Protective Announces First Quarter 2006 Earnings.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- Protective Life Corporation (NYSE NYSE See: New York Stock Exchange : PL) today reported results for the first quarter of 2006. Highlights include: --Net income increased 20.2% to a record $1.01 per 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. share, compared to $0.84 per share in the first quarter of 2005. Included in the current quarter's net income were net realized investment gains of $0.11 per share, compared to net realized investment losses of $0.04 per share one year ago. --Operating income for the first quarter was $0.90 per diluted share, compared to $0.88 per share in the first quarter of 2005. 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. differs from the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure, net income, in that it excludes realized investment gains (losses) and related amortization. The tables below reconcile operating income to net income for the Company and its business segments. --Life Insurance sales were $70.2 million, an increase of 2.7% over the prior year's quarter. Life Insurance pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating income, which includes operating income from the Life Marketing and Acquisitions segments, was $60.7 million in the first quarter of 2006 compared to $60.2 million in the first quarter of 2005. --Pretax operating income in the Annuities segment increased 16.7% to $4.7 million in the current quarter. Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. sales were $165.8 million, an increase of 21.4% over the prior year's quarter. --The Stable Value Products segment reported pretax operating income of $12.3 million in the first quarter of 2006 compared to $14.4 million in the same period last year. --The Asset Protection segment reported pretax operating income of $8.7 million, an increase of 41.6% over the prior year's quarter. --Participating mortgage income increased to $11.1 million from $6.2 million in the first quarter of 2005. --As of March 31, 2006, share-owners' equity per share, excluding accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as , was $30.61 compared with $27.66 a year ago. Share-owners' equity per share, including accumulated other comprehensive income, was $30.11 compared with $ 30.52 a year ago. --Operating income return on average equity for the twelve months ended March 31, 2006 was 13.1%. --Net income return on average equity for the twelve months ended March 31, 2006 was 12.8%. --At March 31, 2006, below investment grade securities were less than six percent of invested assets, and problem mortgage loans and foreclosed properties remained less than one percent of the commercial mortgage loan portfolio. John D. Johns, Protective's Chairman, President and Chief Executive Officer commented: "We are pleased to report solid overall operating results for the first quarter. Underlying performance in our Life Marketing operation remained solid with increased sales and earnings over the prior year. Annuity sales continued to improve with strong growth in immediate annuities immediate annuity An annuity that is purchased with a lump sum and that begins making payments one period after the purchase. Immediate annuities are most commonly purchased by people who have accumulated a sum of money and are ready for retirement. during the quarter. The segment remains solidly profitable despite the continued volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. interest rate environment. We had another strong performance in our Asset Protection segment. Stable Value 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 were down as expected due to spread compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. . Earnings in our Acquisitions segment were in line with our expectations for the quarter, and we are increasingly optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the opportunities provided by the JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. acquisition. Our Acquisitions team is fully engaged and focused on the anticipated closing of the transaction and the initial integration of that business in the third quarter of this year. We believe the Company is well positioned to address a challenging environment for our industry, and our outlook is positive for the balance of the year." For information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc non-GAAP measures (operating income, share-owners' equity per share excluding other comprehensive income, operating return on average equity, and net income return on average equity) in this press release, please refer to the disclosure at the end of this press release. All per share results used throughout this press release are presented on a diluted basis, unless otherwise noted.
FIRST QUARTER CONSOLIDATED RESULTS
($ in thousands; net of income tax)
1Q2006 1Q2005
------------ -----------
Operating income $64,023 $63,064
Realized investment gains (losses) and
related amortization, net of certain
derivative gains (losses) 8,114 (2,981)
------------ -----------
Net Income $72,137 $60,083
============ ===========
($ per share; net of income tax)
1Q2006 1Q2005
------------ -----------
Operating income $0.90 $0.88
Realized investment gains (losses) and
related amortization
Investments --- 0.05
Derivatives 0.11 (0.09)
------------ -----------
Net Income $1.01 $0.84
============ ===========
BUSINESS SEGMENT OPERATING INCOME (LOSS) BEFORE INCOME TAX
The table below sets forth business segment operating income (loss)
before income tax for the periods shown:
OPERATING INCOME (LOSS) BEFORE INCOME TAX
($ in thousands)
1Q2006 1Q2005
-------------- ------------
LIFE MARKETING $40,781 $39,141
ACQUISITIONS 19,906 21,035
ANNUITIES 4,741 4,064
STABLE VALUE PRODUCTS 12,344 14,399
ASSET PROTECTION 8,738 6,172
CORPORATE AND OTHER 11,663 11,645
-------------- ------------
$98,173 $96,456
============== ============
In the Life Marketing, Acquisitions, and Asset Protection segments,
pretax operating income equals segment income before income tax for
all periods. In the Annuities, Stable Value Products, and Corporate
and Other segments, operating income excludes realized investment
gains (losses) and related amortization as set forth in the table
below.
