Page 1 of 12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
___
| X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 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
Commission file number 1-5728
ROLLINS TRUCK LEASING CORP.
(Exact name of registrant as specified in its charter)
DELAWARE 51-0074022
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Rollins Plaza, Wilmington, Delaware 19803
(Address of principal executive offices) (Zip Code)
(302) 426-2700
(Registrant's telephone number, including area code)
(Former name of registrant)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 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 _____
The number of shares of the registrant's common stock outstanding
as of June 30, 2000 was 58,013,065.
<PAGE>
FORM 10-Q Page 2 of 12
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ROLLINS TRUCK LEASING CORP.
CONSOLIDATED STATEMENT OF EARNINGS
In Thousands, Except for Per Share Amounts
Quarter Ended Nine Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues $187,900 $156,617 $533,380 $462,891
Expenses:
Operating 69,783 57,959 204,440 178,880
Depreciation 63,446 49,780 177,328 147,820
Gain on sale of property
and equipment (8,628) (4,358) (27,072) (13,006)
Selling and administrative 19,134 14,111 51,371 41,765
143,735 117,492 406,067 355,459
Operating earnings 44,165 39,125 127,313 107,432
Interest expense, net (23,256) (14,103) (58,477) (41,128)
Gain on sale of business 452 - 56,664 -
Earnings before income taxes 21,361 25,022 125,500 66,304
Income taxes 8,480 9,866 49,198 25,925
Net earnings $ 12,881 $ 15,156 $ 76,302 $ 40,379
Earnings per share
- Basic $ .22 $ .26 $ 1.32 $ .70
- Diluted $ .22 $ .26 $ 1.31 $ .69
Average common shares
outstanding
- Basic 58,092 57,403 57,831 57,998
- Diluted 58,354 57,885 58,157 58,546
Dividends paid per
common share $ .055 $ .05 $ .165 $ .15
Comprehensive income $ 12,742 $ 15,019 $ 75,154 $ 39,740
The Notes to the Consolidated Financial Statements are an integral part of
these statements.
FORM 10-Q Page 3 of 12
ROLLINS TRUCK LEASING CORP.
CONSOLIDATED BALANCE SHEET
In Thousands, except Share and Per Share Amounts
June 30, September 30,
ASSETS 2000 1999
Current assets
Cash $ 7,353 $ 34,280
Accounts receivable, net of allowance for
doubtful accounts of: June-$2,179;
September-$2,479 132,869 84,482
Inventories 11,852 8,074
Prepaid expenses 25,859 18,021
Prepaid income taxes 1,333 -
Deferred income taxes 6,696 5,189
Total current assets 185,962 150,046
Equipment on operating leases, at cost,
net of accumulated depreciation of:
June-$509,911; September-$526,406 1,430,351 1,012,307
Other property and equipment, at cost,
net of accumulated depreciation of:
June-$108,140 September-$100,067 278,203 228,445
Excess of cost over net assets of
businesses acquired 77,855 16,117
Other assets 7,103 5,972
Total assets $1,979,474 $1,412,887
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities (excluding equipment
financing obligations)
Accounts payable $ 11,222 $ 30,077
Accrued liabilities 69,620 48,372
Income taxes payable - 1,574
Total current liabilities 80,842 80,023
Equipment financing obligations 1,268,742 802,458
Other liabilities 16,948 15,849
Deferred income taxes 218,456 194,171
Commitments and contingent liabilities
See Part II Legal Proceedings
Shareholders' equity
Common stock, $1 par value,
100,000,000 shares authorized; issued
and outstanding: June-58,013,065;
September-57,214,551 58,013 57,215
Additional paid-in capital 12,636 -
Accumulated other comprehensive income (loss) (630) 518
Retained earnings 324,467 262,653
Total shareholders' equity 394,486 320,386
Total liabilities and shareholders' equity $1,979,474 $1,412,887
The Notes to the Consolidated Financial Statements are an integral part of
these statements.
