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Coleman Cable Inc. (CCIX

Q4 2008 Earnings Call

March 13, 2009 11:00 am ET

Executives

Richard Burger – Chief Financial Officer

Gary Yetman – President, Chief Executive Officer

Analysts

Brett Levy – Jefferies & Co.

Alex Reigel – FBR Capital Markets

Keith Johnson – Morgan Keegan

Matthew McCall – BB&T Capital Markets

Operator

Welcome to the Coleman Cable fourth quarter 2008 earnings conference call. Just as a reminder, today's call is being recorded. At this time for opening remarks and introductions, I would like to turn the conference over to Mr. Richard Burger.

Richard Burger

Thank you for joining Coleman Cable's fourth quarter and year end 2008 conference call. Joining me today is Gary Yetman, Coleman Cable's President and Chief Executive Officer.

Our comments today may include forward-looking statements that make assumptions about our operations, business, economic and political environment which we have outlined on Slide 2. These forward-looking statements are subject to risks and uncertainties that are detailed in the risk factors section of our annual report on 10-K for the fiscal year ended December 31, 2008.

Gary will begin our formal remarks with a review of our business highlights. I will then review the fourth quarter 2008 financials and we will take your questions. I would now like to turn the call over the Gary.

Gary Yetman

Good morning. Notwithstanding the challenging economic conditions, Coleman Cable was able to produce growth and sales and adjusted EBITDA through the first nine months of 2008 as a result of our 2007 acquisitions and the expansion of our product and customer base. However, our fourth quarter 2008 results were significantly lower than our expectations for several reasons.

Most notably, the combined effect of the rapid decline in copper prices which has decreased 49.3% or $1.70 per pound on a sequential basis in the 2008 fourth quarter, and significant contraction demand in both the distribution and OEM segments.

Despite our efforts and series of separately planned work force reductions beginning in October last year, which somewhat reduced our overhead cost structures, the continued weakening economic environment which accelerated in the latter part of the fourth quarter caused quarter over quarter declines in sales, adjusted EBITDA and adjusted EPS in 2008 as compared to 2007.

Additional, Coleman's GAAP results were affected by various charges during the fourth quarter which we have added back to the adjusted EBITDA and adjusted EPS figures shown on this page. Specifically, GAAP results in the fourth quarter were impacted by a non cash asset impairment charge of $29.3 million which primarily relates to the rationalization initiatives and the resulting downsizing our OEM segment as well as $4.7 million in restructuring charges primarily related to the integration of our 2007 acquisitions.

Also as a result of the rapid decline in copper prices, our results in the fourth quarter included the unfavorable impact from $4.8 million charge to reduce the market value for a portion of our inventory. Rich will provide additional color on those charges in his narrative.

We are disappointed with our results and later in the call I will touch upon some of the actions we're taking to navigate this difficult economic climate which we believe will be in effect at least through the remainder of 2009.

On a positive note however, operating cash flow for the fourth quarter of 2008 continued to improve increased $44.9 million over the fourth quarter of 2007 or $2.67 per share.

The strong cash flows afforded us the opportunity to significantly reduce total debt which declined by $71.3 million during the fourth quarter compared to total debt as of September 30, 2008. This substantial generation of cash flow and the corresponding reduction in debt was supported by the decline in the price of copper as well as our efforts to reduce our inventory levels.

Please turn to Slide 4 where I will review our distribution segment. For the first nine months of 2008 this segment delivered growth in sales and operating income due to an expansion of our customer and product base as a result of the 2007 acquisition. However, fourth quarter results were disappointing as volume within this segment declined 7.5% and sales declined 14.7% as compared to the 2007 fourth quarter.

As a result of the sales decline we also experienced lower operating income which reflects the significant retraction in demand across our businesses and its impact on our production performance in the form of a significant increase in unfavorable overhead and material variances recorded during the quarter.

In the OEM segment we continue to experience in the fourth quarter many of the challenges that we've been talking about for the past few quarters. As you can see on Slide 5, sales within the OEM segment declined 54.1% during the quarter while volume declined 43.5% as a result of decreased demand from existing customers who have been particularly affected by the current economic conditions.

