HealthSouth Corporation
“The positive trends we experienced in the first quarter of 2010 continued into the second quarter as good volume growth, solid pricing, and disciplined expense management resulted in growth in all key, financial metrics,” said Jay Grinney, President and Chief Executive Officer of HealthSouth. “In addition to strong performance across our existing portfolio, we purchased a new hospital in Las Vegas, Nevada in the quarter and recently announced the signing of a definitive agreement to purchase another hospital in Sugar Land, Texas, as well as our plans to begin construction of a new 40-bed hospital in the Cypress area of northwest Houston during the fourth quarter of 2010. Our growth pipeline remains strong, and we will continue to pursue disciplined acquisitions that will bring high-quality rehabilitative services to new markets and value to our shareholders.”
Second Quarter Results
-- Consolidated net operating revenues were $496.9 million for the second
quarter of 2010 compared to $481.6 million for the second quarter of
2009, or an increase of 3.2%. This increase was attributable to higher
net patient revenue per discharge and a 2.2% increase in patient
discharges. Net patient revenue per discharge increased 2.1% quarter
over quarter due primarily to the Medicare pricing changes that became
effective October 1, 2009. Same store discharges were 1.3% higher
quarter over quarter.
-- Reported net income per diluted share for the second quarter of 2010
was $0.44 per share compared to a $0.14 loss per diluted share for the
second quarter of 2009, which included a net charge of $48.7 million,
or $0.48 per diluted share, associated with government, class action,
and related settlements. Furthermore, there was a 6.6%
quarter-over-quarter increase in diluted weighted average common
shares outstanding in the second quarter of 2010 due primarily to the
five million shares issued on September 30, 2009 in full satisfaction
of the Company's obligation to do so under the 2006 securities
litigation settlement.
-- Adjusted income from continuing operations (see attached supplemental
information) per diluted share grew 12.8% from $0.39 per diluted share
for the second quarter of 2009 to $0.44 per diluted share for the
second quarter of 2010. The Company experienced quarter-over-quarter
growth due primarily to increased revenues and effective expense
management offset partially by the increased share count discussed
above. Adjusted income from continuing operations for the second
quarter of 2010 included a $4.6 million increase in professional
liability reserves. Adjusted income from continuing operations for the
second quarter of 2009 included a $4.9 million charge related to
equity in net income of nonconsolidated affiliates.
-- Cash flows provided by operating activities were $172.7 million for
the six months ended June 30, 2010 compared to $229.2 million for the
same period of 2009, which included approximately $128 million related
to the Company's settlement with UBS and the receipt of income tax
refunds related to prior periods. Cash flows provided by operating
activities for the six months ended June 30, 2010 included $9.7
million of state income tax refunds associated with prior periods.
-- Adjusted Consolidated EBITDA (see attached supplemental information)
for the second quarter of 2010 was $103.7 million compared to $94.0
million in the second quarter of 2009, or an increase of 10.3%.
Adjusted Consolidated EBITDA for the second quarter of 2010 included
the same $4.6 million increase in professional liability reserves
noted above. Adjusted Consolidated EBITDA for the second quarter of
2009 included the same $4.9 million charge noted above for equity in
net income of nonconsolidated affiliates.
“Our strong operating results for the quarter facilitated the further strengthening of our balance sheet,” said Doug Coltharp, Executive Vice President and Chief Financial Officer of HealthSouth. “We ended the quarter with in excess of $170 million of cash-on-hand and no borrowings under our $400 million revolving credit facility. The continued growth in our Adjusted Consolidated EBITDA resulted in further reduction in our leverage ratio to 4.1x at the end of June 2010.”
2010 Guidance
In the Company’s Current Report on Form 8-K dated February 22, 2010 and related earnings release, the Company provided 2010 guidance which consisted of adjusted income from continuing operations in the range of $1.60 to $1.70 per diluted share and Adjusted Consolidated EBITDA in the range of $397 million to $407 million. As a result of its strong operating results for the first six months of 2010, the Company is increasing its previously provided guidance for 2010. Guidance for adjusted income from continuing operations has been increased to a range of $1.66 to $1.74 per diluted share, while guidance for Adjusted Consolidated EBITDA has been increased to a range of $402 million to $410 million.
