Price Graph
Price
Yield
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED APRIL 2, 2011 OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____
TO _____
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Delaware
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13-3912933
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(state or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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Common Stock
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Outstanding Shares at April 29, 2011
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Common stock, par value $0.01 per share
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57,761,103
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April 2,
2011
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January 1,
2011
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April 3,
2010
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||||||||||
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ASSETS
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||||||||||||
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Current assets:
|
||||||||||||
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Cash and cash equivalents
|
$ | 248,871 | $ | 247,382 | $ | 365,865 | ||||||
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Accounts receivable, net
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160,057 | 121,453 | 118,888 | |||||||||
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Finished goods inventories, net
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217,458 | 298,509 | 143,125 | |||||||||
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Prepaid expenses and other current assets
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19,650 | 17,372 | 10,439 | |||||||||
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Deferred income taxes
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26,667 | 31,547 | 26,352 | |||||||||
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Total current assets
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672,703 | 716,263 | 664,669 | |||||||||
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Property, plant, and equipment, net
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92,553 | 94,968 | 85,783 | |||||||||
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Tradenames
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305,733 | 305,733 | 305,733 | |||||||||
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Goodwill
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136,570 | 136,570 | 136,570 | |||||||||
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Deferred debt issuance costs, net
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3,155 | 3,332 | 2,189 | |||||||||
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Licensing agreements, net
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-- | -- | 957 | |||||||||
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Other assets
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322 | 316 | 307 | |||||||||
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Total assets
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$ | 1,211,036 | $ | 1,257,182 | $ | 1,196,208 | ||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||||||
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Current liabilities:
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||||||||||||
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Current maturities of long-term debt
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$ | -- | $ | -- | $ | 3,503 | ||||||
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Accounts payable
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53,077 | 116,481 | 40,689 | |||||||||
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Other current liabilities
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49,640 | 66,891 | 54,230 | |||||||||
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Total current liabilities
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102,717 | 183,372 | 98,422 | |||||||||
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Long-term debt
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236,000 | 236,000 | 330,145 | |||||||||
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Deferred income taxes
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112,453 | 113,817 | 109,018 | |||||||||
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Other long-term liabilities
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46,873 | 44,057 | 41,935 | |||||||||
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Total liabilities
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498,043 | 577,246 | 579,520 | |||||||||
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Commitments and contingencies
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||||||||||||
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Stockholders’ equity:
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||||||||||||
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Preferred stock; par value $.01 per share; 100,000 shares authorized; none issued or outstanding at April 2, 2011, January 1, 2011, and April 3, 2010
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-- | -- | -- | |||||||||
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Common stock, voting; par value $.01 per share; 150,000,000 shares authorized; 57,761,103, 57,493,567, and 59,390,706 shares issued and outstanding at April 2, 2011, January 1, 2011, and April 3, 2010, respectively
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578 | 575 | 594 | |||||||||
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Additional paid-in capital
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211,531 | 210,600 | 252,990 | |||||||||
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Accumulated other comprehensive loss
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(1,890 | ) | (1,890 | ) | (3,900 | ) | ||||||
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Retained earnings
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502,774 | 470,651 | 367,004 | |||||||||
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Total stockholders’ equity
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712,993 | 679,936 | 616,688 | |||||||||
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Total liabilities and stockholders’ equity
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$ | 1,211,036 | $ | 1,257,182 | $ | 1,196,208 | ||||||
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For the
three-month periods ended
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||||||||
|
April 2,
2011
|
April 3,
2010
|
|||||||
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Net sales
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$ | 469,000 | $ | 409,049 | ||||
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Cost of goods sold
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311,194 | 242,239 | ||||||
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Gross profit
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157,806 | 166,810 | ||||||
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Selling, general, and administrative expenses
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113,501 | 105,295 | ||||||
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Royalty income
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(9,329 | ) | (9,654 | ) | ||||
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Operating income
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53,634 | 71,169 | ||||||
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Interest expense, net
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1,850 | 2,444 | ||||||
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Income before income taxes
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51,784 | 68,725 | ||||||
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Provision for income taxes
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19,661 | 25,900 | ||||||
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Net income
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$ | 32,123 | $ | 42,825 | ||||
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Basic net income per common share (Note 12)
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$ | 0.56 | $ | 0.73 | ||||
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Diluted net income per common share (Note 12)
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$ | 0.55 | $ | 0.71 | ||||
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For the
three-month periods ended
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||||||||
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April 2,
2011
|
April 3,
2010
|
|||||||
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Cash flows from operating activities:
|
||||||||
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Net income
|
$ | 32,123 | $ | 42,825 | ||||
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
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Depreciation and amortization
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8,130 | 7,882 | ||||||
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Amortization of debt issuance costs
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177 | 280 | ||||||
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Non-cash stock-based compensation expense
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2,151 | 1,690 | ||||||
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Income tax benefit from exercised stock options
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(407 | ) | (8,263 | ) | ||||
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Loss (gain) on disposal/sale of property, plant, and equipment
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100 | (181 | ) | |||||
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Deferred income taxes
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3,353 | 5,469 | ||||||
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Effect of changes in operating assets and liabilities:
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||||||||
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Accounts receivable
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(38,604 | ) | (36,794 | ) | ||||
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Inventories
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81,051 | 70,875 | ||||||
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Prepaid expenses and other assets
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(2,284 | ) | 673 | |||||
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Accounts payable and other liabilities
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(76,496 | ) | (61,028 | ) | ||||
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Net cash provided by operating activities
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9,294 | 23,428 | ||||||
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Cash flows from investing activities:
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||||||||
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Capital expenditures
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(6,813 | ) | (8,223 | ) | ||||
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Proceeds from sale of property, plant, and equipment
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-- | 286 | ||||||
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Net cash used in investing activities
