ALBANY, N.Y., March 22, 2018 (GLOBE NEWSWIRE) -- Trans World Entertainment Corporation (Nasdaq:TWMC) today
announced results for the 14-week Fourth Quarter (“Fourth Quarter”) and 53-week year ended February 3, 2018 (“Fiscal 2017”), as
compared to the 13-week Fourth Quarter (“Fourth Quarter 2016”) and 52-week year ended January 28, 2017 (“Fiscal 2016”).
“We are pleased with the strong sales results for the etailz segment. etailz revenue increased 36% from the
comparative quarter in Fiscal 2016 and contributed 37% of total consolidated revenue. We are even more encouraged about the value
afforded by etailz. There is continued growth opportunity in the existing model, as well as a number of additional channels of
future potential. In the fye segment, efforts to change our merchandise point of view based on unique, relevant,
collaborative and exclusive merchandise have shown promise but not yet consistency. We will continue to build upon this
promise as part of the ongoing reinvention of the fye brand throughout 2018,” commented Mike Feurer, Chief Executive Officer.
On October 17, 2016, the Company acquired etailz, Inc., a leading digital marketplace retailer. Results for
etailz are included in the consolidated results for all periods presented for Fiscal 2017. For periods presented for Fiscal 2016,
results for etailz are included in the consolidated results from October 17, 2016 through January 28, 2017.
Fourth Quarter Overview - Consolidated
- Total revenue for the Fourth Quarter decreased 1% to $145.4 million compared to $146.9 million for the Fourth Quarter of
2016.
- Net loss was $32.5 million, or a loss of $0.90 per diluted share, compared to net income of $8.3 million, or $0.23 per
diluted share for Fourth Quarter 2016. Included in the net loss this year is a non-cash charge of $29.1 million which is
the result of recording impairment against certain long-lived assets in the fye segment.
- Adjusted EBITDA (a non-GAAP measure) was a loss of $0.3 million compared to income of $10.5 million for the Fourth Quarter of
Fiscal 2016 (see note a).
- Cash and cash equivalents as of February 3, 2018 was $31.3 million, compared to $28.0 million at January 28, 2017. As
of February 3, 2018, the Company had no borrowings under its $50 million credit facility.
- Inventory, including $23.4 million from etailz, was $109.6 million at the end of Fiscal 2017, versus $126.0 million at the
end of Fiscal 2016. Excluding the impact of etailz, inventory per square foot was $60 at the end of Fiscal 2017, versus $69 per
square foot at the end of Fiscal 2016.
Mr. Feurer continued, “As we work through the assortment changes needed to stabilize the fye business, we have
maintained focus on the balance sheet, ending the year in a favorable cash position to last year, with $31 million on hand and no
debt. Inventory levels were also reduced as we focused on positioning the stores for the newer assortments in 2018, which
negatively impacted gross margin in the fourth quarter.”
Fiscal 2017 Overview - Consolidated
- Total revenue increased 25.4% to $442.9 million compared to $353.3 million in Fiscal 2016, driven by $174.5 million in
revenue from etailz. For periods presented for Fiscal 2016, results for etailz are included in the consolidated results
from October 17, 2016 through January 28, 2017.
- Net loss was $42.6 million, or a loss of $1.18 per diluted share, for Fiscal 2017, compared to net income of $3.2 million, or
$0.10 per diluted share, for Fiscal 2016. Included in the results for Fiscal 2017 is a non-cash charge of $29.1 million which is
the result of recording impairment against certain long-lived assets in the fye segment and an $8.7 million gain on proceeds from
company owned life insurance policies.
- Adjusted EBITDA (a non-GAAP measure) was a loss of $7.3 million compared to income of $5.3 million for Fiscal 2016 (see note
a).
