Verint Announces Third Quarter Results
| Business Wire, Inc. |
Conference Call to Discuss Selected Financial Information and Outlook to be Held Today at
“We are pleased with our third quarter results, which reflect 9.6% year-over-year non-GAAP revenue growth with strong performance in both enterprise and security intelligence and a sequential improvement in operating profit and margins,” said
Below is selected financial information for the three and nine months ended
| (Dollars in thousands, except per share data) | Selected GAAP Information | |||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue | $ | 199,364 | $ | 186,641 | $ | 570,655 | $ | 539,930 | ||||
| Gross Profit | 129,225 | 127,700 | 376,058 | 362,836 | ||||||||
| Gross Margin | 64.8% | 68.4% | 65.9% | 67.2% | ||||||||
| Operating Income | 18,282 | 30,393 | 58,526 | 50,210 | ||||||||
| Operating Margin | 9.2% | 16.3% | 10.3% | 9.3% | ||||||||
| Diluted Net Income per Common Share Attributable to |
$ | 0.15 | $ | 0.36 | $ | 0.22 | $ | 0.05 | ||||
| Selected Non-GAAP Information | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue | $ | 204,575 | $ | 186,641 | $ | 576,828 | $ | 539,930 | ||||
| Gross Profit | 138,608 | 131,613 | 393,748 | 374,845 | ||||||||
| Gross Margin | 67.8% | 70.5% | 68.3% | 69.4% | ||||||||
| Operating Income | 44,029 | 53,105 | 123,932 | 141,707 | ||||||||
| Operating Margin | 21.5% | 28.5% | 21.5% | 26.2% | ||||||||
| Diluted Net Income per Common Share Attributable to |
$ | 0.59 | $ | 0.92 | $ | 1.72 | $ | 2.14 | ||||
Outlook for the Year Ending
- We are providing annual non-GAAP revenue guidance of
$784 million to$792 million . - We are targeting a non-GAAP operating margin in the low 20%.
Outlook for the Year Ending
- We are providing an initial annual non-GAAP revenue growth outlook of approximately 10% compared to the year ending
January 31, 2012 . - We are targeting a non-GAAP operating margin in the low 20%.
Conference Call Information
We will be conducting a conference call today at
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Table 2 as well as "Supplemental Information About Non-GAAP Financial Measures" at the end of this press release. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of our forward-looking financial measures for the year ending January 31, 2012.
About
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to
| Table 1 | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue: | ||||||||||||
| Product | $ | 101,164 | $ | 97,769 | $ | 284,865 | $ | 282,942 | ||||
| Service and support | 98,200 | 88,872 | 285,790 | 256,988 | ||||||||
| Total revenue | 199,364 | 186,641 | 570,655 | 539,930 | ||||||||
| Cost of revenue: | ||||||||||||
| Product | 33,623 | 26,615 | 89,368 | 83,333 | ||||||||
| Service and support | 33,091 | 30,070 | 96,469 | 87,052 | ||||||||
| Amortization of acquired technology | 3,425 | 2,256 | 8,760 | 6,709 | ||||||||
| Total cost of revenue | 70,139 | 58,941 | 194,597 | 177,094 | ||||||||
| Gross profit | 129,225 | 127,700 | 376,058 | 362,836 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development, net | 28,464 | 24,063 | 81,640 | 72,544 | ||||||||
| Selling, general and administrative | 76,536 | 67,868 | 218,988 | 224,029 | ||||||||
| Amortization of other acquired intangible assets | 5,943 | 5,376 | 16,904 | 16,053 | ||||||||
| Total operating expenses | 110,943 | 97,307 | 317,532 | 312,626 | ||||||||
| Operating income | 18,282 | 30,393 | 58,526 | 50,210 | ||||||||
| Other income (expense), net | ||||||||||||
| Interest income | 153 | 109 | 447 | 309 | ||||||||
| Interest expense | (7,905) | (8,941) | (24,556) | (20,825) | ||||||||
| Loss on extinguishment of debt | - | - | (8,136) | - | ||||||||
| Other income (expense), net | (1,313) | 2,159 | 437 | (3,987) | ||||||||
| Total other expense, net | (9,065) | (6,673) | (31,808) | (24,503) | ||||||||
| Income before provision for (benefit from) income taxes | 9,217 | 23,720 | 26,718 | 25,707 | ||||||||
| Provision for (benefit from) income taxes | (704) | 5,332 | 3,968 | 10,544 | ||||||||
| Net income | 9,921 | 18,388 | 22,750 | 15,163 | ||||||||
| Net income attributable to noncontrolling interest | 470 | 1,214 | 2,936 | 2,722 | ||||||||
| Net income attributable to |
9,451 | 17,174 | 19,814 | 12,441 | ||||||||
| Dividends on preferred stock | (3,747) | (3,592) | (11,003) | (10,549) | ||||||||
| Net income attributable to |
$ | 5,704 | $ | 13,582 | $ | 8,811 | $ | 1,892 | ||||
| Net income per common share attributable to |
||||||||||||
| Basic | </td> | $ | 0.15 | $ | 0.38 | $ | 0.23 | $ | 0.06 | |||
| Diluted | $ | 0.15 | $ | 0.36 | $ | 0.22 | $ | 0.05 | ||||
| Weighted-average common shares outstanding | ||||||||||||
| Basic | 38,807 | 35,368 | 38,263 | 33,785 | ||||||||
| Diluted | 39,263 | 47,679 | 39,267 | 36,525 | ||||||||
| Table 2 | ||||||||||||
| Reconciliation of GAAP to Non-GAAP Results | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands, except per share data) | ||||||||||||
|
Three Months Ended October 31, |
Nine Months Ended October 31, |
|||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
|
Table of Reconciliation from GAAP Revenue to Non-GAAP Revenue |
||||||||||||
| GAAP revenue | $ | 199,364 | $ | 186,641 | $ | 570,655 | $ | 539,930 | ||||
| Revenue adjustments related to acquisitions | 5,211 | - | 6,173 | - | ||||||||
| Non-GAAP revenue | $ | 204,575 | $ | 186,641 | $ | 576,828 | $ | 539,930 | ||||
|
Table of Reconciliation from GAAP Gross Profit to Non-GAAP Gross Profit |
||||||||||||
| GAAP gross profit | $ | 129,225 | $ | 127,700 | $ | 376,058 | $ | 362,836 | ||||
| Revenue adjustments related to acquisitions | 5,211 | - | 6,173 | - | ||||||||
| Amortization of acquired technology | 3,425 | 2,256 | 8,760 | 6,709 | ||||||||
| Stock-based compensation expenses | 765 | 1,657 | 2,361 | 5,300 | ||||||||
| Other adjustments | (18) | - | 396 | - | ||||||||
| Non-GAAP gross profit | $ | 138,608 | $ | 131,613 | $ | 393,748 | $ | 374,845 | ||||
|
Table of Reconciliation from GAAP Operating Income to Non-GAAP Operating Income |
||||||||||||
| GAAP operating income | $ | 18,282 | $ | 30,393 | $ | 58,526 | $ | 50,210 | ||||
| Revenue adjustments related to acquisitions | 5,211 | - | 6,173 | - | ||||||||
| Amortization of acquired technology | 3,425 | 2,256 | 8,760 | 6,709 | ||||||||
| Amortization of other acquired intangible assets | 5,943 | 5,376 | 16,904 | 16,053 | ||||||||
| Stock-based compensation expenses | 6,650 | 13,090 | 20,841 | 39,095 | ||||||||
| Other adjustments | 4,518 | 1,175 | 11,720 | 2,546 | ||||||||
| Expenses related to our filing delay | - | 815 | 1,008 | 27,094 | ||||||||
| Non-GAAP operating income | $ | 44,029 | $ | 53,105 | $ | 123,932 | $ | 141,707 | ||||
|
Table of Reconciliation from GAAP Other Expense, Net to Non-GAAP Other Expense, Net |
||||||||||||
| GAAP other expense, net | $ | (9,065) | $ | (6,673) | $ | (31,808) | $ | (24,503) | ||||
