URS Corporation Reports Fiscal Year 2009 Results

URS’ Net Income Increased 22%, EPS Up 27% From Fiscal 2008 Results

Company Provides Outlook for Fiscal 2010

SAN FRANCISCO--()--URS Corporation (NYSE: URS) today reported its financial results for the fiscal year ended January 1, 2010. Revenues were $9.25 billion compared to $10.09 billion in fiscal 2008. URS’ net income for fiscal 2009 was $269.1 million, a 22.4% increase from net income of $219.8 million in fiscal 2008, and diluted earnings per share (“EPS”) was $3.29 for fiscal 2009, a 27.0% increase from diluted EPS of $2.59 in 2008. For the purpose of calculating diluted EPS, weighted-average shares outstanding were 81.8 million for the full year of fiscal 2009.

The results for the year ended January 1, 2010 include a net after-tax gain of $30.6 million, or $0.37 per share, from the sale of URS’ equity interest in MIBRAG mbH (“MIBRAG”), a German mining and power business, and an after-tax, non-cash charge of $19.6 million, or $0.24 per share, for the write-down of an intangible asset related to the discontinuation of the “Washington” trade name and the transition to a single URS name, which the Company announced on December 22, 2009. Excluding these items, the Company’s diluted EPS for the year would have been $3.16, a 22.0% increase from fiscal 2008. A table reconciling diluted EPS for the fourth quarter and fiscal year 2009, excluding these items, to GAAP EPS is attached to this release.

The Company’s backlog as of January 1, 2010 was $17.3 billion, up slightly when compared to January 2, 2009. The Company’s book of business at the end of the year was $29.4 billion, up slightly from $29.1 billion at the end of 2008.

Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated, “URS performed well in 2009, delivering its fifth consecutive year of EPS growth. The strength of our diversified business mix enabled us to deliver solid results despite difficult economic conditions. The growth in our federal sector work, combined with the stability of our infrastructure business, which generated revenues near to the record levels achieved in 2008, offset the current weakness in our power and industrial and commercial sectors due to the economic downturn.”

Mr. Koffel continued: “We are well positioned to deliver growth in 2010, driven by the continued strength of our federal business and a recovery in the infrastructure sector. Our positive outlook is supported by a solid book of business. Longer-term, we believe URS will benefit from increased capital spending by its private sector clients in the power and industrial and commercial sectors when the economy recovers and utilities invest in new power facilities, including the next generation of nuclear plants.”

Fourth Quarter 2009 Results

For the fourth quarter of fiscal 2009, the Company reported revenues of $2.11 billion, compared to revenues of $2.71 billion in the fourth quarter of 2008. URS’ net income for the fourth quarter of fiscal 2009 was $33.8 million, or $0.41 on a diluted, per share basis, compared with net income of $45.2 million, and diluted EPS of $0.54, in the fourth quarter of fiscal 2008. Excluding the non-cash charge for the write-down of an intangible asset related to the discontinuation of the “Washington” trade name, the Company’s diluted EPS for the fourth quarter of 2009 would have been $0.65. A table reconciling diluted EPS for the fourth quarter, excluding the charge for the write-down of this intangible asset, to GAAP EPS is attached to this release.

Weighted-average shares outstanding for purposes of calculating diluted EPS for the fourth quarter of both fiscal years 2009 and 2008 were approximately 81.7 million.

Business Segment Results

As previously announced, URS changed the names of its three financial reporting segments in the fourth quarter of fiscal 2009. The new segment names are: Infrastructure and Environment (formerly the URS Division); Federal Services (formerly the EG&G Division); and Energy and Construction (formerly the Washington Division). The business operations within each segment have not changed. The Infrastructure and Environment segment includes program management, planning, design and engineering, construction management, and operating and maintenance services in the federal, infrastructure, and industrial and commercial markets. The Federal Services segment primarily includes program management, planning, systems engineering and technical assistance, construction and construction management, operations and maintenance, and decommissioning and closure services to the U.S. Departments of Defense, State, Homeland Security and Treasury, NASA, and other federal agencies. The Energy and Construction segment includes program management, planning, design, engineering, construction and construction management, operations and maintenance, and decommissioning and closure services to clients in the power, infrastructure, industrial and commercial, and federal markets. Revenues and operating income by segment for the fiscal year and fourth quarter of 2009 are as follows:

Infrastructure and Environment. For fiscal 2009, the Infrastructure and Environment segment reported revenues of $3.2 billion and operating income of $255.7 million, compared to revenues of $3.4 billion and operating income of $242.7 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Infrastructure and Environment segment reported revenues of $733.7 million and operating income of $66.0 million, compared to revenues of $849.1 million and operating income of $58.6 million for the fourth quarter of 2008.

Federal Services. For fiscal 2009, the Federal Services segment reported revenues of $2.6 billion and operating income of $143.2 million, compared to revenues of $2.4 billion and operating income of $130.1 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Federal Services segment reported revenues of $620.7 million and operating income of $29.9 million, including a $3.8 million impairment charge related to the “Washington” trade name, compared to revenues of $683.5 million and operating income of $29.1 million for the corresponding period in 2008.

Energy and Construction. For fiscal 2009, the Energy and Construction segment reported revenues of $3.6 billion and operating income of $145.9 million, including a $29.0 million charge related to the impairment of the “Washington” trade name, compared to revenues of $4.3 billion and operating income of $211.0 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Energy and Construction segment reported revenues of $773.4 million and operating loss of $1.2 million, including a $29.0 million charge related to the impairment of the “Washington” trade name, compared to revenues of $1.2 billion and operating income of $45.5 million for the corresponding period in 2008.

Fiscal 2010 Outlook

URS expects its fiscal 2010 revenues to be between $9.4 billion and $9.7 billion. The Company expects that GAAP EPS will be in the range of $3.35 to $3.45 for fiscal 2010. The Company’s fully diluted weighted-average shares outstanding for 2010 are expected to be approximately 81.5 million.

Webcast Information

URS will host a dial-in conference call on Wednesday, March 3, 2010 at 11:00 a.m. (EST), to discuss its fourth quarter and year-end fiscal 2009 results. A live webcast of this call will be available on the investor relations portion of URS’ website at www.urscorp.com.

URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 45,000 employees in a network of offices in more than 30 countries (www.urscorp.com).

TABLES TO FOLLOW

Statements contained in this earnings release that are not historical facts may constitute forward-looking statements, including statements relating to future revenues, future net income and earnings per share, future backlog and book of business, future outstanding shares and other future business, economic and industry conditions. We believe that our expectations are reasonable and are based on reasonable assumptions; however, we caution you against relying on any of our forward-looking statements as such forward-looking statements by their nature involve risks and uncertainties. A variety of factors, including but not limited to the following, could cause our business and financial results, as well as the timing of events, to differ materially from those expressed or implied in our forward-looking statements: economic weakness and declines in client spending; changes in our book of business; our compliance with government contract procurement regulations; employee, agent or partner misconduct; our ability to procure government contracts; our reliance on government appropriations; unilateral termination provisions in government contracts; our ability to make accurate estimates and assumptions; our accounting policies; workforce utilization; our and our partners’ ability to bid on, win, perform and renew contracts and projects; our dependence on partners, subcontractors and suppliers; customer payment defaults; our ability to recover on claims; availability of bonding and insurance; impact of contract types on earnings; the inherent dangers at our project sites; impairment of our goodwill; environmental liabilities; liabilities for pending and future litigation; the impact of changes in laws and regulations; indemnifications; a decline in defense or federal spending; industry competition; our ability to attract and retain key individuals; retirement plan obligations; integration of acquisitions; impact of recent liquidity constraints upon us or upon our clients; our leveraged position and the ability to service our debt; restrictive covenants in our credit agreement; risks associated with international operations; business activities in high security risk countries; third-party software risks; terrorist and natural disaster risks; our relationships with labor unions; our ability to protect our intellectual property rights; anti-takeover risks and other factors discussed more fully in our Form 10-K for the period ended January 1, 2010 as well as in other reports subsequently filed from time to time with the United States Securities and Exchange Commission. The forward-looking statements represent our current intentions as of the date on which it was made and we assume no obligation to revise or update any forward-looking statements.

