8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

November 3, 2003
Date of Report (Date of earliest event reported)

ASSOCIATED MATERIALS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of
Incorporation) 000-24956
(Commission File Number) 75-1872487
(IRS Employer
Identification No.)

3773 State Road
Cuyahoga Falls, Ohio 44223
(Address of Principal Executive Offices)

(330) 929-1811
(Registrant’s Telephone Number, Including Area Code)

TABLE OF CONTENTS

EX-99.1 Press Release

Item 7. FINANCIAL STATEMENTS AND EXHIBITS

(c)  Exhibits

Exhibit
Number	Description of Document
	The following exhibit is not filed but is furnished as described below.
99.1	Press Release, dated November 3, 2003.

Item 9. REGULATION FD DISCLOSURE

On November 3, 2003, Associated Materials Incorporated (“AMI”) issued a press release announcing AMI’s third quarter results. A copy of the press release is attached as Exhibit 99.1. This press release is not filed but is furnished pursuant to this Item.

Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 3, 2003, Associated Materials Incorporated (“AMI”) issued a press release announcing AMI’s third quarter results. A copy of the press release is attached as Exhibit 99.1. This press release is not filed but is furnished pursuant to this Item.

-2-

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ASSOCIATED MATERIALS INCORPORATED
Date: November 3, 2003	By:	/s/ D. Keith LaVanway D. Keith LaVanway Vice President, Chief Financial Officer, Treasurer and Secretary

-3- EX-99.1 3 l03940aexv99w1.htm EX-99.1 PRESS RELEASE

Exhibit 99.1

NEWS RELEASE

ASSOCIATED MATERIALS REPORTS THIRD QUARTER RESULTS

CUYAHOGA FALLS, Ohio, November 3 — Associated Materials Incorporated (“AMI” or the “Company”) today announced third quarter 2003 net sales from continuing operations of $223.8 million, a 26.7% increase over $176.7 million for the same period in 2002. For the nine months ended September 27, 2003, net sales from continuing operations were $515.1 million or 13.8% higher than $452.6 million for the same period in 2002. The results for 2003 include the operations of the Company’s Gentek Holdings, Inc. subsidiary (“Gentek”) subsequent to its acquisition on August 29, 2003, which contributed $27.1 million of net sales. Excluding the impact of the Gentek acquisition, net sales from continuing operations increased 11.3% for the third quarter of 2003 and increased 7.8% for the nine months ended September 27, 2003. As discussed below, results of continuing operations exclude the Company’s AmerCable division, which was sold on June 24, 2002.

Net income for the third quarter of 2003 was $9.6 million. This compares to net income of $7.8 million for the same period in 2002. For the nine months ended September 27, 2003, net income was $14.9 million compared to net income of $1.8 million for the same period in 2002. Excluding the impact of the Gentek acquisition, net income was $8.5 million and $13.8 million for the third quarter of 2003 and nine months ended September 27, 2003, respectively.

EBITDA (as defined below) for the third quarter of 2003 was $29.5 million compared to $22.2 million for the third quarter of 2002. EBITDA for the third quarter of 2003 includes a cost of sales expense of $1.4 million relating to an inventory fair value adjustment recorded at the time of the acquisition of Gentek. Excluding the impact of the Gentek acquisition, EBITDA for the third quarter of 2003 was $27.1 million. A reconciliation of EBITDA to net income (loss) is included in the table below.

EBITDA for the nine months ended September 27, 2003 was $55.0 million compared to $30.9 million for the same period in 2002. EBITDA for the nine months ended September 27, 2003 includes a cost of sales expense of $1.4 million relating to an inventory fair value adjustment recorded at the time of the acquisition of Gentek. Excluding the impact of the Gentek acquisition, EBITDA for the nine months ended September 27, 2003 was $52.6 million. EBITDA for the nine months ended September 30, 2002 includes $1.9 million of EBITDA relating to the AmerCable division, merger transaction costs of $9.3 million, debt extinguishment costs of $7.6 million and a cost of sales expense of $1.9 million relating to an inventory fair value adjustment recorded at the time of the merger transaction with Harvest Partners.

Michael Caporale, President and Chief Executive Officer, commented, “Associated Materials continued its strong performance in the third quarter. We experienced significant sales and EBITDA growth compared to a very strong third quarter of 2002.”

Mr. Caporale continued, “Since the close of the acquisition of Gentek, we are even more excited about the prospects of the combined company. Gentek has excellent brands, products, and people, which will benefit Associated Materials for many years to come. As I have stated

previously, we strongly believe in the brand equity of the Revere® and Gentek® names. We will maintain distinct separation of these brands from our Alside brand by continuing to offer differentiated product, sales and marketing support. Revere® and Gentek® customers will continue to receive the same excellent service and support that they have enjoyed in the past.”

Results of Continuing Operations

Sales from continuing operations increased 26.7% during the third quarter of 2003 compared to the same period in 2002, primarily driven by increased window sales along with sales from the Company’s Gentek subsidiary. Gross profit in the third quarter of 2003 was $64.2 million, or 28.7% of net sales as compared to gross profit of $53.9 million, or 30.5% of net sales, in the third quarter of 2002. The decrease in gross profit margin percentage is due to lower margin window sales comprising a larger proportion of total sales in 2003 and the inclusion of Gentek’s operations for the month of September, which includes a cost of sales expense of $1.4 million relating to an inventory fair value adjustment recorded at the time of the Gentek acquisition. Additionally, Gentek’s gross margin percentage is typically lower than Alside’s as a larger proportion of its sales are to independent distributors versus contractors through company-owned distribution centers. Selling, general and administrative expense increased to $38.3 million, or 17.1% of net sales, for the third quarter of 2003 versus $34.6 million, or 19.6% of net sales, for the same period in 2002. The increase in selling, general and administrative expense is primarily a result of the three new supply centers added in 2003 along with the acquisition of Gentek. Income from operations was $25.9 million in the third quarter of 2003 compared to $19.3 million for the same period in 2002.

