46.4 | 29.3 | 20.6 | |||||||||||||||||
Filtration | 2.3 | (1.1 | ) | 7.6 | N.M. | 10.2 | (1.1 | ) | 8.0 | N.M. | |||||||||||||||||
Unallocated | (10.4 | ) | (6.4 | ) | (28.6 | ) | (22.9 | ) | |||||||||||||||||||
Total Consolidated | $ | 17.3 | $ | (0.7 | ) | 9.5 | % | (0.4 | )% | $ | 106.1 | $ | 124.9 | 13.4 | % | 16.2 | % |
Restructuring Expenses and Purchase Accounting and Accelerated Depreciation Adjustments | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Paper | $ | 3.2 | $ | 0.7 | $ | 5.7 | $ | 2.4 | |||||||
Reconstituted Tobacco | 2.7 | 37.7 | 6.8 | 38.6 | |||||||||||
Filtration | 1.1 | 1.1 | 6.8 | 1.1 | |||||||||||
Unallocated | 1.4 | — | 1.4 | 0.3 | |||||||||||
Total Consolidated | $ | 8.4 | $ | 39.5 | $ | 20.7 | $ | 42.4 |
Adjusted Operating Profit (Loss) from Continuing Operations* | |||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
Return on Net Sales | Return on Net Sales | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Paper | $ | 17.6 | $ | 23.2 | 15.8 | % | 17.8 | % | $ | 80.2 | $ | 104.9 | 16.2 | % | 19.3 | % | |||||||||||
Reconstituted Tobacco | 13.7 | 22.0 | 34.5 | 35.5 | 56.8 | 85.0 | 33.3 | 37.7 | |||||||||||||||||||
Filtration | 3.4 | — | 11.2 | N.A. | 17.0 | — | 13.3 | N.A. | |||||||||||||||||||
Unallocated | (9.0 | ) | (6.4 | ) | (27.2 | ) | (22.6 | ) | |||||||||||||||||||
Total Consolidated | $ | 25.7 | $ | 38.8 | 14.1 | % | 19.7 | % | $ | 126.8 | $ | 167.3 | 16.0 | % | 21.6 | % |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating profit (loss) from continuing operations | $ | 17.3 | $ | (0.7 | ) | $ | 106.1 | $ | 124.9 | ||||||
Plus: Restructuring expense | 6.5 | 38.4 | 13.1 | 41.3 | |||||||||||
Plus: Purchase accounting adjustments | 0.7 | 1.1 | 6.4 | 1.1 | |||||||||||
Plus: Brazilian accelerated depreciation | 1.2 | — | 1.2 | — | |||||||||||
Adjusted Operating Profit from Continuing Operations | $ | 25.7 | $ | 38.8 | $ | 126.8 | $ | 167.3 | |||||||
Net income (loss) from continuing operations | $ | 18.4 | $ | (11.2 | ) | $ | 89.7 | $ | 78.5 | ||||||
Plus: Restructuring expense, net of tax | 4.2 | 37.9 | 8.8 | 39.9 | |||||||||||
Plus: Purchase accounting adjustments, net of tax | 0.5 | 0.7 | 4.1 | 0.7 | |||||||||||
Plus: CTS start-up expenses | (1.0 | ) | — | 2.1 | — | ||||||||||
Plus: Brazilian accelerated depreciation | 1.2 | — | 1.2 | — | |||||||||||
Plus: Income tax valuation allowance | — | 1.1 | — | 1.1 | |||||||||||
Adjusted Net Income from Continuing Operations | $ | 23.3 | $ | 28.5 | $ | 105.9 | $ | 120.2 | |||||||
Net income (loss) per share - diluted | $ | 0.61 | $ | (0.30 | ) | $ | 2.93 | $ | 2.42 | ||||||
Plus: (Loss) Income per share from discontinued operations | — | (0.05 | ) | — | 0.07 | ||||||||||
Income (Loss) from continuing operations per diluted share | 0.61 | (0.35 | ) | 2.93 | 2.49 | ||||||||||
Plus: Restructuring expense per share | 0.14 | 1.21 | 0.29 | 1.28 | |||||||||||
Plus: Purchase accounting adjustments per share | 0.01 | 0.02 | 0.13 | 0.02 | |||||||||||
Plus: CTS start-up expenses per share | (0.03 | ) | — | 0.07 | — | ||||||||||
Plus: Brazilian accelerated depreciation | 0.04 | — | 0.04 | — | |||||||||||
Plus: Income tax valuation allowance per share | — | 0.03 | — | 0.03 | |||||||||||
Adjusted Diluted Earnings Per Share from Continuing Operations | $ | 0.77 | $ | 0.91 | $ | 3.46 | $ | 3.82 | |||||||
Net income (loss) from continuing operations | $ | 18.4 | $ | (11.2 | ) | $ | 89.7 | $ | 78.5 | ||||||
Plus: Interest expense | 1.8 | 0.9 | 7.2 | 2.9 | |||||||||||
Plus: Income tax provision | 1.9 | 13.0 | 20.5 | 53.0 | |||||||||||
Plus: Depreciation & amortization | 10.2 | 10.3 | 45.1 | 37.3 | |||||||||||
Plus: Restructuring expense | 6.5 | 38.4 | 13.1 | 41.3 | |||||||||||
Plus: CTS start-up expenses | (1.0 | ) | — | 2.1 | — | ||||||||||
Plus: Brazilian accelerated depreciation | 1.2 | — | 1.2 | — | |||||||||||
Adjusted EBITDA from Continuing Operations | $ | 39.0 | $ | 51.4 | $ | 178.9 | $ | 213.0 | |||||||
Cash provided by operating activities of continuing operations | $ | 75.3 | $ | 54.6 | $ | 166.4 | $ | 175.8 | |||||||
Less: Capital spending | (8.9 | ) | (8.9 | ) | (35.1 | ) | (29.1 | ) | |||||||
Less: Capitalized software costs | (0.5 | ) | (0.1 | ) | (1.0 | ) | (0.5 | ) | |||||||
Free Cash Flow from Continuing Operations | $ | 65.9 | $ | 45.6 | $ | 130.3 | $ | 146.2 | |||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Total Debt | $ | 440.1 | $ | 385.4 | |||||||||||
Less: Cash | 290.3 | 272.0 | |||||||||||||
Net Debt | $ | 149.8 | $ | 113.4 | |||||||||||
2015 GUIDANCE FROM CONTINUING OPERATIONS | |||
2015E | |||
2015E Diluted Earnings Per Share from Continuing Operations | $ | 3.17 | |
Plus: Restructuring expense per share | 0.23 | ||
Plus: Purchase accounting intangible asset amortization per share | 0.09 | ||
Plus: Purchase accounting inventory step-up amortization per share | 0.01 | ||
2015E Adjusted Diluted Earnings Per Share from Continuing Operations | $ | 3.50 |
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