 

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

   
January 1, 2010 January 2, 2009
ASSETS
Current assets:
Cash and cash equivalents $ 720,621 $ 223,998
Short-term investments 30,682
Accounts receivable, including retentions of $41,771 and $51,141, respectively 924,271 1,062,177
Costs and accrued earnings in excess of billings on contracts 1,024,215 1,079,047
Less receivable allowances   (47,651 )   (39,429 )
Net accounts receivable 1,900,835 2,101,795
Deferred tax assets 98,198 161,061
Other current assets   130,484     153,627  
Total current assets 2,880,820 2,640,481
Investments in and advances to unconsolidated joint ventures 93,874 269,616
Property and equipment at cost, net 258,950 347,076
Intangible assets, net 425,860 511,508
Goodwill 3,170,031 3,158,205
Other assets   74,881     74,266  
Total assets $ 6,904,416   $ 7,001,152  
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt $ 115,261 $ 16,506
Accounts payable and subcontractors payable, including retentions of $51,475 and $85,097, respectively 586,783 712,552
Accrued salaries and employee benefits 435,456 430,938
Billings in excess of costs and accrued earnings on contracts 235,268 254,186
Other current liabilities   156,746     173,173  
Total current liabilities 1,529,514 1,587,355
Long-term debt 689,725 1,091,528
Deferred tax liabilities 324,711 270,165
Self-insurance reserves 101,338 101,930
Pension, post-retirement, and other benefit obligations 202,095 202,520
Other long-term liabilities   106,568     91,898  
Total liabilities   2,953,951     3,345,396  
Commitments and contingencies
URS stockholders’ equity:
Preferred stock, authorized 3,000 shares; no shares outstanding
Common shares, par value $.01; authorized 200,000 shares; 86,071 and 85,004 shares issued, respectively; and 84,019 and 83,952 shares outstanding, respectively 860 850
Treasury stock, 2,052 and 1,052 shares at cost, respectively (83,810 ) (42,585 )
Additional paid-in capital 2,884,941 2,838,290
Accumulated other comprehensive loss (49,239 ) (55,866 )
Retained earnings   1,153,062     883,942  
Total URS stockholders’ equity 3,905,814 3,624,631
Noncontrolling interests   44,651     31,125  
Total stockholders’ equity   3,950,465     3,655,756  
Total liabilities and stockholders’ equity $ 6,904,416   $ 7,001,152  
 
 

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 
  Three Months Ended   Year Ended
January 1,
2010
  January 2,
2009
January 1,
2010
  January 2,
2009
 
Revenues $ 2,112,317 $ 2,708,227 $ 9,249,088 $ 10,086,289
Cost of revenues (2,006,671 ) (2,600,322 ) (8,772,416 ) (9,608,779 )
Impairment of an intangible asset (32,825 ) (32,825 )
General and administrative expenses (19,191 ) (21,578 ) (75,826 ) (78,654 )
Equity in income of unconsolidated joint ventures   21,885     25,256     100,933     106,277  
Operating income 75,515 111,583 468,954 505,133
Interest expense (10,750 ) (20,617 ) (48,393 ) (90,763 )
Other income, net           47,914      
Income before income taxes 64,765 90,966 468,475 414,370
Income tax expense   (25,791 )   (36,800 )   (177,556 )   (172,813 )
Net income 38,974 54,166 290,919 241,557
Noncontrolling interests in income of consolidated subsidiaries, net of tax   (5,219 )   (8,935 )   (21,799 )   (21,766 )
Net income attributable to URS $ 33,755   $ 45,231   $ 269,120   $ 219,791  
 
Earnings per share:
Basic (1) $ .41   $ .54   $ 3.31   $ 2.61  
Diluted (1) $ .41   $ .54   $ 3.29   $ 2.59  
Weighted-average shares outstanding:
Basic   81,349     81,457     81,401     81,878  
Diluted   81,682     81,722     81,842     82,376  
 
(1)   On January 3, 2009, the beginning of our 2009 fiscal year, we adopted new accounting guidance on share-based payment awards. This guidance defines share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents prior to vesting as participating securities. These share-based payments are considered in the earnings allocation in computing earnings per share (“EPS”) under the two-class method. Because this guidance requires retrospective application, our EPS was revised to reflect the impact of our adoption of this guidance on fiscal year 2008.
 
