SOURCE: Lithia Motors

Lithia Motors

April 21, 2016 06:59 ET

Lithia Reports Adjusted EPS of $1.55 for First Quarter 2016

Lithia Increases Dividend to $0.25 per Share for First Quarter

MEDFORD, OR--(Marketwired - Apr 21, 2016) -  Lithia Motors, Inc. (NYSE: LAD) reported the highest first quarter adjusted net income in company history and increased adjusted net income 9% for the first quarter 2016 over the prior year period. 2016 first quarter adjusted net income was $40.4 million, or $1.55 per diluted share, compared to 2015 first quarter adjusted net income of $36.9 million, or $1.39 per diluted share.

Unadjusted net income for the first quarter 2016 was $40.3 million, or $1.55 per diluted share, compared to $40.7 million, or $1.53 per diluted share, for the first quarter of 2015. As shown in the attached non-GAAP reconciliation tables, the 2016 first quarter adjusted results exclude a non-core benefit related to an equity investment and the gain on the sale of a store offset by a legal reserve adjustment. These non-core items result in no change to earnings per share. The 2015 first quarter adjusted results exclude a $0.14 non-core net benefit from an equity investment and the gain on the sale of a store.

First quarter 2016 revenue increased $193.7 million, or 11%, to $2.0 billion from $1.8 billion for the first quarter 2015.

First Quarter-over-Quarter Operating Highlights:

  • Total same store sales increased 8%
  • New vehicle same store sales increased 6%
  • Used vehicle retail same store sales increased 12%
  • Service, body and parts same store sales increased 10%
  • Same store F&I per unit increased $111 to $1,292
  • Adjusted SG&A expense as a percentage of gross profit was 71.1%

"Our performance in the first quarter was solid," said Bryan DeBoer, President and CEO. "We grew adjusted earnings per share 12%, drove double digit increases in both used retail vehicle and service, body and parts sales and set a record in F&I per unit. We also continued to increase revenue and profitability in our DCH stores. While national new vehicle sales growth is moderating, we have significant opportunity to drive earnings growth through focus on growing vehicle market share and retaining service customers longer, improving store performance and targeting strategic acquisitions."

Chris Holzshu, SVP and CFO, said, "Adjusted SG&A as a percentage of gross profit was 71.1% in the first quarter of 2016, an improvement of 20 basis points over the first quarter of 2015. In the first quarter, incremental throughput, or the percentage of additional same store gross profit dollars that we retain after deducting incremental selling costs on a same store basis, was estimated at 37%. Our stores generated strong increases in gross profit and will continue to focus on controlling advertising and personnel cost to improve operating leverage."

Balance Sheet Update
We ended the first quarter with $22 million in cash and $149 million in availability under our credit facilities. Additionally, approximately $200 million of our operating real estate is currently unfinanced, which we estimate could provide an additional $150 million in available liquidity, for total potential liquidity of $321 million.

Dividend Payment and Share Repurchase
Our Board of Directors has approved a 25% increase in our quarterly dividend to $0.25 per share related to first quarter 2016 financial results. We expect to pay the dividend May 27, 2016 to shareholders of record on May 13, 2016.

Since March 31, 2016 we have repurchased approximately 157,500 shares at a weighted average price of $80.90 per share. Year to date, we have repurchased approximately 759,000 shares at a weighted average price of $79.80. Under our existing $250 million share repurchase authorization, approximately $236 million remains available.

2016 Outlook
We project 2016 second quarter earnings of $1.86 to $1.90 per diluted share and 2016 full year earnings of $7.30 to $7.50 per diluted share. Both projections are based on the following annual assumptions:

  •  Total revenues of $8.5 to $8.6 billion
  •  New vehicle sales increasing 4.5%
  •  New vehicle gross margin of 5.8% to 6.0%
  •  Used vehicle sales increasing 9.5%
  •  Used vehicle gross margin of 11.8% to 12.0%
  •  Service body and parts sales increasing 7.5%
  •  Service body and parts gross margin of 48.8% to 49.0%
  •  Finance and insurance gross profit of $1,270 to $1,290 per unit
  •  Tax rate of 39.5%
  •  Average diluted shares outstanding of 25.9 million

These projections exclude the impact of future acquisitions, dispositions and non-core items. Actual results may be affected by items described under Forward-Looking Statements below.

First Quarter Earnings Conference Call and Updated Presentation
The first quarter conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the first quarter results has been added to www.lithiainvestorrelations.com.

To listen live on our website or for replay, visit www.lithiainvestorrelations.com and click on webcasts.

About Lithia
Lithia Motors, Inc. is one of the largest automotive retailers in the United States. Lithia sells 31 brands of new vehicles and all brands of used vehicles at 138 stores in 15 states. Lithia also arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.

Sites
www.lithia.com
www.lithiainvestorrelations.com
www.lithiacareers.com

Lithia Motors on Facebook
www.facebook.com/LithiaMotors

Lithia Motors on Twitter
http://twitter.com/lithiamotors

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "project," "outlook," "expect," "anticipate," "intend," "plan," "believe," "estimate," "may," "seek," "would," "should," "likely," "goal," "strategy," "future," "maintain," "continue," "remain," "target" or "will" and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements regarding:

  • Expected operating results, such as improved store efficiency and performance; generating 2016 second quarter earnings per share of $1.86 to $1.90 per diluted share and 2016 full year earnings of $7.30 to $7.50 per diluted share and all projections set forth under the headings "2016 Outlook"; 
  • Anticipated ability to improve store performance;
  • Anticipated additions of dealership locations to our portfolio in the future; and
  • Anticipated availability of liquidity from our credit facility and unfinanced operating real estate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events that depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation, future economic and financial conditions (both nationally and locally), changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms), government regulations, legislation and others set forth throughout Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and in Part I, Item 1A. Risk Factors of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC. We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release.

Non-GAAP Financial Measures
This press release and the attached financial tables contain non-GAAP financial measures such as adjusted net income and diluted earnings per share, adjusted SG&A as a percentage of revenues and gross profit, adjusted operating margin, adjusted operating profit as a percentage of gross profit, and adjusted pre-tax margin. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. As a result, we review any non-GAAP financial measures in connection with a review of the most directly comparable measures calculated in accordance with GAAP. We caution you not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

   
   
Lithia Motors, Inc.  
Consolidated Statements of Operations (Unaudited)  
(In thousands except per share data)  
   
  Three months ended
March 31,
 
    Increase     %
Increase
 
  2016     2015     (Decrease)     (Decrease)  
Revenues:                            
New vehicle retail $ 1,096,055     $ 1,007,816     $ 88,239     8.8 %
Used vehicle retail   532,726       462,931       69,795     15.1  
Used vehicle wholesale   65,146       62,208       2,938     4.7  
Finance and insurance   77,638       64,604       13,034     20.2  
Service, body and parts   196,675       173,475       23,200     13.4  
Fleet and other   14,621       18,144       (3,523 )   (19.4 )
  Total revenues   1,982,861       1,789,178       193,683     10.8  
Cost of sales:                            
New vehicle retail   1,029,289       946,042       83,247     8.8  
Used vehicle retail   468,449       403,489       64,960     16.1  
Used vehicle wholesale   63,316       60,047       3,269     5.4  
Service, body and parts   100,556       89,036       11,520     12.9  
Fleet and other   14,069       17,189       (3,120 )   (18.2 )
  Total cost of sales   1,675,679       1,515,803       159,876     10.5  
Gross profit   307,182       273,375       33,807     12.4  
Asset impairments   3,498       4,130       (632 )   NM  
SG&A expense   219,106       191,618       27,488     14.3  
Depreciation and amortization   11,663       9,726       1,937     19.9  
Income from operations   72,915       67,901       5,014     7.4  
Floor plan interest expense   (5,909 )     (4,649 )     1,260     27.1  
Other interest expense   (5,459 )     (4,828 )     631     13.1  
Other expense, net   (1,526 )     (368 )     1,158     NM  
Income before income taxes   60,021       58,056       1,965     3.4  
Income tax expense   (19,751 )     (17,403 )     2,348     13.5  
Income tax rate   32.9 %     30.0 %              
Net income $ 40,270     $ 40,653     $ (383 )   (0.9 )%
                             
Diluted net income per share:                            
Net income per share $ 1.55     $ 1.53     $ 0.02     1.3 %
                             
Diluted shares outstanding   25,973       26,519       (546 )   (2.1 )%
                             
NM - not meaningful                            
                             
                             
                             
Lithia Motors, Inc.  
Key Performance Metrics (Unaudited)  
   
  Three months ended
March 31,
    Increase     %
Increase
 
  2016     2015     (Decrease)     (Decrease)  
Gross margin                            
New vehicle retail   6.1 %     6.1 %     -- bps        
Used vehicle retail   12.1       12.8       (70 )      
Used vehicle wholesale   2.8       3.5       (70 )      
Finance and insurance   100.0       100.0       --        
Service, body and parts   48.9       48.7       20        
Fleet and other   3.8       5.3       (150 )      
Gross profit margin   15.5       15.3       20        
                             
Unit sales                            
New vehicle retail   32,749       30,623       2,126     6.9 %
Used vehicle retail   27,431       24,204       3,227     13.3  
Total retail units sold   60,180       54,827       5,353     9.8  
Used vehicle wholesale   9,513       9,144       369     4.0  
                             
Average selling price                            
New vehicle retail $ 33,468     $ 32,910     $ 558     1.7 %
Used vehicle retail   19,421       19,126       295     1.5  
Used vehicle wholesale   6,848       6,803       45     0.7  
                             
Average gross profit per unit                            
New vehicle retail $ 2,039     $ 2,017     $ 22     1.1 %
Used vehicle retail   2,343       2,456       (113 )   (4.6 )
Used vehicle wholesale   192       236       (44 )   (18.6 )
Finance and insurance   1,290       1,178       112     9.5  
Total vehicle(1)   3,498       3,429       69     2.0  
                             
Revenue mix                            
New vehicle retail   55.3 %     56.3 %              
Used vehicle retail   26.9       25.9                
Used vehicle wholesale   3.3       3.5                
Finance and insurance, net   3.9       3.6                
Service, body and parts   9.9       9.7                
Fleet and other   0.7       1.0                
                             
  Adjusted     As reported  
  Three Months Ended
March 31,
    Three months ended
March 31,
 
Other metrics 2016     2015     2016   2015  
SG&A as a % of revenue 11.0 %   10.9 %   11.0   10.7 %
SG&A as a % of gross profit 71.1     71.3     71.3   70.1  
Operating profit as a % of revenue 3.9     3.8     3.7   3.8  
Operating profit as a % of gross profit 25.1     25.1     23.7   24.8  
Pretax margin 3.3     3.4     3.0   3.2  
Net profit margin 2.0     2.1     2.0   2.3  
                     
(1) - includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail  
   
   
   
Lithia Motors, Inc.
Same Store Operating Highlights (Unaudited)
 
  Three months ended
March 31,
    Increase     %
Increase
  2016     2015     (Decrease)     (Decrease)
Revenues                          
New vehicle retail $ 1,062,335     $ 1,000,768     $ 61,567     6.2 %
Used vehicle retail   516,277       459,192       57,085     12.4  
Used vehicle wholesale   63,805       61,949       1,856     3.0  
Finance and insurance   75,365       64,206       11,159     17.4  
Service, body and parts   189,968       172,116       17,852     10.4  
Fleet and other   14,583       18,145       (3,562 )   (19.6 )
Total revenues $ 1,922,333     $ 1,776,376     $ 145,957     8.2  
                           
Gross profit                          
New vehicle retail $ 64,818     $ 61,278     $ 3,540     5.8 %
Used vehicle retail   62,543       59,026       3,517     6.0  
Used vehicle wholesale   1,755       2,222       (467 )   (21.0 )
Finance and insurance   75,365       64,206       11,159     17.4  
Service, body and parts   92,956       83,749       9,207     11.0  
Fleet and other   544       956       (412 )   (43.1 )
Total gross profit $ 297,981     $ 271,437     $ 26,544     9.8  
                           
Gross margin                          
New vehicle retail   6.1 %     6.1 %     -- bps      
Used vehicle retail   12.1       12.9       (80 )    
Used vehicle wholesale   2.8       3.6       (80 )    
Finance and insurance   100.0       100.0       --      
Service, body and parts   48.9       48.7       20      
Fleet and other   3.7       5.3       (160 )    
Total gross profit   15.5       15.3       20      
                           
Unit sales                          
New vehicle retail   31,779       30,391       1,388     4.6 %
Used vehicle retail   26,531       23,972       2,559     10.7  
Total retail units sold   58,310       54,363       3,947     7.3  
Used vehicle wholesale   9,255       9,063       192     2.1  
                           
Average selling price                          
New vehicle retail $ 33,429     $ 32,930     $ 499     1.5 %
Used vehicle retail   19,459       19,155       304     1.6  
Used vehicle wholesale   6,894       6,835       59     0.9  
                           
Average gross profit per unit                          
New vehicle retail $ 2,040     $ 2,016     $ 24     1.2 %
Used vehicle retail   2,357       2,462       (105 )   (4.3 )
Used vehicle wholesale   190       245       (55 )   (22.4 )
Finance and insurance   1,292       1,181       111     9.4  
Total vehicle(1)   3,507       3,435       72     2.1  
                             
(1) - includes the sales and gross profit related to new, used retail, used wholesale and finance and insurance and unit sales for new and used retail
                             
                             
                             
Lithia Motors, Inc.  
Segment Operating Highlights (Unaudited)  
   
  Three months ended
March 31,
    Increase     %
Increase
 
  2016     2015     (Decrease)     (Decrease)  
Revenues                            
Domestic $ 768,902     $ 690,682     $ 78,220     11.3 %
Import   865,743       760,080       105,663     13.9  
Luxury   346,813       336,993       9,820     2.9  
Total segment revenues   1,981,458       1,787,755       193,703     10.8  
Corporate and other   1,403       1,423       (20 )   (1.4 )
Total revenues $ 1,982,861     $ 1,789,178     $ 193,683     10.8  
                             
Segment Income(1)                            
Domestic $ 21,730     $ 27,294     $ (5,564 )   (20.4) %
Import   22,633       17,063       5,570     32.6  
Luxury   4,235       6,645       (2,410 )   (36.3 )
Total segment income   48,598       51,002       (2,404 )   (4.7 )
Corporate and other   30,071       21,976       8,095     36.8  
Depreciation and amortization   (11,663 )     (9,726 )     (1,937 )   19.9  
Other interest expense   (5,459 )     (4,828 )     (631 )   13.1  
Other expense, net   (1,526 )     (368 )     (1,158 )   NM  
Income before income taxes $ 60,021       58,056     $ 1,965     3.4  
                             
(1) Segment income for each of the segments is defined as Income before income taxes, less Depreciation and amortization, Other interest expense and Other expense, net.  
                             
Retail New Vehicle Unit Sales                      
Domestic 10,649     10,012     637     6.4 %
Import 18,114     16,805     1,309     7.8  
Luxury 4,063     3,865     198     5.1  
Total 32,826     30,682     2,144     7.0  
Allocated to management (77 )   (59 )   (18 )   NM  
Total retail new vehicle unit sales 32,749     30,623     2,126     6.9  
                       
NM - not meaningful                      
                       
                       
Lithia Motors, Inc.
Other Highlights (Unaudited)
 
  As of
  March 31,   December 31,   March 31,
  2016   2015   2015
Days Supply(1)          
New vehicle inventory 78   67   62
Used vehicle inventory 53   55   49
           
(1) Days supply calculated based on current inventory levels, excluding in-transit vehicles, and a 30-day historical cost of sales level.
 
 
 
Financial covenants        
    Requirement   As of March 31, 2016
Current ratio   Not less than 1.10 to 1   1.25 to 1
Fixed charge coverage ratio   Not less than 1.20 to 1   2.87 to 1
Leverage ratio   Not more than 5.00 to 1   1.75 to 1
Funded debt restriction   Not more than $600 million   $414.4 million
         
         
         
Lithia Motors, Inc.  
Other Highlights (Unaudited)  
   
    Three months ended
March 31,
 
    2016     2015  
New vehicle unit sales brand mix            
Honda, Acura   23.2 %   22.0 %
Toyota, Lexus   19.7     20.1  
Chrysler   18.6     19.1  
General Motors   8.8     9.0  
Subaru   7.3     7.2  
BMW, Mini   5.5     5.8  
Ford   5.2     4.6  
Nissan   3.8     4.0  
Volkswagen, Audi   2.7     2.8  
Hyundai   1.9     2.1  
Mercedes Benz   1.3     1.6  
Kia   1.3     1.3  
Other   0.7     0.4  
             
    Three months ended
March 31,
 
    2016     2015  
Revenue geographic mix            
California   23.0 %   22.2 %
Oregon   16.8     16.8  
Texas   14.0     15.7  
New Jersey   13.9     13.7  
Montana   6.3     5.8  
Washington   5.4     5.1  
Alaska   4.7     5.1  
Nevada   3.2     3.2  
New York   3.0     2.7  
Idaho   2.8     3.1  
Iowa   2.5     2.8  
Hawaii   2.0     1.4  
North Dakota   1.2     1.5  
New Mexico   0.9     0.9  
Massachusetts   0.3     --  
             
    As of March 31, 2016  
Current store count mix   # of stores   % of total  
Chrysler   27   19.6 %
Honda, Acura   21   15.2  
Toyota, Lexus   20   14.5  
General Motors   16   11.6  
BMW, Mini   11   8.0  
Subaru   8   5.8  
Volkswagen, Audi   8   5.8  
Ford   7   5.1  
Nissan   6   4.3  
Hyundai   4   2.9  
Mercedes Benz   4   2.9  
Other   6   4.3  
           
           
           
Lithia Motors, Inc.  
Consolidated Balance Sheets (Unaudited)  
(In thousands)  
   
    March 31, 2016     December 31, 2015  
Cash and cash equivalents   $ 21,559     $ 45,008  
Trade receivables, net     286,292       308,462  
Inventories, net     1,541,085       1,470,987  
Other current assets     50,473       54,408  
Total current assets   $ 1,899,409     $ 1,878,865  
                 
Property and equipment, net     882,405       876,660  
Goodwill     213,934       213,220  
Franchise value     161,668       157,699  
Other non-current assets     110,202       100,855  
Total assets   $ 3,267,618     $ 3,227,299  
                 
Floor plan notes payable   $ 55,836     $ 48,083  
Floor plan notes payable: non trade     1,296,751       1,265,872  
Current maturities of long-term debt     33,721       38,891  
Trade payables     78,250       70,871  
Accrued liabilities     179,145       167,108  
Total current liabilities   $ 1,643,703     $ 1,590,825  
                 
Long-term debt     595,663       606,463  
Deferred revenue     70,066       66,734  
Deferred income taxes     59,134       53,129  
Other long-term liabilities     84,375       81,984  
Total liabilities   $ 2,452,941     $ 2,399,135  
                 
Class A common stock     213,699       258,410  
Class B common stock     219       316  
Additional paid-in capital     34,866       38,822  
Accumulated other comprehensive loss     (114 )     (277 )
Retained earnings     566,007       530,893  
Total liabilities & stockholders' equity   $ 3,267,618     $ 3,227,299  
                 
                 
                 
Lithia Motors, Inc.  
Summarized Cash Flow from Operations (Unaudited)  
(In thousands)  
   
    Three Months Ended
March 31,
 
    2016     2015  
Net income   $ 40,270     $ 40,653  
Adjustments to reconcile net income to net cash provided by operating activities:                
Asset impairments     3,498       4,130  
Depreciation and amortization     11,663       9,726  
Stock-based compensation     3,149       2,727  
Gain on disposal of assets     (3,391 )     8  
Gain on sale of franchise     (1,087 )     (3,349 )
Deferred income taxes     10,261       3,863  
Excess tax benefit from share-based payment arrangements     (4,379 )     (4,733 )
(Increase) decrease:                
  Trade receivables, net     25,564       7,569  
  Inventories     (73,744 )     (39,460 )
  Other assets     (4,705 )     (2,078 )
Increase (decrease):                
  Floor plan notes payable, net     7,753       1,092  
  Trade payables     920       6,799  
  Accrued liabilities     13,425       4,444  
  Other long-term liabilities and deferred revenue     5,396       6,838  
Net cash provided by operating activities   $ 34,593     $ 38,229  
                 
                 
                 
Lithia Motors, Inc.  
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)  
(In thousands)  
   
    Three Months Ended
March 31,
 
Net cash provided by operating activities   2016   2015  
As reported   $ 34,593   $ 38,229  
  Floor plan notes payable, non-trade, net     38,626     (21,984 )
Adjusted   $ 73,219   $ 16,245  
               
               
               
Lithia Motors, Inc.  
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)  
(In thousands, except for per share data)  
   
          Three Months Ended March 31, 2016  
    As reported     Disposal gain on sale of store     Equity investment fair value adjustment     Legal reserve adjustment     Adjusted  
Asset impairments   $ 3,498     $ --     $ (3,498 )   $ --     $ --  
                                         
Selling, general and administrative     219,106       1,087       --       (1,906 )     218,287  
                                         
Income from operations     72,916       (1,087 )     3,498       1,906       77,233  
                                         
Other expense, net     (1,526 )     --       2,066       --       540  
                                         
Income before income taxes   $ 60,021     $ (1,087 )   $ 5,564     $ 1,906     $ 66,404  
Income tax expense     (19,751 )     426       (5,945 )     (747 )     (26,017 )
Net income   $ 40,270     $ (661 )   $ (381 )   $ 1,159     $ 40,387  
                                         
Diluted earnings per share   $ 1.55     $ (0.03 )   $ (0.01 )   $ 0.04     $ 1.55  
Diluted share count     25,973                                  
    Three Months Ended March 31, 2015  
    As reported     Disposal gain on sale of store     Equity investment fair value adjustment     Adjusted  
Asset impairments   $ 4,130     --     $ (4,130 )   $ --  
                               
Selling, general and administrative     191,618     3,349       --       194,967  
                               
Income from operations     67,901     (3,349 )     4,130       68,682  
                               
Other expense, net     (368 )   --       1,732       1,364  
                               
Income before income taxes   $ 58,056     (3,349 )   $ 5,862     $ 60,569  
Income tax expense     (17,403 )   1,004       (7,250 )     (23,649 )
Net income   $ 40,653     (2,345 )   $ (1,388 )   $ 36,920  
                               
Diluted earnings per share   $ 1.53     (0.09 )   $ (0.05 )   $ 1.39  
Diluted share count     26,519                        

Contact Information

  • Contact:
    John North
    VP Finance and Chief Accounting Officer
    (541) 618-5748