Additionally, reduced sales reflect our decision to address customer relationships within the segment including those who serve the automotive and appliance markets to obtain adequate price increases for our products and maintain viability for the segment.

As a result of reduced demand, sharp decreases in copper prices operating income was a loss of $7.1 million for the 2008 fourth quarter compared to $1.5 million in operating profit for the 2007 fourth quarter.

While you may recall that we announced a series of work force reductions in October to combat the decline in sales demand, the continuation of the decline and its magnitude resulted in unfavorable overhead variances which significantly impacted the profitability of this segment.

As we discussed in our third quarter conference call, we're currently positioning our production capabilities and support functions to support the projected 2009 sales demand within the segment through the realignment of our El Paso and Indiana facility.

In October of last year we made the decision to reduce our work force at a number of our manufacturing facilitates. As we announced in our preliminary results release on March 2, we continue to make the necessary adjustments to marry capacity with demand.

Please turn to Page 6. During 2008 we substantially completed the integration of our 2007 acquisition. In connection with these activities, we incurred $4.7 million in restructuring charges in the fourth quarter of 2008 and $10.2 million in the full year period. Additionally, we expect to incur approximately $1 million of restructuring charges in 2009 to finalize the integration. This will not include any additional facility closings or other consolidations.

To briefly summarize, we completed the integration of the Woods acquisition and incorporating this business into our core operations and eliminating separate corporate and distribution facilities. In November we completed the consolidation of three of our distribution facilities into a single lease distribution facility at the company's new Midwest distribution center in Wisconsin.

We also substantially completed the integration of a number of the main factors in distribution facilities which were acquired as part of the Copperfield acquisition. As a reminder, this included the consolidation and closure of Copperfield manufacturing and distribution facilities located in Avilla, Indiana, Nogales, Arizona and El Paso, Texas into operations in modern facility in El Paso, Texas.

During the second quarter we ceased operations at our facility in Avilla and Nogales with production from these facilities being moved to our facilities in Bremen, Indiana and El Paso. Also during the third quarter, we initiated a work force reduction in our Oswego, New York manufacturing facility as a result of the decision to transition copper fabrication activities from Oswego to our Bremen facility.

Finally, as I briefly mentioned during the discussion of our OEM segment, in October, Coleman announced a series of separate planned work force reductions to right size its production capabilities and capacity. However, as I also mentioned, these reductions did not adequately reduce capacity given the severity of the decline in demand.

As a result, we announced further work force reductions in February which coupled with our previous actions, resulted in an overall work force reduction of 600 positions of 40% over the past 13 months.

In light of the difficult economic environment, we continue to monitor our capacity and manufacturing footprint to match it with our forecast demand. While taking such steps is difficult, controlling our costs and timely adjustments of our capacity, our key to our ability to continuing to generate strong cash flows and effectively managing our balance sheet.

Please move to Slide 7. Taking these cost savings and continuing economic conditions into consideration, we expect first quarter 2009 revenues will be in a range of $105 million to $155 million, adjusted EBITDA in a range of $9 million to $11 million and adjusted earnings per share in the range of -$0.09 to -$0.14.

Furthermore, as 2009 progresses, we believe that our later quarter results may show improvement over the first quarter. This assumes that material costs, primarily copper, remains stable and we get our normal seasonal uptick in the third and fourth quarter.

However, long term visibility remains difficult and continuing contraction in demand could impact our projections. With that, I'd like to turn the call over to Rich who will provide additional information on our fourth quarter and full year results.

Richard Burger

Please turn to Slide 8 where I review our financial results for the fourth quarter. As Gary mentioned earlier, the very challenging economic conditions coupled with a severe decline in both sales demand and in the price of copper reduced our sales, adjusted EBITDA and adjusted EPS in the 2008 fourth quarter as compared to the same quarter in 2007.

While we provided a non-GAAP reconciliation chart for the quarter and the year in our press release, I will review some of the items that impacted our GAAP results. To start, in the fourth quarter of 2008, we recorded a non cash asset impairment charge of $29.3 million or $1.15 per diluted share.

