Business Update
-
Business improvement initiatives drive better consolidated operating
results -
Horizon Americas fully stocked for peak U.S. selling season despite
slower start to year due to late spring -
Net sales of $209.7 million, down 3.3 percent
- Net sales increased 1.3 percent in constant currency(1)
-
Operating loss of $8.0 million, or 3.8 percent of sales; an
improvement of $45.3 million-
Adjusted operating loss(2) of $1.8 million, or 0.9
percent of sales; an improvement of $1.1 million
-
Adjusted operating loss(2) of $1.8 million, or 0.9
TROY, Mich.–(BUSINESS WIRE)–Horizon Global Corporation (NYSE: HZN), one of the world’s leading
manufacturers of branded towing and trailering equipment, today reported
financial results for the first quarter of 2019. The Company also
provided an update on operating improvement initiatives underway in its
Europe-Africa segment.
“Over the past year, our team has put in a substantial effort to advance
our business improvement initiatives, and we are pleased to see gains in
our operating results,” commented Carl Bizon, President and Chief
Executive Officer of Horizon Global. “Although revenue was modestly
lower compared to the prior year quarter, driven by a late spring in the
U.S. and pull-forward programs in the Americas that did not repeat, we
were able to generate higher operating margins across all of our
business segments. While we experienced a somewhat slower start to the
year than we hoped, we remain confident that our business will deliver
better results in 2019. We started the year with an energized management
team and now have a revitalized Board, both fully engaged and committed
to achieving our operational goals. We have largely completed the
operational improvement initiatives in the Americas segment and are
fully prepared for the prime selling season with the right set of
products to meet the demands of our customers. Our Kansas City
distribution center is operating as planned, enhanced by the recent
initiation of our automated stock retrieval system on a limited basis,
and providing greater productivity and efficiency for customer orders.”
“In Europe-Africa, we continued to make sure and steady progress toward
our ongoing business improvement initiatives. The team is making strides
to improve its sourcing activities, enabling us to focus on driving
margin improvement in various product offerings. We will continue to
move forward other initiatives to further advance operating efficiency,
increase profitability and enhance the value we provide our customers,
but these efforts will take time to accomplish. From a market
perspective, we faced some headwinds in the U.K. as vehicle sales slowed
due to uncertainty surrounding Brexit, while the German market remained
more stable. Ultimately, our success will depend on our team’s ability
to provide the right products to both our OE and aftermarket customers
in the region.”
Bizon continued, “Our Asia-Pacific segment continued to perform well in
the first quarter and continued driving improved operating efficiency
while achieving cost reductions. In addition to our operating efforts
across our business segments, we remain committed to reducing corporate
costs, including the consolidation of our corporate offices into the
Americas offices in Plymouth, Michigan. This consolidation will
intensify the focus of our team on our business improvement efforts and
will, ultimately, reduce costs and increase organizational efficiency.
With the ongoing solid performance in Asia-Pacific, steady improvement
in the Americas, the turnaround efforts in Europe-Africa, and continued
focus on meeting the demands of our customers, we are confident in our
ability to deliver value to our shareholders over the long term.”
2019 First Quarter Segment Results
Horizon Americas. Net sales decreased by 0.7 percent to
$95.5 million. A slow ramp-up of the warm weather selling season caused
by unusually wet and cold weather in North America led to decreases in
the retail, aftermarket and industrial channels, which were $7.0 million
lower than the prior year quarter on a combined basis. These decreases
were partially offset by increases in eCommerce and OE net sales of $5.8
million and $0.9 million, respectively. The improvement in the eCommerce
channel was supported, in part, by promotional spot buys during the
period and follows the trend in consumer buying patterns impacting many
industries. The segment incurred an operating loss of $1.5 million
during the first quarter of 2019, which represented an improvement from
an operating loss of $5.1 million during the first quarter of 2018.
These amounts included non-recurring expenses of $0.8 million and $3.9
million during the 2019 and 2018 periods, respectively. This decrease in
non-recurring expenses reflects a significantly reduced level of
restructuring activities as we completed the Action Plan put in place
during 2018 to improve operational performance. Adjusted operating loss(2)
for the first quarter of 2019 improved to $0.7 million, or 0.7 percent
of net sales, as compared to $1.2 million, or 1.3 percent of net sales,
during the prior year quarter.
Horizon Europe-Africa. Net sales decreased 5.6 percent to
$82.2 million due to unfavorable foreign currency translation. On a
constant currency(1) basis, net sales increased by 2.7
percent, primarily resulting from higher volume in the OE channel, which
improved by $6.3 million in constant currency. This increase was
partially offset by lower aftermarket revenues of $3.0 million in
constant currency and a decrease of $1.0 million related to the
divestiture of a non-automotive business during the quarter. Operating
loss in the 2019 first quarter was $3.2 million, which represented a
$41.9 million improvement from operating loss totaling $45.1 million
during the first quarter of 2018. These amounts included non-recurring
items of $2.9 million and $45.2 million during the first quarter of 2019
and 2018, respectively. During the first quarter of 2019, non-recurring
items included a $4.3 million charge related to a customer recall action
partially offset by a $1.4 million gain on the sale of the former Witter
production facility in the United Kingdom. During the first quarter of
2018, non-recurring items mainly included a goodwill impairment charge
totaling $43.4 million. Adjusted operating loss(2) of $0.3
million for the 2019 first quarter, or 0.3 percent of net sales, which
was a decrease of $0.4 million from the first quarter of 2018.
Horizon Asia-Pacific. Net sales decreased $1.5 million, or
4.6 percent, to $32.0 million, due to unfavorable currency translation.
On a constant currency(1) basis, net sales increased by 2.7
percent mainly due to higher shipment volumes in the OE channel.
Operating profit increased 22.6 percent to $5.4 million, or 16.8 percent
of net sales, due to lower selling, general and administrative spending
offset partially by unfavorable sales mix on gross margin.
2019 Full-Year Outlook
“We remain optimistic in our outlook for the remainder of the year.
Although we are not providing formal guidance for 2019, we are prepared
for the upcoming selling season, and, despite a slower start to the year
than expected, anticipate growth in revenues and profitability for the
full year. We are pleased to have our additional financing in place and
remain focused on maintaining liquidity to fund our operations during
the year,” Bizon concluded. “In connection with the achievement of our
recent term loan amendment and second lien term loan, we committed to
reduce our first lien term loan by $100 million, and, as such, have
engaged Jefferies to fully explore alternatives to fulfill this
obligation. We continue to move the business forward with both our
senior leadership team and Board fully engaged in our operational
improvement efforts. We remain one team with one goal, focused on
providing the best products and service to our customers. We are
confident in our ability to execute the necessary operational
improvements and drive enhanced value for our shareholders.”
Conference Call Details
Horizon Global will host a conference call regarding first quarter 2019
earnings on Thursday, May 9, 2019 at 8:30 a.m. Eastern Time.
Participants in the call are asked to register five to ten minutes prior
to the scheduled start time by dialing (844) 711-8052 and from outside
the U.S. at (832) 900-4641. Please use the conference identification
number 3355276.
The conference call will be webcast simultaneously and in its entirety
through the Horizon Global website. An earnings presentation will also
be available on the Horizon Global website at the time of the conference
call. Shareholders, media representatives and others may participate in
the webcast by registering through the investor relations section on the
Company’s website.
A replay of the call will be available on Horizon Global’s website or by
phone by dialing (800) 585-8367 and from outside the U.S. at (404)
537-3406. Please use the conference identification number 3355276. The
telephone replay will be available approximately two hours after the end
of the call and continue through May 23, 2019.
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor of a
wide variety of high-quality, custom-engineered towing, trailering,
cargo management and other related accessory products in North America,
Australia and Europe. The Company serves OEMs, retailers, dealer
networks and the end consumer as the category leader in the automotive,
leisure and agricultural market segments. Horizon provides its customers
with outstanding products and services that reflect the Company’s
commitment to market leadership, innovation and operational excellence.
The Company’s mission is to utilize forward-thinking technology to
develop and deliver best-in-class products for our customers, engage our
employees and create value for our shareholders.
Horizon Global is home to some of the world’s most recognized brands in
the towing and trailering industry, including: BULLDOG, Draw-Tite,
Fulton, Hayman Reese, Reese, ROLA, Tekonsha, and Westfalia. Horizon
Global has approximately 4,200 employees in 37 facilities across 18
countries.
For more information, please visit www.horizonglobal.com.
Forward-Looking Statements
This release contains “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements contained herein speak only as of the date they are made and
give our current expectations or forecasts of future events. These
forward-looking statements can be identified by the use of
forward-looking words, such as “may,” “could,” “should,” “estimate,”
“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,”
“target,” “plan” or other comparable words, or by discussions of
strategy that may involve risks and uncertainties. These forward-looking
statements are subject to numerous assumptions, risks and uncertainties
which could materially affect our business, financial condition or
future results including, but not limited to, risks and uncertainties
with respect to: the Company’s ability to regain compliance with the
NYSE’s continued listing standards and maintain such compliance; the
Company’s leverage; liabilities imposed by the Company’s debt
instruments; the Company’s ability to meet its covenants in the
agreements governing its debt, including the requirement to reduce its
first lien term loan, or obtain any amendments or waivers thereto;
market demand; competitive factors; supply constraints; material and
energy costs; technology factors; litigation; government and regulatory
actions, including the impact of any tariffs, quotas or surcharges; the
Company’s accounting policies; future trends; general economic and
currency conditions; various conditions specific to the Company’s
business and industry; the spin-off from TriMas Corporation; the success
of our Action Plan, including the actual amount of savings and timing
thereof; the success of our business improvement initiatives in
Europe-Africa, including the amount of savings and timing thereof; the
Company’s exposure to product liability claims from customers and end
users, and the costs associated therewith; and other risks that are
discussed in the Company’s most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks
described herein are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently
deemed to be immaterial also may materially adversely affect our
business, financial position and results of operations or cash flows. We
caution readers not to place undue reliance on such statements, which
speak only as of the date hereof. We do not undertake any obligation to
review or confirm analysts’ expectations or estimates or to release
publicly any revisions to any forward-looking statement to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
| (1) |
We evaluate growth in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period’s currency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. See Appendix II for reconciliation. |
|
| (2) |
Please refer to “Company and Business Segment Financial Information,” which details certain costs, expenses, other charges, gains or income, collectively described as ‘’Special Items,’’ that are included in the determination of operating profit under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating profit excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating profit excluding these Special Items to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. |
|
|
Horizon Global Corporation Condensed Consolidated Balance Sheets (dollars in thousands) |
||||||||
|
March 31, 2019 |
December 31, 2018 |
|||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 24,960 | $ | 27,650 | ||||
|
Receivables, net of allowance for doubtful accounts of approximately $5.1 million at March 31, 2019 and December 31, 2018 |
129,490 | 108,340 | ||||||
| Inventories | 174,360 | 173,690 | ||||||
| Prepaid expenses and other current assets | 10,850 | 9,690 | ||||||
| Total current assets | 339,660 | 319,370 | ||||||
| Property and equipment, net | 97,660 | 102,280 | ||||||
| Operating lease right-of-use assets | 68,560 | — | ||||||
| Goodwill | 12,720 | 12,660 | ||||||
| Other intangibles, net | 72,750 | 78,050 | ||||||
| Deferred income taxes | 2,160 | 2,690 | ||||||
| Other assets | 6,640 | 6,300 | ||||||
| Total assets | $ | 600,150 | $ | 521,350 | ||||
| Liabilities, Temporary and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings and current maturities, long-term debt | $ | 15,460 | $ | 13,860 | ||||
| Accounts payable | 116,010 | 123,130 | ||||||
| Short-term operating lease liabilities | 15,980 | — | ||||||
| Accrued liabilities | 68,770 | 65,820 | ||||||
| Total current liabilities | 216,220 | 202,810 | ||||||
| Long-term debt | 377,700 | 350,650 | ||||||
| Deferred income taxes | 14,230 | 14,150 | ||||||
| Long-term operating lease liabilities | 52,580 | — | ||||||
| Other long-term liabilities | 20,060 | 19,960 | ||||||
| Total liabilities | 680,790 | 587,570 | ||||||
| Contingencies (See Note 12) | ||||||||
| Total temporary equity | 5,340 | — | ||||||
| Total Horizon Global shareholders’ deficit | (82,960 | ) | (63,720 | ) | ||||
| Noncontrolling interest | (3,020 | ) | (2,500 | ) | ||||
| Total shareholders’ deficit | (85,980 | ) | (66,220 | ) | ||||
| Total liabilities, temporary and shareholders’ equity | $ | 600,150 | $ | 521,350 | ||||
|
Horizon Global Corporation Condensed Consolidated Statements of Operations
(Unaudited – dollars in thousands, except share and per share |
||||||||
|
Three months ended March 31, |
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|
2019 |
2018 | |||||||
| Net sales | $ | 209,660 | $ | 216,810 | ||||
| Cost of sales | (177,580 | ) | (178,360 | ) | ||||
| Gross profit | 32,080 | 38,450 | ||||||
| Selling, general and administrative expenses | (41,530 | ) | (48,180 | ) | ||||
| Impairment of goodwill | — | (43,430 | ) | |||||
| Net gain (loss) on dispositions of property and equipment | 1,460 | (110 | ) | |||||
| Operating loss | (7,990 | ) | (53,270 | ) | ||||
| Other expense, net | (5,610 | ) | (1,120 | ) | ||||
| Interest expense | (10,940 | ) | (5,950 | ) | ||||
| Loss before income tax | (24,540 | ) | (60,340 | ) | ||||
| Income tax benefit (expense) | (1,080 | ) | 2,580 | |||||
| Net loss | (25,620 | ) | (57,760 | ) | ||||
| Less: Net loss attributable to noncontrolling interest | (520 | ) | (250 | ) | ||||
| Net loss attributable to Horizon Global | $ | (25,100 | ) | $ | (57,510 | ) | ||
| Net loss per share attributable to Horizon Global: | ||||||||
| Basic | $ | (1.00 | ) | $ | (2.30 | ) | ||
| Diluted | $ | (1.00 | ) | $ | (2.30 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic | 25,188,094 | 24,963,120 | ||||||
| Diluted | 25,188,094 | 24,963,120 | ||||||
|
Horizon Global Corporation Condensed Consolidated Statements of Cash Flows (unaudited – dollars in thousands) |
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|
Three months ended March 31, |
||||||||
| 2019 | 2018 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | $ | (25,620 | ) | $ | (57,760 | ) | ||
|
Adjustments to reconcile net loss to net cash used for operating activities: |
||||||||
| Net (gain) loss on dispositions of property and equipment | (1,460 | ) | 110 | |||||
| Depreciation | 4,270 | 4,130 | ||||||
| Amortization of intangible assets | 2,070 | 2,230 | ||||||
| Impairment of goodwill | — | 43,430 | ||||||
| Amortization of original issuance discount and debt issuance costs | 5,470 | 1,940 | ||||||
| Deferred income taxes | 1,710 | (800 | ) | |||||
| Non-cash compensation expense | 350 | 720 | ||||||
| Increase in receivables | (25,000 | ) | (20,220 | ) | ||||
| Increase in inventories | (7,800 | ) | (5,400 | ) | ||||
| (Increase) decrease in prepaid expenses and other assets | (2,540 | ) | 250 | |||||
| Increase in accounts payable and accrued liabilities | 4,750 | 2,040 | ||||||
| Other, net | 3,360 | (890 | ) | |||||
| Net cash used for operating activities | (40,440 | ) | (30,220 | ) | ||||
| Cash Flows from Investing Activities: | ||||||||
| Capital expenditures | (1,990 | ) | (4,190 | ) | ||||
| Net proceeds from sale of business | 4,970 | — | ||||||
| Net proceeds from disposition of property and equipment | 1,390 | 90 | ||||||
| Net cash provided by (used for) investing activities | 4,370 | (4,100 | ) | |||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from borrowings on credit facilities | 13,230 | 2,840 | ||||||
| Repayments of borrowings on credit facilities | (830 | ) | (400 | ) | ||||
| Proceeds from Second Lien Term Loan, net of issuance costs | 35,520 | — | ||||||
|
Repayments of borrowings on First Lien Term Loan, inclusive of transaction costs |
(7,480 | ) | (1,950 | ) | ||||
| Proceeds from ABL Revolving Debt, net of issuance costs | 27,340 | 41,280 | ||||||
| Repayments of borrowings on ABL Revolving Debt | (45,260 | ) | (11,280 | ) | ||||
| Proceeds from issuance of Series A Preferred Stock | 5,340 | — | ||||||
| Proceeds from issuance of Warrants | 5,380 | — | ||||||
| Other, net | (10 | ) | (200 | ) | ||||
| Net cash provided by financing activities | 33,230 | 30,290 | ||||||
| Effect of exchange rate changes on cash | 150 | 700 | ||||||
| Cash and Cash Equivalents: | ||||||||
| Decrease for the period | (2,690 | ) | (3,330 | ) | ||||
| At beginning of period | 27,650 | 29,570 | ||||||
| At end of period | $ | 24,960 | $ | 26,240 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 6,620 | $ | 4,420 | ||||
| Cash paid for taxes | $ | 2,100 | $ | 1,350 | ||||
|
Horizon Global Corporation Condensed Consolidated Statements of Shareholders’ Equity (Unaudited – dollars in thousands) |
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| Accumulated | Total Horizon | |||||||||||||||||||||||||||||||||||
| Common | Other | Global | Total | |||||||||||||||||||||||||||||||||
| Common | Stock | Paid-in | Treasury | Accumulated | Comprehensive | Shareholders’ | Noncontrolling | Shareholders’ | ||||||||||||||||||||||||||||
| Stock | Warrants | Capital | Stock | Deficit | Income | Deficit | Interest | Deficit | ||||||||||||||||||||||||||||
| Balance at January 1, 2019 | $ | 250 | $ | — | $ | 160,990 | $ | (10,000 | ) | $ | (222,720 | ) | $ | 7,760 | $ | (63,720 | ) | $ | (2,500 | ) | $ | (66,220 | ) | |||||||||||||
| Net loss | — | — | — | — | (25,100 | ) | — | (25,100 | ) | (520 | ) | (25,620 | ) | |||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | — | 140 | 140 | — | 140 | |||||||||||||||||||||||||||
|
Shares surrendered upon vesting of employees; share based payment awards to cover tax obligations |
— | — | (10 | ) | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||||||||||
| Non-cash compensation expense | — | — | 350 | — | — | — | 350 | — | 350 | |||||||||||||||||||||||||||
| Issuance of Warrants | — | 5,380 | — | — | — | — | 5,380 | — | 5,380 | |||||||||||||||||||||||||||
| Balance at March 31, 2019 | $ | 250 | $ | 5,380 | $ | 161,330 | $ | (10,000 | ) | $ | (247,820 | ) | $ | 7,900 | $ | (82,960 | ) | $ | (3,020 | ) | $ | (85,980 | ) | |||||||||||||
Horizon Global Corporation
Company and Business Segment
Financial Information
(Unaudited – dollars in thousands)
We evaluate certain costs, expenses, other charges, gains or income,
collectively described as “Special Items,” that are included in the
determination of operating profit under GAAP, but that management would
not consider important in evaluating the quality of the Company’s
operating results as they are not indicative of the Company’s core
operating results or may obscure trends useful in evaluating the
Company’s continuing activities. Accordingly, the Company presents
adjusted operating profit excluding these Special Items to help
investors evaluate our operating performance and trends in our business
consistent with how management evaluates such performance and trends.
| Three months ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Horizon Americas | ||||||||
| Net sales | $ | 95,500 | $ | 96,220 | ||||
| Operating loss | $ | (1,500 | ) | $ | (5,110 | ) | ||
| Special Items to consider in evaluating operating loss: | ||||||||
| Severance | $ | 60 | $ | 690 | ||||
| Restructuring | $ | 760 | $ | 1,090 | ||||
| Distribution center inefficiencies & fines | $ | — | $ | 2,110 | ||||
| Adjusted operating loss | $ | (680 | ) | $ | (1,220 | ) | ||
| Horizon Europe-Africa | ||||||||
| Net sales | $ | 82,170 | $ | 87,060 | ||||
| Operating loss | $ | (3,190 | ) | $ | (45,090 | ) | ||
| Special Items to consider in evaluating operating loss: | ||||||||
| Severance | $ | (10 | ) | $ | 380 | |||
| Acquisition & integration costs | $ | — | $ | 420 | ||||
|
Impairment of goodwill |
$ | — | $ | 43,430 | ||||
| Restructuring | $ | (1,400 | ) | $ | 450 | |||
| Product liability recall claims | $ | 4,320 | $ | — | ||||
| Brink transaction and termination costs | $ | — | $ | 480 | ||||
| Adjusted operating profit (loss) | $ | (280 | ) | $ | 70 | |||
| Horizon Asia-Pacific | ||||||||
| Net sales | $ | 31,990 | $ | 33,530 | ||||
| Operating profit | $ | 5,380 | $ | 4,390 | ||||
| Corporate Expenses | ||||||||
| Operating loss | $ | (8,680 | ) | $ | (7,460 | ) | ||
| Special Items to consider in evaluating operating loss: | ||||||||
| Acquisition & integration costs | $ | — | $ | 410 | ||||
| Brink transaction and termination costs | $ | — | $ | 870 | ||||
| Debt issuance costs | $ | 1,220 | $ | — | ||||
| Board transition support | $ | 690 | $ | — | ||||
| Other | $ | 510 | $ | — | ||||
| Adjusted operating loss | $ | (6,260 | ) | $ | (6,180 | ) | ||
| Total Company | ||||||||
| Net sales | $ | 209,660 | $ | 216,810 | ||||
| Operating loss | $ | (7,990 | ) | $ | (53,270 | ) | ||
| Total Special Items to consider in evaluating operating loss | $ | 6,150 | $ | 50,330 | ||||
| Adjusted operating loss | $ | (1,840 | ) | $ | (2,940 | ) | ||
Appendix I
Horizon Global Corporation
Additional Information
Regarding Special Items Impacting
Reported GAAP Financial
Measures
(Unaudited – dollars in thousands, except per share
amounts)
This appendix details certain costs, expenses, other charges, gains or
income, collectively described as “Special Items,” that are included in
the determination of net income (loss) and earnings (loss) per share
under GAAP, but that management would not consider important in
evaluating the quality of the Company’s operating results as they are
not indicative of the Company’s core operating results or may obscure
trends useful in evaluating the Company’s continuing activities.
Accordingly, the Company presents adjusted net income (loss) and
adjusted diluted earnings (loss) per share excluding these Special Items
to help investors evaluate our operating performance and trends in our
business consistent with how management evaluates such performance and
trends.
Contacts
Christi Cowdin
Director, Corporate Communications & Investor
Relations
(248) 593-8810
[email protected]
