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Theragenics Corporation (NYSE:TGX)

Q2 2009 Earnings Call Transcript

August 6, 2009 11:00 am ET

Executives

Christine Jacobs – Chairman, CEO and President

Frank Tarallo – CFO and Treasurer

Analysts

Brett Reiss – Janney Montgomery Scott

Tony Chiarenza – Key Equity Investors

Operator

Good morning. My name is Demetrius, and I will be your conference operator today. At this time, I would like to welcome everyone to the Theragenics second quarter 2009 conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator instructions)

Ms. Christine Jacobs, Chairman and CEO, you may begin your conference.

Christine Jacobs

Thank you, Demetrius. Good morning and welcome to Theragenics second quarter 2009 conference call. Thank you for joining us today. In just a few minutes I'll provide comments on the quarter and our outlook for the last half of the year, but first, Frank Tarallo, our Chief Financial Officer will provide a review of the financial results. Frank?

Frank Tarallo

Thank you, Chris. This morning, we released our consolidated financial results for the second quarter of 2009. If you did not receive this news release or if you would like to be added to either our fax or e-mail distribution list, please contact our Investor Relations at 800-998-8479 or 770-271-0233.

Before I begin my review, please be aware that some comments made during this conference call may contain forward-looking statements involving risks and uncertainties regarding our operations and future results. Please see our press release issued today and our filings with the Securities and Exchange Commission, including without limitation the company’s Form 10-K and Forms 10-Q which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

Now, on to our results; first, let me remind you that we acquired NeedleTech Products in July of 2008. So NeedleTech results are included in our consolidated results in the first half of 2009, but not in the first half of 2008. Our consolidated revenue was $20.2 million in the second quarter, and $40.3 million for the first half of the year. These are both records for us. Our revenue is best analyzed on a segment basis and I will talk about segment results in just a minute.

Net income in the second quarter was $1.3 million or $0.04 per share compared to $1.6 million or $0.05 per share in ’08. For the first half of 2009, our net income was $1.9 million or $0.06 per share compared to $3.3 million or $0.10 per share in ’08. The decline in our consolidated net income can be netted out to four items.

First, we invested an R&D program beginning late last year to support product development in our surgical business. Consolidated R&D expenses were $427,000 higher in the second quarter of ’09 and $897,000 higher in the first half of the year as compared to ’08. Looking forward, we expect R&D expenses to continue to run at current levels, maybe a little higher, depending on our opportunities.

Second, our non-operating income, which includes interest income, declined $247,000 in the second quarter and $684,000 in the first half of ’09 as compared to last year. Our interest income declined significantly because of a much lower return on our portfolio this year. If you recall, we had significant investments in auction rate securities last year at this time. While they provided nice returns, they turned out to be illiquid and very risky. That market remains illiquid. We got out of and did not get hurt by our auction securities late last year and earlier this year. But rates overall are generally lower this year, and we are much more conservatively invested today. Going forward, we expect interest income to continue to be significantly lower than in prior periods.

Third, the decline in operating income in our brachytherapy business contributed to lower EPS in ‘09. And lastly, in the 2008 periods we recognized a $142,000 gain from writing up the carrying value of our Oak Ridge building. That write up was based on the actual sale of that building in July 2008, and we had no such gains in 2009.

Before I review our segment results, I want to remind you of a change we made this year with the manner in which we allocate the cost of corporate activities to our business segments. Operating expenses associated with corporate activities are now allocated based on the relative revenue of each business segment. We discussed this in detail on our call last quarter. We believe allocating corporate expenses based on relative revenue more accurately reflects the utilization of those resources. Previously, nearly all of the expenses associated with corporate activities were charged to our brachytherapy segment.

Our 2008 segment results have been restated to reflect this change. Now I want to be clear here that this is simply a change in the way we allocate corporate costs among our businesses. This change had no effect on the consolidated net income we previously reported for the 2008 periods.

Now on to our segment results. Revenue in our surgical products segment was $13.7 million in the second quarter and $26.8 million for the first half of this year. On a pro forma basis, as if NeedleTech results are included in the 2008 periods, this represents organic growth of 6% for the quarter and 9% for the first half of this year.