 

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 
  Three Months Ended   Year Ended
January 1,
2010
  January 2,
2009
January 1,
2010
  January 2,
2009
 
Cash flows from operating activities:
Net income $ 38,974   $ 54,166   $ 290,919   $ 241,557  
Adjustments to reconcile net income to net cash from operating activities:
Depreciation 19,979 23,837 86,937 89,984
Amortization of intangible assets 13,204 13,266 52,823 52,640
Amortization of debt issuance costs 1,905 2,175 7,820 8,455
Loss on settlement of foreign currency forward contract 27,675
Net gain on sale of investment in unconsolidated joint venture (75,589 )
Impairment of an intangible asset 32,825 32,825
Normal profit (74 ) (1,121 ) (10,969 ) (7,219 )
Provision for doubtful accounts (634 ) 1,722 5,781 5,046
Deferred income taxes 4,893 41,359 107,646 107,601
Stock-based compensation 11,025 8,228 41,209 30,325
Excess tax benefits from stock-based compensation 451 (568 ) (1,532 ) (4,491 )
Equity in income of unconsolidated joint ventures, less dividends received 4,345 6,056 (15,378 ) (10,136 )
Changes in operating assets, liabilities and other, net of effects of acquisitions:
Accounts receivable and costs and accrued earnings in excess of billings on contracts 173,382 (5,593 ) 214,199 (100,366 )
Other current assets 31,698 327 30,700 (12,012 )
Changes in advances to unconsolidated joint ventures (4,597 ) (13,054 ) 10,387 (15,932 )
Accounts payable, accrued salaries and employee benefits, and other current liabilities (120,621 ) (89,334 ) (144,503 ) (80,650 )
Billings in excess of costs and accrued earnings on contracts (2,148 ) 9,587 (11,966 ) 17,625
Other long-term liabilities (6,987 ) 35,465 (6,589 ) 37,278
Other assets, net   5,829     4,744     9,210     14,518  
Total adjustments and changes   164,475     37,096     360,686     132,666  
Net cash from operating activities   203,449     91,262     651,605     374,223  
 
 

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(In thousands)

 
  Three Months Ended   Year Ended
January 1,
2010
  January 2,
2009
January 1,
2010
  January 2,
2009
 
Cash flows from investing activities:
Payments for business acquisitions, net of cash acquired (14,228 ) (14,228 ) (26,383 )
Proceeds from disposal of property and equipment 1,111 6,720 54,473 17,442
Proceeds from sale of investment in unconsolidated joint venture, net of related selling costs 282,584
Payment in settlement of foreign currency forward contract (273,773 )
Receipt in settlement of foreign currency forward contract 246,098
Investments in and advances to unconsolidated joint ventures (2,532 ) (6,264 ) (16,301 ) (34,299 )
Change in restricted cash (443 ) 1,745 (1,551 ) 1,611
Capital expenditures, less equipment purchased through capital leases and equipment notes (7,114 ) (29,329 ) (41,569 ) (91,658 )
Purchases of short-term investments (120 ) (195,682 )
Maturities of short-term investments   165,000         165,000      
Net cash from investing activities   141,674     (27,128 )   205,051     (133,287 )

Cash flows from financing activities:

