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Raytheon Reports Strong Second Quarter Results; Increases Full-Year Guidance
Highlights
- Earnings per share (EPS) from continuing operations of $1.24, up 25 percent
- Income from continuing operations of $504 million, up 17 percent
- Continued strong bookings of $7.6 billion; sales of $6.1 billion
- Solid operating cash flow from continuing operations of $512 million
- Increased full-year 2009 guidance for net sales, EPS, and return on invested capital (ROIC)
WALTHAM, Mass., July 23, 2009 /PRNewswire-FirstCall/ -- Raytheon Company (NYSE: RTN) reported second quarter 2009 income from continuing operations of $504 million, up 17 percent compared to $432 million in the second quarter 2008. EPS from continuing operations for the second quarter 2009 was $1.24, up 25 percent compared to $0.99 in the second quarter 2008.
"We are pleased with the Company's continued, solid performance and strong financial position," said William H. Swanson, Raytheon's Chairman and CEO. "We are well positioned domestically and internationally on a broad base of programs which create long-term shareholder value."
Net sales for the second quarter 2009 were $6.1 billion, up from $5.9 billion in the second quarter 2008.
Operating cash flow from continuing operations in the second quarter 2009 was $512 million compared to $767 million for the second quarter 2008, primarily due to the timing of $395 million of cash contributions made to the Company's pension plans in the second quarter of 2009.
In the second quarter 2009 the Company repurchased 6.6 million shares of common stock for $300 million, as part of the Company's previously announced share repurchase program. Year-to-date 2009, the Company repurchased 13.4 million shares of common stock for $600 million.
The Company ended the second quarter 2009 with $96 million of net debt. Net debt is defined as total debt less cash and cash equivalents.
Summary Financial 2nd Quarter Six Months
Results ----------- % ---------- %
($in millions, except per 2009 2008 Change 2009 2008 Change
share data) ---- ---- ------ ---- ---- ------
Net sales $6,125 $5,870 4% $12,009 $11,224 7%
Total operating expenses 5,360 5,202 10,532 9,947
----- ----- ------ -----
Operating income 765 668 15% 1,477 1,277 16%
Non-operating expenses,
net 15 15 48 31
-- -- -- --
Income from cont. ops.
before taxes $750 $653 15% $1,429 $1,246 15%
Income from continuing
operations $504 $432 17% $961 $833 15%
Income from continuing
operations attributable to
Raytheon Company $492 $426 15% $941 $826 14%
Net income attributable to
Raytheon Company $489 $426 15% $941 $824 14%
Diluted EPS from
cont. ops. $1.24 $0.99 25% $2.35 $1.91 23%
Operating cash flow from
cont. ops. $512 $767 $923 $834
FAS/CAS pension adj.
Inc./(Exp.) $11 $(34) $22 $(67)
Workdays in fiscal reporting
calendar 64 64 125 127
Bookings and Backlog
Bookings 2nd Quarter Six Months
----------- ----------
($in millions) 2009 2008 2009 2008
---- ---- ---- ----
Total Bookings $7,647 $6,008 $12,856 $12,524
====== ====== ======= =======
Backlog Period Ending
-------------
($in millions) 06/28/09 12/31/08 06/29/08
---------- ---------- ----------
Backlog $37,312 $38,884 $37,527
Funded Backlog $23,881 $21,986 $22,226
The Company reported total bookings for the second quarter 2009 of $7.6 billion compared to $6.0 billion in the second quarter 2008. The Company ended the second quarter 2009 with a backlog of $37.3 billion compared to $38.9 billion at the end of 2008 and $37.5 billion at the end of the second quarter 2008. Due to a change in Missile Defense Agency priorities, on June 10, 2009 the Kinetic Energy Interceptor (KEI) program was terminated for convenience, resulting in a $2.4 billion reduction of the Company's backlog at the end of the second quarter 2009. Bookings during the second quarter of 2009 largely offset the impact of the KEI program.
Outlook
2009 Financial Outlook Current Prior (4/23/09)
------- ---------------
Net Sales ($B) 24.5 - 25.0* 24.4 - 24.9
FAS/CAS Pension Income ($M) 47 47
Interest Inc./(Exp.), net ($M) (105) - (115) (105) - (115)
Diluted Shares (M) 398 - 401 398 - 401
EPS from Continuing Operations $4.60 - $4.75* $4.55 - $4.70
Operating Cash Flow from Cont. 2.2 - 2.4 2.2 - 2.4
Ops. ($B)
ROIC (%) 11.2 - 11.7* 11.1 - 11.6
* Denotes change from prior guidance.
The Company has increased full-year 2009 guidance for net sales, earnings per share from continuing operations and return on invested capital (ROIC). Charts containing additional information on the Company's 2009 guidance are available on the Company's website at www.raytheon.com. See attachment F for the Company's calculation and use of ROIC, a non-GAAP financial measure.
Segment Results
Integrated Defense Systems
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $1,335 $1,257 6% $2,597 $2,449 6%
Operating
Income $205 $209 -2% $393 $420 -6%
Operating
Margin 15.4% 16.6% 15.1% 17.1%
Integrated Defense Systems (IDS) had second quarter 2009 net sales of $1,335 million, up 6 percent compared to $1,257 million in the second quarter 2008, primarily due to growth on international Patriot programs. IDS recorded $205 million of operating income compared to $209 million in the second quarter 2008. As expected, the change in operating income was primarily due to contract mix, driven by the completion of certain programs in 2008.
During the quarter, IDS booked $877 million to provide advanced Patriot air and missile defense capability for several domestic and international customers, including the U.S. Army, the United Arab Emirates (UAE), Taiwan and Kuwait. IDS also booked $157 million to provide Finland with Surface Launched Medium Range Air-to-Air Missile (SL-AMRAAM) systems, $150 million for Joint Land Attack Cruise Missile Defense Elevated Netted Sensor Systems (JLENS) for the U.S. Army, and $142 million for two Volume Search Radar (VSR) arrays for the U.S. Navy, one for the Zumwalt-class destroyer program and one for the CVN 78 aircraft carrier.
Intelligence and Information Systems
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $812 $829 -2% $1,596 $1,521 5%
Operating Income $66 $67 -1% $127 $119 7%
Operating Margin 8.1% 8.1% 8.0% 7.8%
Intelligence and Information Systems (IIS) had second quarter 2009 net sales of $812 million compared to $829 million in the second quarter 2008. As expected, the change in sales was primarily due to lower volume on the e-Borders program. IIS recorded $66 million of operating income compared to $67 million in the second quarter 2008.
During the quarter, IIS booked $342 million on a number of classified contracts.
Missile Systems
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $1,384 $1,363 2% $2,752 $2,682 3%
Operating
Income $147 $158 -7% $305 $297 3%
Operating
Margin 10.6% 11.6% 11.1% 11.1%
Missile Systems (MS) had second quarter 2009 net sales of $1,384 million compared to $1,363 million in the second quarter 2008. MS recorded $147 million of operating income compared to $158 million in the second quarter 2008, primarily due to higher award fees recognized in the second quarter 2008 as a result of a successful flight test milestone on Standard Missile-3.
During the quarter, MS booked $521 million for the production of Advanced Medium Range Air-to-Air Missiles (AMRAAM) for the U.S. Air Force and international customers and $260 million for Phalanx Weapon Systems for the U.S. Navy and U.S. Army. MS also booked $207 million for the production of Tactical Tomahawk cruise missiles and $167 million for AIM-9X short range air-to-air missiles for the U.S. Navy and international customers.
