Building Value At Cara; Second Quarter Earnings Increase By 43%.Business Editors TORONTO--(BUSINESS WIRE)--Oct. 25, 2000 Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited ("Cara") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAO.)(TSE:CAO.A.), Canada's leading integrated foodservices company, is pleased to announce its operating results for the twelve week period ended September September: see month. 17, 2000, which constitutes Cara's second fiscal quarter, (the "Second Quarter" or the "Quarter"). "The strong results achieved by Cara in the Second Quarter are a reflection of continuing growth and improved operating performances from both Cara's Restaurant and Foodservices Segments," commented Gabe Tsampalieros, Cara's President and Chief Executive Officer. In the Quarter, system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. and gross revenues both increased by 12% to $388 million and $271 million respectively. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , the fifth consecutive quarterly year-over-year growth in earnings and the largest single quarterly earnings in Cara's 32 year history as a public corporation. For the year to date, system sales and gross revenues increased by over 19% to $767 million and $543 million respectively. EBITDA increased by 34% to $59 million and net earnings and EPS ("before unusual items") increased by 36% and 38% respectively to $19.7 million and 21.2 cents respectively. All of Cara's core businesses posted year-over-year growth. Cara's Restaurant Segment posted system sales growth of almost 14%. The growth was driven in part by new unit growth at Kelsey's and Montana's, same restaurant sales growth of in excess of 4% at both Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. and Harvey's This article is about the Canadian fast food chain. For other uses, see Harvey's (disambiguation). Harvey's is a fast food restaurant chain that operates in Canada, with locations concentrated in southern and eastern Ontario, southern Quebec, the Maritimes, and urban and strong sales increases at Air Terminal Restaurants. The Foodservices Segment also had an excellent Quarter, reporting sales growth of over 9% as well as improvement in margins and profitability. "We are extremely pleased with our Company's operating results and overall performance for the Quarter and in particular with the underlying growth momentum that continues to take place at Cara. The results are evidence that our efforts to achieve positions of leadership and build sustainable profitable growth in all our businesses are beginning to pay off, and that we are indeed continuing to build value at Cara. We anticipate that the second half of the year will continue to show solid growth in sales and earnings, albeit not at the rates experienced to-date. We continue to see fiscal 2001 as a year of strong profitable growth. I would like to thank all our teammates for their continued efforts and contributions to our Company's on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" success," added Mr. Tsampalieros. The Second Quarter for both fiscal 2001 and fiscal 2000 included certain unusual items related exclusively to Cara's investment in The Second Cup Ltd. ("Second Cup") that adversely affected Cara's net earnings. Allowing for these unusual items, net earnings for the Second Quarter were $9.8 million or 10.6 cents per share, up significantly from earnings of $1.6 million (1.7 cents per share) on a comparable basis for the quarter a year ago. The adjustment to this year's Second Quarter earnings related to the write down in the value of shares held by Second Cup in Diedrich Coffee Diedrich Coffee is a coffee company based in Irvine, CA. Its first coffee house in Orange County, CA was opened in 1983. It owns the American mall-based stores for Gloria Jean's Coffees. Inc. ("Diedrich's"), which shares were received by Second Cup as part payment for the sale of its U.S. based Coffee People business to Diedrich's last year. The write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. which totaled $4.1 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. reduced Cara's reported net earnings in the second quarter by $1.6 million (1.7 cents per share). In fiscal 2000, Second Quarter earnings included Cara's proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of the non-cash $16.2 million after-tax loss reported by The Second Cup Ltd., relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc that company's planned strategic divestments including that of its aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. U.S. operations. Cara's share of that loss reduced reported net earnings in last year's Second Quarter by $6.4 million (6.8 cents per share). Corporate Development Cara is pleased to announce the appointment of Mr. Don M. Robinson to its Board of Director's effective October October: see month. 