Segment Highlights
| |
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| TRANS WORLD ENTERTAINMENT
CORPORATION |
| Segment Reporting |
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|
|
|
|
|
| |
Fourteen and Thirteen
Weeks Ended (1) |
|
Fiscal Year Ended
(2) |
| (in thousands) |
February 3,
2018 |
January 28,
2017 |
|
February 3,
2018 |
January 28,
2017 |
| Total Revenue |
|
|
|
|
|
| fye |
$ |
92,391 |
|
$ |
110,469 |
|
|
$ |
268,397 |
|
$ |
313,006 |
|
| etailz |
|
53,019 |
|
|
36,435 |
|
|
|
174,459 |
|
|
40,259 |
|
| Total Company |
$ |
145,410 |
|
$ |
146,904 |
|
|
$ |
442,856 |
|
$ |
353,265 |
|
| |
|
|
|
|
|
| Gross Profit |
|
|
|
|
|
| fye |
$ |
30,912 |
|
$ |
41,274 |
|
|
$ |
104,254 |
|
$ |
124,735 |
|
| etailz |
|
10,374 |
|
|
8,984 |
|
|
|
40,089 |
|
|
9,924 |
|
| Total Company |
$ |
41,286 |
|
$ |
50,258 |
|
|
$ |
144,343 |
|
$ |
134,659 |
|
| |
|
|
|
|
|
| SG&A |
|
|
|
|
|
| fye |
$ |
30,873 |
|
$ |
31,584 |
|
|
$ |
114,982 |
|
$ |
120,201 |
|
| etailz |
|
11,498 |
|
|
8,189 |
|
|
|
38,462 |
|
|
9,148 |
|
| Total Company |
$ |
42,371 |
|
$ |
39,773 |
|
|
$ |
153,444 |
|
$ |
129,349 |
|
| Income (Loss) From Operations |
|
|
|
|
|
| fye |
$ |
(31,551 |
) |
$ |
8,358 |
|
|
$ |
(49,261 |
) |
$ |
(1,932 |
) |
| etailz |
|
(675 |
) |
|
788 |
|
|
|
(1,640 |
) |
|
(1,936 |
) |
| Total Company |
$ |
(32,226 |
) |
$ |
9,146 |
|
|
$ |
(50,901 |
) |
$ |
(3,868 |
) |
| |
|
|
|
|
|
| Reconciliation of fye Income (Loss) From Operations to fye
Adjusted Income (Loss) From Operations (b) |
|
| fye Income (Loss) From Operations |
$ |
(31,551 |
) |
$ |
8,358 |
|
|
$ |
(49,261 |
) |
$ |
(1,932 |
) |
| Gain on sale of property |
|
- |
|
|
(1,164 |
) |
|
|
- |
|
|
(1,164 |
) |
| Asset impairment charges |
|
29,107 |
|
|
- |
|
|
|
29,107 |
|
|
- |
|
| fye Adjusted Income (Loss) From Operations |
$ |
(2,444 |
) |
$ |
7,194 |
|
|
$ |
(20,154 |
) |
$ |
(3,096 |
) |
| |
|
|
|
|
|
| Reconciliation of etailz Income (Loss) From Operations to
etailz Adjusted Income (Loss) From Operations (b) |
|
| etailz Income (Loss) From Operations |
$ |
(675 |
) |
$ |
788 |
|
|
$ |
(1,640 |
) |
$ |
(1,936 |
) |
| Acquisition related transaction costs, amortization, and compensation
expense, net of earnout contingency benefit |
|
240 |
|
|
(44 |
) |
|
|
4,853 |
|
|
2,661 |
|
| etailz Adjusted Income (Loss) From Operations |
$ |
(435 |
) |
$ |
744 |
|
|
$ |
3,213 |
|
$ |
725 |
|
| |
|
|
|
|
|
| (1) - The fourth fiscal quarter ended February 3, 2018 contains 14
weeks. |
| The fourth fiscal quarter ended January 28, 2017 contains 13
weeks. |
| |
| (2) - The fiscal year ended February 3, 2018 contains 53
weeks. |
| The fiscal year ended January 28, 2017 contains 52
weeks. |
| |
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|
Fourth Quarter Overview – fye
- Total revenue for the Fourth Quarter declined 16.4% to $92.4 million for the fye segment. Comparable store sales
declined to 10.0% when compared to the same 14 week period in the prior fiscal year.