Operating income in our surgical business was $804,000 in the second quarter, a decline from $961,000 in ‘08. For the first of this year, operating income was $883,000, down from $1.5 million in the first half of last year. The decline in operating income is from two areas; first, our investments in R&D. In our surgical products segment, R&D expenses were $448,000 higher in the second quarter and $931,000 higher in the first half of 2009 compared to the 2008 periods.

These increased R&D investments were for the new R&D program launched late last year. Secondly, our surgical business absorbed a larger portion of our corporate expense allocation in 2009. We allocate our corporate costs based on the relative revenue of each business segment. In 2009, our surgical products segment comprised a significantly larger portion of consolidated revenue. This is because NeedleTech is included in our 2009 first half results, but they were not included in our 2008 first half results because that acquisition occurred in third quarter last year.

As a result, a larger portion of our corporate costs were allocated to our surgical business this year. This resulted in our surgical products business absorbing $300,000 more in corporate costs in the second quarter of ‘09 than it did in second quarter of ‘08. And for the first half of the year, our surgical business absorbed $900,000 more than it did in the first half of last year. Beginning in the third quarter this year, our corporate cost allocation should start to become more comparable with last year because NeedleTech is included in our third quarter of '08.

In our brachy business, revenue was $6.6 million for the quarter and $13.6 million for the first half of 2009. That's a decrease of 12% in each period compared to last year. Sales to our main distributor continue to decline, down 22% in the quarter and 23% for the year.

Operating income in our brachy business was $1.4 million in the quarter, a decline of $300,000 from the second quarter of 2008. For the first half of this year, brachy operating income was $2.5 million, a decline of $800,000 compared to the first half of last year. The decline in operating income in our brachy business is mainly due to the decline in revenue. When revenue declines, operating income declines because of the relatively fixed nature of our manufacturing costs.

The brachy business also had the $142,000 gain on the Oak Ridge building in '08, and we had no such gain this year. The brachy business did benefit from absorbing few of our corporate costs this year. Just as our surgical business represented a larger portion of consolidated revenue this year, our brachy business comprised a smaller portion of consolidated revenue.

As a result, a small portion of our corporate costs were allocated to the brachy business. Our brachy business absorbed $225,000 less in the second quarter of '09, and $376,000 less in the first half of this year as compared with the '08 periods.

A non-GAAP metric we use to monitor our business is earnings before interest, taxes, depreciation, amortization and share based compensation, which we refer to as EBITDA. Non-GAAP measures are not intended to be used in place of GAAP reported amounts, but we think and investors have told us that certain non-GAAP information is helpful in assessing and understanding our results.

EBITDA was a healthy $4 million in the second quarter and $7.1 million in the first half of 2009, and I point out that these numbers reflect our increased R&D investments. Our capital expenditures during the first half of '09 were $1.1 million. In 2008, our CapEx totaled $1.5 million for the entire year. We expect our capital expenditures to continue to run at a higher rate than in the past. We are investing in increased capacity for our specialty needle manufacturing. We are also investing in the implementation of our corporate-wide IT initiative. We expect our capital expenditures in these two areas alone to total as much as $10 million over the next 12 months. Of those of you modeling us, this is a CapEx requirement that we have not had in recent periods.

Cash flow from operations was strong at $6.3 million in the second quarter and $7.6 million for the first half of '09. We received an income tax refund of $1.5 million in the second quarter, which is included in these operating cash flow amounts. As we announced previously, we obtained a new credit agreement this May. Part of our new credit agreement is a $10 million term loan repayable over three years. So we will pay down our debt by $3.3 million annually over the next three years. Again, for those of you modeling us this is another cash requirement we have not had in our recent history.

Our balance sheet is healthy. We ended the quarter with $46.7 million in cash and cash equivalents. We have $31.7 million outstanding under our credit agreement resulting in a net positive cash position of $15 million.

That concludes my comments, and I’d now like to turn the call back over to Chris.

Christine Jacobs

Thank you, Frank, and good morning again. During our past couple of conference calls I’ve talked about 2009 being an impossible year to predict. Visibility isn't much better today than it was three or six months ago. US healthcare spending continues, yet usage remains impossible to predict. Add to that, the debate over health care reform in Washington and the continued uncertainties in our general economy. We conclude that the next 12 to 24 months will remain uncertain as ever.