FORM 10-Q Page 4 of 12
ROLLINS TRUCK LEASING CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
In Thousands
Nine Months Ended
June 30,
2000 1999
Cash flows from operating activities:
Net earnings $ 76,302 $ 40,379
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and amortization 179,584 148,075
Net gain on sale of property and equipment (27,072) (13,006)
Gain on sale of business (56,664) -
Changes in assets and liabilities, net of
effects from acquisitions and sale of
business:
Accounts receivable (36,003) 953
Accounts payable and accrued liabilities (4,105) (1,516)
Current and deferred income taxes 20,402 11,954
Other, net (7,324) 1,780
Net cash provided by operating activities 145,120 188,619
Cash flows from investing activities:
Purchase of property and equipment (568,497) (259,702)
Proceeds from sales of equipment 125,029 68,773
Proceeds from sale of business 69,281 -
Business combinations, net of cash acquired (239,928) -
Net cash used in investing activities (614,115) (190,929)
Cash flows from financing activities:
Proceeds of equipment financing obligations 711,068 175,004
Repayment of equipment financing obligations (247,930) (111,898)
Payment of dividends (9,539) (8,702)
Proceeds of stock options exercised 716 824
Common stock acquired and retired (12,231) (16,097)
Net cash provided by financing activities 442,084 39,131
Effect of exchange rate changes on cash (16) -
Net (decrease) increase in cash (26,927) 36,821
Cash beginning of period 34,280 27,015
Cash end of period $ 7,353 $ 63,836
Supplemental information:
Interest paid $ 46,853 $ 30,722
Income taxes paid $ 28,873 $ 13,971
The Notes to the Consolidated Financial Statements are an integral part of
these statements.
FORM 10-Q Page 5 of 12
Item 1. Financial Statements
A. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the quarter and nine months ended June 30, 2000 are not
necessarily indicative of the results that may be expected for the year
ended September 30, 2000. These statements should be read in conjunction
with the financial statements and notes thereto included in the Company's
Annual Report on Form 10-K for the year ended September 30, 1999.
B. Earnings Per Share
Pursuant to the provisions of Statement of Financial Accounting
Standards No. 128, "Earnings Per Share," the number of weighted average
shares used in computing basic and diluted earnings per share (EPS) are as
follows (in thousands):
Three Months Ended Nine Months Ended
June 30, June 30,
2000 1999 2000 1999
Basic EPS 58,092 57,403 57,831 57,998
Effect of assumed option
exercises 262 482 326 548
Diluted EPS 58,354 57,885 58,157 58,546
No adjustments to net earnings available to common shareholders were
required during the periods presented.
C. Acquisitions and Disposition of Business
On October 29, 1999, the Company, through its wholly owned and
principal operating subsidiary Rollins Leasing Corp., acquired the net
assets and business of Keen Leasing, Inc. ("Keen") for a total purchase
price of $45,611,000 including cash of $42,358,000 and the assumption of
liabilities of $3,253,000. Keen is a truck rental and leasing business
headquartered in Harrisburg, Pennsylvania, which currently services
approximately 1,800 vehicles from 13 locations in Pennsylvania, Maryland
and Virginia. The fair value of assets acquired and liabilities assumed is
summarized as follows (in thousands):
Current assets $ 1,348
Equipment on operating leases 28,146
Other property and equipment 5,597
Excess of cost over net assets
of business acquired 10,520
Current liabilities (180)
Equipment financing obligations (3,073)
Purchase Price $ 42,358
FORM 10-Q Page 6 of 12
On January 3, 2000, Rollins Leasing Corp. acquired all of the issued
and outstanding shares of capital stock of UPS Truck Leasing from the UPS
Logistics Group, a unit of United Parcel Service, Inc. UPS Truck Leasing
provides full-service lease and rental services on more than 10,000
vehicles to 4,000 customers throughout the United States. The Company
intends to continue the business of UPS Truck Leasing.