Earnings Conference Call and Webcast
The Company will host an investor conference call at 11:00 a.m. Eastern Time on Monday, August 2, 2010 to discuss its results for the second quarter of 2010. For reference during the call, the Company will post certain supplemental slides at http://investor.healthsouth.com/.
The conference call may be accessed by dialing (866) 406-5369 and giving the pass code 85304048. International callers should dial (973) 582-2847 and give the same pass code. Please call approximately ten minutes before the start of the call to ensure you are connected. The conference call will also be webcast live and will be available at http://investor.healthsouth.com/ by clicking on an available link.
A replay of the conference call will be available, beginning approximately two hours after the completion of the conference call, from August 2 until August 16, 2010. To access the replay, please dial 800-642-1687. International callers should dial (706) 645-9291. The webcast will also be archived for replay purposes after the live broadcast at http://investor.healthsouth.com/.
About HealthSouth
HealthSouth is the nation’s largest provider of inpatient rehabilitative healthcare services. Operating in 26 states across the country and in Puerto Rico, HealthSouth serves patients through its network of inpatient rehabilitation hospitals, long-term acute care hospitals, outpatient rehabilitation satellite clinics, and home health agencies. HealthSouth’s hospitals provide a higher level of rehabilitative care to patients who are recovering from conditions such as stroke and other neurological disorders, orthopedic, cardiac and pulmonary conditions, brain and spinal cord injury, and amputations. HealthSouth can be found on the Web at www.healthsouth.com.
Other Information
The Company’s leverage ratio that is referenced in this release and elsewhere from time to time is defined in the Company’s credit agreement as the ratio of consolidated total debt to Adjusted Consolidated EBITDA for the trailing four quarters. Reconciliations of net income to Adjusted Consolidated EBITDA can be found in the following schedules.
The information in this press release is summarized and should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, when filed, as well as the Company’s Current Report on Form 8-K filed on August 2, 2010. In addition, the Company will post supplemental slides today on its website at http://investor.healthsouth.com/ for reference during its August 2, 2010 earnings call.
The Company expects to file its second quarter 2010 Form 10-Q this week. When filed, the report can be found on the Company’s website at http://investor.healthsouth.com/ and the SEC’s website at www.sec.gov.
HealthSouth Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months
Ended Six Months Ended
June 30, June 30,
-------- --------
2010 2009 2010 2009
---- ---- ---- ----
(In Millions, Except Per Share
Data)
Net operating revenues $496.9 $481.6 $987.9 $954.5
------ ------ ------ ------
Operating expenses:
Salaries and benefits 241.6 237.8 483.5 471.1
Other operating expenses 76.6 67.0 143.5 133.9
General and
administrative expenses 26.7 24.9 53.0 50.4
Supplies 28.8 28.6 57.1 56.0
Depreciation and
amortization 18.7 17.6 37.0 35.0
Occupancy costs 11.4 12.0 23.0 24.0
Provision for doubtful
accounts 5.9 9.7 12.8 17.5
Loss on disposal of
assets 0.4 1.3 0.4 2.3
Government, class action,
and related settlements - 48.7 - 32.8
Professional
fees-accounting, tax,
and legal 5.7 (3.3) 8.6 1.5
--- ---- --- ---
Total operating expenses 415.8 444.3 818.9 824.5
Loss (gain) on early
extinguishment of debt 0.1 (1.3) 0.4 (3.1)
Interest expense and
amortization of debt
discounts and fees 30.1 31.1 60.6 65.5
Other income (1.4) (1.0) (2.1) (0.8)
(Gain) loss on interest
rate swaps (0.3) 3.8 4.0 8.8
Equity in net (income)
loss of nonconsolidated
affiliates (2.6) 2.7 (5.2) 0.2
---- --- ---- ---
Income from continuing
operations before income
