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Form 8-K AMERIGAS PARTNERS LP For: Nov 09

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November 10, 2016 9:01 AM 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): November 9, 2016
 
 
AmeriGas Partners, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
Delaware
 
1-13692
 
23-2787918
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
460 No. Gulph Road, King of Prussia,
Pennsylvania
 
19406
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: 610 337-7000
Not Applicable
Former name or former address, if changed since last report
 
 
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 November 9, 2016, AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. (the “Partnership”), issued a press release announcing financial results for the Partnership for the fiscal quarter and year ended September 30, 2016. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
In its November 9, 2016 press release, the Partnership also announced earnings guidance for the fiscal year ending September 30, 2017. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
On November 10, 2016, the Partnership will hold a live Internet Audio Webcast of its conference call to discuss its financial results for the fiscal quarter and year ended September 30, 2016.
Presentation materials containing certain historical and forward-looking information relating to the Partnership (the “Presentation Materials”) have been made available on the Partnership’s website. A copy of the Presentation Materials is furnished as Exhibit 99.2 to this report and is incorporated herein by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular dates referenced therein, and the Partnership does not undertake any obligation to, and disclaims any duty to, update any of the information provided.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in that filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
 
99.1
Press Release of AmeriGas Partners, L.P. dated November 9, 2016.
99.2
Presentation of AmeriGas Partners, L.P. dated November 10, 2016.






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.
 
 
 
 
 
 
AmeriGas Partners, L.P.
 
 
 
November 10, 2016
By:
 
/s/ G. Gary Garcia
 
 
 
Name: G. Gary Garcia
 
 
 
Title: Treasurer of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P.





EXHIBIT INDEX
The Following Exhibits Are Furnished:
 
EXHIBIT
NO.
DESCRIPTION
99.1
Press Release of AmeriGas Partners, L.P. dated November 9, 2016.
99.2
Presentation of AmeriGas Partners, L.P. dated November 10, 2016.






Exhibit 99.1
 



 
 
 
 
 
 
 
 
Contact:
  
610-337-7000
  
 
  
For Immediate Release:
 
 
  
Will Ruthrauff, ext. 6571
  
 
  
November 9, 2016
 
 
  
Shelly Oates, ext. 3202
  
 
  
 
 
 
  
 
  
 
  
 
 
AmeriGas Partners Reports Fiscal Year 2016 Earnings

VALLEY FORGE, Pa., November 9 - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported GAAP net income attributable to AmeriGas Partners for the year ended September 30, 2016 of $207.0 million, compared to net income attributable to AmeriGas Partners of $211.2 million for the year ended September 30, 2015. On an adjusted basis, the Partnership reported net income attributable to AmeriGas Partners of $190.5 million for the year compared with $258.6 million in the prior year. Adjusted net income attributable to AmeriGas Partners excludes the impact of unrealized gains and losses on commodity derivative instruments and losses from the early extinguishments of debt. A reconciliation of adjusted net income to GAAP net income is set forth at the end of this release.

The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) was $543.0 million for the year compared with $619.2 million in the prior year. Retail volumes sold for the year decreased 10% to 1.07 billion gallons from 1.18 billion gallons in the prior year. The decrease in retail gallons sold reflects temperatures that were 15% warmer than normal and 12.5% warmer than the prior year.

Jerry E. Sheridan, president and chief executive officer of AmeriGas, said, "This year was a challenge due to significantly warmer weather than the prior year but our team navigated this challenge well. Our unit margins increased and our operating expenses were contained as we initiated our warm weather plan early in the heating season. We advanced our growth strategy through the completion of six acquisitions during the year and increased the number of National Accounts and Cylinder Exchange locations.

"In addition, we were pleased to have increased our distribution for the 12th consecutive year. Looking forward, we are eager to continue making progress on our growth initiatives as well as deploying our technology across our national footprint to drive operational efficiency and improve the customer experience."

The Partnership announced earnings guidance for fiscal 2017 last month. For the year ending September 30, 2017, it expects to report adjusted EBITDA of $660 million to $700 million, assuming normal weather and excluding mark-to-market gains and losses on commodity derivative instruments. Because we are unable to predict certain potentially material items affecting net income on a GAAP basis, principally mark-to-market gains and losses on commodity derivative instruments, we cannot reconcile 2017 Adjusted EBITDA, a non-GAAP measure, to net income attribute to AmeriGas Partners, L.P., the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules. Adjustments that management can reasonably estimate are provided below.



 
 
AmeriGas Partners Reports Fiscal Year 2016 Earnings
Page 2

About AmeriGas
AmeriGas is the nation’s largest retail propane marketer, serving approximately two million customers in all 50 states from approximately 2,000 distribution locations. UGI Corporation, through subsidiaries, is the sole General Partner and owns 26% of the Partnership and the public owns the remaining 74%.

AmeriGas Partners, L.P. will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2016 earnings and other current activities at 9:00 AM ET on Thursday, November 10, 2016. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://investors.amerigas.com/investor-relations/events-presentations or at the company website http://www.amerigas.com under Investor Relations. A telephonic replay will be available from 12:00 PM ET on November 10 through 11:59 PM on November 16. The replay may be accessed at (855) 859-2056, and internationally at 1-404-537-3406, conference ID 13777143.


Comprehensive information about AmeriGas is available on the Internet at http://www.amerigas.com

This press release contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read the Partnership’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas, the impact of pending and future legal proceedings, political, economic and regulatory conditions in the U.S. and abroad, and our ability to successfully integrate acquisitions and achieve anticipated synergies. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

 
 
 
 
 
AP-05
  
###
 
11/9/16



AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS
(Thousands, except per unit and where otherwise indicated)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Twelve Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
 
Propane
 
$
334,412

 
$
357,440

 
$
2,053,160

 
$
2,612,401

Other
 
59,136

 
60,796

 
258,657

 
272,921

 
 
393,548

 
418,236

 
2,311,817

 
2,885,322

Costs and expenses:
 
 
 
 
 
 
 
 
Cost of sales - propane
 
128,487

 
138,078

 
719,842

 
1,301,167

Cost of sales - other
 
19,684

 
22,031

 
78,857

 
86,638

Operating and administrative expenses
242,208

 
225,980

 
928,786

 
953,283

Depreciation
 
35,998

 
38,750

 
146,805

 
152,204

Amortization
 
10,947

 
10,611

 
43,175

 
42,676

Other operating income, net
 
(6,173
)
 
(8,267
)
 
(28,252
)
 
(31,355
)
 
 
431,151

 
427,183

 
1,889,213

 
2,504,613

Operating (loss) income
 
(37,603
)
 
(8,947
)
 
422,604

 
380,709

Loss on extinguishments of debt
 
(11,803
)
 
—

 
(48,889
)
 
—

Interest expense
 
(41,426
)
 
(40,438
)
 
(164,095
)
 
(162,842
)
(Loss) income before income taxes
 
(90,832
)
 
(49,385
)
 
209,620

 
217,867

Income tax benefit (expense)
 
3,680

 
(420
)
 
1,573

 
(2,898
)
Net (loss) income including noncontrolling interest
 
(87,152
)
 
(49,805
)
 
211,193

 
214,969

Add net loss (deduct net income) attributable to noncontrolling interest
 
324

 
110

 
(4,209
)
 
(3,758
)
Net (loss) income attributable to AmeriGas Partners, L.P.
 
$
(86,828
)
 
$
(49,695
)
 
$
206,984

 
$
211,211

General partner’s interest in net (loss) income attributable to AmeriGas Partners, L.P.
 
$
9,564

 
$
8,148

 
$
40,227

 
$
32,469

Limited partners’ interest in net (loss) income attributable to AmeriGas Partners, L.P.
 
$
(96,392
)
 
$
(57,843
)
 
$
166,757

 
$
178,742

Income (loss) per limited partner unit (a)
 
 
 
 
 
 
 
 
Basic
 
$
(1.04
)
 
$
(0.62
)
 
$
1.77

 
$
1.91

Diluted
 
$
(1.04
)
 
$
(0.62
)
 
$
1.77

 
$
1.91

Average limited partner units outstanding:
 
 
 
 
 
 
Basic
 
92,962

 
92,918

 
92,949

 
92,910

Diluted
 
92,962

 
92,918

 
93,023

 
92,977

SUPPLEMENTAL INFORMATION:
 
 
 
 
 
 
 
 
Retail gallons sold (millions)
 
181.8

 
193.9

 
1,065.5

 
1,184.3

Wholesale gallons sold (millions)
 
9.7

 
12.3

 
49.7

 
54.4

Total margin (b)
 
$
245,377

 
$
258,127

 
$
1,513,118

 
$
1,497,517

Adjusted total margin (c)
 
$
240,969

 
$
257,290

 
$
1,447,039

 
$
1,545,358

EBITDA (c)
 
$
(2,137
)
 
$
40,524

 
$
559,486

 
$
571,831

Adjusted EBITDA (c)
 
$
5,302

 
$
39,696

 
$
542,963

 
$
619,189

Adjusted net (loss) income attributable to AmeriGas Partners, L.P. (c)
 
$
(79,389
)
 
$
(50,523
)
 
$
190,461

 
$
258,569

Expenditures for property, plant and equipment:
 
 
 
 
 
 
Maintenance capital expenditures
 
$
15,829

 
$
14,238

 
$
52,104

 
$
57,815

Growth capital expenditures
 
$
11,392

 
$
9,913

 
$
49,589

 
$
44,194


(a)
Income (loss) per limited partner unit is computed in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships. Refer to Note 2 to the consolidated financial statements included in the AmeriGas Partners, L.P. Annual Report on Form 10-K for the fiscal year ended September 30, 2015.
(b)
Total margin represents "total revenues" less "cost of sales - propane" and "cost of sales - other".
(c)
The Partnership’s management uses certain non-GAAP financial measures, including adjusted total margin, EBITDA, adjusted EBITDA
    





AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS
(Thousands, except per unit and where otherwise indicated)
(Unaudited)


and adjusted net income (loss) attributable to AmeriGas Partners, L.P., when evaluating the Partnership’s overall performance. These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Management believes earnings before interest, income taxes, depreciation and amortization (“EBITDA”), as adjusted for the effects of gains and losses on commodity derivative instruments not associated with current-period transactions and other gains and losses that competitors do not necessarily have ("Adjusted EBITDA"), is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with that of other companies within the propane industry and (2) assess the Partnership’s ability to meet loan covenants. The Partnership’s definition of Adjusted EBITDA may be different from those used by other companies. Management uses Adjusted EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes, the effects of gains and losses on commodity derivative instruments not associated with current-period transactions or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization, gains and losses on commodity derivative instruments not associated with current-period transactions and other gains and losses that competitors do not necessarily have from Adjusted EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. Management also uses Adjusted EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA, as adjusted to exclude gains and losses on commodity derivative instruments not associated with current-period transactions, to assess the profitability of the Partnership which is one of UGI Corporation’s industry segments. UGI Corporation discloses the Partnership’s EBITDA, as so adjusted, in its disclosure about industry segments as the profitability measure for its domestic propane segment.

Management believes the presentation of other non-GAAP financial measures, comprised of adjusted total margin and adjusted net income (loss) attributable to AmeriGas Partners, L.P., provide useful information to investors to more effectively evaluate the period-over-period results of operations of the Partnership. Management uses these non-GAAP financial measures because they eliminate the impact of (1) gains and losses on commodity derivative instruments that are not associated with current-period transactions and (2) other gains and losses that competitors do not necessarily have to provide insight into the comparison of period-over-period profitability to that of other master limited partnerships.
     
The following tables include reconciliations of adjusted total margin, EBITDA, adjusted EBITDA and adjusted net income attributable to AmeriGas Partners, L.P. to the most directly comparable financial measure calculated and presented in accordance with GAAP for all the periods presented:





























(continued)





(continued)
 
 
Three Months Ended
September 30,
 
Twelve Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
Adjusted total margin:
 
 
 
 
 
 
 
 
Total revenues
 
$
393,548

 
$
418,236

 
$
2,311,817

 
$
2,885,322

Cost of sales - propane
 
(128,487
)
 
(138,078
)
 
(719,842
)
 
(1,301,167
)
Cost of sales - other
 
(19,684
)
 
(22,031
)
 
(78,857
)
 
(86,638
)
Total margin
 
245,377

 
258,127

 
1,513,118

 
1,497,517

(Subtract net gains) add net losses on commodity derivative instruments not associated with current-period transactions
 
(4,408
)
 
(837
)
 
(66,079
)
 
47,841

Adjusted total margin
 
$
240,969

 
$
257,290

 
$
1,447,039

 
$
1,545,358

 
 
 
 
 
 
 
 
 
Adjusted net (loss) income attributable to AmeriGas Partners, L.P.:
 
 
 
 
 
 
 
 
Net (loss) income attributable to AmeriGas Partners, L.P.
 
$
(86,828
)
 
$
(49,695
)
 
$
206,984

 
$
211,211

(Subtract net gains) add net losses on commodity derivative instruments not associated with current-period transactions
 
(4,408
)
 
(837
)
 
(66,079
)
 
47,841

Noncontrolling interest in net gains (losses) on commodity derivative instruments not associated with current-period transactions
 
44

 
9

 
667

 
(483
)
Loss on extinguishments of debt
 
11,803

 
—

 
48,889

 
—

Adjusted net (loss) income attributable to AmeriGas Partners, L.P.
 
$
(79,389
)
 
$
(50,523
)
 
$
190,461

 
$
258,569


 
 
Three Months Ended
September 30,
 
Twelve Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
EBITDA and Adjusted EBITDA:
 
 
 
 
 
 
 
 
Net (loss) income attributable to AmeriGas Partners, L.P.
 
$
(86,828
)
 
$
(49,695
)
 
$
206,984

 
$
211,211

Income tax (benefit) expense
 
(3,680
)
 
420

 
(1,573
)
 
2,898

Interest expense
 
41,426

 
40,438

 
164,095

 
162,842

Depreciation
 
35,998

 
38,750

 
146,805

 
152,204

Amortization
 
10,947

 
10,611

 
43,175

 
42,676

EBITDA
 
(2,137
)
 
40,524

 
559,486

 
571,831

(Subtract net gains) add net losses on commodity derivative instruments not associated with current-period transactions
 
(4,408
)
 
(837
)
 
(66,079
)
 
47,841

Noncontrolling interest in net gains (losses) on commodity derivative instruments not associated with current-period transactions
 
44

 
9

 
667

 
(483
)
Loss on extinguishments of debt
 
11,803

 
—

 
48,889

 
—

Adjusted EBITDA
 
$
5,302

 
$
39,696

 
$
542,963

 
$
619,189

















(continued)




(continued)

The following table includes a quantification of interest expense, income tax expense, depreciation and amortization included in the calculation of forecasted Adjusted EBITDA guidance range for the fiscal year ending September 30, 2017: 
 
Forecast Fiscal Year Ending
September 30, 2017
 
(Low End)
 
(High End)
Adjusted EBITDA (estimate)
$
660,000

 
$
700,000

Interest expense (estimate)
160,000

 
159,000

Income tax expense (estimate)
3,000

 
3,000

Depreciation (estimate)
141,000

 
141,000

Amortization (estimate)
43,000

 
43,000




1 Fiscal Year 2016 Results FY17 Outlook Jerry Sheridan President & CEO, AmeriGas

 
2 This presentation contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read AmeriGas’s Annual Report on Form 10-K and quarterly reports on Form 10-Q for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the impact of pending and future legal proceedings, political, regulatory and economic conditions in the United States and in foreign countries, the timing and success of our acquisitions, commercial initiatives and investments to grow our business, and our ability to successfully integrate acquired businesses and achieve anticipated synergies. AmeriGas undertakes no obligation to release revisions to its forward- looking statements to reflect events or circumstances occurring after today. In addition, this presentation uses certain non-GAAP financial measures. Please see the appendix for reconciliations of these measures to the most comparable GAAP financial measure. About This Presentation

 
3 Fiscal Year Recap Jerry Sheridan President & CEO, AmeriGas

 
4 FY16 Adjusted EBITDA1  Retail volumes sold for FY16 decreased 10% to 1.07 billion gallons from 1.18 billion gallons in the prior year  2nd warmest year in 121 years $619 $543 $0 $100 $200 $300 $400 $500 $600 $700 FY15 FY16 1 Adjusted EBITDA is a non-GAAP measure. See appendix for reconciliation.

 
5 Growth Initiatives National Accounts  Added 39 accounts and renewed 40 agreements AmeriGas Cylinder Exchange  Added new business that represents sales of ~ 1 million cylinders M&A  Closed six tuck-in acquisitions adding ~10 million gallons annually

 
6 Continuing to Deliver Value  12th consecutive annual distribution increase  Outstanding total unitholder returns: Annualized Total Returns 1 Year 5 Year 10 Year 19.8% 8.8% 12.2%  Looking ahead we expect adjusted EBITDA of $660 – $700 million in FY171 1 Because we are unable to predict certain potentially material items affecting net income on a GAAP basis, principally mark-to-market gains and losses on commodity derivative instruments, we cannot reconcile 2017 Adjusted EBITDA, a non-GAAP measure, to net income attribute to AmeriGas Partners, L.P., the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules. Adjustments that management can reasonably estimate are provided in the appendix.

 
7 Appendix

 
8  The enclosed supplemental information contains a reconciliation of earnings before interest expense, income taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA to Net Income.  EBITDA and Adjusted EBITDA are not measures of performance or financial condition under accounting principles generally accepted in the United States ("GAAP"). Management believes EBITDA and Adjusted EBITDA are meaningful non-GAAP financial measures used by investors to compare the Partnership's operating performance with that of other companies within the propane industry. The Partnership's definitions of EBITDA and Adjusted EBITDA may be different from those used by other companies.  EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) attributable to AmeriGas Partners, L.P. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA and Adjusted EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. Management also uses EBITDA to assess the Partnership's profitability because its parent, UGI Corporation, uses the Partnership's EBITDA to assess the profitability of the Partnership, which is one of UGI Corporation’s business segments. UGI Corporation discloses the Partnership's EBITDA in its disclosures about its business segments as the profitability measure for its domestic propane segment. AmeriGas Supplemental Footnotes

 
9 AmeriGas Adjusted EBITDA (Millions of dollars) Year Ended September 30, EBITDA and Adjusted EBITDA: 2016 2015 Net income attributable to AmeriGas Partners 207.0$ 211.2$ Income tax (benefit) expense (a) (1.6) 2.9 Interest expense 164.1 162.8 Depreciation 146.8 152.2 Amortization 43.2 42.7 EBITDA 559.5 571.8 (Subtract net gains) add net losses on commodity derivative instruments not associated with current-period transactions (66.1) 47.8 A d loss on extinguishments of debt 48.9 - Noncontrolling interest in net gains (losses) on commodity derivative instruments not associated with current-period transactions 0.7 (0.4) Adjusted EBITDA 543.0$ 619.3$ (a) Includes the impact of rounding.

 
10 AmeriGas Adjusted EBITDA Guidance (Low End) (High End) Adjusted EBITDA (estimate) 660,000$ 700,000$ Interest expense (estimate) 160,000 159,000 Income tax expense (estimate) 3,000 3,000 Depreciation (estimate) 141,000 141,000 Amortization (estimate) 43,000 43,000 Forecast Fiscal Year Ending September 30, 2017 (Thousands)

 
11 Investor Relations: Will Ruthrauff 610-456-6571 [email protected]

 

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