Yet Theragenics is reporting what we think is good news this morning. We delivered our second consecutive quarter of record revenues. We've been very candid about our three goals for 2009. Number one; demonstrate organic growth in the surgical products business. Number two, maintain our leadership in brachytherapy. And number three, invest for the long term. In short, we are focused on execution and building momentum towards 2010 and beyond. We accomplished this and more in the first half of 2009. As we announced in May, we obtained a new credit agreement. Our prior credit agreement was set to mature in October of this year.

On obtaining our new agreement early, we took risk off the table. This allows us to completely focus on execution and longer term objectives. This agreement is somewhat different from our prior credit agreements in that it includes a term out of $10 million over three years. So we are beginning to pay down our debt, while continuing to demonstrate our fiscal discipline.

Renewing the facility early was a testament to our strategy, our focus on quality cash flow, and the strength of our balance sheet. Banks, more than one, were comfortable that we could execute. So far this year, we maintained profitability and strong cash flows, while continuing to invest in needed strategic initiatives. Frank mentioned our cash flows from operations of $6.3 million in the second quarter and $7.6 million in the first half of the year. Yes, we're aided by tax refund in the second quarter, yet we think these strong cash flows are good indicator of the success of our strategy thus far.

We also invested in our corporate-wide IT initiative, in our R&D programs, and in our infrastructure. Let me frame our information technology initiative for you. Over the past several years, we've been focused on diversification, not IT. We started our IT initiative last year. We are focused on standardizing the IT systems across the entire company. We are doing this to gain efficiencies and to better support our businesses, our employees and our customers.

We expect to spend between $2 million and $3 million on this initiative over the next 12 months to 18 months. This is part of the $10 million CapEx number that Frank mentioned in his remarks a few minutes ago. We also invested in our R&D programs and in our infrastructure and I'm going to talk about that in a minute. For those of you modeling us, we expect to continue to invest in these three initiatives during 2009 and beyond. If we stop now, we are surely going to miss opportunities to build momentum and realize growth. We do not have an acquisition plan in 2009 right now. If an opportunity presents itself we're of course going to consider it, but that's not in the short term plan at this moment.

Let me move to our businesses now. Our surgical products business delivered 9% organic growth for the first half of the year and 6% organic growth in the second quarter. Our wound closure products have performed particularly well this year as we delivered good value for those customers. In our surgical products business overall, our open orders were $13.2 million at the end of the second quarter. That's up 16% over year-end and 17% over the end of first quarter. Open orders are not guaranteed shipments and they are subject to cancellation or delay, but they do represent actual orders from customers that are in our manufacturing pipeline. They are an indicator of the prospects and demand for our products. Our surgical products will continue to experience period to period fluctuations because of the ordering patterns of our larger OEM and distributor customers. But we think 9% organic growth during the first six months of this year is impressive. Today, it seems that few companies can report this. We continue to expect double digit growth over time in this business.

Our R&D programs in our surgical products business is continuing. We expect this program to develop product extensions and new products that are complementary to our existing lines. In other words, we are not spending on elegant, highly sophisticated products, but rather enhancements to what we already know. This initiative should also allow us to leverage the assets and the know-how across all of our businesses. We are focusing on 510K products that can be brought to market quickly. Currently, we have prototypes for new products that we expect to introduce by late 2009 or early 2010. I can't give you projections or forecast but I can tell you that we do not expect significant revenue from these activities this year.

This program is a new launch for us, new employees, new equipment, and new products. We are starting slowly. The products under development and those in the pipeline are all designed to support long-term sustainable sales in current surgical products businesses. They are also meant to utilize the machines across the entire manufacturing base.

Finally, in our surgical business I have talked for the past couple of quarters about moving our needle manufacturing plant to a new facility in order to invest in capacity. Those folks are seriously cramped. This remains a high priority. We will still expect to move that plant as soon as practicable, probably in early to mid 2010. Our initial thoughts were to lease a facility, but the credit markets have made leasing under the circumstances more difficult and too expensive. We expect to end up buying and remodeling an existing facility to suit our needs. This is expected to cost between $5 million to $7 million. This expense is included in Frank's previously mentioned $10 million CapEx.

In our brachy business, we continue to see a downward trend in procedures. I don't know where the bottom is in this industry and I don't think anybody knows. But early in my comments, I mentioned a stated goal was to maintain leadership in brachytherapy. To be clear, we are one of the remaining leaders.

