FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From to
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Commission File Number 0-20979
INDUSTRIAL SERVICES OF AMERICA, INC.
------------------------------------
(Exact Name of Registrant as specified in its Charter)
Florida 59-0712746
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(State or other jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
7100 Grade Lane, PO Box 32428
Louisville, Kentucky 40232
(Address of principal executive offices)
(502) 368-1661
(Registrant's Telephone Number, Including Area Code)
Check whether the registrant (1) has filed all Reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past
90 days. YES X NO
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Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of October 31, 2000: 1,907,800.
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
INDEX
Page No.
Part I Financial Information
Report of Independent Accountants 3
Condensed Consolidated Balance Sheets 4
September 30, 2000 and December 31, 1999
Condensed Consolidated Statements of 6
Income Three months ended
September 30, 2000 and 1999
Condensed Consolidated Statements of 7
Income Nine months ended
September 30, 2000 and 1999
Condensed Consolidated Statements of 8
Cash Flows Nine months ended
September 30, 2000 and 1999
Notes to Condensed Consolidated 9
Financial Statements
Management's Discussion and Analysis 11
of Financial Condition and Results
of Operations
Part II Other Information
Item 6 14
2
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors and Shareholders
Industrial Services of America, Inc. and Subsidiary
Louisville, Kentucky
We have reviewed the condensed consolidated balance sheet of
Industrial Services of America, Inc. as of September 30, 2000,
and the related condensed consolidated statements of income and
cash flows for the three month and nine month periods ended
September 30, 2000 and 1999. These financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established
by the AICPA. A review of interim financial information consists
principally of applying analytical procedures to financial data
and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material
modifications that should be made to the accompanying condensed
consolidated financial statements for them to be in conformity
with generally accepted accounting principles.
Crowe, Chizek and Company LLP
Indianapolis, Indiana
October 18, 2000
3
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
------
<TABLE>
September 30, December 31,
------------- ------------
2000 1999
---- ----
(unaudited) (audited)
<S> <C> <C>
Current assets
Cash and cash equivalents $ 1,850,551 $ 2,388,811
Accounts receivable - trade (after
allowance for doubtful accounts of
$141,000 in 2000 and $190,000 in 1999) 9,449,304 8,750,674
Accounts receivable - related party 11,028 11,028
Net investment in sales type leases 168,621 96,864
Inventories 2,028,489 2,185,994
Deferred income taxes 67,600 89,300
Other 67,814 143,327
----------- -----------
Total current assets 13,643,407 13,665,998
Net property and equipment 5,471,336 5,409,046
Other assets
Non-compete agreements, net 456,475 608,248
Intangibles (net of accumulated
amortization of $173,333 and
$133,333 in 2000 and 1999, respectively) 626,668 666,668
Net investment in sales type leases 286,895 121,676
Deferred income taxes 15,300 -
Other assets 100,916 43,859
----------- -----------
1,486,254 1,440,451
----------- -----------
$20,600,997 $20,515,495
=========== ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
4
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
CONTINUED
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
September 30, December 31,
------------- ------------
2000 1999
---- ----
(unaudited) (audited)
<S> <C> <C>
Current liabilities
Note payable to bank 1,000,000 -
Current maturities of long-term debt 413,783 397,502
Accounts payable 12,600,279 13,722,878
Income taxes payable 90,547 131,867
Other current liabilities 215,104 175,273
----------- -----------
Total current liabilities 14,319,713 14,427,520
Long-term liabilities
Long-term debt 1,803,433 2,104,929
Deferred income taxes - 157,800
----------- -----------
1,803,433 2,262,729
Stockholders' equity
Common stock, $.01 par value,
10,000,000 shares authorized
1,957,500 shares issued and 1,917,000
shares outstanding at 9/30/00 19,575 19,575
Additional paid-in capital 1,896,449 1,669,963
Retained earnings 2,599,568 2,143,708
Treasury stock, at cost; (37,741) (8,000)
----------- -----------
40,500 shares in 2000 and
27,900 shares in 1999
Total stockholders' equity 4,477,851 3,825,246
----------- -----------
$20,600,997 $20,515,495
=========== ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
5
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
2000 1999
---- ----
(unaudited) (unaudited)
<S> <C> <C>
REVENUE
Recycling $ 5,701,671 $ 5,161,836
Equipment sales, service and leasing 555,509 572,023
Management services 17,553,471 13,962,589
----------- -----------
Total revenue 23,810,651 19,696,448
COST OF GOODS SOLD
Recycling 5,047,009 4,537,255
Equipment sales, service and leasing 403,122 393,427
Management services 16,366,631 13,317,621
----------- -----------
Total cost of good sold 21,816,762 18,248,303
----------- -----------
GROSS MARGIN 1,993,889 1,448,145
Selling, general and administrative expenses 1,653,059 1,308,656
----------- -----------
INCOME FROM OPERATIONS 340,830 139,489
Other income (expense) (14,888) 73,772
----------- -----------
INCOME BEFORE INCOME TAXES 325,942 213,261
Provision for income taxes 170,136 88,964
----------- -----------
NET INCOME $ 155,806 $ 124,297
=========== ===========
Earnings per share $0.08 $0.06
===== =====
Earnings per share, assuming dilution $0.08 $0.06
===== =====
</TABLE>
See accompanying notes to condensed consolidated financial statements.
