SOURCE: AMCOL International

AMCOL International

July 22, 2011 07:00 ET

AMCOL International Corporation (NYSE: ACO) Reports Second Quarter Results

HOFFMAN ESTATES, IL--(Marketwire - Jul 22, 2011) - For the second quarter of 2011, AMCOL International Corporation (NYSE: ACO) generated diluted earnings per share attributable to its shareholders of $0.43 per share versus $0.51 per share in the prior year's quarter.

Net sales increased 13.6% to $250.8 million for the quarter ended June 30, 2011, as compared to $220.7 million for the 2010 period. Gross profits increased 3.3% while gross margins decreased from 27.5% to 25.0%. Operating profit decreased 6.8% to $22.1 million. The increase in our effective tax rate from 25.4% in the second quarter of 2010 to 30.1% in the 2011 quarter comprised $0.03 of the $0.08 decrease in diluted earnings per share attributable to our shareholders.

Fluctuations in foreign exchange rates accounted for 24.5% of the increase in sales, and helped offset more than one third of the organic decrease in operating profits. During the current quarter, our start-up chrome sand operations experienced net losses of $0.03 per diluted share. For the remainder of fiscal 2011, we expect our chrome sand operations to generate net losses of between $0.08 to $0.12 per diluted share; this excludes an estimated $0.05 per diluted share benefit resulting from a contingent gain we will record in Q3 associated with our chrome sand mining costs.

"Although sales for the quarter were in line with our expectations, our gross margins deteriorated in each of our three major business segments and led to our disappointing earnings in Q2," said Ryan McKendrick, AMCOL President and Chief Executive Officer.

"The Minerals and Materials segment experienced good revenue growth. But gross margins decreased in our chrome sand business, our Asia operations, and our domestic operations, all of which contributed to the 3.2 percentage point decrease in margins for the segment as compared to Q2 2010. Our domestic operations experienced production cost increases, mostly related to fuel and labor costs. Our chrome sand business will continue to present challenges for the balance of the year as we upgrade our plant to improve throughput and product yields. Rapidly rising costs in Asia have not yet been fully offset by price increases, especially in Thailand and South Korea where margins have dropped by almost four percentage points as compared to the prior year's quarter. Our pet products business has been negatively impacted by reduced demand for both bulk as well as packaged products from large private label customers. Our domestic metalcasting business -- our largest business unit -- continues to perform well, maintaining gross margins despite rising costs," continued McKendrick.

"The Environmental segment generated 25% sales growth over Q2 2010. We were disappointed in the more than 3 percentage point decrease in gross margins as compared to the prior year's quarter though. We experienced cost increases in Europe and are implementing plans to increase our margins in this geographic market. Although our U.S. based contracting services business had strong sales growth, the business overall continues to generate less than desired gross profits. Controlling SG&A costs remains an area of focus in this segment overall," McKendrick added.

McKendrick continued, "The Oilfield Services segment also experienced revenue growth consistent with our expectations. Its sales mix, however, negatively impacted gross margins. Revenues from high margin, offshore services in the Gulf of Mexico ('GOM'), including our flagship filtration services, decreased as compared to the prior year's quarter, leading to an overall 4.1 percentage point decrease in gross margins for the segment. We see no indication that deep water activity will increase in the GOM over the next couple of quarters."

"The outlook for many of the major business units within our segments remains positive, but several areas will continue to present challenges. Demand in our metalcasting markets is expected to remain strong in the U.S. and Asia due to strong automotive and heavy equipment production. Our Building Materials group within the Environmental segment is continuing profitable growth despite relatively soft market conditions for non-residential construction primarily due to successful new product introductions. However, competition in the Lining Technologies area is limiting our ability to improve margin through pricing. Although our Oilfield Services' gross margins will continue to be impacted by the decline in deep water activity in the GOM, we are working hard to improve margins in other service offerings within this segment. Gross margin improvement will be the area of strong focus across all segments," he concluded.

STATEMENT OF OPERATIONS HIGHLIGHTS:

The statement of operations highlights are supported by the quarterly segment results schedules included in this press release. The following comments relate to our results for the current quarter as compared to the second quarter of 2010, unless otherwise noted.

Net sales: Net sales increased $30.1 million or 13.6%.

Minerals & Materials: The majority of the revenue improvement was due to increased volumes, principally in our domestic and Asian metalcasting markets, and our relatively new chrome sand product offerings. These markets continue to experience an increase in demand for automobile and heavy equipment castings. In addition, approximately 22% of the increase in net sales was driven by favorable fluctuation in foreign currency exchange rates.

Environmental: This segment continues to see an increase in demand that is more pronounced given the depressed economic environment that existed during the prior year's period. The total increase in revenues was $16.1 million, or 24.6%. Approximately 80.2% of the increase in this segment's sales is attributable to organic growth with the remainder related to favorable fluctuations in foreign currency exchange rates. The increase occurred mostly in our domestic contracting services business and our European operations. Our domestic contracting services' prior year's results were heavily affected by the recession underway at that time, making comparisons to that period somewhat irrelevant for this business. Our European business continues to grow organically due to growing economies in Eastern Europe, new sales representation in certain geographic markets, and increased contracting services revenues.

Oilfield Services: The growth in revenues occurred primarily in our domestic businesses as several of our businesses, especially our coil tubing services, continue to benefit from increased demand in the Texas shale regions. Our pipeline services also experienced increased demand as high oil prices increase our customers' maintenance needs. Our domestic filtration revenues suffered significantly this quarter due to depressed offshore activity resulting from the low amount of drilling permits being issued in the GOM. Regarding our foreign operations, revenues in Australia decreased (due to a large customer contract that ended in Q3 2010) while all other foreign businesses experienced revenue growth.

Transportation: Nearly all of the revenue increase was due to increased fuel-surcharges. This segment continues to see an increase in services being provided to divisions with our other subsidiaries, principally our metalcasting and pet products groups; these intercompany revenues are eliminated in the corporate segment.

Gross profit: Gross profit increased $2.0 million, or 3.3%. Gross margins, however, decreased across all segments as discussed below.

Minerals & Materials: Gross profit decreased slightly but gross margins decreased 320 basis points to 22.5%. The decreased margins occurred in Asia and our domestic business, which experienced increased manufacturing costs, and in our start-up chrome sand operations in South Africa. We continue to focus on improving our chrome sand operations, which began late in the second quarter of 2010.

Environmental: Gross profit increased $2.5 million, or 12.2%, from the 2010 quarter. The increase in gross profit was derived largely from the increased sales levels as previously mentioned. Gross margins, however, decreased 310 basis points to 27.8%. The decrease in margins occurred due to a change in product mix as well as increased production costs and raw material costs.

Oilfield Services: Gross profit decreased due to the 410 basis point decrease in gross margins derived from a change in our sales mix. Although revenues increased, the increases were concentrated in onshore as opposed to offshore work. This shift decreased profitability as offshore work is more profitable. Gross margins in our international business also decreased due to the completion of a large job in Australia in Q3 2010.

Selling, general and administrative expenses (SG&A): The 9.8% increase in SG&A expenses was driven mostly by increases in our Minerals & Materials and Environmental segments with 28.6% of the increase arising from unfavorable changes in foreign currency exchange rates. The organic increase resulted primarily from increased employee and employee related expenses.

Income tax expense: Our income tax expense increased due to an increase in our effective tax rate, which increased due to our expectation that our foreign operations will generate less of our total 2011 pre-tax income than previously anticipated.

FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:

Long-term debt increased slightly to $240.5 million since our prior year-end, and we reduced our cash balance by $9.3 million to $17.9 million during that time. Long-term debt as a percentage of total capitalization was 36.7% at June 30, 2011 as compared to 37.1% at December 31, 2010. Since the prior year-end, we have increased our non-cash working capital by $30.7 million due to growth we've had in 2011.

Cash flow generated from operating activities was $13.8 million through the first six months of 2011 as compared to $6.9 million in the prior year period. The increase results from greater income and non-cash charges.

Capital expenditures for the six months ending June 30, 2011 were $24.8 million as compared to $25.9 million in the prior year's period. In each of these periods, expenditures associated with our start-up chrome sand operations were $2.8 million and $13.4 million, respectively. In the six months ending June 30, 2011, the majority of our capital spending occurred in our Oilfield Services segment and our Minerals and Materials segment.

Dividends through June 30, 2011 remained roughly the same over the prior year period as our dividend per share has remained constant at $0.18 per quarter per share.

This release should be read in conjunction with the attached unaudited, condensed, consolidated financial statements. It contains certain forward-looking statements regarding AMCOL's expected performance for future periods and actual results for such periods might materially differ. Such forward-looking statements are subject to uncertainties, which include, but are not limited to, actual growth in AMCOL's various markets, utilization of AMCOL's plants, currency exchange rates, currency devaluation, delays in development, production and marketing of new products, integration of acquired businesses, and other factors detailed from time to time in AMCOL's annual report and other reports filed with the Securities and Exchange Commission. AMCOL undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in AMCOL's expectations.

AMCOL International, headquartered in Hoffman Estates, IL, develops and markets a wide range of mineral and technology based products and services for use in various industrial, environmental and consumer applications. AMCOL is the parent company of American Colloid Company, CETCO (Colloid Environmental Technologies Company), CETCO Oilfield Services Company and the transportation operations, Ameri-co Carriers, Inc. and Ameri-co Logistics, Inc. AMCOL's common stock is traded on the New York Stock Exchange under the symbol ACO. AMCOL's web address is www.amcol.com. AMCOL's quarterly quarter conference call will be available live today at 11 a.m. ET on the AMCOL website via webcast or by dialing 1.877.718.5092.

Financial tables follow.

AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Six Months Ended Three Months Ended
June 30, June 30,
2011 2010 2011 2010
Net sales $ 473,248 $ 395,664 $ 250,833 $ 220,713
Cost of sales 352,334 290,342 188,039 159,938
Gross profit 120,914 105,322 62,794 60,775
General, selling and administrative expenses 80,214 70,818 40,664 37,031
Operating profit 40,700 34,504 22,130 23,744
Other income (expense):
Interest expense, net (5,484 ) (4,550 ) (2,802 ) (2,334 )
Other, net 113 (117 ) 489 330
(5,371 ) (4,667 ) (2,313 ) (2,004 )
Income before income taxes and income (loss) from affiliates and joint ventures 35,329 29,837 19,817 21,740
Income tax expense 10,331 7,701 5,966 5,519
Income before income (loss) from affiliates and joint ventures 24,998 22,136 13,851 16,221
Income (loss) from affiliates and joint ventures 996 (71 ) (93 ) 20
Net income (loss) 25,994 22,065 13,758 16,241
Net income (loss) attributable to noncontrolling interests 4 (212 ) 3 92
Net income (loss) attributable to AMCOL shareholders $ 25,990 $ 22,277 $ 13,755 $ 16,149
Weighted average common shares outstanding 31,611 31,092 31,706 31,141
Weighted average common and common equivalent shares outstanding 32,099 31,467 32,206 31,515
Basic earnings per share attributable to AMCOL shareholders $ 0.82 $ 0.72 $ 0.43 $ 0.52
Diluted earnings per share attributable to AMCOL shareholders $ 0.81 $ 0.71 $ 0.43 $ 0.51
Dividends declared per share $ 0.36 $ 0.36 $ 0.18 $ 0.18
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS June 30, December 31,
2011 2010
(unaudited) *
Current assets:
Cash and equivalents $ 17,928 $ 27,262
Accounts receivable, net 228,525 193,968
Inventories 120,279 107,515
Prepaid expenses 18,297 12,581
Deferred income taxes 5,668 5,553
Income tax receivable 12,810 8,474
Other 336 6,211
Total current assets 403,843 361,564
Noncurrent assets:
Property, plant, equipment, mineral rights and reserves:
Land 11,237 11,591
Mineral rights 49,140 51,435
Depreciable assets 477,513 454,351
537,890 517,377
Less: accumulated depreciation and depletion 273,528 256,889
264,362 260,488
Goodwill 71,729 70,909
Intangible assets, net 39,259 42,590
Investments in and advances to affiliates and joint ventures 22,580 19,056
Available-for-sale securities 6,552 14,168
Deferred income taxes 5,898 7,570
Other assets 24,418 22,748
Total noncurrent assets 434,798 437,529
Total Assets $ 838,641 $ 799,093
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 61,279 $ 53,167
Accrued liabilities 72,120 59,308
Total current liabilities 133,399 112,475
Noncurrent liabilities:
Long-term debt 240,532 236,171
Pension liabilities 21,738 21,338
Deferred compensation 9,547 8,686
Other long-term liabilities 19,035 19,987
Total noncurrent liabilities 290,852 286,182
Shareholders' Equity:
Common stock 320 320
Additional paid in capital 91,364 95,074
Retained earnings 297,828 283,189
Accumulated other comprehensive income 24,398 28,936
Less: Treasury stock (4,380 ) (8,945 )
Total AMCOL shareholders' equity 409,530 398,574
Noncontrolling interest 4,860 1,862
Total equity 414,390 400,436
Total Liabilities and Shareholders' Equity $ 838,641 $ 799,093
* Condensed from audited financial statements.
AMCOL INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
Six Months Ended
June 30,
2011 2010
Cash flow from operating activities:
Net income $ 25,994 $ 22,065
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation, depletion, and amortization 19,731 17,022
Other non-cash charges 2,891 3,655
Changes in assets and liabilities, net of effects of acquisitions:
Decrease (increase) in current assets (57,469 ) (49,570 )
Decrease (increase) in noncurrent assets (843 ) (1,832 )
Increase (decrease) in current liabilities 22,016 14,667
Increase (decrease) in noncurrent liabilities 1,528 843
Net cash provided by (used in) operating activities 13,848 6,850
Cash flow from investing activities:
Capital expenditures (24,800 ) (25,939 )
Investments in and advances to affiliates and joint ventures (1,276 ) (1,985 )
Other 1,718 1,493
Net cash (used in) investing activities (24,358 ) (26,431 )
Cash flow from financing activities:
Net change in outstanding debt 4,530 17,808
Proceeds from sales of treasury stock 6,619 2,904
Dividends (11,351 ) (11,149 )
Excess tax benefits from stock-based compensation 651 164
Net cash provided by (used in) financing activities 449 9,727
Effect of foreign currency rate changes on cash 727 (779 )
Net increase (decrease) in cash and cash equivalents (9,334 ) (10,633 )
Cash and cash equivalents at beginning of period 27,262 27,669
Cash and cash equivalents at end of period $ 17,928 $ 17,036
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
QUARTER-TO-DATE
Minerals and Materials Three Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 119,851 100.0 % $ 106,397 100.0 % $ 13,454 12.6 %
Cost of sales 92,862 77.5 % 79,057 74.3 % 13,805 17.5 %
Gross profit 26,989 22.5 % 27,340 25.7 % (351 ) -1.3 %
General, selling and administrative expenses 12,290 10.3 % 11,014 10.4 % 1,276 11.6 %
Operating profit 14,699 12.2 % 16,326 15.3 % (1,627 ) -10.0 %

Environmental Three Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 81,220 100.0 % $ 65,159 100.0 % $ 16,061 24.6 %
Cost of sales 58,642 72.2 % 45,037 69.1 % 13,605 30.2 %
Gross profit 22,578 27.8 % 20,122 30.9 % 2,456 12.2 %
General, selling and administrative expenses 14,359 17.7 % 12,108 18.6 % 2,251 18.6 %
Operating profit 8,219 10.1 % 8,014 12.3 % 205 2.6 %

Oilfield Services Three Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 44,837 100.0 % $ 39,644 100.0 % $ 5,193 13.1 %
Cost of sales 33,372 74.4 % 27,874 70.3 % 5,498 19.7 %
Gross profit 11,465 25.6 % 11,770 29.7 % (305 ) -2.6 %
General, selling and administrative expenses 8,042 17.9 % 7,217 18.2 % 825 11.4 %
Operating profit 3,423 7.7 % 4,553 11.5 % (1,130 ) -24.8 %

Transportation Three Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 14,780 100.0 % $ 13,583 100.0 % $ 1,197 8.8 %
Cost of sales 13,140 88.9 % 12,040 88.6 % 1,100 9.1 %
Gross profit 1,640 11.1 % 1,543 11.4 % 97 6.3 %
General, selling and administrative expenses 955 6.5 % 844 6.2 % 111 13.2 %
Operating profit 685 4.6 % 699 5.1 % (14 ) -2.0 %

Corporate Three Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Intersegment shipping sales $ (9,855 ) $ (4,070 ) $ (5,785 )
Intersegment shipping costs (9,977 ) (4,070 ) (5,907 )
Gross profit (loss) 122 - 122
General, selling and administrative expenses 5,018 5,848 (830 ) -14.2 %
Operating loss (4,896 ) (5,848 ) 952 -16.3 %
AMCOL INTERNATIONAL CORPORATION
SEGMENT RESULTS (unaudited)
YEAR-TO-DATE
Minerals and Materials Six Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 236,731 100.0 % $ 204,085 100.0 % $ 32,646 16.0 %
Cost of sales 181,281 76.6 % 152,535 74.7 % 28,746 18.8 %
Gross profit 55,450 23.4 % 51,550 25.3 % 3,900 7.6 %
General, selling and administrative expenses 24,580 10.4 % 20,918 10.2 % 3,662 17.5 %
Operating profit 30,870 13.0 % 30,632 15.1 % 238 0.8 %

Environmental Six Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 136,553 100.0 % $ 103,334 100.0 % $ 33,219 32.1 %
Cost of sales 97,919 71.7 % 72,216 69.9 % 25,703 35.6 %
Gross profit 38,634 28.3 % 31,118 30.1 % 7,516 24.2 %
General, selling and administrative expenses 28,132 20.6 % 23,321 22.6 % 4,811 20.6 %
Operating profit (loss) 10,502 7.7 % 7,797 7.5 % 2,705 34.7 %

Oilfield Services Six Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 89,581 100.0 % $ 69,848 100.0 % $ 19,733 28.3 %
Cost of sales 65,452 73.1 % 50,064 71.7 % 15,388 30.7 %
Gross profit 24,129 26.9 % 19,784 28.3 % 4,345 22.0 %
General, selling and administrative expenses 15,834 17.7 % 14,003 20.0 % 1,831 13.1 %
Operating profit 8,295 9.2 % 5,781 8.3 % 2,514 43.5 %

Transportation Six Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Net sales $ 27,454 100.0 % $ 25,703 100.0 % $ 1,751 6.8 %
Cost of sales 24,411 88.9 % 22,833 88.8 % 1,578 6.9 %
Gross profit 3,043 11.1 % 2,870 11.2 % 173 6.0 %
General, selling and administrative expenses 1,893 6.9 % 1,660 6.5 % 233 14.0 %
Operating profit 1,150 4.2 % 1,210 4.7 % (60 ) -5.0 %

Corporate Six Months Ended June 30,
2011 2010 2011 vs. 2010
(Dollars in Thousands)
Intersegment sales $ (17,071 ) $ (7,306 ) $ (9,765 )
Intersegment cost of sales (16,729 ) (7,306 ) (9,423 )
Gross profit (loss) (342 ) - (342 )
General, selling and administrative expenses 9,775 10,916 (1,141 ) -10.5 %
Operating loss (10,117 ) (10,916 ) 799 -7.3 %
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
QUARTER-TO-DATE
Composition of Sales by Geographic Region Three Months Ended June 30, 2011
Americas EMEA Asia Pacific Total
Minerals & Materials 28.1% 8.7% 10.4% 47.2%
Environmental 15.7% 14.5% 1.9% 32.1%
Oilfield Services 15.4% 0.9% 1.4% 17.7%
Transportation 3.0% 0.0% 0.0% 3.0%
Total - current year's period 62.2% 24.1% 13.7% 100.0%
Total from prior year's comparable period 64.8% 21.2% 14.0% 100.0%

Percentage of Revenue Growth by Component Three Months Ended June 30, 2011
vs.
Three Months Ended June 30, 2010
Base Business Acquisitions Currency Translation Total
Minerals & Materials 4.7% 0.0% 1.4% 6.1%
Environmental 5.9% 0.0% 1.4% 7.3%
Oilfield Services 1.9% 0.0% 0.5% 2.4%
Transportation -2.1% 0.0% 0.0% -2.1%
Total 10.4% 0.0% 3.3% 13.7%
% of growth 75.5% 0.0% 24.5% 100.0%

Minerals and Materials Product Line Sales Three Months Ended June 30,
2011 2010 % change
(Dollars in Thousands)
Metalcasting $ 64,686 $ 49,857 29.7 %
Specialty materials 26,015 27,055 -3.8 %
Pet products 12,998 14,453 -10.1 %
Basic minerals 11,498 13,429 -14.4 %
Other product lines 4,654 1,603 190.3 %
Total 119,851 106,397 12.6 %

Environmental Product Line Sales Three Months Ended June 30,
2011 2010 % change
(Dollars in Thousands)
Lining technologies $ 32,621 $ 35,022 -6.9 %
Building materials 21,159 13,540 56.3 %
Contracting services 18,980 10,425 82.1 %
Drilling products 8,460 6,172 37.1 %
Total 81,220 65,159 24.6 %
AMCOL INTERNATIONAL CORPORATION
SUPPLEMENTARY INFORMATION (unaudited)
YEAR-TO-DATE
Composition of Sales by Geographic Region Six Months Ended June 30, 2011
Americas EMEA Asia Pacific Total
Minerals and materials 29.3% 9.7% 10.6% 49.6%
Environmental 14.2% 12.6% 1.6% 28.4%
Oilfield services 17.0% 0.8% 1.2% 19.0%
Transportation 3.0% 0.0% 0.0% 3.0%
Total - current year's period 63.5% 23.1% 13.4% 100.0%
Total from prior year's comparable period 65.0% 20.5% 14.5% 100.0%

Percentage of Revenue Growth by Component Six Months Ended June 30, 2011
vs.
Six Months Ended June 30, 2010
Organic Acquisitions Foreign Exchange Total
Minerals and materials 7.2% 0.0% 1.1% 8.3%
Environmental 7.2% 0.2% 1.0% 8.4%
Oilfield services 4.6% 0.0% 0.4% 5.0%
Transportation -2.0% 0.0% 0.0% -2.0%
Total 17.0% 0.2% 2.5% 19.7%
% of growth 86.4% 1.0% 12.6% 100.0%

Minerals and Materials Product Line Sales Six Months Ended June 30,
2011 2010 % change
(Dollars in Thousands)
Metalcasting $ 124,838 $ 94,197 32.5 %
Specialty materials 52,036 52,863 -1.6 %
Pet products 28,069 30,891 -9.1 %
Basic minerals 23,040 22,775 1.2 %
Other product lines 8,748 3,359 160.4 %
Total 236,731 204,085 16.0 %

Environmental Product Line Sales Six Months Ended June 30,
2011 2010 % change
(Dollars in Thousands)
Lining technologies $ 53,725 $ 51,587 4.1 %
Building materials 38,215 26,041 46.7 %
Contracting services 30,210 14,639 106.4 %
Drilling products 14,403 11,067 30.1 %
Total 136,553 103,334 32.1 %

Contact Information

  • For further information, contact:
    Don Pearson
    Vice President & Chief Financial Officer
    847.851.1500