- Gross profit was $30.9 million, or 33.5% of revenue, compared to $41.3 million, or 37.3% of revenue, for the same
period last year. The decline in gross margin as a percentage of revenue was due to aggressive actions to clear slow-moving
merchandise, positioning the stores for newer assortments in 2018.
- Selling, general and administrative (“SG&A”) expenses decreased $0.7 million, or 2.3%, for the Fourth Quarter to $30.9
million, or 33.4% of revenue, compared to $31.6 million, or 28.5% of revenue, for the same period last year. The decline in
SG&A expenses was due to lower expenses as a result of fewer stores in operation.
- The fye segment recorded an operating loss of $31.6 million as compared to operating income of $8.4 million for the Fourth
Quarter of 2016. Included in the results this year is a non-cash charge of $29.1 million which is the result of recording
impairment against certain long-lived assets.
- fye adjusted loss from operations (a non-GAAP measure) was $2.4 million for the Fourth Quarter as compared to income of $7.2
million for the same period last year (see note b).
Fourth Quarter Overview - etailz
- Revenue for the Fourth Quarter was $53.0 million, a 35.7% increase when compared to the same 14 week period in the prior
fiscal year.
- etailz revenue contributed 36.5% of total consolidated revenue during the quarter.
- Gross profit for the Fourth Quarter was $10.4 million, or 19.6% of revenue as compared to $9.0 million or 24.7% of revenue
for the same period last year. Gross profit was impacted by a $1.5 million markdown of inventory from a one-time large purchase.
- SG&A expenses for the Fourth Quarter were $11.5 million, or 21.7% of revenue, compared to $8.2 million, or 22.5% of
revenue for the same period last year.
- etailz loss from operations was $0.7 million for the Fourth Quarter versus income of $0.8 million for the same period
last year. Included in loss from operations was income from Joint Venture of $0.7 million.
- etailz adjusted loss from operations (a non-GAAP measure) was $0.4 million for the Fourth Quarter 2017 as compared to income
of $0.7 million for the Fourth Quarter of Fiscal 2016 (see note b).
Fiscal 2017 Overview – fye
- Total revenue declined 14.3% for the fye segment. Comparable store sales declined 8.7% compared to the same period last
year. The Company ended Fiscal 2017 with 260 stores in operation as compared to 284 at the end of Fiscal 2016.
- Gross profit for the Fiscal 2017 was $104.3 million, or 38.8% of revenue, compared to $124.7 million, or 39.8% of revenue,
for Fiscal 2016.
- Selling, general and administrative (“SG&A”) expenses decreased $5.2 million, or 4.3%, for the Fiscal 2017 to $115.0
million, or 42.8% of revenue, compared to $120.2 million, or 38.4% of revenue, for the same period last year. The decline
in SG&A expenses was due to lower expenses as a result of fewer stores in operation.
- The fye segment recorded an operating loss of $49.3 million for Fiscal 2017 as compared to an operating loss of $1.9 million
for Fiscal 2016. Included in the results this year is a non-cash charge of $29.1 million which is the result of recording
impairment against certain long-lived assets and an $8.7 million gain on proceeds from company owned life insurance policies.
- fye adjusted loss from operations (a non-GAAP measure) was $20.2 million for Fiscal 2017 as compared to $3.1 million loss for
Fiscal 2016 (see note b).
Fiscal 2017 Overview – etailz
- Revenue for the Fiscal 2017 was $174.5 million. etailz revenue contributed 39.4% of total consolidated revenue during
Fiscal 2017.
- Gross profit for the Fiscal 2017 was $40.1 million, or 23.0% of revenue.
- SG&A expenses for the Fiscal 2017 were $38.5 million, or 22.0% of revenue.
- Loss from operations was $1.6 million. Included in loss from operations was income from Joint Venture of $1.8 million
- etailz adjusted income from operations (a non-GAAP measure) was $3.2 million for Fiscal 2017 (see note b).
Trans World will host a teleconference call today, Thursday, March 22, 2018, at 10:00 AM ET to discuss its
financial results. Interested parties can listen to the simultaneous webcast on the Company's corporate website, www.twec.com.
| |
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| TRANS WORLD ENTERTAINMENT
CORPORATION |
| Financial Results |
| CONSOLIDATED STATEMENTS OF OPERATIONS: |
|
|
|
|
|
|
|
|
| (in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fourteen and Thirteen
Weeks Ended (1) |
|
Fiscal Year Ended
(2) |
| |
February 3, |
% to |
January 28, |
% to |
|
February 3, |
% to |
January 28, |
% to |
| |
|
2018 |
|
Revenue |
|
2017 |
|
Revenue |
|
|
2018 |
|
Revenue |
|
2017 |
|
Revenue |
| |
|
|
|
|
|
|
|
|
|
| Net sales |
$ |
143,691 |
|
|
$ |
145,339 |
|
|
|
$ |
437,173 |
|
|
$ |
348,467 |
|
|
| Other revenue |
|
1,719 |
|
|
|
1,565 |
|
|
|
|
5,683 |
|
|
|
4,798 |
|
|
| Total revenue |
$ |
145,410 |
|
|
$ |
146,904 |
|
|
|
$ |
442,856 |
|
|
$ |
353,265 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Cost of sales |
|
104,124 |
|
71.6 |
% |
|
96,646 |
|
65.8 |
% |
|
|
298,513 |
|
67.4 |
% |
|
218,606 |
|
61.9 |
% |
| Gross profit |
|
41,286 |
|
28.4 |
% |
|
50,258 |
|
34.2 |
% |
|
|
144,343 |
|
32.6 |
% |
|
134,659 |
|
38.1 |
% |
| |
|
|
|
|
|
|
|
|
|
| Selling, general and |
|
|
|
|
|
|
|
|
|
| administrative expenses |
|
42,371 |
|
29.1 |
% |
|
39,773 |
|
27.1 |
% |
|
|
153,444 |
|
34.6 |
% |
|
129,349 |
|
36.6 |
% |
| Income from joint venture |
|
(749 |
) |
-0.5 |
% |
|
- |
|
0.0 |
% |
|
|
(1,787 |
) |
-0.4 |
% |
|
- |
|
0.0 |
% |
| Acquisition related transaction costs and compensation expenses, net of contingency
benefit |
|
(726 |
) |
-0.5 |
% |
|
(1,000 |
) |
-0.7 |
% |
|
|
982 |
|
0.2 |
% |
|
1,531 |
|
0.4 |
% |
| Gain on sale of asset |
|
- |
|
0.0 |
% |
|
(1,164 |
) |
-0.8 |
% |
|
|
- |
|
0.0 |
% |
|
(1,164 |
) |
-0.3 |
% |
| Asset impairment charges |
|
29,107 |
|
20.0 |
% |
|
- |
|
0.0 |
% |
|
|
29,107 |
|
6.6 |
% |
|
- |
|
0.0 |
% |
| Depreciation expense |
|
2,543 |
|
1.7 |
% |
|
2,547 |
|
1.7 |
% |
|
|
9,627 |
|
2.2 |
% |
|
7,681 |
|
2.2 |
% |
| Intangibles amortization expense |
|
966 |
|
0.6 |
% |
|
956 |
|
0.7 |
% |
|
|
3,871 |
|
0.9 |
% |
|
1,130 |
|
0.3 |
% |
| Income (loss) from operations |
|
(32,226 |
) |
-22.1 |
% |
|
9,146 |
|
6.2 |
% |
|
|
(50,901 |
) |
-11.5 |
% |
|
(3,868 |
) |
-1.1 |
% |
| |
|
|
|
|
|
|
|
|
|
| Interest expense |
|
132 |
|
0.1 |
% |
|
252 |
|
0.2 |
% |
|
|
332 |
|
0.1 |
% |
|
775 |
|
0.2 |
% |
| Other income |
|
(58 |
) |
0.0 |
% |
|
(13 |
) |
0.0 |
% |
|
|
(8,881 |
) |
-2.0 |
% |
|
(1,081 |
) |
-0.3 |
% |
| |
|
|
|
|
|
|
|
|
|
| Income (loss) before income taxes |
|
(32,300 |
) |
-22.2 |
% |
|
8,907 |
|
6.1 |
% |
|
|
(42,352 |
) |
-9.6 |
% |
|
(3,562 |
) |
-1.0 |
% |
| Income tax expense (benefit) |
|
160 |
|
0.1 |
% |
|
585 |
|
0.4 |
% |
|
|
201 |
|
0.0 |
% |
|
(6,773 |
) |
-1.9 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net income (loss) |
$ |
(32,460 |
) |
-22.3 |
% |
$ |
8,322 |
|
5.7 |
% |
|
$ |
(42,553 |
) |
-9.6 |
% |
$ |
3,211 |
|
0.9 |
% |
| |
|
|
|
|
|
|
|
|
|
