D&K Healthcare Resources Reports Fourth-Quarter and Full-Year Fiscal 2003 Results.Business Editors ST. LOUIS--(BUSINESS WIRE)--Aug. 7, 2003 D&K Healthcare Resources, Inc. (Nasdaq: DKHR) -- Company reports 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 of $0.29 for the fourth quarter -- Initiates earnings guidance for fiscal 2004; 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. earnings per share of $1.10 to $1.20 D&K Healthcare Resources, Inc. (Nasdaq: DKHR) today reported diluted earnings per share (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. ) of $0.29 on net income of $4.2 million for the fourth quarter fiscal 2003 ended June June: see month. 30, 2003. The results compare with year-ago fourth quarter diluted EPS of $0.37 on net income of $5.5 million. For the full fiscal year 2003, diluted EPS were $0.65 on net income of $9.7 million compared with net income of $21.1 million, or diluted EPS of $1.42 in fiscal 2002. Results for fiscal 2003 were reduced by one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges for an accounting change related to the adoption of 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 No. 142 and the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the company's accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program. These one-time charges reduced EPS by $0.38 and net income by $5.4 million. Excluding these one-time charges diluted EPS were $1.03 on net income of $15.1 million in fiscal 2003. Fiscal 2003 fourth quarter sales decreased 16.9% to $530.0 million and full-year sales declined 9.4% to $2,223.4 million compared with the year ago periods. These declines were largely anticipated, primarily due to fewer attractively priced purchase opportunities in the national accounts trade class, particularly from one supplier that accounted for 2002 fourth quarter and full year sales of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $116 million and $554 million, respectively. Excluding sales related to attractively priced purchase opportunities from this supplier, year-over-year sales grew 1.6% in the fiscal 2003 fourth quarter and 12.7% for the year. "We finished a difficult year by establishing a broader business base for our national accounts division, increasing both the number of suppliers and the number of products we carry by more than 30%. We also solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as a strong regional distributor to independent and regional pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major in our markets," said J. Hord Armstrong, III, chairman and chief executive officer of D&K Healthcare Resources. "We remain very focused on our efforts to broaden and 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. the composition of sales in the national accounts trade class and expect to report further progress in fiscal 2004. We are pleased with the growth we achieved this year in the independent and regional pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. trade class, particularly in light of the challenging industry and economic conditions. We look forward to reestablishing our growth momentum to further drive shareholder value." Fourth-Quarter and Full-Year Performance Review D&K Healthcare 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 declined 16.9% to $530.0 million compared to $637.7 million in the year ago fourth quarter. The lower sales reflect the anticipated decline in the national accounts trade class, partially offset by higher sales in the independent and regional pharmacies and healthcare providers trade classes, and Pharmaceutical Buyers, Inc. (PBI PBI protein-bound iodine. PBI abbr. protein-bound iodine PBI, n See iodine, protein-bound. PBI protein-bound iodine. ) and software services lines of business. A summary of net sales for fourth-quarter and full-year fiscal 2003 follows.
Net Sales Summary
----------------------------------------------------------------------
% %
(In thousands) Change Full- Change
vs. Q4 Year vs.
Q4 F03 F02 F03 F02
----------------------------------------------------------------------
Independent and Regional Pharmacies $296,227 +4.9% $1,156,460 +6.2%
National Accounts 203,345 -38.7 929,582 -25.4
-- Without F02 sales from single
supplier (1) -- -5.7 -- +22.2
Healthcare Providers 27,410 +27.5 126,333 +17.5
PBI, Inc. 2,086 +31.0 7,768 +3.0
Software Services/Other 892 +29.5 3,245 +19.7
Total $529,960 -16.9 $2,223,388 -9.4
-- Without F02/F03 sales from single
supplier (1) -- +1.6 -- +12.7
----------------------------------------------------------------------
(1) Excludes sales related to attractively priced purchase
opportunities from a single supplier in Q4 F02 of approximately
$116,000, for the full-year F02 of approximately $554,000, and for
the full-year F03 of approximately $83,000.
----------------------------------------------------------------------
Independent and Regional Pharmacies Net sales in the independent and regional pharmacies trade class increased 4.9% to $296.2 million, compared with $282.4 million in the year ago period. The rate of sales growth in the fourth quarter was lower than the prior year's fourth quarter; however, the fourth-quarter growth rate showed sequential One after the other in some consecutive order such as by name or number. quarterly improvement. The moderation in year-over-year sales growth reflects slowing growth in the healthcare sector and the difficult comparison to year-ago sales, which benefited from acquisition and industry consolidation activities. National Accounts Net sales in the national accounts trade class declined 38.7% to $203.3 million compared with $331.5 million a year ago. Sales trends in this trade class continue to reflect fewer attractively priced purchase opportunities, particularly from one supplier that contributed significant sales in fiscal 2002. Lower fourth quarter sales also reflect the impact of fewer product price increases. Martin D. Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , commented, "Our efforts to broaden our national accounts trade class have been very successful this year, but fourth quarter sales were lower than we anticipated. The fourth quarter is historically a difficult period to predict planned purchases and sales in this class and such variability is not uncommon. We anticipate that our sales levels in this class of trade will return to seasonally typical levels in the near future." D&K's national accounts trade class serves as a secondary-source supplier of branded and generic Generic Describes the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. pharmaceuticals to national pharmacy chains, mass merchandisers, supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. chains and other national customers. Many factors, particularly the timing and amount of product price increases, the availability of product from pharmaceutical manufacturers, and customer demand, can influence revenues and earnings in this class of trade. In the fiscal 2003 fourth quarter, there were fewer product price increases enacted by pharmaceutical manufacturers resulting in lower activity in this trade class. During the fourth quarter, D&K Healthcare continued to broaden and diversify its national accounts class of trade by expanding the array of both branded and generic pharmaceuticals it offers and increasing the supplier and customer base. Company-wide Performance D&K Healthcare reported a fourth quarter 2003 gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of 4.04% compared with 4.10% in 2002. The decline in gross profit margin results primarily from lower sales and gross margin in the national accounts trade class due to fewer attractively priced purchasing opportunities. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased 11.9% in the quarter while operating expenses as a percent of sales increased due to lower sales in the national accounts trade class. Income from operations as a percent of sales in the quarter declined to 1.70% from 1.89% in last year's fourth quarter also due to lower sales in national accounts. Fourth quarter inventory levels declined compared with the prior quarter, reflecting typical seasonal trends and the lower level of activity in the national accounts trade class resulting primarily from fewer product price increases. Net interest expense remained steady at $2.5 million. The company benefited from a lower tax rate in the fourth quarter reflecting lower full-year effective tax rates. Through August 1, 2003, D&K Healthcare has repurchased 600,000 shares of its common stock at an average price of $9.78 per share under its one million-share 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. authorization The right or permission to use a system resource; the process of granting access. See access control. announced in September September: see month. 2002. Outlook D&K Healthcare management expects diluted EPS of $1.10 to $1.20 for fiscal year 2004. This outlook compares with the $1.03 per diluted EPS earned in fiscal 2003, excluding the cumulative effect of an accounting change related to the adoption of SFAS No.142 ($0.30 per diluted share) and one-time securitization termination costs ($0.08 per diluted share). Management expects fiscal 2004's earnings breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. by quarter to reflect historical seasonal trends. At this time, the company estimates first quarter earnings in fiscal 2004 to be in the range of $0.15 to $0.20 per diluted share on sales of $500 million to $525 million. This first-quarter 2004 outlook compares with diluted EPS of $0.19 in the first quarter of fiscal 2003. However, first quarter 2003 results include approximately $83 million in sales related to attractively priced purchase opportunities from one supplier in the national accounts trade class which are not likely to be available in the 2004 period. Other company expectations for fiscal 2004 include: -- Net sales in the range of $2.4 billion to $2.5 billion. -- Gross profit as a percent of sales