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Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2019




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Strong execution drives profitability and free cash flow

BOISE, Idaho, June 25, 2019 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2019, which ended May 30, 2019.

Fiscal Q3 2019 Highlights

  • Revenue of $4.79 billion versus $7.80 billion for the same period last year
  • GAAP net income of $840 million, or $0.74 per diluted share
  • Non-GAAP net income of $1.20 billion, or $1.05 per diluted share
  • Operating cash flow of $2.71 billion versus $4.26 billion for the same period last year
  • Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019

“Micron’s improved competitive position and strong execution helped us deliver solid results despite a challenging environment,” said Micron Technology President and CEO Sanjay Mehrotra. “While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance.”

Quarterly Financial Results
(in millions, except per share amounts) GAAP (1)   Non-GAAP (2)
FQ3-19 FQ2-19 FQ3-18   FQ3-19 FQ2-19 FQ3-18
Revenue $ 4,788   $ 5,835   $ 7,797     $ 4,788   $ 5,835   $ 7,797  
Gross margin $ 1,828   $ 2,864   $ 4,723     $ 1,884   $ 2,928   $ 4,750  
percent of revenue   38.2%     49.1%     60.6%       39.3%     50.2%     60.9%  
Operating income $ 1,010   $ 1,957   $ 3,953     $ 1,110   $ 2,110   $ 4,017  
percent of revenue   21.1%     33.5%     50.7%       23.2%     36.2%     51.5%  
Net income attributable to Micron $ 840   $ 1,619   $ 3,823     $ 1,198   $ 1,971   $ 3,898  
Diluted earnings per share $ 0.74   $ 1.42   $ 3.10     $ 1.05   $ 1.71   $ 3.15  

Investments in capital expenditures, net of amounts funded by partners, were $2.21 billion for the third quarter of 2019, which resulted in adjusted free cash flow(3) of $504 million. Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization. The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash(4) position of $3.02 billion.

Micron will host a conference call on Tuesday, June 25, 2019 at 2:30 p.m. MT to discuss financial results and provide forward-looking guidance for its fiscal fourth quarter. The call, audio, and slides will be available online at A webcast replay will be available on our website until June 25, 2020. A taped audio replay of the conference call will also be available at 1-404-537-3406 or 1-855-859-2056 (conference number: 3684209) beginning at 5:30 p.m. MT, June 25, 2019 and continuing through July 2, 2019. For Investor Relations and other company updates, follow @MicronTech on Twitter at

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions. Through our global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory, is transforming how the world uses information to enrich life. Backed by 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning, and autonomous vehicles, in key market segments like data center, networking, automotive, industrial, mobile, graphics, and client. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit

The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.

This press release contains forward-looking statements regarding the industry and our strategic position and financial results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities which our management excludes in analyzing our operating results and understanding trends in our earnings. Non-GAAP shares used in per share calculations also include the impact of our outstanding capped call transactions and the effect of stock-based compensation. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
(3) Adjusted free cash flow consists of cash provided by operating activities of $2.71 billion for the third quarter of 2019 less investments in capital expenditures, net of amounts funded by partners.
(4) Net cash consists of cash, marketable investments, and restricted cash less current and long-term debt of $4.91 billion.

(in millions, except per share amounts)
    3rd Qtr.   2nd Qtr.   3rd Qtr.   Nine Months Ended
    May 30,
  February 28,
  May 31,
  May 30,
  May 31,
Revenue (1)   $ 4,788     $ 5,835     $ 7,797     $ 18,536     $ 21,951  
Cost of goods sold   2,960     2,971     3,074     9,229     9,211  
Gross margin   1,828     2,864     4,723     9,307     12,740  
Selling, general, and administrative   206     209     211     624     598  
Research and development   606     601     603     1,818     1,574  
Other operating (income) expense, net   6     97     (44 )   139     (49 )
Operating income   1,010     1,957     3,953     6,726     10,617  
Interest income (expense), net   23     31     (44 )   59     (206 )
Other non-operating income (expense), net (2)   (317 )   (84 )   (193 )   (392 )   (450 )
Income tax (provision) benefit (3)   135     (280 )   109     (622 )   (148 )
Equity in net income (loss) of equity method investees       1     (2 )   1     (1 )
Net income attributable to noncontrolling interests   (11 )   (6 )       (20 )   (2 )
Net income attributable to Micron   $ 840     $ 1,619     $ 3,823     $ 5,752     $ 9,810  
Earnings per share                    
Basic   $ 0.76     $ 1.45     $ 3.30     $ 5.15     $ 8.53  
Diluted   0.74     1.42     3.10     5.01     7.96  
Number of shares used in per share calculations                    
Basic   1,105     1,114     1,159     1,117     1,150  
Diluted   1,129     1,141     1,235     1,148     1,233  

As of   May 30,
  February 28,
  August 30,
Cash and short-term investments   $ 6,689     $ 7,533     $ 6,802  
Receivables (1)   3,257     4,416     5,478  
Inventories   4,905     4,390     3,595  
Total current assets (1)   15,066     16,550     16,039  
Long-term marketable investments   1,167     1,614     473  
Property, plant, and equipment   27,138     26,204     23,672  
Restricted cash   77     76     81  
Total assets   46,288     47,487     43,376  
Accounts payable and accrued expenses   3,494     4,062     4,374  
Current debt (2)(4)   1,346     2,634     859  
Total current liabilities   5,397     7,361     5,754  
Long-term debt (2)   3,563     3,604     3,777  
Total Micron shareholders’ equity (1)(2)(5)   35,323     34,567     32,294  
Noncontrolling interests in subsidiaries (4)   867     863     870  
Total equity   36,190     35,430     33,164  

    Nine Months Ended
    May 30,
  May 31,
Net cash provided by operating activities   $ 10,956     $ 12,245  
Net cash provided by (used for) investing activities   (8,985 )   (6,087 )
Net cash provided by (used for) financing activities   (3,330 )   (4,443 )
Depreciation and amortization   4,047     3,552  
Investments in capital expenditures   (7,806 )   (6,798 )
Repayments of debt   (2,376 )   (6,767 )
Payments to acquire treasury stock (5)   (2,727 )   (69 )
Proceeds from issuance of stock   112     1,636  
Proceeds from issuance of debt (2)   1,800     969  

1. In the first quarter of 2019, we adopted ASU 2014-09 – Revenue from Contracts with Customers (as amended, “ASC 606”), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments to our opening balances as of August 31, 2018. Adjustments to opening balances included an increase to receivables of $114 million, reduction of deferred tax assets of $92 million, increase of other current assets of $30 million, and an increase to retained earnings of $50 million.

2. On February 6, 2019, we issued $600 million, $500 million, and $700 million in principal of senior unsecured notes due in 2024, 2026, and 2029, respectively. On February 8, 2019, we notified holders of our convertible senior notes due in 2043 (“2043G Notes”) that we would redeem all of the outstanding 2043G Notes on March 13, 2019. In connection with our notice, we made an irrevocable election to settle any conversions in cash and, as a result, we reclassified $336 million from equity to a derivative debt liability. Holders converted substantially all of the 2043G Notes and, on March 13, 2019, we paid $1.43 billion to settle the conversions. We incurred losses of $316 million and $84 million in the third and second quarters of 2019, respectively, in connection with these transactions.

3. On December 22, 2017, the United States enacted comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), which imposed a one-time transition tax in 2018 (the “Repatriation Tax”) and created a new minimum tax on certain foreign earnings. Our income tax provision consisted of the following:

    3rd Qtr.   2nd Qtr.   3rd Qtr.   Nine Months Ended
    May 30,
  February 28,
  May 31,
  May 30,
  May 31,
Income tax (provision) benefit, excluding items below   $ 125     $ (216 )   $ (78 )   $ (469 )   $ (161 )
Utilization of and other changes in net deferred tax assets of MMJ, MMT, and MTTW   (32 )   (78 )   (35 )   (162 )   (78 )
Repatriation Tax, net of adjustments related to uncertain tax positions   42     14     222     9     (1,113 )
Release of the valuation allowance on net deferred tax assets of our U.S. operations                   1,337  
Remeasurement of deferred tax assets and liabilities reflecting lower U.S. corporate tax rates                   (133 )
    $ 135     $ (280 )   $ 109     $ (622 )   $ (148 )

The decrease in our income tax provision in the third quarter of 2019 as compared to the second quarter of 2019 was due primarily to a reduction in profit before tax and a related reduction in the foreign minimum tax. The Repatriation Tax and our deferred tax liabilities on unremitted earnings were also reduced in the third quarter of 2019 due to Tax Act-related law changes. Our provision for income tax and the effective tax rate increased in the first nine months of 2019 as compared to the corresponding period of 2018 primarily as a result of the foreign minimum tax.

4. In January 2019, we exercised our option to acquire Intel’s interest in our joint venture, IM Flash Technologies, LLC (“IMFT”) and, in the third quarter of 2019, Intel set the closing date of the transaction to occur on October 31, 2019. At closing, we expect to pay Intel approximately $1.4 billion in cash for Intel’s noncontrolling interest in IMFT and IMFT member debt. As of May 30, 2019, current debt included $858 million of IMFT member debt.

5. In the third quarter and first nine months of 2019, we repurchased 4 million shares of our common stock for $157 million and 67 million shares of our common stock for $2.66 billion, respectively, under an accelerated share repurchase agreement, Rule 10b5-1 plans, and through open market repurchases. The shares were recorded as treasury stock.

(in millions, except per share amounts)
    3rd Qtr.   2nd Qtr.   3rd Qtr.
    May 30,
  February 28,
  May 31,
GAAP gross margin   $ 1,828     $ 2,864     $ 4,723  
Stock-based compensation   24     23     20  
Start-up and preproduction costs   23     15      
Employee severance       13      
Other   9     13     7  
Non-GAAP gross margin   $ 1,884     $ 2,928     $ 4,750  
GAAP operating income   $ 1,010     $ 1,957     $ 3,953  
Stock-based compensation   58     57     48  
Start-up and preproduction costs   23     15      
Employee severance       17      
Restructure and asset impairments   9     51     8  
Other   10     13     8  
Non-GAAP operating income   $ 1,110     $ 2,110     $ 4,017  
GAAP net income attributable to Micron   $ 840     $ 1,619     $ 3,823  
Stock-based compensation   58     57     48  
Start-up and preproduction costs   23     15      
Employee severance       17      
Restructure and asset impairments   9     51     8  
Amortization of debt discount and other costs   10     11     23  
(Gain) loss on debt repurchases and conversions   317     83     168  
(Gain) loss from changes in currency exchange rates   1     3     24  
Other   12     13     10  
Impact of U.S. income tax reform   (42 )   (14 )   (222 )
Estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures   (30 )   116     16  
Non-GAAP net income attributable to Micron   $ 1,198     $ 1,971     $ 3,898  
GAAP weighted-average common shares outstanding – Diluted   1,129     1,141     1,235  
Adjustment for capped calls and stock-based compensation   6     8     3  
Non-GAAP weighted-average common shares outstanding – Diluted   1,135     1,149     1,238  
GAAP diluted earnings per share   $ 0.74     $ 1.42     $ 3.10  
Effects of the above adjustments   0.31     0.29     0.05  
Non-GAAP diluted earnings per share   $ 1.05     $ 1.71     $ 3.15  

The tables above reconcile GAAP to non-GAAP gross margin, operating income, net income attributable to Micron, diluted shares, and diluted earnings per share. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from numbers presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • Stock-based compensation;
  • Flow-through of business acquisition-related inventory adjustments;
  • Acquisition-related costs;
  • Start-up and preproduction costs;
  • Employee severance;
  • Restructure and asset impairments;
  • Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible debt and MMJ creditor debt;
  • Gains and losses from debt repurchases and conversions;
  • Gains and losses from changes in currency exchange rates;
  • Gains and losses from business acquisition activities;
  • Impact of U.S. income tax reform for the Repatriation Tax, release of U.S. valuation allowance, and remeasurement of net deferred taxes reflecting lower U.S. corporate tax rates; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, and assessments of tax exposures.

Our outstanding capped call transactions are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of our convertible notes. In periods with non-GAAP income attributable to Micron, non-GAAP diluted shares include the impact of capped calls based on the average share price for the period the capped calls are outstanding. Non-GAAP diluted shares are also adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

CONTACT: Contacts:

Farhan Ahmad
Investor Relations
(408) 834-1927

Erica Rodriguez Pompen
Media Relations
(408) 834-1873

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

IT Industry

GridGain In-Memory Computing Platform Continues Strong Momentum in First Half of 2019, Highlighted by a Doubling of Subscription Bookings




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GridGain’s Continued Industry Leadership Evidenced by Strong Growth in Its In-Memory Computing Platform, Major Industry Awards, Introduction of Product and Service Innovations, and Popular Industry Conferences

FOSTER CITY, Calif., July 18, 2019 (GLOBE NEWSWIRE) — GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced continued strong momentum for the first half of 2019. Key achievements during the period included doubling subscription sales versus the previous year, more than doubling sales of all products from new customers versus the previous year, receiving major industry honors, launching innovative new products and services, and driving sharply increased popularity of the In-Memory Computing Summit® Europe.

“Over the last year, the growing trends of digital transformation, omnichannel customer experience, and internet of things have driven increased adoption of in-memory computing. In-memory computing is the only practical, cost-effective approach to achieving the necessary performance and scalability for these initiatives,” said Abe Kleinfeld, president and CEO of GridGain. “We predicted that in-memory computing would become a part of every fast data discussion in 2019 and we’re excited that this is coming true.”


  • Subscription sales doubled during the first half of 2019 compared to the same period in 2018, reflecting the ever-growing number of customer solutions moving into production that are powered by the GridGain in-memory computing platform.
  • Total sales from new GridGain customers more than doubled during the first half of 2019 compared to 2018, driven by strong growth in the financial services and telecommunications industries, which both increased over 250% versus 2018.
  • Total sales from new European customers grew more than 150% compared to the first half of 2018, reflecting the growing demand for in-memory computing solutions throughout that region.

Awards & Foundations

Products and Services

  • GridGain introduced GridGain Developer Bundles to help accelerate digital transformations. The new Developer Bundles help companies implementing Apache Ignite or GridGain speed the development and rollout of real-time, massively scalable applications with in-depth developer training and consulting assistance with common tasks such as architectural reviews and performance optimizations. Once live, the support services included in the bundles ensure that any issues that arise in the pre-production or production deployments can be submitted to the GridGain customer engineering team for rapid resolution.
  • GridGain introduced the GridGain Data Lake Accelerator, an in-memory solution for digital businesses that need to enrich operational data with historical data stored in data lakes to improve real-time analytics and decision automation. The GridGain Data Lake Accelerator is available for use with the GridGain Enterprise Edition and GridGain Ultimate Edition. A free 30-day trial of all three of these products are available from the GridGain Downloads page.
  • GridGain released the GridGain Community Edition to bring production readiness to Apache Ignite. GridGain Community Edition includes the Apache Ignite code base plus patches and additional functionality developed to improve performance, reliability, security and manageability.
  • GridGain introduced the first support offering for Apache Ignite. GridGain Basic Support enables companies with new or existing Apache Ignite deployments to access the deep expertise of GridGain’s support engineers to troubleshoot performance or reliability issues and identify configuration optimizations, workarounds or software patches to improve the performance of their Ignite environment.
  • GridGain added automatic data persistence, high availability and immediate restarts to the GridGain Cloud In-Memory-Computing-Platform-as-a-Service. GridGain Cloud can be launched with just a few mouse clicks. It delivers in-memory speed by maintaining all data in memory and offers unlimited horizontal scalability by distributing data across a distributed cluster of servers. New nodes can be added to the cluster dynamically. The data held in memory is continually backed up to disk and is available in seconds in the event of a restart.

In-Memory Computing Thought Leadership

  • The third annual In-Memory Computing Summit Europe 2019 took place June 3-4, 2019 at the Park Plaza Victoria London. More than 500 people registered, representing 271 organizations from 26 countries on 5 continents. The attendees heard speakers from 451 Research, Capital One, Cerner, Confluent, Dell Technologies, Hazelcast, Red Hat, Redislabs, ScaleOut Software, the Storage Networking Industry Association (SNIA), GridGain Systems and more. The conference experienced a 70 percent increase in registrations compared to the 2018 event.
  • GridGain announced the Call for Papers for the fifth annual In-Memory Computing Summit North America, taking place November 13-14, 2019 at the Hyatt Regency San Francisco Airport. The Call for Papers will end on July 28, 2019.
  • GridGain continued its global effort to help businesses understand how in-memory computing addresses the speed and scale requirements of modern, data-intensive applications. The company hosted or participated in over a dozen of industry conferences, webinars and workshops, and organized or provided speakers for over 20 meetups around the world.

About GridGain Systems
GridGain Systems is revolutionizing real-time data access and processing by offering an in-memory computing platform built on Apache Ignite. GridGain solutions are used by global enterprises in financial services, software, e-commerce, retail, online business services, healthcare, telecom, transportation and other major sectors, with a client list that includes ING, Raymond James, American Express, Societe Generale, Finastra, IHS Markit, ServiceNow, Marketo, RingCentral, American Airlines, Agilent, and UnitedHealthcare. GridGain delivers unprecedented speed and massive scalability to both legacy and greenfield applications. Deployed on a distributed cluster of commodity servers, GridGain software can reside between the application and data layers (RDBMS, NoSQL and Apache™ Hadoop®), requiring no rip-and-replace of the existing databases, or it can be deployed as an in-memory database. GridGain is the most comprehensive in-memory computing platform for high-volume ACID transactions, real-time analytics, web-scale applications, continuous learning and hybrid transactional/analytical processing (HTAP). For more information, visit

Terry Erisman
GridGain Systems
(650) 241-2281

GridGain is a trademark or registered trademark of GridGain Systems, Inc. Apache, Apache Hadoop, Hadoop, Apache Ignite, Ignite, Apache Kafka, Kafka, Apache Spark, and Spark are trademarks of The Apache Software Foundation. All other product and company names herein may be trademarks of their registered owners.

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IT Industry

Bel Will Report Second Quarter 2019 Results on August 1, 2019




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Conference Call Scheduled for 11:00 AM ET

JERSEY CITY, N.J., July 18, 2019 (GLOBE NEWSWIRE) — Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, today announced that the Company will release preliminary financial results for the second quarter of 2019 prior to the commencement of trading on Thursday, August 1, 2019. A conference call has been scheduled for 11:00 a.m. ET that morning to discuss the preliminary results.

To participate in the conference call, investors should dial 888-254-3590, or 323-994-2093 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at The webcast will be available via replay for a period of 20 days at this same Internet address.  For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 5111961 after 2:00 p.m. ET, also for 20 days.

About Bel
Bel ( designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.  These products are primarily used in the networking, telecommunications, computing, military, aerospace, transportation and broadcasting industries.  Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies).  The Company operates facilities around the world.


Investor Contact:
Peter Seltzberg, Managing Director
Darrow Associates
tel 516.419.9915
  Company Contact:
Daniel Bernstein 


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IT Industry

Update:  Stealth Technologies Inc. Announces Launch of Product Sales Through Sharper Image




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LARGO, FL, July 18, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Stealth Technologies, Inc. (OTC PINK: STTH), an emergency response and protection product distribution company in the safety, health, and personal protection industries, is pleased to announce that it has entered into a new distribution agreement that includes distribution into Sharper Image catalog.

“The addition of another distributor with reach into Sharper Image is a major advancement in our diversification,” said CEO Brian McFadden. “With the product currently available at Sharper Image, we look forward to the potential growth this distribution channel will bring.” 

You can visit the link below to see the initial product offered at Sharper Image, the 911 Help Now Communication Pendant, which provides the user direct communication to 911 Emergency Services for one low fee.

“As we continue to expand our product channels, we look forward to our continuing distribution growth and expect to add additional products into these channels later this year,” said CEO Brian McFadden.

The company also wishes to notify all shareholders and persons of interest that Stealth Technologies, Inc. will be making announcements and updates via social media. Updates can be found at our newly created social media channel on Twitter:

About Stealth Technologies, Inc.

Stealth Technologies, Inc., incorporated in 2010 and based in Largo, FL, is a publicly traded company that distributes a large portfolio of products solving critical issues in the safety, health, and personal protection industries. Stealth products solve problems such as emergency response time, electronic pickpockets and hackers, home intrusions and robberies, and more. With such a diverse product offering, Stealth has prepared for long-term growth for our shareholders. For more information, please visit the Company’s website at

Forward Looking Statements:

Statements included in this update that are not historical in nature, are intended to be, and are hereby identified as, “forward-looking statements.” Forward-looking statements may be identified by words including “anticipate,” “believe,” “intends,” “estimates,” “expect,” and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company’s future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company’s reports filed with the SEC.

Brian McFadden

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