[
X ]
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
13-3361050
|
(State
or other jurisdiction of
|
(IRS
Employer
|
incorporation
or organization)
|
Identification
No.)
|
9503
East 33rd
Street
|
|
One
Celadon Drive
|
|
Indianapolis,
IN
|
46235-4207
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(317)
972-7000
(Registrant’s
telephone number, including area
code)
|
Yes
[X] No [ ]
|
Large
accelerated filer [ ]
|
Accelerated
filer [X]
|
Non-accelerated
filer [ ]
|
Yes
[ ] No [X]
|
Part
I.
|
Financial
Information
|
||
Item
1.
|
Financial
Statements
|
||
Condensed
Consolidated Balance Sheets at December 31, 2008 (Unaudited) and June 30,
2008
|
|||
Condensed
Consolidated Statements of Income for the three and six months ended
December 31, 2008 and 2007 (Unaudited)
|
|||
Condensed
Consolidated Statements of Cash Flows for the six months ended December
31, 2008 and 2007 (Unaudited)
|
|||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
||
Item
4.
|
Controls
and Procedures
|
||
Part
II.
|
Other
Information
|
||
Item
1.
|
Legal
Proceedings.
|
||
Item
1A.
|
Risk
Factors.
|
||
Item
4.
|
Submission
of Matters to a Vote of Security Holders.
|
||
Item
6.
|
Exhibits
|
||
December
31,
2008
|
June
30,
2008
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 82 | $ | 2,325 | ||||
Trade receivables, net of
allowance for doubtful accounts of $1,217 and $1,194 at December 31, 2008
and June 30, 2008, respectively
|
48,010 | 69,513 | ||||||
Prepaid expenses and other
current assets
|
11,961 | 16,697 | ||||||
Tires in
service
|
4,268 | 3,765 | ||||||
Income tax
receivable
|
2,441 | 5,846 | ||||||
Deferred income
taxes
|
3,904 | 3,035 | ||||||
Total
current assets
|
70,666 | 101,181 | ||||||
Property
and equipment
|
281,407 | 270,832 | ||||||
Less
accumulated depreciation and amortization
|
71,423 | 64,633 | ||||||
Net
property and equipment
|
209,984 | 206,199 | ||||||
Tires
in service
|
1,430 | 1,483 | ||||||
Goodwill
|
19,137 | 19,137 | ||||||
Other
assets
|
1,268 | 1,335 | ||||||
Total
assets
|
$ | 302,485 | $ | 329,335 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 6,356 | $ | 6,910 | ||||
Accrued salaries and
benefits
|
8,906 | 11,358 | ||||||
Accrued insurance and
claims
|
9,056 | 9,086 | ||||||
Accrued fuel
expense
|
4,788 | 12,170 | ||||||
Other accrued
expenses
|
11,532 | 11,916 | ||||||
Current maturities of
long-term debt
|
5,831 | 8,290 | ||||||
Current maturities of capital
lease obligations
|
6,545 | 6,454 | ||||||
Total
current liabilities
|
53,014 | 66,184 | ||||||
Long-term debt, net of current
maturities
|
33,199 | 45,645 | ||||||
Capital lease obligations, net
of current maturities
|
38,729 | 42,117 | ||||||
Deferred income
taxes
|
33,745 | 31,512 | ||||||
Minority
interest
|
25 | 25 | ||||||
Stockholders'
equity:
|
||||||||
Common stock, $0.033 par
value, authorized 40,000,000 shares; issued 23,889,936 and 23,704,046
shares at December 31, 2008
and June 30,
2008, respectively
|
788 | 782 | ||||||
Treasury stock at cost;
1,772,685 and 1,832,386 shares at December 31, 2008 and June 30, 2008,
respectively
|
(12,221 | ) | (12,633 | ) | ||||
Additional paid-in
capital
|
96,116 | 95,173 | ||||||
Retained
earnings
|
65,348 | 60,881 | ||||||
Accumulated other
comprehensive loss
|
(6,258 | ) | (351 | ) | ||||
Total
stockholders' equity
|
143,773 | 143,852 | ||||||
Total
liabilities and stockholders' equity
|
$ | 302,485 | $ | 329,335 |
For
the three months ended
December
31,
|
For
the six months ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenue:
|
||||||||||||||||
Freight revenue
|
$ | 98,538 | $ | 114,525 | $ | 207,827 | $ | 228,378 | ||||||||
Fuel surcharges
|
21,108 | 24,084 | 58,687 | 44,010 | ||||||||||||
119,646 | 138,609 | 266,514 | 272,388 | |||||||||||||
Operating
expenses:
|
||||||||||||||||
Salaries, wages, and employee
benefits
|
37,824 | 38,837 | 79,154 | 77,165 | ||||||||||||
Fuel
|
29,882 | 37,523 | 77,948 | 71,045 | ||||||||||||
Operations and
maintenance
|
8,846 | 9,165 | 18,234 | 17,601 | ||||||||||||
Insurance and
claims
|
3,250 | 4,507 | 6,869 | 8,048 | ||||||||||||
Depreciation and
amortization
|
8,647 | 7,560 | 16,679 | 15,425 | ||||||||||||
Revenue equipment
rentals
|
6,977 | 6,677 | 13,040 | 13,649 | ||||||||||||
Purchased
transportation
|
12,759 | 21,595 | 28,520 | 43,565 | ||||||||||||
Costs of products and services
sold
|
1,566 | 1,712 | 3,134 | 3,436 | ||||||||||||
Communications and
utilities
|
1,131 | 1,252 | 2,348 | 2,483 | ||||||||||||
Operating taxes and
licenses
|
2,340 | 2,239 | 4,724 | 4,400 | ||||||||||||
General and other
operating
|
2,070 | 2,693 | 4,558 | 4,771 | ||||||||||||
Total operating
expenses
|
115,292 | 133,760 | 255,208 | 261,588 | ||||||||||||
Operating income
|
4,354 | 4,849 | 11,306 | 10,800 | ||||||||||||
Other (income)
expense:
|
||||||||||||||||
Interest income
|
(5 | ) | (6 | ) | (12 | ) | (25 | ) | ||||||||
Interest expense
|
1,022 | 1,197 | 2,124 | 2,511 | ||||||||||||
Other (income) expense,
net
|
(13 | ) | 65 | (10 | ) | 109 | ||||||||||
Income before income
taxes
|
3,350 | 3,593 | 9,204 | 8,205 | ||||||||||||
Provision for income
taxes
|
1,652 | 1,870 | 4,737 | 3,981 | ||||||||||||
Net income
|
$ | 1,698 | $ | 1,723 | $ | 4,467 | $ | 4,224 | ||||||||
Earnings per common
share:
|
||||||||||||||||
Diluted earnings per
share
|
$ | 0.08 | $ | 0.08 | $ | 0.20 | $ | 0.18 | ||||||||
Basic earnings per
share
|
$ | 0.08 | $ | 0.08 | $ | 0.21 | $ | 0.18 | ||||||||
Average shares
outstanding:
|
||||||||||||||||
Diluted
|
22,162 | 22,893 | 22,096 | 23,323 | ||||||||||||
Basic
|
21,746 | 22,635 | 21,664 | 23,050 |
2008
|
2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 4,467 | $ | 4,224 | ||||
Adjustments to reconcile net
income to net cash provided
by operating
activities:
|
||||||||
Depreciation and
amortization
|
18,178 | 15,234 | ||||||
(Gain)\Loss on sale of
equipment
|
(1,499 | ) | 191 | |||||
Stock based
compensation
|
1,169 | 575 | ||||||
Deferred income
taxes
|
1,364 | 2,583 | ||||||
Provision for doubtful
accounts
|
61 | 418 | ||||||
Realized Loss in Foreign Currency
Contracts
|
(46 | ) | --- | |||||
Changes in assets and
liabilities:
|
||||||||
Trade
receivables
|
21,441 | 564 | ||||||
Income tax
recoverable
|
3,404 | (342 | ) | |||||
Tires in
service
|
(450 | ) | (416 | ) | ||||
Prepaid expenses and other
current assets
|
4,737 | (3,497 | ) | |||||
Other
assets
|
(1,201 | ) | 15 | |||||
Accounts payable and accrued
expenses
|
(10,610 | ) | (767 | ) | ||||
Net cash provided by operating
activities
|
41,015 | 18,782 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchase of property and
equipment
|
(21,125 | ) | (9,276 | ) | ||||
Proceeds on sale of property and
equipment
|
20,169 | 15,934 | ||||||
Purchase of business, net of
cash
|
(24,100 | ) | --- | |||||
Net cash provided by/(used in)
investing activities
|
(25,056 | ) | 6,658 | |||||
Cash
flows from financing activities:
|
||||||||
Proceeds from issuances of common
stock
|
--- | 884 | ||||||
Purchase of treasury
stock
|
--- | (13,848 | ) | |||||
Payments on long-term
debt
|
(14,906 | ) | (7,045 | ) | ||||
Principal payments under capital
lease obligations
|
(3,296 | ) | (3,219 | ) | ||||
Net cash (used in) financing
activities
|
(18,202 | ) | (23,228 | ) | ||||
Increase/(Decrease)
in cash and cash
equivalents
|
(2,243 | ) | 2,212 | |||||
Cash
and cash equivalents at beginning of
year
|
2,325 | 1,190 | ||||||
Cash
and cash equivalents at end of
year
|
$ | 82 | $ | 3,402 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Interest
paid
|
$ | 2,264 | $ | 2,637 | ||||
Income taxes
paid
|
--- | $ | 3,053 |
For
three months ended
December
31,
|
For
six months ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income
|
$ | 1,698 | $ | 1,723 | $ | 4,467 | $ | 4,224 | ||||||||
Denominator
|
||||||||||||||||
Weighted average number
of common shares outstanding
|
21,746 | 22,635 | 21,664 | 23,050 | ||||||||||||
Equivalent shares issuable upon exercise of stock options
|
||||||||||||||||
and
restricted stock vesting
|
416 | 258 | 432 | 273 | ||||||||||||
Diluted
shares
|
22,162 | 22,893 | 22,096 | 23,323 | ||||||||||||
Earnings
per share
|
||||||||||||||||
Basic
|
$ | 0.08 | $ | 0.08 | $ | 0.21 | $ | 0.18 | ||||||||
Diluted
|
$ | 0.08 | $ | 0.08 | $ | 0.20 | $ | 0.18 |
Transportation
|
E-commerce
|
Consolidated
|
||||||||||
Three
months ended December 31, 2008
|
||||||||||||
Operating
revenue
|
$ | 117,396 | $ | 2,250 | $ | 119,646 | ||||||
Operating
income
|
4,045 | 309 | 4,354 | |||||||||
Three
months ended December 31, 2007
|
||||||||||||
Operating
revenue
|
$ | 136,162 | $ | 2,447 | $ | 138,609 | ||||||
Operating
income
|
4,497 | 352 | 4,849 | |||||||||
Six
months ended December 31, 2008
|
||||||||||||
Operating
revenue
|
$ | 262,008 | $ | 4,506 | $ | 266,514 | ||||||
Operating
income
|
10,668 | 638 | 11,306 | |||||||||
Six
months ended December 31, 2007
|
||||||||||||
Operating
revenue
|
$ | 267,456 | $ | 4,932 | $ | 272,388 | ||||||
Operating
income
|
10,063 | 737 | 10,800 |
For
the three months ended
December
31,
|
For
the six months ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Operating
revenue:
|
||||||||||||||||
United States
|
$ | 104,789 | $ | 115,640 | $ | 232,988 | $ | 226,544 | ||||||||
Canada
|
8,455 | 14,784 | 19,691 | 29,120 | ||||||||||||
Mexico
|
6,402 | 8,185 | 13,835 | 16,724 | ||||||||||||
Total
|
$ | 119,646 | $ | 138,609 | $ | 266,514 | $ | 272,388 |
For
three months ended
December 31,
|
For
six months ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Stock
options expense
|
$ | 299 | $ | 317 | $ | 630 | $ | 399 | ||||||||
Restricted
stock expense
|
431 | 241 | 725 | 453 | ||||||||||||
Stock
appreciation rights income
|
(601 | ) | (367 | ) | (340 | ) | (943 | ) | ||||||||
Total stock related
compensation expense
|
$ | 128 | $ | 191 | $ | 1,015 | $ | (91 | ) |
Options
|
Shares
|
Weighted-Average
Exercise
Price
|
Weighted-Average
Remaining Contractual Term
|
Aggregate
Intrinsic
Value
|
||||||||||||
Outstanding
at July 1, 2008
|
1,319,898 | $ | 9.90 | 7.98 | $ | 1,742,049 | ||||||||||
Granted
|
5,500 | $ | 12.42 | --- | --- | |||||||||||
Exercised
|
(3,375 | ) | $ | 1.71 | --- | --- | ||||||||||
Forfeited
or expired
|
(16,231 | ) | $ | 12.84 | --- | --- | ||||||||||
Outstanding
at December 31, 2008
|
1,305,792 | $ | 9.89 | 7.50 | $ | 703,489 | ||||||||||
Exercisable
at December 31, 2008
|
537,929 | $ | 9.45 | 6.47 | $ | 703,489 |
Fiscal 2009
|
Fiscal 2008
|
|||||||
Weighted
average grant date fair value
|
$ | 4.84 | $ | 4.60 | ||||
Dividend
yield
|
0 | 0 | ||||||
Expected
volatility
|
47.1 | % | 41.7 | % | ||||
Risk-free
interest rate
|
2.09 | % | 4.13 | % | ||||
Expected
lives
|
4.0
years
|
4.3
years
|
Number of Shares
|
Weighted
Average Grant Date Fair
Value
|
|||||||
Unvested
at July 1, 2008
|
156,200 | $ | 12.22 | |||||
Granted
|
248,866 | $ | 11.40 | |||||
Vested
|
(39,451 | ) | $ | 7.37 | ||||
Forfeited
|
(6,650 | ) | $ | 14.78 | ||||
Unvested
at December 31, 2008
|
358,965 | $ | 12.09 |
Number of Shares
|
Weighted
Average Grant Date Fair
Value
|
|||||||
Unvested
at July 1, 2008
|
167,202 | $ | 8.68 | |||||
Paid
|
(19,322 | ) | $ | 8.92 | ||||
Forfeited
|
(3,036 | ) | $ | 8.64 | ||||
Vested
at December 31, 2008
|
144,844 | $ | 8.64 |
Three
months ended
December
31,
|
Six
months ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income
|
$ | 1,698 | $ | 1,723 | $ | 4,467 | $ | 4,224 | ||||||||
Available-for-sale
securities and currency hedges
|
(45 | ) | --- | (45 | ) | --- | ||||||||||
Foreign
currency translation adjustments
|
(4,669 | ) | 167 | (5,862 | ) | 535 | ||||||||||
Total
comprehensive income
|
$ | (3,016 | ) | $ | 1,890 | $ | (1,440 | ) | $ | 4,759 |
December
31, 2008
|
December
31, 2007
|
|||||||||||||||
Tractors
|
Trailers
|
Tractors
|
Trailers
|
|||||||||||||
Owned
equipment
|
1,737 | 3,251 | 1,328 | 2,488 | ||||||||||||
Capital
leased equipment
|
--- | 3,723 | --- | 3,738 | ||||||||||||
Operating
leased equipment
|
1,166 | 3,101 | 1,218 | 2,622 | ||||||||||||
Independent
contractors
|
206 | --- | 370 | --- | ||||||||||||
Total
|
3,109 | 10,075 | 2,916 | 8,848 |
For
the three months ended
December 31,
|
For
the six months ended
December 31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Freight
revenue(1)
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Operating
expenses:
|
||||||||||||||||
Salaries, wages, and employee
benefits
|
38.4 | % | 33.9 | % | 38.1 | % | 33.8 | % | ||||||||
Fuel(1)
|
8.9 | % | 11.7 | % | 9.3 | % | 11.8 | % | ||||||||
Operations and
maintenance
|
9.0 | % | 8.0 | % | 8.8 | % | 7.7 | % | ||||||||
Insurance and
claims
|
3.3 | % | 3.9 | % | 3.3 | % | 3.5 | % | ||||||||
Depreciation and
amortization
|
8.8 | % | 6.6 | % | 8.0 | % | 6.8 | % | ||||||||
Revenue equipment
rentals
|
7.1 | % | 5.8 | % | 6.3 | % | 6.0 | % | ||||||||
Purchased
transportation
|
12.9 | % | 18.9 | % | 13.7 | % | 19.1 | % | ||||||||
Costs of products and services
sold
|
1.6 | % | 1.5 | % | 1.5 | % | 1.5 | % | ||||||||
Communications and
utilities
|
1.1 | % | 1.1 | % | 1.1 | % | 1.1 | % | ||||||||
Operating taxes and
licenses
|
2.4 | % | 2.0 | % | 2.3 | % | 1.9 | % | ||||||||
General and other
operating
|
2.1 | % | 2.4 | % | 2.2 | % | 2.1 | % | ||||||||
Total
operating
expenses
|
95.6 | % | 95.8 | % | 94.6 | % | 95.3 | % | ||||||||
Operating
income
|
4.4 | % | 4.2 | % | 5.4 | % | 4.7 | % | ||||||||
Other
expense:
|
||||||||||||||||
Interest
expense
|
1.0 | % | 1.1 | % | 1.0 | % | 1.1 | % | ||||||||
Income
before income
taxes
|
3.4 | % | 3.1 | % | 4.4 | % | 3.6 | % | ||||||||
Provision
for income
taxes
|
1.7 | % | 1.6 | % | 2.3 | % | 1.8 | % | ||||||||
Net
income
|
1.7 | % | 1.5 | % | 2.1 | % | 1.8 | % |
(1)
|
Freight
revenue is total revenue less fuel surcharges. In this table,
fuel surcharges are eliminated from revenue and subtracted from fuel
expense. Fuel surcharges were $21.1 million and $24.1 million
for the second quarter of fiscal 2009 and 2008, respectively, and $58.7
million and $44.0 million for the six months ended December 31, 2008 and
2007, respectively.
|
Annual
Cash Requirements
as
of December 31, 2008
(in
thousands)
Payments
Due by Period
|
||||||||||||||||||||
Total
|
Less
than
1 year
|
1-3
Years
|
3-5
Years
|
More
than
5 years
|
||||||||||||||||
Operating
leases
|
$ | 90,876 | $ | 26,102 | $ | 28,739 | $ | 14,199 | $ | 21,836 | ||||||||||
Lease
residual value guarantees
|
83,111 | 13,271 | 49,782 | 11,036 | 9,022 | |||||||||||||||
Capital
leases(1)
|
50,093 | 8,493 | 27,460 | 14,140 | --- | |||||||||||||||
Long-term
debt(1)(1)
|
40,626 | 7,385 | 916 | 32,325 | --- | |||||||||||||||
Sub-total
|
$ | 264,706 | $ | 55,251 | $ | 106,897 | $ | 71,700 | $ | 30,858 | ||||||||||
Future
purchase of revenue equipment
|
$ | 123,395 | $ | 27,312 | $ | 62,126 | $ | 32,749 | $ | 1,208 | ||||||||||
Employment
and consulting agreements(2)
|
700 | 700 | --- | --- | --- | |||||||||||||||
Standby
Letters of Credit
|
5,632 | 5,632 | --- | --- | --- | |||||||||||||||
Total
|
$ | 394,433 | $ | 88,895 | $ | 169,023 | $ | 104,449 | $ | 32,066 |
(1)
|
Includes
interest.
|
(2)
|
The
amounts reflected in the table do not include amounts that could become
payable to our Chief Executive Officer and Chief Financial Officer
under certain circumstances if their employment by the Company is
terminated.
|
Voted For
|
Vote Withheld
|
||
Stephen
Russell
|
17,785,367
|
307,439
|
|
Michael
Miller
|
17,408,864
|
683,942
|
|
Anthony
Heyworth
|
17,376,157
|
716,649
|
|
Catherine
Langham
|
17,421,685
|
671,121
|
|
Paul
Will
|
16,835,742
|
1,257,064
|
Voted For
|
Voted Against
|
Vote Withheld
|
||
Total
Shares Voted
|
16,138,161
|
1,947,296
|
7,349
|
3.1
|
Amended
and Restated Certificate of Incorporation of the Company, effective
January 12, 2006. (Incorporated by reference to Exhibit 3.1 to the
Company's Quarterly Report on Form 10-Q for the quarterly period ending
December 31, 2005, filed with the SEC on January 30,
2006.)
|
3.2
|
Certificate
of Designation for Series A Junior Participating Preferred Stock.
(Incorporated by reference to Exhibit 3.3 to the Company's Annual Report
on Form 10-K for the fiscal year ended June 30, 2000, filed with
the SEC on September 28, 2000.)
|
3.3
|
Amended
and Restated By-laws of the Company. (Incorporated by reference
to Exhibit 3 to the Company's Current Report on Form 8-K filed with the
SEC on July 3, 2006.)
|
4.1
|
Amended
and Restated Certificate of Incorporation of the Company, effective
January 12, 2006. (Incorporated by reference to Exhibit 3.1 to the
Company's Quarterly Report on Form 10-Q for the quarterly period ending
December 31, 2005, filed with the SEC on January 30,
2006.)
|
4.2
|
Certificate
of Designation for Series A Junior Participating Preferred Stock.
(Incorporated by reference to Exhibit 3.3 to the Company's Annual Report
on Form 10-K for the fiscal year ended June 30, 2000, filed with
the SEC on September 28, 2000.)
|
4.3
|
Rights
Agreement, dated as of July 20, 2000, between Celadon Group, Inc. and
Fleet National Bank, as Rights Agent. (Incorporated by
reference to Exhibit 4.1 to the Company’s Registration Statement on Form
8-A, filed with the SEC on July 20, 2000.)
|
4.4
|
Amended
and Restated By-laws of the Company. (Incorporated by reference
to Exhibit 3 to the Company's Current Report on Form 8-K filed with the
SEC on July 3, 2006.)
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, by Stephen Russell, the
Company's Chief Executive Officer.*
|
|
Certification
pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, by Paul Will, the Company's
Chief Financial Officer.*
|
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes–Oxley Act of 2002, by Stephen Russell, the Company's Chief
Executive Officer.*
|
|
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, by Paul Will, the Company's Chief
Financial Officer.*
|
Celadon
Group, Inc.
(Registrant)
|
|
/s/Stephen Russell | |
Stephen
Russell
|
|
Chief
Executive Officer
|
|
/s/Paul Will
|
|
Paul
Will
|
|
Chief
Financial Officer, Executive Vice President,
Treasurer,
and Assistant Secretary
|
|
Date: January
30, 2009
|