This charge was primarily related to our OEM segment and reflects the significant and rapid deterioration in the economic environment that occurred during the fourth quarter. We believe these conditions (inaudible) in 2009 and that further reductions and capacity will be required in the OEM segment as lower sales demand is forecasted for future periods.

Additionally, as Gary mentioned we recorded a $4.7 million or $0.19 per diluted share in restructuring charges for the fourth quarter, primarily in connection with the integration of our 2007 acquisitions, including our estimate for remaining exposure for leasehold obligations associated with a number of the locations we closed during 2008.

Finally, our 2008 gross profit included an unfavorable impact of $4.8 million charge recorded during the fourth quarter to reflect a loss in the market value of our on hand inventory at December 31, 2008. This charge is the result of a 49.3% decline in the price of copper experienced in the fourth quarter of 2008 as compared to the price of copper during the third quarter of 2008.

This coupled with reduced sales demand created downward pricing pressure on certain products in our inventory, below its first in first out carrying value, and therefore required an adjustment to reflect inventory at its estimate net realized full value.

Since I just finished the charge that unfavorably affected our gross margin, please turn to Slide 9 where we have listed both gross profit margin and relationship to COMEX and our selling, engineering and general administrative expenses and as a percentage of sales.

The lower gross margin in 2008 fourth quarter was the result of lower gross profit performance in both the distribution and OEM segment. In response to the severe decline in demand, and in order to control inventory stocking levels, we significantly reduced our work force and plant production, closing our production facilities for an extended period of time during the fourth quarter of 2008.

While these actions were partially successful in reducing our variable overhead costs, they were not enough to offset the sharp decline in sales demand and resulted in significant unfavorable overhead variances which lowered our gross profit.

Moving on to selling, engineering and general administrative expenses, we saw an increase on a percentage basis due to sales decline in the fourth quarter of 2008 compared to 2007. Our SEG expenses declined 9.7% year over year and after adjusting for the non cash insurance allowance recorded in the third quarter of 2008, the fourth quarter declined 7% on a sequential basis.

The decline in the year over year SEG expense is primarily the result of reduced head count in 2008 from the integration of our 2007 acquisitions and reduced incentive compensation in 2008. The decline sequentially is primarily due to lower third party selling commissions on lower sales and reduced head count in the fourth quarter of 2008.

On Slide 10, you can see an overview of a few liquidity metrics. As evidenced by these three charts we continue to manage our balance sheet as all of these metrics show improvement in the current quarter versus the previous quarters.

As we have also mentioned in previous calls, we continue to focus on our inventory and working capital initiatives and are pleased with the improvement in these metrics. As you can see on Slide 11, as of December 31, 2008, we have $74.2 million in excess availability on our credit facility.

On an overall capital structure perspective, approximately 89% of our embedded debt is fixed at 9.78% with the remaining 11% floating at LIBOR plus 125 basis points. Both the senior notes and the revolving credit facility do not mature until 2012.

As Gary mentioned previously, we repaid the remaining balance of $30 million on our revolving credit facility in February and as of February 28, had approximately $100 million in credit facility availability and cash on hand.

Please turn to Slide 12. During the fourth quarter, we managed to decrease our total debt by nearly $71.3 million compared to debt at December 30, 2008 as a result of positive operating cash flow. However, our total debt to adjusted EBITDA increased in the third quarter of 2008 but remained from the fourth quarter of 2007.

Additionally, our total debt to capitalization increased as well primarily because of the non cash asset impairment charges mentioned earlier.

Despite the increases in these metrics, we believe we are well positioned under our revolving credit facility, and cash on hand and we have no long term debt repayment until 2012.

Additionally, although I have not listed on this slide, I wanted to provide some color regarding capital expenditures. For the full year of 2008 we recorded $13.7 million in capital expenditures primarily associated with our new facilities in Pleasant Prairie, Wisconsin and in El Paso, Texas as Gary spoke about.

For 2009 we anticipate capital expenditures to be between $4 million and $6 million which is considerably less than last year. The significant reduction is a result of our existing available capacity and our continued focus on net debt reduction.