in the range of 3.9% to 4.0%. -- Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before as a percent of sales in the range of 1.6% to 1.7%. Today's Conference Call Webcast Today, at 10:00 a.m. Eastern time, D&K Healthcare will host a live audio Webcast of its discussion with the investment community regarding the company's fiscal 2003 fourth-quarter and full-year results. The Webcast can be accessed at www.dkhealthcare.com. Following the live discussion, a replay of the Webcast will be archived for two weeks on the company's Web site. Company Description D&K Healthcare Resources, Inc., is a leading wholesale distributor of branded and generic pharmaceuticals and over-the-counter health and beauty aid products. Headquartered in St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , the company serves independent and regional pharmacy customers in 24 states primarily in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians , Upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. and South, as well as national pharmacy chains, from six distribution facilities located in Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. ,
Florida Florida, state, United StatesFlorida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. (2), Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces and South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). . In addition, D&K Healthcare offers a variety of value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. including inventory management, cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. , information technology systems and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. marketing programs. The company also owns a 70 percent equity interest in Pharmaceutical Buyers, Inc., a leading alternate-site group purchasing organization A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. based in Boulder Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , CO. More information about D&K Healthcare may be found on the company's corporate Web site at www.dkhealthcare.com. 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. This press release contains forward-looking statements within the meaning of 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. Such forward-looking statements are inherently subject to risks and uncertainties. The company's actual results could differ materially from those currently anticipated due to a number of factors, including without limitation, the competitive nature of the wholesale pharmaceutical distribution industry with many 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. having substantially greater resources than D&K Healthcare, the company's ability to maintain or improve its operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: with the industry's competitive pricing pressures, the company's customers and suppliers generally having the right to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. or reduce their purchases or shipments on relatively short notice, the availability of investment purchasing opportunities, the changing business and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment of the healthcare industry in which the company operates, including manufacturer's pricing or distribution policies or practices, changes in private and governmental reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. or in the delivery systems for healthcare products, changes in interest rates, and other factors set forth in reports and other documents filed by D&K Healthcare with the Securities and Exchange Commission from time to time. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. D&K Healthcare undertakes no obligation to publicly update or revise any forward-looking statements. (financial tables follow)
D&K HEALTHCARE RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
-------------------------------------------
(Unaudited)
% of % of
June 30, Net June 30, Net %
2003 Sales 2002 Sales Change
-------------------------------------------
Net sales $529,960 100.00% $637,718 100.00% -16.9%
Cost of sales 508,555 95.96% 611,587 95.90% -16.8%
----------- -----------
Gross profit 21,405 4.04% 26,131 4.10% -18.1%
Operating expenses 12,382 2.34% 14,051 2.20% -11.9%
----------- -----------
Income from operations 9,023 1.70% 12,080 1.89% -25.3%
Other income (expense):
Interest expense, net (2,482) -0.47% (2,480) -0.39% 0.1%
Other, net 19 0.00% 28 0.00% -32.1%
----------- -----------
Pretax earnings 6,560 1.24% 9,628 1.51% -31.9%
Income tax provision (2,200) -0.42% (3,973) -0.62% -44.6%
Minority interest (198) -0.04% (126) -0.02% 57.1%
----------- -----------
Income before cumulative
effect of accounting
change 4,162 0.79% 5,529 0.87% -24.7%
Cumulative effect of
accounting change, net - 0.00% - 0.00%
----------- -----------
Net income $4,162 0.79% $5,529 0.87% -24.7%
=========== ===========
Earnings per share - basic $0.30 $0.38
Earnings per share -
diluted $0.29 $0.37
Basic common shares
outstanding 13,962 14,496
Diluted common shares
outstanding 14,169 14,875
D&K HEALTHCARE RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Twelve Months Ended
-------------------------------------------
% of % of
June 30, Net June 30, Net %