tax
(benefit) expense 55.2 2.0 111.3 59.4
Provision for income tax
(benefit) expense (2.2) (0.3) 0.3 0.9
---- ---- --- ---
Income from continuing
operations 57.4 2.3 111.0 58.5
Income (loss) from
discontinued operations,
net of tax 0.1 1.3 (3.0) (1.4)
--- --- ---- ----
Net income 57.5 3.6 108.0 57.1
Less: Net income
attributable to
noncontrolling interests (10.2) (9.1) (20.0) (17.7)
----- ---- ----- -----
Net income (loss)
attributable to
HealthSouth 47.3 (5.5) 88.0 39.4
Less: Convertible
perpetual preferred
stock dividends (6.5) (6.5) (13.0) (13.0)
---- ---- ----- -----
Net income (loss)
attributable to
HealthSouth
common shareholders $40.8 $(12.0) $75.0 $26.4
===== ====== ===== =====
Weighted average common
shares outstanding:
Basic 92.8 87.6 92.7 87.5
==== ==== ==== ====
Diluted 108.2 101.5 108.2 101.2
===== ===== ===== =====
Basic and diluted
earnings per common
share:
Income (loss) from
continuing operations
attributable to
HealthSouth common
shareholders $0.44 $(0.15) $0.84 $0.32
Income (loss) from
discontinued operations,
net of tax,
attributable to
HealthSouth common
shareholders 0.00 0.01 (0.03) (0.02)
---- ---- ----- -----
Net income (loss)
attributable to
HealthSouth
common shareholders $0.44 $(0.14) $0.81 $0.30
===== ====== ===== =====
Amounts attributable to
HealthSouth common
shareholders:
Income (loss) from
continuing operations $47.2 $(6.6) $91.0 $41.3
Income (loss) from
discontinued operations,
net of tax 0.1 1.1 (3.0) (1.9)
--- --- ---- ----
Net income (loss)
attributable to
HealthSouth $47.3 $(5.5) $88.0 $39.4
===== ===== ===== =====
HealthSouth Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
December
June 30, 31,
2010 2009
---- ---
(In Millions, Except
Share Data)
Assets
Current assets:
Cash and cash equivalents $172.6 $80.9
Restricted cash 49.7 67.8
Accounts receivable, net of allowance
for doubtful accounts of $32.0 in
2010;
$33.1 in 2009 224.8 219.7
Other current assets 56.8 57.6
---- ----
Total current assets 503.9 426.0
Property and equipment, net 664.5 664.8
Goodwill 423.7 416.4
Intangible assets, net 35.5 37.4
Investments in and advances to
nonconsolidated affiliates 31.0 29.3
Other long-term assets 97.5 107.6
Total assets $1,756.1 $1,681.5
======== ========
Liabilities and Shareholders' Deficit
Current liabilities:
Current portion of long-term debt $21.5 $21.5
Accounts payable 47.3 50.2
Accrued expenses and other current
liabilities 322.6 319.5
----- -----
Total current liabilities 391.4 391.2
Long-term debt, net of current portion 1,633.0 1,641.0
Other long-term liabilities 161.6 159.5
2,186.0 2,191.7
------- -------
Commitments and contingencies
Convertible perpetual preferred stock 387.4 387.4
----- -----
Shareholders' deficit:
HealthSouth shareholders' deficit (896.3) (974.0)
Noncontrolling interests 79.0 76.4
Total shareholders' deficit (817.3) (897.6)
------ ------
Total liabilities and shareholders'
deficit $1,756.1 $1,681.5
======== ========
HealthSouth Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June
30,
----------------------
2010 2009
---- ----
(In Millions)
Cash flows from operating activities:
Net income $108.0 $57.1
------ -----
Loss from discontinued operations 3.0 1.4
--- ---
Adjustments to reconcile net income to
net cash provided by
operating activities-
Provision for doubtful accounts 12.8 17.5
Provision for government, class
action, and related settlements - 32.8
UBS Settlement proceeds, gross - 100.0
Depreciation and amortization 37.0 35.0
Loss on interest rate swaps 4.0 8.8
Equity in net (income) loss of
nonconsolidated affiliates (5.2) 0.2
Distributions from nonconsolidated
affiliates 3.3 3.9
Stock-based compensation 7.8 6.6
Deferred tax provision 2.1 1.9
Other 2.7 3.1
(Increase) decrease in assets-
Accounts receivable (17.9) (25.8)
Other assets (5.8) (0.7)
Income tax refund receivable 4.3 45.4
(Decrease) increase in liabilities-
Accounts payable (2.8) 2.2
Accrued fees and expenses for
derivative plaintiffs' attorneys in
UBS Settlement - (26.2)
