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Sonic Reports Second Quarter 2011 Financial Results

(November 09, 2010)

NOVATO, Calif., Nov. 9, 2010 (GLOBE NEWSWIRE) -- Sonic Solutions® (Nasdaq:SNIC) today reported financial results for its second quarter of fiscal year 2011 ended September 30, 2010.



"Our second quarter results were in-line with our expectations and reflect the strength of our value proposition to our customers," said Dave Habiger, president and CEO of Sonic. "Internet video delivery is transforming the entertainment experience and disrupting traditional physical and broadcast based distribution models. With the combined technology portfolio of Sonic and DivX, we are uniquely positioned to facilitate, and profit from, this shift in entertainment distribution and consumption."



Second Quarter Fiscal 2011 GAAP Results


In the second quarter of fiscal 2011, Sonic recognized net revenue of $25.3 million, down from $26.1 million reported for the second quarter of fiscal 2010. Sonic's gross profit for the second quarter of fiscal 2011 was $16.4 million, representing a gross margin of 65%, compared to $18.0 million and a gross margin of 69% in the second quarter of fiscal 2010.




Operating expenses were $19.7 million in the second quarter of fiscal 2011, compared to $17.4 million in the second quarter of fiscal 2010.  The GAAP expenses break down as follows: sales and marketing expense was $7.9 million, research and development expense was $6.3 million, general and administration expense was $4.5 million, and expenses associated with acquisitions was $0.9 million.   



Net loss for the second quarter of fiscal 2011 was $2.6 million, or $(0.08) per share based on 30.8 million weighted average shares, compared to a net loss of $0.2 million in the second quarter of fiscal 2010, or $(0.01) per share based on 26.7 million weighted average shares.



Second Quarter Fiscal 2011 Non-GAAP Results



Sonic's non-GAAP net revenue for the second quarter of fiscal 2011 was $26.4 million. The company's second quarter revenue target was approximately $26.0 million. The effect of $1.0 million of contra revenue associated with the vesting of a warrant issued during the third quarter of fiscal 2010 was excluded from the calculation of non-GAAP net revenue. There was no such contra revenue for the second quarter of fiscal 2010. 



Non-GAAP gross profit for the second quarter of fiscal 2011 was $17.6 million, compared to $18.1 million reported for the second quarter of fiscal 2010. In addition Non-GAAP gross profit does not include acquisition-related intangible asset amortization expense of $0.1 million in both the second quarter of fiscal 2010 and 2011.



Non-GAAP operating expenses were $17.8 million in the second quarter of fiscal 2011, compared to $16.9 million in the second quarter of fiscal 2010.  These expenses for fiscal 2011 exclude share-based compensation expense of $0.9 million and acquisition expenses of $0.9 million and for the second quarter of fiscal 2010 exclude share-based compensation expense of $0.5 million and restructuring charges of $46 thousand.



Non-GAAP net income for the second quarter of fiscal 2011 was $0.2 million, or $0.01 per diluted share based on 33.0 million weighted average shares. This compares to non-GAAP net income for the second quarter of fiscal 2010 of $0.4 million, or $0.01 per diluted share based on 28.1 million weighted average shares.



Earnings Conference Call



In conjunction with this earnings press release, the Company has posted management's commentary to the Investor Relations section of its Web site at http://www.sonic.com. Members of Sonic's management team will host a live conference call today at 4:30 p.m. EST (1:30 p.m. PST), to discuss the financial results.  To participate in the conference call, interested parties may dial-in at 888-401-4669 (domestic) or 719-325-2411 (international) and referencing the ID number: 4174163.



To listen to a live audio broadcast of the conference call via the Internet, visit the Investor Relations section of the Sonic Solutions website at http://www.sonic.com. An archived version of the webcast will also be available through this site.



A telephone replay will be available shortly following the call on Tuesday, November 9, 2010 through midnight (PST) on Tuesday, November 16, 2010. The replay can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (int'l) and entering the passcode: 4174163







































































































































































































Sonic Solutions

 

 

Condensed Consolidated Statements of Operations 

 

 

(in thousands, except per share data - unaudited)

 

 

 

 

 

 

 

 

Three Months Ended 

Six Months Ended 

 

September 30, 

September 30, 

 

2010

2009

2010

2009

Net revenue

 $ 25,348

 $ 26,056

 $ 50,748

 $ 51,583

Cost of revenue

 8,929

 8,076

 16,602

 15,961

Gross profit

 16,419

 17,980

 34,146

 35,622

 

 

 

 

 

Operating expenses:

 

 

 

 

Marketing and sales

 7,903

 7,002

 15,005

 13,756

Research and development

 6,334

 6,126

 12,267

 13,240

General and administrative

 4,539

 4,264

 9,219

 9,016

Restructuring 

 -- 

 46

 -- 

 566

DivX acquisition

 948

 -- 

 2,566

 -- 

Total operating expenses

 19,724

 17,438

 39,057

 36,578

Operating income (loss)

 (3,305)

 542

 (4,911)

 (956)

Other income (expense), net

 626

 (501)

 388

 (350)

Income (loss) before income taxes

 (2,679)

 41

 (4,523)

 (1,306)

 

 

 

 

 

Provision for (benefit from ) income taxes

 (73)

 247

 (849)

 731

Net loss

 $ (2,606)

 $ (206)

 $ (3,674)

 $ (2,037)

 

 

 

 

 

 

 

 

 

 

Net loss per share:

 $ (0.08)

 $ (0.01)

 $ (0.12)

 $ (0.08)

 

 

 

 

 

Shares used in computing basic and diluted net loss per share:

 30,840

26,686

 30,763

26,649






























































































































































































































Sonic Solutions

Condensed Consolidated Balance Sheets

(in thousands, except share data)

 

 September 30, 

March 31,

 

2010

2010

 

(unaudited)

(1)

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

 $ 54,549

 $ 54,536

Accounts receivable, net of allowances of $3,113 and $2,511 at September 30, 2010 and March 31, 2010, respectively

 12,275

 11,270

Inventory

 2,351

 1,941

Prepaid expenses and other current assets

 4,123

 3,497

Deferred tax benefits

 89

 -- 

Total current assets

 73,387

 71,244

Fixed assets, net

 1,394

 1,670

Purchased and internally developed software costs, net

 135

 165

Goodwill 

 4,628

 4,628

Acquired intangibles, net 

 16,530

 16,174

Deferred tax benefit, net of current portion

 113

 66

Other assets

 543

 1,463

Total assets

 $ 96,730

 $ 95,410

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

Current liabilities:

 

 

Accounts payable

 $ 5,082

 $ 3,892

Accrued expenses and other current liabilities

 21,459

 21,916

Deferred revenue, current portion

 5,717

 5,874

Capital leases

 95

 123

Total current liabilities

 32,353

 31,805

 

 

 

Other long term liabilities, net of current portion

 1,941

 889

Deferred revenue, net of current portion

 165

 76

Capital leases, net of current portion

 5

 37

Total liabilities

 34,464

 32,807

 

 

 

Commitments and contingencies 

 

 

Shareholders' equity:

 

 

Common stock, no par value, 100,000,000 shares authorized; 30,917,718 and 30,610,102 shares issued and outstanding at September 30, 2010 and March 31, 2010, respectively

 203,735

 200,375

Accumulated deficit

 (139,962)

 (136,289)

Accumulated other comprehensive loss

 (1,507)

 (1,483)

Total shareholders' equity

 62,266

 62,603

Total liabilities and shareholders' equity

 $ 96,730

 $ 95,410

 

 

 

(1) Derived from audited consolidated financial statements as of March 31, 2010.


Non-GAAP Measures



To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles ("GAAP"), we report the following non-GAAP financial measures in presenting results and giving guidance: non-GAAP net revenue, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share. We also provide information and guidance regarding our earnings before interest, taxes, depreciation and amortization, excluding restructuring expense, acquisition related expense, share-based compensation and contra revenue ("Adjusted EBITDA"). Our non-GAAP financial measures are not meant to be considered in isolation nor as a substitute for comparable GAAP measures, but should be considered in addition to and in conjunction with results presented in accordance with GAAP. The non-GAAP financial measures are intended to provide additional insight into our operations that, when viewed with our GAAP results and the accompanying reconciliations to the most directly comparable GAAP financial measures, offer a more complete understanding of factors and trends affecting our business. Our non-GAAP presentations should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.



We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics we use in our financial and operational decision-making and (2) they are used by some of our investors and the analyst community to help them analyze our operating results. We use these non-GAAP measures internally to plan and forecast future periods, to establish operational goals, to compare with our business plan and individual operating budgets and to allocate resources. As illustrated by the reconciliation tables below, the effect of calculating these financial measures on a non-GAAP basis is to increase profits, decrease losses and/or change losses to profits. Material limitations associated with the use of the non-GAAP financial measures versus the comparable GAAP measures and guidance are (a) the non-GAAP measures provide a view of our results that does not take into account certain GAAP expenses that would otherwise reduce our profits or increase our losses for the period in question, and (b) it may be difficult or impossible to meaningfully compare our non-GAAP results with those of other companies that do not present non-GAAP results utilizing similar assumptions. We compensate for these limitations by providing full disclosure of the effects of our non-GAAP measures and guidance. Additionally, we present reconciliations between non-GAAP measures and their most directly comparable GAAP measures for non-GAAP historical information and, to the extent available without unreasonable efforts, for non-GAAP forward-looking information, so that investors can use the information to perform their own analysis.




  • Contra Revenue. We have excluded the effect of contra revenue associated with our issuance and subsequent vesting of a warrant from our calculation of the following: non-GAAP net revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. Because of varying available valuation methodologies, subjective assumptions and the fact that the financial impacts of this warrant issuance do not result in ongoing cash expenditures or otherwise have a material impact on our ongoing business operations, we believe that providing non-GAAP financial measures that exclude contra revenue allows investors and analysts to make meaningful comparisons between our ongoing core business operating results and those of other companies. Contra revenue adjustments associated with the grant of this warrant, vesting of the warrant, and changes in the assumptions used to value the warrant will recur during the 2-year vesting period of the warrant.


  • Acquisition-Related Intangible Amortization. Under purchase accounting rules, some portion of an acquisition purchase price is generally allocated to intangibles, such as core and developed technology and customer contracts, which are then amortized over various periods of time. Our GAAP presentations include amortization on certain acquired intangibles from prior consummated transactions. We have excluded the effect of amortization of acquired intangibles from our calculation of the following: non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. Amortization of acquired intangible assets expense is inconsistent in amount and frequency and is significantly affected by the timing and size of our various acquisitions. Further, the amortization expense on acquired intangibles does not result in ongoing cash expenditures, and, in our view, does not otherwise have a material impact on our ongoing business operations. Investors should note that the use of acquired intangible assets contributed to revenues earned during the periods presented and will continue to contribute to future period revenues. This amortization expense will recur in future periods for GAAP purposes.


  • Acquisition Related Expense Adjustment. We have excluded the effect of acquisition expense from our calculation of the following: non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. These expenses are primarily attributable to acquisition expenses associated with the DivX acquisition, beginning in the fourth quarter of fiscal 2010, and consist of the following: (i) professional service fees; and (ii) transition and integration costs. We do not consider these acquisition-related costs to be related to our ongoing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. By excluding acquisition-related expenses from our non-GAAP measures, management is better able to evaluate the Company's ability to utilize its existing assets and estimate the long-term value that acquired assets will generate for the Company. We believe that providing a supplemental non-GAAP measure which excludes these items allows management and investors to consider the ongoing operations of the business both with, and without, such expenses.


  • Restructuring Expense Adjustment. We have excluded the effect of restructuring expense from our calculation of the following: non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. These expenses are primarily associated with the restructuring actions commenced in the fourth quarter of fiscal 2009. As these expenses are directly related to such restructurings, we believe that providing non-GAAP financial measures that exclude these expenses allows investors and analysts to make meaningful comparisons of our ongoing core business operating results over different periods of time.


  • Share-Based Compensation Expense Adjustment. We have excluded the effect of share-based compensation expense from our calculation of the following: non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies may use, as well as the impact of non-operational factors such as our share price and events such as tender offers on the magnitude of this expense, we believe that providing non-GAAP financial measures that exclude share-based compensation expense allows investors and analysts to make meaningful comparisons between our ongoing core business operating results and those of other companies. Share-based compensation expense will recur in future periods for GAAP purposes.


  • Adjusted EBITDA. We provide information and guidance regarding our Adjusted EBITDA. We believe this performance measure is useful to investors because (a) it corresponds closely to the cash operating income (loss) generated from our core operations by excluding significant non-cash operating expenses that do not arise out of our core ongoing operating activities, and (b) it provides greater insight into management decision-making, as Adjusted EBITDA is one of our primary internal metrics for evaluating the performance of our business.



Reconciliation of GAAP to Non-GAAP Measures



As noted above and as reflected in the following reconciliation tables, we have provided reconciliations between the historical non-GAAP measures that we have disclosed and the most directly comparable GAAP measures. 




  • Non-GAAP Net Revenue, Cost of Revenue, Gross Profit & Gross Margin. The following table provides reconciliations relating to net revenue, cost of revenue, gross profit and gross margin (in thousands, except for margin percentages, unaudited):




































































































































































































 

 Three Months Ended

September 30, 

 

 2010 

 2009 

 GAAP net revenue 

 $ 25,348

 $ 26,056

 Contra revenue associated with the warrant

 1,020

 -- 

 Non-GAAP net revenue 

 $ 26,368

 $ 26,056

 

 

 

GAAP cost of revenue 

 $ 8,929

 $ 8,076

Acquisition-related intangible amortization expense

 (141)

 (89)

 Non-GAAP cost of revenue 

 $ 8,788

 $ 7,987

 

 

 

GAAP gross profit 

 $ 16,419

 $ 17,980

 GAAP gross margin (1)

65%

69%

 

 

 

Non-GAAP gross profit

 $ 17,580

 $ 18,069

 Non-GAAP gross margin (2)

67%

69%

 

 

 

(1) The GAAP gross margin percentage is calculated by dividing GAAP gross profit by GAAP net revenue.

(2)  The Non-GAAP gross margin percentage is calculated by dividing Non-GAAP gross profit by Non-GAAP net revenue.

 

 

 

 

 

 

 

 

 

 

 

 

 

 Six Months Ended

September 30, 

 

 2010 

 2009 

 GAAP net revenue 

 $ 50,748

 $ 51,583

 Contra revenue associated with the warrant

 1,305

 -- 

 Non-GAAP net revenue 

 $ 52,053

 $ 51,583

 

 

 

GAAP cost of revenue 

 $ 16,602

 $ 15,961

Acquisition-related intangible amortization expense

 (248)

 (203)

 Non-GAAP cost of revenue 

 $ 16,354

 $ 15,758

 

 

 

GAAP gross profit 

 $ 34,146

 $ 35,622

 GAAP gross margin (1)

67%

69%

 

 

 

Non-GAAP gross profit

 $ 35,699

 $ 35,825

 Non-GAAP gross margin (2)

69%

69%

 

 

 

(1) The GAAP gross margin percentage is calculated by dividing GAAP gross profit by GAAP net revenue.

(2)  The Non-GAAP gross margin percentage is calculated by dividing Non-GAAP gross profit by Non-GAAP net revenue.



  • Operating Expenses. The following table provides reconciliations relating to operating expenses (in thousands, unaudited):














































































































































 

 Three Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

 GAAP total operating expenses 

 $ 19,724

 $ 17,438

 Share-based compensation expense (1)

 (945)

 (522)

 Restructuring expense (2)

 -- 

 (46)

 DivX acquisition expense (3)

 (948)

 -- 

 Non-GAAP total operating expenses 

 $ 17,831

 $ 16,870

 

 

 

 

 

 

(1) Share-based compensation expense is included in operating expenses on a GAAP basis.

(2) Restructuring expense is included as a separate line item in operating expenses on a GAAP basis.

(3) Acquisition expense is included as a separate line item in operating expenses on a GAAP basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 Six Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

 GAAP total operating expenses 

 $ 39,057

 $ 36,578

 Share-based compensation expense (1)

 (1,764)

 (1,102)

 Restructuring expense (2)

 -- 

 (566)

 DivX acquisition expense (3)

 (2,566)

 -- 

 Non-GAAP total operating expenses 

 $ 34,727

 $ 34,910

 

 

 

 

 

 

(1) Share-based compensation expense is included in operating expenses on a GAAP basis.

(2) Restructuring expense is included as a separate line item in operating expenses on a GAAP basis.

(3) Acquisition expense is included as a separate line item in operating expenses on a GAAP basis.



  • Non-GAAP Operating Income (Loss), Operating Margin, Net Income (Loss) & Adjusted EBITDA. The following table provides reconciliations relating to operating income (loss), operating margin, net income (loss) and Adjusted EBITDA (in thousands, except for margin percentages, unaudited): 




























































































































































































































































































 

Three Months Ended

September 30.

 

2010

2009

GAAP operating income (loss) (1)

 $ (3,305)

 $ 542

Non-GAAP operating income (loss) (2)

 (251)

 1,199

 

 

 

GAAP operating margin (3)

(13%)

2%

Non-GAAP operating margin (4)

(1%)

5%

 

 

 

GAAP net loss 

 $ (2,606)

 $ (206)

 Contra revenue associated with the

 warrant

 1,020

 -- 

Acquisition-related intangible amortization

 expense

 141

 89

Share-based compensation expense

 945

 522

Restructuring expense

 -- 

 46

DivX acquisition expense

 948

 -- 

Provision for (benefit from) income taxes

 (73)

 247

Tax adjustment by applying an effective tax rate (5)

 (150)

 (279)

Non-GAAP net income

 $ 225

 $ 419

Depreciation

 339

 485

Other (income) expense 

 (626)

 501

Tax adjustment by applying an effective tax rate (5)

 150

 279

Adjusted EBITDA

 $ 88

 $ 1,684

 

 

 

(1) The GAAP operating loss is calculated by subtracting GAAP operating expenses from GAAP gross profit.

(2) The Non-GAAP operating income (loss) is calculated by subtracting Non-GAAP operating expenses from Non-GAAP gross profit.

(3) The GAAP operating margin percentage is calculated by dividing GAAP operating income (loss) by GAAP net revenue.

(4) The Non-GAAP operating margin percentage is calculated by dividing Non-GAAP operating income (loss) by Non-GAAP net revenue.

(5) Fiscal 2011 and 2010 are tax adjusted by applying an effective tax rate of 40%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

September 30.

 

2010

2009

GAAP operating loss (1)

 $ (4,911)

 $ (956)

Non-GAAP operating income (2)

 971

 915

 

 

 

GAAP operating margin (3)

(10%)

(2%)

Non-GAAP operating margin (4)

2%

2%

 

 

 

GAAP net loss 

 $ (3,674)

 $ (2,037)

 Contra revenue associated with the

 warrant

 1,305

 -- 

Acquisition-related intangible amortization

 expense

 248

 203

Share-based compensation expense

 1,764

 1,102

Restructuring expense

 -- 

 566

DivX acquisition expense

 2,566

 -- 

Provision for (benefit from) income taxes

 (849)

 731

Tax adjustment by applying an effective tax rate (5)

 (544)

 (226)

Non-GAAP net income 

 $ 816

 $ 339

Depreciation

 695

 1,031

Other (income) expense 

 (388)

 350

Tax adjustment by applying an effective tax rate (5)

 544

 226

Adjusted EBITDA

 $ 1,667

 $ 1,946

 

 

 

(1) The GAAP operating loss is calculated by subtracting GAAP operating expenses from GAAP gross profit.

(2) The Non-GAAP operating income (loss) is calculated by subtracting Non-GAAP operating expenses from Non-GAAP gross profit.

(3) The GAAP operating margin percentage is calculated by dividing GAAP operating income (loss) by GAAP net revenue.

(4) The Non-GAAP operating margin percentage is calculated by dividing Non-GAAP operating income (loss) by Non-GAAP net revenue.

(5) Fiscal 2011 and 2010 are tax adjusted by applying an effective tax rate of 40%.



  • GAAP and Non-GAAP Net Income (Loss) Per Share. The following table provides net income (loss) per share (in thousands except per share data, unaudited):













































 

 Three Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

GAAP net loss per share

 

 

Basic and diluted

 $ (0.08)

 $ (0.01)

 

 

 

Shares used in computing GAAP net loss per share

 

 

Basic and diluted

 30,840

 26,686






















































 

 Three Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

Non-GAAP net income per share

 

 

Basic

 $ 0.01

 $ 0.02

Diluted

 $ 0.01

 $ 0.01

 

 

 

Shares used in computing Non-GAAP net income per share

 

 

Basic

 30,840

 26,686

Diluted

 33,045

 28,080












































 

 Six Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

GAAP net loss per share

 

 

Basic and diluted

 $ (0.12)

 $ (0.08)

 

 

 

Shares used in computing GAAP net loss per share

 

 

Basic and diluted

 30,763

 26,649






















































 

 Six Months Ended

September 30, 

 

 2010 

 2009 

 

 

 

Non-GAAP net income per share

 

 

Basic

 $ 0.03

 $ 0.01

Diluted

 $ 0.02

 $ 0.01

 

 

 

Shares used in computing Non-GAAP net income per share

 

 

Basic

 30,763

 26,649

Diluted

 33,261

 27,792


About Sonic Solutions



Sonic Solutions® (Nasdaq:SNIC) is a leading developer of technologies, products and services that enable the creation, management, and enjoyment of digital media content across a wide variety of technology platforms. The Company's products and services offer innovative technologies to consumers, Hollywood and independent studios, original equipment manufacturers ("OEMs"), businesses, high-end professional DVD authoring experts and developers. Sonic distributes its products and services through retailers and distributors, personal computer ("PC") and consumer electronic ("CE") OEMs, Internet websites and other channels. The Company's brands now include Roxio®, RoxioNow™, DivX®, Sonic® and MainConcept®, among others. The Company also licenses core technology and intellectual property to other software companies and technology manufacturers for integration into their own products and services. Sonic software is intended for use with Microsoft Windows and Apple Mac operating systems, as well as some Linux environments and proprietary platforms.



On October 7, 2010, the Company completed the DivX acquisition pursuant to the Agreement and Plan of Merger entered into June 1, 2010. Each share of DivX common stock issued and outstanding immediately prior to the acquisition date was converted into the right to receive 0.514 shares of the Company's common stock and $3.75 in cash.



The Sonic Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6157



Forward-Looking Statements



This press release for the second quarter of fiscal year 2011 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made as of the date of this press release based upon our current expectations. All statements, other than statements of historical fact, regarding our strategy, future operations, financial position, estimated revenue, projected costs, projected savings, prospects, plans, opportunities, and objectives constitute "forward-looking statements."  The words "may," "will," "expect," "intend," "plan," "anticipate," "believe," "estimate," "potential" or "continue" and similar types of expressions identify such statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause such differences include, but are not limited to:




  • the continuing negative impact of current macroeconomic

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