($ in thousands) 1Q2006 1Q2005
------------- -----------
Operating income before
income tax $98,173 $96,456
Realized investment gains (losses)
Stable Value Contracts (4,854) 619
Annuities (90) 27,462
Corporate and Other 18,759 (6,571)
Less: periodic settlements on derivatives
Corporate and Other 1,331 3,684
Related amortization of deferred policy
acquisition costs
Annuities --- 22,412
------------- -----------
Income before income tax $110,657 $91,870
============= ===========
Income before income tax (which, unlike operating income before income tax, does not exclude realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. (losses) net of the related amortization of deferred policy acquisition costs ("DAC See D/A converter and discretionary access control. DAC - Digital to Analog Converter ") and participating income from real estate ventures) for the Annuities segment was $4.7 million for the first quarter of 2006 and $9.1 million in the first quarter of 2005. Income before income tax for the Stable Value segment was $7.5 million for the first quarter of 2006 compared to $15.0 million for the first quarter of 2005. Income before income tax for the Corporate and Other segment was $29.1 million for the first quarter of 2006 and $1.4 million for the first quarter of 2005. The sales statistics given in this press release are used by the Company to measure the relative progress of its marketing efforts. These statistics were derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the Company's various sales tracking and administrative systems and were not derived from the Company's financial reporting systems or financial statements. These statistics attempt to measure only one of many factors that may affect future business segment profitability, and therefore are not intended to be predictive of future profitability.
SALES
The table below sets forth business segment sales for the periods
shown:
($ in millions)
1Q2006 1Q2005
-------------- -----------
LIFE MARKETING $70.2 $68.4
ANNUITIES 165.8 136.6
STABLE VALUE PRODUCTS 87.0 405.9
ASSET PROTECTION 102.5 106.3
BUSINESS SEGMENT HIGHLIGHTS LIFE MARKETING: Pretax operating income for the Life Marketing segment was $40.8 million in the quarter, an increase of 4.2% over the prior year's quarter. The increase in the quarter was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase in investment income as a result of the growth in related life insurance reserves and growth in business-in-force due to strong sales in prior periods. Partially offsetting these items were unfavorable mortality in the quarter of $0.8 million, which was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.7 million less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than the first quarter of 2005 and approximately $2.1 million of unusual expenses in the quarter. Life insurance sales increased to $70.2 million for the quarter, from $68.4 million in the first quarter 2005. Term insurance sales in the current quarter were up 8.6% to $37.5 million. Universal life insurance sales in the first quarter of 2006 were $32.8 million compared to $33.9 million in the prior year's quarter. ACQUISITIONS: Pretax operating income was $19.9 million for the first quarter of 2006 compared to $21.0 million in the first quarter of 2005. The decrease in the quarter is primarily attributable to the run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → of the in-force block and lower investment income. Mortality was unfavorable by approximately $0.4 million, approximately $0.4 million less favorable than the same period last year. ANNUITIES: Pretax operating income in the Annuities segment increased to $4.7 million in the first quarter of 2006, from $4.1 million in the first quarter of 2005. The increase is primarily attributable to lower DAC amortization and higher fund revenues. Partially offsetting these items were unfavorable mortality in the quarter of $1.6 million, which was approximately $0.4 million less favorable than the first quarter of 2005 and higher expenses. Total annuity sales increased 21.4% to $165.8 million in the first quarter of 2006. Variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. sales were $73.7 million in the first quarter of 2006 compared to $77.0 million in the first quarter of 2005. Fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. sales were $92.1 million in the first quarter of 2006 compared to $59.6 million in the prior year's quarter. Included in fixed annuity sales for the first quarter of 2006 and 2005 were equity indexed annuity sales of $18.7 million and $0.6 million, respectively. Annuity account balances were $5.8 billion as of March 31, 2006. STABLE VALUE PRODUCTS: Pretax operating income in the Stable Value Products segment was $12.3 million in the first quarter of 2006 compared to $14.4 million in the first quarter of 2005. Spreads narrowed to 84 basis points in the first quarter of 2006 from 104 basis points in the first quarter of 2005. The decrease in spreads is attributable to higher interest expense. Average account balances ended the quarter at $6.0 billion, an increase of $260.0 million over the same period in the prior year. ASSET PROTECTION: The Asset Protection segment had pretax operating income of $8.7 million for the first quarter of 2006 compared to $6.2 million in the prior year's quarter. The improvement over the prior year's quarter is primarily attributable to higher volumes and lower loss ratios. CORPORATE & OTHER: This segment consists primarily of net investment income on unallocated capital, interest expense on all debt, various other items not associated with the other segments and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. run-off lines of business. The segment reported pretax operating income of $11.7 million in the first quarter of 2006 compared to $11.6 million in the first quarter of 2005. The increase is attributable to higher participating mortgage income and improved results in certain run-off lines partially offset by lower investment income on unallocated capital and an increase in interest expense. Total participating mortgage income was $11.1 million in the first quarter of 2006 compared to $6.2 million in the prior year's quarter. Investment income on unallocated capital was $16.1 million compared to $23.4 million in the first quarter of 2005. Interest expense increased $2.2 million in the first quarter of 2006 compared to the prior year's quarter. CONFERENCE CALL There will be a conference call for management to discuss the quarterly results with analysts and professional investors on May 2, 2006 at 9:00 a.m. Eastern. Analysts and professional investors may access this call by calling 1-800-895-1549 (international callers 1-785-424-1057 and giving the conference ID: Protective. A recording of the call will be available from 12:00 p.m. Eastern May 2 until midnight May 9. The recording may be accessed by calling 1-800-934-2127 (international callers 1-402-220-1139). The public may listen to a simultaneous webcast of the call on the homepage See home page. of the Company's web site at www.protective.com. A recording of the webcast will also be available from 12:00 p.m. Eastern May 2 until midnight May 9. Supplemental financial information is available on the Company's web site at www.protective.com in the Analyst/Investor section under the financial report library titled Supplemental Financial Information. INFORMATION RELATING TO NON-GAAP MEASURES Throughout this press release, GAAP refers to accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: and segment operating income are defined as income before income tax excluding net realized investment gains (losses) net of the related amortization of deferred policy acquisition costs ("DAC") and participating income from real estate ventures, and the cumulative effect of change in accounting principle. Periodic settlements of derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. associated with corporate debt and certain investments and annuity products are included in realized gains (losses) but are considered part of consolidated and segment operating income because the derivatives are used to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. risk in items affecting consolidated
and segment operating income. Management believes that consolidated and
segment operating income provides relevant and useful information to
investors, as it represents the basis on which the performance of the
Company's business is internally assessed. Although the items
excluded from consolidated and segment operating income may be
significant components in understanding and assessing the Company's
overall financial performance, management believes that consolidated and
segment operating income enhances an investor's understanding of
the Company's results of operations by highlighting the income
(loss) attributable to the normal, 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. operations of the Company's business. As prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP, certain investments are recorded at their market values with the resulting unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. (losses) affected by a related adjustment to DAC, net of income tax, reported as a component of share-owners' equity. The market values of fixed maturities increase or decrease as interest rates change. The Company believes that an insurance company's share-owners' equity per share may be difficult to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. without disclosing the effects of recording accumulated other comprehensive income, including unrealized gains (losses) on investments.
RECONCILIATION OF SHARE-OWNERS' EQUITY PER SHARE EXCLUDING ACCUMULATED
OTHER COMPREHENSIVE INCOME PER SHARE
($ per common share outstanding as of March 31, 2006)
Total share-owners' equity per share $30.11
Less: Accumulated other comprehensive income per share (0.50)
----------
Total share-owners' equity per share excluding
accumulated other comprehensive income $30.61
==========
Operating income return on average equity and net income return on average equity are measures used by management to evaluate the Company's performance. Operating income return on average equity for the twelve months ended March 31, 2006 is calculated by dividing operating income for this period by the average ending balance of share-owners' equity (excluding accumulated other comprehensive income) for the five most recent quarters. Net income return on average equity for the twelve months ended March 31, 2006, is calculated by dividing net income for this period by the average ending balance of share-owners' equity (excluding accumulated other comprehensive income) for the five most recent quarters.