| Loss on extinguishment of debt | - | - | 8,136 | - | ||||||||
| Unrealized (gains) losses on derivatives, net | (688) | 922 | 42 | (6,840) | ||||||||
| Other adjustments | 89 | - | 89 | - | ||||||||
| Non-GAAP other expense, net | $ | (9,664) | $ | (5,751) | $ | (23,541) | $ | (31,343) | ||||
|
Table of Reconciliation from GAAP Provision for (Benefit From) Income Taxes to Non-GAAP Provision for Income Taxes |
||||||||||||
| GAAP provision for (benefit from) income taxes | $ | (704) | $ | 5,332 | $ | 3,968 | $ | 10,544 | ||||
| Non-cash tax adjustments | 4,986 | (2,962) | 7,577 | (2,819) | ||||||||
| Non-GAAP provision for income taxes | $ | 4,282 | $ | 2,370 | $ | 11,545 | $ | 7,725 | ||||
|
Table of Reconciliation from GAAP Net Income Attributable to |
||||||||||||
| GAAP net income attributable to |
$ | 9,451 | $ | 17,174 | $ | 19,814 | $ | 12,441 | ||||
| Revenue adjustments related to acquisitions | 5,211 | - | 6,173 | - | ||||||||
| Amortization of acquired technology | 3,425 | 2,256 | 8,760 | 6,709 | ||||||||
| Amortization of other acquired intangible assets | 5,943 | 5,376 | 16,904 | 16,053 | ||||||||
| Stock-based compensation expenses | 6,650 | 13,090 | 20,841 | 39,095 | ||||||||
| Other adjustments | 4,607 | 1,175 | 11,809 | 2,546 | ||||||||
| Expenses related to our filing delay | - | 815 | 1,008 | 27,094 | ||||||||
| Loss on extinguishment of debt | - | - | 8,136 | - | ||||||||
| Unrealized (gains) losses on derivatives, net | (688) | 922 | 42 | (6,840) | ||||||||
| Non-cash tax adjustments | (4,986) | 2,962 | (7,577) | 2,819 | ||||||||
| Total GAAP net income adjustments | 20,162 | 26,596 | 66,096 | 87,476 | ||||||||
| Non-GAAP net income attributable to |
$ | 29,613 | $ | 43,770 | $ | 85,910 | $ | 99,917 | ||||
|
Table of Reconciliation from GAAP Net Income Attributable to |
||||||||||||
| GAAP net income attributable to |
$ | 5,704 | $ | 13,582 | $ | 8,811 | $ | 1,892 | ||||
|
Total GAAP net income adjustments |
20,162 | 26,596 | 66,096 | 87,476 | ||||||||
| Non-GAAP net income attributable to |
$ | 25,866 | $ | 40,178 | $ | 74,907 | $ | 89,368 | ||||
|
Table Comparing GAAP Diluted Net Income Per Common Share Attributable to |
||||||||||||
| GAAP diluted net income per common share attributable to |
$ | 0.15 | $ | 0.36 | $ | 0.22 | $ | 0.05 | ||||
| Non-GAAP diluted net income per common share attributable to |
$ | 0.59 | $ | 0.92 | $ | 1.72 | $ | 2.14 | ||||
| Shares used in computing GAAP diluted net income per common share (in thousands) | 39,263 | 47,679 | 39,267 | 36,525 | ||||||||
| Shares used in computing non-GAAP diluted net income per common share (in thousands) | 49,937 | 47,679 | 49,840 | 46,722 | ||||||||
| Table 3 | ||||||||||||
| Segment Revenue | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| GAAP Revenue By Segment | ||||||||||||
| Enterprise Intelligence Segment | $ | 114,312 | $ | 106,473 | $ | 317,235 | $ | 298,148 | ||||
| Video Intelligence Segment | 32,241 | 30,611 | 102,216 | 99,216 | ||||||||
| Communications Intelligence Segment | 52,811 | 49,557 | 151,204 | 142,566 | ||||||||
| Total Video and Communications Intelligence | 85,052 | 80,168 | 253,420 | 241,782 | ||||||||
| GAAP Total Revenue | $ | 199,364 | $ | 186,641 | $ | 570,655 | $ | 539,930 | ||||
| Revenue adjustments related to acquisitions | ||||||||||||
| Enterprise Intelligence Segment | $ | 2,824 | $ | - | $ | 2,824 | $ | - | ||||
| Video Intelligence Segment | 852 | - | 1,814 | - | ||||||||
