[0] NCRIC Group, Inc. Announces third Quarter, Nine Month Results.Business Editors/Health & Medical Writers WASHINGTON--(BW HealthWire)--Nov. 6, 2001 NCRIC NCRIC National Chemical Response and Information Center NCRIC National Center for Refugee and Immigrant Children Group, Inc. (Nasdaq:NCRI NCRI National Council of Resistance of Iran NCRI National Cereals Research Institute (Nigeria) ), a leading provider of medical professional liability insurance and physician practice management services in the Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic region, today reported operating results for its third quarter and nine months ended September September: see month. 30, 2001. Third quarter net income was $646,000, or $0.18 per share, compared to $842,000, or $0.24 per share, for the same quarter in 2000. Net income totaled $1.9 million, or $0.54 per share, for the nine months ended September 30, 2001, compared with net income of $2.6 million, or $0.73 per share, for the nine months ended September 30, 2000. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the nine months ended September 30, 2001 was $0.49 compared to $0.73 for the nine months ended September 30, 2000. Total revenue was up 24% for the quarter compared to the same quarter in 2000 and increased 22% for the nine months ended September 30, 2001 compared to September 30, 2000. The higher revenue was offset by an increase in expenses. Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. expenses included the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of $243,000 for a guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. fund assessment received from the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). Insurance Guaranty Association in October October: see month. related to the insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet of Reliance Insurance Company; no assessments were received previously in 2001 or 2000. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased by $4.5 million to $46.0 million at September 30, 2001, up 11% in the first nine months of 2001, as a result of gains in comprehensive income and retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. . As of September 30, 2001, there were 3,711,427 shares of NCRIC Group, Inc. common stock outstanding. Book value per share at September 30, 2001 stood at $12.39. "NCRIC Group has experienced significant growth in revenue through the first nine months of 2001. However, it is important to note that we are closely monitoring the recent trend of rising claims severity," said R. Ray Pate, Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Although this development concerns us, it is our belief that the expansion of our business, when coupled with adequate pricing, will result in long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth and profitability for the organization." NCRIC's insurance segment experienced a substantial increase in new business written in the third quarter of 2001 and for the nine months ended September 30, 2001. Third quarter new business written was $3.3 million, up $1.9 million from $1.4 million for the same quarter in 2000. For the nine months ended September 30, 2001, new business written totaled $8.0 million compared to $3.6 million for the same period in 2000. The profitability of a medical professional liability insurance policy is designed to emerge over a period of years rather than in the year the policy is written; profits are designed to accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. through investment income on the invested premiums and through favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. development of loss reserves in future years. Therefore, the large increase in new business written in the current period causes a strain on current period earnings. Earnings were also impacted by reduced net investment income because of lower market yields and by increased incurred losses reflecting increased frequency and severity trends. Client revenue produced by NCRIC's practice management segment increased 12% for the three months ended September 30, 2001 and 13%, or $534,000, for the nine months ended September 30, 2001 compared to the same periods in the previous year. The increase in revenue was primarily as a result of the segment's focused efforts on new business development. Higher revenue was offset by expenses related to the ongoing servicing of new business, the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of additional resources to new business development and, in the second quarter of 2001, non-recurring expenses.
Segment Results - Insurance Segment
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
Net premiums earned $ 5,312 $ 3,808 $14,721 $10,981
Net investment income 1,509 1,609 4,577 4,751
Realized gains 97 -- 194 --
Other income 127 106 381 278
------- ------- ------- -------
Total segment revenue 7,045 5,523 19,873 16,010
Losses & LAE 4,386 3,170 12,905 8,925
Underwriting expenses 1,430 934 3,630 2,955
Other expenses 129 96 259 282
------- ------- ------- -------
Total segment expenses 5,945 4,200 16,794 12,162
Pre-tax segment results $ 1,100 $ 1,323 $ 3,079 $ 3,848
======= ======= ======= =======