Pass-through reimbursement for seeds is set to expire at the end of this year. We continue to spend a lot of time in Washington in support of extending the pass-through status of seed reimbursement. We have successfully accomplished this four times in a little less than six years, and we believe we have a reasonable possibility to succeed again. Of course anything can happen, but seed reimbursement is a budget neutral issue for the CBO, meaning, that there is no net cost at a federal budget level to maintain the pass-through status for seeds. So we have a good case, both on the clinical side and the financial side. We'll keep you posted and report back as things develop.

Despite a continued decline in revenue, our brachy business remains profitable and it generates good cash flows. We are well positioned to take advantage of opportunities in this industry once the dust settles. As an example, one of our seed competitors declared bankruptcy this year. We predicted this type of shakeup in the past, and more shakeups are expected in the future. Despite this, our brachy business remains an important part of our strategy.

To sum up, we've had a good first half 2009. We expect to continue to make investments in our business and to focus on execution. All that we do is designed to build momentum towards 2010 and allow us to take advantages of opportunity as they arise.

Our surgical products business continues to deliver and our brachy business is delivering handsome profits. Seed therapy, while undergoing market pressures, has recently been cited as providing cost-effective cures for prostate cancer. While we can't predict, it is an attractive choice as our government source out healthcare reform and cost-effectiveness.

We are pleased with our positioning in the first half of 2009. We have invested for a healthier 2010, and have avoided economic pitfalls. We are a healthy company today in an otherwise unhealthy environment. We have recorded two consecutive quarters of record revenue, we are more diversified in healthcare than ever before, and we are growing as our customers seek safer, high-quality, made in the United States products.

Thank you for your attention this morning. It wraps up my remarks. Frank and I will now take questions. Demetrius?

Question-and-Answer Session

Operator

(Operator instructions) Your first question comes from the line of Brett Reiss.

Brett Reiss – Janney Montgomery Scott

Hi, good morning Chris and Frank and Lisa if she's there.

Frank Tarallo

Good morning, Brett.

Christine Jacobs

Hi, Brett. She is on the phone at another location.

Brett Reiss – Janney Montgomery Scott

Okay. I got interrupted a couple times on the call, so forgive me if this was covered. I just wanted to get the arithmetic; because of the new bank loan you've got to pay down about $3 million a year, and then the $10 million CapEx is over how long?

Frank Tarallo

Brett, that's probably going to be -- it could be as short as 12 months, it might go to 18 months.

Brett Reiss – Janney Montgomery Scott

Okay. So that's $3 million a year, plus $10 million CapEx. Now that includes the IT?

Frank Tarallo

Yes. It does. The $10 million refers to essentially the two major initiatives that Chris described; one, the IT, and secondly the NeedleTech facility. There's probably a couple million more there over the next 12 months and just sort of the normal CapEx requirement.

Brett Reiss – Janney Montgomery Scott

Okay. That's versus what's been prior. This is pretty ambitious. Do you feel comfortable that the visible cash flows from surgical products, and the harvesting of brachy will be able to support all of this the next 18 months or so?

Frank Tarallo

Yes. We do feel comfortable, Brett. We don't forecast results or cash flows but I think if you look at what we have been able to accomplish cash flow wise over the last couple of years, we are going to continued to operate the business in the same manner. We are going to try to make investments where it makes sense to make investments. So, yes, we feel comfortable with those the projects in particular. Chris?

Christine Jacobs

Yes. Good morning again, Brett.

Brett Reiss – Janney Montgomery Scott

Hi.

Christine Jacobs

I am -- tell you where I am coming from on this. Number one, I am comfortable with this credit renewal off our plate. It's now very clear what's going to happen with the debt. Where we've got -- we still got an upside. Our banks are comfortable with us, and we have been very transparent about the fact that we've got to make some investments. The R&D is something that -- when I talk about a pipeline I've been very clear that -- we bought the three companies, but we are sort of pulling that together and a lot them didn't have infrastructure for new products. So the R&D is going to be ongoing. The IT is not intended to be ongoing.

As I said in my comments, the IT was something we never really worried about. We were more worried about diversification than we were about information technology. But we've got to pull these companies together now for reporting purposes. So that is going to be a finite project, as is the rebuilding of the – or the outfitting and getting new capacities for the needle manufacturing. So to be clear, we have not been emboldened or changed our strategy of fiscal conservativism.