6
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
2000 1999
---- ----
(unaudited) (unaudited)
<S> <C> <C>
REVENUE
Recycling $ 8,569,969 $14,167,388
Equipment sales, service and leasing 1,784,173 1,792,145
Management services 47,243,496 40,252,754
----------- -----------
Total revenue 67,597,638 56,212,287
COST OF GOODS SOLD
Recycling 16,966,609 12,276,418
Equipment sales, service and leasing 1,185,421 1,225,019
Management services 44,160,859 38,141,632
----------- -----------
Total cost of goods sold 62,312,889 51,643,069
----------- -----------
GROSS MARGIN 5,284,749 4,569,218
Selling, general and administrative expenses 4,508,803 3,932,126
----------- -----------
INCOME FROM OPERATIONS 775,946 637,092
Other income (expense) (25,526) (62,431)
----------- -----------
INCOME BEFORE INCOME TAXES 750,420 574,661
Provision for income taxes 294,560 229,864
----------- -----------
NET INCOME $ 455,860 $ 344,797
=========== ===========
Earnings per share $0.24 $0.18
===== =====
Earnings per share, assuming dilution $0.24 $0.18
===== =====
</TABLE>
See accompanying notes to condensed consolidated financial statements.
7
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
2000 1999
---- ----
(unaudited) (audited)
<S> <C> <C>
Operating activities
Net Income $ 455,860 $ 344,797
Adjustments to reconcile net income to
net cash from operating activities:
Stock options granted for service 85,605 60,606
Depreciation and amortization 1,082,864 1,161,947
Loss from sale of property and equipment 34,867 4,749
Provision for doubtful accounts 167,545 142,652
Deferred income taxes (151,400) 153,700
Change in assets and liabilities
Receivables (866,175) (420,995)
Inventories 157,505 289,202
Other assets 18,456 (72,362)
Accounts payable (1,163,919) 1,552,251
Other current liabilities 39,831 205,488
----------- -----------
Net cash from operating activities (138,961) 3,422,035
Investing activities
Proceeds from sale of property and equipment 6,581 213,937
Purchases of property and equipment (1,273,956) (1,439,358)
Proceeds from sales type leases 42,155 12,222
----------- -----------
Net cash from investing activities (1,225,220) (1,213,199)
Financing activities
Proceeds from note payable to bank 1,000,000 -
Payments to purchase treasury stock (29,741) -
Proceeds from capital contribution 140,880 -
Payments on note payable to bank - (1,850,000)
Payments on long-term debt (285,218) (322,752)
----------- -----------
Net cash from financing activities 825,921 (2,172,752)
----------- -----------
Net change in cash (538,260) 36,084
Cash and cash equivalents beginning of period 2,388,811 1,014,068
----------- -----------
Cash and cash equivalents at end of period $ 1,850,551 $ 1,050,152
=========== ===========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
8
<PAGE>
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial reporting and reviewed by our
independent accounting firm. They do not include all information
and footnotes required by generally accepted accounting
principles for complete consolidated financial statements. The
information furnished includes all adjustments that are, in the
opinion of management, necessary to present fairly the Company's
financial position as of September 30, 2000 and the results of
its operations and changes in cash flows for the periods ended
September 30, 2000 and 1999. Results of operations for the
period ended September 30, 2000 are not necessarily indicative of
the results that may be expected for the entire year. Additional
information, including the audited 1999 Consolidated Financial
Statements and the Summary of Significant Accounting Policies, is
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 1999 on file with the Securities and Exchange
Commission.
2. SEGMENT INFORMATION
The Company's operations include three primary segments: ISA
Recycling, Computerized Waste Systems (CWS), and Waste Equipment
Sales & Service (WESSCO). ISA recycling provides products and
services to meet the needs of its customers related to ferrous,
non-ferrous and fiber recycling at two locations in the Midwest.
CWS provides waste disposal services including contract
negotiations with vendors, centralized billing, invoice auditing,
and centralized dispatching. WESSCO sells, leases, and services
waste handling and recycling equipment.
The Company's three reportable segments are determined by the
products and services that each offers. The recycling segment
generates its revenues based on buying and selling of ferrous and
non-ferrous scrap, CWS's revenues consist of management fees
charged to customers at a percentage of the total service
provided, and WESSCO sales, service, and lease income comprise
the primary source of revenue for this segment.
The Company evaluates segment performance based on profit or loss
before income taxes and the evaluation process for each segment
includes only direct expenses omitting any selling, general and
administrative costs.
9
<PAGE>
<TABLE>
WASTE
COMPUTERIZED EQUIPMENT
FOR THE NINE MONTHS ENDING ISA WASTE SALES & SEGMENT
SEPTEMBER 30, 2000 RECYCLING SYSTEMS SERVICES TOTALS
------------------ --------- ------- -------- ------
<S> <C> <C> <C> <C>
Recycling revenues $ 18,569,969 $ 18,569,969
Equipment sales, service
and leasing revenues $1,784,173 1,784,173
Management fees $ 47,243,496 47,243,496
Cost of goods sold (16,966,609) (44,160,859) (1,185,421) (62,312,889)
------------ ------------ ---------- ------------
SEGMENT PROFIT $ 1,603,360 $ 3,082,637 $ 598,752 $ 5,284,749
============ ============ ========== ============
</TABLE>
<TABLE>
WASTE
COMPUTERIZED EQUIPMENT
FOR THE NINE MONTHS ENDING ISA WASTE SALES & SEGMENT
SEPTEMBER 30, 1999 RECYCLING SYSTEMS SERVICES TOTALS
------------------ --------- ------- -------- ------
<S> <C> <C> <C> <C>
Recycling revenues $ 14,167,388 $ 14,167,388
Equipment sales, service
and leasing revenues $1,792,145 1,792,145
Management fees $ 40,252,754 40,252,754
Cost of goods sold (12,276,418) (38,141,632) (1,225,019) (51,643,069)
------------ ------------ ---------- ------------
SEGMENT PROFIT $ 1,890,970 $ 2,111,122 $ 567,126 $ 4,569,218
============ ============ ========== ============
</TABLE>
3. INVENTORIES
Inventories consist of the following:
September 30, December 31,
2000 1999
---- ----
Equipment and parts $ 98,214 $ 86,647
Ferrous materials 1,294,663 1,200,868
Non-ferrous materials 635,612 898,479
---------- ----------
Total inventories $2,028,489 $2,185,994
========== ==========
10
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
THIS REPORT ON FORM-10-Q CONTAINS STATEMENTS WHICH COULD BE
CONSIDERED FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND ARE SUBJECT
TO RISKS AND UNCERTAINTIES THAT INCLUDE VARYING DEMAND FOR WASTE
MANAGEMENT SYSTEMS AND EQUIPMENT, COMPETITIVE PRESSURES IN THE
WASTE MANAGEMENT BUSINESS, AND FLUCTUATIONS IN THE PRICE OF
RECYCLED MATERIALS. FURTHER INFORMATION ON FACTORS THAT COULD
AFFECT THE REGISTRANT'S RESULTS IS DETAILED IN THE REGISTRANT'S
FORM 10-K FILING FOR THE YEAR ENDED DECEMBER 31, 1999, WITH THE
SECURITIES AND EXCHANGE COMMISSION. THE REGISTRANT UNDERTAKES NO
OBLIGATION TO PUBLICLY RELEASE THE RESULTS OF ANY REVISIONS TO
THESE FORWARD-LOOKING STATEMENTS.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2000 the Registrant held cash and cash
equivalents of $1,850,551.
The Registrant derives its revenues from several sources,
including management services, equipment sales and leasing and
from its recycling operations. Management services comprised
approximately 69.9% and 71.6% of the Registrant's total revenues
for the nine months ended September 30, 2000 and 1999,
respectively.
The Registrant currently maintains a working capital line of
credit with a bank in the amount of $2,000,000. Outstanding
principal under this credit facility bears interest at the Bank's
prime rate. The line matured in September 2000 and has been
renewed. At September 30, 2000, $1,000,000 was drawn against the
line of credit.
RESULTS OF OPERATIONS
The following table presents, for the periods indicated, the
percentage relationship which certain captioned items in the
Registrant's Statements of Operations bear to total revenues and
other pertinent data:
Nine Months ended September 30,
-------------------------------
2000 1999
---- ----
Statements of Income Data:
Revenues ............................ 100.0% 100.0%
Cost of goods sold .................. 92.2% 91.9%
Selling, general and administrative
expenses .......................... 6.7% 7.0%
Income from operations .............. 1.1% 1.1%
NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS
ENDED SEPTEMBER 30, 1999
Total revenue increased 20.3% from $56,212,287 in 1999 to
$67,597,638 in 2000. CWS sales increased 17.4% from $40,252,754
in 1999 to $47,243,496 in 2000 primarily due to a combination of
new customer sales and growth in sales to existing customers.
Revenue in the
11
<PAGE>
recycling segment increased 31.1% from $14,167,388 in 1999 to
$18,569,969 in 2000 primarily due to increases in both volume and
unit selling prices. This increase is attributed to an increase
in the tonnage of ferrous commodities shipped of 1.2% and non-
ferrous pounds shipped of 25.6%. Revenue in the equipment sales,
services, and leasing segment had a minimal decrease of $7,972
from three quarters this year compared to the same three quarters
last year.
Cost of goods sold was $62,312,889 in 2000, compared to
$51,643,069 in 1999, a 20% increase. The cost of goods sold in
management services increased 15.8% which reflects the revenue
increase of 17.4%. Cost of goods sold in the equipment sales,
service and leasing segment decreased 3.2% as the mix of rentals
versus equipment sales increased over last year and revenue was
somewhat lower. Cost of goods sold in the recycling segment
increased 38.2% from $12,276,418 to $16,966,609 due to increased
shipments and higher purchasing costs.
The gross margin was $5,284,749 representing an increase of
$715,531 or a 15.7% increase from 1999. The gross margin was
7.8% of revenue, which was 0.3% lower as a percentage of revenue
than 1999. The gross margin in management services was 6.5% in
the first nine months of 2000 versus 5.2% in 1999. Gross margin
in the recycling segment was 8.6% in the nine months of 2000
versus 13.4% in the first nine months of 1999. Purchase prices
of ferrous commodities rose at a faster rate than the selling
prices due to fixed contracts.
Selling, general and administrative expenses increased 14.7%
from $3,932,126 in 1999 to $4,508,803 in 2000, and as a
percentage to sales, decreased from 7.0% to 6.7%. During the
current nine month period, ended September 30, 2000, $331,350 in
one-time and non-recurring charges were incurred for separation
agreements, restructuring charges and professional/legal fees.
Without this one-time charge, selling, general and administrative
expenses would have been $4,177,453 or a 6.2% increase from the
prior year nine month period. The Registrant also incurred
$84,000 in expenses in the nine month period this year versus
last year to staff an information technology department. The
information technology initiative is to enhance existing computer
systems in order to manage increased revenues and to generate
additional revenues through consulting and software development
sales.
Net income for the first nine months is $455,860, or a 32.2%
increase compared to $344,797 for the first nine months of last
year.
QUARTER ENDED SEPTEMBER 30, 2000 COMPARED TO QUARTER ENDED
SEPTEMBER 30, 1999
Total revenue increased 20.9% from $19,696,448 to
$23,810,651. CWS sales increased from $13,962,589 to
$17,553,471 or a 25.7% increase primarily due to a combination of
new customer sales and growth in sales to existing customers.
Revenue in the recycling segment increased 10.5% from $5,161,836
to $5,701,671 due to increased non-ferrous shipments. Non-
ferrous shipments in pounds increased by 36.3% while ferrous
shipments in tons decreased by 10.0%. The Registrant was able to
reduce non-ferrous inventory levels by 45% from one year ago.
