Market Overview

CHIMERA INVESTMENT CORPORATION REPORTS 2ND QUARTER 2018 EARNINGS

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  • 2ND QUARTER GAAP NET INCOME OF $0.58 PER COMMON SHARE
  • 2ND QUARTER CORE EARNINGS(1) OF $0.59 PER COMMON
    SHARE
  • GAAP BOOK VALUE OF $17.01 PER COMMON SHARE

Chimera Investment Corporation (NYSE:CIM) today announced its financial
results for the second quarter ended June 30, 2018. The Company's GAAP
net income for the second quarter was $109 million or $0.58 per common
share. Core earnings(1) for the second quarter ended June 30,
2018 was $110 million or $0.59 per common share. Economic return on book
value for the second quarter was 2.3%.(2) The Company
sponsored three mortgage loan securitizations during the second quarter
for $948 million and incurred $2.1 million in securitization deal
related expenses.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180801005432/en/

"Chimera earned a solid 6.9% total economic return for the first half of
2018," said Matthew Lambiase, Chimera's CEO and President. "Staying true
to our core investment strategy, we continue to opportunistically adjust
our portfolio, maximizing shareholder value."

(1) Core earnings is a non-GAAP measure. See additional discussion
on page 5.
(2) Economic return on book value is based on the change in GAAP
book value per common share plus the dividend declared per common
share.
 

Other Information

Chimera Investment Corporation is a publicly traded real estate
investment trust, or REIT, that is primarily engaged in the business of
investing directly or indirectly through our subsidiaries, on a
leveraged basis, in a diversified portfolio of mortgage assets,
including residential mortgage loans, Non-Agency RMBS, Agency CMBS,
Agency RMBS, and other real estate related securities.

Please visit www.chimerareit.com
and click on Investor Relations for additional information about us.

 
CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except share and per share data)
   
    June 30, 2018   December 31, 2017
Assets:        
Cash and cash equivalents $ 90,671 $ 63,569
Non-Agency RMBS, at fair value 2,593,422 2,851,316
Agency MBS, at fair value 6,989,329 4,364,828
Loans held for investment, at fair value 13,246,521 13,678,263
Accrued interest receivable 106,877 100,789
Other assets 106,594 114,391
Derivatives, at fair value, net   129,341     48,914  
Total assets (1)   $ 23,262,755     $ 21,222,070  
Liabilities:
Repurchase agreements ($10.6 billion and $8.8 billion, pledged as
collateral, respectively)
$ 9,127,048 $ 7,250,452
Securitized debt, collateralized by Non-Agency RMBS ($1.3 billion
and $1.6 billion pledged as collateral, respectively)
179,742 205,780
Securitized debt at fair value, collateralized by loans held for
investment ($13.0 billion and $13.3 billion pledged as collateral,
respectively)
9,340,368 9,388,657
Payable for investments purchased 784,425 567,440
Accrued interest payable 71,405 61,888
Dividends payable 95,807 95,365
Accounts payable and other liabilities 13,818 17,191
Derivatives, at fair value, net       320  
Total liabilities (1)   $ 19,612,613     $ 17,587,093  
 
Stockholders' Equity:
Preferred Stock, par value of $0.01 per share, 100,000,000 shares
authorized:
8.00% Series A cumulative redeemable: 5,800,000 shares issued and
outstanding, respectively ($145,000 liquidation preference)
$ 58 $ 58
8.00% Series B cumulative redeemable: 13,000,000 shares issued and
outstanding, respectively ($325,000 liquidation preference)
130 130
Common stock: par value $0.01 per share; 300,000,000 shares
authorized, 187,006,450 and 187,809,288 shares issued and
outstanding, respectively
1,870 1,878
Additional paid-in-capital 3,816,631 3,826,691
Accumulated other comprehensive income 671,651 796,902
Cumulative earnings 3,324,968 2,967,852
Cumulative distributions to stockholders   (4,165,166 )   (3,958,534 )
Total stockholders' equity   $ 3,650,142     $ 3,634,977  
Total liabilities and stockholders' equity   $ 23,262,755     $ 21,222,070  
 
(1) The Company's consolidated statements of financial condition
include assets of consolidated variable interest entities ("VIEs")
that can only be used to settle obligations and liabilities of the
VIE for which creditors do not have recourse to the primary
beneficiary (Chimera Investment Corporation). As of June 30, 2018
and December 31, 2017, total assets of consolidated VIEs were
$14,455,778 and $14,987,464, respectively, and total liabilities of
consolidated VIEs were $9,559,149 and $9,631,820, respectively.
 
CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share and per share data)
(Unaudited)
   
For the Quarters Ended   For the Six Months Ended
June 30, 2018   June 30, 2017   June 30, 2018   June 30, 2017
Net interest income:    
Interest income (1) $ 306,436 $ 288,644 $ 603,567 $ 539,988
Interest expense (2)   161,266     137,955     310,518     248,186  
Net interest income   145,170     150,689     293,049     291,802  
Other-than-temporary impairments:
Total other-than-temporary impairment losses (805 ) (749 ) (1,099 ) (3,462 )
Portion of loss recognized in other comprehensive income   (8,326 )   (12,760 )   (9,190 )   (28,748 )
Net other-than-temporary credit impairment losses   (9,131 )   (13,509 )   (10,289 )   (32,210 )
Other investment gains (losses):
Net unrealized gains (losses) on derivatives 25,895 5,802 107,314 10,698
Realized gains (losses) on terminations of interest rate swaps (16,143 ) (16,143 )
Net realized gains (losses) on derivatives   (1,393 )   (11,481 )   11,693     (20,839 )
Net gains (losses) on derivatives   24,502     (21,822 )   119,007     (26,284 )
Net unrealized gains (losses) on financial instruments at fair value (18,364 ) 67,762 (3,898 ) 140,005
Net realized gains (losses) on sales of investments 2,167 4,541 2,167 9,708
Gains (losses) on extinguishment of debt   387     (48,014 )   10,057     (48,014 )
Total other gains (losses)   8,692     2,467     127,333     75,415  
 
Other expenses:
Compensation and benefits 8,689 7,671 17,100 15,227
General and administrative expenses 5,860 4,585 11,349 8,625
Servicing fees 9,943 10,890 21,277 $ 20,478
Deal expenses   2,095     1,345     3,183     12,698  
Total other expenses   26,587     24,491     52,909     57,028  
Income (loss) before income taxes 118,144 115,156 357,184 $ 277,979
Income taxes   36     139     68     $ 155  
Net income (loss)   $ 118,108     $ 115,017     $ 357,116     $ 277,824  
 
Dividend on preferred stock 9,400 9,400 18,800 14,683
                 
Net income (loss) available to common shareholders   $ 108,708     $ 105,617     $ 338,316     $ 263,141  
 
Net income (loss) per share available to common shareholders:                
Basic   $ 0.58     $ 0.56     $ 1.81     $ 1.40  
Diluted   $ 0.58     $ 0.56     $ 1.80     $ 1.40  
 
Weighted average number of common shares outstanding:                
Basic   186,994,743     187,779,406     187,272,469     187,770,626  
Diluted   187,422,145     188,142,551     187,738,443     188,169,093  
 
Dividends declared per share of common stock $ 0.50 $ 0.50 $ 1.00 $ 1.00
 
(1) Includes interest income of consolidated VIEs of $229,746 and
$234,437 for the quarters ended June 30, 2018 and 2017, respectively
and interest income of consolidated VIEs of $464,772 and $427,426
for the six months ended June 30, 2018 and 2017.
(2) Includes interest expense of consolidated VIEs of $99,507 and
$105,723 for the quarters ended June 30, 2018 and 2017, respectively
and interest expense of consolidated VIEs of $199,121 and $188,407
for the six months ended June 30, 2018 and 2017.
 
 
CHIMERA INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except share and per share data)
(Unaudited)
       
For the Quarters Ended   For the Six Months Ended
June 30, 2018   June 30, 2017   June 30, 2018   June 30, 2017
Comprehensive income (loss):
Net income (loss) $ 118,108 $ 115,017 $ 357,116 $ 277,824
Other comprehensive income:
Unrealized gains (losses) on available-for-sale securities, net (42,341 ) 41,655 (131,157 ) 37,744
Reclassification adjustment for net losses included in net income
for other-than-temporary credit impairment losses
9,131 13,509 10,289 32,210
Reclassification adjustment for net realized losses (gains) included
in net income
  (4,383 )   (2,591 )   (4,383 )   (7,777 )
Other comprehensive income (loss)   (37,593 )   52,573     (125,251 )   62,177  
Comprehensive income (loss) before preferred stock dividends   $ 80,515     $ 167,590     $ 231,865     $ 340,001  
Dividends on preferred stock   $ 9,400     $ 9,400     $ 18,800     $ 14,683  
Comprehensive income (loss) available to common stock shareholders   $ 71,115     $ 158,190     $ 213,065     $ 325,318  
 

Core earnings

Core earnings is a non-GAAP measure and is defined as GAAP net income
excluding unrealized gains on the aggregate portfolio, impairment
losses, realized gains on sales of investments, realized gains or losses
on futures, realized gains or losses on swap terminations, gain on
deconsolidation, extinguishment of debt and certain other non-recurring
gains or losses. As defined, core earnings include interest income and
expense as well as realized losses on interest rate swaps used to hedge
interest rate risk. Management believes that the presentation of core
earnings is useful to investors because it can provide a useful measure
of comparability to our other REIT peers, but has important limitations.
We believe core earnings as described above helps evaluate our financial
performance without the impact of certain transactions but is of limited
usefulness as an analytical tool. Therefore, core earnings should not be
viewed in isolation and is not a substitute for net income or net income
per basic share computed in accordance with GAAP.

The following table provides GAAP measures of net income and net income
per basic share available to common stockholders for the periods
presented and details with respect to reconciling the line items to core
earnings and related per average basic common share amounts:

  For the Quarters Ended
June 30, 2018   March 31, 2018   December 31, 2017   September 30, 2017   June 30, 2017
(dollars in thousands, except per share data)
GAAP Net income available to common stockholders $ 108,708     $ 229,607     $ 98,208     $ 129,832     $ 105,617  
Adjustments:
Net other-than-temporary credit impairment losses 9,131 1,158 18,179 11,468 13,509
Net unrealized (gains) losses on derivatives (25,895 ) (81,419 ) (28,074 ) (9,204 ) (5,802 )
Net unrealized (gains) losses on financial instruments at fair value 18,364 (14,466 ) 47,637 (19,042 ) (67,762 )
Net realized (gains) losses on sales of investments (2,167 ) 586 (1 ) (4,541 )
(Gains) losses on extinguishment of debt (387 ) (9,670 ) (12,742 ) 1 48,014
Realized (gains) losses on terminations of interest rate swaps 16,143
Net realized (gains) losses on Futures (1) 2,210     (16,424 )   (8,204 )   3,267     6,914  
Core Earnings $ 109,964     $ 108,786     $ 115,590     $ 116,321     $ 112,092  
                 
GAAP net income per basic common share $ 0.58     $ 1.22     $ 0.52     $ 0.69     $ 0.56  
Core earnings per basic common share(2) $ 0.59     $ 0.58     $ 0.62     $ 0.62     $ 0.60  

 

(1) Included in net realized gains (losses) on derivatives in the
Consolidated Statements of Operations.
(2) We note that core and taxable earnings will typically differ,
and may materially differ, due to differences on realized gains and
losses on investments and related hedges, credit loss recognition,
timing differences in premium amortization, accretion of discounts,
equity compensation and other items.
 

The following tables provide a summary of the Company's MBS portfolio at
June 30, 2018 and December 31, 2017.

    June 30, 2018
   

Principal or
Notional Value
at
Period-End

(dollars in
thousands)

 

Weighted
Average
Amortized
Cost
Basis

 

Weighted
Average
Fair Value

 

Weighted
Average
Coupon

 

Weighted
Average Yield at
Period-End (1)

Non-Agency RMBS        
Senior   $ 2,522,667 $ 53.23 $ 81.81 4.8% 17.7%
Senior, interest-only 5,282,885 5.73 4.78 1.4% 9.1%
Subordinated 365,499 56.13 73.00 4.0% 10.8%
Subordinated, interest-only 206,557 4.49 5.07 0.9% 11.8%
Agency MBS
Residential pass-through 4,527,730 103.70 101.88 4.0% 3.4%
Commercial pass-through 2,300,891 102.08 98.81 3.6% 3.4%
Interest-only 3,010,512 3.65 3.42 0.7% 3.3%
                     
    December 31, 2017
   

Principal or
Notional Value at
Period-End
(dollars
in

thousands)

 

Weighted
Average
Amortized
Cost
Basis

 

Weighted
Average
Fair Value

 

Weighted
Average
Coupon

 

Weighted
Average Yield at
Period-End (1)

Non-Agency RMBS
Senior $ 2,733,926 $ 54.04 $ 81.62 4.6% 16.7%
Senior, interest-only 4,862,461 5.41 4.34 1.3% 8.0%
Subordinated 501,455 66.77 80.01 4.1% 9.6%
Subordinated, interest-only 201,378 3.66 3.89 0.8% 11.8%
Agency MBS
Residential pass-through 2,227,128 105.53 104.27 3.8% 2.9%
Commercial pass-through 1,894,594 102.26 102.31 3.6% 3.2%
Interest-only 3,021,840 3.68 3.45 0.7% 3.4%
                     
(1) Bond Equivalent Yield at period end.
 

At June 30, 2018 and December 31, 2017, the repurchase agreements
collateralized by MBS had the following remaining maturities.

  June 30, 2018   December 31, 2017
(dollars in thousands)
Overnight $ $
1 to 29 days 4,757,404 4,745,342
30 to 59 days 1,915,294 1,206,769
60 to 89 days 1,460,284 592,865
90 to 119 days 90,183
Greater than or equal to 120 days   903,883   705,476
Total   $ 9,127,048   $ 7,250,452
 

The following table summarizes certain characteristics of our portfolio
at June 30, 2018 and December 31, 2017.

    June 30, 2018   December 31, 2017
Interest earning assets at period-end (1)   $ 22,829,272   $ 20,894,407
Interest bearing liabilities at period-end $ 18,647,158 $ 16,844,889
GAAP Leverage at period-end 5.1:1 4.6:1
GAAP Leverage at period-end (recourse) 2.5:1 2.0:1
Portfolio Composition, at amortized cost
Non-Agency RMBS 5.3 % 5.9 %
Senior 3.0 % 2.9 %
Senior, interest only 1.4 % 1.3 %
Subordinated 0.9 % 1.7 %
Subordinated, interest only 0.0 % 0.0 %
RMBS transferred to consolidated VIEs 3.2 % 4.6 %
Agency MBS 32.7 % 22.2 %
Residential 21.5 % 11.8 %
Commercial 10.7 % 9.8 %
Interest-only 0.5 % 0.6 %
Loans held for investment 58.8 % 67.3 %
Fixed-rate percentage of portfolio 94.7 % 93.7 %
Adjustable-rate percentage of portfolio 5.3 % 6.3 %
Annualized yield on average interest earning assets for the periods
ended
6.1 % 6.3 %
Annualized cost of funds on average borrowed funds for the periods
ended (2)
  3.6 %   3.6 %
(1) Excludes cash and cash equivalents.
(2) Includes the effect of realized losses on interest rate swaps.
 

Economic Net Interest Income

Our "Economic net interest income" is a non-GAAP financial measure, that
equals interest income, less interest expense and realized losses on our
interest rate swaps. Realized losses on our interest rate swaps are the
periodic net settlement payments made or received. For the purpose of
computing economic net interest income and ratios relating to cost of
funds measures throughout this section, interest expense includes net
payments on our interest rate swaps, which is presented as a part of
Realized gains (losses) on derivatives in our Consolidated Statements of
Operations and Comprehensive Income. Interest rate swaps are used to
manage the increase in interest paid on repurchase agreements in a
rising rate environment. Presenting the net contractual interest
payments on interest rate swaps with the interest paid on
interest-bearing liabilities reflects our total contractual interest
payments. We believe this presentation is useful to investors because it
depicts the economic value of our investment strategy by showing actual
interest expense and net interest income. Where indicated, interest
expense, including interest payments on interest rate swaps, is referred
to as economic interest expense. Where indicated, net interest income
reflecting interest payments on interest rate swaps, is referred to as
economic net interest income.

The following table reconciles the GAAP and non-GAAP measurements
reflected in the Management's Discussion and Analysis of Financial
Condition and Results of Operations.

   

GAAP
Interest
Income

 

GAAP
Interest
Expense

 

Net
Realized
(Gains)
Losses on
Interest
Rate
Swaps

 

Economic
Interest
Expense

 

GAAP
Net
Interest
Income

 

Net Realized
Gains
(Losses)
on Interest
Rate
Swaps

  Other (1)  

Economic
Net
Interest
Income

For the Quarter Ended June 30, 2018   $ 306,436 $ 161,266   $ (1,246 )   $ 160,020 $ 145,170   $ 1,246     $ 436     $ 146,852
For the Quarter Ended March 31, 2018   $ 297,132 $ 149,251   $ 2,612     $ 151,863 $ 147,881   $ (2,612 )   $ 143     $ 145,412
For the Quarter Ended December 31, 2017   $ 301,957 $ 144,204   $ 4,369     $ 148,573 $ 157,753   $ (4,369 )   $ (61 )   $ 153,323
For the Quarter Ended September 30, 2017   $ 296,813 $ 140,358   $ 3,489     $ 143,847 $ 156,455   $ (3,489 )   $ (167 )   $ 152,799
For the Quarter Ended June 30, 2017   $ 288,644 $ 137,955   $ 3,486     $ 141,441 $ 150,689   $ (3,486 )   $ (350 )   $ 146,853

(1) Primarily interest expense/(income) on cash and cash
equivalents.

 

The table below shows our average earning assets held, interest earned
on assets, yield on average interest earning assets, average debt
balance, economic interest expense, economic average cost of funds,
economic net interest income, and net interest rate spread for the
periods presented.

  For the Quarter Ended
June 30, 2018   June 30, 2017
(dollars in thousands) (dollars in thousands)
   

Average
Balance

  Interest  

Average
Yield/Cost

Average
Balance

  Interest  

Average
Yield/Cost

Assets:                      
Interest-earning assets (1):        
Agency MBS $ 5,149,790 $ 43,328 3.4% $ 3,661,335 $ 24,289 2.7%
Non-Agency RMBS 1,146,623 27,133 9.5% 1,335,643 29,567 8.9%
Non-Agency RMBS transferred to consolidated VIEs 788,432 49,209 25.0% 1,069,509 58,486 21.9%
Residential mortgage loans held for investment   13,041,746   187,202   5.7% 12,391,023   175,952   5.7%
Total   $ 20,126,591   $ 306,872   6.1% $ 18,457,510   $ 288,294   6.2%
                       
Liabilities and stockholders' equity:                      
Interest-bearing liabilities:
Repurchase agreements collateralized by:
Agency MBS (2) $ 4,780,044 $ 20,661 1.7% $ 3,156,501 $ 12,190 1.5%
Non-Agency RMBS 371,968 3,391 3.6% 725,698 5,229 2.9%
Re-Remic repurchase agreements 756,931 7,780 4.1% 387,493 3,573 3.7%
RMBS from loan securitizations 2,618,381 28,681 4.4% 1,823,189 14,726 3.2%
Securitized debt, collateralized by Non-Agency RMBS 187,355 2,637 5.6% 284,127 5,563 7.8%
Securitized debt, collateralized by loans   9,168,464   96,870   4.2% 9,700,805   100,160   4.1%
Total   $ 17,883,143   $ 160,020   3.6% $ 16,077,813   $ 141,441   3.5%
                       
Economic net interest income/net interest rate spread       $ 146,852   2.5%     $ 146,853   2.7%
                       
Net interest-earning assets/net interest margin   $ 2,243,448       2.9% $ 2,379,697       3.2%
                       
Ratio of interest-earning assets to interest bearing liabilities   1.13         1.15        
(1) Interest-earning assets at amortized cost
(2) Interest includes net cash paid/received on swaps
 

The table below shows our Net Income, Economic Net Interest Income and
Core Earnings, each as a percentage of average equity. Return on average
equity is defined as our GAAP net income (loss) as a percentage of
average equity. Average equity is defined as the average of the
Company's beginning and ending equity balance for the period reported.
Economic Net Interest Income is a non-GAAP financial measure, that
equals interest income, less interest expense and realized losses on our
interest rate swaps. Core Earnings is a non-GAAP measures as defined in
previous section.

 

Return on
Average Equity

 

Economic Net
Interest
Income/Average
Equity *

 

Core
Earnings/Average
Equity

    (Ratios have been annualized)
For the Quarter Ended June 30, 2018   12.91%   16.05%   12.02%
For the Quarter Ended March 31, 2018   26.17%   15.92%   11.91%
For the Quarter Ended December 31, 2017   11.82%   16.85%   12.70%
For the Quarter Ended September 30, 2017   15.42%   16.92%   12.88%
For the Quarter Ended June 30, 2017   12.98%   16.57%   12.65%

* Includes effect of realized losses on interest rate swaps.

 

The following table presents changes to Accretable Discount (net of
premiums) as it pertains to our Non-Agency RMBS portfolio, excluding
premiums on IOs, during the previous five quarters.

  For the Quarters Ended
Accretable Discount (Net of Premiums) June 30, 2018   March 31, 2018   December 31, 2017   September 30, 2017   June 30, 2017
    (dollars in thousands)
Balance, beginning of period $ 555,444 $ 582,193 $ 622,982 $ 627,724 $ 648,659
Accretion of discount (38,110 ) (37,309 ) (39,640 ) (43,502 ) (42,625 )
Purchases 3,098 (2,914 ) 1,723 (108 )
Sales and deconsolidation (6,439 ) 174 5,792 212
Transfers from/(to) credit reserve, net   26,276     10,386     1,765     31,245     21,586  
Balance, end of period   $ 540,269     $ 555,444     $ 582,193     $ 622,982     $ 627,724  
 

Disclaimer

This press release includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Actual results may differ from
expectations, estimates and projections and, consequently, readers
should not rely on these forward-looking statements as predictions of
future events. Words such as "expect," "target," "assume," "estimate,"
"project," "budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believe," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve
significant risks and uncertainties that could cause actual results to
differ materially from expected results, including, among other things,
those described in our most recent Annual Report on Form 10-K, and any
subsequent Quarterly Reports on Form 10-Q, under the caption "Risk
Factors." Factors that could cause actual results to differ include, but
are not limited to: the state of credit markets and general economic
conditions; changes in interest rates and the market value of our
assets; the rates of default or decreased recovery on the mortgages
underlying our target assets; the occurrence, extent and timing of
credit losses within our portfolio; the credit risk in our underlying
assets; declines in home prices; our ability to establish, adjust and
maintain appropriate hedges for the risks in our portfolio; the
availability and cost of our target assets; our ability to borrow to
finance our assets and the associated costs; changes in the competitive
landscape within our industry; our ability to manage various operational
risks and costs associated with our business; interruptions in or
impairments to our communications and information technology systems;
our ability to acquire residential mortgage loans and successfully
securitize the residential mortgage loans we acquire; our ability to
oversee our third party sub-servicers; the impact of any deficiencies in
the servicing or foreclosure practices of third parties and related
delays in the foreclosure process; our exposure to legal and regulatory
claims; legislative and regulatory actions affecting our business; the
impact of new or modified government mortgage refinance or principal
reduction programs; our ability to maintain our REIT qualification; and
limitations imposed on our business due to our REIT status and our
exempt status under the Investment Company Act of 1940.

Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Chimera does not undertake or accept any obligation to release publicly
any updates or revisions to any forward-looking statement to reflect any
change in its expectations or any change in events, conditions or
circumstances on which any such statement is based. Additional
information concerning these and other risk factors is contained in
Chimera's most recent filings with the Securities and Exchange
Commission (SEC). All subsequent written and oral forward-looking
statements concerning Chimera or matters attributable to Chimera or any
person acting on its behalf are expressly qualified in their entirety by
the cautionary statements above.

Readers are advised that the financial information in this press release
is based on company data available at the time of this presentation and,
in certain circumstances, may not have been audited by the Company's
independent auditors.

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