2003 Sales 2002 Sales Change
------------------ ------------------------
Net sales $2,223,388 100.00% $2,453,748 100.00% -9.39%
Cost of sales 2,132,689 95.92% 2,350,917 95.81% -9.28%
----------- -----------
Gross profit 90,699 4.08% 102,831 4.19%-11.80%
Operating expenses 54,312 2.44% 56,492 2.30% -3.86%
----------- -----------
Income from operations 36,387 1.64% 46,339 1.89%-21.48%
Other income (expense):
Interest expense, net (10,660) -0.48% (9,719) -0.40% 9.68%
Securitization
termination costs (2,008) -0.09% - 0.00% 0.00%
Other, net (13) 0.00% (710) -0.03%-98.17%
----------- -----------
Pretax earnings 23,706 1.07% 35,910 1.46%-33.98%
Income tax provision (9,058) -0.41% (14,113) -0.58%-35.82%
Minority interest (713) -0.03% (738) -0.03% -3.39%
----------- -----------
Income before cumulative
effect of accounting
change 13,935 0.63% 21,059 0.86%-33.83%
Cumulative effect of
accounting change, net (4,249) -0.19% - 0.00%
----------- -----------
Net income $9,686 0.44% $21,059 0.86%-54.01%
=========== ===========
Earnings per share - basic
Net income before
cumulative effect of
accounting change $0.98 $1.48
Cumulative effect of
accounting change $(0.30) $ -
----------- -----------
Net income $0.68 $1.48
Earnings per share -
diluted
Net income before
cumulative effect of
accounting change $0.95 $1.42
Cumulative effect of
accounting change $(0.30) $ -
----------- -----------
Net income $0.65 $1.42
Basic common shares
outstanding 14,328 14,247
Diluted common shares
outstanding 14,513 14,678
D&K HEALTHCARE RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, June 30,
(in thousands) 2003 2002
--------- ---------
Assets
Cash $14,301 $11,754
Accounts receivable
122,982 31,217
Inventories 257,984 364,244
Other current assets 8,862 6,699
--------- ---------
Total current assets 404,129 413,914
Property and equipment, net 11,140 11,104
Other assets
11,511 5,024
Goodwill, net of accumulated
amortization 44,105 51,131
Other intangible assets, net of
accumulated amortization 1,810 1,965
--------- ---------
Total assets $472,695 $483,138
========= =========
Liabilities and Stockholders' Equity
Accounts payable $173,342 $215,777
Current portion long-term debt 1,677 2,270
Other current liabilities 13,471 13,231
--------- ---------
Total current liabilities 188,490 231,278
Long-term liabilities 3,703 2,757
Long-term debt
110,423 81,457
Deferred Income taxes - 249
Stockholders' equity 170,079 167,397
--------- ---------
Total liabilities and stockholders'
equity $472,695 $483,138
========= =========
D&K HEALTHCARE RESOURCES, INC.
EARNINGS PER SHARE RECONCILIATION
(In thousands, except per share data)
Three-Months ended Three-Months ended
June 30, 2003 June 30, 2002
-------------------------- -------------------------
Income Shares Per Income Shares Per
(Nume- (Denomi- Share (Nume- (Denomi- Share
rator) nator)(1) Amount rator) nator)(1) Amount
------- ---------- ------ ------- --------- -------
(Unaudited) (Unaudited)
Basic Earnings
per Share:
Net income
available to
common
stockholders $4,162 13,962 $0.30 $5,529 14,496 $0.38
Effect of Diluted
Securities:
Options and
warrants - 207 - 379
Convertible PBI
securities (53) - (24) -
------------------- -------------------
Diluted Earnings
per Share:
Net income
available to
common
stockholders
plus assumed
conversions $4,109 14,169 $0.29 $5,505 14,875 $0.37
=================== ===================
Twelve-Months ended Twelve-Months ended
June 30, 2003 June 30, 2002
-------------------------- -------------------------
Income Shares Per Income Shares Per
(Nume- (Denomi- Share (Nume- (Denomi- Share
rator) nator)(1) Amount rator) nator)(1) Amount
-------------------------- -------------------------
Basic Earnings
per Share:
Net income
available to
common
shareholders
before
cumulative
effect of
accounting
change $13,935 14,328 $0.98 $21,059 14,247 $1.48
Cumulative Effect
of Accounting
Change, net (4,249) - ($0.30) $0 - -
------------------------- --------------------------
9,686 14,328 $0.68 $1.48
Effect of Diluted
Securities:
Options and
warrants - 185 - 421
Convertible PBI
securities (182) - (169) 10
------------------ ------------------
Diluted Earnings
per Share:
Net income
available to
common
stockholders
plus assumed
conversions $9,504 14,513 $0.65 $20,890 14,678 $1.42
================== ==================
(1) Outstanding shares computed on a weighted average basis
D&K HEALTHCARE RESOURCES, INC.
Supplemental Information to the
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
-----------------------------------
June 30, June 30,
2003 2002
------------------ ---------------
Reconciliation of non-GAAP
financial measurement :
Income from operations $9,023 $12,080
Depreciation and amortization 592 1,208
Other income, net 19 28
------------------ ---------------
EBITDA $9,634 $13,316
================== ===============
Twelve Months Ended
-----------------------------------
June 30, June 30,
2003 2002
------------------ ---------------
Reconciliation of non-GAAP
financial measurement :
Income from operations $36,387 $46,339
Depreciation and amortization 2,492 4,453
Other income, net (13) (710)
------------------ ---------------
EBITDA $38,866 $50,082
================== ===============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion