Reiterating full-year 2024 Adj. EBITDA guidance
Non-Crop Revenues Grew 17%; Green Solutions Revenues Grew 18% Y/o/Y
Business transformation continues to accelerate, raising expected annual benefit to $20 million
Company reduced debt by $32.5 million
American Vanguard® Company, a diversified specialty and agricultural products company that develops, manufactures, and markets solutions for crop protection and nutrition, turf and ornamental management and commercial pest control, today reported financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial and Operational Highlights – versus Third Quarter 2023:
- Net sales of $118.3 million ($130.7 million when excluding Dacthal product recall impact) v. $149.5 million;
- Adjusted EBITDA1 of $1.8 million v. $11.4 million;
- Maintaining full-year 2024 Adjusted EBITDA guidance of $40 million to $50 million
- EPS of $(0.92) v. ($0.01)
- Decreased debt by $32.5 million from $211.3 million in the previous quarter
First nine months 2024 Financial and Operational Highlights – versus first nine months 2023:
- Net sales of $381.7 million ($394.1 million when excluding Dacthal product recall impact) v. $407.2 million;
- Adjusted EBITDA of $23.3 million v. $33.5 million;
- EPS of $(1.28) v. $0.02
Other Highlights:
- Raising expected full-year transformation related benefits to $20 million from $15 million
- The Board is actively engaged in recruiting a CEO to build upon the transformation momentum
Timothy J. Donnelly, Acting CEO of American Vanguard, stated “We remain focused on transforming our Company into an efficient, reliable and profitable supplier to the Ag industry. We are pleased with the results that we are beginning to see from our business transformation. While we continue to manage through macroeconomic headwinds, we are seeing pockets of strength. For example, our non-crop business grew 17% as compared to the year ago period, and our green solutions portfolio grew 18% as compared to the year ago period. The growth in these areas was offset by pressure from generics, but the single biggest factor was a significant drop in Aztec sales year over year. Sales in 2023 were unusually high as a result of a previous supply shortage.”
Mr. Donnelly continued, “As we transform the business, we are incurring one-time charges associated with positioning American Vanguard for longer-term growth. During the quarter we incurred a $8.1 million transformation charge. Additionally, during the quarter we recorded a $16.2 million charge associated with the collection and disposal of Dacthal. The Company benefitted from this profitable product for many years, and we are now taking the necessary steps to safely recall and dispose of it.”
David T. Johnson, Vice President, CFO and Treasurer, stated “Despite the macro headwinds, the Company remains steadfast in its transformation roadmap, which presents a clear path towards achieving a 15% adjusted-EBITDA margin across the ag-cycle. We are pleased to have been able to pay down a material amount of debt during the quarter, decreasing our long-term debt to $179 million from $211 million at the end of the previous quarter. We expect to further improve our liquidity as we decrease our inventory in our seasonally strong 4th quarter. We remain optimistic that we can decrease inventory to 34% of sales by year end, down $25 million versus last year. We are pleased with the hard work of our employees in pursuing the business transformation projects. Furthermore, through their hard work we were able to reduce operating expenses, excluding transformation costs, for both the three month and nine month periods ended September 30, 2024, as compared to the prior year period.”
Mark Bassett, a board member who is temporarily working with the Company’s Office of the CEO commented, “Within our transformation, we are encouraged by the initial progress that we have made and see an opportunity for even greater benefits than we had originally calculated. We now expect to achieve $20 million in transformation related benefits instead of our previous estimate of $15 million.”
Dr. Bassett concluded, “I want to reiterate our full year 2024 revenue (down 2% to flat, excluding the product recall charge) and adjusted EBITDA ($40 - $50 million) targets. I view this achievement as a testament to the resiliency of this Company, especially in the wake of the current market conditions. We are focused on returning American Vanguard to a position of consistent free cash flow generation, which in the near-term will be allocated towards further deleveraging, but over the medium to long-term we expect to be able to apply these cash flows to growth opportunities.”
About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management, and public and animal health. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 21 countries and now has more than 1,000 product registrations in 56 nations worldwide. Its strategy rests on two growth initiatives – i) Core Business through innovation of conventional products and ii) Green Solutions with more than 120 biorational products – including fertilizers, microbials, nutritionals and non-conventional products. American Vanguard is included on the Russell 2000® and Russell 3000® Indexes. To learn more about the Company, please reference www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that may cause results to differ from management’s current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Company’s SEC reports and filings. All forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release.
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share data) |
||||||||
(Unaudited) |
||||||||
ASSETS |
|
September 30,
|
|
|
December 31,
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash |
|
$ |
11,880 |
|
|
$ |
11,416 |
|
Receivables: |
|
|
|
|
|
|
||
Trade, net of allowance for credit losses of $8,661 and $7,107, respectively |
|
|
146,145 |
|
|
|
182,613 |
|
Other |
|
|
5,852 |
|
|
|
8,356 |
|
Total receivables, net |
|
|
151,997 |
|
|
|
190,969 |
|
Inventories |
|
|
246,037 |
|
|
|
219,551 |
|
Prepaid expenses |
|
|
7,501 |
|
|
|
6,261 |
|
Income taxes receivable |
|
|
7,690 |
|
|
|
3,824 |
|
Total current assets |
|
|
425,105 |
|
|
|
432,021 |
|
Property, plant and equipment, net |
|
|
73,494 |
|
|
|
74,560 |
|
Operating lease right-of-use assets, net |
|
|
21,448 |
|
|
|
22,417 |
|
Intangible assets, net of amortization |
|
|
164,480 |
|
|
|
172,508 |
|
Goodwill |
|
|
48,012 |
|
|
|
51,199 |
|
Deferred income tax assets |
|
|
12,218 |
|
|
|
2,849 |
|
Other assets |
|
|
14,701 |
|
|
|
11,994 |
|
Total assets |
|
$ |
759,458 |
|
|
$ |
767,548 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
73,557 |
|
|
$ |
68,833 |
|
Customer prepayments |
|
|
27,183 |
|
|
|
65,560 |
|
Accrued program costs |
|
|
85,665 |
|
|
|
68,076 |
|
Accrued expenses and other payables |
|
|
29,066 |
|
|
|
16,354 |
|
Operating lease liabilities, current |
|
|
6,604 |
|
|
|
6,081 |
|
Income taxes payable |
|
|
3,229 |
|
|
|
5,591 |
|
Total current liabilities |
|
|
225,304 |
|
|
|
230,495 |
|
Long-term debt |
|
|
178,749 |
|
|
|
138,900 |
|
Operating lease liabilities, long term |
|
|
15,574 |
|
|
|
17,113 |
|
Deferred income tax liabilities |
|
|
9,167 |
|
|
|
7,892 |
|
Other liabilities |
|
|
2,756 |
|
|
|
3,138 |
|
Total liabilities |
|
|
431,550 |
|
|
|
397,538 |
|
Commitments and contingent liabilities (Note 12) |
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
|
||
Preferred stock, $0.10 par value per share; authorized 400,000 shares; none issued |
|
|
— |
|
|
|
— |
|
Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,525,983 shares at September 30, 2024 and 34,676,787 shares at December 31, 2023 |
|
|
3,452 |
|
|
|
3,467 |
|
Additional paid-in capital |
|
|
114,196 |
|
|
|
110,810 |
|
Accumulated other comprehensive loss |
|
|
(13,849 |
) |
|
|
(5,963 |
) |
Retained earnings |
|
|
295,310 |
|
|
|
332,897 |
|
Less treasury stock at cost, 5,915,182 shares at September 30, 2024 and December 31, 2023 |
|
|
(71,201 |
) |
|
|
(71,201 |
) |
Total stockholders’ equity |
|
|
327,908 |
|
|
|
370,010 |
|
Total liabilities and stockholders’ equity |
|
$ |
759,458 |
|
|
$ |
767,548 |
|
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net sales |
|
$ |
118,307 |
|
|
$ |
149,516 |
|
|
$ |
381,659 |
|
|
$ |
407,191 |
|
Cost of sales |
|
|
(101,014 |
) |
|
|
(106,432 |
) |
|
|
(284,185 |
) |
|
|
(282,662 |
) |
Gross profit |
|
|
17,293 |
|
|
|
43,084 |
|
|
|
97,474 |
|
|
|
124,529 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
(26,365 |
) |
|
|
(29,813 |
) |
|
|
(86,885 |
) |
|
|
(85,954 |
) |
Research, product development and regulatory |
|
|
(11,177 |
) |
|
|
(9,080 |
) |
|
|
(25,482 |
) |
|
|
(27,363 |
) |
Transformation |
|
|
(8,139 |
) |
|
|
— |
|
|
|
(16,636 |
) |
|
|
— |
|
Operating (loss) income |
|
|
(28,388 |
) |
|
|
4,191 |
|
|
|
(31,529 |
) |
|
|
11,212 |
|
Change in fair value of equity investment |
|
|
— |
|
|
|
(247 |
) |
|
|
513 |
|
|
|
(324 |
) |
Interest expense, net |
|
|
(4,378 |
) |
|
|
(3,384 |
) |
|
|
(11,988 |
) |
|
|
(8,282 |
) |
(Loss) income before income tax benefit (expense) |
|
|
(32,766 |
) |
|
|
560 |
|
|
|
(43,004 |
) |
|
|
2,606 |
|
Income tax benefit (expense) |
|
|
7,024 |
|
|
|
(885 |
) |
|
|
7,093 |
|
|
|
(2,066 |
) |
Net (loss) income |
|
$ |
(25,742 |
) |
|
$ |
(325 |
) |
|
$ |
(35,911 |
) |
|
$ |
540 |
|
Net (loss) income per common share—basic |
|
$ |
(0.92 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.28 |
) |
|
$ |
0.02 |
|
Net (loss) income per common share—assuming dilution |
|
$ |
(0.92 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.28 |
) |
|
$ |
0.02 |
|
Weighted average shares outstanding—basic |
|
|
28,009 |
|
|
|
27,919 |
|
|
|
28,015 |
|
|
|
28,236 |
|
Weighted average shares outstanding—assuming dilution |
|
|
28,009 |
|
|
|
27,919 |
|
|
|
28,015 |
|
|
|
28,656 |
|
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES |
||||||||||||||||
ANALYSIS OF SALES |
||||||||||||||||
(In thousands), (Unaudited) |
||||||||||||||||
|
|
For the three months ended September 30, |
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. crop |
|
$ |
35,533 |
|
|
$ |
67,749 |
|
|
$ |
(32,216 |
) |
|
|
-48 |
% |
U.S. non-crop |
|
|
22,454 |
|
|
|
19,250 |
|
|
|
3,204 |
|
|
|
17 |
% |
U.S. total |
|
|
57,987 |
|
|
|
86,999 |
|
|
|
(29,012 |
) |
|
|
-33 |
% |
International |
|
|
60,320 |
|
|
|
62,517 |
|
|
|
(2,197 |
) |
|
|
-4 |
% |
Total net sales |
|
$ |
118,307 |
|
|
$ |
149,516 |
|
|
$ |
(31,209 |
) |
|
|
-21 |
% |
Total cost of sales |
|
$ |
(101,014 |
) |
|
$ |
(106,432 |
) |
|
$ |
5,418 |
|
|
|
-5 |
% |
Total gross profit |
|
$ |
17,293 |
|
|
$ |
43,084 |
|
|
$ |
(25,791 |
) |
|
|
-60 |
% |
Gross margin |
|
|
15 |
% |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
Impact of Dacthal Recall |
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|
|
|
|
|||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. crop |
|
$ |
(11,783 |
) |
|
$ |
— |
|
|
$ |
(11,783 |
) |
|
|
|
|
U.S. non-crop |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Total U.S. |
|
|
(11,783 |
) |
|
|
— |
|
|
|
(11,783 |
) |
|
|
|
|
International |
|
|
(620 |
) |
|
|
— |
|
|
|
(620 |
) |
|
|
|
|
Total net sales |
|
$ |
(12,403 |
) |
|
$ |
— |
|
|
$ |
(12,403 |
) |
|
|
|
|
Total cost of sales |
|
|
(3,788 |
) |
|
|
— |
|
|
|
(3,788 |
) |
|
|
|
|
Total gross profit |
|
$ |
(16,191 |
) |
|
$ |
— |
|
|
$ |
(16,191 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, |
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|
% Change |
|
||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. crop |
|
$ |
155,075 |
|
|
$ |
185,823 |
|
|
$ |
(30,748 |
) |
|
|
-17 |
% |
U.S. non-crop |
|
|
59,241 |
|
|
|
50,041 |
|
|
|
9,200 |
|
|
|
18 |
% |
U.S. total |
|
|
214,316 |
|
|
|
235,864 |
|
|
|
(21,548 |
) |
|
|
-9 |
% |
International |
|
|
167,343 |
|
|
|
171,327 |
|
|
|
(3,984 |
) |
|
|
-2 |
% |
Total net sales |
|
$ |
381,659 |
|
|
$ |
407,191 |
|
|
$ |
(25,532 |
) |
|
|
-6 |
% |
Total cost of sales |
|
$ |
(284,185 |
) |
|
$ |
(282,662 |
) |
|
$ |
(1,523 |
) |
|
|
1 |
% |
Total gross profit |
|
$ |
97,474 |
|
|
$ |
124,529 |
|
|
$ |
(27,055 |
) |
|
|
-22 |
% |
|
|
|
26 |
% |
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
Impact of Dacthal Recall |
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|
|
|
|
|||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. crop |
|
$ |
(11,783 |
) |
|
$ |
— |
|
|
$ |
(11,783 |
) |
|
|
|
|
U.S. non-crop |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Total U.S. |
|
|
(11,783 |
) |
|
|
— |
|
|
|
(11,783 |
) |
|
|
|
|
International |
|
|
(620 |
) |
|
|
— |
|
|
|
(620 |
) |
|
|
|
|
Total net sales |
|
$ |
(12,403 |
) |
|
$ |
— |
|
|
$ |
(12,403 |
) |
|
|
|
|
Total cost of sales |
|
|
(3,788 |
) |
|
|
— |
|
|
|
(3,788 |
) |
|
|
|
|
Total gross profit |
|
$ |
(16,191 |
) |
|
$ |
— |
|
|
$ |
(16,191 |
) |
|
|
|
|
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
For the Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net (loss) income |
|
$ |
(35,911 |
) |
|
$ |
540 |
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation of property, plant and equipment |
|
|
6,655 |
|
|
|
6,396 |
|
Amortization of intangibles assets |
|
|
9,947 |
|
|
|
10,009 |
|
Amortization of other long-term assets |
|
|
199 |
|
|
|
1,445 |
|
Amortization of deferred loan fees |
|
|
342 |
|
|
|
174 |
|
Provision for bad debts |
|
|
1,278 |
|
|
|
952 |
|
Stock-based compensation |
|
|
3,887 |
|
|
|
4,257 |
|
Change in deferred income taxes |
|
|
(9,110 |
) |
|
|
(977 |
) |
Changes in liabilities for uncertain tax positions or unrecognized tax benefits |
|
|
106 |
|
|
|
467 |
|
Change in equity investment fair value |
|
|
(513 |
) |
|
|
324 |
|
Other |
|
|
110 |
|
|
|
7 |
|
Foreign currency transaction losses |
|
|
121 |
|
|
|
199 |
|
Changes in assets and liabilities associated with operations: |
|
|
|
|
|
|
||
Decrease (increase) in net receivables |
|
|
33,475 |
|
|
|
(29,055 |
) |
Increase in inventories |
|
|
(29,429 |
) |
|
|
(58,163 |
) |
Increase in prepaid expenses and other assets |
|
|
(4,107 |
) |
|
|
(633 |
) |
Change in income tax receivable/payable, net |
|
|
(6,216 |
) |
|
|
(4,046 |
) |
Increase (decrease) in net operating lease liability |
|
|
(48 |
) |
|
|
227 |
|
Increase in accounts payable |
|
|
6,141 |
|
|
|
1,240 |
|
Decrease in customer prepayments |
|
|
(38,375 |
) |
|
|
(104,590 |
) |
Increase in accrued program costs |
|
|
17,721 |
|
|
|
29,779 |
|
Increase (decrease) in other payables and accrued expenses |
|
|
13,878 |
|
|
|
(4,406 |
) |
Net cash used in operating activities |
|
|
(29,849 |
) |
|
|
(145,854 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(6,106 |
) |
|
|
(8,589 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
66 |
|
|
|
200 |
|
Intangible assets |
|
|
(341 |
) |
|
|
(759 |
) |
Net cash used in investing activities |
|
|
(6,381 |
) |
|
|
(9,148 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Payments under line of credit agreement |
|
|
(168,188 |
) |
|
|
(62,800 |
) |
Borrowings under line of credit agreement |
|
|
208,037 |
|
|
|
228,500 |
|
Receipt from the issuance of common stock under ESPP |
|
|
901 |
|
|
|
980 |
|
Net receipt from the exercise of stock options |
|
|
— |
|
|
|
46 |
|
Net payment for tax withholding on stock-based compensation awards |
|
|
(1,416 |
) |
|
|
(1,957 |
) |
Repurchase of common stock |
|
|
— |
|
|
|
(15,539 |
) |
Payment of cash dividends |
|
|
(2,510 |
) |
|
|
(2,550 |
) |
Net cash provided by financing activities |
|
|
36,824 |
|
|
|
146,680 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
594 |
|
|
|
(8,322 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(130 |
) |
|
|
(477 |
) |
Cash and cash equivalents at beginning of period |
|
|
11,416 |
|
|
|
20,328 |
|
Cash and cash equivalents at end of period |
|
$ |
11,880 |
|
|
$ |
11,529 |
|
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES |
||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net (loss) income |
|
$ |
(25,742 |
) |
|
$ |
(325 |
) |
|
$ |
(35,911 |
) |
|
$ |
540 |
|
Income tax (benefit) expense |
|
|
(7,024 |
) |
|
|
885 |
|
|
|
(7,093 |
) |
|
|
2,066 |
|
Interest expense, net |
|
|
4,378 |
|
|
|
3,384 |
|
|
|
11,988 |
|
|
|
8,282 |
|
Depreciation and amortization |
|
|
5,703 |
|
|
|
5,704 |
|
|
|
16,801 |
|
|
|
17,850 |
|
Stock-based compensation |
|
|
1,135 |
|
|
|
1,716 |
|
|
|
3,887 |
|
|
|
4,257 |
|
Transformation costs & legal reserves |
|
|
7,159 |
|
|
|
— |
|
|
|
17,402 |
|
|
|
— |
|
Dacthal returns |
|
|
16,191 |
|
|
|
— |
|
|
|
16,191 |
|
|
|
— |
|
Proxy contest activities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
541 |
|
Adjusted EBITDA2 |
|
$ |
1,800 |
|
|
$ |
11,364 |
|
|
$ |
23,265 |
|
|
$ |
33,536 |
|
______________________________
1 Adjusted earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The items excluded from adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company’s competitors) may define adjusted EBITDA differently.
2 Adjusted earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The items excluded from adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company’s competitors) may define adjusted EBITDA differently.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111947698/en/
Contacts
American Vanguard Corporation
Anthony Young, Director of Investor Relations
anthonyy@amvac.com
(949) 221-6119
Investor Representative
Alpha IR Group
Robert Winters
Robert.winters@alpha-ir.com
(929) 266-6315