Network Centric Systems
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $1,197 $1,173 2% $2,351 $2,240 5%
Operating
Income $170 $151 13% $333 $275 21%
Operating
Margin 14.2% 12.9% 14.2% 12.3%
Network Centric Systems (NCS) had second quarter 2009 net sales of $1,197 million compared to $1,173 million in the second quarter 2008. NCS recorded $170 million of operating income compared to $151 million in the second quarter 2008. The increase in operating income was primarily due to improved program performance.
During the quarter, NCS booked $82 million for the Global Positioning Satellite-Aided Geosynchronous Augmented Navigation (GAGAN) system for the India Space Research Organization (ISRO).
Space and Airborne Systems
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $1,136 $1,072 6% $2,182 $2,049 6%
Operating
Income $175 $141 24% $314 $258 22%
Operating
Margin 15.4% 13.2% 14.4% 12.6%
Space and Airborne Systems (SAS) had second quarter 2009 net sales of $1,136 million, up 6 percent compared to $1,072 million in the second quarter 2008, primarily due to growth on international airborne tactical radar programs and classified business. SAS recorded $175 million of operating income compared to $141 million in the second quarter 2008. The increase in operating income was primarily due to higher volume, improved program performance and a favorable contractual settlement.
During the quarter, SAS booked $1,019 million on a number of space and airborne sensor contracts, including $110 million on the Integrated Sensor Is Structure (ISIS) radar program for the Defense Advanced Research Projects Agency (DARPA).
Technical Services
2nd Quarter Six Months
----------- % ---------- %
($in 2009 2008 Change 2009 2008 Change
millions) ---- ---- ------ ---- ---- ------
Net Sales $780 $647 21% $1,476 $1,168 26%
Operating Income $53 $45 18% $97 $80 21%
Operating Margin 6.8% 7.0% 6.6% 6.8%
Technical Services (TS) had second quarter 2009 net sales of $780 million, up 21 percent compared to $647 million in the second quarter 2008, due to strong growth in training programs, primarily Warfighter Field Operations Customer Support (FOCUS) and Air Traffic Control Optimum Training Solution (ATCOTS). TS recorded $53 million of operating income compared to $45 million in the second quarter 2008. The increase in operating income was primarily due to higher volume.
During the quarter, TS booked $553 million for work on the Warfighter FOCUS contract for the U.S. Army, bringing the year-to-date bookings on the program to $731 million. TS also booked $160 million to upgrade Phalanx Weapon Systems for the Royal Canadian Navy and $100 million on a contract for the Defense Threat Reduction Agency (DTRA).
Raytheon Company (NYSE: RTN), with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Conference Call on the Second Quarter 2009 Financial Results
Raytheon's financial results conference call will be held on Thursday, July 23, 2009 at 9:00 a.m. EDT. Participants will include William H. Swanson, Chairman and CEO, David C. Wajsgras, senior vice president and CFO, and other Company executives.
The dial-in number for the conference call will be (866) 543-6405 in the U.S. or (617) 213-8897 outside of the U.S. The conference call will also be audiocast on the Internet at www.raytheon.com. Individuals may listen to the call and download charts that will be used during the call. These charts will be available for printing prior to the call.
Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the free required downloadable software are posted on the site.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including information regarding the Company's 2009 financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the Company's current expectations regarding such matters. These statements inherently involve a wide range of known and unknown risks and uncertainties. The Company's actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to: the Company's dependence on the U.S. Government for a significant portion of its business and the risks associated with U.S. Government sales, including changes or shifts in defense spending, uncertain funding of programs, potential termination of contracts, and difficulties in contract performance; the ability to procure new contracts; the risks of conducting business in foreign countries; the ability to comply with extensive governmental regulation, including import and export policies, the Foreign Corrupt Practices Act, the International Traffic in Arms Regulations, and procurement and other regulations; the impact of competition; the ability to develop products and technologies; the impact of the current downturn in the financial markets; the risk that actual pension returns are significantly different than the Company's assumptions; the risk of cost overruns, particularly for the Company's fixed-price contracts; dependence on component availability, subcontractor performance and key suppliers; risks of a negative government audit; the use of accounting estimates in the Company's financial statements; risks associated with acquisitions, dispositions, joint ventures and other business arrangements; risks of an impairment of goodwill or other intangible assets; the outcome of contingencies and litigation matters, including government investigations; the ability to recruit and retain qualified personnel; the impact of potential security threats and other disruptions; and other factors as may be detailed from time to time in the Company's public announcements and Securities and Exchange Commission filings. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date. This release and the attachments also contain non-GAAP financial measures. A GAAP reconciliation and a discussion of the Company's use of these measures are included in this release or the attachments.
Attachment A
Raytheon Company
Preliminary Statement of Operations Information
Second Quarter 2009
(In millions, except
per share amounts) Three Months Ended Six Months Ended
------------------ ----------------
28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08
--------- --------- --------- ---------
Net sales $6,125 $5,870 $12,009 $11,224
------ ------ ------- -------
Operating expenses
Cost of sales 4,839 4,664 9,536 8,922
Administrative and
selling expenses 370 396 734 776
Research and
development expenses 151 142 262 249
--- --- --- ---
Total operating
expenses 5,360 5,202 10,532 9,947
----- ----- ------ -----
Operating income 765 668 1,477 1,277
--- --- ----- -----
Interest expense 31 34 63 68
Interest income (3) (17) (7) (40)
Other (income)
expense, net (13) (2) (8) 3
--- -- -- ---
Non-operating
expense, net 15 15 48 31
-- -- -- --
Income from continuing
operations
before taxes 750 653 1,429 1,246
Federal and foreign
income taxes 246 221 468 413
--- --- --- ---
Income from
continuing operations 504 432 961 833
(Loss) income from
discontinued
operations, net of
tax (3) - - (2)
-- --- --- --
Net income 501 432 961 831
--- --- --- ---
Less: Net income
attributable to
noncontrolling
interests 12 6 20 7
-- --- -- ---
Net income attributable
to Raytheon Company $489 $426 $941 $824
==== ==== ==== ====
Basic earnings (loss) per
share attributable to
Raytheon Company
common stockholders:
Income from
continuing
operations $1.25 $1.02 $2.38 $1.96
(Loss) income from
discontinued
operations (0.01) - - -
Net income 1.24 1.02 2.38 1.95
Diluted earnings (loss)
per share attributable
to Raytheon Company
common stockholders:
Income from
continuing
operations $1.24 $0.99 $2.35 $1.91
(Loss) income from
discontinued
operations (0.01) - - -
Net income 1.23 0.99 2.35 1.91
Amounts attributable to
Raytheon Company
common stockholders:
Income from
continuing
operations $492 $426 $941 $826
(Loss) income from
discontinued
operations, net of
tax (3) - - (2)
-- --- --- --
Net income $489 $426 $941 $824
==== ==== ==== ====
Average shares outstanding
Basic 392.5 419.7 395.7 421.8
Diluted 397.3 430.0 400.6 432.3
Attachment B
Raytheon Company
Preliminary Segment Information
Second Quarter 2009
Operating Income
(In As a Percent
millions, Net Sales Operating Income of Sales
except Three Months Three Months Three Months
percentages) Ended Ended Ended
------------ ------------ ------------
28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08
--------- --------- --------- --------- --------- ---------
Integrated
Defense
Systems $1,335 $1,257 $205 $209 15.4% 16.6%
Intelligence
and
Information
Systems 812 829 66 67 8.1% 8.1%
Missile
Systems 1,384 1,363 147 158 10.6% 11.6%
Network
Centric
Systems 1,197 1,173 170 151 14.2% 12.9%
Space and
Airborne
Systems 1,136 1,072 175 141 15.4% 13.2%
Technical
Services 780 647 53 45 6.8% 7.0%
FAS/CAS
Pension
Adjustment - - 11 (34)
Corporate
and
Eliminations (519) (471) (62) (69)
---- ---- --- ---
Total $6,125 $5,870 $765 $668 12.5% 11.4%
====== ====== ==== ====
Operating Income
(In As a Percent
millions, Net Sales Operating Income of Sales
except Six Months Six Months Six Months
percentages) Ended Ended Ended
------------ ------------ ------------
28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08
--------- --------- --------- --------- --------- ---------
Integrated
Defense
Systems $2,597 $2,449 $393 $420 15.1% 17.1%
Intelligence
and
Information
Systems 1,596 1,521 127 119 8.0% 7.8%
Missile Systems 2,752 2,682 305 297 11.1% 11.1%
Network Centric
Systems 2,351 2,240 333 275 14.2% 12.3%
Space and
Airborne
Systems 2,182 2,049 314 258 14.4% 12.6%
Technical
Services 1,476 1,168 97 80 6.6% 6.8%
FAS/CAS
Pension
Adjustment - - 22 (67)
Corporate and
Eliminations (945) (885) (114) (105)
---- ---- ---- ----
Total $12,009 $11,224 $1,477 $1,277 12.3% 11.4%
======= ======= ====== ======
Attachment C
Raytheon Company
Other Preliminary Information
Second Quarter 2009
(In millions) Funded Backlog Total Backlog
-------------- -------------
28-Jun-09 31-Dec-08 28-Jun-09 31-Dec-08
--------- --------- --------- ---------
Integrated Defense Systems $5,776 $4,802 $10,342 $9,883
Intelligence and Information
Systems 1,843 1,890 4,678 5,137
Missile Systems* 6,288 6,082 7,644 9,937
Network Centric Systems 4,504 4,593 5,558 5,733
Space and Airborne Systems 3,585 2,731 6,153 5,442
Technical Services 1,885 1,888 2,937 2,752
----- ----- ----- -----
Total $23,881 $21,986 $37,312 $38,884
======= ======= ======= =======
Bookings
Three Months Ended
------------------
28-Jun-09 29-Jun-08
--------- ---------
Total Bookings $7,647 $6,008
====== ======
* In the second quarter of 2009, Kinetic Energy Interceptor (KEI), a
developmental program with the Missile Defense Agency (MDA), was
terminated for convenience, which resulted in a backlog adjustment of
approximately $2.4 billion at Missile Systems. The program was cancelled
by the MDA due to a change in missile defense priorities. We expect that
the change in focus to "early intercept" will lead to additional
opportunities for a number of our products and technologies, including
Standard Missile-3. Total backlog for Missile Systems and the total
Company at December 31, 2008 above are presented unadjusted. For
comparability, total backlog for Missile Systems and the total Company
without KEI would have been $7,572 million and $36,519 million,
respectively, at December 31, 2008.
Attachment D
Raytheon Company
Preliminary Balance Sheet Information
Second Quarter 2009
(In millions)
28-Jun-09 31-Dec-08
--------- ---------
Assets
Cash and cash equivalents $2,199 $2,259
Accounts receivable, net 115 105
Contracts in process 4,493 3,793
Inventories 294 325
Current tax asset 13 441
Deferred taxes 387 395
Prepaid expenses and other current assets 93 99
-- --
Total current assets 7,594 7,417
Property, plant and equipment, net 1,961 2,024
Deferred taxes 572 735
Prepaid retiree benefits 72 56
Goodwill 11,665 11,662
Other assets, net 1,186 1,240
----- -----
Total assets $23,050 $23,134
======= =======
Liabilities and Equity
Current liabilities
Advance payments and billings in excess
of costs incurred $1,968 $1,970
Accounts payable 1,189 1,201
Accrued employee compensation 912 913
Other accrued expenses 1,016 1,065
----- -----
Total current liabilities 5,085 5,149
Accrued retiree benefits and other long-term
liabilities 6,131 6,488
Long-term debt 2,295 2,309
Equity
Raytheon Company stockholders' equity
Common stock 4 4
Additional paid-in capital 10,899 10,873
Accumulated other comprehensive loss (4,962) (5,182)
Treasury stock, at cost (4,844) (4,254)
Retained earnings 8,344 7,646
----- -----
Total Raytheon Company stockholders'
equity 9,441 9,087
Noncontrolling interest in subsidiaries 98 101
-- ---
Total equity 9,539 9,188
----- -----
Total liabilities and equity $23,050 $23,134
======= =======
Attachment E
Raytheon Company
Preliminary Cash Flow Information
Second Quarter 2009
(In millions) Three Months Ended Six Months Ended
-------------------- ------------------
28-Jun-09 29-Jun-08 28-Jun-09 29-Jun-08
--------- --------- --------- ---------
Net income $501 $432 $961 $831
Loss (income) from
discontinued operations,
net of tax 3 - - 2
-- -- -- --
Income from continuing
operations 504 432 961 833
Depreciation 73 73 144 142
Amortization 24 24 50 47
Income attributable to
noncontrolling interests (12) (6) (20) (7)
Working capital (excluding
pension and taxes)* 313 318 (625) (385)
Discontinued operations (3) (6) (9) (16)
Net activity in financing
receivables 6 5 15 25
Other (396) (79) 398 179
---- --- --- ---
Net operating cash flow 509 761 914 818
Capital spending (48) (56) (81) (99)
Internal use software spending (21) (13) (34) (30)
Acquisitions - (33) - (34)
Investment activity and
divestitures - 9 - 9
Dividends (122) (118) (234) (227)
Repurchases of common stock (300) (340) (600) (680)
Other (29) 57 (25) 142
--- -- --- ---
Total cash flow $(11) $267 $(60) $(101)
==== ==== ==== =====
* Working capital (excluding pension and taxes) is a summation of
changes in: accounts receivable, net, contracts in process and advance
payments and billings in excess of costs incurred, inventories, prepaid
expenses and other current assets, accounts payable, accrued employee
compensation, and other accrued expenses from the Statements of Cash
Flows.
Attachment F
Raytheon Company
Preliminary Return on Invested Capital Non-GAAP Financial Measure
Second Quarter 2009
We define Return on Invested Capital (ROIC) as income from continuing
operations plus after-tax net interest expense plus one-third of operating
lease expense after-tax (estimate of interest portion of operating lease
expense) divided by average invested capital after capitalizing operating
leases (operating lease expense times a multiplier of 8), adding financial
guarantees less net investment in Discontinued Operations, and adding back
the impact of Statement of Financial Accounting Standards No. 158,
Employers' Accounting for Defined Benefit Pension and Other Postretirement
Plans (SFAS No. 158). ROIC is not a measure of financial performance
under generally accepted accounting principles (GAAP) and may not be
defined and calculated by other companies in the same manner. ROIC should
be considered supplemental to and not a substitute for financial
information prepared in accordance with GAAP. We use ROIC as a measure of
efficiency and effectiveness of our use of capital and as an element of
management compensation.
Return on Invested Capital
(In millions, except percentages) 2009 Current Guidance
---------------------
Low end High end
of range of range
-------- --------
Income from continuing operations
Net interest expense, after-tax* Combined Combined
Lease expense, after-tax*
------ ------
Return $1,990 $2,050
------ ------
Net debt **
Equity less investment in discontinued operations
Lease expense x 8, plus financial guarantees Combined Combined
SFAS No. 158 impact
------- -------
Invested capital from continuing operations*** $17,700 $17,500
------- -------
---- ----
ROIC 11.2% 11.7%
---- ----
* Effective 2009 tax rate: Approximately 33% (2009 guidance)
** Net debt is defined as total debt less cash and cash equivalents and
is calculated using a 2 point average
*** Calculated using a 2 point average
Media Contact: Investor Relations Contact:
Jon Kasle Marc Kaplan
781-522-5110 781-522-5141
SOURCE Raytheon Company
SOURCE: Raytheon Company
Web site: http://www.raytheon.com/
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