Materialise NV (NASDAQ:MTLS), a leading provider of additive
manufacturing software and of sophisticated 3D printing services,
today announced its financial results for the fourth quarter and
the year ended December 31, 2016.
Highlights – Fourth Quarter 2016
- Total revenue increased 12.3% from the
fourth quarter of 2015 to 31,477 kEUR, with increases in all three
business segments.
- Total deferred revenue from annual
software sales and maintenance contracts increased 3,663 kEUR from
13,136 kEUR for the fourth quarter of 2015 to 16,799 kEUR.
- Adjusted EBITDA increased 50% from
2,979 kEUR for the fourth quarter of 2015 to 4,455 kEUR.
- Net profit was 620 kEUR, or 0.01 EUR
per diluted share.
Executive Chairman Peter Leys commented, “In a challenging
environment, Materialise had a good quarter, contributing to a
strong year. Total revenues for the year increased 12% to 114,477
kEUR and Adjusted EBITDA grew 157% to 9,458 kEUR. Strategically, we
also made substantial progress during 2016, entering into several
partnerships that position us to benefit from the expected growth
of additive manufacturing of end parts in general and, more
specifically, from the potential growth of specific vertical
markets. Operationally, all three of our segments enhanced the
focus and effectiveness of their internal operations, contributing
to our successful year.”
Fourth Quarter 2016 Results
Total revenue for the fourth quarter of 2016 increased 12.3% to
31,477 kEUR compared to 28,032 kEUR for the fourth quarter of
2015, with gains in all three of our segments, particularly
Materialise Manufacturing. Adjusted EBITDA increased to 4,455 kEUR
from 2,979 kEUR as a result of the combination of continued revenue
growth (12.3%) and a significantly lower increase in operational
expenses (3.6%) as compared to the same period in the prior year.
The Adjusted EBITDA margin (Adjusted EBITDA divided by total
revenue) in the fourth quarter was 14.2% compared to 10.6% in the
fourth quarter of last year.
Revenue from our Materialise Software segment, which offers a
proprietary software backbone that enables and enhances the
functionality of 3D printers and 3D printing operations worldwide,
increased 10.6% to 8,078 kEUR for the fourth quarter of 2016 from
7,301 kEUR for the same quarter last year. Recurrent sales from
annual and renewed licenses and maintenance fees grew 37.7% from
the same period in the prior year. Segment EBITDA rose to 2,949
kEUR from 2,706 kEUR while the segment EBITDA margin was 36.5%
compared to 37.1% in the prior-year period.
Revenue from our Materialise Medical segment, which offers a
unique platform consisting of medical planning and design software,
clinical engineering services and patient specific devices,
increased 5.1% to 10,061 kEUR for the fourth quarter of 2016
compared to 9,570 kEUR for the same period in 2015. Compared to the
same quarter in 2015, sales of our medical software grew 29.8%, and
direct sales of complex surgery solutions grew 82.9%. Segment
EBITDA was 656 kEUR compared to 747 kEUR while the segment EBITDA
margin decreased to 6.5% from 7.8% in the fourth quarter of
2015.
Revenue from our Materialise Manufacturing segment, which offers
an integrated suite of 3D printing and engineering services to
industrial and commercial customers, increased 19.4% to 13,326 kEUR
for the fourth quarter of 2016 from 11,161 kEUR for the fourth
quarter of 2015. End part manufacturing sales increased 26.4%
compared to the last quarter in 2015. Segment EBITDA rose to 1,438
kEUR from 1,033 kEUR while the segment EBITDA margin increased to
10.8% from 9.3% for the 2015 quarter. These numbers include the
results of i.materialise and RapidFit, whose activities were fully
integrated into the Materialise Manufacturing business lines during
the fourth quarter in order to create additional synergies.
Gross profit was 18,619 kEUR, or 59.2% of total revenue, for the
fourth quarter of 2016 compared to 16,576 kEUR, or 59.1% of total
revenue, for the fourth quarter of 2015.
Research and development (“R&D”), sales and marketing
(“S&M”) and general and administrative (“G&A”) expenses
increased, in the aggregate, 3.6% to 18,483 kEUR for the fourth
quarter of 2016 from 17,849 kEUR for the fourth quarter of 2015.
R&D expenses decreased from 4,742 kEUR to 4,161 kEUR while
S&M expenses increased slightly from 9,340 kEUR to 9,506 kEUR.
G&A expenses increased from 3,767 kEUR to 4,816 kEUR. As in the
first three quarters of 2016, these changes compared to last year
primarily reflected the managerial structure and support we have
implemented within our S&M and R&D groups to support their
significant growth since our initial public offering (“IPO”). A
number of employees with mixed roles within these groups have
evolved into more managerial/administrative roles, and their cost
as well as certain other expenses are now categorized into
G&A.
Net other operating income decreased by 426 kEUR to 1,779 kEUR
compared to 2,205 kEUR for the fourth quarter of 2015. Net other
operating income consists primarily of withholding tax exemptions
for qualifying researchers, development grants, partial funding of
R&D projects and currency exchange results on purchase and
sales transactions.
Operating profit increased to 1,915 kEUR from 932 kEUR for the
prior-year period. This improvement is the result of a combination
of a 12.3% revenue increase and an increase of only 3.6% in
operational expenses of R&D, S&M and G&A, partly offset
by a 426 kEUR decrease of net other operating income compared to
the same quarter last year.
Net financial result was 253 kEUR compared to 356 kEUR for the
prior-year period, reflecting smaller variances in the currency
exchange rates, primarily on the portion of the company’s IPO
proceeds held in U.S. dollars versus the euro.
Net profit for the fourth quarter of 2016 was 620 kEUR compared
to net profit of 2,145 kEUR for the same period in the prior year.
The prior-year period contained income tax income of 1,010 kEUR
primarily from deferred taxes compared to an expense of 898 kEUR
this quarter. The variance of 1,908 kEUR in income tax and a 497
kEUR increase in the share in the loss of a joint venture offset
the increase of 983 kEUR in operating profit. Total comprehensive
income for the fourth quarter of 2016, which includes exchange
differences on translation of foreign operations, was 685 kEUR
compared to 2,010 kEUR for the same period in the prior year.
At December 31, 2016, we had cash and equivalents of 55,912 kEUR
compared to 50,726 kEUR at December 31, 2015. Cash flow from
operating activities in the fourth quarter of 2016 was 4,180kEUR
compared to 724 kEUR in the same period last year.
Net shareholders’ equity at December 31, 2016 was 79,033 kEUR
compared to 82,955 kEUR at December 31, 2015.
Full Year 2016 Results
Total revenues for the year ended December 31, 2016 increased
12.2% to 114,477 kEUR compared to 102,035 kEUR for the year ended
December 31, 2015. Adjusted EBITDA for the year ended December 31,
2016 was 9,458 kEUR, an increase of 156.5% compared to 3,687 kEUR
for the year ended December 31, 2015. The Adjusted EBITDA margin
increased to 8.3% for the year ended December 31, 2016 from 3.6%
for the year ended December 31, 2015. This increase was primarily
the result of the combination of a 12.2% revenue growth, a 14.7%
improvement in gross profit and an increase of only 5.4% in
operational costs in R&D, S&M and G&A, which was offset
in part by a decrease in net other operating income of 890
kEUR.
Revenues from our Materialise Software segment increased 16.8%
to 30,122 kEUR for the year ended December 31, 2016 compared to
25,798 kEUR for the year ended December 31, 2015. This growth was
driven by a 24.6% increase in recurrent sales from annual and
renewed licenses and maintenance fees. The segment EBITDA margin
was 33.6% in 2016, compared to 35.2% in 2015.
Revenues from our Materialise Medical segment grew by 8.8% for
the year ended December 31, 2016 to 37,910 kEUR from 34,856 kEUR
for the year ended December 31, 2015. Medical software growth was
7.4%, partner sales growth 4.2%, and direct sales growth 45.2%. The
segment EBITDA margin increased to 2.4% from 1.2% primarily as a
result of the combination of revenue growth of 8.8% and limited
increases in operating expenses, partly offset by lower net other
operating income, primarily due to lower income from project
grants.
Revenues from our Materialise Manufacturing segment increased
12.1% to 46,406 kEUR for the year ended December 31, 2016 from
41,381 kEUR for the year ended December 31, 2015. Revenue from end
parts increased by 27.7%. The segment EBITDA margin increased from
4.0% in 2015 to 8.3% in 2016, primarily as a result of steady
production efficiency improvements.
Net loss increased from (2,860) kEUR for 2015 to a net loss of
(3,019) kEUR for 2016.
2017 Guidance
Mr. Leys concluded, “The additive manufacturing market continues
to evolve, particularly in the direction of end part production,
and we intend to continue positioning Materialise to benefit from
this promising growth market in the coming years. Our strategic
priorities for 2017 are to sustain our leadership position in
software through continued innovation and strategic partnerships;
to drive the next stage of growth in our medical division through
our focus on the hospital market; to continue increasing our
manufacturing of end parts; and to enable the development of
additive manufacturing in specific vertical markets. We anticipate
delivering sales and Adjusted EBITDA margin expansion in 2017 while
reinvesting efficiency gains in selected business development
initiatives.
“For fiscal 2017, we expect to report consolidated revenue
between 128,000 - 134,000 kEUR and Adjusted EBITDA between 10,500 -
13,500 kEUR. As the seasonality of our Materialise Manufacturing
segment and our software businesses are expected to combine with
the effects of the ramp up of the partnerships we entered into in
the past months, we expect our financial results to be particularly
strong in the third quarter and even stronger in the fourth
quarter. We expect the amount of deferred revenue that Materialise
generates from annual licenses and maintenance in 2017 to increase
by an amount between 4,000 - 5,000 kEUR.”
Non-IFRS Measures
Materialise uses EBITDA and Adjusted EBITDA as supplemental
financial measures of its financial performance. EBITDA is
calculated as net profit plus income taxes, financial expenses
(less financial income), shares of loss in a joint venture and
depreciation and amortization. Adjusted EBITDA is determined by
adding non-cash stock-based compensation expenses to EBITDA.
Management believes these non-IFRS measures to be important
measures as they exclude the effects of items which primarily
reflect the impact of long-term investment and financing decisions,
rather than the performance of the company's day-to-day operations.
As compared to net profit, these measures are limited in that they
do not reflect the periodic costs of certain capitalized tangible
and intangible assets used in generating revenues in the company's
business, or the charges associated with impairments. Management
evaluates such items through other financial measures such as
capital expenditures and cash flow provided by operating
activities. The company believes that these measurements are useful
to measure a company's ability to grow or as a valuation
measurement. The company's calculation of EBITDA and Adjusted
EBITDA may not be comparable to similarly titled measures reported
by other companies. EBITDA and Adjusted EBITDA should not be
considered as alternatives to net profit or any other performance
measure derived in accordance with IFRS. The company's presentation
of EBITDA and Adjusted EBITDA should not be construed to imply that
its future results will be unaffected by unusual or non-recurring
items.
Exchange Rate
This press release contains translations of certain euro amounts
into U.S. dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from euros to
U.S. dollars in this press release were made at a rate of EUR 1.00
to USD 1.0541, the reference rate of the European Central Bank on
December 30, 2016.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast
to discuss its financial results for the fourth quarter of 2016
today, February 24, 2017, at 8:30 a.m. ET/14:30 CET. Company
participants on the call will include Wilfried Vancraen, Founder
and Chief Executive Officer; Peter Leys, Executive Chairman; and
Johan Albrecht, Chief Financial Officer. A question-and-answer
session will follow management’s remarks.
To access the conference call, please dial 844-469-2530 (U.S.)
or 765-507-2679 (international), passcode #55886457. The conference
call will also be broadcast live over the Internet with an
accompanying slide presentation, which can be accessed on the
company’s website at http://investors.materialise.com.
A replay of the conference call will be available via telephone
beginning approximately one hour after the call ends through
Saturday, February 25, 2017. U.S. participants can access the
replay by dialing 855-859-2056 and international participants can
dial 404-537-3406. The access code for the replay is #55886457. A
webcast of the conference call and slide presentation will be
archived on the company's website for one year.
About Materialise
Materialise incorporates more than 25 years of 3D printing
experience into a range of software solutions and 3D printing
services, which Materialise seeks to form the backbone of the 3D
printing industry. Materialise’s open and flexible solutions enable
players in a wide variety of industries, including healthcare,
automotive, aerospace, art and design, and consumer goods, to build
innovative 3D printing applications that aim to make the world a
better and healthier place. Headquartered in Belgium, with branches
worldwide, Materialise combines one of the largest groups of
software developers in the industry with one of the largest 3D
printing facilities in the world. For additional information,
please visit: www.materialise.com.
Cautionary Statement on Forward-Looking Statements
This press release contains 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, regarding, among other things, our intentions, beliefs,
assumptions, projections, outlook, analyses or current
expectations, plans, objectives, strategies and prospects, both
financial and business, including statements concerning, among
other things, current estimates of fiscal 2017 revenues, deferred
revenue from annual licenses and maintenance and Adjusted EBITDA,
results of operations, cash needs, capital expenditures, expenses,
financial condition, liquidity, prospects, growth and strategies,
and the trends and competition that may affect the markets,
industry or us. Such statements are subject to known and unknown
uncertainties and risks. When used in this press release, the words
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,”
“should,” and variations of such words or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon the expectations of
management under current assumptions at the time of this press
release. These expectations, beliefs and projections are expressed
in good faith and the company believes there is a reasonable basis
for them. However, the company cannot offer any assurance that our
expectations, beliefs and projections will actually be achieved. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to events, competitive dynamics
and industry change, and depend on economic circumstances that may
or may not occur in the future or may occur on longer or shorter
timelines than anticipated. We caution you that forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control. All of the forward-looking
statements are subject to risks and uncertainties that may cause
the company's actual results to differ materially from our
expectations, including risk factors described in the company's
annual report on Form 20-F filed with the U.S. Securities and
Exchange Commission on April 28, 2016. There are a number of risks
and uncertainties that could cause the company's actual results to
differ materially from the forward-looking statements contained in
this press release.
The company is providing this information as of the date of this
press release and does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise, unless it
has obligations under the federal securities laws to update and
disclose material developments related to previously disclosed
information.
Consolidated income statements (Unaudited)
For the twelve month For the three months ended
period ended 31 31 December December (in
thousands, except EPS)
2016 2016 2015
2016 2015 U.S.$ euros
euros euros euros Revenue 33,180 31,477
28,032 114,477 102,035 Cost of sales (13,554 ) (12,858 ) (11,456 )
(46,706 ) (42,963 )
Gross profit 19,626 18,619
16,576 67,771 59,072 59.2 % 59.1 % 59.2 % 57.9
% Research and development expenses (4,386 ) (4,161 ) (4,742
) (17,682 ) (18,186 ) Sales and marketing expenses (10,020 ) (9,506
) (9,340 ) (36,153 ) (36,832 ) General and administrative expenses
(5,077 ) (4,816 ) (3,767 ) (20,041 ) (15,045 ) Other operating
income 1,875 1,779 2,205 6,212 7,102 Other operating expenses -
- - -
-
Operating profit 2,018 1,915 932
107 (3,889 ) Financial expenses (790 )
(749 ) (362 ) (2,437 ) (2,470 ) Financial income 1,056 1,002 718
2,039 3,511 Share in loss of joint venture (685 ) (650 ) (153 )
(1,018 ) (401 )
Profit
(loss) before taxes 1,599 1,518 1,135
(1,309 ) (3,249 ) Income taxes
(947 ) (898 ) 1,010 (1,710 ) 389
Net profit (loss) 652 620
2,145 (3,019 ) (2,860 )
Net profit (loss) attributable to: The owners of the parent
652 620 2,145 (3,019 ) (2,807 ) Non-controlling interest - - - -
(53 )
Earnings per share attributable to ordinary
owners of the parent Basic .01 .01 .05 (0.06 ) (0.06 ) Diluted
.01 .01 .05 (0.06 ) (0.06 ) Weighted average basic
47,325
47,325 47,271 47,325 47,224 Weighted average with effect dilution
47,325 47,325 47,779 47,325 47,224
Consolidated statements of
comprehensive income (Unaudited) (in
thousands, except EPS)
For the twelve month For the three
months ended period ended 31 31 December
December 2016 2016 2015 2016
2015 U.S.$ euros euros euros
euros Net profit (loss) for the period
652 620 2,145 (3,019 )
(2,860 ) Other comprehensive income (loss)
Exchange differences on translation of foreign operations 69 65
(135 ) (1,834 ) 624
Other comprehensive income (loss), net
of taxes
69 65 (135 ) (1,834 )
624 Total comprehensive income (loss) for the
period, net of taxes 721 685 2,010
(4,853 ) (2,236 ) Total
comprehensive income (loss) attributable to: The owners of the
parent 721 685 2,010 (4,853 ) (2,183 ) Non-controlling interest - -
- - (53 )
Consolidated statements of financial
position (Unaudited) 31 December
31 December 2016 2015*
(in thousand euros)
Assets
Non-current assets Goodwill 8,860 9,664 Intangible assets
9,765 9,657 Property, plant & equipment 45,063 38,400
Investments in joint ventures - 1,018 Deferred tax assets 336 1,092
Other financial assets 388 356
Total non-current
assets 64,412 60,187 Current assets
Inventory 7,870 5,387 Trade receivables 27,479 22,843 Held to
maturity investments - - Other current assets 6,247 4,993 Cash and
cash equivalents 55,912 50,726
Total current assets
97,508 83,949
Total assets
161,920 144,136
Equity and liabilities
Equity Share capital 2,729 2,729 Share premium 79,019
78,098 Consolidated reserves (1,603 ) 1,407 Treasury shares - -
Other comprehensive income (1,112 ) 721
Equity attributable to
the owners of the parent 79,033 82,955
Non-controlling interest - -
Total equity
79,033 82,955 Non-current liabilities
Loans & borrowings 28,267 16,607 Deferred tax liabilities 1,325
2,068 Deferred income* 3,588 1,905 Other non-current liabilities
1,873 2,244
Total non-current liabilities
35,053 22,824 Current liabilities Loans
& borrowings 5,539 4,482 Trade payables 13,400 9,712 Tax
payables 926 255 Deferred income* 17,822 14,696 Other current
liabilities 10,147 9,212
Total current liabilities
47,834 38,357
Total equity and liabilities
161,920 144,136
(*) Through September, 30 2016, Materialise NV and its
subsidiaries (the "Group") presented all deferred income associated
with maintenance and license contracts and project contracts as a
current liability while a portion of such deferred income relates
to contractual periods that are more than 12 months after the
reporting date and therefore such portion should have been
presented as non current. The Group has an increasing volume of
software and project contracts with a contractual term of more than
12 months. For the financial reporting year ended December 31,
2016, the Group is presenting portions of its deferred income
associated with such contracts as current and non-current
liabilities. This presentation has been applied retroactively for
the financial reporting year ended December 31, 2015.
Consolidated cash flow statements
(Unaudited) For the twelve month period
ended (in thousand euros)
31 December 2016
2015 euros euros Operating activities
Net profit for the period -3,019 -2,860 Non-cash and
operational adjustments Depreciation of property, plant &
equipment 6,420 5,122 Amortization of intangible assets 1,954 1,585
Impairment of goodwill
- 104 Share-based payment expense 977 769 Loss (gain) on disposal
of property, plant & equipment -149 -62 Movement in provisions
18 -116 Movement in allowance for bad debt 77 254 Financial income
-172 -413 Financial expense 983 901 Impact of foreign currencies
-400 -1,530 Share of loss of an associate or joint venture (equity
method) 1,018 401 Deferred tax expense (income) 374 -761 Income
taxes 1,338 373 Fair value adjustment contingent consideration -455
- Other -78 - Working capital adjustments Increase in trade
receivables and other receivables -6,465 -6,645 Decrease (Increase)
in inventories -2,482 -1,671 Increase in trade payables and other
payables 9,086 7,148
9,025 2,599 Income tax
paid -530 -246
Net cash flow from operating
activities 8,495 2,353 Investing
activities Purchase of property, plant & equipment
-12,824 -8,907 Purchase of intangible assets -1,755 -1,641 Proceeds
from the sale of property, plant & equipment, net 1,928 338
Acquisition of subsidiary - -1,619
Investments in joint ventures
- -1,000 Proceeds from held to maturity investments - 10,000
Interest received 11 35
Net cash flow used in
investing activities -12,640 -2,794
Financing activities Proceeds from loans &
borrowings and convertible debt 14,669 5,672 Repayment of loans
& borrowings -2,796 -4,711 Repayment of finance leases -1,898
-1,546 Proceeds from the exercise of warrants - 95 Purchase of
non-controlling interest - -1,377 Capital increase in parent
company - 580 Interest paid -630 -589 Other financial income /
(expense) -79 88
Net cash flow from financing
activities 9,266 -1,788 Net increase of
cash and cash equivalents 5,121 -2,229 Cash and
cash equivalents at beginning of period 50,726 51,019 Exchange rate
differences on cash & cash equivalents 65 1,936
Cash &
cash equivalents at end of period 55,912 50,726
Reconciliation of Net Profit/(Loss) to EBITDA and
Adjusted EBITDA (Unaudited)
For the three months For the twelve
months ended ended (in thousands)
31
December 31 December 2016 2015 2016
2015 euros euros euros euros
Net profit / (loss) 620
2,145 (3,019 ) (2,860 )
Income taxes 898 (1,010 ) 1,710 (389 ) Financial expenses
749 362 2,437 2,470 Financial income (1,002 ) (718 ) (2,039 )
(3,511 ) Share in loss of a joint venture 650 153 1018 401
Depreciation & amortization 2,280 1,933 8,374 6,810
EBITDA 4,195 2,865 8,481
2,921 Non-cash stock-based compensation
expenses (1) 260 114 977 766
Adjusted EBITDA
4,455 2,979 9,458
3,687
(1) Non-cash stock-based compensation expenses represent the
cost of equity-settled and cash-settled share-based payments to
employees.
Segment P&L (Unaudited)
Materialise Materialise Materialise
Total Adjustments &
In thousands euros
Software Medical Manufacturing segments
eliminations Consolidated For the three
month period ended 31 December 2016 Revenues 8,078 10,061
13,326 31,465 12 31,477 Segment EBITDA 2,949 656
1,438 5,043 (848 ) 4,195 Segment EBITDA % 36.5
% 6.5 % 10.8 % 16.0 % 13.3 %
For the three month period
ended 31 December 2015 Revenues 7,301 9,570 11,161 28,032 -
28,032 Segment EBITDA 2,706 747 1,033 4,486
(1,621 ) 2,865 Segment EBITDA % 37.1 % 7.8 % 9.3 %
16.0 % 10.2 %
For the twelve month period ended 31
December 2016 Revenues 30,122 37,910 46,406 114,438 39 114,477
Segment EBITDA 10,130 894 3,848 14,872
(6,391 ) 8,481 Segment EBITDA % 33.6 % 2.4 % 8.3 % 13.0 %
7.4 %
For the twelve month period ended 31 December
2015 Revenues 25,798 34,856 41,381 102,035 - 102,035 Segment
EBITDA 9,093 422 1,645 11,160 (8,239 )
2,921 Segment EBITDA % 35.2 % 1.2 % 4.0 % 10.9 % 2.9 %
Reconciliation of
Net Profit/(Loss) to Segment EBITDA (Unaudited)
(in
thousands of euros)
For the three months ended December 31
For the twelve months ended December 31 2016
2015 2016 2015 Net profit/(loss)
620 2,145 -3,019 -2,860 Income
taxes 898 -1,010 1,710 -389 Finance costs 749 362 2,437 2,470
Finance income -1,002 -718 -2,039 -3,511 Share in loss of joint
venture 650 153 1,018 401
Operating profit
1,915 932 107 -3,889
Depreciation & amortization 2,280 1,933 8,374 6,810 Corporate
research and development 472 784 1,673 2,955 Corporate headquarter
costs 1,781 2,027 8,646 9,700 Other operating income (expense)
-1,405 -1,190 -3,928 -4,416
Segment EBITDA
5,043 4,486 14,872 11,160
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170224005085/en/
Investors:LHAHarriet Fried/Jody
Burfening212-838-3777hfried@lhai.com
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