Finally, as we did in the last quarter, on our web site we have provided information regarding the pounds of our products and the pounds of our product in copper sold during the fourth quarter as compared to other periods. Although management does not use this information as the leading metric in assessing our business, we are providing this information to investors based upon requests we received in the past.

With that, I would now like to open up the line for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Brett Levy – Jefferies & Co.

Brett Levy – Jefferies & Co.

Given where copper prices are right now, you've historically given some sense as to what the working capital benefit will be going forward, can you talk about sort if copper stays kind of near where it is today, what do you think the working capital effect will be from this point forward on 2009?

Gary Yetman

Much depends on production. If you were to look at our working capital reductions in the fourth quarter, we would estimate that about two-thirds of that reduction came from a reduction in quantity as in number of widgets in inventory versus about one-third related to copper. But we have taken our and reduced our inventory, our stocking level significantly so if demand were to remain relatively constant to where it is right now, I would see kind of a flattening here in Q1 of our working capital requirements relative to inventory.

Brett Levy – Jefferies & Co.

And then in Q2 what is the thinking?

Richard Burger

Well based upon Gary's comments about our anticipation of a normal uptick which is more in Q3 and Q4 associated with our retail distribution businesses, we would see a working capital build as much of that is imported. I would think most of that would occur in Q3 and then would peak actually in Q3, start coming down in Q4.

Brett Levy – Jefferies & Co.

What are the most onerous maintenance covenants in your bank agreement? Do you have any and do they or do they not include any of the one time impairment or restructuring charges?

Richard Burger

I actually have what I refer to as covenant light. So I actually have no maintenance covenants at all if I maintain more than $30 million of excess availability. So at the end of December, I had $74.2 million. So if I have more than $30 million, I do nothing. If I fall below $30 million, I have to calculate a fixed charge covenant which is 1.1 to 1. And there are no maintenance covenants on the indenture at all.

Brett Levy – Jefferies & Co.

As to there was no availability under the bank indenture to buy back bonds. Have you amended it or are you thinking about amending that covenant given that your bonds are trading somewhere near 60% of par?

Richard Burger

We have had a number of discussions with our banks about an amendment. To date though, those discussions all involve an amendment fee. So as you might imagine, given the current environment, if we were to borrow under our revolver at LIBOR and 1.25 they would want to renegotiate the pricing grid in order to amend the credit agreement.

So at this moment in time we have not come to any satisfactory conclusions as to what we might be willing to pay to achieve that goal.

Brett Levy – Jefferies & Co.

Is there hope in any of your sectors as you look across all the segments you're selling into, is there any areas where you see things stabilizing or actually improving?

Gary Yetman

No. The question is, are they stabilizing? We really saw January, February somewhat stable on a month over month basis but still somewhat down from December which normally would not be the case. So I certainly, we're hoping for stability right now. If we can just kind of hit bottom, we think we're pretty well positioned.

Operator

Your next question comes from Alex Reigel – FBR Capital Markets.

Alex Reigel – FBR Capital Markets

I guess I need to say congratulations in attempting to manage through this storm. The quantity of things that you have going on in terms internally seems enormous and my hats off to you for processing all of that fairly efficiently here.

Can you talk a little bit about the intermediate term or longer term vision of Coleman. Once we kind of get through a world of uncertainly. Let's just assume that the world gets a little bit more certain mid year or the fall of 2009 where at least we have stability in all of your or most of your end markets. Where do you see Coleman going longer term?

Gary Yetman

I would think a lot of the painful decisions really that we've made in the last six months and as far as reductions in head count and consolidation of a number of facilities, are really putting us we think in a really solid position once this market starts to recover.

Our cost structure will be better as we come out of this. In the long run we're really not giving up much capacity, so we think our growth opportunity as you said, it stabilizes or it starts to come back, which we believe it will going into 2010, we think we're well positioned to take advantage of the market opportunities in multiple areas or multiple markets that we participate in.

And also during really the last six months and into this year, we're in the process of developing a new products that will take us into new markets, come of them emerging markets like the wind farms and the solar. So we think we're going to be in really good shape as they become available to us.

Alex Reigel – FBR Capital Markets

Have you seen any competitors go out of business yet, and if not at what point in the cycle would you expect to see some?