Cash has never been fad with us, it's a cultural bias. And it's going to be maintained. So when we say 12 months to 18 months, it's because we are going to be paying close attention to it. But I believe this economy is going to recover. I believe that healthcare -- we are going to have 47 million new people coming on board. And I would like this company positioned to take opportunities and this is the year to do it.

Brett Reiss – Janney Montgomery Scott

Right, right. Now until NeedleTech moves to the new facility, if over the next couple of quarters you get double digit organic growth from NeedleTech do they have the capacity to fill that incremental volume in the old facility?

Christine Jacobs

They do, but it's going to be tight because what we are going to be talking about doing then, Brett, when you are in confines like that is go to second and third shifts. We have some upside ability, but I am on your page. I don't want to do anything in this environment to miss an order.

Brett Reiss – Janney Montgomery Scott

Okay. And then you move from the old facility with NeedleTech to the new, is there transition or execution risk in that move or it's pretty flawless?

Christine Jacobs

I think -- from where I'm coming from, there always execution risk. I'm going to assume that something will melt down along the way and put in the pylons to see that it doesn't happen or that it is not disastrous for the operations of the company. But here's where the comfort for you as investors could be, we built four facilities already. We've got couple hundred thousand square feet of manufacturing experience behind us. So I know where some of the bodies are buried. And I am going to put a team together to watch for just what you are afraid of, because the answer is me too. I would never promise that it is going to be flawless, but I've done it before and I have the experience, and I've got a group of folks around me that have done it before. So we'll do our best.

Brett Reiss – Janney Montgomery Scott

I may have one or two other questions, but I'll drop back in the queue in case there are other people on the call.

Christine Jacobs

Thank you. That's very courteous. Demetrius, let's see what we've got, if not we’ll go back to Brett.

Operator

(Operator instructions)

Christine Jacobs

Demetrius, if none of there, would you pull Brett back?

Operator

We do have a question from the line of Tony Chiarenza from Key Equity Investors.

Christine Jacobs

Good morning, Tony.

Tony Chiarenza – Key Equity Investors

Hi, how are you?

Christine Jacobs

Fine, thanks.

Tony Chiarenza – Key Equity Investors

I’m still keeping track of the story, surprising. To my old issue here. With brachytherapy give me an idea where the relative positioning of the treatment is to? People are talking about so many different things for prostate cancer, and it's obviously been one of the things they've been looking at healthcare from proton beam, radiotherapy at $100,000 to radical prostatectomy. At this point, where do we stand? What's really driving this issue of the volume going down?

Christine Jacobs

Okay. The volume is going down because I think it's been complicated by a couple of factors. One of which is the reimbursement schematics step up by CMS. We have a cost-effective curative treatment for prostate cancer. But at some point we are no match for a reimbursement scheme that would pay a group of physicians twice what it pays them to do a brachytherapy procedure. And so there is nothing inherently wrong about our treatment for cancer. What we have is an environment wherein, an older treatment has somehow garnered favorable support from CMS. So that is our understanding and that's what we have come to realize over these past couple of years. That reimbursement scheme or a scheme whatever you want to call it from CMS, in some cases it is 40,000, 50,000 or 60,000.

And you're correct; I have seen 100,000 for proton beam. And where proton beam is concerned, this is unfortunate, there is no long-term data that we have been able to see to substantiate the use for early-stage prostate cancer on proton beam. And this is corroborated by some studies out of Harvard. Okay? Now, let's fast forward to talk about -- and I don't know where the nadir is, meaning, I don't know no exactly where this all levels out. We're doing what we can to stay that off, but again, it's still a profitable business for us. So it stays in our strategy and it stays in our book of business.

Going forward, Tony, I am -- in the past 30 days to 60 days begun to see press out of Washington in and around two things and then I think I have one of my answers from several conference calls answered and that was does anybody in Washington care that we have a cost-effective treatment for prostate cancer? It is my belief that there are people that really do care. I have seen about three or four publications in the past 60 days where prostate cancer is listed, brachytherapy is favorably listed as a cost-effective cure for prostate cancer. I've also seen information where CMS and government officials are well aware of exorbitant reimbursement payments for these competing treatments. If the Obama administration seeks to take out a sword and go after some of this we could see a change in the term lines. But I can't predict any of that right now. So that's what's going on with the brachy business.

