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Tyson Foods, Inc. (NYSE:TSN)

Bank of America Merrill Lynch Global Agriculture Conference Transcript

February 28, 2013 2:15 PM ET

Executives

Dennis Leatherby - Executive Vice President and CFO

Jim Lochner - Chief Operating Officer

Jon Kathol - VP, Investor Relations

Julie Kegley - Director, Investor Relations

Analysts

Ryan Oksenhendler - Bank of America/Merrill Lynch

Ryan Oksenhendler - Bank of America/Merrill Lynch

[Starts Abruptly]

Ryan Oksenhendler, I'm the U.S. Agri Business and Food Analyst at Bank of America. Today, I'm pleased to present Tyson Foods, our final presentation of the afternoon. I'd like to thank everyone for coming. Hope you've all learned a lot, unless today as I know I have. And with that I'll turn it over to -- we've got Jim Lochner, the Chief Operating Officer and Dennis Leatherby the Chief Financial Officer.

Dennis Leatherby

Thanks, Ryan, and good afternoon, everyone. It's a pleasure to be here and talk about our company. It's also a great privilege to represent a great team and with me today is Jim Lochner our Chief Operating Officer, Jon Kathol, our Vice President of Investor Relations and Julie Kegley, our Director of Investor Relations.

Before I get started, I need to remind you that our presentation today contains forward looking statements please review our 10-K for risk factors that can affect our business. The topics I'm going to cover today are first, where we've been and where we're going. Then our growth strategy and our priorities for cash then Jim will cover the current operating environment, market opportunities and why we think Tyson is a good investment.

First to understand why we're excited about our potential, we need to review what we've already achieved. We've been navigating really difficult global economic challenges, unfavorable market dynamics and staggering input cost increases from 2010 to 2012. But despite this, we delivered record sales each year in and generated $3.7 billion cash flow. We invested nearly $2 billion in the company to fuel continued improvement in the business and operating can grow.

We paid down $1.1 billion in debt and reduced interest expense. We improved net-debt-to-cap to 18.4% and established an investment-grade rating profile and improved liquidity to $2 billion at the end of fiscal 2012, and this is even after repurchasing more than 22 million shares. And we achieved $715 million in operating efficiencies in the chicken segment and more than $1 billion since 2008.

And most important, we began to delivery steady earnings in the $2 paer share range. We've turned this company around, and as our CEO, Donnie Smith, likes to say, the turnaround is over, and it's time to turn it on.

So how are we going to do that? We're going to accelerate, innovate and cultivate our talent. Growth will be fueled by over a 115,000 team members adding value, increasing international production and innovating. We're going to grow sales of domestic value-added chicken and prepared foods products. We're not a commodity protein company. That's not our goal nor is it our destiny. Value-added is currently about a third of our sales and keep in mind that includes foodservice, as well as retail-branded products.

Looking ahead to 2014 and beyond. We expect total company top line sales to grow 3% to 4% annually, and value-added products to should grow 6% to 8% a year. We expect sales from international production to grow at an annual rate of 12% to 16%, this international growth is focused on production in China, Brazil, in India, along with our long-standing poultry operation in Mexico.

We're able to execute this growth strategy because we have a strong capital structure, which creates many opportunities. Our priorities for excess cash include CapEx, our expectation is to spend $550 million this year 2013, up against the maintenance level of $250 million a year. We're investing in our international operations, especially in China, as we continue building company-owned poultry farms to ensure food quality and food safety.

Returning cash to shareholders through share repurchase of share dividends is also a priority. In our first quarter, we returned more than $150 million back to our shareholders. $100 million of that in stock buybacks and the rest is in dividends. With a special dividend and an increase in our dividend rate by 25%. And we're also looking at acquisitions and joint ventures. And whether it's profit-improvement projects or acquisitions, we're looking for a 20% return minimum.

A couple of weeks ago, we announced an acquisition of the assets of Don Julio, a tortilla and salty snack manufacturer. It's an example of small regional acquisitions we've talked about in the past year or so that would be a good fit for us. Tyson is already the second largest tortilla manufacturer in the U.S. predominantly selling in the foodservice channel, and Don Julio offers us inroads into the retail distribution areas with a respected brand. We're glad to have Don Julio as part of the Tyson team, and this should be the first of what we anticipate to be a series of small acquisitions that will help us grow our prepared foods and value-added poultry businesses.

Now I'd like to turn the podium over to Jim Lochner, our Chief Operating Officer, who will talk with you about the current operating environment, our outlook for the rest of the year and 2014.

Jim Lochner

Thank you, Dennis, and good morning. Let me explain a little bit how we're organized and how we look at the business. We're really divided into four major segments, there's multiple business units within each of the segments. I don't want to try to describe the differences between the segments and how they really operate.

Chicken is a vertically integrated business started with the feed, the day-old chick, we own the production cost end-to-end and all the processing. Within that we included value-added chicken products. So we're talking chicken nuggets, we're talking fully cooked chicken, it' in the chicken segment as opposed to the prepared food segment.

Beef and port of our spread business, by that we do not have live stock production risk. Have a minor degree of it in some categories or within some beef and some pork but predominantly we buy our live stock every week, every day, and I'll show you a couple of graphs going forward, how we try to maintain our margin and our spread business. I'll cover that in a second.

And then our prepared food segment is very diverse covers a lot of categories from baked and ham, pepperonis, soup souse, pepperoni I already said a variety of meat food products, and non-meat food products. But again the chicken segment is not in that business segment. Let me talk a little bit about spread businesses, this graph really shows how beef margins work, quite often people say, beef margins are going down because revenue is going down. And that's really not how the margin works. We make our money based on the relationship of change between the revenue and the live stock cost.

So when we see pressure or advancement in the revenue, it doesn't necessarily translate into margin because it's the differential between the revenue and the live stock cost. We place all of our focus on trying to beat that revenue line of reported markets, we do that through really managing mix, premium programs yields, sales price relationship, et cetera. And then we place our focus on managing through margins, not market share, in fact last quarter even through our total operating income was down it was one of our best overall quarters indeed in that market index.

Margins have compressed last couple of weeks which has caught a lot of focus, what is really happening here is the beef revenue, the cut out has declined at a faster rate, than live stock cost, causing margin compression. Now on the beef spread business what happens, is we're again looking out ahead, what will the market bear so we're pulling back production to a degree, which then [shores] up the pricing, decreases the demand for live cattle in we operate trying to get that spread to widen back out.

Historically that relationship corrects and generally gives us back a margin and we feel very comfortable about the beef business going forward and this temporary margin compression will correct. We've had very actually -- very good news in with this these segment as of late, because we did have one competitor reducing slaughter capacity, which again decreases the demand for the live cattle, particularly in that region. And then additional what we've seen is Japan open up to a whider spectrum of cattle, which should then increase exports to Japan, and then also opens up a variety of what's called variety meat or all four items that historically went to Japan before the 2003 BSE event.

Now, let's talk a little bit about pork margins. Our pork business is very similar to our beef business. We do not have extensive live stock production risk, so it's a same basic component we're looking forward at the revenues, we're looking at what the live stock cost is doing to the revenues when that margin compresses, we pull back production try to accelerate the revenue line or decrease the rate of fall, and decrease demand for live hogs, which then widens that spread. In recent weeks again their compression narrowed, we backed off production, the situation corrected live hogs corrected, actually at a more rapid rate than the revenue decline.

So again we feel fairly strong about the back half, we're not worried at all about this in the short run in pork. And I'd say the same thing about beef. The back half should meet our expectations as we go forward. So margin compressions in spread businesses occur, they correct, because of the market dynamics.

Now, why it's important to think about diversity of these business models and why it's important to be in multiple proteins is that generally what's happening in one positively if it's negative in one, it often is positive to another segment. So there is a really good value on being diverse. In the chicken segment what we've seen, is pricing is actually increased with slight increases of pounds and our margins are better. So those new term challenges we're having in the beef segment are really being benefited in the Chicken segment.

So we see actually stronger demand for chicken products. The market data tells that chicken probably is stealing demand from beef. Consumption is shifting to a greater degree because we have seen less pressure, we have seen the pressure on beef revenue, while we have seen chicken revenue pick-up at difference, because we have had slightly more pounds and higher wholesale prices. So our chicken margins have improved. Again the value of the diversified model, is that implies that the American consumer has not really deviated much from protein, they have shifted their buying pattern to a better value.

