-----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, QPs70Yodf25hVrTGN0o/JegMJ0wqJ3O1ZLS9R8gFFcU49KaDhLZLHHuZBb1NRMDU FTXLJIW3t4E0F+dYH/NjpQ== 0000898431-03-000063.txt : 20030513 0000898431-03-000063.hdr.sgml : 20030513 20030513163631 ACCESSION NUMBER: 0000898431-03-000063 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030331 FILED AS OF DATE: 20030513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN LOCKER GROUP INC CENTRAL INDEX KEY: 0000008855 STANDARD INDUSTRIAL CLASSIFICATION: PARTITIONS, SHELVING, LOCKERS & OFFICE AND STORE FIXTURES [2540] IRS NUMBER: 160338330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00439 FILM NUMBER: 03695989 BUSINESS ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 BUSINESS PHONE: 7166649600 MAIL ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 FORMER COMPANY: FORMER CONFORMED NAME: AVM CORP DATE OF NAME CHANGE: 19850520 10-Q 1 form_10q.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark one) (X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003 OR ( ) TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT FOR THE TRANSITION PERIOD FROM ___________ TO Commission file number 0-439 ----- American Locker Group Incorporated - -------------------------------------------------------------------------------- (Exact name of business issuer as specified in its charter) Delaware 16-0338330 - -------------------------------- ------------------------------------ (State of other jurisdiction (IRS Employer Identification Number) of incorporation or organization) 608 Allen Street, Jamestown, NY 14701 - -------------------------------------------------------------------------------- (Address of principal executive offices) (716)664-9600 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements. Yes X No ------ ------ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes No Not Applicable ------ ------ APPLICABLE ONLY TO CORPORATE ISSUERS: State the number of shares outstanding of each of the issuer's class of common stock equity as of the latest practicable date: May 7, 2003. Common Stock $1.00 par value - 1,517,146 Transitional Small Business Disclosure (check one) Yes No X ----- ---- Part I - Financial Information Item 1 - Financial Statements American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
March 31, December 31, 2003 2002 ---- ---- Assets Current assets: Cash and cash equivalents $ 1,780,257 $ 2,002,225 Accounts and notes receivable, less allowance for doubtful accounts of $339,000 in 2003 and $333,000 in 2002 3,965,876 4,166,972 Inventories 6,128,696 6,020,966 Prepaid expenses 436,764 104,115 Prepaid income taxes 188,245 234,008 Deferred income taxes 579,137 579,137 -------------------- ------------------- Total current assets 13,078,975 13,107,423 Property, plant and equipment: Land 500,500 500,500 Buildings 3,451,282 3,444,688 Machinery and equipment 11,674,956 11,611,883 -------------------- ------------------- 15,626,738 15,557,071 Less allowance for depreciation (10,533,201) (10,296,881) -------------------- ------------------- 5,093,537 5,260,190 Goodwill 6,155,204 6,155,204 Deferred income taxes 18,152 18,152 Other assets 163,280 192,447 Notes receivable, long - term 301,200 301,200 ------------------- ------------------- Total assets $ 24,810,348 $ 25,034,616 ==================== ===================
2 American Locker Group Incorporated and Subsidiaries Consolidated Balance Sheets
March 31, December 31, 2003 2002 ---- ---- Liabilities and stockholders' equity Current liabilities: Line of credit $ - $ 25,000 Accounts payable 1,747,735 1,740,763 Commissions, salaries, wages and taxes thereon 235,722 602,792 Other accrued expenses 732,686 739,309 Current portion of long-term debt 1,630,000 1,630,000 ------------------- -------------------- Total current liabilities 4,346,143 4,737,864 Long-term liabilities: Long-term debt 7,976,824 8,303,813 Pension, benefits and other long-term liabilities 124,161 118,230 ------------------- -------------------- 8,100,985 8,422,043 Stockholders' equity: Common stock, $1 par value: Authorized shares - 4,000,000 Issued shares - 1,709,146 in 2003 and 2002, Outstanding shares - 1,517,146 in 2002 and 2001 1,709,146 1,709,146 Retained earnings 13,100,008 12,670,948 Treasury stock at cost (192,000 shares in 2003 and 2002) (2,112,000) (2,112,000) Accumulated other comprehensive loss (333,934) (393,385) ------------------- -------------------- Total stockholders' equity 12,363,220 11,874,709 ------------------- -------------------- Total liabilities and stockholders' equity $ 24,810,348 $ 25,034,616 =================== ==================== See accompanying notes.
3 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Income
Three Months Ended March 31, 2003 2002 ---- ---- Net sales $ 8,831,748 $ 9,254,050 Cost of products sold 6,089,412 6,395,937 -------------------- ------------------ 2,742,336 2,858,113 Selling, administrative and general expenses 1,958,687 1,491,389 -------------------- ------------------ 783,649 1,366,724 Interest income 6,025 24,152 Other (expense) income--net 57,733 62,994 Interest expense (148,081) (180,335) -------------------- ------------------ Income before income taxes 699,326 1,273,535 Income taxes 270,266 496,738 -------------------- ------------------ Net income $ 429,060 $ 776,797 ==================== ================== Earnings per share of common stock: Basic $ .28 $ .38 ==================== ================== Diluted $ .28 $ .37 ==================== ================== Dividends per share of common stock: $ 0.00 $ 0.00 ==================== ================== See accompanying notes.
4 American Locker Group Incorporated and Subsidiaries Consolidated Statements of Cash Flows
Three Months Ended March 31, 2003 2002 ---- ---- Operating activities Net income $ 429,060 $ 776,797 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 210,709 246,905 Deferred taxes - 127,772 Change in assets and liabilities: Accounts and notes receivable 211,811 310,301 Inventories (107,730) (500,947) Prepaid expenses (332,649) (24,632) Accounts payable and accrued expenses (367,934) (63,590) Pension and other benefits 5,931 (346,834) Income taxes 45,875 (440,393) --------------------- ------------------ Net cash provided by operating activities 95,073 85,379 Investing activities Purchase of property, plant and equipment (11,807) (78,092) Payment for other assets - (100,000) --------------------- ------------------ Net cash used in investing activities (11,807) (178,092) Financing activities Debt repayment (326,989) (349,968) Line of credit repayment (25,000) - --------------------- ------------------ Net cash used in financing activities (351,989) (349,968) Effect of exchange rate changes on cash 46,755 (2,704) --------------------- ------------------ Net decrease in cash (221,968) (445,385) Cash and cash equivalents at beginning of period 2,002,225 4,579,034 --------------------- ------------------ Cash and cash equivalents at end of period $ 1,780,257 $ 4,133,649 ===================== ================== Supplemental cash flow information: Cash paid during the period for: Interest $ 149,200 $ 181,800 ===================== ================== Income taxes $ 225,000 $ 809,000 ===================== ================== See accompanying notes.
5 Notes to Consolidated Financial Statements American Locker Group Incorporated and Subsidiaries 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, the condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company's management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of such condensed financial statements have been included. Operating results for the three-month period ended March 31, 2003 are not necessarily indicative of the results that may be expected for the year ended December 31, 2003. The consolidated balance sheet at December 31, 2002 has been derived from the audited financial statements at that date, but does not include all of the financial information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Company's consolidated financial statements and the notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2002. 2. Provision for income taxes is based upon the estimated annual effective tax rate. 3. The Company reports earnings per share in accordance with Statement of Financial Accounting Standards No. 128, "Earnings Per Share." The following table sets forth the computation of basic and diluted earnings per common share:
Three Months Ended March Three Months Ended March 31, 2003 31, 2002 -------- -------- Numerator: Net income available to common shareholders $ 429,060 $ 776,797 ============== ============== Denominator: Denominator for basic earnings per share - weighted average shares 1,517,146 2,043,046 Effect of Dilutive Securities: Stock options 34,921 42,123 -------------- -------------- Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion 1,552,067 2,085,169 ============== ============== Basic earnings per common share $ 0.28 $ 0.38 Diluted earnings per common share $ 0.28 $ 0.37
6 4. Inventories are valued at the lower of cost or market. Cost is determined by using the last-in, first-out method for substantially all of the inventories.
March 31, December 31, 2003 2002 ---------------------------------------------- Raw materials $ 2,689,683 $ 1,572,946 Work-in-process 1,891,590 1,901,263 Finished goods 1,965,689 2,965,023 ---------------------------------------------- 6,546,962 6,439,232 Less allowance to reduce to LIFO basis (418,266) (418,266) ---------------------------------------------- $ 6,128,696 $ 6,020,966 ==============================================
5. Total comprehensive income consisting of net income and foreign currency translation adjustment was $488,511 and $774,093 for the three months ended March 31, 2003 and March 31, 2002 respectively. 7 Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS FIRST THREE MONTHS 2003 VERSUS FIRST THREE MONTHS 2002 Sales for the first three months of 2003 of $8,832,000 decreased $422,000 or 5% compared to sales of $9,254,000 during the same period in 2002. Plastic locker sales to the United States Postal Service (USPS) totaled $4,482,000 in 2003 compared to $5,287,000 during 2002. Plastic Cluster Box Units (CBUs) sales were $4,339,000 in 2003 compared to $5,083,000 during 2002. The decrease in sales of Plastic CBUs of $744,000 from 2002 to 2003 is the result of decreased purchases from the USPS. The Company also believes that the decline in its sales levels of CBUs is the result of changes in purchasing practices by the USPS from district level purchasing to a local post office level. Sales of Outdoor Parcel Lockers (OPLs) were $143,000 in 2003 compared to $204,000 in 2002, as a result of lower purchase levels by the USPS. Sales of metal, mechanical and electronic lockers, which include the Company's luggage cart business, were $4,350,000 for the three months of 2003 compared to $3,967,000 for the first three months of 2002. This $382,000 increase consists of additional sales of $177,000 made by the Company's subsidiary, Security Manufacturing Corporation (SMC), as well as increases in sales of vending equipment for shopping carts and airport luggage carts. This increase was offset by declines in luggage cart and other services at airport terminals. The Company's contract to provide luggage cart services at the Toronto International Airport expired in November 2002, and was not renewed by the Company. The company continues to provide luggage cart services at one terminal of the Detroit International Airport. The Company believes that the long-term outlook for CBU volume remains favorable in light of the continued USPS commitment to the CBU program and its resulting operating cost reduction benefits. In April 2003, the Company's contract with the USPS was renewed for a one-year term expiring on April 15, 2004. The contract covers all four types of Plastic CBUs, aluminum CBUs and the OPL. The contract contained price reductions ranging from zero to approximately 2% depending on the CBU or OPL type. As previously disclosed, total CBU demand is influenced by a number of factors over which the Company has no control, including but not limited to: USPS budgets, policies and financial performance, domestic new housing starts, postal rate increases, and the weather as these units are installed outdoors. The Company believes its CBU product line, including the acquired line of aluminum CBUs made by the Company's new subsidiary, SMC, continues to represent the best value when all factors including price, quality of design and construction, long-term durability and service are considered. Consolidated cost of sales as a percentage of sales was 68.9% in 2003 compared to 69.1% in 2002. Selling, administrative and general expenses were $1,959,000 during the first quarter of 2003, an increase of $468,000 from $1,491,000 during the first quarter of 2002. This increase is due primarily to a one-time reduction of $319,000 in 2002 as the result of the reversal of a liability which existed under the Supplemental Executive Retirement Plan due to the death in the first quarter of 2002 of the only current beneficiary under the Plan. The increase was also impacted by a 2003 charge of $65,000 for a severance agreement relating to a terminated management 8 employee at SMC, as well as increased engineering costs in 2003 relating to product development. Selling, administrative and general expenses were 22% and 16% of first quarter sales in 2003 and 2002, respectively. Interest expense for 2003 was $148,000 compared to $180,000 for 2002. The decrease resulted from lower outstanding debt during 2003 compared to 2002. LIQUIDITY AND SOURCES OF CAPITAL The Company's liquidity is reflected in the ratio of current assets to current liabilities or current ratio and its working capital. The current ratio was 3.01 to 1 at March 31, 2003 and 2.77 to 1 at December 31, 2002. Working capital, the excess of current assets over current liabilities, was $8,733,000 at March 31, 2003, an increase of $363,000 over $8,370,000 at December 31, 2002. Cash provided by operating activities was $95,000 and $85,000 during the first three months of 2003 and 2002, respectively. The Company anticipates that cash on hand and cash generated from operations in 2003 will be adequate to fund working capital needs, capital expenditures and debt payments. However, if necessary, the Company has a $3,000,000 revolving bank line of credit available to assist in satisfying future operating cash needs, no amount is outstanding under the line of credit at March 31, 2003. EFFECTS OF NEW ACCOUNTING PRONOUNCEMENTS There are no recently issued accounting standards that the Company believes will have a material impact on its financial position or results of operations. Safe Harbor Statement under the Private Securities Litigation Reform Act Of 1995 Forward-looking statements in this report, including without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company's plans, strategies, objectives, expectations, and intentions are subject to change at any time at the discretion of the Company, (ii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory, (iii) the risk that the Company's contract with the USPS will not be renewed, and (iv) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Item 4. Controls and Procedures As of March 31, 2003, an evaluation was performed under the supervision and with the participation of the Company's management, including the chief executive officer and principal accounting officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on that evaluation, the Company's management, including the 9 chief executive officer and principal accounting officer, concluded that the Company's disclosure controls and procedures were effective as of March 31, 2003. There have been no significant changes in the Company's internal controls or in other factors that could significantly affect internal controls subsequent to March 31, 2003. Part II. Other Information Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. 99.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 99.2 Certification of Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (b) The Company did not file any reports on Form 8-K during the three months ended March 31, 2003. 10 S I G N A T U R E ----------------- In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AMERICAN LOCKER GROUP INCORPORATED (Registrant) /s/ Roy J. Glosser ------------------------------------------------ Roy J. Glosser President, Chief Operating Officer and Treasurer Date: May 13, 2003 ----------------- 11 CERTIFICATION I, Edward F. Ruttenberg, Chairman and Chief Executive Officer, certify that: 1. I have reviewed this quarterly report on Form 10-Q of American Locker Group Incorporated.; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c. presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 12 6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: May 13, 2003 /s/ Edward F. Ruttenberg --------------------------- Edward F. Ruttenberg Chairman and Chief Executive Officer 13 CERTIFICATION I, Wayne L. Nelson, Principal Accounting Officer and Assistant Secretary certify that: 1. I have reviewed this quarterly report on Form 10-Q of American Locker Group Incorporated.; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a. designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b. evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and c. presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 14 6. The registrant's other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: May 13, 2003 /S/ WAYNE L. NELSON ----------------------------------- Wayne L. Nelson Principal Accounting Officer And Assistant Secretary - ----------------------------- - ----------------------------- Exhibit Index (a) Exhibits. 99.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 99.2 Certification of Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 15 EXHIBIT 99.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of American Locker Group Incorporated (the "Company") on Form 10-Q for the quarterly period ended September 30, 2002, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company. /S/EDWARD F. RUTTENBERG ---------------------------------------- Edward F. Ruttenberg Chairman and Chief Executive Officer Dated: May 13, 2003 A signed original of this written statement required by Section 906 has been provided to American Locker Group Incorporated and will be retained by American Locker Group Incorporated and furnished to the Securities and Exchange Commission or its staff upon request. 16 EXHIBIT 99.2 CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of American Locker Group Incorporated (the "Company") on Form 10-Q for the quarterly period ended September 30, 2002, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company. /S/ WAYNE L. NELSON ----------------------------------- Wayne L. Nelson Principal Accounting Officer and Assistant Secretary Dated: May 13, 2003 A signed original of this written statement required by Section 906 has been provided to American Locker Group Incorporated and will be retained by American Locker Group Incorporated and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----