Tony Chiarenza – Key Equity Investors

It's just -- it would fit so well until what they're trying to with healthcare to kind of focus on this and say, 'look at this, this is something we can change. We can actually save some money here, and actually get a better treatment process,' because as you look at all the debate it just make so much sense that this would just be a nice example for somebody to latch on to and say, 'look what we've done,' instead of worrying about $1 trillion spending.

Christine Jacobs

Well, you're right. And I guess I rhetorically asked that question on two or three conference calls ago, when I said gees, I'm really hoping somebody up there gives a damn. I believe they might. And what's really good is, we are on some radar up there. And again, I just -- I can't predict how it's going to fall out. But we are a perfect fit. And we've got all this data and all this support. I'm doing what I can up there.

Tony Chiarenza – Key Equity Investors

I understand. Help me out with something else on this plant. It seems like an awful lot of money dispensed for a new facility to spend $10 million. Why do you feel that you need -- is there enough growth that you see on here with the needle business that it makes sense to spend this kind of money to buy facility?

Frank Tarallo

Yes. Tony, this is Frank. Let me address this first. Remember first of all that the $10 million is not just the facility. A big chunk of that is the IT initiative that Chris talked about. So this is 5 to 7 over 12 months to 18 months, but to the part of your question is, yes, we do. We expect the needle -- specialty needle business to play a major role in what we've been saying for a longtime and that is we expect double-digit growth on the top line from our surgical business over time. And we think the specialty needle business is going to play a significant role in that. If you saw their plant today, they -- as Chris said, they’re seriously cramped. And we can handle organic growth over the short term, but we really got to get these folks into larger facility so that they can accomplish what we think they really we can accomplish over time.

Tony Chiarenza – Key Equity Investors

Okay. Thanks a lot. Good talking to you both again. Good luck.

Frank Tarallo

Great. Thanks –

Christine Jacobs

Thank you.

Operator

We do have a follow-up question from the line of Brett Reiss from Janney Montgomery Scott.

Brett Reiss – Janney Montgomery Scott

Have you gotten feedback from your sales force in the three surgical products businesses of specific customer needs that are not being met that your R&D department will take as an idea to develop supplemental or new products. And if so, how long does it -- what's the turnaround time on that kind of stuff?

Christine Jacobs

Brett, it's Chris again. Here's what I get in my monthly report without being too specific. We've got more opportunities than we have now right now. And I am trying to slow this down so that we cut our team on projects and things that we know. I'm not letting them go sort of drifting into specialize therapeutic things that will replace Medtronic or replace J&J. I want this group to coalesce early. I'd like them to get early appreciable wins in areas where we have a lot of know-how. I have no shortage of our customers asking us for additional products. What I'm also going to -- and we've spent this year doing is sort of creating a sieve, if you will, so that we can focus on the things that bring us larger and larger orders, meaning I may have 15 projects in front of us, but at the end of day the OEM customers only going to pay us $20,000. But I'm not interested in that, I'd like us to be position to take anything from $0.5 million to $4 million orders. And so, we are perfecting the process. We have no shortage of opportunities and I want them to coalesce as a group, and let's get this first product out the door the fourth quarter or first of '10. And let's see what we've got. I personally want them position to do some of the most sophisticated high-margin products. Whether they do private label or for OEM, but right now, I need them to show us what they've got and that they can do. Okay?

The other thing is I am a little cautious of the money. You heard in my comments that R&D is going to be ongoing because we do need a pipeline of products coming out. They are to be short in duration when it comes to development. I'm not at this point, Brett, there are going to be these 510Ks where you can get approval in four days to 60 days. Okay?

So I'm not going to reinvent the wheel. Right now, I'm being a little conservative and I want to see what the run rates are financially before we go into 2010.

Brett Reiss – Janney Montgomery Scott

Right. Thank you for answering all my questions. And I look forward to the next call.

Christine Jacobs

Okay. Thank you very much.

Frank Tarallo

Thanks, Brett.

Christine Jacobs

Demetrius, any other questions?

Operator

There are no further questions at this time.

Christine Jacobs

Well, with that, thank you all very much for your attention and your support.

Operator

Thank you. And this does conclude today's conference call. You may now disconnect.

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