The purchase price of $217,648,000 consisted of a cash payment of
$197,648,000 and the issuance of 2,000,000 shares of the Company's $1.00
par value common stock with a fair value of $20,000,000.
Financing for the cash portion of the transaction was provided from
borrowings under the Company's revolving credit facilities and the proceeds
from the sale of the assets and business of Rollins Logistics Inc., as more
fully described below.
The purchase price has been allocated to the assets acquired and
liabilities assumed based on preliminary estimates of fair values at
January 3, 2000. The excess of cost over net assets acquired is being
amortized over 20 years on a straight-line basis. The Company does not
believe that the final purchase price allocation will differ significantly
from the purchase price allocation recorded at January 3, 2000. The fair
value of assets acquired and liabilities assumed is summarized as follows
(in thousands):
Current assets $ 32,206
Equipment on operating leases 123,978
Other property and equipment 17,429
Excess of cost over net assets
of businesses acquired 53,357
Current liabilities (9,322)
Purchase price $ 217,648
These acquisitions have been accounted for using the purchase method
of accounting for business combinations and, accordingly, their operating
results have been included in the Company's consolidated financial
statements since their respective dates of acquisition.
The following summarized unaudited pro-forma consolidated statement of
earnings information gives effect to the UPS Truck Leasing transaction as
though it had occurred at the beginning of fiscal 2000 and 1999, after
giving effect to certain adjustments, principally interest expense and the
amortization of goodwill. The pro-forma financial information, which is
for informational purposes only, is based upon certain assumptions and
estimates and does not necessarily reflect the results that would have
occurred had the transaction actually taken place at the beginning of the
respective periods presented, nor are they necessarily indicative of future
consolidated results. The effects of the other acquisition on the
consolidated financial statements are not significant and have been
excluded from the pro-forma presentation.
FORM 10-Q Page 7 of 12
Nine Months Ended March 31,
2000 1999
Revenues $569,916,000 $556,430,000
Net earnings $ 39,281,000(1) $ 43,070,000
Earnings per diluted share $ .68 $ .74
(1) Excludes the net gain of $34,477,000 from the sale of the assets and
business of Rollins Logistics Inc., as described below.
On January 3, 2000, the Company's dedicated carriage and logistics
subsidiary, Rollins Logistics Inc., sold its assets and business to
Worldwide Dedicated Services, Inc., a UPS Logistics Group company, for a
cash payment of $69,281,000. The Company recorded a before-tax gain on the
sale of $56,664,000 ($34,477,000 or $.60 per basic share and $.59 per
diluted share, after-tax).
D. Non-cash Investing and Financing Activities
Detail of the Company's UPS Truck Leasing acquisition is as follows
(in thousands):
Fair value of assets acquired $173,613
Excess of cost over net assets
of business acquired 53,357
Liabilities assumed (9,322)
Common stock issued (20,000)
Cash paid for acquisition $197,648
Less: Cash acquired (7)
Net cash paid for acquisition $197,641
E. Equipment Financing
The Company equipment purchases and acquisitions are permanently
financed through the Company's Collateral Trust Debenture program. During
the nine months ended June 30, 2000, the following issuances and redemption
occurred:
Interest Due Amount
Date Series Rate Date (000's)
12/15/99 U 7.770% 12/15/04 $ 85,000 Issued
2/15/00 V 8.000% 2/15/03 75,000 Issued
2/15/00 W 8.375% 2/15/07 75,000 Issued
5/03/00 X 8.250% 5/01/02 150,000 Issued
5/15/00 I 10.350% 5/15/00 (50,000) Redeemed
Net increase in Collateral Trust
Debentures outstanding during
fiscal 2000 $335,000
The net proceeds from these offerings were used by the Company to
purchase transportation equipment and repay existing revolving credit
facility indebtedness incurred to acquire transportation equipment.
Temporary equipment financing is placed through the revolving credit
facility in the name of the Company's principal subsidiary, Rollins Leasing
Corp. At June 30, 2000, the balance outstanding under the revolving credit
facility was $90,000,000. There was no balance outstanding at September
30, 1999.