| Communications Intelligence Segment | 1,535 | - | 1,535 | - | ||||||||
| Total Video and Communications Intelligence | 2,387 | - | 3,349 | - | ||||||||
| Total revenue adjustments related to acquisitions | $ | 5,211 | $ | - | $ | 6,173 | $ | - | ||||
| Non-GAAP Revenue By Segment | ||||||||||||
| Enterprise Intelligence Segment | $ | 117,136 | $ | 106,473 | $ | 320,059 | $ | 298,148 | ||||
| Video Intelligence Segment | 33,093 | 30,611 | 104,030 | 99,216 | ||||||||
| Communications Intelligence Segment | 54,346 | 49,557 | 152,739 | 142,566 | ||||||||
| Total Video and Communications Intelligence | 87,439 | 80,168 | 256,769 | 241,782 | ||||||||
| Non-GAAP Total Revenue | $ | 204,575 | $ | 186,641 | $ | 576,828 | $ | 539,930 | ||||
| Table 4 | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (Unaudited) | ||||||
| (In thousands, except share and per share data) | ||||||
|
October 31, |
January 31, |
|||||
| 2011 | 2011 | |||||
| Assets | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 112,413 | $ | 169,906 | ||
| Restricted cash and bank time deposits | 8,018 | 13,639 | ||||
| Accounts receivable, net | 153,749 | 150,769 | ||||
| Inventories | 14,814 | 16,987 | ||||
| Deferred cost of revenue | 6,368 | 6,269 | ||||
| Prepaid expenses and other current assets | 57,002 | 44,374 | ||||
| Total current assets | 352,364 | 401,944 | ||||
| Property and equipment, net | 27,549 | 23,176 | ||||
| Goodwill | 817,744 | 738,674 | ||||
| Intangible assets, net | 190,189 | 157,071 | ||||
| Capitalized software development costs, net | 5,828 | 6,787 | ||||
| Long-term deferred cost of revenue | 14,575 | 21,715 | ||||
| Other assets | 37,855 | 26,760 | ||||
| Total assets | $ | 1,446,104 | $ | 1,376,127 | ||
| Liabilities, Preferred Stock, and Stockholders' Equity | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 36,126 | $ | 36,861 | ||
| Accrued expenses and other current liabilities | 169,099 | 163,029 | ||||
| Current maturities of long-term debt | 6,208 | - | ||||
| Deferred revenue | 134,454 | 142,465 | ||||
| Liabilities to affiliates | 1,791 | 1,847 | ||||
| Total current liabilities | 347,678 | 344,202 | ||||
| Long-term debt | 592,695 | 583,234 | ||||
| Long-term deferred revenue | 29,623 | 40,424 | ||||
| Other liabilities | 65,256 | 45,038 | ||||
| Total liabilities | 1,035,252 | 1,012,898 | ||||
| Preferred Stock - |
285,542 | 285,542 | ||||
| Commitments and Contingencies | ||||||
| Stockholders' Equity: | ||||||
| Common stock - |
39 | 38 | ||||
| Additional paid-in capital | 547,354 | 519,834 | ||||
| Treasury stock, at cost - 283,000 and 260,000 shares as of |
(7,466) | (6,639) | ||||
| Accumulated deficit | (374,943) | (394,757) | ||||
| Accumulated other comprehensive loss | (43,783) | (42,069) | ||||
| Total |
121,201 | 76,407 | ||||
| Noncontrolling interest | 4,109 | 1,280 | ||||
| Total liabilities stockholders' equity | 125,310 | 77,687 | ||||
| Total liabilities, preferred stock, and stockholders' equity | $ | 1,446,104 | $ | 1,376,127 | ||
| Table 5 | ||||||
| Condensed Consolidated Statements of Cash Flows | ||||||
| (Unaudited) | ||||||
| (In thousands) | ||||||
| Nine Months Ended |
||||||
| 2011 | 2010 | |||||
| Cash flows from operating activities: | ||||||
| Net income | $ | 22,750 | $ | 15,163 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 39,152 | 36,100 | ||||
| Stock-based compensation | 17,211 | 22,856 | ||||
| Non-cash losses on derivative financial instruments, net | 1,225 | 4,271 | ||||
| Loss on extinguishment of debt | 8,136 | - | ||||
| Other non-cash items, net | 4,049 | 1,626 | ||||
| Changes in operating assets and liabilities, net of effects of business combinations: | ||||||
| Accounts receivable | (1,698) | (9,719) | ||||
| Inventories | 1,629 | (3,369) | ||||
| Deferred cost of revenue | 7,824 | 12,957 | ||||
| Prepaid expenses and other assets | 2,354 | (405) | ||||
| Accounts payable and accrued expenses | (22,996) | (1,585) | ||||
| Deferred revenue | (24,583) | (56,177) | ||||
| Other, net | (9,822) | (3,252) | ||||
| Net cash provided by operating activities | 45,231 | 18,466 | ||||
| Cash flows from investing activities: | ||||||
| Cash paid for business combinations, net of cash acquired | (98,698) | (15,292) | ||||
| Purchases of property and equipment | (9,238) | (5,845) | ||||
| Settlements of derivative financial instruments not designated as hedges | (1,183) | (32,640) | ||||
| Cash paid for capitalized software development costs | (2,542) | (1,604) | ||||
| Changes in restricted cash and bank time deposits and other investing activities | 5,893 | (12,878) | ||||
| Net cash used in investing activities | (105,768) | (68,259) | ||||
| Cash flows from financing activities: | ||||||
| Proceeds from borrowings, net of original issuance discount | 597,000 | - | ||||
| Repayments of borrowings and other financing obligations | (585,514) | (22,960) | ||||
| Payment of debt issuance and other debt-related costs | (15,280) | (4,039) | ||||
| Proceeds from exercises of stock options | 9,394 | 30,572 | ||||
| Purchases of treasury stock | (827) | (4,146) | ||||
| Other financing activities | (2,004) | - | ||||
| Net cash provided by (used in) financing activities | 2,769 | (573) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 275 | 37 | ||||
| Net decrease in cash and cash equivalents | (57,493) | (50,329) | ||||
| Cash and cash equivalents, beginning of period | 169,906 | 184,335 | ||||
| Cash and cash equivalents, end of period | $ | 112,413 | $ | 134,006 | ||
| Supplemental disclosures of cash flow information: | ||||||
| Cash paid for interest | $ | 22,374 | $ | 13,014 | ||
| Cash paid for income taxes, net of refunds received | $ | 12,064 | $ | 5,533 | ||
| Non-cash investing and financing transactions: | ||||||
| Accrued but unpaid purchases of property and equipment | $ | 1,241 | $ | 929 | ||
| Inventory transfers to property and equipment | $ | 555 | $ | 372 | ||
| Liabilities for contingent consideration in business combinations | $ | $ | 3,224 | |||
| Stock options exercised, proceeds received subsequent to period end | $ | 364 | $ | 340 | ||
| Purchases under supplier financing agreements, including capital leases | $ | 1,090 | $ | 1,858 | ||
Supplemental Information About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. Table 2 includes a reconciliation of each non-GAAP financial measure presented in this press release to the most directly comparable GAAP financial measure. Non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP financial measures. The non-GAAP financial measures we present have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, and these non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. These non-GAAP financial measures do not represent discretionary cash available to us to invest in the growth of our business, and we may in the future incur expenses similar to or in addition to the adjustments made in these non-GAAP financial measures.
