Rubicon Technology, Inc. (NASDAQ:RBCN), a leading provider of sapphire
substrates and products to the LED, optical and semiconductor
industries, today reported financial results for its fourth quarter
ended December 31, 2015.
The Company reported fourth quarter revenue of $2.5 million, lower than
the prior quarter revenue of $5.3 million due to a temporary decline in
wafer sales and weaker sapphire demand for two and four-inch core sold
into the mobile device and LED markets. Wafer revenue declined from $2.1
million in the third quarter to $0.9 million in the fourth quarter, but
the Company expects wafer revenue to rebound to or exceed the level of
third quarter wafer revenue in the first quarter of 2016 driven by
growth in six-inch PSS wafer sales. Additional growth in the wafer
business is expected in the second quarter.
Excess sapphire capacity and fluctuations in inventory levels in the LED
and mobile device supply chains continues to depress pricing in the
sapphire market. The Company limited the amount of two and four-inch
core sold in the fourth quarter due to the particularly challenging
pricing.
Bill Weissman, Rubicon’s CEO, said, “There continues to be excess
sapphire capacity in the market. However, we are working with developers
of some very interesting potential new applications for sapphire which
fit particularly well with Rubicon’s unique set of sapphire knowledge
and capabilities.”
The Company also continues to work on developing its optical sapphire
business and expects to move two new technologies into production later
this year, its LANCE technology which produces large rectangular windows
for defense and commercial applications, and its SapphirEX coating
technology.
Mr. Weissman continued, “We are on track to complete our LANCE crystal
growth deliverables this year producing windows as large as 36” x 18” x
2” which are unprecedented in the market. We also expect to move
SapphirEX into production later this year and we are pleased with the
initial interest in that product.”
The Company’s GAAP loss per share was $0.49 for the fourth quarter as
compared with $1.84 in the third quarter. Non-GAAP loss per share, which
excludes charges and accruals as detailed in the reconciliation of
non-GAAP measures to the nearest GAAP measures near the end of this
release, was $0.38 in the fourth quarter and $0.29 in the prior quarter.
The Company continues its focus on improving cash flow. Mardel Graffy,
Rubicon’s CFO commented, “Building a consignment inventory for a key
wafer customer and limiting core sales in the fourth quarter resulted in
an increased use of cash in the period but improving cash flow remains a
top priority. We are implementing changes that we expect to reduce wafer
costs over the next several months and expect cash flow from operations
to improve.”
First Quarter 2016 Guidance
The Company expects revenues to increase to between $4 and $5 million in
the first quarter with increased wafer revenue, particularly from
six-inch PSS wafers, and an increase in four-inch core sales. GAAP loss
per share is expected to be between $0.24 and $0.28.
Conference Call Details
Rubicon will host a conference call at 5:00 p.m. Eastern time on
February 24, 2016 to review the fourth quarter 2015 results and the
first quarter outlook. The conference call will be available to the
public through a live audio web broadcast via the Internet. Log on
through the Investor Relations section of Rubicon's website at http://ir.rubicontechnology.com.
An audio replay of the call will be available approximately two hours
after the conclusion of the call. The audio replay will remain available
until 11:59 p.m. Eastern time on March 2, 2016, and can be accessed by
dialing (877) 344-7529 or (412) 317-0088 (international). Callers should
reference conference ID 10081173. The webcast will be archived on the
Company's website.
About Rubicon Technology, Inc.
Rubicon Technology, Inc. is a vertically integrated advanced electronic
materials provider specializing in monocrystalline sapphire
for applications in light-emitting diodes (LEDs), optical systems and
specialty electronic devices. Rubicon has a proprietary technology
platform and expertise extending from the preparation of raw aluminum
oxide through sapphire crystal growth and fabrication to large-diameter
polished sapphire windows and wafers and patterned sapphire substrates
(PSS), enabling Rubicon to supply custom sapphire products with superior
quality and precision. Rubicon is ISO 9001 certified and ITAR registered.
Further information is available at http://www.rubicontechnology.com.
Forward-Looking Statements
Certain of the statements in this release, particularly those preceded
by, followed by or including the words “believes,” “expects,”
“anticipates,” “intends,” “should,” “estimates,” or similar expressions,
or those relating to or anticipating financial results for periods
beyond the end of the fourth quarter of 2015, constitute
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. For those statements, the Company
claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations,
estimates and projections about our industry, management's beliefs and
certain assumptions made by us. These statements are subject to risks
and uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, the statements. These risks and
uncertainties include changes in the average selling prices of sapphire
products, our successful development and market acceptance of new
products, dependence on key customers, potential disruptions in our
supply of electricity, changes in our product mix, our ability to
protect our intellectual property rights, the competitive environment,
the availability and cost of raw materials, the cost of compliance with
environmental standards, the ability to make effective acquisitions and
successfully integrate newly acquired businesses into existing
operations and other risks and uncertainties described in the Company's
most recent Form 10-K and other filings with the Securities and Exchange
Commission. For these reasons, readers are cautioned not to place undue
reliance on the Company's forward-looking statements. Any
forward-looking statement that the Company makes speaks only as of the
date of such statement, and the Company undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. Comparisons of results for
current and any prior periods are not intended to express any future
trends or indications of future performance, unless expressed as such,
and should only be viewed as historical data.
|
Rubicon Technology, Inc.
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2014
|
Assets
|
|
|
(unaudited)
|
|
|
(audited)
|
Cash and cash equivalents
|
|
|
$
|
21,216
|
|
|
$
|
24,353
|
Restricted cash
|
|
|
|
170
|
|
|
|
183
|
Short-term investments
|
|
|
|
8,895
|
|
|
|
20,562
|
Accounts receivable, net
|
|
|
|
1,738
|
|
|
|
8,323
|
Inventories
|
|
|
|
21,333
|
|
|
|
22,739
|
Other current assets
|
|
|
|
6,905
|
|
|
|
9,243
|
Total current assets
|
|
|
|
60,257
|
|
|
|
85,403
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
57,569
|
|
|
|
107,676
|
Other assets
|
|
|
|
1,416
|
|
|
|
1,827
|
Total assets
|
|
|
$
|
119,242
|
|
|
$
|
194,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
3,256
|
|
|
$
|
3,754
|
Short-term loan payable
|
|
|
|
1,500
|
|
|
|
-
|
Accrued and other current liabilities
|
|
|
|
1,946
|
|
|
|
1,999
|
Total current liabilities
|
|
|
|
6,702
|
|
|
|
5,753
|
|
|
|
|
|
|
|
Deferred tax liability
|
|
|
|
554
|
|
|
|
593
|
Total liabilities
|
|
|
|
7,256
|
|
|
|
6,346
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
111,986
|
|
|
|
188,560
|
Total liabilities and stockholders’ equity
|
|
|
$
|
119,242
|
|
|
$
|
194,906
|
|
|
|
|
|
|
|
|
|
Rubicon Technology, Inc.
|
Condensed Consolidated Statements of Operations (unaudited)
|
(in thousands except share and per share amounts)
|
|
|
|
|
Three months ended December 31,
|
|
|
Twelve months ended December 31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
2,456
|
|
|
$
|
8,912
|
|
|
|
$
|
23,818
|
|
|
$
|
45,685
|
|
Cost of goods sold
|
|
|
|
11,444
|
|
|
|
14,371
|
|
|
|
|
46,961
|
|
|
|
75,372
|
|
Gross loss
|
|
|
|
(8,988
|
)
|
|
|
(5,459
|
)
|
|
|
|
(23,143
|
)
|
|
|
(29,687
|
)
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
2,296
|
|
|
|
2,329
|
|
|
|
|
9,589
|
|
|
|
9,863
|
|
Sales and marketing expenses
|
|
|
|
384
|
|
|
|
332
|
|
|
|
|
1,363
|
|
|
|
1,468
|
|
Research and development expenses
|
|
|
|
616
|
|
|
|
448
|
|
|
|
|
2,210
|
|
|
|
1,861
|
|
Loss on disposal of assets
|
|
|
|
25
|
|
|
|
69
|
|
|
|
|
47
|
|
|
|
734
|
|
Long-lived asset impairment charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
39,597
|
|
|
|
-
|
|
Total operating expenses
|
|
|
|
3,321
|
|
|
|
3,178
|
|
|
|
|
52,806
|
|
|
|
13,926
|
|
Loss from operations
|
|
|
|
(12,309
|
)
|
|
|
(8,637
|
)
|
|
|
|
(75,949
|
)
|
|
|
(43,613
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income and other, net
|
|
|
|
153
|
|
|
|
(395
|
)
|
|
|
|
(1,907
|
)
|
|
|
(302
|
)
|
Loss before income taxes
|
|
|
|
(12,156
|
)
|
|
|
(9,032
|
)
|
|
|
|
(77,856
|
)
|
|
|
(43,915
|
)
|
Income tax (expense) benefit
|
|
|
|
(550
|
)
|
|
|
(370
|
)
|
|
|
|
26
|
|
|
|
(78
|
)
|
Net loss
|
|
|
$
|
(12,706
|
)
|
|
$
|
(9,402
|
)
|
|
|
$
|
(77,830
|
)
|
|
$
|
(43,993
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.49
|
)
|
|
$
|
(0.36
|
)
|
|
|
$
|
(2.98
|
)
|
|
$
|
(1.70
|
)
|
Diluted
|
|
|
$
|
(0.49
|
)
|
|
$
|
(0.36
|
)
|
|
|
$
|
(2.98
|
)
|
|
$
|
(1.70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing net
loss per common share:
|
|
|
|
26,192,838
|
|
|
|
26,127,026
|
|
|
|
|
26,156,170
|
|
|
|
25,815,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rubicon Technology, Inc.
|
Condensed Consolidated Statements of Cash Flows (unaudited)
|
(in thousands)
|
|
|
|
|
Three months ended December 31,
|
|
|
Twelve months ended December 31,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(12,706
|
)
|
|
$
|
(9,402
|
)
|
|
|
$
|
(77,830
|
)
|
|
$
|
(43,993
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
1,624
|
|
|
|
3,316
|
|
|
|
|
11,404
|
|
|
|
13,637
|
|
Other
|
|
|
|
336
|
|
|
|
138
|
|
|
|
|
1,297
|
|
|
|
1,884
|
|
Long-lived asset impairment charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
39,597
|
|
|
|
-
|
|
Deferred taxes
|
|
|
|
545
|
|
|
|
435
|
|
|
|
|
(39
|
)
|
|
|
72
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
1,538
|
|
|
|
(2,501
|
)
|
|
|
|
6,585
|
|
|
|
(4,752
|
)
|
Inventories
|
|
|
|
2,250
|
|
|
|
(18
|
)
|
|
|
|
73
|
|
|
|
11,312
|
|
Other assets
|
|
|
|
991
|
|
|
|
488
|
|
|
|
|
2,441
|
|
|
|
3,409
|
|
Accounts payable
|
|
|
|
663
|
|
|
|
(236
|
)
|
|
|
|
(247
|
)
|
|
|
(637
|
)
|
Accrued expenses and other current liabilities
|
|
|
|
(52
|
)
|
|
|
48
|
|
|
|
|
3
|
|
|
|
(154
|
)
|
Net cash used in operating activities
|
|
|
|
(4,811
|
)
|
|
|
(7,732
|
)
|
|
|
|
(16,716
|
)
|
|
|
(19,222
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment, net of proceeds from disposals
of assets
|
|
|
|
(140
|
)
|
|
|
(715
|
)
|
|
|
|
(941
|
)
|
|
|
(6,827
|
)
|
Purchases of investments, net of proceeds from sales of investments
|
|
|
|
3,777
|
|
|
|
7,254
|
|
|
|
|
11,678
|
|
|
|
(6,105
|
)
|
Net cash provided by (used in) investing activities
|
|
|
|
3,637
|
|
|
|
6,539
|
|
|
|
|
10,737
|
|
|
|
(12,932
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
34,957
|
|
Net change in short-term borrowings
|
|
|
|
1,500
|
|
|
|
-
|
|
|
|
|
1,500
|
|
|
|
-
|
|
Other financing activities
|
|
|
|
(3
|
)
|
|
|
1
|
|
|
|
|
9
|
|
|
|
183
|
|
Net cash provided by financing activities
|
|
|
|
1,497
|
|
|
|
1
|
|
|
|
|
1,509
|
|
|
|
35,140
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
|
(535
|
)
|
|
|
401
|
|
|
|
|
1,333
|
|
|
|
296
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
(212
|
)
|
|
|
(791
|
)
|
|
|
|
(3,137
|
)
|
|
|
3,282
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
21,428
|
|
|
|
25,144
|
|
|
|
|
24,353
|
|
|
|
21,071
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
21,216
|
|
|
$
|
24,353
|
|
|
|
$
|
21,216
|
|
|
$
|
24,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosures
In addition to the GAAP results provided in this release, the Company
has provided non-GAAP operating loss and non-GAAP loss per share for the
third and fourth quarters of 2015. The Company’s management believes
that providing these non-GAAP financial measures better enables
investors to understand and evaluate the Company’s historical and
prospective operating performance. The non-GAAP measures exclude the
impact of certain non-cash charges which are described in the footnotes
to the table below. Management excludes these items because they believe
the impacts do not reflect expected future results and that their
exclusion aids in the comparison of the Company’s current results with
past and future operating results. These non-GAAP financial measures may
have limitations as analytical tools, and these measures should not be
considered in isolation or as a substitute for analysis of the Company’s
results as reported under GAAP. Other Companies may calculate these
non-GAAP financial measures differently than the Company does limiting
the usefulness of those measures for comparative purposes.
|
Rubicon Technology, Inc.
|
Q4'15 Reconciling Items to Condensed Consolidated Statement of
Operations GAAP to Non-GAAP (unaudited)
|
(in thousands except share and per share amounts)
|
|
|
|
|
Three months ended December 31, 2015
|
|
|
|
GAAP
|
|
|
Adjustments
|
|
|
|
Non-GAAP
|
Revenue
|
|
|
$
|
2,456
|
|
|
|
$
|
-
|
|
|
|
|
$
|
2,456
|
|
Cost of goods sold
|
|
|
|
11,444
|
|
|
|
|
(2,237
|
)
|
(a)
|
|
|
|
9,207
|
|
Gross loss
|
|
|
|
(8,988
|
)
|
|
|
|
2,237
|
|
|
|
|
|
(6,751
|
)
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
2,296
|
|
|
|
|
|
|
|
|
2,296
|
|
Sales and marketing expenses
|
|
|
|
384
|
|
|
|
|
|
|
|
|
384
|
|
Research and development expenses
|
|
|
|
616
|
|
|
|
|
|
|
|
|
616
|
|
Loss on disposal of assets
|
|
|
|
25
|
|
|
|
|
|
|
|
|
25
|
|
Total operating expenses
|
|
|
|
3,321
|
|
|
|
|
|
|
|
|
3,321
|
|
Loss from operations
|
|
|
|
(12,309
|
)
|
|
|
|
2,237
|
|
|
|
|
|
(10,072
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
Interest income and other (expense) income, net
|
|
|
|
153
|
|
|
|
|
|
|
|
|
153
|
|
Loss before income taxes
|
|
|
|
(12,156
|
)
|
|
|
|
2,237
|
|
|
|
|
|
(9,919
|
)
|
Income tax (expense) benefit
|
|
|
|
(550
|
)
|
|
|
|
545
|
|
(b)
|
|
|
|
(5
|
)
|
Net loss
|
|
|
$
|
(12,706
|
)
|
|
|
$
|
2,782
|
|
|
|
|
$
|
(9,924
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.49
|
)
|
|
|
$
|
0.11
|
|
|
|
|
$
|
(0.38
|
)
|
Diluted
|
|
|
$
|
(0.49
|
)
|
|
|
$
|
0.11
|
|
|
|
|
$
|
(0.38
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing net
loss per common share:
|
|
|
|
26,192,838
|
|
|
|
|
26,192,838
|
|
|
|
|
|
26,192,838
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Charges related to revaluation of raw materials to estimated
replacement cost.
|
(b) Change in estimated deferred taxes related to third quarter 2015
impairment charge.
|
|
Rubicon Technology, Inc.
|
Q3'15 Reconciling Items to Condensed Consolidated Statement of
Operations GAAP to Non-GAAP (unaudited)
|
(in thousands except share and per share amounts)
|
|
|
|
|
Three months ended September 30, 2015
|
|
|
|
GAAP
|
|
|
Adjustments
|
|
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
5,346
|
|
|
|
|
-
|
|
|
|
|
$
|
5,346
|
|
Cost of goods sold
|
|
|
|
9,237
|
|
|
|
|
-
|
|
|
|
|
|
9,237
|
|
Gross loss
|
|
|
|
(3,891
|
)
|
|
|
|
-
|
|
|
|
|
|
(3,891
|
)
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
3,037
|
|
|
|
|
(900
|
)
|
(a)
|
|
|
|
2,137
|
|
Sales and marketing expenses
|
|
|
|
287
|
|
|
|
|
-
|
|
|
|
|
|
287
|
|
Research and development expenses
|
|
|
|
558
|
|
|
|
|
-
|
|
|
|
|
|
558
|
|
Long-lived asset impairment charges
|
|
|
|
39,597
|
|
|
|
|
(39,597
|
)
|
(b)
|
|
|
|
-
|
|
Loss on disposal of assets
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
Total operating expenses
|
|
|
|
43,479
|
|
|
|
|
(40,497
|
)
|
|
|
|
|
2,982
|
|
Loss from operations
|
|
|
|
(47,370
|
)
|
|
|
|
40,497
|
|
|
|
|
|
(6,873
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income and other, net
|
|
|
|
(1,489
|
)
|
|
|
|
-
|
|
|
|
|
|
(1,489
|
)
|
Loss before income taxes
|
|
|
|
(48,859
|
)
|
|
|
|
40,497
|
|
|
|
|
|
(8,362
|
)
|
Income tax benefit
|
|
|
|
663
|
|
|
|
|
|
|
|
|
663
|
|
Net loss
|
|
|
$
|
(48,196
|
)
|
|
|
$
|
40,497
|
|
|
|
|
$
|
(7,699
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(1.84
|
)
|
|
|
$
|
1.55
|
|
|
|
|
$
|
(0.29
|
)
|
Diluted
|
|
|
$
|
(1.84
|
)
|
|
|
$
|
1.55
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing net
loss per common share:
|
|
|
|
26,160,308
|
|
|
|
|
26,160,308
|
|
|
|
|
|
26,160,308
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The amount the Company accrued for its expected contribution
towards the negotiated settlement of securities litigation.
|
(As of September 30, 2015, the proposed settlement had not been
finalized and remained subject to approval by the United States
District Court for the Northern District of Illinois.)
|
(b) Asset impairment charges.
|
|
Rubicon Technology, Inc.
|
Revenue by Product Group
|
(in thousands)
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Three months ended
|
|
|
Three months ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
Core
|
|
|
|
|
|
|
|
|
|
2 Inch
|
|
|
$
|
10
|
|
|
$
|
551
|
|
|
$
|
3,192
|
4 Inch
|
|
|
|
472
|
|
|
|
1,233
|
|
|
|
1,554
|
6 Inch
|
|
|
|
-
|
|
|
|
40
|
|
|
|
5
|
|
|
|
|
482
|
|
|
|
1,824
|
|
|
|
4,751
|
Wafers
|
|
|
|
|
|
|
|
|
|
Polished
|
|
|
|
455
|
|
|
|
763
|
|
|
|
1,470
|
PSS
|
|
|
|
404
|
|
|
|
1,373
|
|
|
|
511
|
|
|
|
|
859
|
|
|
|
2,136
|
|
|
|
1,981
|
R&D
|
|
|
|
105
|
|
|
|
270
|
|
|
|
137
|
Optical and other
|
|
|
|
1,010
|
|
|
|
1,116
|
|
|
|
2,043
|
Total
|
|
|
$
|
2,456
|
|
|
$
|
5,346
|
|
|
$
|
8,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160224006252/en/
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