Gary Yetman

We saw one small competitor in Indiana fold about I want to say 90 days ago. We are seeing a number of customers right now starting to fail. Fortunately up until now we haven't had any impact from a receivable standpoint with the loss of some of these guys that the actual competition that we have not seen anyone else go down as of yet. We keep expecting some of them will, but we have not seen anything as of yet.

Operator

Your next question comes from Keith Johnson – Morgan Keegan.

Keith Johnson – Morgan Keegan

A quick question maybe starting with the OEM segment. Looking at the pounds shipped and that sort of thing in the fourth quarter, how should we think about the rationalization of that. I guess it occurred through the quarter, is there more to go as you continue to step that business down in the first quarter? Just trying to get an idea of a potential run rate.

Gary Yetman

The rationalization of the customer base has pretty much been completed. I think what we've seen really in the first quarter, because a lot of that business is tied to the automotive harnessing business and that business is off significantly so where we had planned X volume, we're probably seeing X minus 60% for demand out of that market on a go forward basis. Now at some point in time we think that begins to stabilize.

Keith Johnson – Morgan Keegan

So that business I guess is part of the rationalization steps and of course the economy falling apart and trying to see if I could break the pieces out. You had a business running 21 million to 22 million pounds of copper a year then you took steps rationalize it. Is there a way to say that that business in a more stable economic environment is a 12 million pound business today versus where it used to be? And then is there a way to look at it that way?

Gary Yetman

Specifically the transportation business?

Keith Johnson – Morgan Keegan

I guess just the piece that I can see is the OEM segment is at hold so I really can't.

Gary Yetman

I would say when looking at the pounds that we shipped say in the fourth quarter, so you saw a pretty significant reduction, and certainly Q3 to Q4. I would say that we'll still see probably another I would say 15% to 20% on contraction in Q1 over Q4.

Keith Johnson – Morgan Keegan

Would you say that's driven economically, the drop in the economy or from rationalization?

Gary Yetman

I would say economically.

Keith Johnson – Morgan Keegan

If I look at SG&A, I know you started making the changes in October. I'm trying to get an idea of how we should look at that as we go through 2009 from a run rate standpoint or how we should think about that. Is there more cost to come out as we look at the first quarter and kind of go forward?

Richard Burger

We actually have had some additional cost reductions occur in the first quarter, so in terms of both people and some of the what I'll call more controllable expense. I have to say in that area the vast majority of that is people related expense. There are some variable expenses associated with third party commissions which I mentioned as a reduction in Q4.

The other aspect is that as we move through the final integration of the Copperfield acquisition, we would also expect to see, and I'm talking about the back office, things that affect G&A, I would expect to see that come about in probably the third quarter.

So we're looking and moving through that as quickly as we can. It involves a lot in terms of the systems perspective. It's getting all their bills, routers and what not and we've completed one of the three plants. We're in the process of completing the second one of those and then the last one we expect to be done before the end of Q3.

The other area that we are attacking which is significant for us, so once you get past people, the most significant item and maybe it's from my reference point is professional fees. Certainly having been a private company and then a public company for the last several years, the cost of lawyers and accountants at the risk of being too incriminating are astronomical.

So we have put on what I'll call a full court press in trying to negotiate with some of these suppliers if you will to get fee reductions. I'd say more aggressively than we have in the past. It's a constant vigilant fee that you have to keep going after these guys.

Keith Johnson – Morgan Keegan

If I look at your gross margin in the forth quarter, of course a piece of reduction was lower cost or market bid on the inventory. As copper prices drop dramatically, I guess you got selling prices fell faster than what was the reduction or below your inventory costs. Is there a way that you could break that out of how much impacted margins potentially in the fourth quarter?

Richard Burger

We took a $4.8 million charge but how much did margins and what we sold through in Q4? I got the question. I just don't have the answer.

Keith Johnson – Morgan Keegan

Because I guess as I look into the first quarter or second quarter, inventory values are coming down as you replenish the lower copper prices. It looks like in the guidance you've got margins bouncing back up to get there, and I was just trying to reconcile some of the moving pieces where I could.

Richard Burger

One of the biggest pieces in the fourth quarter other than the inventory write down really had more to do with overhead and material variances out of our facilities. It really on a probably quarter over quarter basis was probably $11 million to $12 million.

Keith Johnson – Morgan Keegan

3Q to 4Q?

Richard Burger

Yes.

Keith Johnson – Morgan Keegan

As we look at the first quarter, the copper prices are sort of stable. They may have moved up from the low point at the end of December, early January to where we are today, is there a way to could quantify price competition? Copper dropped so fast as we came to fourth quarter. It's more stable now. Do you see intensifying price competition due to smaller markets?

Richard Burger

I would say in a number of our markets we're seeing some pricing pressure. Again, I think you have basically the same supplier base chasing a much smaller opportunity, so we are seeing some margin pressure in some of the markets we participate in.

Operator

Your next question comes from Matthew McCall – BB&T Capital Markets.

Matthew McCall – BB&T Capital Markets

You talked about CapEx coming down pretty dramatically year after year. You referenced some of the growth initiatives, wind farms, solar, just trying to balance it to help me understand the investment that has to go into developing some of those new products and how you're able to manage that with bringing your CapEx down so dramatically.

Gary Yetman

Most of the products that's involved there, we have the equipment to manufacture. A lot of it is just a lot of design work, new compounds and then getting regulatory approval from UL and CSA. A lot of it is just a lot of engineering and internal work.

Matthew McCall – BB&T Capital Markets

As far as selling the product, do you go through the same channels? You have those relationships already or are you having to develop new relationships, new sales people?

Gary Yetman

Actually, we currently participate in a number of those markets. What we're really doing is just trying to expand the product offering into those markets. So we're already selling product into the solar and into the wind farm market today. What we're trying to do is just expand our product line there; same with utility cables will become an outlet.

We participate in those markets now. We're just looking to expand the products that we can offer into those customers.

Matthew McCall – BB&T Capital Markets

The question on whether I think you talked about the Q4 to Q1 impact on the OEM side, a 15% to 20% decline, it was going to be more economical maybe as Gary answered that question. What about the pressure thus far? Can you talk about what portion of that was customer rationalization or what portion of that was economic?

Gary Yetman

There were a couple of customers in the fourth quarter that fell out I believe in November, large ones that I would say it's probably just in the 40% range.

Richard Burger

I was going to 30%, so it's that magnitude.

Matthew McCall – BB&T Capital Markets

Just trying to get a better handle on some of these cost initiatives. So you're going to take out 40%, or you've taken out 40%. It sounds like there's some more than maybe has come since that number and maybe more that are expected. You said over the last 13 months. Help me understand maybe lump in all the cost savings. Help me understand what the cost savings was that you recognized in Q4 and what the cost savings is expected to be in Q1 and as we progress through the year if there's going to be any incremental cost savings. Just trying to triangulate the margin improvement that's expected.

Gary Yetman

Certainly the absent those what I'll call in the SG&A and some of the indirects, the vast majority of the reductions that occurred is the direct labor force, and so from that perspective, what we've tried to do is continue to right size production with sales. So quantitatively I can't tell you, I've not mathematically said, this is how many millions of dollars that that's correlated to, but that correlates to the reduction in sales.

So I wouldn't have gotten rid of those people if I had production or demand. I would answer the question by saying we're focused at the margin level in terms of right sizing, obviously being very focused on variance.

Matthew McCall – BB&T Capital Markets

The guidance, the margin, I think it's come back into the number, right? It looks like about a 9% EBITDA margin. If my math is correct, I don't thing you've been there for awhile. I'm just trying to get from point A to point B and understand. So you've got the manufacturing folks at a good level right now. It sounds like the head count is at a better level, and SG&A won't have as big of an impact on copper. Copper should be better matched their pricing on the cost side. So that 9%, the number that is in fact implied and you're comfortable based on the current demand environment even with the OEM expected to be down another 15% to 20%.

Gary Yetman

That is our intention. Also remember as copper comes down, you have more copper pass through as a percentage your margin is going to move up.

Operator

There are no further questions.

Gary Yetman

Thank you very much for attending the conference call.

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THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

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