Net premiums earned increased by $1.5 million, or 39%, for the three months ended September 30, 2001 over the three months ended September 30, 2000. Net premiums earned increased by 34% to $14.7 million for the nine months ended September 30, 2001 from $11.0 million for the nine months ended September 30, 2000. This increase primarily reflects growth in policies in force as a result of net new business written combined with the rise in base premiums for policies with renewal dates in 2001. NCRIC raised base premiums an average of 7.5% effective January January: see month. 1, 2001 in recognition of the escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. in the severity of losses. Additionally, net premiums earned for the third quarter and first nine months of 2001 are lower by $195,000 and $617,000, respectively, compared to the corresponding periods of 2000, due to favorable loss development in NCRIC's hospital-sponsored retrospectively ret·ro·spec·tive adj. 1. Looking back on, contemplating, or directed to the past. 2. Looking or directed backward. 3. Applying to or influencing the past; retroactive. 4. rated programs. Under these programs, additional premiums are either earned or returned based on the group's loss experience. During 2000, it was determined that one of NCRIC's hospital-sponsored retrospective LAW, RETROSPECTIVE. A retrospective law is one that is to take effect, in point of time, before it was passed. 2. Whenever a law of this kind impairs the obligation of contracts, it is void. 3 Dall. 391. programs would not be renewed. Based on the actual accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. loss experience of the terminated program through September 1, 2000, NCRIC billed the hospital sponsor $1.3 million under the terms of the contract based on actual loss experience through the termination date termination date, n See expiration date. . Additionally, based on the continuing development of loss experience through the third quarter of 2001, $385,000 of net premiums earned has been accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. related to additional amounts due to NCRIC from the hospital sponsor. Because the original bill was not paid when due, NCRIC initiated legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. to collect. NCRIC will use all means legally available to collect the amount it is due as a result of the termination of the contract in this program. Although NCRIC believes that it will prevail and collect, since the premium is disputed, an allowance for uncollectibility has been established and is included in underwriting expense. The ultimate outcome cannot be determined at this time. Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. of $9.2 million increased by $500,000 for the three months ended September 30, 2001 from $8.7 million for the three months ended September 30, 2000. The increase in gross premiums written was partially offset as a result of the September 2000 termination of a hospital sponsored risk-sharing program. Under terms of the contract the sponsor was billed $1.3 million in September 2000 based on the loss experience of the program; a similar billing did not occur in 2001. For the nine months ended September 30, 2001, gross premiums written of $28.8 million increased $7.0 million from $21.8 million for the nine months ended September 30, 2000. This increase was due to net new business combined with the premium rate increase and some changes in policy effective dates to January 1. Net new business written consists of new premium offset by policy terminations.
New Premium Written
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------- -----------------
2001 2000 2001 2000
---- ---- ---- ----
Direct $ 486 $ 636 $ 923 $1,346
Agent 2,784 745 7,106 2,289
------ ------ ------ ------
Total $3,270 $1,381 $8,029 $3,635
====== ====== ====== ======
New premium written produced by NCRIC's agency network increased to $2.8 million, or 85% of total new premium written, for the three months ended September 30, 2001 compared to $745,000 or 54% of total new premium written for the three months ended September 30, 2000. For the nine months ended September 30, 2001, new premium produced by NCRIC's agency network increased to $7.1 million or 89% of total new premium from $2.3 million or 63% of total new premium during the same period in 2000. Although insurance in force continues to follow NCRIC's historical pattern of insuring risks concentrated principally in the District of Columbia, there has been notable growth in premium in NCRIC's other markets. Of the increase in total written premium in 2001 over the first nine months of 2000, 47% comes from business written in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , 37% from Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , 12% from West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , and 10% from Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). . These increases are largely as a result of sales by the agency network. In the District of Columbia there was a 6% decline in written premium primarily resulting from the September 2000 termination of a hospital sponsored risk-sharing program.
Loss and Loss Adjustment Expenses
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------- ----------------
2001 2000 2001 2000
---- ---- ---- ----
Incurred losses and
LAE related to:
Current year
- losses $ 5,979 $ 4,044 $ 16,698 $ 13,288
Prior years
- development (1,593) (874) (3,793) (4,363)
-------- -------- -------- --------
Total incurred for
the period $ 4,386 $ 3,170 $ 12,905 $ 8,925
======== ======== ======== ========
Total incurred loss and LAE of $4.4 million for the three months ended September 30, 2001 increased by $1.2 million from the $3.2 million incurred for the three months ended September 30, 2000. The increase in current year losses to $6.0 million for the third quarter of 2001 reflects the increase in the level of exposure as a result of premium growth and a rise in the cost of settling claims. The higher level of favorable development of losses reported in prior years reflects the favorable experience on the claims closed during the quarter, partially offset by the continuing upward pressure of severity of losses as noted previously. Prior year development results from the re-estimation and settlement of individual losses not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , which generally are losses under $500,000. Total incurred loss and LAE of $12.9 million for the first nine months of 2001 increased by $4.0 million from the $8.9 million incurred for the first nine months of 2000. The increase in current year losses to $16.7 million for the first nine months of 2001 reflects the rise in the level of exposure as a result of premium growth, an increase in frequency of reported claims, and a rise in the cost of settling claims. The lower favorable development of losses reported in prior years reflects the continuing upward pressure of severity of losses as noted previously.