| Basic income (loss) per common share: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Basic income (loss) per share |
$ |
(0.90 |
) |
|
$ |
0.23 |
|
|
|
$ |
(1.18 |
) |
|
$ |
0.10 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Weighted average number of |
|
|
|
|
|
|
|
|
|
| common shares outstanding - basic |
|
36,212 |
|
|
|
36,179 |
|
|
|
|
36,191 |
|
|
|
32,162 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Diluted income (loss) per common share: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Diluted Income (loss) per share |
$ |
(0.90 |
) |
|
$ |
0.23 |
|
|
|
$ |
(1.18 |
) |
|
$ |
0.10 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Weighted average number of |
|
|
|
|
|
|
|
|
|
| common shares outstanding - diluted |
|
36,212 |
|
|
|
36,314 |
|
|
|
|
36,191 |
|
|
|
32,321 |
|
|
| |
|
|
|
|
|
|
|
|
|
| SELECTED BALANCE SHEET CAPTIONS: |
|
|
|
|
|
February 3, |
|
January 28, |
|
| (in thousands, except store data) |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
$ |
31,326 |
|
|
$ |
27,974 |
|
|
| Merchandise inventory |
|
|
|
|
|
|
109,612 |
|
|
|
126,004 |
|
|
| Fixed assets (net) |
|
|
|
|
|
|
13,546 |
|
|
|
45,097 |
|
|
| Accounts payable |
|
|
|
|
|
|
41,780 |
|
|
|
52,307 |
|
|
| Borrowings under line of credit |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
| Stores in operation, end of period |
|
|
|
|
|
|
260 |
|
|
|
284 |
|
|
| |
|
|
|
|
|
|
|
|
|
| (1) - The fourth fiscal quarter ended February 3, 2018 contains 14
weeks. |
| The fourth fiscal quarter ended January 28, 2017 contains 13
weeks. |
| |
|
|
|
|
|
|
|
|
|
| (2) - The fiscal year ended February 3, 2018 contains 53 weeks. |
| The fiscal year ended January 28, 2017 contains 52 weeks. |
| |
|
|
|
|
|
|
|
|
|
Notes:
a) Reconciliation of net income (loss) to adjusted EBITDA:
Adjusted EBITDA is defined as net income (loss), adjusted to exclude: (i) income tax expense (benefit); (ii) other
income, including gain on sale of investments and gain from insurance proceeds; (iii) interest expense; (iv) depreciation expense;
(v) gain on sale of asset; (vi) asset impairment charges; (vii) acquisition related transaction expenses; (viii) acquisition
related intangibles amortization expenses and (ix) acquisition related compensation expenses including retention bonuses,
restricted stock, and (x) a contingency adjustment. Our method of calculating adjusted EBITDA may differ from other issuers and
accordingly, this measure may not be comparable to measures used by other issuers. We use adjusted EBITDA to evaluate our own
operating performance and as an integral part of our planning process. We present adjusted EBITDA as a supplemental measure
because we believe such measure is useful to investors as a reasonable indicator of operating performance. We believe this
measure is a financial metric used by many investors to compare companies. This measure is not a recognized measure of
financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings
(losses), net earnings (loss) from continuing operations or cash flows from operating activities, as determined in accordance with
GAAP.
A reconciliation of net income (loss) to adjusted EBITDA appears below.
| (in thousands) |
|
|
|
|
|
| |
Fourteen and Thirteen
Weeks
Ended (1) |
|
Fiscal Year Ended
(2) |
| |
February 3, |
January 28, |
|
February 3, |
January 28, |
| |
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
| Net income (loss) |
$ |
(32,460 |
) |
$ |
8,322 |
|
|
$ |
(42,553 |
) |
$ |
3,211 |
|
| Income tax expense (benefit) |
|
160 |
|
|
585 |
|
|
|
201 |
|
|
(6,773 |
) |
| Other income |
|
(58 |
) |
|
(13 |
) |
|
|
(8,881 |
) |
|
(1,081 |
) |
| Interest expense |
|
132 |
|
|
252 |
|
|
|
332 |
|
|
775 |
|
| Operating income (loss) |
|
(32,226 |
) |
|
9,146 |
|
|
|
(50,901 |
) |
|
(3,868 |
) |
| Depreciation expense |
|
2,543 |
|
|
2,547 |
|
|
|
9,627 |
|
|
7,681 |
|
| Gain on sale of asset |
|
- |
|
|
(1,164 |
) |
|
|
- |
|
|
(1,164 |
) |
| Asset impairment charges |
|
29,107 |
|
|
- |
|
|
|
29,107 |
|
|
- |
|
| Acquisition related transaction expenses |
|
- |
|
|
97 |
|
|
|
- |
|
|
2,325 |
|
| Acquisition related intangibles amortization expenses |
|
966 |
|
|
956 |
|
|
|
3,871 |
|
|
1,130 |
|
| Acquisition related compensation expenses |
|
1,117 |
|
|
732 |
|
|
|
4,262 |
|
|
1,035 |
|
| Contingency adjustment |
|
(1,843 |
) |
|
(1,829 |
) |
|
|
(3,280 |
) |
|
(1,829 |
) |
| Adjusted EBITDA |
$ |
(336 |
) |
$ |
10,485 |
|
|
$ |
(7,314 |
) |
$ |
5,310 |
|
| |
|
|
|
|
|
| (1) - The fourth fiscal quarter ended February 3, 2018 contains 14
weeks. |
| The fourth fiscal quarter ended January 28, 2017 contains 13
weeks. |
| |
| (2) - The fiscal year ended February 3, 2018 contains 53
weeks. |
| The fiscal year ended January 28, 2017 contains 52
weeks. |
b) The Company believes that fye adjusted income (loss) from operations and etailz adjusted income
(loss) from operations, per the segment disclosure, when considered together with its GAAP financial results, provides management
and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the
effects of certain charges. This measure is not a recognized measure of financial performance under GAAP in the United
States, and should not be considered as a substitute for operating earnings (losses), net earnings (loss) from continuing
operations or cash flows from operating activities, as determined in accordance with GAAP.
Trans World Entertainment is a leading multi-channel retail, blending a 40-year history of entertainment retail
experience with digital marketplace expertise. Our brands seamlessly connect customers with the most comprehensive selection of
music, movies, and pop culture products on the channel of their choice. For over 40 years, the Company has operated as a leading
specialty retailer of entertainment and pop culture merchandise with stores in the United States and Puerto Rico, primarily under
the name fye for your entertainment and on the web at www.fye.com and www.secondspin.com. In October 2016, the Company acquired etailz, Inc., a leading digital
marketplace expert retailer, operating both domestically and internationally. etailz uses a data driven approach to digital
marketplace retailing utilizing proprietary software and ecommerce insight coupled with a direct customer relationship engagement
to identify new distributors and wholesalers, isolate emerging product trends, and optimize price positioning and inventory
purchase decisions. Trans World Entertainment, which established itself as a public company in 1986, is traded on the Nasdaq
National Market under the symbol “TWMC”.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the
future based on current facts and analyses. Actual results may differ materially from those indicated in such
statements. Additional information on factors that may affect the business and financial results of the Company can be found
in filings of the Company with the Securities and Exchange Commission.
Contact:
Trans World Entertainment
John Anderson
Chief Financial Officer
(518) 452-1242
Contact:
Financial Relations Board
Marilynn Meek
(mmeek@frbir.com)
(212) 827-3773
