Company Announces Closure of 10 Underperforming
Restaurants
Red Robin Gourmet Burgers, Inc., (NASDAQ:RRGB), a full-service
restaurant chain serving an innovative selection of high-quality
gourmet burgers in a family-friendly atmosphere, today reported
financial results for the quarter ended April 21, 2019.
First Quarter 2019 Financial Highlights Compared to First
Quarter 2018
- GAAP earnings per diluted share were
$0.05 compared to $0.34;
- Adjusted earnings per diluted share
were $0.19 compared to $0.69 (see Schedule I);
- Total revenues were $409.9 million, a
decrease of 2.8%;
- Off-premise sales increased 20.6%, now
comprising 11.6% of total food and beverage sales, including
catering;
- Comparable restaurant revenue decreased
3.3% (using constant currency rates); and
- Comparable restaurant guest counts
decreased 5.5%.
Pattye Moore, board chair and interim chief executive officer of
Red Robin Gourmet Burgers, Inc., said, “As our financial results
demonstrate, there is still much work to be done on the turnaround,
and we are moving with urgency. We continue to focus on our five
strategic priorities and are starting to see progress on multiple
fronts and in the underlying key operational metrics we are
tracking. The Board has engaged The Elliot Group, which has deep
experience in our industry, to assist in the CEO search and the
Search Committee has already begun the interview process. At the
same time, in the nine weeks since I became Interim CEO, I have
worked closely with the management team to narrow the list of
critical initiatives and simplify our focus. We are actively
working with The Cypress Group on selectively refranchising and
reassessing our real estate portfolio, and today we announced the
closure of 10 underperforming restaurants. We have hired an
experienced industry leader as our new vice president of Consumer
Insights and we are continuing to identify ways to improve all
aspects of our business. All of these efforts are designed to
enhance the customer experience, significantly improve cash flow,
increase profitability and drive shareholder value. We are
confident our initiatives will steadily improve our financial and
operational performance and that our search process will identify a
leader who can accelerate our turnaround.”
First Quarter 2019 Operating Results
Total revenues, which primarily include Company-owned restaurant
revenue and franchise royalties, decreased 2.8% to $409.9 million
in the first quarter of 2019 from $421.5 million in the first
quarter of 2018. Restaurant revenue decreased $14.2 million due to
a $13.5 million, or 3.3%, decrease in comparable restaurant
revenue, a $2.2 million decrease from closed restaurants, and a
$0.6 million unfavorable foreign currency exchange impact, offset
by a $2.1 million increase in revenue from new restaurant
openings.
System-wide restaurant revenue (which includes franchised units)
for the first quarter of 2019 totaled $483.7 million, compared to
$498.0 million for the first quarter of 2018.
Comparable restaurant revenue(1) decreased 3.3% in the first
quarter of 2019 compared to the same period a year ago, driven by
a 5.5% decrease in guest counts offset by a 2.2% increase
in average guest check. The increase in average guest check was
comprised of a 0.3% increase in menu mix and a 1.9% increase in
pricing.
Net income was $0.6 million for the first quarter of 2019
compared to $4.4 million for the same period a year ago. Adjusted
net income was $2.4 million for the first quarter of 2019 compared
to $9.1 million for the same period a year ago (see Schedule
I).
Restaurant-level operating profit margin (a non-GAAP financial
measure) was 18.3% in the first quarter of 2019 compared to 20.0%
in the same period a year ago. Cost of sales as a percentage of
restaurant revenue decreased 40 basis points primarily due to a
reduction in waste and lower Tavern mix. Restaurant labor costs as
a percentage of restaurant revenue increased 120 basis points due
to higher average wage rates, increased management headcount to
fully staff our restaurants, and sales deleverage. Other restaurant
operating costs increased 60 basis points primarily due to
increases in third-party delivery fees and equipment repairs and
maintenance costs. Occupancy costs increased 30 basis points
primarily due to sales deleverage. Schedule II of this earnings
release defines restaurant-level operating profit, discusses why it
is a useful metric for investors, and reconciles this metric to
income from operations and net income, in each case under GAAP.
________________________________________
(1) Comparable restaurants are those Company-owned
restaurants that have operated five full quarters during the period
presented, and such restaurants are only included in the comparable
metrics if they are comparable for the entirety of both periods
presented.
Restaurant Revenue Performance
Q1 2019 Q1 2018 Average
weekly sales per unit(1): Company-owned – Total $ 51,802 $ 53,618
Company-owned – Comparable $ 51,962 $ 53,766 Franchised units –
Comparable $ 58,957 $ 60,523 Total operating weeks: Company-owned
units 7,731 7,772 Franchised units 1,408 1,386
________________________________________
(1) Calculated using constant currency rates. Using
historical currency rates, the average weekly sales per unit in the
first quarter of 2018 for Company-owned – Total and Company-owned –
Comparable was $53,704 and $53,853. The Company calculates non-GAAP
constant currency average weekly sales per unit by translating
prior year local currency average weekly sales per unit to U.S.
dollars based on current quarter average exchange rates. The
Company considers non-GAAP constant currency average weekly sales
per unit to be a useful metric to investors and management as they
facilitate a more useful comparison of current performance to
historical performance.
Other Results
Depreciation and amortization costs decreased to $28.4 million
in the first quarter of 2019 from $29.2 million in the first
quarter of 2018.
General and administrative costs were $30.1 million, or 7.3% of
total revenues, in the first quarter of 2019, compared to $28.6
million, or 6.8% of total revenues in the same period a year ago.
The increase was primarily driven by increases in professional
services, travel expenses related to manager training, and
salaries, offset by lower incentive and equity compensation.
Selling expenses were $18.0 million, or 4.4% of total revenues,
in the first quarter of 2019, compared to $17.7 million, or 4.2% of
total revenues, during the same period in the prior year.
Other charges in the first quarter of 2019 included $2.0 million
in executive transition and severance, $0.3 million in costs
related to restaurants that were previously closed, and $0.1
million in executive retention.
The Company had an effective tax rate of a 291.4% benefit in the
first quarter of fiscal year 2019, compared to an effective tax
rate of a 21.2% benefit during the same period a year ago. The
change in the effective tax rate is primarily due to the decrease
in income in the first quarter of 2019 compared to the same period
a year ago.
Earnings per diluted share for the first quarter of 2019 were
$0.05 compared to $0.34 in the first quarter of 2018. Excluding
charges of $0.11 per diluted share for executive transition and
severance, $0.02 per diluted share for restaurant closure costs,
and $0.01 per diluted share for executive retention, adjusted
earnings per diluted share for the first quarter ended
April 21, 2019 were $0.19. Excluding charges of $0.22 per
diluted share for litigation contingencies and $0.13 per diluted
share for reorganization costs, adjusted earnings per diluted share
for the first quarter ended April 22, 2018 were $0.69. See Schedule
I for a reconciliation of adjusted net income and adjusted earnings
per share (each, a non-GAAP financial measure) to net income and
earnings per share.
Restaurant Portfolio
There were no Red Robin restaurant openings and one closure
during the first quarter of 2019.
Effective May 31, 2019, the Company will close 10 restaurants in
connection with its previously announced real estate portfolio
reassessment. Seven of these restaurants are in enclosed mall
locations. This action is expected to drive improved profitability.
Where possible, employees will be offered positions at nearby Red
Robin locations. The 10 restaurants contributed $4.5 million in
restaurant sales and $0.9 million in restaurant-level pre-tax
operating losses, including an immaterial amount of depreciation
expense for the four months ended April 21, 2019. As a result of
these closures, the Company currently expects to recognize non-cash
impairment charges of approximately $0.7 million to $2.6 million
during the second quarter of 2019.
The following table details restaurant unit data for
Company-owned and franchised locations for the periods
indicated:
Sixteen Weeks Ended
Sixteen Weeks Ended
April 21, 2019 April 22, 2018 Company-owned:
Beginning of period 484 480 Opened during the period — 4 Closed
during the period (1 ) — End of period 483 484 Franchised:
Beginning of period 89 86 Opened during the period — 1 End
of period 89 87 Total number of restaurants 572 571
Balance Sheet and Liquidity
As of April 21, 2019, the Company had cash and cash
equivalents of $23.0 million and total debt of $183.4 million. The
Company funded capital expenditures with cash flow from operations
and made net repayments of $10.0 million on its credit facility
during the first quarter of 2019. As of April 21, 2019, the
Company had outstanding borrowings under its credit facility
of $182.5 million, in addition to amounts issued under letters
of credit of $7.4 million, which reduce the amount available
under its credit facility but are not recorded as debt.
The Company’s lease adjusted leverage ratio was 4.23x as of
April 21, 2019. The lease adjusted leverage ratio is defined
in Section 1.1 of the Company’s credit facility, which is filed as
Exhibit 10.32 to the Annual Report on Form 10-K filed on February
21, 2017.
Outlook for 2019
Red Robin's updated 2019 annual outlook reflects lower dine-in
sales partially offset by higher off-premise sales, a deliberate
decision to delay the rollout of some restaurant-level technology
solutions, higher than expected wage rates, incremental commission
costs associated with an increase in third-party delivery sales,
and lower selling, general and administrative costs. The updated
2019 guidance is as follows:
- Comparable restaurant revenue of down
1.0% to up 1.0% (using constant currency rates);
- Selling, general and administrative
costs of $156 million to $159 million;
- Net income of $8.0 million to $16.0
million;
- Adjusted EBITDA, a Non-GAAP measure, of
$107 million to $117 million;
- Adjusted diluted earnings per share, a
Non-GAAP measure, of $1.14 to $1.77, which includes the impact of
an estimated tax benefit of $0.73 to $0.96; and
- Capital expenditures of $45 million to
$55 million
Guidance Policy
The Company provides guidance as it relates to selected
information related to the Company’s financial and operating
performance, and such measures may differ from year to year.
Investor Conference Call and Webcast
Red Robin will host an investor conference call to discuss its
first quarter 2019 results today at 5:00 p.m. ET. The conference
call number is (323) 794-2423. The financial information that the
Company intends to discuss during the conference call is included
in this press release and will be available in the “Company”
section of the Company’s website at www.redrobin.com by selecting
the “Investor Relations” link, then the “Calendar of Events” link.
Prior to the conference call, the Company will post supplemental
financial information that will be discussed during the call and
live webcast.
To access the supplemental financial information and webcast,
please visit www.redrobin.com and select the “Company” section,
then the “Investor Relations” link, then the “Presentations” link.
A replay of the live conference call will be available from two
hours after the call until midnight on Thursday, June 6, 2019. The
replay can be accessed by dialing (412) 317-6671. The conference ID
is 6330529.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant
chain founded in 1969 that operates through its wholly-owned
subsidiary, Red Robin International, Inc., and under the trade
name Red Robin Gourmet Burgers and Brews, is the Gourmet
Burger Authority™, famous for serving more than two dozen
craveable, high-quality burgers with Bottomless Steak
Fries® in a fun environment welcoming to Guests of all
ages. Whether a family dining with kids, adults grabbing a
drink at the bar, or teens enjoying a meal, Red Robin offers an
unparalleled experience for its Guests. In addition to its
many burger offerings, Red Robin serves a wide variety of salads,
soups, appetizers, entrees, desserts, and signature
beverages. Red Robin offers a variety of options behind the
bar, including its extensive selection of local and regional beers,
and innovative adult beer shakes and cocktails, earning the
restaurant a VIBE Vista Award for Best Beer Program in a
Multi-Unit Chain Restaurant. There are more than 570 Red Robin
restaurants across the United States and Canada,
including locations operating under franchise agreements. Red
Robin… YUMMM®! Connect with Red Robin on Facebook, Instagram, and
Twitter.
Forward-Looking Statements
Forward-looking statements in this press release regarding the
Company’s future performance, comparable restaurant revenue,
selling, general and administrative costs, net income, EBITDA,
earnings per share, restaurant closures, impairment charges,
capital expenditures, taxes, and statements under the heading
“Outlook for 2019”, and all other statements that are not
historical facts, are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
are based on assumptions believed by the Company to be reasonable
and speak only as of the date on which such statements are made.
Without limiting the generality of the foregoing, words such as
“expect,” “believe,” “anticipate,” “intend,” “plan,” “project,”
“will” or “estimate,” or the negative or other variations thereof
or comparable terminology are intended to identify forward-looking
statements. Except as required by law, the Company undertakes no
obligation to update such statements to reflect events or
circumstances arising after such date and cautions investors not to
place undue reliance on any such forward-looking statements.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
described in the statements based on a number of factors, including
but not limited to the following: the effectiveness of the
Company’s strategic initiatives, including management's focus on a
narrower range of key initiatives, the effectiveness of the
Company’s affordability, service and operational improvement,
technology, and off-premise initiatives to drive traffic and sales;
the ability to increase labor productivity through alternative
labor models, and to staff and train the Company’s workforce for
service execution, including the complexities related to growth of
multiple revenue streams within a single restaurant location; the
success of the Company’s re-franchising efforts; the effectiveness
of the Company’s marketing strategies and promotions to sustain and
grow comparable restaurant sales; the cost and availability of key
food products, labor, and energy; the ability to achieve
anticipated revenue and cost savings from anticipated new
technology systems and tools in the restaurants; the ability to
develop, test, implement and increase online ordering, to-go
services, catering, and other off-premise sales; the ability to
achieve savings to the Company’s general and administrative
expenses, which, by their nature, tend to be fixed costs; the
Company’s ability to repurchase shares at all or at the times or in
the amounts we currently anticipate or to achieve anticipated
benefits of a share repurchase program; availability of capital or
credit facility borrowings to fund the Company’s remodeling and
other capital expenditures; the adequacy of cash flows or available
debt resources to fund operations and growth opportunities; the
impact of federal, state, and local regulation of the Company’s
business; and other risk factors described from time to time in the
Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all
amendments to those reports) filed with the U.S. Securities and
Exchange Commission.
RED ROBIN GOURMET BURGERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except per share data) (Unaudited)
Sixteen Weeks Ended April 21, 2019 April
22, 2018 Revenues: Restaurant revenue $ 400,484 $ 414,702
Franchise and other revenue 9,382 6,817 Total
revenues 409,866 421,519 Costs and expenses:
Restaurant operating costs (exclusive of depreciationand
amortization shown separately below): Cost of sales 93,715 98,515
Labor 142,894 143,015 Other operating 55,565 55,025 Occupancy
35,020 35,010 Depreciation and amortization 28,438 29,193 General
and administrative 30,090 28,588 Selling 18,026 17,730 Pre-opening
costs 319 1,137 Other charges 2,398 6,287 Total costs
and expenses 406,465 414,500 Income from
operations 3,401 7,019 Other expense: Interest expense, net
and other 3,238 3,407 Income before income
taxes 163 3,612 Income tax benefit (476 ) (768 ) Net income $ 639
$ 4,380 Earnings per share: Basic $ 0.05 $
0.34 Diluted $ 0.05 $ 0.34 Weighted average
shares outstanding: Basic 12,967 12,960 Diluted
13,041 13,065
RED ROBIN GOURMET BURGERS, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands, except per share amounts)
(Unaudited) April 21,
2019
December 30, 2018 Assets: Current Assets: Cash and
cash equivalents $ 22,959 $ 18,569 Accounts receivable, net 12,626
25,034 Inventories 28,115 27,370 Prepaid expenses and other current
assets 22,224 27,576 Total current assets 85,924
98,549 Property and equipment, net 541,161 565,142
Right of use assets, net 460,815 — Goodwill 96,080 95,838
Intangible assets, net 33,287 34,609 Other assets, net 53,128
49,803 Total assets $ 1,270,395 $ 843,941
Liabilities and Stockholders’ Equity: Current
Liabilities: Accounts payable $ 33,783 $ 39,024 Accrued payroll and
payroll related liabilities 40,051 37,922 Unearned revenue 41,239
55,360 Short-term portion of lease obligations 42,081 786 Accrued
liabilities and other 38,423 38,057 Total current
liabilities 195,577 171,149 Deferred rent — 75,675
Long-term debt 183,375 193,375 Long-term portion of lease
obligations 513,520 9,414 Other non-current liabilities 10,337
11,523 Total liabilities 902,809 461,136
Stockholders’ Equity: Common stock; $0.001 par value:
45,000 shares authorized; 17,851 and 17,851 shares issued; 12,972
and 12,971 shares outstanding 18 18 Preferred stock, $0.001 par
value: 3,000 shares authorized; no shares issued and outstanding —
— Treasury stock 4,879 and 4,880 shares, at cost (201,135 )
(201,505 ) Paid-in capital 212,025 212,752 Accumulated other loss,
net of tax (5,130 ) (4,801 ) Retained earnings 361,808
376,341 Total stockholders’ equity 367,586 382,805
Total liabilities and stockholders’ equity $ 1,270,395
$ 843,941
Schedule I
Reconciliation of Non-GAAP Results to GAAP
Results (In thousands, except per share data,
unaudited)
In addition to the results provided in accordance with Generally
Accepted Accounting Principles (“GAAP”) throughout this press
release, the Company has provided non-GAAP measurements which
present the 16 weeks ended April 21, 2019 and April 22, 2018, net
income and basic and diluted earnings per share, excluding the
effects of executive transition and severance, restaurant closure
costs, litigation contingencies, reorganization costs, and the
related income tax effects. The Company believes the presentation
of net income and earnings per share exclusive of the identified
item gives the reader additional insight into the ongoing
operational results of the Company. This supplemental information
will assist with comparisons of past and future financial results
against the present financial results presented herein. Income tax
effect of reconciling items was calculated based on the change in
the total tax provision calculation after adjusting for the
identified item. The non-GAAP measurements are intended to
supplement the presentation of the Company’s financial results in
accordance with GAAP.
Sixteen Weeks Ended April 21,
2019 April 22, 2018 Net income as reported $ 639
$ 4,380 Executive transition and severance 1,994 — Litigation
contingencies — 4,000 Restaurant closure costs 304 — Reorganization
costs — 2,287 Executive retention
100 — Income tax effect of reconciling items (623 ) (1,617 )
Adjusted net income $ 2,414 $ 9,050 Basic net
income per share: Net income as reported $ 0.05 $ 0.34 Executive
transition and severance 0.15 — Litigation contingencies — 0.31
Restaurant closure costs 0.03 — Reorganization costs — 0.17
Executive retention 0.01 — Income tax effect of reconciling items
(0.05 ) (0.12 ) Adjusted earnings per share - basic $ 0.19 $
0.70 Diluted net income per share (1): Net income as
reported $ 0.05 $ 0.34 Executive transition and severance 0.15 —
Litigation contingencies — 0.30 Restaurant closure costs 0.03 —
Reorganization costs — 0.17 Executive retention 0.01 — Income tax
effect of reconciling items (0.05 ) (0.12 ) Adjusted earnings per
share - diluted $ 0.19 $ 0.69 Weighted average
shares outstanding Basic 12,967 12,960 Diluted 13,041 13,065
Schedule II
Reconciliation of Non-GAAP Restaurant-Level
Operating Profit to Income from Operations and Net
Income (In thousands, unaudited)
The Company believes restaurant-level operating profit is an
important measure for management and investors because it is widely
regarded in the restaurant industry as a useful metric by which to
evaluate restaurant-level operating efficiency and performance. The
Company defines restaurant-level operating profit to be restaurant
revenue minus restaurant-level operating costs, excluding
restaurant impairment and closure costs. The measure includes
restaurant-level occupancy costs, which include fixed rents,
percentage rents, common area maintenance charges, real estate and
personal property taxes, general liability insurance, and other
property costs, but excludes depreciation related to restaurant
equipment, buildings and leasehold improvements. The measure
excludes depreciation and amortization expense, substantially all
of which is related to restaurant-level assets, because such
expenses represent historical sunk costs which do not reflect
current cash outlay for the restaurants. The measure also excludes
selling, general, and administrative costs, and therefore excludes
occupancy costs associated with selling, general, and
administrative functions, and pre-opening costs. The Company
excludes restaurant closure costs as they do not represent a
component of the efficiency of continuing operations. Restaurant
impairment costs are excluded, because, similar to depreciation and
amortization, they represent a non-cash charge for the Company’s
investment in its restaurants and not a component of the efficiency
of restaurant operations. Restaurant-level operating profit is not
a measurement determined in accordance with GAAP and should not be
considered in isolation, or as an alternative, to income from
operations or net income as indicators of financial performance.
Restaurant-level operating profit as presented may not be
comparable to other similarly titled measures of other companies in
our industry. The table below sets forth certain unaudited
information for the 16 weeks ended April 21, 2019 and April 22,
2018, expressed as a percentage of total revenues, except for the
components of restaurant-level operating profit, which are
expressed as a percentage of restaurant revenue.
Sixteen Weeks Ended April 21,
2019 April 22, 2018 Restaurant revenue $ 400,484
97.7 % $ 414,702 98.4 % Restaurant operating costs
(1): Cost of sales 93,715 23.4 % 98,515 23.8 % Labor 142,894 35.7 %
143,015 34.5 % Other operating 55,565 13.9 % 55,025 13.3 %
Occupancy 35,020 8.7 % 35,010 8.4 %
Restaurant-level operating profit 73,290 18.3 %
83,137 20.0 % Add – Franchise and other
revenue 9,382 2.3 % 6,817 1.6 % Deduct – other operating:
Depreciation and amortization 28,438 6.9 % 29,193 6.9 % General and
administrative expenses 30,090 7.3 % 28,588 6.8 % Selling 18,026
4.4 % 17,730 4.2 % Pre-opening costs 319 0.1 % 1,137 0.3 % Other
charges 2,398 0.6 % 6,287 1.5 % Total
other operating 79,271 19.3 % 82,935
19.7 % Income from operations 3,401 0.8 % 7,019 1.7 %
Interest expense, net and other 3,238 0.8 % 3,407 0.8 % Income tax
benefit (476 ) (0.1 )% (768 ) (0.2 )% Total other
2,762 0.7 % 2,639 0.6 % Net
income $ 639 0.2 % $ 4,380 1.0 %
________________________________________
(1) Excluding depreciation and amortization, which is shown
separately. Certain percentage amounts in the table above do not
total due to rounding as well as the fact that components of
restaurant-level operating profit are expressed as a percentage of
restaurant revenue and not total revenues.
Schedule III
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA (In thousands, unaudited)
The Company defines EBITDA as net income before interest
expense, (benefit) for income taxes, and depreciation and
amortization. EBITDA and adjusted EBITDA are presented because the
Company believes investors’ understanding of our performance is
enhanced by including these non-GAAP financial measures as a
reasonable basis for evaluating our ongoing results of operations
without the effect of non-cash charges such as depreciation and
amortization expenses, asset disposals, and asset impairment and
restaurant closure charges. EBITDA and adjusted EBITDA are
supplemental measures of operating performance that do not
represent and should not be considered as alternatives to net
income or cash flow from operations, as determined by GAAP, and our
calculation thereof may not be comparable to that reported by other
companies in our industry or otherwise. Adjusted EBITDA further
adjusts EBITDA to reflect the additions and eliminations shown in
the table below. The use of adjusted EBITDA as a performance
measure permits a comparative assessment of our operating
performance relative to our performance based on our GAAP results,
while isolating the effects of some items that vary from period to
period without any correlation to core operating performance.
Adjusted EBITDA as presented may not be comparable to other
similarly-titled measures of other companies, and our presentation
of adjusted EBITDA should not be construed as an inference that our
future results will be unaffected by excluded or unusual items. We
have not provided a reconciliation of our adjusted EBITDA outlook
to the most comparable GAAP measure of net income. Providing net
income guidance is potentially misleading and not practical given
the difficulty of projecting event-driven transactional and other
non-core operating items that are included in net income, including
asset impairments and income tax valuation adjustments. The
reconciliations of adjusted EBITDA to net income for the historical
periods presented below are indicative of the reconciliations that
will be prepared upon completion of the periods covered by the
non-GAAP guidance.
Sixteen Weeks Ended April 21,
2019 April 22, 2018 Net income as reported $ 639
$ 4,380 Interest expense, net 3,345 3,277 Income tax benefit (476 )
(768 ) Depreciation and amortization 28,438 29,193
EBITDA 31,946 36,082 Executive transition and
severance 1,994 — Litigation contingencies — 4,000 Restaurant
closure costs 304 — Reorganization costs — 2,287 Executive
retention 100 — Adjusted EBITDA $ 34,344 $
42,369
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For media relations questions:Katelyn Kwiatkowski, Coyne
PR(973) 588-2000
For investor relations questions:Raphael Gross, ICR(203)
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