Adobe Reports Record Q1 Financial Results; Strong Performance Driven by Creative Solutions and Adobe Acrobat.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Please replace the release dated March 22, 2006 with the following corrected version due to multiple revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. . The corrected release reads: ADOBE adobe (ədō`bē): see rammed earth. adobe Handmade sun-dried bricks formed from a mixture of heavy clay and straw found in arid regions. REPORTS RECORD Q1 FINANCIAL RESULTS; STRONG PERFORMANCE DRIVEN BY CREATIVE SOLUTIONS AND ADOBE ACROBAT Document exchange software from Adobe that allows documents to be displayed and printed the same on every computer. The Acrobat system created the Portable Document Format (PDF), which is widely used in commercial printing and on the Web. See PDF. Adobe Systems Adobe Systems Incorporated (pronounced a-DOE-bee IPA: /əˈdoʊbiː/) (NASDAQ: ADBE) (LSE: ABS) is an American computer software company headquartered in San Jose, California, USA. Incorporated (Nasdaq:ADBE ADBE Adobe Systems, Inc. (stock symbol) ) today reported record financial results for its first quarter ended March 3, 2006. The Company's Q1 results reflect the recent acquisition of Macromedia (Macromedia, Inc., San Francisco, CA, www.macromedia.com) A software company specializing in multimedia authoring tools that was acquired by Adobe Systems, Inc. in mid-2005. It was founded in 1992 by the merger of Authorware, Inc., which was founded in 1984, and MacroMind-Paracomp. , and are compared to pre-acquisition results of prior fiscal periods. In the first quarter of fiscal 2006, Adobe achieved record revenue of $655.5 million, compared to $472.9 million reported for the first quarter of fiscal 2005 and $510.4 million reported in the fourth quarter of fiscal 2005. On a year-over-year basis, this represents 39 percent revenue growth. Adobe's first quarter revenue target range was $630 to $660 million. "Adobe's business continues to perform well, driven by strong demand for our creative solutions and Acrobat," said Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. R. Chizen, Adobe chief executive officer. "In addition to our strong financial results, we are making rapid progress integrating the Macromedia business and remain excited about our prospects for future growth." GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first quarter of fiscal 2006 were $0.17. Non-GAAP diluted earnings per share, which excludes amortization of purchased intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , deferred compensation, and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R stock-based compensation, the net tax impact of the repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of certain foreign earnings, tax differences due to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, and investment gains and losses, were $0.32. GAAP net income was $105.1 million for the first quarter of fiscal 2006, compared to $151.9 million reported in the first quarter of fiscal 2005, and $156.3 million in the fourth quarter of fiscal 2005. Non-GAAP net income, which excludes, as applicable, amortization of purchased intangibles, deferred compensation, and restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, SFAS 123R stock-based compensation, the net tax impact of the repatriation of certain foreign earnings, tax differences due to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, and investment gains and losses, was $197.5 million for the first quarter of fiscal 2006, compared to $133.8 million in the first quarter of fiscal 2005, and $151.5 million in the fourth quarter of fiscal 2005. GAAP diluted earnings per share for the first quarter of fiscal 2006 were $0.17 based on 621.8 million weighted average shares. This compares with GAAP diluted earnings per share of $0.30 reported in the first quarter of fiscal 2005, based on 506.2 million weighted average shares, and GAAP diluted earnings per share of $0.31 reported in the fourth quarter of fiscal 2005, based on 508.6 million weighted average shares. Adobe's GAAP 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. was $130.0 million in the first quarter of fiscal 2006, compared to $170.7 million in the first quarter of fiscal 2005 and $191.9 million in the fourth quarter of fiscal 2005. As a percent of revenue, GAAP operating income in the first quarter of fiscal 2006 was 19.8 percent, compared to 36.1 percent in the first quarter of fiscal 2005 and 37.6 percent in the fourth quarter of fiscal 2006. Adobe's non-GAAP operating income, which excludes, as applicable, amortization of purchased intangibles, deferred compensation, and restructuring charges related to the Macromedia acquisition, a charge for incomplete technology related to a small acquisition, and SFAS 123R stock-based compensation was $252.4 million in the first quarter of fiscal 2006, compared to $170.7 million in the first quarter of fiscal 2005 and $191.9 million in the fourth quarter of fiscal 2005. As a percent of revenue, non-GAAP operating income in the first quarter of fiscal 2006 was 38.5 percent, compared to 36.1 percent in the first quarter of fiscal 2005 and 37.6 percent in the fourth quarter of fiscal 2005. Adobe Provides Second Quarter FY2006 Financial Targets and Reaffirms FY2006 Annual Revenue Target For the second quarter of fiscal 2006, Adobe announced it is targeting revenue of $640 million to $670 million. The Company also is targeting a GAAP operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 22 to 24 percent in the second quarter. On a non-GAAP basis, which excludes acquisition-related costs and SFAS 123R stock-based compensation, the Company is targeting a second quarter operating margin of approximately 37 to 38 percent. In addition, Adobe is targeting its share count to be between 620 million and 622 million shares in the second quarter of fiscal 2006. The Company also is targeting other income in its second quarter to be approximately $15 million to $16 million, with a GAAP tax rate of 27 percent and a non-GAAP tax rate of 26 percent. The difference between the two rates is related to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation. These targets lead to a second quarter GAAP earnings per share target range of approximately $0.18 to $0.21. On a non-GAAP basis, which excludes acquisition-related costs, SFAS 123R stock-based compensation, and tax differences related to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, the Company is targeting earnings per share of approximately $0.30 to $0.32. For fiscal year 2006, Adobe reaffirmed its annual revenue target of approximately $2.7 billion. Forward Looking Statements Disclosure This press release contains forward looking statements, including those related to revenue, operating margin, other income, tax rate, share count and earnings per share, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: adverse changes in general economic or political conditions in any of the major countries in which Adobe does business, delays in development or shipment of Adobe's new products or major new versions of existing products, introduction of new products by existing and new competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , failure to successfully manage transitions to new business models and markets, difficulty in predicting revenue from new businesses, failure to anticipate and develop new products in response to changes in demand for application software, computers and printers, intellectual property disputes and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , inability to protect Adobe's intellectual property from unauthorized copying, use, disclosure or malicious Involving malice; characterized by wicked or mischievous motives or intentions. An act done maliciously is one that is wrongful and performed willfully or intentionally, and without legal justification. DESERTION, MALICIOUS. attack, failure to realize the anticipated benefits of past or future acquisitions and difficulty in integrating such acquisitions, changes to Adobe's distribution channel, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of Adobe's business due to catastrophic events, interruptions or terminations in Adobe's relationships with turnkey See turnkey system. assemblers This is a list of assemblers. Hundreds of assemblers have been written; some notable examples are:
1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of Adobe's goodwill or intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , unanticipated changes in tax rates, Adobe's inability to attract and retain key personnel, and market risks associated with Adobe's equity investments. For further discussion of these and other risks and uncertainties, individuals should refer to Adobe's SEC filings. Adobe does not undertake an obligation to update forward looking statements. About Adobe Systems Incorporated Adobe revolutionizes how the world engages with ideas and information -- anytime, anywhere, and through any medium. For more information, visit www.adobe.com. (C) 2006 Adobe Systems Incorporated. All rights reserved. Adobe, Adobe Acrobat and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other countries. All other trademarks are the property of their respective owners.
Condensed Consolidated Statements of Income
(In thousands, except per share data; unaudited)
Three Months Ended
-----------------------
March 3, March 4,
2006 2005
----------- -----------
Revenue:
Products $636,826 $463,147
Services and support 18,652 9,735
----------- -----------
Total revenue 655,478 472,882
----------- -----------
Total cost of revenue:
Products 62,849 21,855
Services and support 14,897 5,114
----------- -----------
Total cost of revenue 77,746 26,969
----------- -----------
Gross profit 577,732 445,913
Operating expenses:
Research and development 137,543 86,686
Sales and marketing 213,816 147,383
General and administrative 60,297 41,132
Restructuring and other charges 18,984 -
Amortization of purchased intangibles 17,112 -
----------- -----------
Total operating expenses 447,752 275,201
----------- -----------
Operating income 129,980 170,712
Non-operating income, net:
Investment loss (1,265) (1,554)
Interest and other income 15,542 7,627
----------- -----------
Total non-operating income 14,277 6,073
----------- -----------
Income before income taxes 144,257 176,785
Income tax provision 39,185 24,891
----------- -----------
Net income $105,072 $151,894
=========== ===========
Basic net income per share $0.18 $0.31
=========== ===========
Shares used in computing basic net income per
share 598,451 486,260
=========== ===========
Diluted net income per share $0.17 $0.30
=========== ===========
Shares used computing diluted net income per
share 621,839 506,182
=========== ===========
Condensed Consolidated Balance Sheets
(In thousands, except per share data; unaudited)
March 3, December 2,
2006 2005
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $635,186 $420,818
Short-term investments 1,469,419 1,280,016
Trade receivables 281,530 173,245
Other receivables 50,323 31,504
Deferred income taxes 124,898 58,710
Prepaid expenses and other assets 34,176 44,285
----------- -----------
Total current assets 2,595,532 2,008,578
----------- -----------
Property and equipment, net 208,159 103,549
Goodwill 2,126,173 118,683
Purchased and other intangibles assets, net 641,894 16,477
Investment in lease receivable 126,800 126,800
Other assets 103,175 66,228
----------- -----------
Total assets $5,801,733 $2,440,315
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade and other payables $51,218 $41,042
Accrued expenses 284,484 226,915
Accrued restructuring 25,768 70
Income taxes payable 127,419 154,529
Deferred revenue 82,408 57,839
----------- -----------
Total current liabilities 571,297 480,395
Long term liabilities:
Deferred revenue 12,355 9,731
Deferred income taxes 110,991 78,800
Accrued restructuring 22,564 -
Other liabilities 7,914 7,063
----------- -----------
Total liabilities 725,121 575,989
Stockholders' equity:
Common stock, $0.0001 par value 29,908 29,600
Additional paid-in-capital 2,407,685 1,321,146
Retained earnings 2,943,638 2,838,566
Accumulated other comprehensive loss (5,034) (914)
Treasury stock at cost, net of re-issuances (299,585) (2,324,072)
----------- -----------
Total stockholders' equity 5,076,612 1,864,326
----------- -----------
Total liabilities and stockholders' equity $5,801,733 $2,440,315
=========== ===========
Condensed Consolidated Statements of Cash Flows
(In thousands; unaudited)
Three Months Ended
----------------------
March 3, March 4,
2006 2005
----------- ----------
Cash flows from operating activities:
Net income $105,072 $151,894
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 73,783 14,954
Stock-based compensation 46,482 76
Deferred income taxes 39,967 (56,483)
Provision for (recovery of) losses on
receivables (247) 137
Tax benefit from employee stock option plans 23,420 27,197
Acquired incomplete technology 2,255 --
Net losses on sales and impairments of
investments 1,310 1,554
Changes in operating assets and liabilities,
net of acquired assets and liabilities:
Receivables (40,327) 1,674
Other current assets 23,991 (9,353)
Trade and other payables 8,196 (4,923)
Accrued expenses (46,788) (6,222)
Restructuring (16,899) --
Income taxes payable (31,257) 46,046
Deferred revenue 12,263 (2,454)
----------- ----------
Net cash provided by operating activities 201,221 164,097
----------- ----------
Cash flows from investing activities:
Purchases of short-term investments (666,727) (569,644)
Maturities of short-term investments 113,880 33,905
Sales of short-term investments 363,302 339,223
Purchases of property and equipment (11,634) (11,512)
Purchases of long-term investments and other
assets (5,222) (9,931)
Cash (paid for) received from acquisitions, net 488,383 (9,541)
----------- ----------
Net cash provided by (used for) investing
activities 281,982 (227,500)
----------- ----------
Cash flows from financing activities:
Purchase of treasury stock (504,482) (100,022)
Proceeds from issuance of treasury stock 234,378 125,921
Payment of dividends -- (3,032)
Proceeds from issuance of common stock 306 --
----------- ----------
Net cash provided by (used for) financing
activities (269,798) 22,867
----------- ----------
Effect of foreign currency exchange rates on
cash and cash equivalents 963 (1,165)
----------- ----------
Net increase (decrease) in cash and cash
equivalents 214,368 (41,701)
Cash and cash equivalents at beginning of period 420,818 259,061
----------- ----------
Cash and cash equivalents at end of period $635,186 $217,360
----------- ----------
Supplemental disclosures:
Common and treasury stock issued for
acquisition $3,436,725 --
=========== ==========
Non-GAAP Results
(In thousands, except per share data)
The following table shows Adobe's non-GAAP results reconciled to
GAAP results included in this release.
March 3, March 4, Dec. 2,
2006 2005 2005
--------- --------- ---------
GAAP operating income $129,980 $170,712 $191,930
SFAS 123R stock-based compensation(1) 23,031 - -
Amortization of Macromedia deferred
compensation(1) 23,451 - -
Restructuring and other charges 18,984 - -
Amortization of purchased intangibles and
incomplete technology(1) 56,955 - -
--------- --------- ---------
Non-GAAP operating income $252,401 $170,712 $191,930
========= ========= =========
GAAP net income $105,072 $151,894 $156,251
SFAS 123R stock-based compensation, net
of tax 18,220 - -
Amortization of Macromedia deferred
compensation, net of tax 17,283 - -
Restructuring and other charges, net of
tax 13,991 - -
Amortization of purchased intangibles and
incomplete technology, net of tax 41,976 - -
Investment (gain) loss, net of tax 932 1,157 (3,734)
Net tax impact on foreign earnings
repatriation - (19,297) (1,043)
--------- --------- ---------
Non-GAAP net income $197,474 $133,754 $151,474
========= ========= =========
Diluted net income per share:
GAAP net income $0.17 $0.30 $0.31
SFAS 123R stock-based compensation, net
of tax 0.03 - -
Amortization of Macromedia deferred
compensation, net of tax 0.03 - -
Restructuring and other charges, net of
tax 0.02 - -
Amortization of purchased intangibles and
incomplete technology, net of tax 0.07 - -
Investment (gain)loss, net of tax 0.00 0.00 (0.01)
Net tax impact on foreign earnings
repatriation - (0.04) 0.00
--------- --------- ---------
Non-GAAP net income $0.32 $0.26 $0.30
========= ========= =========
Shares used computing diluted net income
per share 621,839 506,182 508,562
========= ========= =========
(1) See table below for classification on the Consolidated Statements
of Income.
The following table shows the Company's classification of SFAS 123R
stock-based compensation, amortization of Macromedia deferred
compensation, and amortization of purchased intangibles and incomplete
technology on the Consolidated Statements of Income for the quarter
ended March 3, 2006.
Total Stock-based Amortization
Compensation of
------------------------- Purchased
Income Statement Amortization of Intangibles
Classifications SFAS Macromedia and
123R Deferred Incomplete
Compensation(a) Technology
----------------------------------------- --------------- ------------
Cost of revenue - products $- $- $34,043 (a)
Cost of revenue - services and
support 503 2,549 -
Research and development 9,693 8,218 5,800 (b)
Sales and marketing 8,160 9,450 -
General and administrative 4,675 3,234 -
Amortization of purchased
intangibles - - 17,112 (a)
--------- --------------- ---------
Total $23,031 $23,451 $56,955
========= =============== =========
(a) Relates to Macromedia acquisition
(b) Charge for incomplete technology related to a small acquisition
The following table shows the Company's reconciliation of non-GAAP to
GAAP operating expenses as a percent of revenue and effective tax rate
for the quarter ended March 3, 2006.
Operating Expenses
as a Percent of Revenue
-------------------------------------- ---------
Research Sales General Effective
and and and Tax
Development Marketing Administrative Rate
------------ --------- --------------- ---------
GAAP 21.0% 32.6% 9.2% 27.2%
SFAS 123R stock-based
compensation (1.5) (1.2) (0.7) (0.6)
Amortization of
Macromedia deferred
compensation (1.3) (1.4) (0.5) (0.1)
Amortization of
purchased intangibles
and incomplete
technology (0.9) - - (0.2)
------------ --------- --------------- ---------
Non-GAAP 17.3% 30.0% 8.0% 26.3%
============ ========= =============== =========
The following table shows the Company's reconciliation of non-GAAP to
GAAP operating expenses for the quarter ended March 3, 2006.
Operating
Expenses
------------
GAAP $447,752
SFAS 123R stock-based compensation (22,528)
Amortization of Macromedia deferred compensation (20,902)
Restructuring and other charges (18,984)
Amortization of purchased intangibles and incomplete
technology (22,912)
------------
Non-GAAP $362,426
============
The following table shows the Company's reconciliation of non-GAAP to
GAAP gross margin for the quarter ended March 3, 2006.
Gross
Margin
------------
GAAP 88.1%
SFAS 123R stock -based compensation 0.1
Amortization of purchased intangibles and incomplete
technology 5.2
Amortization of Macromedia deferred compensation 0.4
------------
Non-GAAP 93.8%
============
Second Quarter Fiscal Year 2006 Non-GAAP Financial Targets
The following table shows Adobe's non-GAAP financial targets
reconciled to GAAP financial targets included in this release.
Second Quarter
Fiscal 2006
-----------------
Low High
-------- --------
GAAP operating margin 22% 24%
Amortization of purchased technology 5 5
Amortization of purchased intangibles 3 3
SFAS 123R stock-based compensation 4 3
Amortization of Macromedia deferred compensation 3 3
-------- --------
Non-GAAP operating margin 37% 38%
======== ========
Diluted net income per share:
GAAP net income per share $0.18 $0.21
Amortization of purchased technology, net of tax 0.04 0.04
Amortization of purchased intangibles, net of tax 0.02 0.02
SFAS 123R stock-based compensation, net of tax 0.04 0.03
Amortization of Macromedia deferred compensation, net
of tax 0.02 0.02
-------- --------
Non-GAAP net income per share $0.30 $0.32
======== ========
Shares used in computing diluted net income per share 621.0 621.0
======== ========
The following table shows the Company's reconciliation of the non-GAAP
effective tax rate reconciled to the GAAP effective tax rate for the
second quarter of fiscal 2006.
Effective
Tax
Rate
------------
GAAP effective tax rate 27.0%
SFAS 123R stock-based compensation (0.6)
Amortization of Macromedia deferred compensation (0.1)
Amortization of purchased intangibles and incomplete
technology (0.3)
------------
Non-GAAP effective tax rate 26.0%
============
Adobe continues to provide all information required 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 GAAP, but it believes that evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Adobe uses non-GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Adobe's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Adobe presents such non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Adobe's operating results in a manner that focuses on what Adobe believes to be its ongoing business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Adobe's management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes the stock compensation impact of SFAS 123R, restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other charges, amortization of purchased intangibles and incomplete technology, amortization of Macromedia deferred compensation, investment gains and losses, tax differences related to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation, the net tax impact of the repatriation of certain foreign earnings, and the non-GAAP measures that exclude such information in order to assess the performance of Adobe's business and for planning and forecasting in subsequent periods. Whenever Adobe uses such a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed above. For the first and second quarter of fiscal year 2006, Adobe's GAAP financial information and targets include the stock compensation impact of SFAS 123R, restructuring and other charges, amortization of purchased intangibles and incomplete technology, amortization of Macromedia deferred compensation, and tax differences related to the timing and deductibility of the Macromedia acquisition-related charges and SFAS 123R stock-based compensation. Also, in accordance with GAAP, Adobe incurs investment gains and losses from its venture program. These charges are otherwise unrelated to Adobe's ongoing business operations and are excluded from its non-GAAP financial information and targets. In fiscal year 2005, Adobe included the net tax impact of the repatriation of certain foreign earnings. This tax impact is not indicative indicative: see mood. of Adobe's ongoing business operations and thus is excluded from its non-GAAP financial information. |
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