Sales from continuing operations increased 13.8% for the nine months ended September 27, 2003 compared to the same period in 2002, primarily driven by increased window sales along with sales from the Company’s Gentek subsidiary. Gross profit increased to $149.2 million, or 29.0% of net sales, for the nine months ended September 27, 2003 compared to $135.7 million, or 30.0% of net sales, for the same period in 2002. The decrease in gross profit margin percentage was primarily a result of window sales comprising a larger proportion of total sales in 2003 compared to the same period in 2002. Selling, general and administrative expense increased to $103.3 million, or 20.1% of net sales, for the nine months ended September 27, 2003 compared to $97.3 million, or 21.5% of net sales, for the same period in 2002. The increase in selling, general and administrative expense is primarily a result of the three new supply centers added in 2003 along with the seven new supply centers added in 2002, which had nine full months of expense in 2003. Income from operations was $45.9 million for the nine months ended September 27, 2003 compared to $38.4 million for the same period in 2002.

Page 2

Predecessor and Successor Results of Operations

Accounting principles generally accepted in the United States require operating results prior to the merger transaction with Harvest Partners completed on April 19, 2002 to be presented as the Predecessor’s results in the historical financial statements. Operating results subsequent to the merger transaction with Harvest Partners are presented as the Successor’s results in the historical financial statements. AmerCable’s results are included in continuing operations of the Predecessor as it was the Successor’s decision to divest this division.

Net income for the third quarter of 2003 was $9.6 million, which includes income from operations of $25.9 million, interest expense of $9.7 million, gain on foreign currency transactions of $0.2 million and an income tax provision of $6.8 million. Interest expense includes accelerated amortization of deferred financing fees of approximately $3.9 million as a result of amending and restating the Company’s credit facility in order to complete the Gentek acquisition. Net income for the third quarter of 2002 was $7.8 million, which includes income from operations of $19.3 million, interest expense of $6.0 million and an income tax provision of $5.5 million.

Net income for the nine months ended September 27, 2003 was $14.9 million, which includes income from operations of $45.9 million, interest expense of $20.6 million, gain on foreign currency transactions of $0.2 million and an income tax provision of $10.6 million. Interest expense includes accelerated amortization of deferred financing fees of approximately $3.9 million as a result of amending and restating the Company’s credit facility in order to complete the Gentek acquisition. The Predecessor had net sales and a net loss of $180.2 million and $5.8 million, respectively, for the period from January 1, 2002 to April 18, 2002. The Predecessor’s net loss includes income from operations of $6.6 million, interest expense of $2.1 million, $9.3 million of transaction costs associated with the Predecessor’s strategic review process and merger transaction with Harvest Partners and an income tax provision of $1.0 million. The Successor had net sales and net income of $290.6 million and $7.5 million, respectively, for the period from April 19, 2002 to September 30, 2002. The Successor’s net income includes income from operations of $32.3 million, interest expense of $11.0 million, $7.6 million of debt extinguishment costs, an income tax provision of $5.7 million and the loss from discontinued operations of $0.5 million, net of tax, for the Company’s AmerCable division.

Non-GAAP Financial Measures

The Company has changed the way it describes its historical financial performance in its earnings releases in connection with the adoption by the SEC of Regulation G and other rules affecting the use and disclosure of non-GAAP financial measures. Accordingly, EBITDA as used in this release has not been adjusted for items that may impact its comparability to prior periods, including items such as AmerCable’s results of operations, merger transaction costs, debt extinguishment costs and certain cost of sales

Page 3

expenses relating to inventory fair value adjustments recorded at the time of the merger transaction with Harvest Partners and the acquisition of Gentek.

*      *      *

Associated Materials management will host its third quarter earnings conference call on Monday, November 3 at 11 a.m. Eastern Time. The toll free dial-in number for the call is (877) 363-0523. A replay of the call will be available through November 10, 2003 by dialing (888) 769-9756 and entering the conference call identification number of 7802485. The conference call and replay will also be available via webcast, which along with this news release can be accessed via the Company’s web site at http://www.associatedmaterials.com .

*      *      *

Associated Materials is a leading manufacturer of exterior residential building products, which are distributed through company-owned distribution centers and independent distributors across the United States and Canada. Associated Materials produces a broad range of vinyl siding and accessories, vinyl windows, and aluminum and steel siding and accessories as well as vinyl fencing, decking and railing and vinyl garage doors. Associated Materials is a privately held, wholly owned subsidiary of Associated Materials Holdings Inc., which is controlled by affiliates of Harvest Partners, Inc. For more information, please visit the company’s website at http://www.associatedmaterials.com.

Founded in 1981, Harvest Partners has approximately $1 billion of invested and committed capital, and is focused on management buyouts and growth financings of profitable, medium-sized specialty services, manufacturing and value-added distribution businesses, with a particular emphasis on multinational transactions. Harvest has significant additional capital available through its limited partners, which include numerous U.S., European and Asian industrial corporations and financial institutions. For more information on Harvest Partners please visit its web site at http://www.harvpart.com.

This press release contains certain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to Associated Materials that are based on the beliefs of Associated Materials’ management. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” and similar expressions identify forward-looking statements. Such statements reflect the current views of Associated Materials’ management with respect to Associated Materials’ ability to profit from the acquisition of Gentek, including Associated Materials’ ability to grow the Gentek brands as expected. Associated Materials’ ability to profit from its initiatives will depend on a number of factors, including primarily customer acceptance of Gentek’s products and the achievement of anticipated synergies. Such statements also reflect the current views of Associated Materials’ management with respect to its operations and results of operations regarding the availability of consumer

Page 4

credit, interest rates, employment trends, levels of consumer confidence, consumer preferences, national and regional trends in new housing starts, raw material costs, pricing pressures, costs of environmental compliance, level of competition within our market, availability of alternative building products, shifts in market demand, and general economic conditions. These statements are subject to certain risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended.

For Further Information

At the Company:	At Abernathy MacGregor Group Inc.:
D. Keith LaVanway	Alison Brandt
Chief Financial Officer	Media
(330) 922-2004	(212) 371-5999

Page 5

ASSOCIATED MATERIALS INCORPORATED
Condensed Predecessor / Successor Statements of Operations(a)
(Unaudited)
(in thousands)

												One
			Three			Three			Nine			Hundred			One Hundred			Nine
			Months			Months			Months			Eight Days			Sixty-Five			Months
			Ended			Ended			Ended			Ended			Days Ended			Ended
			September 27,			September 30,			September 27,			April 18,			September 30,			September 30,
			2003			2002			2003			2002			2002			2002
			Successor			Successor			Successor			Predecessor			Successor			Combined
Net sales
	Building products		$	223,806		$	176,673		$	515,113		$	161,959		$	290,633		$	452,592
	AmerCable			–			–			–			8,271			–			18,271
		Total		223,806			176,673			515,113			180,230			290,633			470,863
Gross profit
	Building products			64,219			53,893			149,187			47,102			88,562			135,664
	AmerCable			–			–			–			2,777			–			2,777
		Total		64,219			53,893			149,187			49,879			88,562			138,441
Selling, general and administrative expense
	Building products			38,270			34,557			103,284			41,080			56,224			97,304
	AmerCable			–			–			–			2,192			–			2,192
		Total		38,270			34,557			103,284			43,272			56,224			99,496
Income from operations
	Building products			25,949			19,336			45,903			6,022			32,338			38,360
	AmerCable			–			–			–			585			–			585
		Total		25,949			19,336			45,903			6,607			32,338			38,945
Interest, net(b)				9,706			6,002			20,627			2,068			10,983			13,051
Foreign currency gain				(199	)		–			(199	)		–			–			–
Income from continuing operations before other non-operating expenses and income taxes				16,442			13,334			25,475			4,539			21,355			25,894
Merger transaction costs(c)				–			–			–			9,319			–			9,319
Debt extinguishment costs(d)				–			–			–			–			7,579			7,579
Income (loss) from continuing operations before income taxes				16,442			13,334			25,475			(4,780	)		13,776			8,996
Income taxes				6,823			5,535			10,572			977			5,718			6,695
Net income (loss) from continuing operations				9,619			7,799			14,903			(5,757	)		8,058			2,301
Loss from discontinued operations				–			–			–			–			(521	)		(521	)
Net income (loss)			$	9,619		$	7,799		$	14,903		$	(5,757	)	$	7,537		$	1,780
Reconciliation of net income (loss) to EBITDA(e)(f) (g):
Net income (loss)			$	9,619		$	7,799		$	14,903		$	(5,757	)	$	7,537		$	1,780
Interest – Continuing operations				9,706			6,002			20,627			2,068			10,983			13,051
		– Discontinued operations(h)		–			–			–			–			1,213			1,213
Taxes    – Continuing operations				6,823			5,535			10,572			977			5,718			6,695
		– Discontinued operations		–			–			–			–			(370	)		(370	)
Depreciation and Amortization
– Continuing operations				3,362			2,849			8,874			3,969			4,246			8,215
		– Discontinued operations		–			–			–			–			318			318
EBITDA			$	29,510		$	22,185		$	54,976		$	1,257		$	29,645		$	30,902
Selected Cash Flow Data:
Net cash provided by (used in) operating activities			$	22,710		$	23,339		$	18,453		$	(18,258	)	$	36,961		$	18,703
Net cash used in investing activities				(120,323	)		(4,820	)		(126,164	)		(3,597	)		(357,544	)		(361,141	)
Net cash provided by (used in) financing activities				103,500			(10,000	)		102,592			(245	)		334,636			334,391
Net cash used in discontinued operations				–			–			–			–			(1,076	)		(1,076	)
			September 27,			December 31,
				2003			2002
Selected Balance Sheet Data:
Cash			$	7,938		$	13,022
Accounts receivable, net				145,049			67,861
Inventory				108,436			60,369
Accounts payable				69,072			31,319
Accrued liabilities				58,563			34,319
Long-term debt				345,000			242,408

Page 6

(a)	Operating results prior to the merger transaction with Harvest Partners completed on April 19, 2002, are presented as the Predecessor’s results of operations and include 108 days from January 1, 2002 to April 18, 2002. Operating results subsequent to the merger transaction with Harvest Partners are presented as the Successor’s results of operations. For the 2002 periods presented this includes 165 days from April 19, 2002 to September 30, 2002. AmerCable’s results are included in continuing operations of the Predecessor prior to the merger transaction with Harvest Partners. Subsequent to the merger transaction with Harvest Partners, AmerCable’s results are treated as discontinued operations due to the Successor’s decision to divest this division. Operating results for 2003 also include the results of the Company’s Gentek Holdings subsidiary subsequent to its acquisition on August 29, 2003.
(b)	The 2003 periods include accelerated amortization of $3.9 million of debt issuance costs as a result of amending and restating the Company’s credit facility for the Gentek Holdings acquisition.
(c)	Merger transaction costs include investment banking and legal fees incurred by the Predecessor in conjunction with the strategic review process and subsequent merger transaction with Harvest Partners.
(d)	Debt extinguishment costs include $4.9 million for the extinguishment of substantially all of the Successor’s assumed 9 1/4% senior subordinated notes and $2.7 million for the expense of financing fees related to an interim credit facility utilized for the merger transaction with Harvest Partners, which was repaid shortly thereafter.
(e)	EBITDA is calculated as net income (loss) plus interest, taxes, depreciation and amortization. The Company considers EBITDA to be an important indicator of its operational strength and performance of its business. The Company has included EBITDA because it believes it is used by certain investors as one measure of a company’s ability to service its debt. EBITDA should be considered in addition to, not as a substitute for the Company’s net income or loss or to cash flows as well as other measures of financial performance in accordance with accounting principles generally accepted in the United States. EBITDA has not been prepared in accordance with accounting principles generally accepted in the United States. Therefore, EBITDA as presented by the Company, may not be comparable to similarly titled measures reported by other companies.
(f)	AmerCable’s EBITDA is calculated as its net income (loss) plus interest, taxes, depreciation and amortization. For the periods through the date of its sale AmerCable’s EBITDA is calculated as follows:

		January 1, 2002		April 19, 2002			January 1, 2002
		To		To			To
		April 18, 2002		June 24, 2002			June 24, 2002
		Predecessor		Successor			Combined
Reconciliation of net income (loss) to EBITDA:
Net income (loss)		$	359	$	(521	)	$	(162	)
Interest – Discontinued operations(h)			–		1,213			1,213
Taxes    – Continuing operations			226		–			226
	– Discontinued operations		–		(370	)		(370	)
Depreciation and Amortization
– Continuing operations			635		–			635
	– Discontinued operations		–		318			318
EBITDA		$	1,220	$	640		$	1,860

(g) As mentioned above, the 2003 results of operations include the results of Gentek subsequent to its acquisition on August 29, 2003. A reconciliation of EBITDA excluding the impact of the Gentek acquisition for the quarter and nine months ended September 27, 2003 is as follows:

			Three		Nine
			Months		Months
			Ended		Ended
			September 27,		September 27,
			2003		2003
Reconciliation of EBITDA excluding the impact of the Gentek acquisition:
EBITDA as presented above			$	29,510	$	54,976
	Less EBITDA from the impact of the Gentek acquisition calculated as:
		Net income		1,099		1,099
		Interest		59		59
		Taxes		779		779
		Depreciation and Amortization		485		485
		EBITDA from the impact of the Gentek acquisition		2,422		2,422
EBITDA excluding impact of Gentek acquisition			$	27,088	$	52,554

EBITDA from the impact of the Gentek acquisition includes a cost of sales adjustment of $1.4 million related to an inventory fair value adjustment recorded at the time of the acquisition.

(h) Includes accelerated amortization of $0.8 million of debt issuance costs as a result of using the proceeds from the sale of AmerCable to permanently reduce the credit facility

Page 7 8-K 4 l03940ae8vkxpdfy.pdf COURTESY COPY begin 644 l03940ae8vkxpdfy.pdf M)5!$1BTQ+C(-)>+CS],-"C(U(#`@;V)J#3P\(`TO3&EN96%R:7IE9"`Q(`TO M3R`R-R`-+T@@6R`V-S0@,C$U(%T@#2],(#(V,S0T(`TO12`Q,S4R.2`-+TX@ M-"`-+U0@,C4W,C8@#3X^(`UE;F1O8FH-("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!XF4@,S@-+TEN9F\@,C0@,"!2(`TO4F]O="`R-B`P(%(@#2]0 M')E9@TP#24E14]`@("`@#3(V(#`@;V)J#3P\(`TO5'EP92`O0V%T M86QO9R`-+U!A9V5S(#$S(#`@4B`-+TI4(#(S(#`@4B`-/CX@#65N9&]B:@TS M-B`P(&]B:@T\/"`O4R`X,B`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H M(#,W(#`@4B`^/B`-'0@ M72`-+T9O;G0@/#P@+T8R(#,P(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q M(#,S(#`@4B`^/B`-/CX@#65N9&]B:@TR.2`P(&]B:@T\/"`-+U1Y<&4@+T9O M;G1$97-C7!H96XO=2]Q=6]T961B;')I9VAT+T@O;FEN92]F+TE<#2]V+W!E"]T:')E92]++W!A7!E("]4 M>7!E,2`-+T9I64I,3@N M-RAR*5U42@HM,"XW,#7!E("]4>7!E,4,@/CX@#7-TRY?NG`R+OL0/2>C MIYM2%:7=K5&&I>H-FGB],B`A4JM+U.K4!DV4BU*IBHM3AD[>H%>&:O0:7;*8 M_4!5&:-7JI4&G3I*$Z_6[5-JHY5!,0E:0VJB1JE:JU0G1+EJ=F?S+]KXY>CBF.XTY[E5*]X`\% M"`-,]A0445U,,%/_7O!GK;&SY<\''G$O0DX8=+$'(R+;LYK+CA87E_+%1TJ+ M2^1E9?G9QK0_!:@54KUY>0K>_XJ`?O-R%KFZNJ(%R)=#?*O?%3^^,VS`_U9< MY4E'M!)P$VC'.2@;>S)XF_\%!CM>$9W(GP77MV]A`?ARP,<^WOZ8U]P(>!AR M+B/-$58BW(2T(?4I2S:O M2<&SX0H!W:+"=11*_?<:\CXE36\VRYKQQC$X,49`J9EGP;X$'5GK4XARD3VR M+X3LK^^7P!&P5S1;HB`U2D%6R*87&2`(@GK!`#9@I884%*20FJK-\T4S8D03 MK1S@3#7EFU+1KQ"^IW-*T#HW,IT^?<-DJI2WF?8G*R:VT:KHPI!"7FH:$AH& M<1AY10A:F,D>.DH&11D/1\M1#@4^L)KLN_QRY#T'EHOONWDLVH&(F+`JU!(62&P-'2]'9AY`L9/'JJ>R5<7D"W5O4]&Y(/MF[>Z^NYP2Q#%0EK@72$D15;9#;E/ M&*,0!VGL7"$DG$)?3H20@=!&,Y\A[V&:,8+W.(W6W651+@79,$J6B*9W"#>? MXB`\)"!`>,;"5JKBN.EXJ:+S3789>3`S.W._'&DHA*,L,O=P:=ZG^!\DA30M:>R_JGX`X6[\'I3>:9B&N*X,>+:KRK)-+T%L'R M$N2>Q-M&X<@_"2'4[,NB_!RT$JU'X1R*'E\(5K"F'3R^`F[%T*RPY(S8C7PM M2-^!'-:T2-!NU,6^/_O1'$3NVA+DNVX0?+XH;RPO5S0VM1]KDTM/)`NC@WB= MH"*$3>8%[`1%I85'S*G)(:^UGCIS3P[Q%-H^,4K>HV"O>38ILC%+6V0WAOP' M0?M@XQ`S"GOA'LN\`=JS-U[%^>]4!WGMNC?,,Z,C_5WGFWGDAKS8%0.>,(T7 M#WFU@N6U+Y-O(6Y,P0Q?/_.L]RTWM&$`D4OG;9KGU1WS4B4"W=?NCEO",5Y"$N"N?GZJHX\O*M\J@KNALL-8*P-R'/+'O8!F+M28I[//"ZHR5-Q$,+TZ MX\"R0A'_FF;:0%<'?.=/WOU+3BE*Q(.?57Q[&@@.7)%?U1(>M5*P';UAQ\[G M9[4IF*1K:5=B/3G$(9OL@)#4(QV\4&5975)5QY=7%=?+F8N/?C2BJ9.K4*M8 M6#1)*+U/^%4GK6]UER-?\;.U0094`BIG6`I! MK\"NI%B1>HJ,C_-;C6SE2(:FOA;;:D[?W:Y.14_OK;JKP%9S`@#P`1[D*U$`Q-49Z.*\BZX,!_AEIGQ3P M3!R$"G?9.E/M99#=2(SHYQ]L:/1:QJ$^5&0*W)%1UL9+H4PLT0F]/7"\4ZSR M;AQJ&EH;F13A.UC!:JEYX=OBD9TF5WDX-<-!`K<[, MTHL:74!'M56:ZGF04T`TI[E7*YJHP_`'1N:=H!Q[[Z,O11Y)<8M3B=-K^>1;W;4H1LT[$4P57LCLSRYR,.9 MW&5\*UPJ@<;6"75`"2Y/ME?*!=LF>*;`!