Chattem Announces Record Fourth Quarter and Fiscal 2004 Sales and Earnings Per Share; Gives Outlook for Fiscal 2005.CHATTANOOGA, Tenn. -- Chattem, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CHTT), a leading marketer and manufacturer of branded consumer products, announced today financial results for the fourth quarter and 2004 fiscal year ended November 30, 2004. 4th Quarter and Fiscal 2004 Financial Results For the fourth fiscal quarter of 2004, total revenues were $60.7 million, a 16% increase over the comparable year-ago period, while 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. excluding 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. settlement and impairment Impairment 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. charges was $14.2 million, a 35% increase. Net income excluding litigation settlement and impairment charges was $7.3 million, a 66% increase over results from the comparable year-ago period. Earnings per share before litigation settlement and impairment charges for the quarter were $.36, a 57% increase from the comparable year-ago period. For the fiscal year, total revenues were $258.2 million, operating income excluding litigation settlement and impairment charges was $66.0 million and net income excluding debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. , litigation settlement and impairment charges was $34.3 million, representing increases of 10%, 18% and 47%, respectively, over the corresponding year-ago results. Earnings per share for the fiscal year excluding debt extinguishment, litigation settlement and impairment charges were $1.70, a 43% increase over fiscal 2003 results. As discussed in more detail below, in the fourth quarter of fiscal 2004 and the 2004 fiscal year, the Company took pre-tax charges pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the settlement of litigation concerning its Dexatrim(R) products of $11.3 million and $15.8 million, respectively. Also as discussed more fully below, in the fiscal fourth quarter the Company took a $13.4 million (net of tax) impairment charge in connection with 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. on its books of the Dexatrim trademark. After giving effect to these litigation settlement and impairment charges taken in the fourth fiscal quarter, the Company suffered a net loss for the quarter of $13.7 million, or $.67 per share. In addition, as was previously disclosed, in the first and second quarters of fiscal 2004, the Company took pre-tax charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the early extinguishment of debt totaling $13.0 million, or $.43 per share (net of tax). As a result, for the 2004 fiscal year, after debt extinguishment, litigation settlement and impairment charges net income was $1.6 million, or $.08 per share. See the reconciliation of income from operations excluding litigation settlement and impairment charges and net income excluding debt extinguishment, litigation settlement and impairment charges in Chattem's consolidated statements of income attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . Sales by Product Category The strong increase in total revenues for the fourth fiscal quarter of 2004 was led by a 41% increase in total revenues of the Company's topical topical /top·i·cal/ (top´i-k'l) pertaining to a particular area, as a topical antiinfective applied to a certain area of the skin and affecting only the area to which it is applied. top·i·cal adj. analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs franchise, highlighted by Icy Hot(R), whose sales rose by 55% from the corresponding year-ago period. Additionally, sales of Aspercreme(R) increased by 31% during the period, while Capzasin(R) enjoyed a 72% rise in revenues. Sales of the Gold Bond(R) franchise increased 15% during the quarter, led by Gold Bond Foot (up 45%) and Gold Bond Lotion lotion /lo·tion/ (lo´shun) a liquid suspension, solution, or emulsion for external application to the body. lo·tion n. 1. (up 32%). Finally, sales of Selsun Blue Selsun Blue is a shampoo, developed by Ross Laboratories, a subsidiary of Abbott Laboratories and later bought by Chattem, that functions as an over-the-counter treatment for dandruff. (R) increased 10% during the fourth fiscal quarter. Somewhat mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. these sales increases were year-over-year declines in Dexatrim diet pills diet pill Drug slang A euphemism for an amphetamine Vox populi An agent that either ↓ appetite or ↑ basal metabolic rate–eg, amphetamines–by prescription and OTC diet aids–eg phenylpropanolamine, ephedrine, caffeine; in high doses, DPs (down 38%) and pHisoderm(R) (off 12%). For the 2004 fiscal year, the increase in total revenues was largely attributable to the same products, with the topical analgesic portfolio rising 30% over fiscal 2003, the Gold Bond franchise up 14% and Selsun Blue increasing by 10%. In addition, sales of Bullfrog bullfrog, common name of the largest North American frog, Rana catesbeiana. Native to the E United States, this species has been successfully introduced in the West and in other parts of the world. The body length is 4 to 8 in. (R) and Pamprin(R) rose 43% and 16%, respectively, from the prior year. Dexatrim pill sales declined 47% and pHisoderm sales dropped 15% from fiscal 2003 to fiscal 2004. International total revenues increased 11% in the fiscal fourth quarter behind the continuing strength of Selsun Blue in Canada and certain European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries. For the year, international total revenues increased 1% from fiscal 2003. Domestic net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight by product category for the fourth fiscal quarter of 2004 and the 2004 fiscal year were as follows: ($ in millions) Product Category 4th Fiscal Quarter % Chg FY 2004 % Chg ----------------------------- ------------------ ------ ------- ------ Topical Analgesics $22.3 41 $76.3 30 Medicated Skin Care 12.6 9 60.5 7 Medicated Dandruff Shampoo 8.2 10 31.3 10 Dietary Supplements 6.4 (11) 33.0 (12) Other 5.4 2 32.9 13 Margins, Tax Rate and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become In the fourth fiscal quarter of 2004 Chattem again enjoyed excellent margins. Gross margin based on total revenues was a very strong 72.9%, owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix. Advertising and promotion (A&P) as a percentage of total revenues was 30.7%, while selling, general and administrative expense (S,G&A) as a percentage of total revenue was 18.7%. S,G&A was negatively impacted in the quarter by higher than expected charges for accounting and administrative services related to Sarbanes-Oxley compliance. For the 2004 fiscal year, gross margin was 71.7%, A&P was 29.0% and S,G&A was 17.1%, all as a percentage of total revenues. The Company's effective tax rate for the fiscal fourth quarter and 2004 fiscal year was 33%. 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.
Net debt (long term debt minus cash) at 2004 fiscal year end was $159.8 million compared to $185.5 million at the end of fiscal 2003. The Company's leverage ratio (long term debt divided by EBITDA) was 2.81x while its interest coverage ratio (EBITDA divided by interest expense) was 4.7x. These key credit statistics demonstrate Chattem's continuing fiscal discipline and its use of its strong free cash flow for debt reduction, among other uses. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). for the fourth fiscal quarter were 48 compared to 44 in the comparable year-ago quarter, largely due to an increase in longer dated international receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Inventories measured as days on hand were 119 compared to 105 a year ago, reflecting the building of inventories to support the launch of new products in the Company's first fiscal quarter of 2005, as opposed to fiscal 2004 when most of the new product launches occurred in the second fiscal quarter. Dexatrim Litigation As has been previously disclosed, the federal judge presiding pre·side intr.v. pre·sid·ed, pre·sid·ing, pre·sides 1. To hold the position of authority; act as chairperson or president. 2. To possess or exercise authority or control. 3. over the PPA PPA 1. Palpation, Percussion & Ausculation 2. Pittsburgh pneumonia agent 3. Postpartum amenorrhea 4. Price per accession 5. Pure pulmonary atresia litigation has entered a final order and judgment certifying the class and granting approval of the settlement previously reached in this litigation. Based on the estimated litigation settlement costs relating to its Dexatrim products, Chattem recorded a litigation settlement charge of $11.3 million pre-tax ($7.6 million and $.37 per share, respectively, net of taxes), during its fourth fiscal quarter. For fiscal 2004, Chattem recorded total litigation settlement charges of $15.8 million pre-tax ($10.6 million and $.52 per share, respectively, net of taxes). The Company does not expect to have 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. any additional charges relative to the settlement of the PPA litigation. Chattem and Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Fire & Casualty Company ("Interstate") have executed a term sheet of settlement (the "Term Sheet") with regard to Interstate's lawsuit lawsuit: see procedure; tort. to rescind To declare a contract void—of no legal force or binding effect—from its inception and thereby restore the parties to the positions they would have occupied had no contract ever been made. rescind v. its $25 million of excess coverage for product liability claims relating to Dexatrim products containing PPA. 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 Term Sheet, Interstate will provide coverage of Dexatrim with PPA claims that are covered by its policy after $78.5 million has been paid toward covered claims. Once this $78.5 million threshold is met, Interstate will pay 100% of the next $4 million of claims covered by its policy; 75% of the next $8.5 million of such claims; and 50% of the last $12.5 million of such claims. Impairment of Indefinite-Lived 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. Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" ("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 142"), adopted by the Company in the first quarter of fiscal 2002, requires intangible assets with an indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those life being carried on the books in excess of fair market value to be written down to fair market value. To comply with SFAS 142, Chattem recorded a one-time, non-cash write-down of $20.0 million pre-tax ($13.4 million and $.65 per share, respectively, net of tax), in its income statement during its fourth fiscal quarter of 2004, relative to the book value of its Dexatrim brand. This charge does not affect the Company's operations, and was supported by an independent appraisal. The Company believes that its fair value of its portfolio of intangible assets with indefinite lives are significantly greater than their book value, although SFAS 142 does not permit the Company to write-up above book value any intangible asset with an indefinite life where the fair market value exceeds book value. By way of example, the book value of Icy Hot at the end of the 2004 fiscal year was $3.5 million, while the brand produced domestic net sales of $44.6 million during fiscal 2004, and has an estimated fair market value in excess of $100 million. Stock Repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. The Company did not repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. any of its shares during the fourth fiscal quarter. For fiscal 2004, a total of 190,700 shares were repurchased at an average cost of $26.40 per share. A total of $15 million remained available under the Company's previously announced $20 million board stock repurchase authorization The right or permission to use a system resource; the process of granting access. See access control. at the end of the 2004 fiscal year. 2005 Outlook Regarding fiscal 2005, the Company currently estimates total revenues will be in a range of $268 - 276 million and earnings per share in a range of $1.86-1.95. All estimates are prior to any unusual, one-time items or cumulative effects of adopting a change in accounting principle which might be recorded during the year. On a quarterly basis, Chattem currently estimates the following ranges of performance:
($ in million, except per share data)
Q1 Q2 Q3 Q4 FY '05
----------------------------------------------------------------------
Total Revenues $66-68 $72-74 $68-70 $62-64 $268-276
----------------------------------------------------------------------
EPS $.40-.42 $.55-.57 $.52-.54 $.38-.40 $1.86-1.95
----------------------------------------------------------------------
Full fiscal year results may not equal the sum of quarterly projections due to rounding and, in the case of EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. , variations in share count. These estimates constitute forward looking statements, and are subject to a number of risks, uncertainties and assumptions, including those described below and in the Company's filings with the Securities and Exchange Commission. The Company expects the growth in total revenues to be driven by the previously announced newly launched items, including the Aspercreme Odor-Free Therapy Back and Body Patch; Gold Bond Ultimate(TM) Comfort Body Powder Body powder is the generic name for alternatives to talcum powder. It is usually made from a combination of tapioca flour, rice flour, cornstarch, kaolin, arrowroot powder, and/or orrisroot powder, but other powders may be used. ; Dexatrim Max(TM); pHisoderm pH20(TM); and BullFrog UV Defender(TM). Chattem will also enjoy a full year of sales from items launched mid-year 2004, including the Icy Hot Medicated medicated /med·i·cat·ed/ (med´i-kat?id) imbued with a medicinal substance. medicated contains a medicinal substance. Sleeve In addition, Chattem expects to announce the launch of a new item for Selsun Blue, scheduled to ship in the third quarter of fiscal 2005. For fiscal 2005, Chattem expects gross margins based on total revenues to be in a range of 70-72%, A&P as a percentage of total revenues in a range of 28-29%, SG&A as a percentage of total revenues in a range of 16-17% and a tax rate of 33%. Quarterly results may vary more widely than the indicated ranges due to seasonality and other factors, including those related to all 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. . The Company's estimated 2005 results anticipate no acquisitions, debt repayments or share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , nor any additional new product introductions made during the fiscal year and are subject to change in the event any such action is taken. The Company also reiterated a previous announcement that certain of its executive officers may from time to time during 2005 exercise currently held stock options and sell shares related to these options. The exercise of options and sale of shares will occur during applicable trading windows imposed under the Company's trading policy following the public release of financial information for the most recently available period, or pursuant to Rule 10b5-1 plans. The Company's executives have expressed this intention in order to gradually diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. their financial holdings and address personal financial needs. These executives intend to retain significant equity interest in the Company so long as they remain employees. Forward-Looking Statements Statements in this press release which are not historical facts, including, without limitation, financial guidance for fiscal 2005, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those expressed or projected. Webcast Chattem will provide an online Web simulcast and rebroadcast of its fourth fiscal quarter 2004 conference call. The live broadcast of the call will be available online at www.chattem.com and www.streetevents.com on Friday, January 21, 2005 beginning at 8:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The online replay will follow shortly after the call and be available through January 25, 2005. Please note Webcast requires Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. . (1) As used hereinafter here·in·af·ter adv. In a following part of this document, statement, or book. hereinafter Adverb Formal or law from this point on in this document, matter, or case Adv. 1. , EBITDA excludes litigation settlement and impairment charges. A reconciliation of EBITDA to net income for the fourth fiscal quarter and the 2004 fiscal year is provided in Chattem's consolidated statements of income attached hereto.
CHATTEM, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
For the Three Months For the Twelve Months
Ended November 30, Ended November 30,
----------------------- ---------------------
2004 2003 2004 2003
----------- ----------- ----------- ---------
REVENUES:
Net sales $60,625 $52,161 $257,534 $232,527
Royalties 66 348 621 1,222
----------- ----------- ----------- ---------
Total revenues 60,691 52,509 258,155 233,749
COSTS AND EXPENSES:
Cost of sales 16,460 14,987 73,103 66,386
Advertising and
promotion 18,651 16,613 74,929 70,622
Selling, general and
administrative 11,338 10,358 44,169 40,803
Impairment of
indefinite-lived
intangible assets 20,000 - 20,000 -
Litigation settlement 11,345 - 15,836 -
----------- ----------- ----------- ---------
Total costs and
expenses 77,794 41,958 228,037 177,811
----------- ----------- ----------- ---------
INCOME (LOSS) FROM
OPERATIONS (17,103) 10,551 30,118 55,938
----------- ----------- ----------- ---------
OTHER INCOME (EXPENSE):
Interest expense (3,371) (5,000) (15,049) (20,431)
Investment and other
income, net 93 5 298 124
Loss on early
extinguishment of debt - - (12,958) -
----------- ----------- ----------- ---------
Total other income
(expense) (3,278) (4,995) (27,709) (20,307)
----------- ----------- ----------- ---------
INCOME (LOSS) BEFORE
INCOME TAXES (20,381) 5,556 2,409 35,631
PROVISION FOR (BENEFIT
FROM) INCOME TAXES (6,726) 1,132 795 12,260
----------- ----------- ----------- ---------
NET INCOME (LOSS) $(13,655) $4,424 $1,614 $23,371
=========== =========== =========== =========
DILUTED SHARES
OUTSTANDING 20,469 19,537 20,225 19,632
=========== =========== =========== =========
NET INCOME (LOSS) PER
COMMON SHARE (DILUTED) $(0.67) $0.23 $0.08 $1.19
=========== =========== =========== =========
----------------------------------------------------------------------
INCOME FROM OPERATIONS
(EXCLUDING IMPAIRMENT
AND LITIGATION
SETTLEMENT CHARGES):
Income (loss) from
operations $(17,103) $30,118
Impairment of indefinite-
lived intangible assets 20,000 20,000
Litigation settlement
charges 11,345 15,836
----------- -----------
Income from operations
(excluding impairment
and litigation
settlement charges) $14,242 $65,954
=========== ===========
----------------------------------------------------------------------
NET INCOME(LOSS)
(EXCLUDING DEBT
EXTINGUISHMENT,
IMPAIRMENT AND
LITIGATION SETTLEMENT
CHARGES) PER COMMON
SHARE (DILUTED):
Net income (loss) $(13,655) $1,614
Add:
Loss on early
extinguishment of debt - 12,958
Impairment of
indefinite-lived
intangible assets 20,000 20,000
Litigation settlement
charges 11,345 15,836
Benefit from income
taxes (10,344) (16,102)
----------- -----------
Net income (excluding
debt extinguishment,
impairment and
litigation settlement
charges) $7,346 $34,306
=========== ===========
Net income (excluding
debt extinguishment,
impairment and
litigation settlement
charges) per common
share (diluted) $0.36 $1.70
=========== ===========
----------------------------------------------------------------------
EBITDA RECONCILIATION
(EXCLUDING IMPAIRMENT
AND LITIGATION
SETTLEMENT CHARGES):
Net income (loss) $(13,655) $4,424 $1,614 $23,371
Add:
Provision for (benefit
from) income taxes (6,726) 1,132 795 12,260
Interest expense, net
(includes loss on
early extinguishment
of debt) 3,278 4,995 27,709 20,307
Depreciation and
amortization less
amounts included in
interest 1,335 1,664 5,293 4,969
----------- ----------- ----------- ---------
EBITDA $(15,768) $12,215 $35,411 $60,907
----------- ----------- ----------- ---------
Impairment of
indefinite-lived
intangible assets 20,000 - 20,000 -
Litigation settlement
charges 11,345 - 15,836 -
----------- ----------- ----------- ---------
EBITDA (excluding
impairment and
litigation settlement
charges) $15,577 $12,215 $71,247 $60,907
----------- ----------- ----------- ---------
Depreciation &
amortization $1,523 $2,019 $6,131 $6,584
Capital expenditures $1,476 $1,594 $3,239 $5,527
----------------------------------------------------------------------
MARGIN DATA:
EBITDA margin (EBITDA
(excluding impairment
and litigation
settlement charges)/
total revenues) 25.7% 23.3% 27.6% 26.1%
Net income margin (net
income/total revenues) -22.5% 8.4% 0.6% 10.0%
Net income (excluding
debt extinguishment,
impairment and
litigation settlement
charges) margin (net
income (excluding debt
extinguishment,
impairment and debt
extinguishment and
litigation settlement
charges)/total revenues) 12.1% - 13.3% -
----------------------------------------------------------------------
November November
30, 2004 30, 2003
----------- -----------
BALANCE SHEET DATA:
Cash and cash
equivalents $40,193 $26,931
Accounts receivable, net $32,098 $25,478
Inventories $21,690 $17,559
Accounts payable $13,341 $10,924
Senior bank debt $- $7,750
Subordinated debt 200,000 204,676
----------- -----------
Total debt $200,000 $212,426
=========== ===========
Shareholders' equity $107,112 $95,866
Total assets $371,724 $363,385
----------------------------------------------------------------------
Statements in this press release which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those expressed or projected. |
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