D&B Reports 2008 Results; Announces 2009 Financial Guidance.SHORT HILLS, N.J. -- The Dun & Bradstreet Brad·street , Anne Dudley 1612-1672. English-born colonial poet who wrote several collections of verse, including The Tenth Muse Lately Sprung Up in America (1650). Corporation (NYSE NYSE See: New York Stock Exchange : DNB DNB Dictionary of National Biography DNB Drum N Bass (music) DNB De Nederlandsche Bank DNB Dun & Bradstreet (stock symbol) DNB Den Norske Bank DNB David Nelson Band ) * Fourth Quarter 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. 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. Before Non-Core Gains and Charges Up 14%; GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Diluted EPS Up 6% * Fourth Quarter Core and Total Revenue Up 4% Before the Effect of Foreign Exchange; Up 2% After the Effect of Foreign Exchange * Full Year Diluted EPS Before Non-Core Gains and Charges Up 16%; GAAP Diluted EPS Up 12% * Full Year Core and Total Revenue Up 7% Before the Effect of Foreign Exchange; Up 8% After the Effect of Foreign Exchange * Expects $90 Million to $105 Million of Financial Flexibility Savings in 2009 * Declares Increased Cash Dividend of $0.34 Per Share D&B (NYSE: DNB), the leading provider of global business information, tools and commercial insight, today reported results for the fourth quarter and year ended December December: see month. 31, 2008. The Company also announced its 2009 financial guidance; its expected financial flexibility savings for 2009; and an increase in its first quarter 2009 dividend. "2008 was a good year for us, despite the challenging environment," cited Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Alesio, D&B's Chairman 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. . "As we ended the year, however, the economic headwinds started to have a significant impact on our US marketing-related businesses, which is continuing into 2009, and is reflected in our guidance. We intend to leverage the strength of our team and our financially flexible business model to deliver a solid performance in this challenging year and exit 2009 in a stronger, more competitive position." Fourth Quarter 2008 Results 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 before non-core gains and charges for the quarter ended December 31, 2008, were $1.87, up 14 percent from $1.64 in the prior year similar period. On a GAAP basis, diluted earnings per share for the quarter ended December 31, 2008, were $1.85, up 6 percent from $1.74 in the prior year similar period. See attached Schedule 3 for a reconciliation of diluted earnings per share before non-core gains and charges to earnings per share on a GAAP basis, as well as the definitions of the non-GAAP financial measures that the Company uses to evaluate the business. Core and total revenue for the fourth quarter of 2008 was $474.7 million, up 4 percent from the prior year similar period before the effect of foreign exchange (up 2 percent after the effect of foreign exchange). Core and total revenue results for the fourth quarter of 2008 reflect the following by solution set: * Risk Management Solutions revenue of $282.6 million, up 7 percent before the effect of foreign exchange (up 4 percent after the effect of foreign exchange); * Sales & Marketing Solutions revenue of $160.0 million, down 1 percent before the effect of foreign exchange (down 3 percent after the effect of foreign exchange); and * 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 Solutions revenue of $32.1 million, up 10 percent before the effect of foreign exchange (up 9 percent after the effect of foreign exchange) See attached Schedules 4, 5 and 6 for additional detail. 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. before non-core gains and charges for the fourth quarter of 2008 was $174.8 million, up 9 percent from the prior year similar period. On a GAAP basis, operating income was $172.2 million, up 11 percent from the prior year similar period. During the fourth quarter of 2008, the Company also incurred transition costs of $2.2 million compared with $3.9 million incurred in the prior year similar period. Net income before non-core gains and charges for the fourth quarter of 2008 was $101.1 million, up 5 percent from the prior year similar period. On a GAAP basis, net income for the quarter was $100.1 million, down 2 percent from the prior year similar period, primarily due to a non-core gain associated with the Company's Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and joint venture in the fourth quarter of 2007. See attached Schedule 3 for additional detail. 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. during the fourth quarter of 2008 under the Company's discretionary 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. program totaled $52 million. The Company ended the year with $164.2 million of cash and cash equivalents. Fourth Quarter 2008 Segment Results 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. Core and total revenue for the fourth quarter of 2008 was $369.6 million, up 2 percent from the prior year similar period. U.S. core and total revenue results for the fourth quarter of 2008 reflect the following: * Risk Management Solutions revenue of $202.4 million, up 4 percent; * Sales & Marketing Solutions revenue of $136.7 million, down 2 percent; and * Internet Solutions revenue of $30.5 million, up 11 percent. Operating income for the fourth quarter of 2008 was $163.2 million, up 3 percent from the prior year similar period. The increase was primarily due to revenue growth in the U.S. segment, partially offset by costs associated with investments to enhance the Company's strategic capabilities. International Core and total revenue for the fourth quarter of 2008 was $105.1 million, up 12 percent from the prior year similar period before the effect of foreign exchange (up 3 percent after the effect of foreign exchange). International core and total revenue results for the fourth quarter of 2008 reflect the following: * Risk Management Solutions revenue of $80.2 million, up 15 percent before the effect of foreign exchange (up 5 percent after the effect of foreign exchange); * Sales & Marketing Solutions revenue of $23.3 million, up 5 percent before the effect of foreign exchange (down 4 percent after the effect of foreign exchange); and * Internet Solutions revenue of $1.6 million, down 2 percent before the effect of foreign exchange (down 16 percent after the effect of foreign exchange). See attached Schedules 4, 5 and 6 for additional detail. Operating income for the fourth quarter of 2008 was $29.8 million, up 27 percent from the prior year similar period. The increase was primarily due to revenue growth in the International segment and the timing of investments in the prior year similar period, partially offset by the net impact of foreign exchange. Full Year 2008 Results Diluted earnings per share before non-core gains and charges for 2008 were $5.27, up 16 percent from $4.55 in the prior year similar period. On a GAAP basis, diluted earnings per share for 2008 were $5.60, up 12 percent from $4.99 in the prior year similar period. See attached Schedule 3 for a reconciliation of diluted earnings per share before non-core gains and charges to earnings per share on a GAAP basis, as well as the definitions of the non-GAAP financial measures that the Company uses to evaluate the business. Core and total revenue for 2008 was $1,726.3 million, up 7 percent from the prior year similar period before the effect of foreign exchange (up 8 percent after the effect of foreign exchange). Core and total revenue results for the full year 2008 reflect the following by solution set: * Risk Management Solutions revenue of $1,111.0 million, up 7 percent before the effect of foreign exchange (up 8 percent after the effect of foreign exchange); * Sales & Marketing Solutions revenue of $490.4 million, up 6 percent before the effect of foreign exchange (up 7 percent after the effect of foreign exchange); and * Internet Solutions revenue of $124.9 million, up 16 percent both before and after the effect of foreign exchange. See attached Schedules 4, 5 and 6 for additional detail. Operating income before non-core gains and charges for 2008 was $501.1 million, up 11 percent from the prior year similar period. On a GAAP basis, operating income for 2008 was $469.7 million, up 10 percent from the prior year similar period. During 2008, the Company also incurred transition costs of $12.4 million compared with $13.0 million incurred in the prior year similar period. Net income before non-core gains and charges for 2008 was $292.5 million, up 8 percent from the prior year similar period. On a GAAP basis, net income for 2008 was $310.6 million, up 4 percent from the prior year similar period, primarily reflecting a non-core gain associated with the Company's Japanese joint venture in 2007. See attached Schedule 3 for additional detail. Free cash flow for 2008, excluding the impact of legacy tax matters, was $351.9 million, up 16 percent from the prior year similar period. The Company defines free cash flow as net cash provided by operating activities less capital expenditures and additions to computer software and other intangibles. Net cash provided by operating activities for 2008, excluding the impact of legacy tax matters, was $411.4 million, up 9 percent from the prior year similar period. On a GAAP basis, net cash provided by operating activities for 2008 was $433.9 million, compared to $384.6 million in the prior year similar period. See attached Schedule 4 for additional detail. Share repurchases during 2008 under the Company's discretionary repurchase program totaled $300 million, while repurchases made to offset the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of shares issued under employee benefit plans totaled an additional $82 million. Full Year 2008 Segment Results United States Core and total revenue for 2008 was $1,321.1 million, up 6 percent from the prior year similar period. U.S. core and total revenue results for full year 2008 reflect the following: * Risk Management Solutions revenue of $792.4 million, up 5 percent; * Sales & Marketing Solutions revenue of $410.7 million, up 5 percent; and * Internet Solutions revenue of $118.0 million, up 18 percent. Operating income for 2008 was $496.5 million, up 7 percent from the prior year similar period. The increase was primarily due to revenue growth in the U.S. segment, partially offset by costs associated with investments to enhance the Company's strategic capabilities. International Core and total revenue for 2008 was $405.2 million, up 12 percent before the effect of foreign exchange (up 16 percent after the effect of foreign exchange) from the prior year similar period. International core and total revenue results for full year 2008 reflect the following: * Risk Management Solutions revenue of $318.6 million, up 13 percent before the effect of foreign exchange (up 16 percent after the effect of foreign exchange); * Sales & Marketing Solutions revenue of $79.7 million, up 12 percent before the effect of foreign exchange (up 14 percent after the effect of foreign exchange); and * Internet Solutions revenue of $6.9 million, down 1 percent before the effect of foreign exchange (down 3 percent after the effect of foreign exchange). See attached Schedules 4, 5 and 6 for additional detail. Operating income before non-core gains and charges for 2008 was $87.7 million, up 26 percent from the prior year similar period. The increase was primarily due to revenue growth in the International segment, lower costs as a result of our reengineering Using information technology to improve performance and cut costs. Its main premise, as popularized by the book "Reengineering the Corporation" by Michael Hammer and James Champy, is to examine the goals of an organization and to redesign work and business processes from the ground up efforts and the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of foreign exchange. On a GAAP basis, operating income for the year was $87.7 million, up 27 percent from the prior year similar period. Non-Core Gains and Charges During the fourth quarter of 2008 and 2007, the Company recorded: * A net pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , non-core charge of $1.7 million in the fourth quarter of 2008 and a net pre-tax, non-core gain of $9.3 million in the fourth quarter of 2007; * A net 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. , non-core charge of $1.0 million in the fourth quarter of 2008 and a net after-tax, non-core gain of $2.3 million in the fourth quarter of 2007. For the years ending 2008 and 2007, the Company recorded: * Net pre-tax, non-core charges of $29.2 million in 2008 and $4.4 million in 2007; * Net after-tax, non-core gains of $17.0 million in 2008 and $20.8 million in 2007. See attached Schedule 3 for additional explanations and details of these charges. D&B's 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. may be viewed as recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. as they are part of its Financial Flexibility initiatives. In addition to reporting GAAP results, the Company reports results before restructuring charges and other non-core gains and charges because they do not reflect the Company's underlying business performance and they may have a disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por positive or negative impact on the results of 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 . For additional information, see the section
titled "Use of Non-GAAP Financial Measures" below.
Full Year 2009 Guidance D&B today provided the following financial guidance for the full year 2009: * Core revenue growth of 2 percent to 5 percent, before the effect of foreign exchange; * Operating income growth of 5 percent to 8 percent, before non-core gains and charges; * Diluted EPS growth of 9 percent to 12 percent, before non-core gains and charges; and * Free cash flow of $360 million to $375 million, excluding the impact of legacy tax matters. D&B does not provide guidance on a GAAP basis because D&B is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of non-core gains and charges, such as restructuring charges and legacy tax matters, which are a component of the most comparable financial measures calculated 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. Non-core gains and charges are uncertain and will depend on several factors, including industry conditions, and could be material to D&B's results computed in accordance with GAAP. 2009 Financial Flexibility D&B continues to create financial flexibility through several reengineering initiatives aimed at complexity reduction, including the following: * Continuing to improve the Company's organizational design and the efficiency of how D&B is organized; * Reducing product complexity and eliminating and consolidating systems and technology infrastructure; * Simplifying and automating data collection processes; and * Centralizing cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. management of key cost drivers, consolidating vendors and contract negotiation. D&B expects its ongoing reengineering initiatives to create $90 million to $105 million of financial flexibility in 2009, before any transition costs and restructuring charges and before any reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation of savings generated by the initiatives. The Company expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. transition costs of approximately $17 million to $22 million and pre-tax restructuring charges totaling $22 million to $30 million associated with its ongoing reengineering efforts. Cash Dividend Increased D&B today announced that its Board of Directors has declared an increased quarterly cash dividend of $0.34 per share, up from D&B's prior dividend payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. of $0.30 per share. This quarterly cash dividend is payable on March 20, 2009, to shareholders of record at the close of business on March 6, 2009. This increase in D&B's quarterly cash dividend is a reflection of the Company's confidence in its ability to generate continued strong free cash flow growth in 2009. Use of Non-GAAP Financial Measures D&B reports non-GAAP financial measures in this press release and the schedules attached. See "Item 7. Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - How We Manage Our Business" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending December 31, 2007, filed February February: see month. 25, 2008 with the SEC, for a discussion of how the Company defines these measures, why it uses them and why it believes they provide useful information to investors. Additionally, these measures are defined in Schedule 3 attached to this press release. Fourth Quarter and Full Year 2008 Teleconference As previously announced, D&B will review its fourth quarter and full year 2008 financial results in a conference call with the investment community on Thursday Thursday: see week. , January 29, 2009, at 10 a.m. ET. Live audio, as well as a replay of the conference call and other related information, will be accessible on D&B's Investor Relations Investor relations The process by which the corporation communicates with its investors. Web site at http://investor.dnb.com. About Dun & Bradstreet([R] )(D&B) Dun & Bradstreet (NYSE:DNB) is the world's leading source of commercial information and insight on businesses, enabling companies to Decide with Confidence([R])for 167 years. D&B's global commercial database contains more than 140 million business records. The database is enhanced by D&B's proprietary DUNSRight([R]) Quality Process, which provides our customers with quality business information. This quality information is the foundation of our global solutions that customers rely on to make critical business decisions. D&B provides solution sets that meet a diverse set of customer needs globally. Customers use D&B Risk Management Solutions(TM) to mitigate mit·i·gate v. To moderate in force or intensity. mit i·ga tion n. credit and supplier risk, increase cash flow and drive
increased profitability; D&B Sales & Marketing Solutions(TM) to
increase revenue from new and existing customers; and D&B Internet
Solutions(TM)to convert prospects into clients faster by enabling
business professionals to research companies, executives and industries.
For more information, please visit www.dnb.com.
Forward-Looking and Cautionary Statements This press release, including, in particular, the section titled "Full Year 2009 Guidance," contains projections of future results and other 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 involve a number of trends, risks and uncertainties, and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions 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. The following important factors could cause actual results to differ materially from those projected in such forward-looking statements. * D&B relies significantly on third parties to support critical components of its business model in a continuous and high-quality manner, including third-party data providers, strategic third party members in its Worldwide Network, and third parties with which it has outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. arrangements. * Demand for D&B's products is subject to intense competition, changes in customer preferences and economic conditions which impact customer behavior. * D&B's solutions and brand image are dependent upon the integrity and security of its global database and the continued availability thereof through the Internet and by other means, as well as our ability to protect key assets, such as our data centers. * D&B's ability to maintain the integrity of its brand and reputation, which it believes are key assets and competitive advantages. * D&B's ability to renew large contracts, the related revenue recognition and the timing thereof may impact its results of operations from period to period. * As a result of the credit market crisis and other macro-economic challenges currently affecting the global economy, our customers or vendors may experience cash flow problems. This may cause our customers to delay, cancel or significantly decrease their purchases from us and impact their ability to pay amounts owed to us. In addition, our vendors may substantially increase their prices without notice. Such behavior may adversely affect our earnings and cash flow. In addition, if economic conditions in the United States and other key markets deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. further or do not show improvement, we may experience material adverse impacts to our business and operating results. * D&B's results are subject to the effects of foreign economies, exchange rate fluctuations, legislative or regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. , such as the adoption of new or changes in accounting policies and practices, including pronouncements by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). or other standard-setting bodies, and the implementation or modification of fees or taxes that we must pay to acquire, use, and/or redistribute re·dis·trib·ute tr.v. re·dis·trib·ut·ed, re·dis·trib·ut·ing, re·dis·trib·utes To distribute again in a different way; reallocate. data. * D&B's ability to introduce new solutions or services in a seamless way and without disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. to existing solutions such as DNBi. * D&B's ability to acquire and successfully integrate other complementary businesses, products and technologies into its existing business, without significant disruption to its existing business or to its financial results. * The continued adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence by third party members of our D&B Worldwide Network to our quality standards, our brand and communication standards and to the terms and conditions of our commercial services arrangements. * D&B's future success requires that it attract and retain qualified personnel, including members of its sales force, in regions throughout the world. * The profitability of D&B's International segment depends on its ability to identify and execute on various initiatives, such as the implementation of subscription plan pricing and successfully managing its D&B Worldwide Network, and its ability to identify and contend with various challenges present in foreign markets, such as local competition and the availability of public records at no cost. * D&B's ability to successfully implement its growth strategy requires that it successfully reduce its expense base through its Financial Flexibility initiatives, and reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of certain of the expense-base reductions into initiatives that produce desired revenue growth. * D&B is involved in various tax matters and 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. , the outcomes of which are unknown and uncertain with respect to the impact on D&B's cash flow and profitability. See the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and notes to the financial statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. included therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. , for a more detailed description of these matters. * D&B's ability to repurchase shares is subject to market conditions, including trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. in its stock, and its ability to repurchase shares in accordance with applicable securities laws. * D&B's projection for free cash flow is dependent upon its ability to generate revenue, its collection processes, customer payment patterns, the timing and volume of stock option exercises and the amount and timing of payments related to the tax and other matters and legal proceedings in which it is involved, as referenced above and as more fully described in the Company's filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and notes to the financial statements included therewith. For a more detailed discussion of the trends, risks and uncertainties that may affect D&B's operating and financial results and its ability to achieve the financial objectives discussed in this press release, readers should review the Company's most recent filings with the SEC, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are available on its Web site at www.dnb.com and on the SEC's web site at www.sec.gov. D&B cautions that the foregoing list of important factors is not complete and except as otherwise required by federal securities laws does not undertake any obligation to update any forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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