FORM 10-Q Page 8 of 12
F. Related Party Transaction
The Company is the sponsor of the Rollins Truck Leasing Corp. Employee
Benefits Plan ("the Plan"). During May 2000, the Plan received
notification from the U.S. Department of Labor asserting violations of
several provisions of the Employee Retirement Income Security Act of 1974.
As a result of this notification, during June 2000, the Company funded the
Trust under the Plan $3,062,000. The funds placed into the Trust by the
Company are available for the provision of future benefits under the Plan.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
As a result of the acquisitions and disposition of businesses, as more
fully described in Note C. to the consolidated financial statements,
detailed comparisons to prior periods are not meaningful.
Impact of Business Acquisitions and Business Disposition on Results of
Operations
As a result of the acquisitions and disposition of businesses, as more
fully described in Note C. to the consolidated financial statements,
detailed comparisons to prior periods are not meaningful.
Results of Operations: Nine Months Ended June 30, 2000 vs. Nine Months
Ended June 30, 1999
Revenues for the nine months ended June 30, 2000 increased by
$70,489,000 (15.2%) to $533,380,000 compared with $462,891,000 for the same
period last year. The increase in revenue reflects the net positive impact
that resulted from the business acquisitions and business disposition made
during the current fiscal year and strong internal growth. Full-service
lease, guaranteed maintenance and commercial rental revenues all improved
over the same period last year.
Operating expenses increased by $25,560,000 (14.3%) to $204,440,000
from $178,880,000 last year. Operating expenses as a percent of revenues
were 38.3% and 38.6% in 2000 and 1999, respectively.
Depreciation expense increased by $29,508,000 (20.0%) due in large part
to the acquisition of UPS Truck Leasing, which accounted for $10,117,000 of
the increase. Additionally, the increased investment in equipment on
operating leases, as well as in the commercial rental fleet and related
transportation service facilities contributed to the increase. As a
percent of revenues, depreciation expense increased to 33.2% in 2000 from
31.9% in 1999.
Gain on the sale of property and equipment increased by $14,066,000
principally due to the significantly larger number of units sold during the
second and third quarters of fiscal 2000 primarily as a result of the
Company's decision to adjust the size of its commercial rental fleet.
Selling and administrative expenses increased by $9,606,000 (23.0%) to
$51,371,000 during the current fiscal year from $41,765,000 last year and
reflected both the increase in revenue and the acquisition of UPS Truck
Leasing. As a percent of revenues, selling and administrative expenses
increased to 9.6% in 2000 from 9.0% in 1999.
FORM 10-Q Page 9 of 12
Interest expense increased by $17,349,000 (42.2%) due to the increased
level of borrowings and slightly higher interest rates when compared with
the same period last year.
The effective income tax rate for the first nine months of 2000 and
1999 was 39.2% and 39.1%, respectively.
Net earnings, exclusive of the net gain realized from the sale of the
assets and business of Rollins Logistics Inc., increased by $1,446,000
(3.6%) to $41,825,000 or $.72 per diluted share from $40,379,000 or $.69
per diluted share in fiscal 1999. The increase resulted from the higher
revenues that were reduced in large part by the incremental costs
associated with such revenues and additional expenses incurred to integrate
the Company's recent acquisitions.
Results of Operations: Quarter Ended June 30, 2000 vs. Quarter Ended June
30, 1999
Revenues for the quarter ended June 30, 2000 increased by $31,283,000
(20.0%) to $187,900,000 compared with $156,617,000 reported for the third
fiscal quarter last year. Full-service lease, guaranteed maintenance and
commercial rental revenues all improved over the same quarter of the
preceding year.
The increase in revenues reflects the net positive impact that resulted
from the acquisition of UPS Truck Leasing and the sale of the assets and
business of Rollins Logistics Inc. on January 3, 2000, as more fully
described elsewhere in this report. Strong internal growth and other
acquisitions also contributed to the revenue growth.
Operating expenses increased by $11,824,000 (20.4%) to $69,783,000
during the third fiscal quarter from $57,959,000 last year. As a percent
of revenues, operating expenses increased to 37.1% in 2000 from 37.0% in
1999. The third quarter included one-time transition expenses and charges
incurred in connection with the integration of recent acquisitions. These
expenses included the costs of combining facilities and upgrading
maintenance standards on all acquired vehicles. Shop labor, parts, tires
and outside repairs increased in the third quarter in order to bring all
acquired vehicles up to the Company's specifications.
Depreciation expense increased by $13,666,000 (27.5%) due in part to
the acquisition of UPS Truck Leasing and in part due to increased
investment in equipment on operating leases, as well as in the expanded
commercial rental fleet and related transportation service facilities. As
a percent of revenues, depreciation expense increased to 33.8% in 2000 from
31.8% in 1999.
Gain on the sale of property and equipment increased by $4,270,000 to
$8,628,000 in 2000 compared with $4,358,000 in 1999. The increase in the
gain in 2000 compared with the prior year resulted from the sale of nearly
twice the number of vehicles primarily as a result of the Company's
decision to adjust the size of its commercial rental fleet.
FORM 10-Q Page 10 of 12
Selling and administrative expenses increased by $5,023,000 (35.6%).
The increase resulted from higher sales commissions and additional
personnel associated with the 60 branches opened or acquired during the
last year. As a percent of revenues, selling and administrative expenses
increased to 10.2% in 2000 from 9.0% in 1999.
Interest expense increased by $9,153,000 (64.9%) and reflected the
increased level of borrowings and slightly higher interest rates during the
third quarter when compared with the same period last year. The Company's
overall level of borrowings has increased to support the higher level of
business.
The effective income tax rate for the third fiscal quarter of 2000 and
1999 was 39.7% and 39.4%, respectively.
Net earnings decreased by $2,275,000 (15.0%) to $12,881,000 or $.22 per
diluted share from $15,156,000 or $.26 per diluted share in fiscal 1999.
Despite the higher revenues associated with both recent acquisitions and
normal business expansion, net earnings were impacted adversely by the
costs and expenses incurred to fully integrate the Company's recent
business acquisitions.
Liquidity and Capital Resources
Cash flows from operating activities of $145,120,000 were generated
principally from net earnings of $76,302,000, which included a net gain of
$34,477,000 from the sale of the assets and business of Rollins Logistics
Inc., and the noncash depreciation and amortization expenses totaling
$179,584,000. Available cash balances plus the net cash provided by
operating activities, the proceeds of equipment financing obligations of
$540,668,000, exclusive of borrowings incurred to finance acquisitions of
$170,400,000, and cash proceeds received from the sale of equipment of
$125,029,000 were used to purchase property and equipment for $568,497,000,
reduce equipment financing obligations by $247,930,000, repurchase and
retire common stock for $12,231,000 and pay dividends in the amount of
$9,539,000.
The Company's principal subsidiary, Rollins Leasing Corp., maintains a
$150,000,000 revolving credit facility. At June 30, 2000, $60,000,000 was
available under this facility, which requires the maintenance of specified
financial ratios and restricts payments to the Company.
At June 30, 2000, the Company could sell an additional $50,000,000 of
Collateral Trust Debentures under its current shelf registration statement.
On May 3, 2000, the Company sold $150,000,000 of its 8.250% Series X
Collateral Trust Debentures, due May 1, 2002. The proceeds were used to
redeem $50,000,000 of 10.35% Series I Collateral Trust Debentures on May
15, 2000 and to reduce indebtedness under the Company's revolving credit
facilities. Based on its access to the debt markets and relationships with
current lending institutions and others who have expressed an interest in
providing financing, the Company expects to be able to obtain financing for
its equipment and facility purchases at market rates and under satisfactory
terms and conditions. Covenants in the Company's outstanding Collateral
Trust Debentures restrict the Company's dividend payments to consolidated
net earnings subsequent to September 30, 1984 subject to certain
adjustments.
FORM 10-Q Page 11 of 12
Otherwise, there have been no material changes in the Company's
financial condition and its liquidity and capital resources since September
30, 1999. For further details, see the Company's 1999 Annual Report on
Form 10-K for the year ended September 30, 1999.
Year 2000 ("Y2K") Readiness Disclosure
As of the filing date of this Form 10-Q, the Company's business
operations have not been materially impacted by Y2K matters. The Company
will continue to monitor its operations for possible Y2K information
technology programming issues.
Forward-Looking Statements
The Company may make forward-looking statements relating to anticipated
financial performance, business prospects, acquisitions or divestitures,
new products, market forces, commitments and other matters. The Private
Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements. In order to comply with the terms of the safe
harbor, the Company notes that a variety of factors could cause the
Company's actual results and experience to differ materially from the
anticipated results or other expectations expressed in the Company's
forward-looking statements. Forward-looking statements typically contain
words such as "anticipates", "believes", "estimates", "expects",
"forecasts", "predicts", or "projects", or variations of these words,
suggesting that future outcomes are uncertain.
Various risks and uncertainties may affect the operations, performance,
development and results of the Company's business and could cause future
outcomes to differ materially from those set forth in forward-looking
statements, including the following factors: general economic conditions,
competitive factors and pricing pressures, shift in market demand, the
performance and needs of industries served by the Company, equipment
utilization, management's success in developing and introducing new
services and lines of business, potential increases in labor costs,
potential increases in equipment, maintenance and fuel costs, uncertainties
of litigation, the Company's ability to finance its future business
requirements through outside sources or internally generated funds, the
availability of adequate levels of insurance, success or timing of
completion of ongoing or anticipated capital or maintenance projects,
management retention and development, changes in Federal, State and local
laws and regulations, including environmental regulations, as well as the
risks, uncertainties and other factors described from time to time in the
Company's SEC filings and reports.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no material legal proceedings to which the Company or any of
its subsidiaries is a party. Certain subsidiaries of the Company are
involved in ordinary routine litigation incidental to the operation of its
business.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
FORM 10-Q Page 12 of 12
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
Exhibit 3.1 Restated Certificate of Incorporation of Rollins Truck
Leasing Corp. as last amended on May 23, 2000.
Exhibit 27 - Financial Data Schedule
(b) Reports on Form 8-K
1. On May 2, 2000, a report on Form 8-K was filed announcing the
election Henry B. Tippie as Chairman of the Board of the Company.
In addition, the report on Form 8-K announced the election of
William L. Medford, Jr. to the Company's Board of Directors.
2. On May 3, 2000, a report on Form 8-K was filed in connection with
the sale of $150,000,000 of the Company's 8.250% Collateral Trust
Debentures, Series X, due May 1, 2002, which were sold through
Chase Securities Inc., as Underwriters. The sale was made
pursuant to an Underwriting Agreement, which was filed as an
Exhibit to the Form 8-K and pursuant to Registration Statement
No. 333-95501 filed with the Securities and Exchange Commission
on January 27, 2000 and which became effective on January 31,
2000.
3. On June 15, 2000, a report on Form 8-K was filed announcing that
on June 8, 2000 KPMG LLP resigned as the Company's independent
auditor.
4. On June 27, 2000, a report on Form 8-K was filed announcing that
the firm of Ernst & Young LLP was engaged as the principal
accountant to audit the Company's consolidated financial
statements.
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.
DATE: August 11, 2000 Rollins Truck Leasing Corp.
(Registrant)
/s/ John W. Rollins, Jr.
John W. Rollins, Jr.
President and Chief Executive Officer
/s/ Patrick J. Bagley
Patrick J. Bagley
Vice President-Finance and Treasurer
Chief Financial Officer
Chief Accounting Officer