Long-term debt principal payments (95,489 ) (32,509 ) (310,519 ) (209,286 )
Net payments under lines of credit and short-term notes (114 ) (2 ) (597 ) (261 )
Net change in overdrafts 4,373 (25,876 ) 4,376 (15,200 )
Capital lease obligation payments (1,644 ) (1,764 ) (6,415 ) (7,713 )
Excess tax benefits from stock-based compensation (451 ) 568 1,532 4,491
Proceeds from employee stock purchases and exercises of stock options 5,789 7,872 15,654 27,186
Net distributions to noncontrolling interests (6,623 ) (10,055 ) (22,839 ) (30,359 )
Purchase of treasury stock           (41,225 )   (42,298 )
Net cash from financing activities   (94,159 )   (61,766 )   (360,033 )   (273,440 )
Net increase (decrease) in cash and cash equivalents 250,964 2,368 496,623 (32,504 )
Cash and cash equivalents at beginning of period   469,657     221,630     223,998     256,502  
Cash and cash equivalents at end of period $ 720,621   $ 223,998   $ 720,621   $ 223,998  
 
 

URS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(In thousands)

 
  Three Months Ended   Year Ended
January 1,
2010
  January 2,
2009

 

January 1,
2010
  January 2,
2009
Supplemental information:
Interest paid $ 8,514   $ 17,794 $ 40,316   $ 81,588  
Taxes paid $ 2,756   $ 14,380 $ 58,850   $ 58,716  
Taxes refunded $ 679   $ $ 31,244   $  
 
Supplemental schedule of noncash investing and financing activities:
Fair value of assets acquired (net of cash acquired) $ 3,014 $ $ 3,014 $ 9,747
Liabilities assumed   (3,014 )     (3,014 )   (9,747 )
Non cash business acquisitions $   $ $   $  
Equipment acquired with capital lease obligations and equipment note obligations $ 3,177   $ 3,534 $ 8,640   $ 12,429  
 
 

URS CORPORATION AND SUBSIDIARIES

RECONCILIATION SCHEDULE OF THE IMPACT OF THE SALE OF EQUITY INVESTMENT IN

MIBRAG AND WRITE-DOWN OF AN INTANGIBLE ASSET RELATED TO DISCONTINUATION OF THE

“WASHINGTON” TRADE NAME

 

Diluted EPS excluding the impact of the sale of our equity investment in MIBRAG and the write-down of an intangible asset related to the discontinuation of the “Washington” trade name is not computed in accordance with generally accepted accounting principles (“GAAP”). We presented these amounts to demonstrate the impact of these transactions. These non-GAAP measures may be useful to investors seeking to compare the actual or expected performance of our ongoing business with the actual performance of our business in prior periods. Diluted EPS excluding the impact of the sale of our equity investment in MIBRAG and the write-down of an intangible asset related to the discontinuation of the “Washington” trade name should not be used as a substitute for diluted EPS prepared in conformity with GAAP, or as a GAAP measure of profitability or cash flow.

Below is the reconciliation of diluted EPS, before the impact of the sale of our equity investment in MIBRAG and the write-down of an intangible asset related to the discontinuation of the “Washington” trade name, to GAAP diluted EPS for the year ended January 1, 2010. The impact of the sale of our equity investment in MIBRAG includes the loss on settlement of our foreign currency forward contract of $27.7 million before tax for the year ended January 1, 2010. This foreign currency forward contract was used primarily as a hedge against our net investment in MIBRAG.

     

Year Ended
January 1, 2010

Year Ended
January 2, 2009

% Increase
Before the impact of the sale of our equity investment in MIBRAG and the write-down of an intangible asset related to the discontinuation of the “Washington” trade name $ 3.16 $ 2.59 22.0 %
Sale of our equity investment in MIBRAG, net of tax .37 N/M
Write-down of an intangible asset related to the discontinuation of the “Washington” trade name, net of tax   (.24 ) N/M
Diluted EPS $ 3.29   $ 2.59 27.0 %
 

N/M = Not meaningful

 

Below is the reconciliation of diluted EPS, before the impact of the write-down of an intangible asset related to the discontinuation of the “Washington” trade name, to GAAP diluted EPS for the three months ended January 1, 2010.