CALCULATION OF OPERATING INCOME RETURN ON AVERAGE EQUITY ROLLING
TWELVE MONTHS ENDED MARCH 31, 2006
($ in thousands)
Numerator:
Three Months Ended
-------------------------------------
Rolling
Twelve
Months
Ended
June 30, Sept. 30, Dec. 31, March 31, March 31,
2005 2005 2005 2006 2006
-------- --------- -------- --------- ---------
Net income $48,031 $69,891 $68,562 $72,137 $258,621
Net of:
Realized investment
gains (losses), net
of income tax
Investments 4,288 2,347 1,704 (113) 8,226
Derivatives (16,913) 4,980 (3,772) 9,092 (6,613)
Related amortization
of deferred policy
acquisition costs,
net of income tax
benefit (832) (105) (684) --- (1,621)
Add back:
Derivative gains
related to Corp. debt
and investments net
of income tax 1,924 1,805 1,281 865 5,875
-------- --------- -------- --------- ---------
Operating Income $63,412 $64,474 $72,595 $64,023 $264,504
======== ========= ======== ========= =========
Denominator:
Share-Owners'
Equity
Excluding
Accumulated Accumulated
Share- Other Other
Owners' Comprehensive Comprehensive
Equity Income Income
----------- ------------- -------------
March 31, 2005 $2,124,402 $198,974 $1,925,428
June 30, 2005 2,299,265 339,778 1,959,487
September 30, 2005 2,200,866 184,511 2,016,355
December 31, 2005 2,183,660 105,220 2,078,440
March 31, 2006 2,104,270 (35,242) 2,139,512
-------------
Total $10,119,222
=============
Average $2,023,844
=============
Operating Income Return on Average Equity 13.1%
CALCULATION OF NET INCOME RETURN ON AVERAGE EQUITY ROLLING TWELVE
MONTHS ENDED MARCH 31, 2006
($ in thousands)
Numerator:
Net income - three months ended June 30, 2005 $48,031
Net income - three months ended September 30, 2005 69,891
Net income - three months ended December 31, 2005 68,562
Net income - three months ended March 31, 2006 72,137
---------
Net income - rolling twelve months ended March 31, 2006 $258,621
=========
Denominator: Share-Owners'
Equity
Excluding
Accumulated Accumulated
Other Other
Share-Owners' Comprehensive Comprehensive
Equity Income Income
-------------- ------------- --------------
March 31, 2005 2,124,402 198,974 $1,925,428
June 30, 2005 2,299,265 339,778 1,959,487
September 30, 2005 2,200,866 184,511 2,016,355
December 31, 2005 2,183,660 105,220 2,078,440
March 31, 2006 2,104,270 (35,242) 2,139,512
--------------
Total $10,119,222
==============
Average $2,023,844
==============
Net Income Return on Average Equity 12.8%
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 release and the supplemental financial information provided includes "forward-looking statements" which express expectations of future events and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. results. All statements based on future expectations rather than on historical facts are forward-looking statements that involve a number of risks and uncertainties, and the Company cannot give assurance that such statements will prove to be correct. The factors which could affect the Company's future results include, but are not limited to, general economic conditions and the following known trends and uncertainties: the Company is exposed to the risks of natural disasters, malicious Involving malice; characterized by wicked or mischievous motives or intentions. An act done maliciously is one that is wrongful and performed willfully or intentionally, and without legal justification. DESERTION, MALICIOUS. and terrorist acts that could adversely affect the Company's operations; the Company operates in a mature, highly competitive industry, which could limit its ability to gain or maintain its position in the industry; a ratings downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. could adversely affect the Company's ability to compete; the Company's policy claims fluctuate from period to period, and actual results could differ from its expectations; the Company's results may be negatively affected should actual experience differ from management's assumptions and estimates; the use of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. introduces variability in the Company's statements of income; the Company could be forced to sell investments at a loss to cover policyholder Policyholder An individual who owns an insurance policy. withdrawals; interest rate fluctuations could negatively affect the Company's spread income or otherwise impact its business; equity market volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the could negatively impact the Company's business; a deficiency A shortage or insufficiency. The amount by which federal Income Tax due exceeds the amount reported by the taxpayer on his or her return; also, the amount owed by a taxpayer who has not filed a return. in the Company's systems could result in over or underpayments of amounts owed to or by the Company and/or errors in the Company's critical assumptions or reported financial results; insurance companies are highly regulated 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. and subject to numerous legal restrictions and regulations; the Company is exposed to potential risks from recent legislation requiring companies to evaluate their internal controls over financial reporting; changes to tax law or interpretations of existing tax law could adversely affect the Company and its ability to compete with non-insurance products or reduce the demand for certain insurance products; financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies are frequently the targets of 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. , including class action litigation, which could result in substantial judgments; the financial services industry is sometimes the target of law enforcement investigations and the focus of increased 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. scrutiny Scrutiny (Fr. scrutin, Late Lat. scrutinium, from scrutari, to search or examine thoroughly) is a careful examination or inquiry (as though there was a mistake). ; the Company's ability to maintain low unit costs is dependent upon the level of new sales and persistency of existing business; the Company's investments are subject to market and credit risks; the Company may not realize its anticipated financial results from its acquisitions strategy; the Company is dependent on the performance of others; the Company's reinsurers could fail to meet assumed obligations, increase rates, or be subject to adverse developments that could affect the Company; computer viruses or network security breaches could affect the data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems of the Company or its business partners; the Company's ability to grow depends in large part upon the continued availability of capital; and new accounting rules or changes to existing accounting rules could negatively impact the Company. Please refer to Exhibit 99 of the Company's most recent Form 10-K/10-Q for more information about these factors which could affect future results. |
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