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Form 8-K AGREE REALTY CORP For: Feb 23

February 23, 2015 4:05 PM EST

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): February 23, 2015

 

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

 

Maryland

(State of other jurisdiction of incorporation)

 

1-12928

(Commission file number)

38-3148187
    (I.R.S. Employer Identification No.)

70 E. Long Lake Road

Bloomfield Hills, MI

(Address of principal executive offices)


48304
(Zip code)

 

(Registrant’s telephone number, including area code) (248) 737-4190

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02.Results of Operations and Financial Condition.

 

On February 23, 2015, Agree Realty Corporation issued a press release describing its results of operations for the fourth quarter and year ended December 31, 2014. The press release is furnished as Exhibit 99.1 to this report and is hereby incorporated by reference.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits

 

Exhibit Description
   
99.1 Press release, dated February 23, 2015, reporting the Company's results of operations for the fourth quarter and year ended December 31, 2014.

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AGREE REALTY CORPORATION
     
     
  /s/ Brian R. Dickman  
  Chief Financial Officer and Secretary  
     
Date:  February 23, 2015    

 

 
 

 

EXHIBIT INDEX

 

Exhibit Description
   
99.1 Press release, dated February 23, 2015, reporting the Company's results of operations for the fourth quarter and year ended December 31, 2014.

  

 

Agree Realty Corporation Reports Operating Results For The Fourth Quarter And Full Year 2014

BLOOMFIELD HILLS, Mich., Feb. 23, 2015 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced results for the quarter and full year ended December 31, 2014. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

Fourth Quarter Financial and Operating Highlights:

  • Increased rental revenue 21.4% to $13.5 million
  • Increased Funds from Operations (FFO) 13.8% to $9.0 million
  • Increased Adjusted Funds from Operations (AFFO) 12.7% to $9.1 million
  • Acquired 48 retail net lease properties for approximately $71.9 million
  • Completed the dispositions of two Kmart anchored shopping centers
  • Raised $76.8 million in gross proceeds from the issuance of 2,587,500 common shares
  • Increased quarterly dividend by 4.7% to $0.45 per share

Full Year Financial and Operating Highlights:

  • Increased rental revenue 21.1% to $49.6 million
  • Increased FFO 17.4% to $33.3 million
  • Increased AFFO 17.2% to $33.9 million
  • Acquired 77 retail net lease properties for approximately $147.5 million
  • Completed three developments and two Joint Venture Capital Solutions (JVCS) projects representing an aggregate investment of approximately $17.6 million
  • Raised $76.8 million in net proceeds from the issuance of 2,287,500 common shares and entered into a new $250.0 million senior unsecured credit facility
  • Paid $1.74 per share annual dividend, an increase of 6.1% from $1.64 in 2013

Financial Results
Total Rental Revenue
Total rental revenue, which includes minimum rents and percentage rents, for the three months ended December 31, 2014 increased 21.4% to $13,475,000 compared with total rental revenue of $11,097,000 for the comparable period in 2013.

Total rental revenue for the year ended December 31, 2014 increased 21.1% to $49,563,000 compared with total rental revenue of $40,931,000 for the year ended December 31, 2013.

Funds from Operations
FFO for the three months ended December 31, 2014 increased 13.8% to $9,020,000 compared with FFO of $7,928,000 for the comparable period in 2013. FFO per share for the three months ended December 31, 2014 increased 1.8% to $0.57 compared with FFO per share of $0.56 for the comparable period in 2013.

FFO for the year ended December 31, 2014 increased 17.4% to $33,317,000 compared with FFO of $28,370,000 for the year ended December 31, 2013. FFO per share for the year ended December 31, 2014 increased 3.8% to $2.18 compared with FFO per share of $2.10 for the year ended December 31, 2013.

Adjusted Funds from Operations
AFFO for the three months ended December 31, 2014 increased 12.7% to $9,099,000 compared with AFFO of $8,077,000 for the comparable period in 2013. AFFO per share for the three months ended December 31, 2014 increased 1.8% to $0.58 compared with AFFO per share of $0.57 for the comparable period in 2013.

AFFO for the year ended December 31, 2014 increased 17.2% to $33,946,000 compared with AFFO of $28,964,000 for the year ended December 31, 2013. AFFO per share for the year ended December 31, 2014 increased 3.7% to $2.22 compared with AFFO per share of $2.14 for the year ended December 31, 2013.

Net Income
Net income for the three months ended December 31, 2014 was $5,598,000, or $0.36 per share, compared with $5,489,000, or $0.40 per share, for the comparable period in 2013.

Net income for the year ended December 31, 2014 was $18,488,000, or $1.24 per share, compared with $19,675,000, or $1.50 per share, for the year ended December 31, 2013.

Dividend
The Company paid a cash dividend of $0.45 per share on January 6, 2015 to stockholders of record on December 23, 2014. The quarterly dividend represented payout ratios of 78.9% of FFO and 78.2% of AFFO, respectively. For 2014, the Company paid an annual dividend of $1.74, a 6.1% increase over the $1.64 annual dividend paid in 2013.

CEO Comments
"I am pleased with our 2014 operating results, as well as the significant progress the Company has made on a number of key strategic initiatives," said Joey Agree, President and Chief Executive Officer. "During the year, we invested over $165 million expanding and diversifying our portfolio through accretive investments in net lease retail properties, while also disposing of non-core shopping center assets and preserving a best-in-class balance sheet. In 2015, the Company will remain focused on strategically scaling our operating platforms while maintaining our disciplined approach to real estate underwriting."

Portfolio Update
As of December 31, 2014, the Company's portfolio consisted of 209 properties located in 37 states and totaling 4.3 million square feet of gross leasable space. Retail net lease properties contributed approximately 91.6% of annualized base rent, including 10.5% of which was generated from properties ground leased to tenants. The remaining rent was derived from community shopping centers.

The portfolio was approximately 98.6% leased, had a weighted average remaining lease term of approximately 11.9 years, and generated approximately 55.8% of annualized base rents from investment grade tenants.

The table below provides a summary of the Company's portfolio as of December 31, 2014:


($ in thousands)


Number of


Annualized


% of Ann.


% IG


Wtd. Avg.

Property Type


Properties


Base Rent (1)


Base Rent


Rated (2)


Lease Term

Retail Net Lease


180


$45,834


81.1%


56.0%


12.3 yrs

Retail Net Lease (ground leases)


23


5,941


10.5%


89.1%


14.7 yrs

Total Retail Net Lease


203


$51,775


91.6%


59.8%


12.6 yrs

Community Shopping Centers


6


4,729


8.4%


11.8%


4.9 yrs

Total Portfolio


209


$56,504


100.0%


55.8%


11.9 yrs












(1)  Represents annualized straight-line rents as of December 31, 2014.





(2)  Reflects tenants, or parent entities thereof, with investment grade credit ratings from S&P, Moody's, Fitch and/or NAIC.


Acquisitions
Total acquisition volume for the fourth quarter of approximately $71,853,000 was a record for the Company and included 48 assets net leased to a diverse group of retailers, including those operating in the quick service restaurant, auto parts, auto service, grocery, financial services and sporting goods sectors. These properties were acquired at a weighted-average cap rate of 8.10% and with a weighted-average remaining lease term of approximately 15.3 years.

Acquisition volume for 2014 was also a record, as the Company acquired 77 retail net lease assets for an aggregate purchase price of approximately $147,477,000. The properties are located in 22 states and leased to 28 tenants operating across 15 retail sectors. The Company acquired these assets at a weighted-average cap rate of approximately 8.16% and with a weighted-average remaining lease term of approximately 14.1 years.

Dispositions
In the fourth quarter, the Company completed the sale of two non-core assets, including Petoskey Town Center in Petoskey, Michigan and Chippewa Commons in Chippewa Falls, Wisconsin. Petoskey Town Center is a 174,870 square foot shopping center anchored by Kmart and Hobby Lobby, and Chippewa Commons is a 169,271 square foot shopping center anchored by Kmart and Mega Foods.

Overall, the Company sold four assets in 2014 for aggregate gross proceeds of approximately $12,900,000. These dispositions included three Kmart-anchored shopping centers. Additionally, the Company sold a land parcel under a third-party owned Rite-Aid in East Lansing, Michigan that was subject to a purchase option exercised by the lessee.

Development and Joint Venture Capital Solutions
In the fourth quarter, the Company completed its JVCS project in Burlington, Washington. The 20,000 square foot store is net leased to Cash & Carry until November 2029. Additionally, earlier in 2014, the Company completed a multi-tenant project in New Lenox, Illinois that is net leased to T.J. Maxx, Petco and Ross Dress for Less. The Company owns a 100% fee simple interest in both projects.

The Company also delivered three new developments to tenants in 2014, including a Wawa convenience store in St. Petersburg, Florida, a McDonald's restaurant in East Palatka, Florida and a Buffalo Wild Wings restaurant in St. Augustine, Florida.

Subsequent to December 31, 2014, the Company executed a ground lease, subject to customary contingencies, with an industry leading restaurant for the development of a newly created outlot at its Capital Plaza shopping center in Frankfort, Kentucky. The project is expected to be completed during the first quarter of 2016.

Leasing
During the fourth quarter, Best Buy executed a five-year lease extension to remain at the Company's North Lakeland Plaza shopping center until January 2021. The lease extension, subject to standard governmental approvals, allowed for the creation of an outlot in the existing parking field at the center. The Company currently has a letter of intent with an industry leading coffee retailer for the development of a freestanding store at this location. Additionally, the Company executed extensions for approximately 7,750 square feet of small shop space within the portfolio.

During 2014, and excluding properties that were sold, the Company executed extensions on over 330,000 square feet of gross leasable area throughout the portfolio. Material extensions included a 90,500 square foot freestanding Kmart in Oscoda, Michigan, an 86,500 square foot Kmart at Marshall Plaza in Marshall, Michigan, a 52,000 square foot freestanding Kmart in Grayling, Michigan, a 20,000 square foot Staples at Central Michigan Commons in Mt. Pleasant, Michigan and the 52,000 square foot Best Buy at North Lakeland Plaza in Lakeland, Florida.

Top Tenants
The following is a breakdown of annualized base rents in effect at December 31, 2014 for the Company's top ten tenants:


($ in thousands)


Annualized


% of Ann.

Tenant / Concept


Base Rent (1)


Base Rent

Walgreens


$12,362


21.9%

Wawa


2,465


4.4%

CVS


2,463


4.4%

Wal-Mart


2,039


3.6%

Rite Aid


1,962


3.5%

Lowe's


1,846


3.3%

LA Fitness


1,694


3.0%

Kmart


1,618


2.9%

Taco Bell (2)


1,537


2.7%

Academy Sports


1,340


2.4%

Total


$29,326


52.1%






(1)  Represents annualized straight-line rents as of December 31, 2014.

(2)  Franchise restaurants operated by Charted Foods North, LLC.


Tenant Sector
The following is a breakdown of annualized base rents in effect at December 31, 2014 for the Company's top retail sectors:


($ in thousands)


Annualized


% of Ann.

Tenant Sector


Base Rent (1)


Base Rent

Pharmacy


$16,788


29.7%

Restaurants - Quick Service


4,247


7.5%

Apparel


3,423


6.1%

Warehouse Clubs


2,957


5.2%

Sporting Goods


2,736


4.8%

Convenience Stores


2,599


4.6%

Health & Fitness


2,546


4.5%

Grocery Stores


2,426


4.3%

General Merchandise


2,006


3.6%

Home Improvement


1,846


3.3%

Restaurants - Casual Dining


1,848


3.3%

Financial Services


1,693


3.0%

Other (2)


11,389


20.1%

Total


$56,504


100.0%






(1)  Represents annualized straight-line rents as of December 31, 2014.

(2)  Includes sectors generating less than 3.0% of annualized base rent.


Lease Expiration
The following table, as of December 31, 2014, sets forth contractual lease expirations within the Company's portfolio, assuming that none of the tenants exercise renewal options:

(in thousands)




 Annualized Base Rent (1) 


 Gross Leasable Area 

Year


Leases


 $ Amount 


% of Total


 Sq. Ft. 


% of Total

2015


7


$726


1.3%


152


3.5%

2016


9


318


0.6%


35


0.8%

2017


12


1,867


3.3%


134


3.1%

2018


16


2,085


3.7%


305


7.1%

2019


15


3,738


6.6%


344


8.0%

2020


15


2,740


4.8%


321


7.4%

2021


15


4,256


7.5%


256


5.9%

2022


12


2,605


4.6%


257


6.0%

2023


15


2,419


4.3%


221


5.1%

2024


12


3,095


5.5%


210


4.9%

Thereafter


135


32,655


57.8%


2,080


48.2%

Total


263


$56,504


100.0%


4,315


100.0%












(1)  Represents annualized straight-line rents as of December 31, 2014.



Capital Markets and Balance Sheet
Capital Markets Activity
In July 2013, the Company entered into a $250,000,000 senior unsecured Revolving Credit and Term Loan Agreement which increased the size of the Company's revolving credit facility from $85,000,000 to $150,000,000, added a new $65,000,000 term loan and amended its existing $35,000,000 term loan to conform to the terms of the agreement.

The maturity date on the revolving credit facility was extended to July 21, 2018, with an additional one-year extension option; the new $65,000,000 term loan has a maturity date of July 21, 2021; and the existing $35,000,000 term loan remains due on September 29, 2020.

In December 2014, the Company completed an underwritten public offering of 2,587,500 shares of common stock, including the full exercise of the underwriter's over-allotment option, resulting in gross proceeds to the Company of approximately $76,771,000.

Balance Sheet Summary
As of December 31, 2014, the Company's total debt to total market capitalization was approximately 28.5%. Total market capitalization is calculated as the sum of total debt and the market value of the Company's outstanding shares of common stock, assuming conversion of operating partnership units.

For the quarter and year ended December 31, 2014, the Company's fully diluted weighted average shares outstanding were 15,450,135 and 14,966,895. The basic weighted average shares outstanding for the quarter and year ended December 31, 2014 were 15,364,435 and 14,882,586.

The Company's assets are held by, and all of its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. As of December 31, 2014, there were 347,619 operating partnership units outstanding and the Company held a 98.06% interest in the operating partnership.

Conference Call/Webcast
Agree Realty Corporation will host a live broadcast of its fourth quarter 2014 conference call on Tuesday, February 24, 2015 at 9:00 am EST to discuss its financial and operating results. The live broadcast will be available online at: http://www.videonewswire.com/event.asp?id=101551 and also by telephone at 1-866-363-3979 (USA Toll Free) and 1-412-902-4206 (International). A replay will be available shortly after the call until May 24, 2015 at 1-877-344-7529 (USA Toll Free, conference #10060363) or 1-412-317-0088 (International, conference #10060363).

About Agree Realty Corporation
Agree Realty Corporation is primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 217 properties located in 38 states and containing 4.5 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."

For additional information, visit the Company's home page at http://www.agreerealty.com.

Forward-Looking Statements
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2013. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.

Agree Realty Corporation

Operating Results (in thousands, except per share amounts)

(Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,



2014


2013


2014


2013

Revenues:









Minimum rents


$    13,462


$    11,080


$    49,403


$    40,895

Percentage rent


13


17


160


36

Operating cost reimbursements


845


602


3,825


2,568

Other income


3


17


171


19

Total Revenues


14,323


11,716


53,559


43,518

Expenses:









Real estate taxes


555


493


2,766


2,036

Property operating expenses


384


293


1,679


1,192

Land lease payments


132


107


472


428

General and administration


1,672


1,285


6,629


5,952

Depreciation and amortization


3,143


2,261


11,103


8,489

Impairment charge


-


-


3,020


-

Total Operating Expenses


5,886


4,439


25,669


18,097

Income from Operations


8,437


7,277


27,890


25,421

Other Income (Expense)









Interest expense


(2,479)


(1,875)


(8,587)


(6,475)

Loss on sale of assets


(235)


-


(528)


-

Income Before Discontinued Operations


5,723


5,402


18,775


18,946

Gain on sale of asset from discontinued operations


-


-


123


946

(Loss) Income from discontinued operations


-


220


15


298

Total Discontinued Operations


-


220


138


1,244

Net Income


5,723


5,622


18,913


20,190

Net income attributable to non-controlling interest


125


133


425


515

Net Income Attributable to Agree Realty Corporation


5,598


5,489


18,488


19,675










Other Comprehensive Income (loss) , Net of ($39), $20, ($52), and $47









Attributable to Non-Controlling Interest


(1,962)


780


(2,532)


1,766

Total Comprehensive Income Attributable to Agree Realty Corporation

$      3,636


$      6,269


$    15,956


$    21,441










Basic Earnings Per Share









Continuing operations


$        0.36


$        0.39


$        1.23


$        1.41

Discontinued operations


-


0.01


0.01


0.10



$        0.36


$        0.40


$        1.24


$        1.51

Dilutive Earnings Per Share









Continuing operations


$        0.36


$        0.39


$        1.23


$        1.40

Discontinued operations


-


0.01


0.01


0.10



$        0.36


$        0.40


$        1.24


$        1.50

Weighted Average Number of Common Shares Outstanding - Basic


15,364


13,618


14,883


13,066

Weighted Average Number of Common Shares Outstanding - Diluted


15,450


13,712


14,967


13,158

Agree Realty Corporation

Funds from Operations (in thousands, except per share amounts)

(Unaudited)












Three Months Ended


Year Ended



December 31,


December 31,



2014


2013


2014


2013

Reconciliation of Funds from Operations to Net Income: (1)









Net income


$      5,723


$      5,622


$    18,913


$    20,190

Depreciation of real estate assets


2,258


1,849


8,362


6,930

Amortization of leasing costs


32


30


126


112

Amortization of lease intangibles


772


427


2,491


1,634

Impairment charge


-


-


3,020


450

(Gain) Loss on sale of assets


235


-


405


(946)

Funds from Operations


$      9,020


7,928


$    33,317


28,370

Funds from Operations Per Share - Diluted


$        0.57


$        0.56


$        2.18


$        2.10

Weighted Average Number of Common Shares Outstanding - Diluted


15,798


14,060


15,315


13,505



Adjusted Funds from Operations (in thousands, except per share amounts)

(Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,



2014


2013


2014


2013

Reconciliation of Adjusted Funds from Operations to Net Income: (1)









Net income


$      5,723


$      5,622


$    18,913


$    20,190

Cumulative adjustments to calculate FFO


3,297


2,306


14,404


8,180

Funds from Operations


9,020


7,928


33,317


28,370

Straight-line accrued rent


(427)


(265)


(1,416)


(1,148)

Deferred revenue recognition


(116)


(116)


(463)


(464)

Stock based compensation expense


431


421


1,987


1,813

Amortization of financing costs


112


92


398


326

Non-Real Estate Depreciation / Amortization


79


17


123


67

Adjusted Funds from Operations


$      9,099


$      8,077


$    33,946


$    28,964

Adjusted Funds from Operations Per Share - Diluted


$        0.58


$        0.57


$        2.22


$        2.14










Supplemental Information:









Scheduled principal repayments


$         923


$         892


$      3,599


$      3,478

Capitalized interest


$            42


$         128


$         263


$         567

Capitalized building improvements


$            32


$             -


$         145


$            87



(1)

Funds from Operations ("FFO") is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT) to mean net income computed in accordance with U.S. generally accepted accounting principles (GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and any impairment charges on a depreciable real estate asset, and after adjustments for unconsolidated partnerships and joint ventures.  Management uses FFO as a supplemental measure to conduct and evaluate the Company's business because there are certain limitations associated with using GAAP net income by itself as the primary measure of the Company's operating performance.  Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself.




FFO should not be considered as an alternative to net income as the primary indicator of the Company's operating performance, or as an alternative to cash flow as a measure of liquidity.  Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that all REITs may not use the same definition.




Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry.  AFFO further adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  Management considers AFFO a useful supplemental measure of the Company's performance, however, AFFO should not be considered an alternative to net income as an indication of the Company's performance, or to cash flow as a measure of liquidity or ability to make distributions.  The Company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.  Note that, during the year ended December 31, 2014, the Company adjusted its calculation of AFFO to exclude non-recurring capitalized building improvements and to include non-real estate related depreciation and amortization.  Management believes that these changes provide a more useful measure of operating performance in the context of AFFO.

Agree Realty Corporation

Consolidated Balance Sheets (in thousands)

(Unaudited)




December 31,


December 31,



2014


2013

Assets:





Land  


$               195,091


$        162,097

Buildings


393,827


297,465

Accumulated depreciation


(59,090)


(60,634)

Property under development 


229


6,959

Property held for sale


-


4,845

Net real estate investments


530,057


410,732

Cash and cash equivalents


5,399


14,537

Accounts receivable 


4,508


3,263

Deferred costs, net of amortization


51,271


30,990

Other assets


2,345


3,220

Total Assets


$               593,580


$        462,742






Liabilities





Notes Payable:





Mortgage notes payable


$               106,762


$        113,898

Unsecured revolving credit facility


15,000


9,500

Unsecured term loan


100,000


35,000

Total Notes Payable


221,762


158,398

Deferred revenue


1,004


1,467

Dividends and distributions payable


8,048


6,244

Other liabilities


6,731


4,417

Total Liabilities


237,545


170,526






Stockholder's Equity





Common stock (17,539,946 and 14,883,314 shares)


2


1

Additional paid-in capital


388,263


312,975

Deficit


(32,585)


(23,879)

Accumulated other comprehensive income (loss)


(2,060)


472

Non-controlling interest


2,415


2,647

Total Stockholder's Equity


356,035


292,216



$               593,580


$        462,742



CONTACT: Brian Dickman, Chief Financial Officer, (248) 737-4190



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