='4@*8TTY/&[Z`=RR*6XS=<009^ MD`=NEQZS\A%PZ9[N4\4=H5)AARR2VINV2Y.Z^^/Z:0S>B2?B^:3!CK7K>M[G MO*^"-.P?C%R`,>!\SL#!Q^AJI;X]AQT=D,YV:.8ESZS09Y7R$\'"4PMSD_DO M:-@*?7@#6IP>Z2'BM_!H]+VP#ET]='@HC^6Q18VNIQE(;W$@[H/`7[XG]8^> M'[=?Q]O&\A)`5FG)1.CBJ7?U^PMOB<'N5.1?RR:'NM3H[O],RCMDF=7%'Q7^ M30[Y6J5@$;H4UPU%MW+)IZUJ-*PY%.]+V[>A#7'Q^]D_5=Q;SBACPM3Q>;&F M:"ZQJ"+A&%,%?\R&P%&Z/L\]WBH5YI"![-3RVG`Z5!F.57@S"\'H/W&;U6A` M4W9@X8N^+13K;B1UYR2:!FE8BRK-_YPL:PC]9LH>.C(F,U"))(\'#J(MN-&-35*#GGS?ZD7KA8: MT2E8(MM'84?_5>G8G?&,SFKEA#!TNR)_0.Q5S8LJ).U"B55J>RK&"J+PIW8] MCA7T,ORAFKJ>;DXEX-T1_I4J;I&&P$ODT9)L5=D/M."J1Z"W'Y<9*,@7OI#I M[0&45\)HB82:JW(B#MX4NW&[/.]2[B@S4E2VR43,2+XWV^4G;!O$A(EJPLGJ M5(QH_$"+['(A4H87J:E6DV93&V=?_?\2TT3>U,)[]A.R8N$(!;^NR[F4+R8@ MSN)?39(&0GIOH*3P4[R"<'L:.$(HQ&`/(JR>Y/'`#C@&A\(T[`A^7--8+)WZ M%P@'-4B'K5:0SL-J'#YU+I9RHV-;U@I=HBI]9X58HDI/Y,,FTN]K!XH2?<6> M^N@B/-)&"_;6QQBOT;`2:5D)915\3"& M.6//H-[-B)@MTNP$$KO>+MAXR5,K_-0NM8E>!\>IJ<'T\A@7&A]!\Y)W)42R M'RG]=R]D\!(=+?XT?8"?XNBVM)+"NFFT[J+21DJ1KU9!K3ZCWKO9Q<<".> M(OQ6ICF<5FR@*TOS3NC)%UHU.JLQ*.L\C[H]QL.)/$L8?YQ+/D*AS2Z M.ANI\Q!P!W9=@36&%I.AL\#AI9@5VE9*;>^)8%((F,RFS#VT.B8J0LEB&6:# MS\M6/(ZN+Z5KR[.ZLTBF7C4ZIS%KK=B=[.6WG/`<'+#`/2GA@W1G-<3S:+L^ M)+N.YBTMYDH67H'IC[&+S!31&!!-[PG7;OBT8;<*,/V7OP!5#F1,5TY M^*`RNR?'>=R#Y+.@4<&"\@G-#Y?=A>G#9#&UPJN*L(S$/7&L)F5/0B03HK1T M$)?34-0',[I8XG$^4:0D)22K&*6NIH:##>B"[CO\&BM_@AT^\MT6>VBOI9(O M,W,'-48C;3E:4E_;D>3#KD'R$>RQZJU0-WI%=\B9WI[6^F;6)_=89@ECLF1U M'N/&)=<)KUP"3V-[U(0K]R#JH7R8_+#<4)S-Z2^I8[YNFC+++Y;<#MKG>[B1 M\XA5A(R$=\'J\S#WK\_\`>'?+0I\/R*-U4(OI='+Y/:@F`_C@Q(<8E%67J$N MCVG7J<(X4NV7@JQ&4G%3*DR&V8J-H2%;?!B/94/$"[H]LC3WY$:'%7!YD7F1 MQ9]6ZIUK]2;^"%V28`DSLZ9]GQAW,,0/.XBZ-O?9RCO#GQ\'Z@R!W:TS";^I M'@5>=1^B[LD;X6]6Q8[4[?N#&3^?/G@-)@UT]G5T[EZ>S\F5,`-7*59H=*5M MM-"/1*RG1:R;GF,M>(D5ST8UN\(,6Q@\=B9&V!%O`=>HENO-S57$<:ZABGP#')M_MU M9CX>OP:OQI.'O(@UGW(.)ED*.7P'9BH>FEJJ>IG;A2N"\CFR[(V"6QT$5TM^ MN">%SX1`!7X5'*CFW.Y>MB-W\3&F],CAFH;-5>OQ"AU>NI[SVOT5ODQYQZ3X M9;!Q<-B(WM!G5EZDX3*,0^.P\BQ,&PI6P8P*V-626SVA>E!Y=\$%V'BSJEI^ MW45^W.7;.8K:GRNO]J"FKC0.ZR:'5HMMKJEX[^Z].JW=L7:GRLZZ==?'UJ6M M=!6Q541>4A[R""S/A)!<`DGS?I/P2"X$2$!"!`0CXOL!KE;;L:TN8&O15$>W MU6X?;G?V7.>P,WM"=_M_9^ZS=IXM9R M>/V$.+P)*.MM;AD&+N?RI>YB:O/J3+1PYW#VI2J&F.I)W&!1*E)6'.6;V/;H/?W\!"H(-T\N=-#'[.1(W"\JMF?8`V7UDK-M&-X_HVZD+ M_PS#F#.:+G4`3[L<3TW\$.^I"$R)$+.\DA/O;5$[<4O*!$?,<"%:O"-#LK?X MAW2T_R\=<^9#;/\QQ',2L$6MW:W%EU;&@0RGW/D)"77@U%B8&Z`F_05;&90! M-LGU&7J,*`;Q&S#QXK;).KCBD>C31^LBQ+^P;%=SPM<=^DXL^"`PV/?(T^5[ M%,M88/-X;%ZJH\NYZ%39QPIUWAODCR#X`!9^AW:8JTAK1Y]]M;K!XJW*S,8>:J MP*YZ52I6A_QZO'^I1WM.="<"MT6_);\@3M_Y7+RUW)1OQLY7SHF]3N/$E.*C,#M-C9V6Q% M%INEBE,`F[OUATO8-A^TI1[UI.BS"$R*$,<_NR].95594?)B#NRQ-W0,D7`8 MC!X^V!VB+OF*4AA4"#97Z?='$04X.HY&[B0)ZP%BN%+UR#S#5SYZ[MH M*=,YER)&BVKAMNGO)\^]_\59#'L:/;>U,)V)1^4^N'.0C^,T[XEF(E!ZAYB= M04O%N099LIY60+T/_$G9AIOL6B`9"C8=H2!S'2['Q6S9YEN)F[(S*F2,R2:8 M`CKLYC\RY9F*3#8:PI962PMUR*[(9XC9B%%\N/E"<(2"\4ZTKA9M62LOW94U M'HAR=\*W+O//!`UUHMX[4!G!PFJ.WRCV%]1ZTBGTS"KT,T2CU3-)]RY?.QKJ M9)PH1;BWH?:/1NQ8DQ?DM-8[3I'X:>`,?/$?R*C;6Y^AQ&>U MM;3]_QG$#ZK]3AF_/:"I$YV]DN*!)=IS M_*+!V&NXL+IQ87T!UU6WQ:FE]Z>QTL*".*E4JFLDC3:CS4R?1Q/"7XU5GCUQ M]`O/IBHY=_UBNZ'H&OXY3&,KWFC'B'R108 M(>%7*%$!KID(R\B5YH`"'3H&D'B9Q@ MQ:D0N(0&0PX`E'V MK2SH,[E5W9F00@\32KQ.M8MJ=K8%\:%_#K5_1TV"(J]-ZZ;YI;Z)MPL0!WS,CO'O&G.)&7?X<8 MY2NB5TZQPD%KAUI.:E02=26]$54C`)L%1I>VPT/V'[(&K)@FKP%X3`?T[=50 MB,P)WK)3+[.D,A_1>_"`JBKS55+9ID(=0XQ6!21G9HY=A>19&NO5ESCZ>GMKJ4SXZU@@8OG]8*<[QQZ"]6OL8- MG[8\$7PRLI`W+H&/Q?\%&\Y'3@IE;F1S=')E86T-96YD;V)J#3,S(#`@;V)J M#3P\(`TO5'EP92`O17AT1U-T871E(`TO4T$@9F%L'R`A(B,D)28G*"DJ*RPM+B\P,3(S M-#4V-S@Y.CL\/3X_0$%"0T1%1D=(24I+3$U.3U!14E-455976%E:6UQ=7E]@ M86)C9&5F9VAI:FML;6YO<'%R7I[?'U^?X"!@H.$A8:'B(F*BXR- MCH^0D9*3E)66EYB9FINHJ:JKK*VNK["QLK.TM;:WN+FZ MN[R]OK_`P<+#Q,7&Q\C)RLO,S<[/T-'2T]35UM?8V=K;W-W>W^#AXN/DY>;G MZ.GJZ^SM[N_P\?+S]/7V]_CY^OO\_?[_`@P`K?9_@0IE;F1S=')E86T-96YD M;V)J#3,U(#`@;V)J#3P\("]&=6YC=&EO;E1Y<&4@,"`O1&]M86EN(%L@,"`Q M(%T@+U)A;F=E(%L@+3$@,2!=("]":71S4&5R4V%M<&QE(#$V(`TO4VEZ92!; M(#(U-B!=("],96YG=&@@-3(W("]&:6QT97(@+T9L871E1&5C;V1E(#X^(`US M=')E86T-"DB)```"__V``("`@0&!@8("@H*#`X.#A`2$A(4%A86&!H:&AP>' MAX@(B(B)"8F)B@J*BHL+BXN,#(R,C0V-C8X.CHZ/#X^/D!"0D)$1D9&2$I*2 MDQ.3DY04E)25%965EA:6EI<7EY>8&)B8F1F9F9H:FIJ;&YN;G!R M'IZ>GQ^?GZ`@H*"A(:&AHB*BHJ,CHZ.D)*2DI26EI:8FIJ:G)Z>GJ"BHJ*DI MJ:FJ*JJJJRNKJZPLK*RM+:VMKBZNKJ\OKZ^P,+"PL3&QL;(RLK*S,[.SM#2T MM+4UM;6V-K:VMS>WM[@XN+BY.;FYNCJZNKL[N[N\/+R\O3V]O;X^OKZ_/[^_ MP$#`P,%!P<'"0L+"PT/#P\1$Q,3%1<7%QD;&QL='Q\?(2,C(R4G)R)BXN+C8^/CY&3DY.5EY>7F9N;FYV?GY^AHZ.CI:>GIZFKJZNMKZ^OL;.SL M[6WM[>YN[N[O;^_O\'#P\/%Q\?'R/CX^7GY^?IZ^OK[>_O[_'S\_/U]_?W^?O[^_W___P(,`.>L/Q`*96YD'0@72`-+T9O;G0@/#P@+T8R(#,P(#`@4B`O1C8@ M,3`@,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,S,@,"!2(#X^(`T^/B`- M96YD;V)J#3,@,"!O8FH-/#P@+TQE;F=T:"`Q-CDT(#X^(`US=')E86T-"C$@ M,2`Q(')G"B]'4S$@9W,*,2!I(`HQ."`Y.3`@-3@P+C`U-B`M.3'0@72`-+T9O;G0@/#P@+T8R(#,P(#`@4B`^/B`-+T5X=$=3=&%T92`\ M/"`O1U,Q(#,S(#`@4B`^/B`-/CX@#65N9&]B:@TV(#`@;V)J#3P\("],96YG M=&@@-#,V-"`^/B`-2DM,C0T+C8H;V8I751*"C`@+3$N,3(R M(%1$"C`N,#$R,2!48PI;*'0I,C$N."AH*2TP+C$H92DM,C4Q+C(H<"DM,"XQ M*')E*3$W+C$H2DM,C0T+C8H;V8I751*"C`@+3$N,3(Q M.2!41`HP+C`Q,C$@5&,*6RAT*3(Q+C@H:"DM,"XQ*&4I+3(U,2XR*'`I+3`N M,2AR92DQ-RXQ*',I,3`N.2AS*2TR-3"!;(#`@,"`V,3(@,3`P M."