-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BUvby01tPsHDVFW5MGf5+m22NIsN08KhOM4uzEj1hM8FkW9B2b8ZbfSQjqje3Tml 4fZunItGX0wfsQxUCQVf3g== 0000356446-99-000014.txt : 19991115 0000356446-99-000014.hdr.sgml : 19991115 ACCESSION NUMBER: 0000356446-99-000014 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PURE WORLD INC CENTRAL INDEX KEY: 0000356446 STANDARD INDUSTRIAL CLASSIFICATION: INVESTORS, NEC [6799] IRS NUMBER: 953419191 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-10566 FILM NUMBER: 99748574 BUSINESS ADDRESS: STREET 1: P O BOX 74 STREET 2: 376 MAIN ST CITY: BEDMINSTER STATE: NJ ZIP: 07921 BUSINESS PHONE: 9082349220 MAIL ADDRESS: STREET 1: P O BOX 74 STREET 2: 376 MAIN STREET CITY: BEDMINSTER STATE: NJ ZIP: 07921 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN HOLDINGS INC /DE/ DATE OF NAME CHANGE: 19940411 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTER MEMORIES INC /DE/ DATE OF NAME CHANGE: 19940411 EX-27 1 FDS --
5 This schedule contains summary financial information extracted from the Form 10-QSB of Pure World, Inc. for the period ended September 30, 1999 and is qualified in its entirety by reference to such financial statemens. 0000356446 PURE WORLD, INC. 1000 9-MOS DEC-31-1999 JAN-01-1999 SEP-30-1999 5,609 209 2,849 145 9,924 18,985 12,720 2,383 33,329 5,133 0 0 0 83 23,463 33,329 12,019 11,025 8,488 11,976 0 0 381 (1,332) 0 (1,332) 0 0 0 (1,332) (0.16) (0.16)
10QSB 2 FOR THE PERIOD ENDED SEPTEMBER 30, 1999 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 1999 ------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 0-10566 ------- Pure World, Inc. -------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Delaware 95-3419191 -------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 376 Main Street, Bedminster, New Jersey 07921 --------------------------------------------- (Address of principal executive offices) (908) 234-9220 ------------------------- (Issuer's telephone number) N/A --------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- State the number of shares outstanding of each of the issuer's classes of common stock: As of October 31, 1999, the issuer had 8,268,883 shares of its common stock, par value $.01 per share, outstanding. Transitional Small Business Disclosure Format (check one): Yes No X ---- ---- PART I - FINANCIAL INFORMATION - ------ --------------------- Item 1. - Financial Statements - ------ -------------------- PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED) ($000 Omitted) September 30, 1999 ------------- ASSETS Current assets: Cash and cash equivalents $ 5,609 Marketable securities 209 Accounts receivable, net of allowance for uncollectible accounts and returns and allowances of $145 2,704 Inventories, net 9,924 Other 539 ------- Total current assets 18,985 Investment in unaffiliated natural products company 1,510 Plant and equipment, net 10,337 Notes receivable from affiliates 332 Goodwill, net of accumulated amortization of $525 1,467 Other assets 698 ------- Total assets $33,329 ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 804 Short-term borrowings 3,274 Accrued expenses and other 1,055 ------- Total current liabilities 5,133 Long-term debt 4,650 ------- Total liabilities 9,783 ------- Stockholders' equity: Common stock, par value $.01; 30,000,000 shares authorized; 8,268,883 shares outstanding 83 Additional paid-in capital 43,321 Accumulated deficit ( 19,858) ------- Total stockholders' equity 23,546 ------- Total liabilities and stockholders' equity $33,329 ======= See accompanying notes to consolidated financial statements. PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($000 Omitted, except per share data) Three Months Ended September 30, ------------------ 1999 1998 ---- ---- Revenues: Sales $ 3,471 $ 6,405 Net gains (losses) on marketable securities ( 1,190) 79 Interest, dividend and other income 69 107 ------- ------- Total revenues 2,350 6,591 ------- ------- Expenses: Cost of goods sold 2,928 3,442 Selling, general and administrative 1,243 1,555 ------- ------- Total expenses 4,171 4,997 ------- ------- Income (loss) before income taxes ( 1,821) 1,594 Provision (benefit) for income taxes ( 43) 66 ------- ------- Net income (loss) ( 1,778) 1,528 Other comprehensive income: Unrealized holding gains (losses) on securities available for sale 693 ( 258) ------- ------- Comprehensive income (loss) ($ 1,085) $ 1,270 ======= ======= Basic net income (loss) per share ($ .22) $ .18 ======= ======= Diluted net income (loss) per share ($ .22) $ .16 ======= ======= See accompanying notes to consolidated financial statements. PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($000 Omitted, except per share data) Nine Months Ended September 30, ----------------- 1999 1998 ---- ---- Revenues: Sales $ 12,019 $ 17,662 Net gains (losses) on marketable securities ( 1,191) 680 Interest, dividend and other income 197 302 -------- -------- Total revenues 11,025 18,644 -------- -------- Expenses: Cost of goods sold 8,488 9,028 Selling, general and administrative 3,869 4,295 -------- -------- Total expenses 12,357 13,323 -------- -------- Income (loss) before income taxes ( 1,332) 5,321 Provision for income taxes - 316 -------- -------- Net income (loss) ( 1,332) 5,005 Other comprehensive income: Unrealized holding gains (losses) on securities available for sale 244 ( 941) -------- -------- Comprehensive income (loss) ($ 1,088) $ 4,064 ======== ======== Basic net income (loss) per share ($ .16) $ .61 ======== ======== Diluted net income (loss) per share ($ .16) $ .55 ======== ======== See accompanying notes to consolidated financial statements. PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ($000 Omitted) Nine Months Ended September 30, ----------------- 1999 1998 ---- ---- Cash flows from operating activities: Net income (loss) ($ 1,332) $ 5,005 Adjustments: Depreciation and amortization 1,040 555 Unrealized losses on marketable securities 1,066 18 Net marketable securities transactions 188 ( 375) Change in inventories ( 3,052) ( 2,280) Change in receivables 1,152 ( 3,315) Change in accounts payable and other accruals 12 1,002 Other, net ( 195) ( 123) ------- ------- Net cash provided by (used in) operating activities ( 1,121) 487 ------- ------- Cash flows from investing activities: Purchases of plant and equipment ( 2,007) ( 6,912) Proceeds from sale of securities available-for-sale 59 1,743 Purchase of securities available-for-sale - ( 1,600) Loans to affiliates and others ( 70) ( 60) Repayment of loans to affiliates 10 278 Other, net - ( 181) ------- ------- Net cash used in investing activities ( 2,008) ( 6,732) ------- ------- Cash flows from financing activities: Issuance of common stock - 43 Term loan borrowings 2,462 3,975 Term loan repayments ( 598) ( 319) Net revolving line of credit borrowings 752 1,018 ------- ------- Net cash provided by financing activities 2,616 4,717 ------- ------- Net decrease in cash and cash equivalents ( 513) ( 1,528) Cash and cash equivalents at beginning of period 6,122 8,100 ------- ------- Cash and cash equivalents at end of period $ 5,609 $ 6,572 ======= ======= Supplemental disclosure for cash flow information: Cash paid for: Interest expense $ 381 $ 173 ======= ======= Taxes $ 51 $ 396 ======= ======= See accompanying notes to consolidated financial statements. PURE WORLD, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1999 AND 1998 (UNAUDITED) 1. General ------- The accompanying unaudited consolidated financial statements of Pure World, Inc. and subsidiaries (the "Company" or "Pure World") as of September 30, 1999 and for the three and nine month periods ended September 30, 1999 and 1998 reflect all material adjustments consisting of only normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the year-end consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the year ended December 31, 1998 as filed with the Securities and Exchange Commission. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Prior years' financial statements have been reclassified to conform to the current year's presentation. The results of operations for the three and nine month periods ended September 30, 1999 and 1998 are not necessarily indicative of the results to be expected for the entire year or any other period. 2. Marketable Securities --------------------- At September 30, 1999, investment securities consisted of the following (in $000's): Gross Holding Fair Cost Losses Value ---- ------- ----- Marketable securities $ 1,354 $ 1,145 $ 209 ======= ======= ====== All marketable securities are investments in common stock. In the quarter ended September 30, 1999, securities previously classified as available-for-sale were reclassified as trading securities. In accordance with Statement of Financial Accounting Standards No. 115 "Accounting for Certain Investments in Debt and Equity Securities", approximately $1,136,000 of unrealized holding losses, previously recorded as a separate component of stockholders' equity, were recognized in earnings. 3. Inventories ----------- At September 30, 1999 inventories were comprised of the following (in $000's): Raw materials $ 2,380 Work-in-progress 441 Finished goods 7,103 ------- Total inventories, net $ 9,924 ======= 4. Investment in Unaffiliated Natural Products Company --------------------------------------------------- In May 1996, the Company purchased 500 shares of common stock representing a 25% interest in Gaia Herbs, Inc. ("Gaia") for approximately $1.0 million. In June 1997, the Company purchased an additional 200 shares of common stock for $500,000, increasing its equity ownership to 35% of Gaia's outstanding shares of common stock ("Pure World's Gaia Stock"). Pure World's Gaia Stock is non-voting. The Company loaned Gaia $200,000 in July 1997 payable interest only on a quarterly basis for the first three years and 36 monthly payments of principal and interest thereafter (the "Pure World Loan"). The Pure World Loan bears interest at 6.49% which was the imputed rate required under the Internal Revenue Code and is classified as an other asset in the consolidated balance sheet. The parties also agreed that if any other party acquired voting shares, Pure World's Gaia Stock would become voting stock. Additionally, the parties agreed that Gaia and the principal stockholder of Gaia (the "Principal Stockholder") would have a right of first refusal to acquire any Gaia stock sold by Pure World and that Pure World would have a right of first refusal to acquire any Gaia stock sold by Gaia or the Principal Stockholder. In June 1998, Gaia requested that Pure World guarantee an unsecured bank line of $500,000 (the "Gaia Bank Loan"). Because of expansion plans for Pure World's wholly-owned subsidiary, Pure World Botanicals, Inc., Pure World declined to issue the guarantee. An individual unaffiliated with Gaia or Pure World agreed to guarantee the Gaia Bank Loan in consideration of a cash fee and the issuance to the individual of 100 shares of Gaia's common stock, representing 5 percent of Gaia's common stock outstanding (the "Guarantee"). The Guarantee is also secured by Gaia stock held by Gaia's Principal Stockholder. Pure World notified Gaia that it wished to exercise its right of first refusal in connection with the Guarantee. Pure World and Gaia reached an understanding that Pure World would decline the right of first refusal if by November 30, 1998 thirty percent of Pure World's interest was purchased for $1,500,000 (leaving five percent of the current Gaia common stock outstanding) and the Pure World Loan was repaid, including any accrued interest (the "Repurchase"). If the Repurchase is not closed by November 30, 1998 ("the Closing Date"), Pure World then would have the right to assume the Guarantee pursuant to the same terms granted the original guarantor, except for the cash fee. If the Repurchase does not close prior to the Closing date, and either before or after the Closing Date, the Guarantee is called by the bank, Pure World would then own, or have the right to own a majority of Gaia's voting stock. The repurchase did not close on November 30, 1998. The Company continues to monitor its investment. Gaia manufactures and distributes fluid botanical extracts for the high-end consumer market. Gaia is a privately held company and does not publish financial results. The Company is accounting for this investment by the cost method. 5. Plant and Equipment ------------------- At September 30, 1999, plant and equipment consisted of the following (in $000's): Machinery and equipment $ 9,184 Leasehold improvements 1,983 Office equipment, furniture and fixtures 1,553 Accumulated depreciation ( 2,383) ------- Total $10,337 ======= 6. Long-term Debt -------------- Long-term debt consisted of the following at September 30, 1999 (in 000's): Loans payable to a bank, collateralized by certain property and equipment, bearing annual interest at 6.88%, maturing in December 2003 $2,678 Loans payable to a bank, pursuant to a $3 million unsecured line of credit bearing annual interest at the prime rate, currently at 8.25% maturing in June 2000 2,157 Loan payable to a bank, collateralized by certain equipment bearing interest at 7.94%, maturing in October 2004 2,000 Loan payable to a bank, collateralized by certain equipment bearing annual interest at 8.75% maturing in April 2003 227 Loan payable to a bank, collateralized by certain equipment bearing annual interest at 8.75% maturing in August 2003 53 Loan payable to a bank, collateralized by certain equipment bearing annual interest at 8.25% maturing in June 2004 205 Leases payable for equipment 373 All other 231 ------ Total borrowings 7,924 Less: Short-term borrowings 3,274 ------ Long-term debt $4,650 ====== Interest expense was $110,000 and $381,000 for the three and nine months ended September 30, 1999, respectively and $100,000 and $173,000 for the same periods in 1998, respectively. 7. Net Income Per Share -------------------- Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is computed by dividing net income by the sum of the weighted-average number of common shares outstanding plus the dilutive effect of shares issuable through the exercise of stock options. The shares used for basic earnings per share and diluted earnings per share are reconciled below (in 000's). All share and per share information has been restated to reflect a 10% stock dividend declared on November 17, 1998, to stockholders of record on January 7, 1999, distributed on January 15, 1999. Three Months Ended Nine Months Ended September 30, September 30, ------------------ ----------------- 1999 1998 1999 1998 ---- ---- ---- ---- Average shares outstanding for basic earnings per share 8,269 8,269 8,269 8,265 Dilutive effect of stock options - 890 - 893 ----- ----- ----- ----- Average shares outstanding for diluted earnings per share 8,269 9,159 8,269 9,158 ===== ===== ===== ===== Item 2. Management's Discussion and Analysis of - ------ Financial Condition and Results of Operations --------------------------------------------- Liquidity and Capital Resources - ------------------------------- The following discussion and analysis should be read in conjunction with Pure World, Inc.'s ("Pure World" or the "Company") 1998 Annual Report on Form 10-KSB as well as the Company's financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-QSB. When used in this discussion, the word "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained herein speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statements is based. At September 30, 1999, the Company had cash and cash equivalents of approximately $5.6 million. Cash equivalents of $4.9 million consisted of U.S. Treasury bills with an original maturity of less than three months and yields ranging between 4.49% and 4.93%. The Company had net working capital of $13.9 million at September 30, 1999. The Company has an unsecured line of credit of $3 million bearing a rate of 8.25%. At September 30, 1999, $843,000 was available in connection with this line of credit. Management believes that the Company's financial resources and anticipated cash flows will be sufficient for future operations and possible acquisitions of other operating businesses. Net cash of $1.1 million was used by operations and net cash of $487,000 was provided by operations for the nine months ended September 30, 1999 and 1998, respectively. In 1999, the net use of cash was primarily attributable to the net loss of $1.3 million and an increase in inventories, partially offset by a decrease in receivables, unrealized losses on marketable securities, net marketable securities transactions and depreciation and amortization. In 1998, net income and the increase in accounts payable and other accrued expenses partially offset by the increase in inventories and receivables accounted for the cash provided by operations. Net cash of $2 million and $6.7 million was used in investing activities for the nine months ended September 30, 1999 and 1998, respectively. In 1999, $2,007,000 was used in connection with plant and equipment purchases which include: $376,000 used for the replacement of underground storage tanks with greater capacity tanks; $350,000 for production expansion; and $1,281,000 for various purchases of machinery, furniture and fixtures, computer equipment and other capital items. In 1998, $6.9 million was used principally in connection with an expansion program that began in 1997 to upgrade and expand productive capacity and to build a new warehouse facility. Cash flows provided by financing activities in the nine months ended September 30, 1999 and 1998 were $2.6 million and $4.7 million, respectively. Increases in notes payable were the primary reason for the cash provided in both periods. For more information, see Note 6 of Notes to Consolidated Financial Statements. Results of Operations - --------------------- The Company's operations resulted in a net loss of $1,778,000, or $.22 basic loss per share, for the three months ended September 30, 1999 compared to net income of $1,528,000, or $.18 basic earnings per share, for the comparable period in 1998. The net loss was $1,332,000, or $.16 basic loss per share for the nine months ended September 30, 1999, compared to net income of $5,005,000, or $.61 basic earnings per share, for the comparable period in 1998. Diluted earnings (loss) per share were ($.22) and $.16 for the quarters ended September 30, 1999 and 1998, respectively and ($.16) and $.55 for the nine months ended September 30, 1999 and 1998, respectively. The Company, through its wholly-owned subsidiary, Pure World Botanicals, Inc. had sales of $3.5 million for the quarter ended September 30, 1999, compared to sales of $6.4 million for the comparable quarter of 1998, a decrease of $2.9 million, or 45%. For the nine months ended September 30, 1999, sales were $12 million compared to $17.7 million for the comparable period in 1998, a decrease of $5.7 million, or 32%. The Company believes that excess inventories at all levels of distribution in the dietary supplements industry continue to decrease the sales of botanical extracts. For the quarters ended September 30, 1999 and 