 

Three Months
Ended
January 1, 2010

Three Months
Ended
January 2, 2009

% Increase
(Decrease)

Before the impact of the write-down of an intangible asset related to the discontinuation of the “Washington” trade name $ .65 $ .54 20.4 %
Write-down of an intangible asset related to the discontinuation of the “Washington” trade name, net of tax   (.24 ) N/M
Diluted EPS $ .41   $ .54 (24.1 %)
 

N/M = Not meaningful

 
 

URS CORPORATION AND SUBSIDIARIES

BOOK OF BUSINESS

 
(In billions)   As of
January 1,
2010
  January 2,
2009
Backlog by market sector:
Power $ 1.3 $ 1.8
Infrastructure 2.6 2.3
Industrial and commercial 1.3 2.9
Federal 12.1 10.2
Total backlog $ 17.3 $ 17.2
 
(In billions)  

Infrastructure
&
Environment

  Federal
Services
  Energy
&
Construction
  Total

As of January 1, 2010

Backlog $ 2.7 $ 7.2 $ 7.4 $ 17.3
Option years 0.4 2.1 2.5 5.0
Indefinite delivery contracts 4.3 1.6 1.2 7.1
Total book of business $ 7.4 $ 10.9 $ 11.1 $ 29.4
 

As of January 2, 2009

Backlog $ 2.8 $ 7.7 $ 6.7 $ 17.2
Option years 0.5 2.2 1.6 4.3
Indefinite delivery contracts 4.0 2.1 1.5 7.6
Total book of business (1) $ 7.3 $ 12.0 $ 9.8 $ 29.1
 

(1)

  We adjusted our book of business as of January 2, 2009 to exclude designations as we ceased reporting them within our book of business starting in the first quarter of 2009.
 
 

URS CORPORATION AND SUBSIDIARIES

REVENUES AND OPERATING INCOME BY SEGMENT

 
  Three Months Ended   Year Ended
(In millions) January 1,
2010
  January 2,
2009
January 1,
2010
  January 2,
2009
Revenues
Infrastructure & Environment $ 733.7 $ 849.1 $ 3,170.4 $ 3,395.6
Federal Services 620.7 683.5 2,561.3 2,415.7
Energy & Construction 773.4 1,191.4 3,583.9 4,328.9
Inter-segment, eliminations and other   (15.5 )   (15.8 )   (66.5 )   (53.9 )
Total revenues $ 2,112.3   $ 2,708.2   $ 9,249.1   $ 10,086.3  
 
Operating income
Infrastructure & Environment $ 66.0 $ 58.6 $ 255.7 $ 242.7
Federal Services 29.9 29.1 143.2 130.1
Energy & Construction (1.2 ) 45.5 145.9 211.0
General and administrative expenses   (19.2 )   (21.6 )   (75.8 )   (78.7 )
Total operating income $ 75.5   $ 111.6   $ 469.0   $ 505.1  
 

URS CORPORATION AND SUBSIDIARIES

REVENUE BREAKDOWN BY SEGMENT

 

Three months ended January 1, 2010

(In millions)

  Power   Infrastructure   Federal  

Industrial
and
Commercial

  Total
Infrastructure & Environment $ 33.5 $ 317.2 $ 159.4 $ 212.9 $ 723.0
Federal Services 620.3 620.3
Energy & Construction   252.2   72.7   271.9   172.2   769.0
Total $ 285.7 $ 389.9 $ 1,051.6 $ 385.1 $ 2,112.3
 
Year ended January 1, 2010

(In millions)

Power Infrastructure Federal

Industrial
and
Commercial

Total
Infrastructure & Environment $ 144.2 $ 1,400.4 $ 675.7 $ 901.0 $ 3,121.3
Federal Services 2,558.1 2,558.1
Energy & Construction   1,248.0   262.8   907.0   1,151.9   3,569.7
Total $ 1,392.2 $ 1,663.2 $ 4,140.8 $ 2,052.9 $ 9,249.1

Contacts

URS Corporation
Sam Ramraj, 415-774-2700
Vice President,
Investor Relations
or
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Briana Kelly
212-687-8080

Sharing

Contacts

URS Corporation
Sam Ramraj, 415-774-2700
Vice President,
Investor Relations
or
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Briana Kelly
212-687-8080