HealthStream, Inc. (NASDAQ: HSTM), a leading provider of workforce,
patient experience, and provider solutions for the healthcare industry,
announced today results for the first quarter ended March 31, 2015.
Highlights:
-
Revenues of $47.2 million in the first quarter of 2015, up 23% from
$38.3 million in the first quarter of 2014
-
Operating income of $4.8 million in the first quarter of 2015, up 45%
from $3.3 million in the first quarter of 2014
-
Net income of $2.7 million in the first quarter of 2015, up 40% from
$1.9 million in the first quarter of 2014, and earnings per share
(EPS) of $0.10 per share (diluted) in the first quarter of 2015,
compared to $0.07 per share (diluted) in the first quarter of 2014
-
Adjusted EBITDA1 of $8.4 million in the first quarter of
2015, up 39% from $6.1 million in the first quarter of 2014
-
Completed the acquisition of HealthLine Systems on March 16,
2015 for approximately $88.1 million
Financial Results:
First Quarter 2015 Compared to First Quarter 2014
Revenues for the first quarter of 2015 increased by $8.8 million, or 23
percent, to $47.2 million, compared to $38.3 million for the first
quarter of 2014.
Revenues from our HealthStream Workforce Solutions segment increased by
$7.6 million, or 25 percent, when compared to the first quarter of 2014.
Revenues from our subscription-based solutions increased by
approximately $7.4 million, or 25 percent, over the prior year first
quarter due to a higher number of subscribers and more courseware
consumption by subscribers. Revenues from ICD-10-readiness training
products were approximately $7.1 million in the first quarter of 2015,
compared to $6.6 million in the prior year first quarter. In addition,
revenues from our acquisition of Health Care Compliance Strategies
(HCCS), which was consummated on March 3, 2014, were approximately $2.1
million during the first quarter of 2015, compared to $89,000 during the
first quarter of 2014.
Revenues from our HealthStream Patient Experience Solutions segment
increased by $594,000, or eight percent, when compared to the first
quarter of 2014. Revenues from Patient Insights™ surveys—a survey
research product that generates recurring revenues—increased by
$818,000, or 14 percent, when compared to the first quarter of 2014.
Revenues from other products, including surveys conducted on annual or
bi-annual cycles and consulting/coaching services, collectively
decreased by $225,000 compared to the first quarter of 2014.
During the first quarter of 2015, we formed the HealthStream Provider
Solutions segment, which is a combination of two previously acquired
businesses: HealthLine Systems (HLS) and Sy.Med Development
(Sy.Med). First quarter 2015 revenues in this segment, which included
Sy.Med and approximately two weeks of revenue contributions from HealthLine
Systems, increased $584,000. Revenues from the HealthLine Systems
acquisition, which was consummated on March 16, 2015, were $342,000
during the first quarter of 2015.
Generally accepted accounting principles (GAAP) require companies to
write down beginning balances of acquired deferred revenue balances as
part of “fair value” accounting as defined by GAAP. During the first
quarter of 2015, HealthStream reported a $578,000 reduction to GAAP
revenues and corresponding reductions of $578,000 to operating income
and $328,000 to net income as a result of deferred revenue write-downs
for the HLS and HCCS acquisitions. During the first quarter of 2014,
HealthStream reported a $369,000 reduction to GAAP revenues and
corresponding reductions of $369,000 to operating income and $215,000 to
net income as a result of deferred revenue write-downs for the HCCS and
Baptist Leadership Group acquisitions. The table reconciling GAAP to
non-GAAP financial measures included in this release shows the impact of
beginning balance deferred revenue write-downs on financial results.
Operating income was $4.8 million for the first quarter of 2015 compared
to $3.3 million for the first quarter of 2014. The growth in operating
income was due to the increases in revenue discussed above, which was
partially offset by increased operating expenses associated with higher
royalties, personnel additions, transaction costs from the HLS
acquisition, depreciation and amortization, and other general expenses.
In addition, operating income in the first quarter of 2015 was impacted
by the $578,000 deferred revenue write-down for HLS and HCCS.
Net income was $2.7 million in the first quarter of 2015 compared to
$1.9 million in the first quarter of 2014. Earnings per share were $0.10
per share (diluted) for the first quarter of 2015, compared to $0.07 per
share (diluted) for the first quarter of 2014.
Adjusted EBITDA (which we define as net income before interest, income
taxes, share-based compensation, and depreciation and amortization)
increased by 39 percent to $8.4 million for the first quarter of 2015,
compared to $6.1 million for the first quarter of 2014.
At March 31, 2015, the Company had cash and marketable securities of
$64.4 million and outstanding borrowings under our revolving credit
facility of $28.0 million. Capital expenditures totaled $4.3 million for
the first quarter of 2015.
Other Business Updates
At March 31, 2015, we had approximately 4,270,000 total subscribers
implemented to use and 4,426,000 total subscribers contracted to use our
subscription-based solutions. “Contracted subscribers” include both
those already implemented and those under contract that are in the
process of implementation. Revenue recognition commences when a contract
is fully implemented.
Annualized revenue per implemented subscriber for Workforce Solutions
We view the metric, “Annualized Revenue per Implemented Subscriber for
our Workforce Solutions” (“Workforce ARIS”), as one of several
insightful measures of our progress in growing the value of our customer
base. Workforce ARIS represents the quarter's revenue from our
subscription-based solutions, annualized, then divided by the quarter's
average total number of implemented subscribers. Our subscription-based
solutions include subscriptions to our platform applications, plus
courseware/content subscriptions.
For the first quarter of 2015, HealthStream’s Workforce ARIS was $34.63,
an increase of four percent over last year’s first quarter and an
increase of $0.20 per implemented subscriber over the fourth quarter of
2014. Subscription-based revenues increased 25 percent compared to last
year’s first quarter while implemented subscribers increased 19 percent
over the same period last year.
In March 2015, HealthStream completed the acquisition of San Diego-based
HealthLine Systems, a leading healthcare credentialing and
privileging company. With the acquisition, HealthStream added important
capabilities to its talent management offering for healthcare
organizations, which includes solutions to manage workforce
qualifications and competencies. Over 1,000 healthcare facilities have
implemented and are currently using HealthLine’s installed or
SaaS-based credentialing and privileging solution to manage, validate,
and analyze provider data.
Financial Outlook for 2015
The Company’s updated guidance for the full year of 2015, which is set
forth below, includes the estimated impact of the HealthLine Systems
acquisition.
We anticipate that consolidated revenues will grow 18 to 21 percent as
compared to 2014 and will be derived from the following three areas.
First, we anticipate that revenue growth in our Workforce Solutions
segment will be in the 15 to 18 percent range. Second, we expect our
Patient Experience Solutions segment's revenue to increase by
approximately one to three percent. Third, we anticipate our new
segment, Provider Solutions—which consists of our recent HealthLine
Systems acquisition and Sy.Med—to contribute between $11 million and $14
million in revenues during 2015. We expect HealthLine Systems to
contribute between $7 million to $9 million of this total, which is the
estimated amount after the write-down of the acquired deferred revenue
balance as required under GAAP.
We anticipate that the Company's 2015 full-year operating income will
decrease between 25 and 35 percent as compared to full-year 2014
results. This operating income range takes into account the following:
-
Between $6.5 million and $7.5 million of write-down to the deferred
revenue balances of recently acquired HealthLine Systems
-
Approximately $1 million of transaction costs related to the HealthLine
Systems acquisition
-
An increased rate of investment over full-year 2014 in HealthStream’s
product development related to new products, enhancements to existing
products, and integration of acquired products—including an increase
in investment in HealthLine System’s products
-
An increase in sales and marketing investments, including the
Company’s customer Summit, which will be held in Nashville during the
second quarter of 2015.
The Company funded the purchase of HealthLine Systems with
approximately $60 million of cash on hand and $28 million of borrowings
under its revolving credit facility. Accordingly, we expect to incur
between $400,000 and $500,000 in interest expense in 2015, which will be
reported in other income (expense). We expect the effective interest
rate on these borrowings to be approximately two percent per annum based
on current interest rates.
We anticipate that our full-year 2015 capital expenditures will be
between $11 million and $14 million. We expect our effective tax rate
during 2015 to be between 42 percent and 44 percent.
The aforementioned guidance does not include the impact from any other
acquisitions that we may complete during 2015.
Commenting on first quarter 2015 results, Robert A. Frist, Jr., chief
executive officer of HealthStream, said “We are starting the year strong
with solid financial performance. Compared to the first quarter last
year, our revenues were up 23 percent, operating income was up 45
percent, and net income was up 40 percent. Having completed our
acquisition of HealthLine Systems in March, we are pleased to
welcome HealthLine customers and employees to HealthStream. We
look forward to investing in and working to grow our market presence for
all of our product portfolios, including our new credentialing and
privileging solutions from HealthLine Systems.”