Combined Ratio Results
Nine Months Ended
September 30,
------------
2001 2000
---- ----
GAAP Underwriting Ratios:
Loss and LAE ratio 87.7% 81.3%
Underwriting expense ratio 24.6% 26.9%
Combined ratio after renewal credits 112.3% 108.2%
The combined ratio of 112.3% for the nine months ended September 30, 2001 reflects the increase in loss and loss adjustment expenses as noted above. Even with the inclusion of the $243,000 expense for the previously mentioned guaranty fund assessment, the stable level of underwriting expenses coupled with the higher level of premiums resulted in a lower underwriting expense ratio compared to the previous year.
Segment Results - Practice Management Services Segment
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------- --------------
2001 2000 2001 2000
---- ---- ---- ----
Client revenue $1,472 $1,314 $4,705 $4,171
Investment income 13 23 45 56
------ ------ ------ ------
Total segment revenue 1,485 1,337 4,750 4,227
Expenses 1,479 1,301 4,386 3,812
------ ------ ------ ------
Pre-tax segment results $ 6 $ 36 $ 364 $ 415
====== ====== ====== ======
Client revenue in the Practice Management Services Segment increased 12% for the three months ended September 30, 2001 over the three months ended September 30, 2000. The increased revenue was a result of the addition of new clients and the 2001 increase in consulting rates. For the nine months ended September 30, 2001, client revenue increased 13% to $4.7 million from $4.2 million for the same period in 2000. Higher revenue was offset by expenses related to the ongoing servicing of new business, the allocation of additional resources to new business development, and, in the second quarter of 2001, non-recurring expenses.
NCRIC Group, Inc.
Three months ended Nine months ended
Sept. 30, Sept. 30,
2001 2000 2001 2000
---- ---- ---- ----
(in thousands) (in thousands)
Revenues:
Net premiums earned $ 5,312 $ 3,808 $14,721 $10,981
Net investment
income 1,521 1,632 4,617 4,814
Net realized
investment gains 97 -- 194 --
Practice management
and related income 1,451 1,294 4,643 4,112
Other income 146 122 436 331
------- ------- ------- -------
Total revenues 8,527 6,856 24,611 20,238
Expenses:
Losses and loss
adjustment
expenses 4,386 3,170 12,905 8,925
Underwriting
expenses 1,430 934 3,630 2,955
Practice management
expenses 1,472 1,296 4,365 3,767
Other expenses 297 261 963 892
------- ------- ------- -------
Total expenses 7,585 5,661 21,863 16,539
Income before
income taxes 942 1,195 2,748 3,699
Income tax
provision 296 353 857 1,128
------- ------- ------- -------
Net income $ 646 $ 842 $ 1,891 $ 2,571
======= ======= ======= =======
Net income per
common share:
Basic $ 0.18 $ 0.24 $ 0.54 $ 0.73
Diluted $ 0.18 $ 0.24 $ 0.52 $ 0.73
Operating income
per common share:
Basic $ 0.16 $ 0.24 $ 0.50 $ 0.73
Diluted $ 0.16 $ 0.24 $ 0.49 $ 0.73
Weighted average
shares outstanding:
Basic 3,526 3,520 3,524 3,527
Diluted 3,609 3,545 3,612 3,541
September 30, 2001 December 31, 2000
------------------ -----------------
(in thousands)
Total investments, at market value $ 104,636 $ 98,045
Reinsurance recoverable 31,196 27,549
Total assets 162,038 145,864
Liability for losses and loss
adjustment expenses 84,342 81,134
Total liabilities 116,044 104,415
Accumulated other comprehensive
income (loss) 1,792 (744)
Total stockholders' equity 45,994 41,449
Outlook Insurance Premium Rate Increase In October, NCRIC completed a comprehensive review of its insurance policy pricing in all jurisdictions. As a result of this review, the NCRIC Board of Directors approved an increase in base premium rates for all market territories. NCRIC establishes its rates based on its previous loss experience, loss adjustment expenses, anticipated policyholder Policyholder An individual who owns an insurance policy. discounts and the Company's fixed and variable operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Renewal Premium Dividend Credit Since 1993, NCRIC, Inc. has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: renewal premium dividend credits to physician insureds who renew their policies. Renewal credits are a premium credit on the renewal policy's premium. As a result of the rising trend in claims severity previously noted, the NCRIC Board of Directors has elected to suspend the issuance of renewal premium dividend credits for policies renewing in 2002. NCRIC has in the past, and will in the future, consider general insurance market conditions as well as the previous years' loss and loss adjustment expenses in determining whether or not to authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) renewal credits and the amounts of any renewal credits. Earnings Operating results for the nine month period ended September 30, 2001 are not necessarily indicative of the results that may be expected for the year ending December December: see month. 31, 2001. However, NCRIC looks forward to additional growth in insurance and practice management revenues in 2001. NCRIC estimates operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for 2001 to total up to $0.70 per share (diluted). This is an increase from the $0.60 per share (diluted) that was estimated in the second quarter 2001 earnings press release distributed on August 10, 2001. As previously noted, NCRIC has experienced a continuing rise in claims severity. There is no guarantee that reserve levels and pricing will be adequate or that loss development will not significantly deviate from previously identified trends. NCRIC believes that the trend of rising severity creates a continuing level of unpredictability with regard to earnings growth. Review of Strategic Alternatives The Company has been engaged in a review of its strategic alternatives. As a subsidiary of a mutual holding company, the Company initially identified three alternatives: remain in the mutual holding company structure for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future; complete a second-step conversion; or merge with a mutual insurance company. The review has focused on enhancing shareholder value and protecting policyholders' interests. Based on numerous factors, the Company no longer believes that a merger with a mutual insurance company is a feasible alternative. The review is likely to now focus on the implementation of a second-step conversion under appropriate market conditions. Pending a second-step conversion, the Company will consider various means of continuing to deliver value to shareholders, including through stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. programs and dividend policies. However, no assurance can be given that any particular program, policy or steps will be taken. Conference Call NCRIC Group, Inc. will host a conference call at 1:00 p.m., Eastern Standard Time, Thursday Thursday: see week. , November 15, 2001, to discuss this earnings release. Investors and analysts may access the conference call by dialing 800/997-8642. All participants are requested to call in at least ten minutes prior to the start of the conference to register. R. Ray Pate, Jr. President and Chief Executive Officer, and Rebecca B. Crunk, Senior Vice President and Chief Financial Officer, will host the call. The listen-only audience will be provided an opportunity during the call to submit appropriate questions. Mr. Pate and Ms. Crunk will respond to these questions as time permits on a delayed basis at the conclusion of the discussion with the analysts. The company will also broadcast the conference call live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the in a listen-only format via its website at http://www.ncric.com. From the home page, click on "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." A conference call link will be provided to connect listeners to the call. The conference call will be archived and replays will be available until November 30, 2001 by visiting the Investor Relations area of NCRIC Group, Inc.'s website. Notice of this conference call is being sent in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the requirements under SEC Regulation FD - "Fair Disclosure." Forward-Looking Information This news release contains historical information, as well as forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , that are based on NCRIC Group, Inc.'s estimates and expectations of future events. Associated with this are certain risks and uncertainties that could cause actual results to materially differ from those reflected in the forward-looking statements. The Company's financial position and results of operations are subject to fluctuations due to a variety of factors. These risks and uncertainties include: general economic conditions including changes in interest rates and the performance of financial markets; NCRIC, Inc.'s concentration in a single line of business principally in the District of Columbia; the impact of managed healthcare; uncertainties inherent in the estimate of loss and loss adjustment expense reserves and reinsurance; price competition; uncertainties associated with expanding business in new market areas, including uncertainties associated with claims adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. experience; regulatory changes; ratings assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. by A.M. Best Company; the availability of bank financing and reinsurance; the mutual holding company structure; and uncertainties associated with NCRIC Group's acquisition strategy. Other factors not currently anticipated by management may also materially and adversely affect NCRIC Group's results of operations. NCRIC Group, Inc. is a healthcare financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization that assists individual physicians and groups of physicians in managing their practices by providing medical professional liability insurance, practice management and financial services and employee benefit plan design and pension administration. In addition to its headquarters in Washington, D.C., NCRIC Group, Inc. has offices in Richmond, Fredericksburg and Lynchburg, Virginia Lynchburg is an independent city located in the Commonwealth of Virginia. As of the 2006 census, the city had a total population of 67,720, but is at about 70,000 residents as of 2007. as well as Greensboro, North Carolina “Greensboro” redirects here. For other uses, see Greensboro (disambiguation). Greensboro, North Carolina (IPA: [ɡɹiːnsbʌɹəʊ]) is a city in the U.S. state of North Carolina. and serves more than 3,200 physician clients. Its primary insurance subsidiary, NCRIC, Inc., is rated A- (Excellent) by A.M. Best Company. For further information, contact R. Ray Pate, Jr., President and CEO (202/969-1866 or rpate@ncric.com); 1115 30th Street, NW, Washington, D.C. 20007, or consult the Company's website, www.ncric.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion