x |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the quarterly period ended September 30, 2006
|
|
OR
|
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Delaware
|
371172197
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification Number)
|
|
incorporation
or organization)
|
136
Chesterfield Industrial Boulevard
|
||
Chesterfield,
Missouri
|
63005
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Item
No. 1
|
Financial
Statements
|
1
|
Item
No. 2
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
10
|
Item
No. 3
|
Quantitative
and Qualitative Disclosures Regarding Market Risk
|
16
|
Item
No. 4
|
Controls
and Procedures
|
17
|
PART
II - OTHER
INFORMATION
|
||
Item
No. 1A
|
Risk
Factors
|
17
|
Item
No. 2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
18
|
Item
No. 6
|
Exhibits
|
19
|
PART
I - FINANCIAL INFORMATION
|
||||
Item
No. 1 - Financial
Statements
|
Reliv’
International, Inc. and Subsidiaries
|
|||||||
Consolidated
Balance Sheets
|
|||||||
September
30
|
December
31
|
||||||
2006
|
2005
|
||||||
(unaudited)
|
|||||||
Assets
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
13,160,538
|
$
|
5,653,594
|
|||
Short-term
investments
|
5,000,000
|
-
|
|||||
Accounts
and notes receivable, less allowances of
|
|||||||
$6,200
in 2006 and $39,700 in 2005
|
786,385
|
775,623
|
|||||
Accounts
due from employees and distributors
|
99,371
|
152,760
|
|||||
Inventories
|
|||||||
Finished
goods
|
2,409,785
|
3,569,449
|
|||||
Raw
materials
|
1,308,449
|
1,441,107
|
|||||
Sales
aids and promotional materials
|
765,529
|
573,900
|
|||||
Total
inventories
|
4,483,763
|
5,584,456
|
|||||
Refundable
income taxes
|
389,192
|
-
|
|||||
Prepaid
expenses and other current assets
|
1,047,671
|
1,240,138
|
|||||
Deferred
income taxes
|
438,430
|
452,430
|
|||||
Total
current assets
|
25,405,350
|
13,859,001
|
|||||
Other
assets
|
2,549,590
|
1,626,330
|
|||||
Accounts
due from employees and distributors
|
381,870
|
355,651
|
|||||
Property,
plant and equipment:
|
|||||||
Land
|
829,222
|
829,222
|
|||||
Building
|
9,550,022
|
9,553,311
|
|||||
Machinery
& equipment
|
4,116,497
|
4,736,274
|
|||||
Office
equipment
|
1,504,370
|
1,400,544
|
|||||
Computer
equipment & software
|
2,447,411
|
2,536,415
|
|||||
18,447,522
|
19,055,766
|
||||||
Less:
Accumulated depreciation
|
8,840,827
|
8,915,325
|
|||||
Net
property, plant and equipment
|
9,606,695
|
10,140,441
|
|||||
Total
assets
|
$
|
37,943,505
|
$
|
25,981,423
|
See
notes to financial statements.
|
Reliv’
International, Inc. and Subsidiaries
|
|||||||
Consolidated
Balance Sheets
|
|
September
30
|
December
31
|
|||||
2006
|
2005
|
||||||
|
(unaudited)
|
||||||
Liabilities
and stockholders' equity
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses:
|
|||||||
Trade
accounts payable and other accrued expenses
|
$
|
3,694,648
|
$
|
3,165,871
|
|||
Distributors
commissions payable
|
4,103,739
|
3,578,405
|
|||||
Sales
taxes payable
|
526,447
|
518,870
|
|||||
Interest
payable
|
-
|
31,000
|
|||||
Payroll
and payroll taxes payable
|
936,592
|
864,624
|
|||||
Total
accounts payable and accrued expenses
|
9,261,426
|
8,158,770
|
|||||
Income
taxes payable
|
-
|
820,246
|
|||||
Current
maturities of long-term debt
|
-
|
916,244
|
|||||
Total
current liabilities
|
9,261,426
|
9,895,260
|
|||||
Noncurrent
liabilities:
|
|||||||
Long-term
debt, less current maturities
|
-
|
2,211,065
|
|||||
Deferred
income taxes
|
95,000
|
89,000
|
|||||
Other
non-current liabilities
|
866,648
|
1,221,270
|
|||||
Total
noncurrent liabilities
|
961,648
|
3,521,335
|
|||||
Stockholders'
equity:
|
|||||||
Preferred
stock, par value $.001 per share; 3,000,000
|
|||||||
shares
authorized; -0- shares issued and outstanding
|
|||||||
in
2006 and 2005
|
-
|
-
|
|||||
Common
stock, par value $.001 per share; 30,000,000
|
|||||||
authorized;
17,009,808 shares issued and 16,742,547
|
|||||||
shares
outstanding as of 9/30/2006; 15,613,644 shares
|
|||||||
issued
and 15,563,562 shares outstanding as of 12/31/2005
|
17,010
|
15,614
|
|||||
Additional
paid-in capital
|
35,227,833
|
22,972,463
|
|||||
Accumulated
deficit
|
(4,648,701
|
)
|
(9,252,413
|
)
|
|||
Accumulated
other comprehensive loss:
|
|||||||
Foreign
currency translation adjustment
|
(649,168
|
)
|
(669,346
|
)
|
|||
Treasury
stock
|
(2,226,543
|
)
|
(501,490
|
)
|
|||
Total
stockholders' equity
|
27,720,431
|
12,564,828
|
|||||
Total
liabilities and stockholders' equity
|
$
|
37,943,505
|
$
|
25,981,423
|
See
notes to financial statements.
|
Reliv’
International, Inc. and Subsidiaries
|
|||||||
Consolidated
Statements of Income
|
|||||||
(unaudited)
|
Three
months ended September 30
|
Nine
months ended September 30
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Product
sales
|
$
|
26,779,859
|
$
|
25,657,349
|
$
|
79,812,178
|
$
|
77,416,348
|
|||||
Handling
& freight income
|
2,999,544
|
2,898,083
|
9,011,644
|
8,664,267
|
|||||||||
Net
sales
|
29,779,403
|
28,555,432
|
88,823,822
|
86,080,615
|
|||||||||
Costs
and expenses:
|
|||||||||||||
Cost
of products sold
|
4,951,293
|
4,873,785
|
14,756,297
|
14,528,561
|
|||||||||
Distributor
royalties and commissions
|
11,923,943
|
11,416,814
|
35,707,259
|
34,507,541
|
|||||||||
Selling,
general and administrative
|
10,211,813
|
9,466,159
|
29,163,430
|
27,619,467
|
|||||||||
Total
costs and expenses
|
27,087,049
|
25,756,758
|
79,626,986
|
76,655,569
|
|||||||||
Income
from operations
|
2,692,354
|
2,798,674
|
9,196,836
|
9,425,046
|
|||||||||
Other
income (expense):
|
|||||||||||||
Interest
income
|
197,998
|
40,647
|
480,120
|
190,183
|
|||||||||
Interest
expense
|
(1,961
|
)
|
(59,776
|
)
|
(47,428
|
)
|
(262,443
|
)
|
|||||
Other
income (expense)
|
83,720
|
(75,109
|
)
|
182,239
|
(26,187
|
)
|
|||||||
Income
before income taxes
|
2,972,111
|
2,704,436
|
9,811,767
|
9,326,599
|
|||||||||
Provision
for income taxes
|
1,168,000
|
1,036,000
|
3,937,000
|
3,616,000
|
|||||||||
Net
income
|
$
|
1,804,111
|
$
|
1,668,436
|
$
|
5,874,767
|
$
|
5,710,599
|
|||||
Earnings
per common share - Basic
|
$
|
0.11
|
$
|
0.11
|
$
|
0.36
|
$
|
0.36
|
|||||
Weighted
average shares
|
16,919,000
|
15,539,000
|
16,390,000
|
15,988,000
|
|||||||||
Earnings
per common share - Diluted
|
$
|
0.11
|
$
|
0.10
|
$
|
0.35
|
$
|
0.35
|
|||||
Weighted
average shares
|
17,050,000
|
15,978,000
|
16,712,000
|
16,551,000
|
|||||||||
Cash
dividends declared per common share
|
$
|
-
|
$
|
-
|
$
|
0.050
|
$
|
0.035
|
See
notes to financial statements.
|
Reliv’
International, Inc. and Subsidiaries
|
|||
Consolidated
Statements of Cash Flows
|
|||
(unaudited)
|
Nine
months ended September 30
|
|||||||
2006
|
2005
|
||||||
Operating
activities:
|
|||||||
Net
income
|
$
|
5,874,767
|
$
|
5,710,599
|
|||
Adjustments
to reconcile net income to
|
|||||||
net
cash provided by operating activities:
|
|||||||
Depreciation
and amortization
|
934,233
|
1,012,697
|
|||||
Stock-based
compensation
|
139,659
|
50,024
|
|||||
Tax
benefit from exercise of options
|
-
|
1,344,000
|
|||||
Deferred
income taxes
|
20,000
|
(266,000
|
)
|
||||
Foreign
currency transaction (gain)/loss
|
(104,421
|
)
|
184,275
|
||||
(Increase)
decrease in accounts and notes receivable
|
24,176
|
77,845
|
|||||
(Increase)
decrease in inventories
|
1,153,277
|
(745,134
|
)
|
||||
(Increase)
decrease in refundable income taxes
|
(389,192
|
)
|
1,267,255
|
||||
(Increase)
decrease in prepaid expenses
|
|||||||
and
other current assets
|
202,149
|
(101,436
|
)
|
||||
(Increase)
decrease in other assets
|
49,373
|
(283,847
|
)
|
||||
Increase
(decrease) in accounts payable and accrued expenses
|
715,428
|
1,566,467
|
|||||
Increase
(decrease) in income taxes payable
|
(812,205
|
)
|
538,094
|
||||
Net
cash provided by operating activities
|
7,807,244
|
10,354,839
|
|||||
Investing
activities:
|
|||||||
Proceeds
from the sale of property, plant and equipment
|
42,009
|
57,823
|
|||||
Purchase
of property, plant and equipment
|
(401,130
|
)
|
(1,587,264
|
)
|
|||
Purchase
of investments
|
(54,000,000
|
)
|
-
|
||||
Proceeds
from sales of investments
|
48,000,000
|
-
|
|||||
Net
cash used in investing activities
|
(6,359,121
|
)
|
(1,529,441
|
)
|
|||
Financing
activities:
|
|||||||
Principal
payments on long-term borrowings
|
(3,127,336
|
)
|
(3,648,541
|
)
|
|||
Net
proceeds from issuance of common stock
|
11,918,792
|
-
|
|||||
Proceeds
from sale of treasury stock
|
-
|
22,547
|
|||||
Common
stock dividends paid
|
(840,887
|
)
|
(565,158
|
)
|
|||
Proceeds
from options and warrants exercised
|
135,120
|
179,919
|
|||||
Excess
tax benefits from stock based compensation
|
102,914
|
-
|
|||||
Purchase
of stock for treasury
|
(2,203,755
|
)
|
(9,891,505
|
)
|
|||
Net
cash used in financing activities
|
5,984,848
|
(13,902,738
|
)
|
||||
Effect
of exchange rate changes on cash and cash equivalents
|
73,973
|
(135,446
|
)
|
||||
Increase
in cash and cash equivalents
|
7,506,944
|
(5,212,786
|
)
|
||||
Cash
and cash equivalents at beginning of period
|
5,653,594
|
10,151,503
|
|||||
Cash
and cash equivalents at end of period
|
$
|
13,160,538
|
$
|
4,938,717
|
See
notes to financial statements
|
Reliv’
International, Inc. and Subsidiaries
|
|
Notes
to Consolidated Financial Statements
|
|
(Unaudited)
|
|
September
30, 2006
|
|
Note
1- Accounting
Policies
|
Reliv’
International, Inc. and Subsidiaries
|
|||
Notes
to Consolidated Financial Statements
|
|||
(Unaudited)
September
30, 2006
|
Three
months ended September 30
|
Nine
months ended September 30
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Numerator:
|
|||||||||||||
Net
income
|
$
|
1,804,111
|
$
|
1,668,436
|
$
|
5,874,767
|
$
|
5,710,599
|
|||||
Denominator:
|
|||||||||||||
Denominator
for basic earnings per
|
|||||||||||||
share--weighted
average shares
|
16,919,000
|
15,539,000
|
16,390,000
|
15,988,000
|
|||||||||
Dilutive
effect of employee stock options
|
|||||||||||||
and
other warrants
|
131,000
|
439,000
|
322,000
|
563,000
|
|||||||||
Denominator
for diluted earnings per
|
|||||||||||||
share--adjusted
weighted average shares
|
17,050,000
|
15,978,000
|
16,712,000
|
16,551,000
|
|||||||||
Basic
earnings per share
|
$
|
0.11
|
$
|
0.11
|
$
|
0.36
|
$
|
0.36
|
|||||
Diluted
earnings per share
|
$
|
0.11
|
$
|
0.10
|
$
|
0.35
|
$
|
0.35
|
Reliv’
International, Inc. and Subsidiaries
|
|||
Notes
to Consolidated Financial Statements
|
|||
(Unaudited)
September
30, 2006
|
Reliv’
International, Inc. and Subsidiaries
|
|||
Notes
to Consolidated Financial Statements
|
|||
(Unaudited)
September
30, 2006
|
Options
|
Weighted
Avg. Exercise Price
|
Aggregate
Intrinsic Value
|
Weighted
Avg. Remaining Life
|
||||||||||
Outstanding
beginning of the year
|
813,074
|
$
|
5.57
|
||||||||||
Granted
|
--
|
--
|
|||||||||||
Exercised
|
(247,457
|
)
|
0.74
|
||||||||||
Forfeited
|
(45,617
|
)
|
4.39
|
||||||||||
Outstanding
and exercisable at September 30, 2006
|
520,000
|
$
|
7.96
|
$
|
534,000
|
8.30
|
|||||||
As
of September 30, 2006
|
||||||||||||||||
Options
Outstanding
|
Options
Exercisable
|
|||||||||||||||
Range
of Exercise Prices
|
Number
Outstanding
|
Weighted
Avg. Remaining Life
|
Weighted
Avg. Exercise Price
|
Number
Exercisable
|
Weighted
Avg. Exercise Price
|
|||||||||||
$7.92
- $8.68
|
520,000
|
8.30
|
$
|
7.96
|
520,000
|
$
|
7.96
|
Three
Months
|
Nine
Months
|
||||||
Ended
|
Ended
|
||||||
September
30,
|
September
30,
|
||||||
2005
|
2005
|
||||||
Net
income, as reported
|
$
|
1,668,436
|
$
|
5,710,599
|
|||
Deduct:
Total stock-based employee compensation
|
|||||||
expense
determined under fair value based method
|
|||||||
for
all awards, net of related tax effects
|
47,316
|
1,537,911
|
|||||
Pro
forma net income available to
|
|||||||
common
shareholders
|
$
|
1,621,120
|
$
|
4,172,688
|
|||
Earnings
per share:
|
|||||||
Basic--as
reported
|
$
|
0.11
|
$
|
0.36
|
|||
Basic--pro
forma
|
$
|
0.10
|
$
|
0.26
|
|||
Diluted--as
reported
|
$
|
0.10
|
$
|
0.35
|
|||
Diluted--pro
forma
|
$
|
0.10
|
$
|
0.25
|
Reliv’
International, Inc. and Subsidiaries
|
|||
Notes
to Consolidated Financial Statements
|
|||
(Unaudited)
September
30, 2006
|
September
30,
|
December
31,
|
||||||
2006
|
2005
|
||||||
Promissory
note payable to a former officer/director payable in annual
installments
thru 2008, interest payable quarterly at 4% per annum
|
$
|
-
|
$
|
3,100,000
|
|||
Notes
payable - primarily vehicle loans
|
-
|
27,309
|
|||||
|
- |
3,127,309
|
|||||
Less
current maturities
|
-
|
916,244
|
|||||
|
$
|
-
|
$
|
2,211,065
|
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Net
sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|||||
Costs
and expenses:
|
|||||||||||||
Cost
of products sold
|
16.6
|
17.1
|
16.6
|
16.9
|
|||||||||
Distributor
royalties and commissions
|
40.1
|
40.0
|
40.2
|
40.1
|
|||||||||
Selling,
general and administrative
|
34.3
|
33.1
|
32.8
|
32.1
|
|||||||||
Income
from operations
|
9.0
|
9.8
|
10.4
|
10.9
|
|||||||||
Interest
expense
|
(0.0
|
)
|
(0.2
|
)
|
(0.1
|
)
|
(0.3
|
)
|
|||||
Interest
and other income
|
1.0
|
(0.2
|
)
|
0.7
|
0.2
|
||||||||
Income
before income taxes
|
10.0
|
9.4
|
11.0
|
10.8
|
|||||||||
Provision
for income taxes
|
3.9
|
3.6
|
4.4
|
4.2
|
|||||||||
Net
income
|
6.1
|
%
|
5.8
|
%
|
6.6
|
%
|
6.6
|
%
|
Three
months ended September 30,
|
|||||||||||||||||||
2006
|
2005
|
Change
from prior year
|
|||||||||||||||||
Amount
|
%
of Net
Sales
|
Amount
|
%
of Net
Sales
|
Amount
|
%
|
||||||||||||||
(dollars
in thousands)
|
|||||||||||||||||||
United
States
|
$
|
26,784
|
89.9
|
%
|
$
|
25,823
|
90.4
|
%
|
$
|
961
|
3.7
|
%
|
|||||||
Australia/New
Zealand
|
701
|
2.4
|
486
|
1.7
|
215
|
44.2
|
|||||||||||||
Canada
|
414
|
1.4
|
383
|
1.3
|
31
|
8.1
|
|||||||||||||
Mexico
|
367
|
1.2
|
402
|
1.4
|
(35
|
)
|
(8.7
|
)
|
|||||||||||
United
Kingdom/Ireland
|
323
|
1.1
|
240
|
0.8
|
83
|
34.6
|
|||||||||||||
Philippines
|
594
|
2.0
|
526
|
1.8
|
68
|
12.9
|
|||||||||||||
Malaysia/Singapore
|
382
|
1.3
|
577
|
2.0
|
(195
|
)
|
(33.8
|
)
|
|||||||||||
Germany
|
214
|
0.7
|
118
|
0.4
|
96
|
81.4
|
|||||||||||||
Consolidated
total
|
$
|
29,779
|
100.0
|
%
|
$
|
28,555
|
100.0
|
%
|
$
|
1,224
|
4.3
|
%
|
Nine
months ended September 30,
|
|||||||||||||||||||
2006
|
2005
|
Change
from prior year
|
|||||||||||||||||
Amount
|
%
of Net
Sales
|
Amount
|
%
of Net
Sales
|
Amount
|
%
|
||||||||||||||
(dollars
in thousands)
|
|||||||||||||||||||
United
States
|
$
|
80,376
|
90.5
|
%
|
$
|
77,881
|
90.5
|
%
|
$
|
2,495
|
3.2
|
%
|
|||||||
Australia/New
Zealand
|
1,855
|
2.1
|
1,567
|
1.8
|
288
|
18.4
|
|||||||||||||
Canada
|
1,234
|
1.4
|
1,290
|
1.5
|
(56
|
)
|
(4.3
|
)
|
|||||||||||
Mexico
|
1,011
|
1.1
|
1,237
|
1.4
|
(226
|
)
|
(18.3
|
)
|
|||||||||||
United
Kingdom/Ireland
|
915
|
1.0
|
642
|
0.7
|
273
|
42.5
|
|||||||||||||
Philippines
|
1,602
|
1.8
|
1,807
|
2.1
|
(205
|
)
|
(11.3
|
)
|
|||||||||||
Malaysia/Singapore
|
1,297
|
1.5
|
1,539
|
1.8
|
(242
|
)
|
(15.7
|
)
|
|||||||||||
Germany
|
534
|
0.6
|
118
|
0.1
|
416
|
352.5
|
|||||||||||||
Consolidated
total
|
$
|
88,824
|
100.0
|
%
|
$
|
86,081
|
100.0
|
%
|
$
|
2,743
|
3.2
|
%
|
September
30, 2006
|
September
30, 2005
|
%
Change
|
|||||||||||||||||
Active
Distributors
|
Master
Affiliates and Above
|
Active
Distributors
|
Master
Affiliates and Above
|
Active
Distributors
|
Master
Affiliates and Above
|
||||||||||||||
United
States
|
52,760
|
15,660
|
51,470
|
14,560
|
2.5
|
%
|
7.6
|
%
|
|||||||||||
Australia/New
Zealand
|
2,420
|
270
|
2,570
|
240
|
(5.8
|
)
|
12.5
|
||||||||||||
Canada
|
1,170
|
180
|
1,270
|
200
|
(7.9
|
)
|
(10.0
|
)
|
|||||||||||
Mexico
|
1,130
|
220
|
4,020
|
380
|
(71.9
|
)
|
(42.1
|
)
|
|||||||||||
United
Kingdom/Ireland
|
910
|
150
|
640
|
90
|
42.2
|
66.7
|
|||||||||||||
Philippines
|
3,360
|
350
|
4,930
|
520
|
(31.8
|
)
|
(32.7
|
)
|
|||||||||||
Malaysia/Singapore
|
2,750
|
380
|
3,430
|
620
|
(19.8
|
)
|
(38.7
|
)
|
|||||||||||
Germany
|
320
|
110
|
70
|
30
|
357.1
|
266.7
|
|||||||||||||
Consolidated
total
|
64,820
|
17,320
|
68,400
|
16,640
|
(5.2
|
)%
|
4.1
|
%
|
Period
|
Total
Number of Shares
Purchased
|
Average
Price Paid
per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced
Programs
|
Approximate
Dollar Value of Shares that May Yet Be Purchased Under the Plans
or
Programs(1)
|
|||||||||
July
1-31, 2006
|
--
|
--
|
--
|
$
|
10,719,000
|
||||||||
August
1-31, 2006
|
75,727
|
$
|
8.36
|
75,727
|
$
|
10,086,000
|
|||||||
September
1-30, 2006
|
188,129
|
$
|
8.35
|
188,129
|
$
|
8,515,000
|
|||||||
Total
|
263,856
|
263,856
|
(1)
In March 2005, the Company’s Board of Directors approved a share
repurchase plan of up to $15 million over the next 36
months.
|
Exhibit
|
||
Number
|
Document
|
|
10.1
|
Reliv
International, Inc. Employee Stock Ownership Plan and Trust dated
August
24, 2006 (incorporated by reference to Exhibit 10.1 to the Form 8-K
of the
Registrant filed August 30, 2006).
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
18
U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act
of 2002 (filed herewith).
|
RELIV’ INTERNATIONAL, INC. | |||
By: /s/ Robert L. Montgomery | |||
Robert
L. Montgomery, Chairman of the Board of Directors, President
and Chief Executive Officer
|
|||
Date: November 8, 2006 | |||
By:/s/ Steven D. Albright | |||
Steven
D. Albright, Chief Financial Officer (and accounting
officer)
|
|||
Date: November 8, 2006 |
Exhibit
|
||
Number
|
Document
|
|
10.1
|
Reliv
International, Inc. Employee Stock Ownership Plan and Trust dated
August
24, 2006 (incorporated by reference to Exhibit 10.1 to the Form
8-K of the
Registrant filed August 30, 2006).
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule
15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule
15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant
to 18
U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act
of 2002 (filed herewith).
|