EMS Technologies, Inc. (NASDAQ: ELMG) today announced record
sales and record Adjusted EBITDA for the fourth quarter of 2010,
reflecting strong execution and improved profitability across the
entire company.
For the fourth-quarter 2010, consolidated revenues were a record
$98.1 million, and operating income was $6.2 million.
Fourth-quarter net earnings totaled $6.1 million, or $0.40 per
share, including a benefit of approximately $1.0 million, or $0.06
per share, for Congress’s recent extension of the tax credit for
R&D expenditures. Adjusted EBITDA (described below under
“Non-GAAP Financial Measures”) for the fourth quarter was a record,
totaling $12.2 million. The Company also generated a record $17.4
million in operating cash flow from continuing operations during
the fourth quarter of 2010, further improving an already strong
balance sheet. These financial results exceeded the results for the
comparable period in 2009. For the full year 2010, the Company
reported revenues of $355.2 million and net earnings of $14.1
million, or $0.92 per share. Adjusted EBITDA for 2010 was a record
$40.3 million, and Adjusted Earnings Per Share (also described
below under “Non-GAAP Financial Measures”) were $0.97 per
share.
Neil Mackay, EMS’s CEO, commented, “Our results are a direct
reflection of the Company’s leadership in dynamic markets and the
focused performance of our people, as well as the benefit of
strategic and operational steps we have taken to increase
efficiency and improve profitability. EMS is positioned for growth,
and we expect strong results in 2011 and beyond.”
Strong North American Markets Drives Record LXE
Revenues
Fourth quarter revenues from LXE’s rugged wireless computers
were a record $38.7 million, a 31% increase from $29.5 million in
Q4 2009. LXE’s fourth quarter operating income was $2.5 million in
2010, compared with an operating loss of $0.4 million in 2009.
Fourth quarter Adjusted EBITDA from LXE increased to $3.3 million
in 2010 compared with $0.2 million in 2009. The most active markets
were beverage, automotive, and construction equipment, as well as
markets for LXE’s new wide-area products for field-force
automation.
Revenue growth was also driven by the success of LXE’s change to
an indirect distribution strategy. We expanded our market reach by
establishing strong relationships with large distribution partners,
such as ScanSource and BlueStar, and system integrators, such as
Red Prairie and PEAK Technologies. Since the beginning of 2010, the
number of worldwide distribution partners has nearly tripled to
more than 700.
Global Tracking To Align With LXE For Competitive
Advantage
Fourth-quarter 2010 revenues for the Global Tracking business
were $10.9 million, a 24% increase from $8.8 million in Q4 2009.
Global Tracking’s operating income increased to $0.6 million in
2010 from $0.3 million in 2009. Adjusted EBITDA was $1.7 million in
Q4 2010, a 55% increase from $1.1 million in Q4 2009. Higher
airtime revenue and installation of systems for search and rescue
contributed to these improved results.
Neil Mackay commented, “Global Tracking comprises powerful
enabling technologies that are helping fuel the demand to track and
communicate with people and assets on the move, anywhere in the
world. We believe the integration of this business with LXE will be
a competitive advantage and an important key for long-term
success.”
Aviation Business Improves In Fourth Quarter and Builds For
The Future
The Aviation business earned $2.7 million in operating profit
and $5.0 million Adjusted EBITDA on revenues of $31.1 million for
the fourth quarter of 2010, compared with $2.5 million in operating
profit and $4.6 million Adjusted EBITDA on revenues of $30.3
million for the comparable period one year earlier. This business
reported its strongest revenue since mid-2009, driven by sales of
satellite connectivity products for defense applications in
intelligence, surveillance and reconnaissance (“ISR”). The Aviation
business also had major shipments of air-to-ground products, as
part of commercial airline expansion of in-flight broadband
service.
In the fourth quarter, the Aviation division completed a major
integration project, by combining our Tacoma Park, Maryland
facilities into operations at Moorestown, New Jersey, and
reassigning key managers for a more efficient structure. Said
Mackay, “Our opportunities in an improving aviation market are
significant, and we believe our integration initiative will
translate into more efficient operations and better margins for the
future.”
Defense & Space Finishes the Year With Strong
Profits
The EMS Defense & Space business maintained tight cost
control in the fourth quarter and executed effectively on its
programs, including data-links for aircraft. This business achieved
operating profit of $1.8 million and Adjusted EBITDA of $2.7
million on revenues of $17.8 million in the fourth quarter of 2010,
a significant increase over Q4 2009 breakeven operating profit and
Adjusted EBITDA of $0.9 million on revenues of $16.4 million.
Fourth-quarter Adjusted EBITDA as a percentage of sales increased
to 15% in 2010 compared with 5% in 2009.
The Defense & Space backlog was $73 million at the end of
the quarter, compared with $71 million at the beginning of the
quarter. The backlog has been affected by delays in orders that
management believes are related to uncertainty in defense
budgets.
Guidance for 2011 Fiscal Year
Mackay commented, “We are very encouraged by the financial
success of 2010 and the business trends developing in our major
market sectors. We expect that all of our businesses, except the
Defense & Space segment, will show higher sales and profits in
2011. As a result, we believe that we can achieve net growth in
consolidated revenues of close to 10% in 2011. This growth
assumption is based in part on the broadly improving outlook for
the AeroConnectivity and Global Resource Management sectors, as
well as additional growth from the introduction of new products
into these sectors.”
Expectations in 2011 consider normal seasonality in which the
second half of the year is typically much stronger than the first
half. The Company also expects the 2011 second half revenues to be
higher due to product rollouts beginning earlier in the year.
For the full year 2011, management expects consolidated revenues
in the range of $385 – $405 million, and Adjusted EBITDA in the
range of $43 – $46 million. The Company expects Adjusted Earnings
Per Share in the range of $1.10 – $1.25 per share, assuming an
effective income tax rate of 20%. The forecasted effective income
tax rate is higher than in recent years due to the expectation of
relatively higher profits to be earned in the U.S. in 2011. The
2011 guidance does not include potential costs associated with a
recent announcement by one of our shareholders that it intends to
nominate four directors to the EMS Board.
Mackay concluded, “Our strategy to increase the value of the
company is simple. It is built on increasing profitability, greater
strategic alignment, and growth. In 2010, profits were up
substantially, and we began important initiatives to increase
alignment in the Aviation and Global Resource Management
businesses. We expect to see the results of these efforts in
revenue growth in 2011 and beyond. We firmly believe this is the
best path to maximize long-term shareholder value,” added
Mackay.
Non-GAAP Financial Measures
This press release contains information regarding our earnings
from continuing operations before interest expense, income taxes,
depreciation and amortization and excluding impairment-related
charges, acquisition-related items and stock-based compensation
(“Adjusted EBITDA”). The press release also references earnings per
share from continuing operations, excluding impairment-related
charges, acquisition-related items, and adjustments, if any, for
changes to the valuation allowance for deferred tax assets
resulting from changes in judgment about the potential realization
of these assets (“Adjusted Earnings Per Share”). Each of these
measures also excludes potential costs associated with a recent
announcement by one of our shareholders that it intends to nominate
four directors to the EMS Board. The Company believes that earnings
that are based on these non-GAAP financial measures provide useful
information to investors, lenders and financial analysts
because (i) these measures are more comparable with the
results for prior fiscal periods, and (ii) by excluding the
potential volatility related to the timing and extent of
nonoperating activities, such as acquisitions or revisions of the
estimated value of post-closing earn-outs, such results provide a
useful means of evaluating the success of the Company's ongoing
operating activities. Also, the Company uses this information,
together with other appropriate metrics, to set goals for and
measure the performance of its operating businesses, to determine
management’s incentive compensation, and to assess the Company’s
compliance with debt covenants. Management further considers
Adjusted EBITDA an important indicator of operational strengths and
performance of its businesses. EBITDA measures are used
historically by investors, lenders and financial analysts to
estimate the value of a company, to make informed investment
decisions and evaluate performance. Management believes that
Adjusted EBITDA facilitates comparisons of our results of
operations with those of companies having different capital
structures. In addition, a measure similar to Adjusted EBITDA is a
component of our bank lending agreement, which requires certain
levels of Adjusted EBITDA to be achieved by the Company. This
information should not be considered in isolation or in lieu of the
Company’s operating and other financial information determined in
accordance with GAAP. In addition, because EBITDA and adjustments
to EBITDA are not determined consistently by all entities, Adjusted
EBITDA as presented may not be comparable to similarly titled
measures of other companies.
We have not provided a quantitative reconciliation of
projected Adjusted EBITDA or Adjusted Earnings Per Share for
2011. Not all of the information necessary for quantitative
reconciliation is available to us at this time without unreasonable
efforts; this is due primarily to variability and difficulty in
making accurate detailed forecasts and projections. Accordingly, we
do not believe that reconciling information for such projected
figures would be meaningful.
About EMS Technologies, Inc.
EMS Technologies, Inc. (NASDAQ: ELMG) is a leading provider of
wireless connectivity solutions over satellite and terrestrial
networks. EMS keeps people and systems connected, wherever they are
— on land, at sea, in the air or in space. EMS enables
universal mobility, visibility and intelligence in two broad market
sectors – AeroConnectivity (through its Aviation and Defense &
Space businesses), and Global Resource Management (through its LXE
and Global Tracking businesses).
Visit www.ems-t.com for more information.
There will be a conference call at 9:30
AM Eastern time on March 3, 2011, in which the Company's
management will discuss the financial results for the fourth
quarter of 2010 and the outlook for 2011. If you would like to
participate in this conference, please dial 1-888-674-0222
(international callers dial 1-201-604-0498) approximately 10
minutes before the call is scheduled to begin. A taped replay of
the conference call will be available through March 11, 2011, by
dialing 1-888-632-8973 and entering the replay code 61857298,
followed by the # sign. (International callers use 1-585-295-6791
and enter same replay code.)
Forward-Looking Statements
Statements contained in this press release regarding the
Company's expectations for its financial results for 2011 and the
potential for various businesses and products are forward-looking
statements. Actual results could differ materially from those
statements as a result of a wide variety of factors. Such factors
include, but are not limited to…
- economic conditions in the U.S. and
abroad and their effect on capital spending in our principal
markets;
- difficulty predicting the timing of
receipt of major customer orders, and the effect of customer timing
decisions on our results;
- our successful completion of
technological development programs and the effects of technology
that may be developed by, and patent rights that may be held or
obtained by, competitors;
- U.S. defense budget pressures on
near-term spending priorities;
- uncertainties inherent in the process
of converting contract awards into firm contractual orders in the
future;
- volatility of foreign currency exchange
rates relative to the U.S. dollar and their effect on purchasing
power by international customers, and on the cost structure of the
our operations outside the U.S., as well as the potential for
realizing foreign exchange gains and losses associated with assets
and liabilities denominated in foreign currencies;
- successful resolution of technical
problems, proposed scope changes, or proposed funding changes that
may be encountered on contracts;
- changes in our consolidated effective
income tax rate caused by the extent to which actual taxable
earnings in the U.S., Canada and other taxing jurisdictions may
vary from expected taxable earnings, changes in tax laws, and the
extent to which deferred tax assets are considered realizable;
- successful transition of products from
development stages to an efficient manufacturing environment;
- changes in the rates at which our
products are returned for repair or replacement under
warranty;
- customer response to new products and
services, and general conditions in our target markets (such as
logistics and space-based communications) and whether these
responses and conditions develop according to our
expectations;
- the increased potential for asset
impairment charges as unfavorable economic or financial market
conditions or other developments might affect the estimated fair
value of one or more of our business units;
- the success of certain of our customers
in marketing our line of high-speed commercial airline
communications products as a complementary offering with their own
lines of avionics products;
- the availability of financing for
various mobile and high-speed data communications systems;
- risk that unsettled conditions in the
credit markets may make it more difficult for some customers to
obtain financing and adversely affect their ability to pay, which
in turn could have an adverse impact on our business, operating
results and financial condition;
- development of successful working
relationships with local business and government personnel in
connection with distribution and manufacture of products in foreign
countries;
- the demand growth for various mobile
and high-speed data communications services;
- our ability to attract and retain
qualified senior management and other personnel, particularly those
with key technical skills;
- our ability to effectively integrate
our acquired businesses, products or technologies into our existing
businesses and products, and the risk that any such acquired
businesses, products or technologies do not perform as expected,
are subject to undisclosed or unanticipated liabilities, or are
otherwise dilutive to our earnings;
- the potential effects, on cash and
results of discontinued operations, of final resolution of
potential liabilities under warranties and representations that we
made, and obligations assumed by purchasers, in connection with our
dispositions of discontinued operations;
- the availability, capabilities and
performance of suppliers of basic materials, electronic components
and sophisticated subsystems on which we must rely in order to
perform according to contract requirements, or to introduce new
products on the desired schedule;
- uncertainties associated with U.S.
export controls and the export license process, which restrict our
ability to hold technical discussions with customers, suppliers and
internal engineering resources and can reduce our ability to obtain
sales from customers outside the U.S. or to perform contracts with
the desired level of efficiency or profitability;
- our ability to maintain compliance with
the requirements of the Federal Aviation Administration and the
Federal Communications Commission, and with other government
regulations affecting our products and their production, service
and functioning; and
- costs associated with a recent
announcement by one of shareholders that it intends to nominate
four directors to our Board.
Further information concerning relevant factors and risks are
identified under the caption "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2009.
EMS Technologies, Inc. and Subsidiaries Consolidated Statements of
Operations (In millions, except per-share data) Unaudited
Three Months Ended Years Ended December 31
December 31 December 31 December 31 2010 2009 2010 2009 Net sales $
98.1 85.0 355.2 360.0 Cost of sales 61.7 55.7 225.7
242.1 Gross profit 36.4 29.3 129.5 117.9 Selling,
general and administrative 24.3 21.0 90.1 86.5 Research and
development 5.9 5.1 20.9 18.9 Impairment loss on goodwill and
related charges - 19.9 0.4 19.9 Acquisition-related items -
1.9 0.6 7.2 Operating income (loss) 6.2 (18.6
) 17.5 (14.6 ) Interest income 0.1 - 0.5 0.2 Interest expense (0.4
) (0.4 ) (1.9 ) (2.2 )
Foreign exchange gain (loss)
0.2 (0.4 ) (0.2 ) 0.6 Acquisition-related FX adjustment - -
- (1.4 )
Earnings (loss) from continuing operations
before income taxes
6.1 (19.4 ) 15.9 (17.4 ) Income tax (expense) benefit - -
(1.8 ) 4.3 Earnings (loss) from continuing operations
6.1 (19.4 ) 14.1 (13.1 )
Loss from discontinued operations, net of
tax
- (6.2 ) - (7.0 ) Net earnings (loss) $ 6.1
(25.6 ) 14.1 (20.1 ) Net earnings (loss) per share:
From continuing operations $ 0.40 (1.27 ) 0.92 (0.87 ) From
discontinued operations - (0.41 ) - (0.45 ) Earnings
(loss) per share $ 0.40 (1.68 ) 0.92 (1.32 )
Outstanding shares - diluted 15.3 15.2 15.2 15.2
Supplemental data from continuing operations: Adjusted
EBITDA $ 12.2 8.5 40.3 35.7 Adjusted EPS 0.40 0.16 0.97 1.00
Net cash provided by operating
activities
17.4 9.3 39.1 42.3 EMS Technologies, Inc. and
Subsidiaries Consolidated Condensed Balance Sheets (In millions)
Unaudited
December 31
2010
December 31
2009
Assets Cash and cash equivalents $
55.9 47.2 Trade
accounts receivable
68.7 61.0 Revenue in excess of billings
on long-term contracts
22.0 25.3 Inventories
41.6
40.7 Other current assets
11.3 23.3 Current assets
199.5 197.5 Net property, plant and equipment
48.4
47.9 Goodwill
60.5 60.3 Other assets
64.5 68.4 $
372.9 374.1
Liabilities and Shareholders' Equity
Current installments of long-term debt $
1.5 1.4 Accounts
payable
25.0 27.3 Other current liabilities
47.1 70.6
Current liabilities
73.6 99.3 Long-term debt, less current
installments
27.5 26.4 Other noncurrent liabilities
14.8 11.3 Shareholders' equity
257.0 237.1 $
372.9 374.1 EMS Technologies, Inc. and
Subsidiaries Segment Data (In millions) Unaudited
Three Months Ended Years Ended December 31 December
31 December 31 December 31 2010 2009 2010 2009
Net sales
Aviation $ 31.1 30.3 106.8 124.0 Defense & Space 17.8 16.4 67.9
91.6 LXE 38.7 29.5 141.2 109.4 Global Tracking 10.9 8.8 40.7 35.0
Less intercompany sales (0.4 ) - (1.4 ) - Total $
98.1 85.0 355.2 360.0
Operating income (loss) Aviation $ 2.7 2.5 6.3 11.0 Defense
& Space 1.8 - 6.1 7.3 LXE 2.5 (0.4 ) 7.5 (6.6 ) Global Tracking
0.6 0.3 1.5 0.4 Corporate & Other (1.4 ) 0.8 (2.9 ) 0.4
Impairment loss and related charges - (19.9 ) (0.4 ) (19.9 )
Acquisition-related items - (1.9 ) (0.6 ) (7.2 ) Total $ 6.2
(18.6 ) 17.5 (14.6 )
Adjusted EBITDA
Aviation $ 5.0 4.6 14.3 20.2 Defense & Space 2.7 0.9 9.5 10.9
LXE 3.3 0.2 11.3 (3.2 ) Global Tracking 1.7 1.1 5.4 4.3 Corporate
& Other (0.5 ) 1.7 (0.2 ) 3.5 Total $ 12.2
8.5 40.3 35.7
Non-GAAP Financial Measures
This press release contains information regarding our earnings
from continuing operations and earnings per share, excluding
impairment loss and related charges, acquisition-related items, and
an acquisition-related foreign exchange adjustment, (“Adjusted
Earnings Per Share”) and earnings before interest expense, income
taxes, depreciation and amortization and excluding impairment loss
and related charges, the acquisition-related items and
acquisition-related foreign exchange adjustment (“Adjusted
EBITDA”). The Company believes that earnings that are based on
these non-GAAP financial measures provide useful information to
investors, lenders and financial analysts because (i) these
measures are more comparable with the results for prior fiscal
periods, and (ii) by excluding the potential volatility related to
the timing and extent of nonoperating activities, such as
acquisitions or revisions of the estimated value of post-closing
earn-outs, such results provide a useful means of evaluating the
success of the Company's ongoing operating activities. Also, the
Company uses this information, together with other appropriate
metrics, to set goals for and measure the performance of its
operating businesses, to determine management’s incentive
compensation, and to assess the Company’s compliance with debt
covenants. Management further considers Adjusted EBITDA an
important indicator of operational strengths and performance of its
businesses. EBITDA measures are used historically by investors,
lenders and financial analysts to estimate the value of a company,
to make informed investment decisions and evaluate performance.
Management believes that Adjusted EBITDA facilitates comparisons of
our results of operations with those of companies having different
capital structures. In addition, a measure similar to Adjusted
EBITDA is a component of our bank lending agreement, which requires
certain levels of Adjusted EBITDA to be achieved by the Company.
This information should not be considered in isolation or in lieu
of the Company’s operating and other financial information
determined in accordance with GAAP. In addition, because EBITDA and
adjustments to EBITDA are not determined consistently by all
entities, Adjusted EBITDA as presented may not be comparable to
similarly titled measures of other companies.
Following is a reconciliation of our net earnings (loss) and
earnings (loss) per share to the non-GAAP financial measures that
exclude impairment loss and related charges, acquisition-related
items and an acquisition-related foreign exchange adjustment for
the fourth quarters and years of 2010 and 2009 (in millions, except
per share data - unaudited):
Three Months Ended
Years Ended
December 31, 2010
December 31, 2009 December 31, 2010
December 31, 2009
Net
earnings
Earnings
per share
Net earnings
(loss)
Earnings
(loss)
per share
Net
earnings
Earnings
per share
Net earnings
(loss)
Earnings
(loss)
per share
As reported $ 6.1 0.40 (25.6 ) (1.68 ) 14.1 0.92 (20.1 )
(1.32 )
Less net loss from discontinued
operations, net of tax
- - (6.2 )
(0.41
) - - (7.0 )
(0.45
)
Earnings (loss) from continuing
operations
6.1 0.40 (19.4 ) (1.27 ) 14.1 0.92 (13.1 ) (0.87 )
Impairment loss and related charges, net
of tax
- - 19.9 1.31 0.2 0.01 19.9 1.31 Acquisition-related items - - 1.9
0.12 0.6 0.04 7.2 0.47
Acquisition-related foreign exchange
adjustment
- - - - - - 1.4 0.09 As adjusted $ 6.1
0.40 2.4 0.16 14.9 0.97 15.4 1.00
Following is a reconciliation of net earnings (loss) to Adjusted
EBITDA and earnings (loss) from continuing operations before income
taxes to Adjusted EBITDA by segment, for the three months and years
ended December 31, 2010 and 2009 (in millions - unaudited):
Aviation
D&S LXE
Global
Tracking
Corp &
Other
Total
Three Months Ended
December 31, 2010
Net earnings $ 6.1 Income tax expense - Earnings
(loss) before income taxes $ 2.7 1.8 2.5 0.7 (1.6 ) 6.1 Interest
expense - - - - 0.4 0.4 Depreciation and amortization 2.2 0.9 0.8
0.9 0.3 5.1 Stock-based compensation 0.1 - -
0.1 0.4 0.6 Adjusted EBITDA $ 5.0 2.7
3.3 1.7 (0.5 ) $ 12.2
Year Ended December
31, 2010
Net earnings $ 14.1 Income tax expense 1.8 Earnings
(loss) before income taxes $ 5.9 6.1 7.7 1.6 (5.4 ) 15.9 Interest
expense - - - - 1.9 1.9 Depreciation and amortization 8.1 3.2 3.3
3.7 1.2 19.5 Impairment loss on goodwill and related charges - - -
- 0.4 0.4 Stock-based compensation 0.3 0.2 0.3 0.1 1.1 2.0
Acquisition-related items - - - - 0.6
0.6 Adjusted EBITDA $ 14.3 9.5 11.3 5.4
(0.2 ) $ 40.3
Three Months Ended
December 31, 2009
Net loss $ (25.6 ) Loss from discontinued operations, net of tax
6.2 Income tax expense -
Earnings (loss) from continuing operations
before income taxes
$ 2.3 (0.1 ) (20.3 ) 0.3 (1.6 ) (19.4 ) Interest expense - 0.1 (0.1
) - 0.4 0.4 Depreciation and amortization 2.3 0.9 0.7 0.8 0.3 5.0
Impairment loss on goodwill and related charges - - 19.9 - - 19.9
Stock-based compensation - - - - 0.7 0.7 Acquisition-related items
- - - - 1.9 1.9 Adjusted
EBITDA $ 4.6 0.9 0.2 1.1 1.7 $ 8.5
Year Ended December
31, 2009
Net loss $ (20.1 ) Loss from discontinued operations, net of tax
7.0
Income tax benefit
(4.3
)
Earnings (loss) from continuing operations
before income taxes
$ 11.4 7.3 (26.7 ) 0.8 (10.2 ) (17.4 ) Interest expense 0.1 - 0.1 -
2.0 2.2 Depreciation and amortization 8.6 3.4 3.3 3.5 1.2 20.0
Impairment loss on goodwill and related charges - - 19.9 - - 19.9
Stock-based compensation 0.1 0.2 0.2 - 1.9 2.4 Acquisition-related
items - - - - 7.2 7.2 Acquisition-related foreign exchange
adjustment - - - - 1.4 1.4
Adjusted EBITDA $ 20.2 10.9 (3.2 ) 4.3 3.5 $
35.7
Additional Information and Where To Find It
In connection with the proxy contest initiated by MMI
Investments, L.P., the Company will be filing documents with the
Securities and Exchange Commission (the “SEC”), including the
filing by the Company of a proxy statement. Shareholders are urged
to read the Proxy Statement for the 2011 Annual Meeting of
Shareholders when it becomes available, as well as other documents
filed with the SEC, because they will contain important
information. The final Proxy Statement will be mailed to
shareholders of the Company. Shareholders may obtain free copies of
these documents (when they are available) and other documents filed
with the SEC at the Company’s website (www.ems-t.com) under the
heading “Investor Relations”, the SEC’s website at (www.sec.gov),
or by contacting the Company at (770) 729-6512.
Information Regarding Participants
The Company, its directors and certain of its officers and
employees are participants in a solicitation of proxies in
connection with the Company’s 2011 Annual Meeting of Shareholders.
Information with respect to the identity of these participants in
the solicitation and a description of their direct or indirect
interest in the Company, by security holdings or otherwise, is
contained in the Schedule 14A filed by the Company with the SEC on
February 16, 2011. Shareholders may obtain free copies of this
information at the Company’s website (www.ems-t.com) under the
heading “Investor Relations,” the SEC’s website at (www.sec.gov),
or by contacting the Company at (770) 729-6512 or 660 Engineering
Drive, Norcross, Georgia 30092, Attention: Secretary. As of the
date hereof, the Company’s directors, officer and employees who are
participants collectively own an aggregate of: (1) 564,488 shares
of common stock of the Company, including options that are
currently exercisable or will be exercisable within 60 days, and
(2) 61,193 nonvoting phantom-share units.
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