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(6,813 | ) | (7,937 | ) | ||||
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Cash flows from financing activities:
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||||||||
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Payments on Term Loan
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-- | (875 | ) | |||||
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Income tax benefit from exercised stock options
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407 | 8,263 | ||||||
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Withholdings from vesting of restricted stock
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(1,406 | ) | (517 | ) | ||||
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Proceeds from exercise of stock options
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7 | 8,462 | ||||||
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Net cash (used in) provided by financing activities
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(992 | ) | 15,333 | |||||
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Net increase in cash and cash equivalents
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1,489 | 30,824 | ||||||
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Cash and cash equivalents, beginning of period
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247,382 | 335,041 | ||||||
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Cash and cash equivalents, end of period
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$ | 248,871 | $ | 365,865 | ||||
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Common
stock
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Additional
paid-in
capital
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Accumulated
other comprehensive
(loss)
income
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Retained
earnings
|
Total
stockholders’
equity
|
||||||||||||||||
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Balance at January 1, 2011
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$ | 575 | $ | 210,600 | $ | (1,890 | ) | $ | 470,651 | $ | 679,936 | |||||||||
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Exercise of stock options (2,520 shares)
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-- | 7 | -- | -- | 7 | |||||||||||||||
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Withholdings from vesting of restricted stock (49,584 shares)
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-- | (1,406 | ) | -- | -- | (1,406 | ) | |||||||||||||
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Income tax benefit from exercised stock options
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-- | 407 | -- | -- | 407 | |||||||||||||||
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Restricted stock activity
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3 | (3 | ) | -- | -- | -- | ||||||||||||||
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Stock-based compensation expense
|
-- | 1,926 | -- | -- | 1,926 | |||||||||||||||
|
Comprehensive income:
|
||||||||||||||||||||
|
Net income
|
-- | -- | -- | 32,123 | 32,123 | |||||||||||||||
|
Total comprehensive income
|
-- | -- | -- | 32,123 | 32,123 | |||||||||||||||
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Balance at April 2, 2011
|
$ | 578 | $ | 211,531 | $ | (1,890 | ) | $ | 502,774 | $ | 712,993 | |||||||||
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For the
three-month periods ended
|
||||||||
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(dollars in thousands)
|
April 2,
2011
|
April 3,
2010
|
||||||
|
Net income
|
$ | 32,123 | $ | 42,825 | ||||
|
Unrealized gain on interest rate swap agreements, net of tax of $98
|
-- | 166 | ||||||
|
Total comprehensive income
|
$ | 32,123 | $ | 42,991 | ||||
|
(dollars in thousands)
|
April 2,
2011
|
January 1,
2011
|
April 3,
2010
|
|||||||||
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Revolving credit facility
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$ | 236,000 | $ | 236,000 | $ | -- | ||||||
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Former term loan
|
-- | -- | 333,648 | |||||||||
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Current maturities
|
-- | -- | (3,503 | ) | ||||||||
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Total long-term debt
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$ | 236,000 | $ | 236,000 | $ | 330,145 | ||||||
|
April 2, 2011
|
January 1, 2011
|
||||||||||||||||||||||||
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(dollars in thousands)
|
Weighted-average useful life
|
Gross amount
|
Accumulated amortization
|
Net amount
|
Gross amount
|
Accumulated amortization
|
Net amount
|
||||||||||||||||||
|
Carter’s
goodwill
(1)
|
Indefinite
|
$ | 136,570 | $ | -- | $ | 136,570 | $ | 136,570 | $ | -- | $ | 136,570 | ||||||||||||
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Carter’s
tradename
|
Indefinite
|
$ | 220,233 | $ | -- | $ | 220,233 | $ | 220,233 | $ | -- | $ | 220,233 | ||||||||||||
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OshKosh
tradename
|
Indefinite
|
$ | 85,500 | $ | -- | $ | 85,500 | $ | 85,500 | $ | -- | $ | 85,500 | ||||||||||||
|
OshKosh licensing agreements
|
4.7 years
|
$ | 19,100 | $ | 19,100 | $ | -- | $ | 19,100 | $ | 19,100 | $ | -- | ||||||||||||
|
April 3, 2010
|
|||||||||||||
|
(dollars in thousands)
|
Weighted-average useful life
|
Gross amount
|
Accumulated amortization
|
Net amount
|
|||||||||
|
Carter’s
goodwill
(1)
|
Indefinite
|
$ | 136,570 | $ | -- | $ | 136,570 | ||||||
|
Carter’s
tradename
|
Indefinite
|
$ | 220,233 | $ | -- | $ | 220,233 | ||||||
|
OshKosh
tradename
|
Indefinite
|
$ | 85,500 | $ | -- | $ | 85,500 | ||||||
|
OshKosh licensing agreements
|
4.7 years
|
$ | 19,100 | $ | 18,143 | $ | 957 | ||||||
|
Level 1
|
- Quoted prices in active markets for identical assets or liabilities
|
|
Level 2
|
- Quoted prices for similar assets and liabilities in active markets or inputs that are observable
|
|
Level 3
|
- Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)
|
|
April 2, 2011
|
January 1, 2011
|
April 3, 2010
|
||||||||||||||||||||||||||||||||||
|
(dollars in millions)
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||||||||||||
|
Investments
|
$ | 175.4 | $ | -- | $ | -- | $ | 226.5 | $ | -- | $ | -- | $ | -- | $ | 342.1 | $ | -- | ||||||||||||||||||
|
Liabilities
|
||||||||||||||||||||||||||||||||||||
|
Interest rate swap agreements
|
$ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 1.1 | $ | -- | ||||||||||||||||||
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||
|
(dollars in millions)
|
Balance sheet
location
|
Fair value
|
Balance sheet
location
|
Fair value
|
||||||
|
April 2, 2011
|
Prepaid expenses and other current assets
|
$ | -- |
Other current liabilities
|
$ | -- | ||||
|
January 1, 2011
|
Prepaid expenses and other current assets
|
$ | -- |
Other current liabilities
|
$ | -- | ||||
|
April 3, 2010
|
Prepaid expenses and other current assets
|
$ | -- |
Other current liabilities
|
$ | 1.1 | ||||
|
For the three-month period ended
April 2, 2011
|
For the three-month period ended
April 3, 2010
|
|||||||||||||||
|
(dollars in thousands)
|
Amount of gain (loss)
recognized in accumulated
other comprehensive
income (loss) on effective hedges
(1)
|
Amount of (loss) gain
reclassified
from accumulated
other comprehensive
income (loss)
into interest expense
|
Amount of gain (loss)
recognized in accumulated
other comprehensive
income (loss) on
effective hedges
(1)
|
Amount of (loss)
gain
reclassified
from accumulated
other comprehensive
income (loss)
into interest expense
|
||||||||||||
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Interest rate hedge agreements
|
$ | -- | $ | -- | $ | 166 | $ | (622 | ) | |||||||
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For the
three-month periods ended
|
||||||||
|
(dollars in thousands)
|
April 2,
2011
|
April 3,
2010
|
||||||
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Service cost – benefits attributed to service during the period
|
$ | 18 | $ | 23 | ||||
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Interest cost on accumulated post-retirement benefit obligation
|
106 | 133 | ||||||
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Amortization of net actuarial gain
|
(5 | ) | (7 | ) | ||||
|
Total net periodic post-retirement benefit cost
|
$ | 119 | $ | 149 | ||||
|
For the
three-month periods ended
|
||||||||
|
(dollars in thousands)
|
April 2,
2011
|
April 3,
2010
|
||||||
|
Interest cost on accumulated pension benefit obligation
|
$ | 8 | $ | 12 | ||||
|
For the
three-month periods ended
|
||||||||
|
(dollars in thousands)
|
April 2,
2011
|
April 3,
2010
|
||||||
|
Interest cost on accumulated pension benefit obligation
|
$ | 614 | $ | 598 | ||||
|
Expected return on assets
|
(778 | ) | (719 | ) | ||||
|
Amortization of actuarial loss
|
-- | 34 | ||||||
|
Total net periodic pension benefit
|
$ | (164 | ) | $ | (87 | ) | ||
|
Assumptions
|
||||
|
Volatility
|
34.96 | % | ||
|
Risk-free interest rate
|
2.87 | % | ||
|
Expected term (years)
|
7 | |||
|
Dividend yield
|
-- | |||
|
Time-based
stock options
|
Restricted
stock
|
|||||||
|
Outstanding, January 1, 2011
|
2,471,486 | 481,413 | ||||||
|
Granted
|
366,600 | 324,200 | ||||||
|
Exercised
|
(2,520 | ) | -- | |||||
|
Vested restricted stock
|
-- | (141,287 | ) | |||||
|
Forfeited
|
(21,550 | ) | (9,600 | ) | ||||
|
Expired
|
(5,000 | ) | -- | |||||
|
Outstanding, April 2, 2011
|
2,809,016 | 654,726 | ||||||
|
Exercisable, April 2, 2011
|
1,746,954 | -- | ||||||
|
(dollars in thousands)
|
Time-based
stock
options
|
Restricted
stock
|
Total
|
|||||||||
|
2011 (period from April 3 through December 31, 2011)
|
$ | 2,715 | $ | 3,871 | $ | 6,586 | ||||||
|
2012
|
3,090 | 4,671 | 7,761 | |||||||||
|
2013
|
2,280 | 3,574 | 5,854 | |||||||||
|
2014
|
1,218 | 2,442 | 3,660 | |||||||||
|
Total
|
$ | 9,303 | $ | 14,558 | $ | 23,861 | ||||||
|
For the three-month periods ended
|
||||||||||||||||
|
(dollars in thousands)
|
April 2,
2011
|
% of
Total
|
April 3,
2010
|
% of
Total
|
||||||||||||
|
Net sales:
|
||||||||||||||||
|
Carter’s:
|
||||||||||||||||
|
Wholesale
|
$ | 187,878 | 40.1 | % | $ | 146,258 | 35.7 | % | ||||||||
|
Retail (a)
|
137,862 | 29.4 | % | 118,139 | 28.9 | % | ||||||||||
|
Mass Channel
|
66,636 | 14.2 | % | 67,920 | 16.6 | % | ||||||||||
|
Carter’s total net sales
|
392,376 | 83.7 | % | 332,317 | 81.2 | % | ||||||||||
|
OshKosh:
|
||||||||||||||||
|
Retail (a)
|
53,994 | 11.5 | % | 55,145 | 13.5 | % | ||||||||||
|
Wholesale
|
22,630 | 4.8 | % | 21,587 | 5.3 | % | ||||||||||
|
OshKosh total net sales
|
76,624 | 16.3 | % | 76,732 | 18.8 | % | ||||||||||
|
Total net sales
|
$ | 469,000 | 100.0 | % | $ | 409,049 | 100.0 | % | ||||||||
|
Operating income (loss):
|
% of
segment
net sales
|
% of
segment
net sales
|
||||||||||||||
|
Carter’s:
|
||||||||||||||||
|
Wholesale
|
$ | 34,707 | 18.5 | % | $ | 40,297 | 27.6 | % | ||||||||
|
Retail (a)
|
27,353 | 19.8 | % | 26,143 | 22.1 | % | ||||||||||
|
Mass Channel
|
5,445 | 8.2 | % | 12,794 | 18.8 | % | ||||||||||
|
Carter’s operating income
|
67,505 | 17.2 | % | 79,234 | 23.8 | % | ||||||||||
|
OshKosh:
|
||||||||||||||||
|
Retail (a)
|
(6,073 | ) | (11.2 | %) | 1,963 | 3.6 | % | |||||||||
|
Wholesale
|
2,625 | 11.6 | % | 3,593 | 16.6 | % | ||||||||||
|
Mass Channel (b)
|
808 | -- | 766 | -- | ||||||||||||
|
OshKosh operating (loss) income
|
(2,640 | ) | (3.4 | %) | 6,322 | 8.2 | % | |||||||||
|
Segment operating income
|
64,865 | 13.8 | % | 85,556 | 20.9 | % | ||||||||||
|
Corporate expenses (c)
|
(11,231 | ) | (2.4 | %) | (14,387 | ) | (3.5 | %) | ||||||||
|
Total operating income
|
$ | 53,634 | 11.4 | % | $ | 71,169 | 17.4 | % | ||||||||
|
|
(a)
|
Includes eCommerce results.
|
|
|
(b)
|
OshKosh mass channel consists of a licensing agreement with Target Stores. Operating income consists of royalty income, net of related expenses.
|
|
|
(c)
|
Corporate expenses generally include expenses related to incentive compensation, stock-based compensation, executive management, severance and relocation, finance, building occupancy, information technology, certain legal fees, consulting, and audit fees.
|
|
For the
three-month periods ended
|
||||||||
|
April 2,
2011
|
April 3,
2010
|
|||||||
|
Weighted-average number of common and common equivalent shares outstanding:
|
||||||||
|
Basic number of common shares outstanding
|
57,049,228 | 58,307,332 | ||||||
|
Dilutive effect of unvested restricted stock
|
141,851 | 116,950 | ||||||
|
Dilutive effect of stock options
|
694,932 | 958,484 | ||||||
|
Diluted number of common and common equivalent shares outstanding
|
57,866,011 | 59,382,766 | ||||||
|
Basic net income per common share:
|
||||||||
|
Net income
|
$ | 32,123,000 | $ | 42,825,000 | ||||
|
Income allocated to participating securities
|
(364,477 | ) | (381,913 | ) | ||||
|
Net income available to common shareholders
|
$ | 31,758,523 | $ | 42,443,087 | ||||
|
Basic net income per common share
|
$ | 0.56 | $ | 0.73 | ||||
|
Diluted net income per common share:
|
||||||||
|
Net income
|
$ | 32,123,000 | $ | 42,825,000 | ||||
|
Income allocated to participating securities
|
(360,140 | ) | (375,790 | ) | ||||
|
Net income available to common shareholders
|
$ | 31,762,860 | $ | 42,449,210 | ||||
|
Diluted net income per common share
|
$ | 0.55 | $ | 0.71 | ||||
|
Three-month periods ended
|
||||||||
|
April 2,
2011
|
April 3,
2010
|
|||||||
|
Net sales:
|
||||||||
|
Carter’s:
|
||||||||
|
Wholesale
|
40.1 | % | 35.7 | % | ||||
|
Retail
|
29.4 | 28.9 | ||||||
|
Mass Channel
|
14.2 | 16.6 | ||||||
|
Carter’s total net sales
|
83.7 | 81.2 | ||||||
|
OshKosh:
|
||||||||
|
Retail
|
11.5 | 13.5 | ||||||
|
Wholesale
|
4.8 | 5.3 | ||||||
|
OshKosh total net sales
|
16.3 | 18.8 | ||||||
|
Consolidated net sales
|
100.0 | % | 100.0 | % | ||||
|
Cost of goods sold
|
66.4 | 59.2 | ||||||
|
Gross profit
|
33.6 | 40.8 | ||||||
|
Selling, general, and administrative expenses
|
24.2 | 25.7 | ||||||
|
Royalty income
|
(2.0 | ) | (2.3 | ) | ||||
|
Operating income
|
11.4 | 17.4 | ||||||
|
Interest expense, net
|
0.4 | 0.6 | ||||||
|
Income before income taxes
|
11.0 | 16.8 | ||||||
|
Provision for income taxes
|
4.2 | 6.3 | ||||||
|
Net income
|
6.8 | % | 10.5 | % | ||||
|
Number of retail stores at end of period:
|
||||||||
|
Carter’s
|
316 | 281 | ||||||
|
OshKosh
|
179 | 172 | ||||||
|
Total
|
495 | 453 | ||||||
|
For the three-month periods ended
|
||||||||||||||||
|
(dollars in thousands)
|
April 2,
2011
|
% of
Total
|
April 3,
2010
|
% of
Total
|
||||||||||||
|
Net sales:
|
||||||||||||||||
|
Carter’s:
|
||||||||||||||||
|
Wholesale
|
$ | 187,878 | 40.1 | % | $ | 146,258 | 35.7 | % | ||||||||
|
Retail
|
137,862 | 29.4 | % | 118,139 | 28.9 | % | ||||||||||
|
Mass Channel
|
66,636 | 14.2 | % | 67,920 | 16.6 | % | ||||||||||
|
Carter’s total net sales
|
392,376 | 83.7 | % | 332,317 | 81.2 | % | ||||||||||
|
OshKosh:
|
||||||||||||||||
|
Retail
|
53,994 | 11.5 | % | 55,145 | 13.5 | % | ||||||||||
|
Wholesale
|
22,630 | 4.8 | % | 21,587 | 5.3 | % | ||||||||||
|
OshKosh total net sales
|
76,624 | 16.3 | % | 76,732 | 18.8 | % | ||||||||||
|
Total net sales
|
$ | 469,000 | 100.0 | % | $ | 409,049 | 100.0 | % | ||||||||
|
|
i)
|
Approximately $28 million in higher product costs primarily related to increases in cotton prices and labor rates; and
|
|
|
ii)
|
$3.4 million in excess inventory provisions.
|
|
|
i)
|
Controlling growth in spending to a lower rate than growth in net sales;
|
|
|
ii)
|
$4.2 million in lower provisions for performance-based compensation; and
|
|
|
iii)
|
$0.8 million reduction in amortization expenses.
|
|
|
i)
|
$7.2 million, or 12.9%, in consolidated retail expense driven by new store growth; and
|
|
|
ii)
|
$3.5 million in incremental eCommerce operating expenses.
|
|
·
financial instability of one or more of our major vendors;
|
|
·
political instability or other international events resulting in the disruption of trade in foreign countries from which we source our products;
|
|
·
increases in transportation costs as a result of increased fuel prices or significant changes in the relationship between carrier capacity and shipper demand;
|
|
·
interruptions in the supply, or increases in the cost of raw materials, including cotton, fabric, and trim items;
|
|
·
significant changes in the cost of labor in our sourcing locations;
|
|
·
the imposition of new regulations relating to imports, duties, taxes, and other charges on imports;
|
|
·
the occurrence of a natural disaster, unusual weather conditions, or an epidemic, the spread of which may impact our ability to obtain products on a timely basis;
|
|
·
changes in the United States customs procedures concerning the importation of apparel products;
|
|
·
unforeseen delays in customs clearance of any goods;
|
|
·
disruption in the global transportation network such as a port strike, world trade restrictions, or war;
|
|
·
the application of foreign intellectual property laws;
|
|
·
the ability of our vendors to secure sufficient credit to finance the manufacturing process including the acquisition of raw materials; and
|
|
·
exchange rate fluctuations between the United States dollar and the local currencies of foreign contractors.
|
|
·
adapt to changes in customer requirements more quickly;
|
|
·
take advantage of acquisition and other opportunities more readily;
|
|
·
devote greater resources to the marketing and sale of their products; and
|
|
·
adopt more aggressive pricing strategies than we can.
|
|
Exhibit Number
|
Description of Exhibits
|
|
31.1
|
Rule 13a-15(e)/15d-15(e) and 13a-15(f)/15d-15(f) Certification
|
|
31.2
|
Rule 13a-15(e)/15d-15(e) and 13a-15(f)/15d-15(f) Certification
|
|
32
|
Section 1350 Certification
|
|
Date: April 29, 2011
|
/s/ MICHAEL D. CASEY
|
|
Michael D. Casey
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
Date: April 29, 2011
|
/s/ RICHARD F. WESTENBERGER
|
|
Richard F. Westenberger
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|