EX-99 2 ex99earnings2q05.txt SECOND QUARTER EARNINGS RELEASE PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750 www.peoplesbancorp.com NEWS RELEASE FOR IMMEDIATE RELEASE Contact:John W. Conlon --------------------- Chief Financial Officer July 26, 2005 (740) 373-3155 PEOPLES BANCORP INC. REPORTS INCREASED SECOND QUARTER EARNINGS --------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. ("Peoples")(NASDAQ: PEBO) announced today second quarter 2005 net income of $5,299,000, up 5% compared to $5,053,000 earned in the second quarter a year ago. Diluted earnings per share were $0.50, up 6% from $0.47 in 2004's second quarter. Higher net interest income and non-interest income and lower provision for loan losses were the primary reasons for Peoples' improved second quarter earnings. For the six months ended June 30, 2005, net income totaled $9,991,000, or $0.95 per diluted share, versus $10,419,000, or $0.97 per diluted share, for the same period in 2004. Peoples' lower earnings for the first six months resulted from reduced levels of net interest income and higher non-interest expense, which offset increases in net revenues generated by acquisitions completed during 2004. "We are pleased to report improved second quarter earnings performance," commented Mark F. Bradley, President and CEO. "Net interest income and margin are showing slow signs of improvement, although we are still challenged by the flattening yield curve. Our new loan production was strong, more than offsetting loan payoffs, and credit quality trends remain favorable at this time." For the quarter ended June 30, 2005, net interest income totaled $12,916,000, up 2% from $12,697,000 a year ago. This improvement was largely attributable to an increase in the volume of earning assets which exceeded the volume increase in interest-bearing liabilities. The increase in earning assets was driven by a $104 million increase in average loans over the same period last year. However, increases in short-term interest rates without comparable increases in long-term rates contributed to the compression of net interest margin to 3.32% in the second quarter of 2005 from 3.39% a year ago. Compared to the first quarter of 2005, both net interest income and margin improved in the second quarter, primarily the result of improved asset yields and changes in the mix of funding sources due to an increase in both lower-cost and non-interest-bearing deposits. Through six months in 2005, net interest income was $25,628,000 and net interest margin was 3.29%, compared to $26,245,000 and 3.48%, respectively, for the first six months of 2004. "The flattening yield curve continues to challenge net interest income and margin, especially since our funding sources have a different sensitivity to the short end of the interest rate curve than our earning assets," said Jack Conlon, Chief Financial Officer. "Traditionally, deposit rates tend to lag increases in short-term rates resulting in some improvement in net interest margin. Additionally, intense competition for loans and deposits in many of our markets puts significant pressure on both sides of the balance sheet and has tempered margin improvement. However, we are pleased with the 5 basis point increase in the second quarter compared to the linked quarter. With the possibility of additional rate increases in 2005, we are working to maintain a slightly asset sensitive risk position, which should benefit future earnings in an upward interest rate environment." The provision for loan losses was $40,000 in the second quarter of 2005, compared to $616,000 a year ago, and $941,000 in the first quarter of 2005. The lower provision was based on management's quarterly evaluation of loss factors and is reflective of Peoples' recent loss experience and recoveries of previously charged-off loans during the second quarter. As previously reported, the first quarter 2005 provision included $500,000 for a group of loans comprising a $2.7 million commercial relationship that management determined was impaired. This level of provision was based on management's initial evaluation of the financial condition of the borrowers and value of the collateral when the impairment was discovered in late April 2005. As part of management's ongoing loan review process, the loans in this relationship were charged-down $518,000 in the second quarter. Net chargeoffs were down 26% in the second quarter of 2005 compared to a year ago, due to increased recoveries of previously charged-off loans. Commercial loans comprised the largest portion of net charge-offs in both periods, totaling $201,000 and $475,000 in the second quarters of 2005 and 2004, respectively. At June 30, 2005, the allowance for loan losses was $14.7 million, or 1.42% of loans, compared to $14.8 million, or 1.44% of loans, at year-end 2004. "We continue to experience higher recoveries of previously charged-off loans during the second quarter as compared to average recovery levels in 2004, resulting in a significantly lower provision," commented Bradley. "Excluding net charge-offs relating to the Overdraft Privilege program and the impaired commercial loan relationship that was provided for in the first quarter, second quarter recoveries exceeded charge-offs by $159,000. Loan delinquencies are lower and we continue our collection efforts to minimize losses, although we could experience a slightly higher loan loss provision in the third quarter compared to the second quarter if net charge-offs return to more historic levels." Non-interest income, excluding net gains on securities and other assets, grew 15% to $7,202,000 for the quarter ended June 30, 2005, and 29% to $14,329,000 for the first six months of 2005 compared to the same periods year ago. Enhanced insurance commissions from last year's two insurance agency acquisitions accounted for nearly all of these increases. Non-interest income was up slightly compared to the first quarter of 2005, as increases from several of Peoples' major revenue sources were offset by lower insurance commissions attributable to contingency income from insurance operations of $481,000 recognized in the first quarter. Deposit account service charges were the largest source of Peoples' non-interest revenue, totaling $2,472,000 and $2,459,000 for the three months ended June 30, 2005 and 2004, respectively. Insurance and investment commissions were $2,266,000 in the second quarter of 2005 versus $1,428,000 a year ago. On a year-to-date basis, insurance and investment commissions totaled $4,920,000 through June 30, 2005, compared to $1,727,000 for the same period in 2004. Acquisitions were key drivers of these improvements in insurance and investment commissions. In the second quarter of 2005, Peoples continued to experience strong e-banking revenues, primarily ATM and debit card fees, resulting from higher debit card activity and additional cards issued, with revenues increasing 18% from last year's second quarter and 21% on a year-to-date basis through June 30. In the second quarter of 2005, non-interest expense was $12.9 million versus $11.5 million in 2004's second quarter. Operating costs attributable to the insurance agencies acquired in 2004 comprised 73% of this increase. Higher salaries and benefits and professional fees also contributed to the increase. Second quarter 2005 non-interest expense was up only 1% compared to the first quarter of 2005. Salaries and benefits remain Peoples' largest operating expense, totaling $6.7 million and $5.8 million for the second quarters of 2005 and 2004, respectively. The timing of the insurance agency acquisitions during the second quarter of 2004 accounted for 58% of the $839,000 increase in salaries and benefits, while higher performance based incentive compensation costs were also a substantial factor. Compared to the first quarter of 2005, total salaries and benefits were essentially unchanged. Professional fees were up 34% in the second quarter of 2005 compared to a year ago, but down 17% from the prior quarter. The increase in professional fees from a year ago reflects higher exam and audit fees associated with the new regulatory reporting environment under Sarbanes-Oxley. Other non-interest expenses in the second quarter of 2005 included $176,000 for the Director Retirement Plan for the benefit of former Chairman Robert E. Evans' spouse as beneficiary (included in salaries and benefits) and a $100,000 donation to establish the Robert E. Evans Education Fund (included in marketing expense). During the second quarter, portfolio loans increased $21.1 million to $1.03 billion at June 30, 2005, due primarily to a $16.7 million growth in commercial real estate loans. Peoples' consumer lending efforts in the second quarter resulted in a $1.9 million increase in consumer loan balances, excluding overdrafts, compared to March 31, 2005, due mostly to increased activity in Peoples' indirect lending business. As part of Peoples' mortgage banking activities, $132.0 million of fixed-rate real estate loans previously sold into the secondary market were being serviced at June 30, 2005 compared to $106.4 million at December 31, 2004. Peoples also had $1.6 million of fixed-rate mortgage loans held for sale at June 30, 2005, compared to $0.6 million at year-end 2004. Nonperforming loans were $7.6 million, or 0.74% of loans, at June 30, 2005, up from $7.3 million, or 0.72%, at March 31, 2005. This increase was due largely to the net impact of Peoples placing the remaining $2 million of commercial loans in the previously mentioned impaired loan relationship on nonaccrual status, as expected, and the commercial loan comprising the entire $1.1 million of renegotiated loans at March 31, 2005, moving to performing status. Despite the higher level of nonperforming loans, nonperforming assets decreased to 0.44% of assets at the end of the second quarter, from 0.46% at March 31, 2005, due to a reduction in other real estate owned from the sale of two former banking office properties during the second quarter at a combined gain of $167,000. Management expects the $2 million of nonaccrual commercial loans in the previously mentioned impaired loan relationship to be classified as other real estate owned in the third quarter of 2005. "Our asset quality remains comparable to most peers, which reflects our focus on loan underwriting quality as we grow loans," added Bradley. "Although the amount of nonperforming loans increased in the second quarter, the increase represented loans previously identified by our loan review process that had already been included in our analysis of the allowance for loan losses and are not expected to result in any unanticipated losses." At June 30, 2005, total deposits were $1.10 billion, up $26.0 million from $1.07 billion at year-end 2004. Interest-bearing deposits grew $25.7 million to $942.2 million, with $19.5 million attributable to increased public funds and $14.9 million due to additional brokered deposits. These increases offset declines in other interest-bearing deposit categories. Non-interest-bearing deposits were virtually unchanged compared to December 31, 2004. "Overall, we are very satisfied with our second quarter results in light of ongoing interest rate challenges," summarized Bradley. "In the second half of 2005, we will focus our efforts on continuing to generate quality loans, maintaining diversified sources of revenue and controlling expenses." Peoples Bancorp Inc., a diversified financial products and services company with $1.8 billion in assets, makes available a complete line of banking, investment, insurance, and trust solutions through 50 locations and 34 ATMs in Ohio, West Virginia and Kentucky. Peoples' financial service units include Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and Peoples Insurance Agency, Inc. Peoples' common shares are traded on the NASDAQ national market under the symbol "PEBO", and Peoples is a member of the Russell 3000 index of US publicly traded companies. Learn more about Peoples at www.peoplesbancorp.com. Conference Call to Discuss Earnings: ----------------------------------- Peoples will conduct a facilitated conference call to discuss second quarter results of operations today at 11:00 a.m. eastern time, with members of Peoples' executive management participating. Analysts, media and individual investors are invited to participate in the conference call by calling (888) 424-5801. A simultaneous Webcast of the conference call audio will be available online via the Investor Relations section of Peoples' website, www.peoplesbancorp.com. Participants are encouraged to call or sign in at least 15 minutes prior to the scheduled conference call time to ensure participation or download and install the necessary software. A replay of the call will be available on Peoples' website in the "Investor Relations" section for 1 year. Safe Harbor Statement: --------------------- This press release may contain certain forward-looking statements with respect to Peoples' financial condition, results of operations, plans, objectives, future performance and business. Except for the historical and present factual information contained in this press release, the matters discussed in this press release, and other statements identified by words such as "feel," "expect," "believe," "plan," "will," "would," "should," "could" and similar expressions are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions which may increase significantly; (2) changes in the interest rate environment which may adversely impact interest margins; (3) prepayment speeds, loan originations and sale volumes, charge-offs and loan loss provisions may be less favorable than expected; (4) general economic conditions are less favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (6) legislative or regulatory changes or actions may adversely affect Peoples' business; (7) changes and trends in the securities markets; (8) a delayed or incomplete resolution of regulatory issues that could arise; (9) the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity; (10) the costs and effects of regulatory and legal developments, including the outcome of regulatory or other governmental inquiries and legal proceedings and results of regulatory examinations; (11) the integration of acquired businesses, including the insurance agencies acquired in mid-2004, may not be successful or the integration may take longer to accomplish than expected; (12) the expected synergies from acquisitions may make it difficult to maintain relationships with clients, associates and suppliers; and (13) other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the Securities and Exchange Commission ("SEC"). Peoples does not commit to any obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release, except as required by applicable law. Copies of documents filed with the SEC are available free of charge at the SEC's website at http://www.sec.gov and/or from Peoples' website.
PEOPLES BANCORP INC. (NASDAQ: PEBO) Financial Highlights (Unaudited) ---------------------------------- --------------------------------- Three Months Ended Six Months Ended June 30, June 30, (in $000's, except per share data) 2005 2004 2005 2004 ---------------------------------- --------------------------------- PER SHARE DATA Net Net Income per share: Basic $ 0.51 $ 0.48 $ 0.96 $ 0.98 Diluted $ 0.50 $ 0.47 $ 0.95 $ 0.97 Cash dividends declared per share $ 0.19 $ 0.18 $ 0.38 $ 0.36 Book value per share $ 17.24 $ 16.01 $ 17.24 $ 16.01 Tangible book value per share (a) $ 10.46 $ 9.86 $ 10.46 $ 9.86 Closing stock price at end of period $ 26.75 $ 26.95 $ 26.75 $ 26.95 Dividend payout as a percentage of net income 37.55% 38.33% 39.83% 36.83% Actual shares outstanding (net of treasury shares) 10,411,879 10,602,767 10,411,879 10,602,767 Weighted average shares outstanding: Basic 10,405,989 10,603,510 10,412,552 10,581,879 Diluted 10,541,774 10,766,289 10,549,868 10,787,867 PERFORMANCE RATIOS (b) Return on average equity 12.04% 11.83% 11.45% 12.17% Return on average assets 1.17% 1.17% 1.11% 1.21% Non-interest leverage ratio (c) 59.09% 56.75% 59.10% 51.98% Efficiency ratio (d) 59.40% 56.87% 59.50% 55.09% Net interest margin (fully tax equivalent) 3.32% 3.39% 3.29% 3.48% Net loan chargeoffs as a percentage of average loans 0.20% 0.30% 0.20% 0.28% PROVISION FOR LOAN LOSSES Provision for Overdraft Privilege losses $ 181 $ 276 $ 212 $ 410 (Recovery of) provision for other loan losses $ (141) $ 340 $ 769 $ 1,000 ---------------- ---------------- ---------------- --------------- Total provision for loan losses $ 40 $ 616 $ 981 $ 1,410 NET CHARGEOFFS Gross chargeoffs $ 1,104 $ 980 $ 2,172 $ 2,210 Recoveries $ 590 $ 283 $ 1,159 $ 918 ---------------- ---------------- ---------------- --------------- Net chargeoffs $ 514 $ 697 $ 1,013 $ 1,292 Commercial $ 201 $ 475 $ 244 $ 374 Overdrafts 156 211 244 346 Real estate 126 47 441 202 Consumer 45 (32) 106 244 Credit card (14) (4) (22) 126 ---------------- ---------------- ---------------- --------------- Total net chargeoffs $ 514 $ 697 $ 1,013 $ 1,292 ---------------- ---------------- ---------------- --------------- (a) Excludes the balance sheet impact of intangible assets acquired through the application of purchase accounting for acquisitions. (b) Ratios are presented on an annualized basis. (c) Non-interest income (less securities and asset disposal gains/losses) as a percentage of non-interest expense (less intangible amortization). (d) Non-interest expense (less intangible amortization) as a percentage of fully tax equivalent net interest income plus non-interest income.
PEOPLES BANCORP INC. CONSOLIDATED AVERAGE BALANCES ---------------------------------------------- ------------------------------ Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, (in $000's) 2005 2005 2004 2005 2004 ---------------------------------------------- ------------------------------ Average gross loans $ 1,024,795 $ 1,023,825 $ 920,818 $ 1,024,313 $ 916,530 Average investment securities 597,625 599,467 639,727 598,541 645,188 Average earning assets 1,610,022 1,611,019 1,550,370 1,610,513 1,562,748 Average intangible assets 70,069 70,614 57,682 70,340 53,167 Average total assets 1,810,777 1,809,369 1,731,173 1,810,044 1,731,352 Average non-interest-bearing deposits 158,774 155,607 142,901 157,187 139,205 Average interest-bearing deposits: Savings 148,284 154,344 178,938 151,297 174,941 Interest-bearing demand deposits 302,401 279,319 257,677 290,924 260,270 Time deposits 495,884 495,992 450,615 495,938 455,786 -------------- -------------- -------------- -------------- -------------- Total average interest bearing deposits 946,569 929,655 887,230 938,159 890,997 Average short-term borrowings 101,387 91,945 79,104 96,692 91,283 Average long-term borrowings 411,557 439,523 439,668 425,463 428,126 Average stockholders' equity $ 176,587 $ 175,404 $ 171,768 $ 175,999 $ 172,208 ---------------------------------------------- ------------------------------
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ---------------------------------- ---------------------------------- Three Months Ended Six Months Ended June 30, June 30, (in $000's) 2005 2004 2005 2004 ---------------------------------- ---------------------------------- Interest Income 23,397 21,145 46,040 42,731 Interest expense 10,481 8,448 20,412 16,486 ---------------- ---------------- ---------------- ---------------- Net interest income 12,916 12,697 25,628 26,245 Provision for loan losses 40 616 981 1,410 ---------------- ---------------- ---------------- ---------------- Net interest income after provision for loan losses 12,876 12,081 24,647 24,835 Net gain on securities transactions 3 5 236 37 Net gain on asset disposals 113 17 121 47 Non-interest income: Service charges on deposits 2,472 2,459 4,746 4,712 Insurance and investment commissions 2,266 1,428 4,920 1,727 Fiduciary revenues 915 812 1,672 1,586 Electronic banking revenues 734 623 1,381 1,146 Business owned life insurance 437 506 891 922 Mortgage banking income 264 283 381 482 Other non-interest income 114 134 338 495 ---------------- ---------------- ---------------- ---------------- Total non-interest income 7,202 6,245 14,329 11,070 Non-interest expense: Salaries and benefits 6,658 5,819 13,344 11,208 Occupancy and equipment 1,338 1,289 2,627 2,510 Amortization of intangible assets 674 526 1,362 927 Professional fees 550 411 1,215 867 Data processing and software 463 441 924 913 Franchise taxes 418 371 829 712 Marketing 408 402 789 510 Bankcard costs 305 378 587 702 Other non-interest expense 2,048 1,894 3,932 3,472 ---------------- ---------------- ---------------- ---------------- Total non-interest expense 12,862 11,531 25,609 21,821 ---------------- ---------------- ---------------- ---------------- Income before income taxes 7,332 6,817 13,724 14,168 Income tax expense 2,033 1,764 3,733 3,749 ---------------- ---------------- ---------------- ---------------- Net income $ 5,299 $ 5,053 $ 9,991 $ 10,419 ------------------------------------------------------------------------ Fully tax equivalent net interest income $ 13,317 $ 13,106 $ 26,424 $ 27,069
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ---------------- ---------------- ---------------- ---------------- (in $000's, end of period) June 30, March 31, December 31, June 30, LOAN PORTFOLIO 2005 2005 2004 2004 ---------------- ---------------- ---------------- ---------------- Commercial, mortgage $ 474,344 $ 457,667 $ 450,270 $ 428,580 Commercial, other 133,537 128,898 126,473 110,208 Real estate, construction 35,950 32,120 35,423 22,853 Real estate, mortgage 330,881 334,681 349,965 304,328 Consumer 59,365 59,634 60,927 69,587 ---------------- ---------------- ---------------------------------- Total loans $ 1,034,077 $ 1,013,000 $ 1,023,058 $ 935,556 ASSET QUALITY Allowance for loan losses