24, 2000. Mr. Robinson joins other non-management directors William Corbett This article is about the American poet. For the English composer, see William Corbett (composer). William Corbett ("Bill") (b. 1942) is an American poet, essayist, editor, and educator. , Chairman, the New Providence New Providence, city, United States New Providence, borough (1990 pop. 11,439), Union co., NE N.J.; settled c.1720, set off and inc. 1899. It is largely residential but has some light industry. Roses and fruit are grown there commercially. Development Company Limited; William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Farlinger, Chairman, Ontario Power Generation Ontario Power Generation (OPG) is a public company whose shares are wholly owned by the Government of Ontario. It is responsible for approximately 70% of the electricity generation in the province of Ontario, Canada [1]. Inc.; Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Martin, Corporate Director; Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Steck, President, St. Andrews Noun 1. Andrews - United States naturalist who contributed to paleontology and geology (1884-1960) Roy Chapman Andrews Financial Corporation and former 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. , BMO Nesbitt Burns Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . ; Beverly Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. Topping, President & CEO, Indelible Inc.; and John H. Tory Tory (tô`rē), English political party. The term was originally applied to outlaws in Ireland and was adopted as a derogatory name for supporters of the duke of York (later James II) at the time (c. , President & CEO, Rogers Cable Rogers Cable Inc., a subsidiary of Rogers Communications Inc., is Canada's largest cable television service provider with about 2.25 million television customers, and over 930,000 Internet subscribers, in Southern Ontario, New Brunswick and Newfoundland and Labrador. Inc. Mr. Robinson has significant brand management and marketing experience. He began his career with Nabisco Brands and spent the past 18 years with Mars Mars, in Roman religion and mythology Mars, in Roman religion and mythology, god of war. In early Roman times he was a god of agriculture, but in later religion (when he was identified with the Greek Ares) he was primarily associated with war. Inc. He was President for Mars Inc. in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and President of the Mars Petcare business in Asia Pacific prior to returning to Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of in 1998. Since that time, he has been President and CEO of Effem Effem, Incorporated is the Canadian division of Mars, Incorporated a privately held multi-national company and a world leader in food, pet care products and confectionery products. The name is derived from the vocalisation of the initials of its founder, Frank Mars. Inc. (the owner of Mars). Don is the current Chairman of the Board of the Confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. Manufacturers Association of Canada and he is an Executive Director of the FCPMC FCPMC Food and Consumer Products Manufacturers of Canada (Fabricants des Produits Alimentaires et de Consommation du Canada) . With annual sales of in excess of $1.5 billion, Cara Operations Limited is one of Canada's leading foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. companies, providing employment for more than 28,000 Canadians This is a list of Canadians. Architects
In food:
A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. coffee retail market and the largest shareholder (38%) of The Spectra Group of Great Restaurants, a western-Canadian-based multi-concept restaurant operator, whose popular owned brands include the upscale casual chain of Milestones restaurants and the Bread Garden bakery/cafe concept. The shares of Cara, Second Cup and Spectra are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols, CAO - CAO.A, SKL SKL Conservative Peasants Party (Poland) SKL State Key Laboratory SKL Simple Key Loader SKL Svenska Kriminaltekniska Laboratoriet (Swedish National Criminal Forensics Laboratory) and SPA Spa, commune (1991 pop. 10,140), Liège prov., E Belgium, in the Ardennes. Its therapeutic mineral springs and baths, frequented since the 16th cent., made it an internationally fashionable watering place. - SPA.A respectively.
CONSOLIDATED INFORMATION
------------------------
[In
thousands 2nd Quarter 2nd Quarter 24 Weeks 24 Weeks
of ended ended % ended ended %
dollars Sept Sept Variance Sept Sept Variance
except 17/00 12/99 17/00 12/99
for share
data ]
----------------------------------------------------------------------
System Sales
[Note 1] $387,955 $346,330 12.0 $767,133 $642,780 19.3
Gross Revenue$271,297 $242,647 11.8 $543,114 $454,283 19.6
EBITDA
[Note 2] 31,738 23,874 32.9 59,329 44,180 34.3
EBIT
[Note 3] $21,329 $15,235 40.0 $39,240 $28,352 38.4
Net Earnings
before
Unusual Items
[Note 4] $11,444 $8,010 42.9 $19,683 $14,483 35.9
Net Earnings $9,837 $1,623 506.1 $18,079 $8,096 123.3
EPS bef. Unusual
items [in cents] 12.3 8.6 44.2 21.2 15.4 37.7
EPS [in cents] 10.6 1.7 512.1 19.5 8.6 126.1
----------------------------------------------------------------------
SEGMENTED INFORMATION
---------------------
RESTAURANT 2nd Quarter 2nd Quarter
SEGMENT ended ended YTD YTD
Sept Sept % Sept Sept %
17/00 12/99 Variance 17/00 12/99 Variance
----------------------------------------------------------------------
System Sales
[Note 5] $233,714 $205,305 13.8 $455,947 $356,570 27.9
Gross Revenue
[excl. sales by
franchise
operators] $96,656 $82,641 16.9 $191,023 $130,773 46.1
EBIT [Note 3]$14,265 $12,682 12.5 $27,635 $23,026 20.0
----------------------------------------------------------------------
FOODSERVICES 2nd Quarter 2nd Quarter
SEGMENT ended ended YTD YTD
Sept Sept % Sept Sept %
17/00 12/99 Variance 17/00 12/99 Variance
----------------------------------------------------------------------
System Sales
[Note 6] $154,241 $141,025 9.4 $311,186 $286,210 8.7
Gross Revenue
[Note 7] $174,641 $160,006 9.1 $352,091 $323,510 8.8
EBIT [Note 3]$12,581 $ 8,501 48.0 $ 22,608 $ 16,372 38.1
----------------------------------------------------------------------
Note 1: System sales include sales by Cara's franchisees and
franchise operators but exclude intercompany sales and sales to Cara's
franchise operators by Summit.
Note 2: EBITDA is earnings before interest, taxes, depreciation
and amortization.
Note 3: EBIT is earnings before interest, provision for taxes and
after-tax equity income.
Note 4: Net earnings have been adjusted for the impact of Second Cup's
adjustments: Fiscal 2001 - the write down of the investment in the shares
of Diedrich Coffee, Inc. and Fiscal 2000 - the loss on strategic
divestments (the U.S. operations).
Note 5: Restaurant Segment system sales include sales by franchise
operators.
Note 6: Foodservices' Segment system sales exclude intercompany
sales and sales to Cara's franchise operators by Summit.
Note 7: Foodservices' gross revenue excludes intercompany sales
but includes sales to Cara's franchise operators by Summit.
CARA OPERATIONS LIMITED
Consolidated Statements of
Earnings
Unaudited 12 WEEKS ENDED 24 WEEKS ENDED
Sept 17 Sept 12 % Sept 17 Sept 12 %
(In thousands of 2000 1999 Change 2000 1999 Change
dollars, except
for share data)
---------------------------------------------------------------------
System Sales $ 387,955 $ 346,330 12.0 $ 767,133 $ 642,780 19.3
---------------------------------------------------------------------
Gross Revenue $ 271,297 $ 242,647 11.8 $ 543,114 $ 454,283 19.6
---------------------------------------------------------------------
Earnings
before : $ 31,738 $ 23,872 33.0 $ 59,328 $ 44,178 34.3
Amortization of
property, plant
and equipment 8,924 7,346 21.5 17,453 13,438 29.9
Amortization of
goodwill and
other assets 1,322 1,129 17.1 2,310 2,064 11.9
Interest expense on
consolidated
operations
(Note 1) 2,237 2,323 -3.7 4,639 3,602 28.8
---------------------------------------------------------------------
Earnings
before : 19,255 13,074 47.3 34,926 25,074 39.3
Interest expense on
equity investments 464 439 5.7 903 1,234 -26.8
Amortization of
goodwill relating to
equity investments 163 163 0.0 326 326 0.0
Share of net earnings
- The Spectra Group
& Second Cup
(Note 2) (355) (5,174) -93.1 (299) (5,082) -94.1
----------------------------------------------------------------------
Earnings before: 18,273 7,298 150.4 33,398 18,432 81.2
Income taxes 8,008 5,514 45.2 14,570 10,175 43.2
Non-controlling
shareholders'
interest 428 161 165.8 749 161 365.2
----------------------------------------------------------------------
Net earnings for
the period $ 9,837 $ 1,623 506.1 $ 18,079 $ 8,096 123.3
----------------------------------------------------------------------
Shares
Outstanding (000's)
Common 42,985 42,984 0.0 42,985 42,984 0.0
Class A,
non-voting 49,868 50,243 -0.7 49,868 50,243 -0.7
----------------------------------------------------------------------
Total 92,853 93,227 -0.4 92,853 93,227 -0.4
----------------------------------------------------------------------
Earnings Per Share
(cents)
Basic 10.6 1.7 512.1 19.5 8.6 126.1
Fully Diluted 10.2 1.7 500.6 18.8 8.5 120.3
----------------------------------------------------------------------
Note 1: Includes interest incurred on all investments except the
investments in The Second Cup Ltd. and The Spectra Group of Great
Restaurants, Inc.