A conference call with Robert A. Frist, Jr., chief executive officer,
Gerard M. Hayden, Jr., senior vice president and chief financial
officer, and Mollie Condra, vice president of investor relations and
corporate communications, will be held on Tuesday, April 21, 2015, at
9:00 a.m. (EST). To listen to the conference, please dial 877- 647-2842
(no conference ID needed) if you are calling within the domestic U.S. or
Canada. If you are an international caller, please dial 914-495-8564 (no
conference ID needed). The conference may also be accessed by going to http://ir.healthstream.com/events.cfm
for the simultaneous Webcast of the call, which will subsequently be
available for replay. The replay telephone numbers are 855-859-2056
(conference ID #24941193) for U.S. and Canadian callers and 404-537-3406
(conference ID #24941193) for international callers.
Use of Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures,
including non-GAAP net income, non-GAAP operating income, non-GAAP
revenue, and adjusted EBITDA, which are used by management in analyzing
the Company’s financial results and ongoing operational performance.
In order to better assess the Company’s financial results, management
believes that income before interest, income taxes, share-based
compensation, depreciation and amortization (“adjusted EBITDA”) is a
useful measure for evaluating the operating performance of the Company
because adjusted EBITDA reflects net income adjusted for non-cash and
non-operating items. Adjusted EBITDA is also used by many investors to
assess the Company’s results from current operations. Adjusted EBITDA is
a non-GAAP financial measure and should not be considered as a measure
of financial performance under GAAP. Because adjusted EBITDA is not a
measurement determined in accordance with GAAP, it is susceptible to
varying calculations. Accordingly, adjusted EBITDA, as presented, may
not be comparable to other similarly titled measures of other companies.
Over the past few years, the Company has acquired businesses whose net
tangible assets include deferred revenue. In accordance with GAAP
reporting requirements, the Company may record a write down of deferred
revenue to fair value as defined in GAAP. If the Company is required to
record a write-down of deferred revenue, it may result in lower
recognized revenue, operating income, and net income. In order to
provide more accurate trends and comparisons of the Company’s revenues,
operating income, and net income, management believes that adding back
the deferred revenue write-down associated with fair value accounting
for acquired businesses provides a useful measure of the ongoing
performance of the Company. Both on a quarterly and year-to-date basis,
the revenue for the acquired business is deferred and typically
recognized over a one to two year period following the completion of any
particular acquisition, so our GAAP revenues for this one to two year
period will not reflect the full amount of revenues that would have been
reported if the acquired deferred revenue was not written down to fair
value.
These non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance which
are prepared in accordance with GAAP and may be different from non-GAAP
financial measures used by other companies. Investors are encouraged to
review the reconciliations of our GAAP to non-GAAP financial measures,
which are set forth below in this release.
About HealthStream
HealthStream (NASDAQ: HSTM) is dedicated to improving patient outcomes
through the development of healthcare organizations’ greatest asset:
their people. Our unified suite of solutions is contracted by,
collectively, over 4.4 million healthcare employees in the U.S. for
workforce development, training & learning management, talent
management, credentialing, privileging, provider enrollment, performance
assessment, and managing simulation-based education programs. Our
research solutions provide valuable insight to healthcare providers to
meet HCAHPS requirements, improve the patient experience, engage their
workforce, and enhance physician alignment. Based in Nashville,
Tennessee, HealthStream has additional offices in San Diego, California,
Laurel, Maryland, Brentwood, Tennessee, Pensacola, Florida, Jericho, New
York, and San Diego, California. For more information, visit http://www.healthstream.com
or call 800-933-9293.
1 Adjusted EBITDA is a non-GAAP financial measure. A
reconciliation of adjusted EBITDA to net income is included in this
release.
|
|
|
|
|
|
HEALTHSTREAM, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Revenues
|
|
|
$
|
47,156
|
|
|
$
|
38,350
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Cost of revenues (excluding depreciation and amortization)
|
|
|
|
20,193
|
|
|
|
16,926
|
|
Product development
|
|
|
|
4,646
|
|
|
|
3,546
|
|
Sales and marketing
|
|
|
|
7,347
|
|
|
|
6,947
|
|
Other general and administrative
|
|
|
|
6,927
|
|
|
|
5,232
|
|
Depreciation and amortization
|
|
|
|
3,253
|
|
|
|
2,401
|
|
Total operating expenses
|
|
|
|
42,366
|
|
|
|
35,052
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
4,790
|
|
|
|
3,298
|
|
Other income
|
|
|
|
9
|
|
|
|
45
|
|
Income before income taxes
|
|
|
|
4,799
|
|
|
|
3,343
|
|
Income tax provision
|
|
|
|
2,077
|
|
|
|
1,395
|
|
Net income
|
|
|
$
|
2,722
|
|
|
$
|
1,948
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
Net income per share, basic
|
|
|
$
|
0.10
|
|
|
$
|
0.07
|
|
Net income per share, diluted
|
|
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
27,703
|
|
|
|
27,453
|
|
Diluted
|
|
|
|
28,068
|
|
|
|
27,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHSTREAM, INC.
Condensed Consolidated Balance Sheets
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
2014(1)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
34,764
|
|
|
|
$
|
81,995
|
|
|
|
Marketable securities
|
|
|
|
29,611
|
|
|
|
|
38,973
|
|
|
|
Accounts and unbilled receivables, net
|
|
|
|
37,032
|
|
|
|
|
34,845
|
|
|
|
Prepaid and other current assets
|
|
|
|
23,329
|
|
|
|
|
18,798
|
|
|
|
Total current assets
|
|
|
|
124,736
|
|
|
|
|
174,611
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized software development, net
|
|
|
|
13,456
|
|
|
|
|
12,706
|
|
|
|
Property and equipment, net
|
|
|
|
10,823
|
|
|
|
|
9,442
|
|
|
|
Goodwill and intangible assets, net
|
|
|
|
145,359
|
|
|
|
|
56,709
|
|
|
|
Other assets
|
|
|
|
5,068
|
|
|
|
|
3,794
|
|
|
|
Total assets
|
|
|
$
|
299,442
|
|
|
|
$
|
257,262
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable, accrued and other liabilities
|
|
|
$
|
21,773
|
|
|
|
$
|
23,543
|
|
|
|
Deferred revenue
|
|
|
|
66,531
|
|
|
|
|
53,716
|
|
|
|
Total current liabilities
|
|
|
|
88,304
|
|
|
|
|
77,259
|
|
|
|
Long term debt
|
|
|
|
28,000
|
|
|
|
|
--
|
|
|
|
Deferred tax liabilities, non-current
|
|
|
|
5,547
|
|
|
|
|
5,838
|
|
|
|
Deferred revenue, noncurrent
|
|
|
|
3,855
|
|
|
|
|
3,657
|
|
|
|
Other long-term liabilities
|
|
|
|
2,691
|
|
|
|
|
2,649
|
|
|
|
Total liabilities
|
|
|
|
128,397
|
|
|
|
|
89,403
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
175,369
|
|
|
|
|
174,926
|
|
|
|
Comprehensive loss
|
|
|
|
(16
|
)
|
|
|
|
(37
|
)
|
|
|
Accumulated deficit
|
|
|
|
(4,308
|
)
|
|
|
|
(7,030
|
)
|
|
|
Total shareholders’ equity
|
|
|
|
171,045
|
|
|
|
|
167,859
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
299,442
|
|
|
|
$
|
257,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Derived from audited financial statements contained in the
Company’s filing on Form 10-K for the year ended December 31, 2014.
|
|
|
|
|
|
|
|
|
|
HEALTHSTREAM, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,722
|
|
|
|
$
|
1,948
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
3,253
|
|
|
|
|
2,401
|
|
|
Deferred income taxes
|
|
|
|
--
|
|
|
|
|
1,395
|
|
|
Share-based compensation
|
|
|
|
409
|
|
|
|
|
384
|
|
|
Provision for doubtful accounts
|
|
|
|
7
|
|
|
|
|
70
|
|
|
Loss on non-marketable equity investments
|
|
|
|
3
|
|
|
|
|
--
|
|
|
Other
|
|
|
|
225
|
|
|
|
|
376
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts and unbilled receivables
|
|
|
|
1,049
|
|
|
|
|
(5,107
|
)
|
|
Prepaid and other assets
|
|
|
|
(1,944
|
)
|
|
|
|
(2,501
|
)
|
|
Accounts payable, accrued and other liabilities
|
|
|
|
(3,598
|
)
|
|
|
|
1,629
|
|
|
Deferred revenue
|
|
|
|
6,881
|
|
|
|
|
8,599
|
|
|
Net cash provided by operating activities
|
|
|
|
9,007
|
|
|
|
|
9,194
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
Business combinations, net of cash acquired
|
|
|
|
(88,075
|
)
|
|
|
|
(12,501
|
)
|
|
Changes in marketable securities
|
|
|
|
9,158
|
|
|
|
|
5,341
|
|
|
Investments in non-marketable equity investments
|
|
|
|
(1,000
|
)
|
|
|
|
(250
|
)
|
|
Purchases of property and equipment
|
|
|
|
(2,313
|
)
|
|
|
|
(1,104
|
)
|
|
Payments associated with capitalized software development
|
|
|
|
(2,023
|
)
|
|
|
|
(1,464
|
)
|
|
Net cash used in investing activities
|
|
|
|
(84,253
|
)
|
|
|
|
(9,978
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
Borrowings under revolving credit facility
|
|
|
|
28,000
|
|
|
|
|
--
|
|
|
Proceeds from exercise of stock options
|
|
|
|
247
|
|
|
|
|
449
|
|
|
Taxes paid related to net settlement of equity awards
|
|
|
|
(213
|
)
|
|
|
|
(152
|
)
|
|
Payment of earn-outs related to acquisitions
|
|
|
|
(19
|
)
|
|
|
|
(5
|
)
|
|
Net cash provided by financing activities
|
|
|
|
28,015
|
|
|
|
|
292
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(47,231
|
)
|
|
|
|
(492
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
81,995
|
|
|
|
|
59,537
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
34,764
|
|
|
|
$
|
59,045
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures(1)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
GAAP net income
|
|
|
$
|
2,722
|
|
|
|
$
|
1,948
|
|
|
|
Interest income
|
|
|
|
(55
|
)
|
|
|
|
(59
|
)
|
|
|
Interest expense
|
|
|
|
43
|
|
|
|
|
12
|
|
|
|
Income tax provision
|
|
|
|
2,077
|
|
|
|
|
1,395
|
|
|
|
Share-based compensation expense
|
|
|
|
409
|
|
|
|
|
384
|
|
|
|
Depreciation and amortization
|
|
|
|
3,253
|
|
|
|
|
2,401
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
8,449
|
|
|
|
$
|
6,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP revenues
|
|
|
$
|
47,156
|
|
|
|
$
|
38,350
|
|
|
|
Add: deferred revenue write-down
|
|
|
|
578
|
|
|
|
|
369
|
|
|
|
Non-GAAP revenues
|
|
|
$
|
47,734
|
|
|
|
$
|
38,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
|
$
|
4,790
|
|
|
|
$
|
3,298
|
|
|
|
Add: deferred revenue write-down
|
|
|
|
578
|
|
|
|
|
369
|
|
|
|
Non-GAAP operating income
|
|
|
$
|
5,368
|
|
|
|
$
|
3,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
|
$
|
2,722
|
|
|
|
$
|
1,948
|
|
|
|
Add: deferred revenue write-down, net of tax
|
|
|
|
328
|
|
|
|
|
215
|
|
|
|
Non-GAAP net income
|
|
|
$
|
3,050
|
|
|
|
$
|
2,163
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This press release contains certain non-GAAP financial measures,
including non-GAAP net income, non-GAAP operating income, non-GAAP
revenue, and adjusted EBITDA, which are used by management in
analyzing its financial results and ongoing operational
performance.
|
|
|
|
This press release includes certain forward-looking statements
(statements other than solely with respect to historical fact),
including statements regarding expectations for the financial
performance for 2015 that involve risks and uncertainties regarding
HealthStream. These statements are based upon management’s beliefs, as
well as assumptions made by and data currently available to management.
This information has been, or in the future may be, included in reliance
on the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such results or events
predicted in these statements may differ materially from actual future
events or results. The forward-looking statements are subject to
significant uncertainties and other risks referenced in the Company’s
Annual Report on Form 10-K and in the Company’s other filings with the
Securities and Exchange Commission. Consequently, such forward-looking
information should not be regarded as a representation or warranty or
statement by the Company that such projections will be realized. Many of
the factors that will determine the Company’s future results are beyond
the ability of the Company to control or predict. Readers should not
place undue reliance on forward-looking statements, which reflect
management’s views only as of the date hereof. The Company undertakes no
obligation to update or revise any such forward-looking statements.
Copyright Business Wire 2015