We believe that the non-GAAP financial measures we present provide meaningful supplemental information regarding our operating results primarily because they exclude certain non-cash charges or items that we do not believe are reflective of our ongoing operating results when budgeting, planning and forecasting, determining compensation, and when assessing the performance of our business with our individual operating segments or our senior management. We believe that these non-GAAP financial measures also facilitate the comparison by management and investors of results between periods and among our peer companies. However, those companies may calculate similar non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.
Adjustments to Non-GAAP Financial Measures
Revenue adjustments related to acquisitions. We exclude from our non-GAAP revenue the impact of fair value adjustments required under GAAP relating to acquired customer support contracts which would have otherwise been recognized on a standalone basis. We exclude these adjustments from our non-GAAP financial measures because these are not reflective of our ongoing operations.
Amortization of acquired intangible assets, including acquired technology. When we acquire an entity, we are required under GAAP to record the fair value of the intangible assets of the acquired entity and amortize it over their useful lives. We exclude the amortization of acquired intangible assets, including acquired technology, from our non-GAAP financial measures. These expenses are excluded from our non-GAAP financial measures because they are non-cash charges. In addition, these amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Thus, we also exclude these amounts to provide better comparability of pre- and post-acquisition operating results.
Stock-based compensation expenses. We exclude stock-based compensation expenses related to stock options, restricted stock awards and units, and phantom stock from our non-GAAP financial measures. These expenses are excluded from our non-GAAP financial measures because they are primarily non-cash charges. In prior periods, we also incurred significant cash-settled stock compensation due to our extended filing delay and restrictions on our ability to issue new shares of common stock to our employees.
Other adjustments. We exclude from our non-GAAP financial measures legal, other professional fees and certain other expenses associated with acquisitions and certain extraordinary transactions, in both cases, whether or not consummated. Also excluded are changes in the fair value of contingent consideration liabilities associated with business combinations. These expenses are excluded from our non-GAAP financial measures because we believe that they are not reflective of our ongoing operations.
Expenses related to our filing delay. We exclude from our non-GAAP financial measures expenses related to our restatement of previously filed financial statements and our extended filing delay. These expenses included professional fees and related expenses, as well as expenses associated with a special cash retention program. These expenses are excluded from our non-GAAP financial measures because we believe that they are not reflective of our ongoing operations.
Unrealized (gains) losses on derivatives, net. We exclude from our non-GAAP financial measures unrealized gains and losses on interest rate swaps and foreign currency derivatives. These gains and losses are excluded from our non-GAAP financial measures because they are non-cash transactions.
Loss on extinguishment of debt. We exclude from our non-GAAP financial measures loss on extinguishment of debt attributable to refinancing of our debt because we believe it is not reflective of our ongoing operations.
Non-cash tax adjustments. Non-cash tax adjustments represent the difference between the amount of taxes we actually paid and our GAAP tax provision on an annual basis. On a quarterly basis, this adjustment reflects our expected annual effective tax rate on a cash basis.
Investor Relations
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Source:
| Copyright: | Copyright Business Wire 2011 |
| Wordcount: | 4362 |
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