Revenue in the sales, service, and leasing segment decreased
$16,514 or 2.9% from the third quarter this year compared to the
third quarter last year. The Registrant has realigned the
staffing in this segment to focus on increased revenues in the
future.
12
<PAGE>
The cost of goods sold was $21,816,762 increasing $3,568,459
or 19.6% compared to 1999. The cost of goods sold in management
services increased 22.9% which reflects the revenue increase of
25.7%. Cost of goods sold in the recycling segment increased
11.2% from $4,537,255 in 1999 to $5,047,009 in 2000 which is
proportional to the revenue increase of 10.5%. Cost of goods
sold in the equipment sales, service and leasing segment
increased 2.5% or $9,695.
The gross margin was $1,993,889 representing an increase of
$545,744 or a 37.7% increase from 1999. The gross margin was
8.4% of revenue, which was 1.0% higher than 1999. The gross
margin in management services was 6.7% in the third quarter of
2000 versus 4.6% in 1999. Gross margin in the recycling segment
was 11.5% in the third quarter of 2000 versus 12.1% in the third
quarter of 1999. Gross margins fluctuate depending upon the
revenue mix. Non-ferrous sales which carry a lower gross margin
outpaced the sales of ferrous items compared to last year causing
a slight decline in the percentage to revenue.
Selling, general and administrative expenses increased 26.3%
from $1,308,656 in 1999 to $1,653,059 in 2000, and as a
percentage to sales, increased from 6.6% to 6.9%. Management is
continually examining areas of expense control especially due to
the thin gross margins that exist in operations. Personnel costs
approach 45% of total selling, general and administrative costs.
Due to increased revenue predominantly in the CWS segment, it has
been necessary to increase headcount to maintain customer
service. A controller was hired to ensure financial stability in
CWS, an additional salesperson was hired in the equipment
sales/leasing segment and a vice-president of marketing was hired
to target and obtain new business. The Registrant has also
staffed a new information technology department to enhance
existing software systems, strengthen the web site and pursue
external revenue generating opportunities.
FINANCIAL CONDITION AT SEPTEMBER 30, 2000 COMPARED TO DECEMBER
31, 1999
Accounts receivable-trade after allowances for bad debt
increased 8.0% or $698,630 during the first three quarters of
2000 due to the increase in revenues during the past nine months.
The Registrant continues to focus on collections of past due
receivables and current outstanding accounts.
Accounts payable-trade decreased $1,122,599 or 8.2% as a
result of the Registrant's efforts to turn vendor invoices at a
faster rate.
From December 31, 1999 to September 30, 2000, the
Registrant's working capital increased by $85,216 to a deficit of
$676,306 from the deficit of $761,522. Net assets decreased
$22,591 while current liabilities decreased $107,807. Although
there was a significant reduction in accounts payable, it was
offset by the borrowing of $1,000,000 against the line of credit.
The Registrant's management will be focused on working capital
during the remainder of the fiscal year. Surplus inventories will
be shipped and the Registrant intends to examine its purchases
carefully to reduce inventory by year-end. The Registrant
continues to improve upon its expense controls to provide the
highest possible levels of operational efficiencies and customer
service.
13
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
---------------------------
None
Item 2. Changes in Securities and Use of Proceeds
---------------------------------------------------
None
Item 3. Defaults upon Senior Securities
-----------------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
-------------------------------------------------------------
None
Item 5. Other Information
---------------------------
None
Item 6. Exhibits and Reports on Form 8-K
------------------------------------------
(a) Exhibits
None
(b) Reports on Form 8-K
The Registrant filed a report on Form 8-K on
October 11, 2000 reporting that Joseph H. Cohen
had resigned his position as director on the Board
of Directors and as Corporate Secretary to create
an independent position on the board. David W.
Lester was unanimously elected to the vacant board
position and John O. Tietjen was elected to become
the Corporate Secretary. The Registrant reported
this information under Item 5. Other Events under
the Form 8-K.
14
<PAGE>
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 thereunto duly authorized.
INDUSTRIAL SERVICES OF AMERICA, INC.
DATE: November 9, 2000 /s/ Harry Kletter
------------------------------------
Chairman and Chief Executive Officer
/s/ John O. Tietjen
------------------------------------
Senior Vice President and Chief
Financial Officer
15