Other liabilities 24.4 (18.3)
Government, class action, and related
settlements (0.8) (8.7)
Net cash used in operating activities
of discontinued operations (4.2) (7.0)
Total adjustments 61.7 170.7
---- -----
Net cash provided by operating
activities 172.7 229.2
----- -----
HealthSouth Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)
Six Months Ended June
30,
----------------------
2010 2009
---- ----
(In Millions)
Cash flows from investing activities:
Capital expenditures (29.9) (34.4)
Acquisition of a business, net of cash
acquired (9.9) -
Proceeds from sale of restricted investments 10.0 1.6
Purchase of restricted investments (13.3) (1.6)
Net change in restricted cash 18.1 (15.7)
Net settlements on interest rate swaps (23.1) (19.1)
Net investment in interest rate swap - (6.4)
Other (0.1) (0.8)
Net cash provided by (used in) investing
activities of discontinued
operations 8.5 (1.4)
Net cash used in investing activities (39.7) (77.8)
----- -----
Cash flows from financing activities:
Principal payments on debt, including pre-
payments (3.8) (60.9)
Borrowings on revolving credit facility - 10.0
Payments on revolving credit facility - (50.0)
Principal payments under capital lease
obligations (7.2) (6.6)
Dividends paid on convertible perpetual
preferred stock (13.0) (13.0)
Distributions paid to noncontrolling
interests of
consolidated affiliates (18.3) (15.8)
Other 0.9 0.7
Net cash provided by financing activities of
discontinued operations - 1.8
Net cash used in financing activities (41.4) (133.8)
----- ------
Increase in cash and cash equivalents 91.6 17.6
Cash and cash equivalents at beginning of
period 80.9 32.1
Cash and cash equivalents of facilities held
for sale
at beginning of period 0.1 0.1
Less: Cash and cash equivalents of facilities
held for
sale at end of period - -
Cash and cash equivalents at end of period $172.6 $49.8
====== =====
HealthSouth Corporation and Subsidiaries
Supplemental Non-GAAP Disclosures
Reconciliation of Net Income to Adjusted Income from
Continuing Operations
and Adjusted Consolidated EBITDA (1) (3)
Three Months Ended June 30,
---------------------------
Per Share Per
2010 (2) 2009 Share(2)
---- ---------- ---- ---------
(In Millions, Except per Share Data)
Net income $57.5 $0.62 $3.6 $0.04
Income from
discontinued
operations, net
of tax,
attributable to
HealthSouth (0.1) (0.00) (1.1) (0.01)
Net income
attributable to
noncontrolling
interests (10.2) (0.11) (9.1) (0.10)
----- ----- ---- -----
Income (loss)
from continuing
operations
attributable to
HealthSouth 47.2 0.51 (6.6) (0.08)
Government, class
action, and
related
settlements - - 48.7 0.56
Professional fees
- accounting,
tax, and legal 5.7 0.06 (3.3) (0.04)
Gain on early
extinguishment
of debt - - (1.3) (0.01)
(Gain) loss on
interest rate
swaps (0.3) (0.00) 3.8 0.04
Adjustment for
prior period
amounts in tax
provision (5.2) (0.06) (1.4) (0.02)
---- ----- ---- -----
Adjusted income
from continuing
operations (1)
(3) 47.4 0.51 39.9 0.46
Adjustment for
dilution (2) (0.07) (0.07)
----- -----
Adjusted income
from continuing
operations
per diluted share
(2) (3) $0.44 $0.39
===== =====
Current period
amounts in tax
provision 3.0 1.1
Interest expense
and amortization
of debt
discounts and
fees 30.1 31.1
Depreciation and
amortization 18.7 17.6
---- ----
99.2 89.7
Other adjustments
per the
Company's
Credit Agreement:
Impairment
charges,
including
investments - 0.1
Net noncash loss
on disposal of
assets 0.4 1.3
Loss on early
extinguishment
of debt 0.1 -
Stock-based
compensation
expense 4.0 2.9
Adjusted
Consolidated
EBITDA (1) (3)
(4) $103.7 $94.0
====== =====
Weighted average
common shares
outstanding:
Basic 92.8 87.6
==== ====
Diluted 108.2 101.5
===== =====
HealthSouth Corporation and Subsidiaries
Supplemental Non-GAAP Disclosures
Reconciliation of Net Income to Adjusted Income from
Continuing Operations
and Adjusted Consolidated EBITDA (1) (3)
Six Months Ended June 30,
-------------------------
Per Share Per
2010 (2) 2009 Share(2)
---- ---------- ---- ---------
(In Millions, Except per Share Data)
Net income $108.0 $1.17 $57.1 $0.65
Loss from
discontinued
operations,
net of tax,
attributable
to
HealthSouth 3.0 0.03 1.9 0.02
Net income
attributable
to
noncontrolling
interests (20.0) (0.22) (17.7) (0.20)
----- ----- ----- -----
Income from
continuing
operations
attributable
to
HealthSouth 91.0 0.98 41.3 0.47
Government,
class action,
and related
settlements - - 32.8 0.37
Professional
fees -
accounting,
tax, and
legal 8.6 0.09 1.5 0.02
Gain on early
extinguishment
of debt - - (3.1) (0.04)
Loss on
interest rate
swaps 4.0 0.04 8.8 0.10
Adjustment for
prior period
amounts in
tax provision (4.3) (0.05) (1.7) (0.02)
---- ----- ---- -----
Adjusted
income from
continuing
operations
(1) (3) 99.3 1.07 79.6 0.91
Adjustment for
dilution (2) (0.15) (0.12)
----- -----
Adjusted
income from
continuing
operations
per diluted
share (2) (3) $0.92 $0.79
===== =====
Current period
amounts in
tax provision 4.6 2.6
Interest
expense and
amortization
of debt
discounts and
fees 60.6 65.5
Depreciation
and
amortization 37.0 35.0
---- ----
201.5 182.7
Other
adjustments
per the
Company's
Credit
Agreement:
Impairment
charges,
including
investments - 0.8
Net noncash
loss on
disposal of
assets 0.4 2.3
Loss on early
extinguishment
of debt 0.4 -
Stock-based
compensation
expense 7.8 6.6
Adjusted
Consolidated
EBITDA (1)
(3) (4) $210.1 $192.4
====== ======
Weighted
average
common shares
outstanding:
Basic 92.7 87.5
==== ====
Diluted 108.2 101.2
===== =====
HealthSouth Corporation and Subsidiaries
Supplemental Non-GAAP Disclosures
Reconciliation of Net Income to Adjusted Income from Continuing Operations
and Adjusted Consolidated EBITDA (1) (3)
Year Ended December 31,
-----------------------
2009 Per Share (2)
---- -------------
(In Millions, Except per
Share Data)
Net income $128.8 $1.45
Income from discontinued operations, net
of tax,
attributable to HealthSouth (1.5) (0.02)
Net income attributable to noncontrolling
interests (34.0) (0.38)
----- -----
Income from continuing operations
attributable
to HealthSouth 93.3 1.05
Government, class action, and related
settlements 36.7 0.41
Professional fees - accounting, tax, and
legal 8.8 0.10
Loss on interest rate swaps 19.6 0.22
Adjustment for prior period amounts in
tax provision (8.8) (0.10)
---- -----
Adjusted income from continuing
operations (1) (3) 149.6 1.68
Adjustment for dilution (2) (0.23)
-----
Adjusted income from continuing
operations
per diluted share (2) (3) $1.45
=====
Current period amounts in tax provision 5.6
Interest expense and amortization of debt
discounts and fees 125.8
Depreciation and amortization 70.9
----
351.9
Other adjustments per the Company's
Credit Agreement:
Impairment charges, including investments 1.4
Net noncash loss on disposal of assets 3.5
Loss on early extinguishment of debt 12.5
Stock-based compensation expense 13.4
Other 0.3
Adjusted Consolidated EBITDA (1) (3) (4) $383.0
======
Weighted average common shares
outstanding:
Basic 88.8
====
Diluted 103.3
=====
HealthSouth Corporation and Subsidiaries
Supplemental Non-GAAP Disclosures
Notes to Reconciliations
(1) Adjusted income from continuing operations and Adjusted
Consolidated EBITDA are non-GAAP financial measures. The
Company's leverage ratio (consolidated total debt to Adjusted
Consolidated EBITDA for the trailing four quarters) is likewise a
non-GAAP financial measure. Management and some members of the
investment community utilize adjusted income from
continuing operations as a financial measure and Adjusted
Consolidated EBITDA and the leverage ratio as liquidity measures
on an ongoing basis. These measures are not recognized in accordance
with GAAP and should not be viewed as an
alternative to GAAP measures of performance or liquidity. In
evaluating these adjusted measures, the reader should be aware
that in the future HealthSouth may incur expenses similar to the
adjustments set forth above.
(2) Per share amounts for each period presented are based on basic
weighted average common shares outstanding for all
amounts except adjusted income from continuing operations per diluted
share, which is based on diluted weighted average
common shares outstanding. The diluted share counts contain
approximately 13.1 million shares related to the potential
dilution of the Company's convertible perpetual preferred stock. The
increase in the Company's basic and diluted weighted
average common shares outstanding in 2010 compared to 2009 was
primarily the result of the issuance of 5.0 million shares
of common stock on September 30, 2009 in full satisfaction of its
obligation to do so under the Company's 2006 securities
litigation settlement.
(3) Adjusted income from continuing operations per diluted share and
Adjusted Consolidated EBITDA are two components of
the Company's guidance.
(4) The Company's credit agreement allows unusual non-cash or non-
recurring items to be added to arrive at Adjusted
Consolidated EBITDA. In addition, certain other deductions may be
required. Such amounts have not been included in the
above calculation as it would not be indicative of the Company's
Adjusted Consolidated EBITDA for future periods.
HealthSouth Corporation and Subsidiaries
Forward-Looking Statements
Statements contained in this press release which are not historical
facts are forward-looking statements. In addition,
HealthSouth, through its senior management, may from time to time
make forward-looking public statements concerning the
matters described herein. All such estimates, projections, and
forward-looking information speak only as of the date hereof,
and HealthSouth undertakes no duty to publicly update or revise such
forward-looking information, whether as a result of new
information, future events, or otherwise. Such forward-looking
statements are necessarily estimates based upon current
information and involve a number of risks and uncertainties.
HealthSouth's actual results may differ materially from the results
anticipated in these forward-looking statements as a result of a
variety of factors. While it is impossible to identify all such
factors, factors which could cause actual results to differ
materially from those estimated by HealthSouth include, but are not
limited to, any adverse outcome of various lawsuits, claims, and
legal or regulatory proceedings that may be brought against
the Company; significant changes in HealthSouth's management team;
HealthSouth's ability to continue to operate in the
ordinary course and manage its relationships with its creditors,
including its lenders, bondholders, vendors and suppliers,
employees, and customers; changes, delays in (including in connection
with resolution of Medicare payment reviews or
appeals), or suspension of reimbursement for HealthSouth's services
by governmental or private payors; changes in the
regulation of the healthcare industry at either or both of the
federal and state levels; competitive pressures in the healthcare
industry and HealthSouth's response thereto; HealthSouth's ability to
obtain and retain favorable arrangements with third-
party payors; HealthSouth's ability to attract and retain nurses,
therapists, and other healthcare professionals in a highly
competitive environment with often severe staffing shortages and the
impact on HealthSouth's labor expenses from potential
union activity and staffing shortages; general conditions in the
economy and capital markets; and other factors which may be
identified from time to time in HealthSouth's SEC filings and other
public announcements, including HealthSouth's Form 10-K
for the year ended December 31, 2009 and Form 10-Q for the quarters
ended June 30, 2010 (expected to be filed later this
week) and March 31, 2010.
Media Contact
-------------
Andy Brimmer, 205-410-2777
Helen Todd, 205-969-5608
helen.todd@healthsouth.com
Investor Relations Contact
--------------------------
Mary Ann Arico, 205-969-6175
maryann.arico@healthsouth.com
Media Contact
-------------
Andy Brimmer, 205-410-2777
Helen Todd, 205-969-5608
helen.todd@healthsouth.com
Investor Relations Contact
--------------------------
Mary Ann Arico, 205-969-6175
maryann.arico@healthsouth.com
First Call Analyst:
FCMN Contact:
SOURCE: HealthSouth Corporation
CONTACT: Media Andy Brimmer, +1-205-410-2777; Helen Todd,
+1-205-969-5608,
Arico, +1-205-969-6175,