Note 2: Cara's share of equity earnings of The Second Cup Ltd.
booked in the 2nd Quarter includes Cara's proportionate share in the
Second Cup's fourth quarter earnings for fiscal 2000 and its first
quarter results for fiscal 2001. In their fourth quarter in fiscal
2001, Second Cup wrote down their investment in Diedrich Coffee, Inc.
by $4.1 million. Cara's share of that write down reduced reported net
earnings in the second quarter by $1.6 million (1.7 cents per share).
During its fourth quarter last year, Second Cup incurred a non-cash
$16.2 million after tax loss relating to its strategic divestments
(the U.S. operations). Cara's share of that loss reduced net earnings
during its second quarter last year by $6.4 million (6.8 cents per
share).
CARA OPERATIONS LIMITED
Consolidated Statements
of Cash Flows
Unaudited 12 WEEKS ENDED 24 WEEKS ENDED
(In thousands of Sept 17 Sept 12 Sept 17 Sept 12
dollars) 2000 1999 2000 1999
--------------------------------------------------------------------
Cash Flows Provided by
(Used in)
Operating Activities
Earnings from
operations $ 9,837 $ 1,623 $ 18,079 $ 8,096
Adjustments for:
Amortization of property,
plant & equipment 8,924 7,346 17,453 13,438
Amortization of
goodwill and other
assets 1,322 1,129 2,310 2,064
Equity loss 518 5,337 625 5,408
Non-controlling
shareholders' interest 428 161 749 161
Loss on disposal of
property, plant & equipment 8 436 8 612
Restructuring costs (231) (192) (324) (662)
--------------------------------------------------------------------
Cash flow before change
in working capital 20,806 15,840 38,900 29,117
Change in non-cash
operating working
capital (7,994) (16,312) (11,706) (19,703)
--------------------------------------------------------------------
12,812 (472) 27,194 9,414
--------------------------------------------------------------------
Investing Activities
Purchase of property,
plant & equipment $ (27,341) $ (12,507) $ (44,010) $ (24,202)
Purchase of goodwill
and other assets (296) (146) (673) (650)
Repayment of employee
stock plan loans 597 - 972 393
Business acquisitions - (40,000) - (40,000)
Other 873 (57) 1,219 (554)
Proceeds on disposal
of property, plant
& equipment 1,521 66 4,205 609
Proceeds on sale of
The Second Cup shares - - - 31,473
Dividends from The
Second Cup shares - - 7,326 -
--------------------------------------------------------------------
$ (24,646) (52,644) $ (30,961) $ (32,931)
--------------------------------------------------------------------
Financing Activities
Share repurchase $ - $ (4,100) $ (41) $ (5,536)
Change in long-term
debt 13,116 (3,290) 11,540 (4,292)
Dividends paid - - (6,499) (6,617)
--------------------------------------------------------------------
$ 13,116 (7,390) $ 5,000 $ (16,445)
--------------------------------------------------------------------
Net Change in Cash 1,282 (60,506) 1,233 (39,962)
Cash - Beginning of
Period 3,168 63,446 3,217 42,902
--------------------------------------------------------------------
Cash - End of Period $ 4,450 $ 2,940 $ 4,450 $ 2,940
--------------------------------------------------------------------
CARA OPERATIONS LIMITED
Consolidated Balance Sheets
Unaudited
2000 1999
(In thousands of dollars) Sept 17 Sept 12
--------------------------------------------------------------------
ASSETS
Current
Cash $ 4,450 $ 2,940
Accounts receivable 93,499 86,960
Inventories 28,891 26,341
Prepaid expenses and other assets 3,686 5,216
Future income taxes 9,680 3,938
Current portion of long-term receivables 4,121 1,831
-------------------------------------------------------------------
144,327 127,226
Long-Term Receivables 13,825 15,957
Property, Plant & Equipment 345,936 303,699
Goodwill and Other Assets 91,607 94,149
Future Income Taxes (Note 1) 6,874 10,010
Equity Investments 38,285 45,341
-------------------------------------------------------------------
$ 640,854 596,382
-------------------------------------------------------------------
-------------------------------------------------------------------
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 126,218 $ 111,535
Income taxes payable 3,970 3,111
Provision for restructuring costs 6,813 7,646
Current portion of long-term debt 5,796 9,398
-------------------------------------------------------------------
142,797 131,690
Other Long-Term Liabilities (Note 1) 18,767 11,083
Long-Term Debt 195,050 188,141
Future Income Taxes 18,836 17,777
-------------------------------------------------------------------
375,450 348,691
-------------------------------------------------------------------
-------------------------------------------------------------------
Non-controlling Shareholders' Interest 4,683 3,468
-------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital Stock 30,068 30,248
Retained Earnings (Note 1) 230,653 213,975
-------------------------------------------------------------------
260,721 244,223
-------------------------------------------------------------------
$ 640,854 $ 596,382
-------------------------------------------------------------------
-------------------------------------------------------------------
Note 1: Effective April 3, 2000, Cara adopted section 3461 of the
Canadian Institute of Chartered Accountants handbook, entitled
"Employee Future Benefits". Cara has implemented section 3461 on a
retroactive basis but without restatement of comparative amounts.