So with these challenges we're seeing in beef and pork at the current time with pork already correcting, we feel very good as we look into the remainder of fiscal '13 and beyond in fiscal '14. As Dennis said we are not a commodity protein company. Tyson is multi-protein; multi-channel, meaning we are selling both food-service, consumer products and international and we are a multinational food company with our international platform of chicken production in the Chicken segment.

We view our challenge of feeding the world, we view the world is growing in population and protein demand consumption. That global population is growing at 75 million people a year and the number of consumers of protein is growing rapidly as the number of countries increase their economic status and add protein to their data. In four years we'll need to place as much food production on the same land and the same water to handle that population growth, which is why we put up tremendous amount of focus on efficiency of production, how do we grow more or less units and continue meeting that challenge.

So we think it's a very good time today to be in the protein food business. As I said a second ago the market opportunities keep expanding, it's amazing when you look back over 60 years that global protein consumption has grown by more than 450%, part of that's capita and part of that is per-capita. So we consistently see countries adding a higher protein mix to their diet as their economic want.

Now when we look at the supply and the price, lot of people look at the current U.S. market and say per capita consumption of protein has declined. The reality as it has, we actually consumer what we produce, plus what we import, minus what we export and we've seen a peak hit in about '08 and a decline part of that's driven by increased exports of pork, part of that's driven by increased exports of chicken as they continue to gain every year.

We have decreased imports of beef and we generally increased exports of beef. But the bigger issue is with grain inflating since '08 and with more volatility more production has come out and per capita availability has actually decreased, which is one of the fundamental reasons we have seen beef prices increase, pork prices generally increase over the last three years and chicken prices increase. So when you look at this a lot of people draw the wrong conclusion that per capita demand is down, but what we've done is increased productivity with less supply and exported more.

So that's the conclusion on looking at this, but this chart often fools a number of people. So we're on top of the global market. We really understand we got to get paid for value, we got to get paid for what the cost of feeding an animal and we really try to manage our business units accordingly. We have plenty of opportunity actually for growth in the United States and I have just have one example of in different product line that seems to growing and that's the demand for all-natural or nature raised farms.

What this is, its cage free, no antibiotics ever, fledge feed chicken. So we see consumer demand for items that are produced without antibiotics or at a cost that produces slightly higher and the opportunity to meet that growing demand in those segments is why we are introducing the nature raised farms product going forward.

So when you think about why Tyson, again we have talked about our strong balance sheet, it gives us the ability accelerate, continue our effort in innovating and cultivating and grow our international footprint. We have a strong balance sheet gives us the opportunity to continue to invest in our core business. Goal, to be the best in class in production and efficiency, continue to make strategic acquisitions in prepared foods and value-added chicken, continue to grow our footprint international production and have that and return capital to our shareholders through stock buybacks and dividends.

So we're in a position that we really want to be with our balance sheet, our business is in good order and our thought process to go forward. We are expecting revenue growth of 3% to 4% and a 10% EPS growth over time. We are establishing a very lean thinking culture, operational excellence, continuous improvement. All of our business unit managers have a very defined set of goals and responsibilities and our compensation structure really focuses on whether they attained those and are making continuous improvement.

We strive to be the customers go to supplier through quality innovation and category management. We're also really focused on investing in broader categories in simply the food service and retail channel into the alternative channels like convenience store, protein consumption, and disappearance at dollar stores and general stores.

So this concludes our presentation. We are certainly open to any questions but the major thrust is our four major segments. We have the ability to grow, we really understand the protein segment, we are a strong international platform. With that we will take questions.

Question-and-Answer Session

Ryan Oksenhendler - Bank of America/Merrill Lynch

Thanks for the presentation guys. I'd like to start, I have one for each of you, I guess. Jim I guess, can you talk about you made some comments about beef and pork being a little weaker than you thought in the second quarter, but I wanted to talk about your guidance for the full year. I think there is some confusion on that. You talked about on last quarter conference call that you expect earnings to probably grow this year off of last year's base for the full company and then I guess in terms of your margins targets, have any of those changed for each of the segments?

Jim Lochner

No, not since the last call, although I would say that we, the beef margins as I just said in the second quarter were a little bit soft and we expect that the back half a rebound sign, and as I said in that call we expect them to be slightly less than last year although still profitable.

Pork I have really no concerns and chicken is actually showing more strength than we would have - than we thought in that last conference call. The full year results would be as good as last year or better with 2014 showing 10% or more growth.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Got it. Thanks and then Dennis, if you could just address, the balance sheet is in great shape, you do have some maturities coming due in October. So is there anything else to do with the balance sheet over the next year or so. And then in terms of capital spending or free cash flow it seems like you've generated $100 million this year after CapEx and after the dividends and I guess what -- could that be used towards and it's not (Inaudible) and acquisitions, you know we do share repurchases or possibly a special dividend like you did last year?

Dennis Leatherby

I will take it in the order you ask. First off that, we do have $458 million in convertible notes coming due in October. We plan to pay that off with cash. We're letting our liquidity run up just a bit. We'd like to target $1.2 billion to $1.5 billion and we define liquidity as our unused revolver, let's call that $900 million or so plus cash. We're going to let it run-up closer to $2 billion as we get closer to that maturity. So that when we pay that debt maturity we will be closer to $1.5 billion. So then on top of that when we look at our cash flow and our uses of cash flow, we first want to invest in the growth of our business.

So this year we're spending $550 million in CapEx and the way we think about CapEx is the first 250 usually goes for maintenance and regulatory type spends. The rest of the spend over and above the 250, so 300 in this case will be going towards growth oriented CapEx and operating efficiency type CapEx. Predominantly that's being spent in China. We have a great opportunity there, but we will certainly look at other growth opportunities within our existing footprint to expand those businesses.

Then our next priority would be through acquisitions. We did make the Don Julio acquisition a couple of weeks ago, very small, but we'd like to tack on more acquisitions like that. Then next would be returning cash to shareholders, as we said in our opening remarks we returned $150 million in cash back to our shareholders, $100 of that was through stock purchases, the other $50 million was a combination of a slight bump to our normal dividend and a special dividend. So, we will continue to do that. We're using liquidity as our governor of where we spend the extra money.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Jim. just going back to your comments on the beef margin improvement going forward, is that going to come from better seasonality or higher pricing or lower cattle cost that you're expecting, what's going to drive that and if it's the prices, how do you feel about consumers paying up even more for beef if you already stop protein substitution do you think there is room for additional price increases for beef?

Jim Lochner

May answer your question as all three, because in the spread business, when packer margins compress and they reduce hours to try to take less pressure on the revenues, the supply chain has less pounds to be consumed either domestically or exported. So the wholesale price will start to increase and at the same point in time what is happening then is demand for the nearby ready cattle starts to decrease, the price falls and the spread widens.

And then seasonally we're coming in January, February are typically down months for beef demand to begin with, they start to improve particularly in April, May, June as we get past [length] get more into the grilling season. So you tend to have a consumption increase through that timeframe and then typically more cattle that are available during that timeframe which is why if you look historically back you'll see typically margins start to improve in the packing side on April, May, June and carry generally through the summer.

Now the concern, is beef too high? Yes, it has run up a number of years here as the supplies have diminished and maybe there is substitution, but again our job is to make sure that relationship holds true and we try to spread the margin between it and again having a multi-protein particularly with chicken as we're seeing right now, has picked up some of that consumption difference and elevated the price.

So it's the play between those even if the demand is weaker and the price on your revenue drops, the live cattle will drop further than anticipated if the spread is maintained. So it's typically what's happens and I have been around the business a lot of years and January and February are usually our toughest months particularly in the northern cattle feeding regions.

Ryan Oksenhendler - Bank of America/Merrill Lynch

And have you started to seeing volumes increasing to Japan or if not when do you think that's going to pick up?

Jim Lochner

Sorry, to cut it out. Japan will start to pick up, I mean that announcement just came fairly recently, so the supply chain needs to start to be reestablished and that the orders are in play particularly in the boxed beef side and then on [all-fall] items like tongue, and cooked and tested in a variety of other items that we typically don't consume to a great degree here, but are consumed in a variety of different formats. In Japan will start to increase and really expect that to be a slow steady progress not a real fast sprint to having that increased revenue.

Unidentified Analyst

Hi thank you. What's the size of M&A deals that you're looking to spend in aggregate and should we consider them to come more like Don Julio, which were small family owned - small family owned businesses, I think or are they like large conglomerates that are selling off businesses that you can buy?

Jim Lochner

You want to start or you want me to go ahead.

Dennis Leatherby

Go ahead.

Jim Lochner

There'll be a combination, we have developed a three-year strategy and we have spent the last two to three years really focused on getting our footprints right, getting our process, very competitive. And now we have added a growth strategy to almost all the business units particularly in the prepared food side. And so we're looking at a combination of that [event] quite small, but they need to have a good strategic fit, where we are going to add some synergy particularly on the sales relationship side or the raw material efficiency side of the equation.

So they'd be all over the board. Anything of size and scale will have to have the right multiple so that was accretive and now we really run that through a fairly rigorous analysis looking at long-term return on invested capital, how well it fits, what categories strategically can we grow and Jon, you're going to add a little bit to that.

Jon Kathol

I think Jim covered it pretty well. Only thing I would add is that we're not looking anything big in transformational like some people are kind of hoping for in the deal markets. But important thing to remember for us is what we're trying to look for is something that can generate a 20% return. So we really want to drive that return as quickly as we can. It can happen in two to three years or if it's important enough category for us we might stretch it a little bit longer all the while trying to maintain an investment grade rating. So having that balance is really key to us.

Jim Lochner

But we look for kind of categories of acquisition where they have good products, we may be selling them raw material today, they have limited distribution, we can tag that on to our frozen and fresh distribution and actually potentially grow that business in a more rapid rate with our relationships across the board between both retail and food service. Having the breadth of sales across all the major retail platforms all the major national account food service distribution, government sales etcetera, etcetera on the sales side with a strong raw material base and a very deep understanding of food manufacturing and our growth strategy to get there opens up that avenue to a lot of different product categories and companies.

Unidentified Analyst

You used to export a lot of dark meat to Russia are you still doing that?

Jim Lochner

We are exporting to Russia, but to a lesser degree we have made a major thrust in part of our CapEx in our Chicken segment was stable to handle and upgrade raw materials for example leg quarters today there is a tremendous amount of bones, (Inaudible) meat drum, value added components and offerings on the domestic markets and other parts of the world. So the dependency on Russia as a push market for leg quarters is very – in fact we don't want that, we want to be able to -- if we're selling product to Russia it's the best alternative above domestic or other parts of the world. So we have deemphasized any dependency on Russia as a leg quarter market. But if there are higher price we always sell the highest price of that.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Jim you mentioned that chicken pricing is has been a little better than you expected this time of the year. I guess where do you think prices could go from here and then do you think that the industry could look to add some more production or what do you think production will look like this year?

Jim Lochner

I think prices will continue to increase as they get into better demand period particularly into April, May, June in the grilling season. And if you think back there was really no predominant incentive to start putting the infrastructure [pull a] placement down with high priced grain coming through the fall, still an unknown picture of how much grain will there indeed be, will the corn market ration that supply back and bridge that June, July gap, which it appears to have. And then there is more people pessimistic about price going into the first three years.

So the supply chain really materially takes nine months to replenish and that's well past the peak demand period. So personally I don't think you are going to see a increase into that timeframe and you have another development happening that's fairly new at this point and emerging as Mexico has had to deal with some avian influenza and contain and likely liquidate some flocks which at least some of data implies that's pretty close to 10% of their boiler (Inaudible) flock which would be really deficit for Mexico which could improve again the demand for exports from the U.S. into Mexico as that materializes.

And you've got to remember that chicken exports in 2012 were up year-over-year about 4%, but none of those signals were strong enough early enough to influence this growing season, excuse me, the grilling season. And a year ago we were talking about having high planted acreage of corn and [turned line] yields and the corn prices going to be good and everything would be fine and we don't want our business waiting for the corn market to correct down. We actually look at it and say that we believe that volatility is a new norm, high feed prices are the new norm, we focus our attention on growing chickens against our forward demand, staying an very good balance and trying to work on price yield mix and finding the best markets were around.

But can't -- I'm just saying through the bulk of this of the grilling season, one that would have to initiate and expansion two months ago and I don't believe is that occurred because the market signals certainly didn't show that and then when you do make that decision now you've got to bank on the fact that the succeeding year how it's going to have a favorable grain cost. So I think the volatility and the high feed cost are certainly an impediment to anybody wanting to try to think about a logical expansion.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Thanks, and then Dennis, you touched on it -- you folks talked about -- growing your value-added, you know it seems like some of those categories you'd be going up against some tough competition, with some really strong brands, and it's like what does Tyson offer to retailers and consumers that allows you to take in share in those categories?

Dennis Leatherby

Okay, great question. It's about a third of our sales and the returns on those sales are in a kind of high single digit range high returns, above our 20% criteria that we like to look at from an ROIC standpoint. So naturally we want to grow in those categories. Some of the better categories that we do very well involve - the fact that we have the raw materials. So that would be in lunchmeat, it would be in the pizza toppings, it's going to be in bacon and categories like that.

So we have a right to win and we can play with innovation, we can play with some branding, we can also play with just I guess just being efficient and just been having great customer relationships that we can connect beef, and pork and chicken sales together in our portfolio sales.

So since there are lot of reasons why we see a comfortable that we can grow these businesses we have great distribution and in the case of the business like Don Julio taking it from upper west coast present and making a international business in retail is a pretty gain easy win for us. So those are the kinds of things we're looking for in the prepared foods space or anything in the value-added category, it can be organic or it could be through acquisitions.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Yes, I'll ask - I have plenty of questions, but --

Jim Lochner

You have questions, - plenty ones?

Ryan Oksenhendler - Bank of America/Merrill Lynch

I'll ask about the international business, I guess there's been a lot of developments there, particularly in China, with (Inaudible) some issues you're spending a lot of money and actually have lost some money there over the last few years When you think you can get to breakeven and I guess what is the growth plan -- how much of percentage of your sales could be international type business?

Jim Lochner

Let's talk a little bit foundation of what happened in China, China historically has been a segmented chicken industry with feed manufactures selling to people who produce (inaudible) chicks, who then sell to people who buy the (inaudible) chicks grill to broilers who sell to somebody who processes and then generally goes into the wholesale market, the reason I went through that is what we saw the issue in china once we got in and bought a one operation, whereas that was very segmented, fragmented and very inefficient and they didn't have disease controls. And they had a typical overuse without those constraints for potentially the issues that did manifest themselves in the press and credit some issues concerned with antibiotic residues. And you've also seen some Chinese pet products also exclusive from the U.S. market for the same reason.

So what we did -- embarked on was really a modern chicken vertically integrated production with and we have to go to company owned firms to get the size and scale and the bio-security to a higher degree than exist anywhere in the world. Because we felt very strongly that we can get a premium for that product and that ultimately we had have a lower cost to produce that inefficient segmented industry.

And it existed because that's what the market overtime demanded, but the market is now changing very rapidly particularly as brands want food from secure resources without the risk of those, and was able to really have a lower production cost in the premium manner production, the unfortunate thing was our supply chain isn't marched up to their capacity yet. So we feel very strongly that we can probably continue to grow that business somewhere less than a $1 billion, $900 million in sales over this current timeframe.

And we're changing that model, get our footprint right, get our base training right and then continue to add complexes over the next five years and maybe get that around to $4 billion hopefully and that remains to be seen at the growth rate we want. But that's kind of the back of the envelope thought process and we're very confident with this that we can get our margin structure up because the demand for that type of production is going to be quite high and importantly this will be a structural paradigm shift to the general production of chicken and perhaps other protein in China because those controls can be met with good production facilities.

Dennis Leatherby

And more specifically, we expect that China should be about breakeven by our fourth quarter of this year and then continue to grow on into profitability on into next year at full capacity those two complexes should generate double digit type margins.

Jim Lochner

So we're very encouraged on the long range platforms and very fortunate that we saw that opportunity about two and half years, we've embarked on the different business model approach in that country.

Ryan Oksenhendler - Bank of America/Merrill Lynch

Okay, how much of the production in China comes from controlled type of environment where you control your (Inaudible) through the entire supply chain?

Jim Lochner

Very little to date. I'm going to guess, that it's less than 1% of the total or to maybe 2% at best.

Ryan Oksenhendler - Bank of America/Merrill Lynch

All, right I think that's it. Thanks a lot guys.

Jim Lochner

Thank you.

Dennis Leatherby

Thank you.

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