1998, the gross margin (sales less cost of goods sold) was $543,000, or 16% of sales and $3 million, or 46% of sales, respectively. For the nine months ended September 30, 1999 and 1998, the gross margin was $3.5 million or 29% of sales and $8.6 million or 49% of sales, respectively. The gross profit was negatively affected due to the change in the product sales mix, competitive pricing pressures, and inventory write-downs. For the three and nine months ended September 30, 1999, the Company recorded net losses on marketable securities of $1,190,000 and $1,191,000, respectively, compared to net gains on marketable securities of $79,000 and $680,000 for the same periods in 1998. Substantially all of the losses recorded in 1999 were unrealized and substantially all of the gains recorded in 1998 were realized. The decrease in net gains on marketable securities from 1999 to 1998 was primarily due to the reclassification of securities available-for-sale to trading securities, and marking them to current value. In the quarter ended September 30, 1999, securities previously classified as available-for-sale were reclassified as trading securities. In accordance with Statement of Financial Accounting Standards No. 115 "Accounting for Certain Investments in Debt and Equity Securities", $1.1 million of unrealized holding losses, previously recorded as a separate component of stockholders equity, were recognized in earnings. (For more information on Marketable Securities, see Note 2 of Notes to Consolidated Financial Statements.) Interest, dividend and other income was $69,000 and $197,000 for the three and nine months ended September 30, 1999, respectively, compared to $107,000 and $302,000 for the three and nine months ended September 30, 1998. Interest income was $193,000 during the nine month period ended September 30, 1999, a decrease of $83,000 from the $276,000 recorded in the comparable period of 1998. This decrease was due primarily to lower invested balances as working capital was used for the plant expansion project previously discussed combined with lower yields on cash equivalents. Selling, general and administrative expenses were $1,243,000 for the three months ended September 30, 1999, a decrease of $312,000 or 20% from $1,555,000 for the comparable period in 1998. Selling, general and administrative expenses were $3,869,000 for the nine months ended September 30, 1999 compared to $4,295,000 for the comparable period in 1998, a decrease of $426,000 or 10%. This decrease was due principally to the following: lower personnel expenses of $326,000 and lower selling expenses of $354,000, partially offset by increased interest expense of $208,000 and an increase in depreciation expense of $50,000. Year 2000 Issue - --------------- The Year 2000 Issue is the result of computer programs being written using two digits rather than four to define the applicable year. Any of the Company's computer programs that have time-sensitive software may recognize a date using "00" as the Year 1900 rather than the Year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions or engage in similar normal business activities. Management has determined that the Year 2000 Issue will not pose significant operational problems for its computer systems. There can be no guarantee that the systems of other companies on which the Company's system rely will be timely converted and would not have an adverse effect on the Company's systems. The Company utilized external resources to replace and test its software for Year 2000 modifications. The Company completed the Year 2000 project, incurring costs of approximately $250,000 to upgrade its management information system. PART II - OTHER INFORMATION - ------- ----------------- Item 4. - Submission of Matters to a Vote of Security Holders - ------- --------------------------------------------------- The Company held its Annual Meeting of Stockholders on September 28, 1999. All nominees to the Company's Board of Directors were elected. The following is a vote tabulation for all nominees: For Withheld --------- --------- Paul O. Koether 7,678,986 101,060 Mark W. Jaindl 7,679,012 101,034 William Mahomes, Jr. 7,679,452 100,594 Alfredo Mena 7,679,012 101,034 Item 6. - Exhibits and Reports on Form 8-K - ------- -------------------------------- (a) Exhibits -------- 27. Financial Data Schedule for the nine months ended September 30, 1999. (b) Reports on Form 8-K ------------------- No reports on Form 8-K were filed during the quarter for which this report is being filed. SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PURE WORLD, INC. Dated: November 12, 1999 By: /s/ Mark Koscinski ---------------------------- Mark Koscinski Senior Vice President and Principal Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----