!=(`TO0W)O<$)O>"!;(#`@,"`V,3(@,3`P."!=(`TO4F]T871E(#`@#3X^ M(`UE;F1O8FH-."`P(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]497AT(%T@ M#2]&;VYT(#P\("]&,B`S,"`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`S M,R`P(%(@/CX@#3X^(`UE;F1O8FH-.2`P(&]B:@T\/"`O3&5N9W1H(#(Q.#8@ M/CX@#7-T2DM,C0T M+C(H="DR,2XV*&AE*2TR-3$N-"AU;F1E*3$V+CDH2DM,C0T+C(H82DM-RXU*'4I,C0N,2AT M*2TR+C@H:&]R:2DR,2XV*'HI+32E=5$H* M,S`N-#@W."`M,BXR-C@S(%1$"ELH1"XI+3(R-BXT*$LI+3(R+C"!;("TQ-C@@+3(Q."`Q,#`P(#DS-2!=(`TO1F]N=$YA;64@+TQ+4$E* M3BM4:6UE1;C"W0789!F#SNP9P#V@ MRG`,V)@:<4"A'9;UM>NZ=KJ!CW7K;+>A`\*@8?*"(:/C?\37!ZS"&?,DO7_[)]_^]/AR+4F`XCFORGUN1M[0@<97%9G8E MY3JLIL@T3=1AXC1C!Z>"-%6;37([+L5JYPL@&%U=H=IGY2GDZ MII2SN#@C5\$;36:;D2_C'*5F\K!6("V-JYL^H$.AHP=&&7`3;65].4YZ4]7;R^H8'BZ383^\KOT5ZN^@ M>I4Z(/!],-(#73V\H/D;4D`/F8B!;,H.N^"6MH>@W.?]-ZK13+I@\U-(8:P* M#3%B,*HC&.PZJ:,JK^Q;88AS&Q'-HF`X1@N7",H&&YLO_'&=!F+&Q^EM3"-) M#0SN`%47*&G0HW7-10SZG"<^\@\VY-%A+UE05E_D8]1GO<-23#]^`@QBFJ"4 MXF".=FY&MFVASKI@YZB1+1WQW3I'P\+#D`3Q0%Q',2D#C`";G03_QIN5SO*G M3R3K4"F:A?1H+5H.&I0!-3#INR^N760C%GOAY$'H.SAF,0W2NH`0*`_U?DAB MM?\+66;U%_H8RL.+5\DC8%+)N2;FQY4GZ)9Z6X^Q4$?>/FE#$UO9+KA93E2C M"2^6)P:CH9K\<'?S:=!]PZ,9';*BDO"WA/H%N:]/'R%,$H#LI&Y3UR*$Q_U' M'R7D(2R0AJ8-C5_24$.")I2;^1XKP$V>J)E?O1A-:(RF;C]D.079^_-G[F,Z M99(18LR6A`F:?R"-(F,_"UWI90L"STF+CITF@T<@O^%HW+:?1F082_2EFJ=!&GM@1\C]SAJ6&PG8R MSU&[O)91`^GMEZ;TXP-@@'M@4(I3I7@M<(?08A2?XD-;4!;*\L&6'R'^$"P& MCNV/0L4H%4U'=E0*"2@.C/))@#@H!3M*A>FHF%5S\DJZ5S/0[0$[6"\W1X4XRW=60&^E=(M7>/5+&3O1J*P'M M[X;=361-F_C\=EC3%HWL0='5`A,",4S[HJHG'L3&`#LN&*N6YDV2$K7_#@"] ME'!H"F5N9'-T7!E("]086=E M')E9@TP(#(U(`TP,#`P,#`P,#`P(#8U M-3,U(&8-"C`P,#`P,3,S-S8@,#`P,#`@;@T*,#`P,#`Q,S4R.2`P,#`P,"!N M#0HP,#`P,#$S-C0R(#`P,#`P(&X-"C`P,#`P,34S.#D@,#`P,#`@;@T*,#`P M,#`Q-34T,B`P,#`P,"!N#0HP,#`P,#$U-C0T(#`P,#`P(&X-"C`P,#`P,C`P M-C$@,#`P,#`@;@T*,#`P,#`R,#(Q-"`P,#`P,"!N#0HP,#`P,#(P,S$V(#`P M,#`P(&X-"C`P,#`P,C(U-34@,#`P,#`@;@T*,#`P,#`R,S,T-2`P,#`P,"!N M#0HP,#`P,#(S-C`X(#`P,#`P(&X-"C`P,#`P,C0Y-3$@,#`P,#`@;@T*,#`P M,#`R-3`S-2`P,#`P,"!N#0HP,#`P,#(U,#DY(#`P,#`P(&X-"C`P,#`P,C4Q M,C(@,#`P,#`@;@T*,#`P,#`R-3$W-"`P,#`P,"!N#0HP,#`P,#(U,C$T(#`P M,#`P(&X-"C`P,#`P,C4R.3$@,#`P,#`@;@T*,#`P,#`R-3,T-B`P,#`P,"!N M#0HP,#`P,#(U,SDW(#`P,#`P(&X-"C`P,#`P,C4T,S,@,#`P,#`@;@T*,#`P M,#`R-34Q,"`P,#`P,"!N#0HP,#`P,#(U-3F4@,C4-+TE$6SQE939A83!E8C$W-CAA-#0Y8F4W93AA969A9C`Y M96)D,3X\964V86$P96(Q-S8X830T.6)E-V4X865F868P.65B9#$^70T^/@US 3=&%R='AR968-,3 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

EX-99.1  Press Release