as a percent of total loans 1.42% 1.50% 1.44% 1.57% Allowance for loan losses as a percent of nonperforming loans (a) 192.6% 208.1% 225.6% 251.6% Nonperforming loans as a percent of total loans (a) 0.74% 0.72% 0.64% 0.62% Nonperforming assets as a percent of total assets 0.44% 0.46% 0.43% 0.35% Nonperforming assets as a percent of total loans and other real estate owned 0.77% 0.81% 0.75% 0.67% Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ 475 $ 84 $ 285 $ 374 Renegotiated loans $ - $ 1,116 $ 1,128 $ - Nonaccrual loans $ 7,173 $ 6,105 $ 5,130 $ 5,465 Other real estate owned $ 353 $ 873 $ 1,163 $ 392 ---------------- ---------------- ---------------- ---------------- Total nonperforming assets $ 8,001 $ 8,178 $ 7,706 $ 6,231 REGULATORY CAPITAL (b) Tier 1 risk-based capital 11.21% 11.16% 10.95% 12.27% Total risk-based capital ratio (Tier 1 and Tier 2) 12.57% 12.52% 12.30% 13.58% Leverage ratio 7.48% 7.60% 7.55% 8.17% Tier 1 capital $ 135,080 $ 131,545 $ 129,193 $ 135,739 Total capital (Tier 1 and Tier 2) $ 151,479 $ 147,515 $ 145,134 $ 150,157 Total risk-weighted assets $ 1,205,303 $ 1,178,647 $ 1,179,830 $ 1,106,096 SUPPLEMENTAL DATA Trust assets under management $ 631,214 $ 626,829 $ 645,509 $ 618,376 Employees (full-time equivalent) 543 530 537 545 Full service offices 41 41 41 42 Supermarket offices 4 4 4 4 ATMs 34 33 33 33 Announced treasury share plans: (c) Total shares authorized for plan 525,000 525,000 625,000 425,000 Shares purchased - 59,700 10,813 147,435 Average price $ - $ 26.78 $ 27.71 $ 24.93 ---------------- ---------------- ---------------- ---------------- (a) Nonperforming loans include loans 90 days past due and accruing, renegotiated loans and nonaccrual loans. (b) June 30, 2005, data based on preliminary analysis and is subject to revision. (c) 2005 data reflects 2005 Stock Repurchase Program of 525,000 shares. 2004 data reflects 2004 Stock Repurchase Program of 425,000 shares announced December 17, 2003 and 200,000 shares announced August 13, 2004. Reflects treasury shares purchased and average price paid for the three-month period ended on the date indicated.
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS ------------------ ------------------ (in $000's) June 30, December 31, 2005 2004 ------------------ ------------------ ASSETS Cash and cash equivalents $ 33,914 $ 31,449 Available-for-sale investment securities, at estimated fair value (amortized cost of $597,512 at June 30, 2005, and $594,457 at December 31, 2004) 603,731 602,364 Loans held for sale 1,566 612 Loans, net of unearned interest 1,034,077 1,023,058 Allowance for loan losses (14,728) (14,760) ------------------ ------------------ Net loans 1,019,349 1,008,298 Bank premises and equipment, net of accumulated depreciation 21,798 22,640 Business owned life insurance 46,144 45,253 Goodwill 59,748 59,096 Other intangible assets 10,795 12,022 Other real estate owned 353 1,163 Other assets 31,057 26,189 ------------------ ------------------ TOTAL ASSETS $ 1,828,455 $ 1,809,086 ------------------ ------------------ LIABILITIES Non-interest-bearing deposits $ 153,270 $ 152,979 Interest-bearing deposits 942,152 916,442 ------------------ ------------------ Total deposits 1,095,422 1,069,421 Federal funds purchased, securities sold under repurchase agreements, and other short term borrowings 131,030 51,895 Long-term borrowings 375,074 464,864 Junior subordinated notes held by subsidiary trusts 29,307 29,263 Accrued expenses and other liabilities 18,169 18,225 ------------------ ------------------ TOTAL LIABILITIES 1,649,002 1,633,668 STOCKHOLDERS' EQUITY Common stock, no par value (24,000,000 shares authorized, 10,859,881 shares issued at June 30, 2005, and 10,850,641 shares issued at December 31, 2004) 162,343 162,284 Accumulated comprehensive income, net of deferred income taxes 3,848 4,958 Retained earnings 24,454 18,442 Treasury stock, at cost (448,002 shares at June 30, 2005, and 415,539 shares at December 31, 2004) (11,192) (10,266) ------------------ ------------------ TOTAL STOCKHOLDERS' EQUITY 179,453 175,418 ------------------ ------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,828,455 $ 1,809,086 ------------------ ------------------
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