Using prescribed changes to pension accounting, estimated assumptions
and current market-related discount rates, which are lower than those
previously used by the Company the following balance sheet accounts
were affected. The Company's pension obligation increased by $8.9
million, opening retained earnings decreased by $5.6 million and
future income taxes recoverable increased by $3.3 million.
CARA OPERATIONS LIMITED
Segmented Information
(In thousands of dollars)
Unaudited 24 Weeks Ended
September 17, 2000
----------------------------------------------------------------------
Restaurant Foodservices
Segment Segment Other Total
System Sales $ 455,947 $ 311,186 $ - $ 767,133
External Gross
Revenue 191,023 352,091 - 543,114
Intersegment Revenue
excluded from above - 30,206 - 30,206
Amortization of
property, plant &
equipment 11,767 5,162 524 17,453
Amortization of
goodwill and other
assets 1,184 1,083 43 2,310
Earnings before
interest, income taxes
and equity earnings 27,635 22,608 (11,003) 39,240
Total Assets 305,454 266,689 68,711 640,854
Additions to property,
plant and equipment 12,238 31,430 342 44,010
Additions to goodwill
and other assets 452 221 - 673
24 Weeks Ended
September 12, 1999
Restaurant Foodservices
Segment Segment Other Total
----------------------------------------------------------------------
System Sales $ 356,570 $ 286,210 $ - $ 642,780
External Gross
Revenue 130,773 323,510 - 454,283
Intersegment Revenue
excluded from above - 27,629 - 27,629
Amortization of
property, plant &
equipment 7,661 4,705 1,072 13,438
Amortization of
goodwill and other
assets 628 1,393 43 2,064
Earnings before
interest, income taxes
and equity earnings 23,026 16,372 (11,046) 28,352
Total Assets 291,079 217,565 87,738 596,382
Additions to property,
plant and equipment 14,117 9,551 534 24,202
Additions to goodwill
and other assets 132 518 - 650
CARA OPERATIONS LIMITED - LOCATION STATISTICS
24 Weeks Ended 12 Weeks Ended 53 Weeks Ended
September 17, 2000 June 25, 2000 April 2, 2000
Swiss Chalet 178 180 181
Harvey's 370 371 366
Kelsey's 86 81 79
Montana's 29 27 24
Outback 11 10 10
Airport Services Division
Flight Kitchens 12 12 12
Air Terminal & Toast!
Cafe and Grill 88 88 85
Beaver Foods Institutional
Catering
High schools 482 442 445
Universities/colleges 210 246 245
Business and industry 292 316 300
Resource camps
(remote catering) 66 63 62
Total 1,050 1,067 1,052
Health Services Division 52 51 50
Summit Food Service
Distribution Centers 3 3 3
----------------------------------------------------------------------
For additional shareholder information please contact:
Michael Forsayeth Stock Exchange Listing
Senior V.P. & Chief Financial Officer Toronto, Ontario
Tel: 905-405-6500
Fax: 905-405-6777
E-Mail: finance@cara.com Transfer Agent and Registrar
Website: cara.com Montreal Trust Company
6303 Airport Road
Mississauga, Ontario Market Share Prices
Canada L4V 1R8
September 17, 2000
On pourra se procurer Common Shares, CAO
le texte francais de (1999 $5.10) $4.75
ce rapport en communiquant Class A Non-Voting
avec le Responsable des Shares, CAO.A (1999 $3.65) $4.11
relations avec les investissuers
|
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion