November 6, 2018 - 4:30 PM EST
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NCS Multistage Holdings, Inc. Announces Third Quarter 2018 Results

Third Quarter Highlights

  • Total revenue of $62.7 million, a 12% year-over-year increase
  • Net income of $6.3 million; adjusted net income of $5.4 million
  • Earnings per diluted share of $0.13 and adjusted earnings per diluted share of $0.11
  • Adjusted EBITDA of $18.0 million and a 29% Adjusted EBITDA margin
  • Total liquidity of $82.4 million, comprised of $27.4 million in cash on hand and $55.0 million of revolver availability

HOUSTON, Nov. 06, 2018 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies, today announced its results for the quarter ended September 30, 2018.

Financial Review

Revenues were $62.7 million for the quarter ended September 30, 2018, an increase of $6.7 million or 12% as compared to the third quarter of 2017. This increase was primarily attributable to an increase in product sales and services revenue in the U.S. and international markets, including tracer diagnostics services, which we added in 2017 through the acquisition of Spectrum Tracer Services, LLC (“Spectrum”). These increases were offset by lower volumes of fracturing systems product sales and services in Canada, where customer activity was negatively impacted by weather conditions and increasing commodity price differentials during the quarter, and where we are facing increased pricing pressure. Total revenues increased by 44% as compared to the second quarter of 2018 with an increase of 110% in Canada and an increase of 297% in other international countries partially offset by a decrease of 5% in the U.S.

Net income was $6.3 million, or $0.13 per diluted share for the quarter ended September 30, 2018, which included a net benefit of $1.2 million ($0.9 million after tax, or $0.02 per diluted share) related to the change in fair value of contingent consideration and realized and unrealized foreign currency gains and losses. Adjusted net income, which excludes these items, was $5.4 million, or $0.11 per diluted share, for the quarter ended September 30, 2018. This compares to a net income of $3.4 million, or $0.07 per diluted share in the third quarter of 2017, which included a net expense of $1.0 million ($0.8 million after tax, or $0.02 per diluted share) related to professional expenses incurred in connection with the initial public offering of our common stock (“IPO”) and acquisitions, change in fair value of contingent consideration and realized and unrealized foreign currency gains and losses. Adjusted net income, which excludes these items, was $4.2 million or $0.09 per diluted share, for the quarter ended September 30, 2017.

Adjusted EBITDA was $18.0 million for the quarter ended September 30, 2018, an increase of $2.9 million as compared to the third quarter of 2017. Gross profit, which we define as total revenues less total cost of sales exclusive of depreciation and amortization, increased to $33.9 million, or 54% of total revenues in the third quarter of 2018, as compared to $30.0 million, or 54% of total revenues, in the third quarter of 2017. This was offset by an increase in selling, general and administrative expenses in the third quarter as compared to the prior year, primarily related to increases in personnel to support growth and the inclusion of tracer diagnostics operations resulting from our Spectrum acquisition. Adjusted EBITDA margin for the quarter was 29%, as compared to 27% for the third quarter of 2017.

Based on current industry conditions and the Company’s revenue through the first three quarters of 2018, NCS no longer expects to achieve the revenue guidance previously announced in August for the 2018 calendar year.

Capital Expenditures and Liquidity

The Company spent $6.1 million in capital expenditures, net for the third quarter of 2018 and $9.6 million, net, for the nine months ended September 30, 2018.

As of September 30, 2018, the Company had $27.4 million in cash, total availability under its revolving credit facility of $55.0 million and $25.6 million in total debt.

Review and Outlook

NCS’s Chief Executive Officer, Robert Nipper, commented, “I’m very proud of our team and how we are responding to dynamic market conditions. While our business was negatively impacted in the third quarter by a slowdown in completions activity in the U.S. and by a challenging operating environment in Canada, we grew our business on a year-over-year basis and had significant achievements in each of our geographical operating areas, including:

  • The fourth consecutive quarter in which U.S. product sales increased sequentially by 10% or more;
  • The completion of a 227-stage well for a customer operating in the Montney in Canada in which over 18 million pounds of proppant was efficiently placed into the formation in a single run;
  • The first sales of our Purple Seal Express frac-plug deployment system, a pre-assembled system combining a disposable setting tool with our Purple Seal frac plug, to multiple operators in the Permian Basin;
  • Our first tracer diagnostics jobs outside of North America; and
  • The delivery of sliding sleeves under our recently-announced Frame Agreement with Aker BP, to be utilized in the completion of several additional wells in the North Sea, and the completion of a well for a second customer in the North Sea.      

We look to continue to build on these accomplishments over the coming quarters as we navigate a challenging industry environment in the U.S. and Canada. In both the United States and Canada, we currently anticipate that industry completions activity will decline in the fourth quarter as a result of seasonal holidays, customer budget exhaustion and customer response to elevated differentials. We believe that the pricing differentials in the United States will moderate in 2019 as pipeline capacity is commissioned, which could lead to higher completions activity as the year progresses. We believe elevated pricing differentials in Canada are likely to persist into 2019 and potentially beyond, which we expect to result in reduced customer activity levels and to result in continued customer and competitor-driven pricing pressure for our products and services, negatively impacting our margins. We believe that the increased breadth of our product and service portfolio positions us to benefit from the potential recovery in completions activity in the United States and that our growing international presence provides us with additional long-term growth opportunities.”

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

Conference Call

The Company will host a conference call to discuss its third quarter 2018 results on Wednesday, November 7, 2018 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 400-1696. To join the conference call from outside of the United States, participants may dial (703) 736-7385. The conference access code is 7987038. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, http://www.ncsmultistage.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (855) 859-2056 within the United States or (404) 537-3406 outside of the United States. The conference call replay access code is 7987038. The replay will also be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About NCS Multistage Holdings, Inc.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. NCS provides products and services to exploration and production companies for use in horizontal wells in unconventional oil and natural gas formations throughout North America and in selected international markets, including Argentina, China, Russia, and the North Sea. NCS’s common stock is traded on the NASDAQ Global Select Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity within Canada and the United States; oil and natural gas price fluctuations; loss of significant customers; inability to successfully implement our strategy of increasing sales of products and services into the United States; significant competition for our products and services; our inability to successfully develop and implement new technologies, products and services; our inability to protect and maintain critical intellectual property assets; currency exchange rate fluctuations; impact of severe weather conditions; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; our failure to identify and consummate potential acquisitions; our inability to integrate or realize the expected benefits from acquisitions; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; our inability to accurately predict customer demand; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including environmental regulations and the U.S. Tax Cuts and Jobs Act of 2017; changes in trade policy, including the impact of additional tariffs; loss of our information and computer systems; system interruptions or failures, including cyber-security breaches, identity theft or other disruptions that could compromise our information; our failure to establish and maintain effective internal control over financial reporting; complications with the design and implementation of our new enterprise resource planning system; our success in attracting and retaining qualified employees and key personnel; our inability to satisfy technical requirements and other specifications under contracts and contract tenders and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact

Ryan Hummer
Chief Financial Officer
(281) 453-2222
[email protected]


NCS MULTISTAGE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

             
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2018  2017  2018  2017 
Revenues            
Product sales $44,633  $39,391  $122,514  $114,362 
Services  18,058   16,566   54,261   37,088 
Total revenues  62,691   55,957   176,775   151,450 
Cost of sales            
Cost of product sales, exclusive of depreciation
 and amortization expense shown below
  20,275   19,326   57,600   59,774 
Cost of services, exclusive of depreciation
 and amortization expense shown below
  8,542   6,632   24,721   14,423 
Total cost of sales, exclusive of depreciation
 and amortization expense shown below
  28,817   25,958   82,321   74,197 
Selling, general and administrative expenses  19,356   17,637   62,508   46,572 
Depreciation  1,174   812   3,429   2,054 
Amortization  3,255   6,486   9,859   18,481 
Change in fair value of contingent consideration  (1,865)  (182)  (3,005)  585 
Income from operations  11,954   5,246   21,663   9,561 
Other income (expense)            
Interest expense, net  (317)  (235)  (1,382)  (3,751)
Other income, net  28   94   68   1,132 
Foreign currency exchange (loss) gain  (688)  (787)  (399)  224 
Total other expense  (977)  (928)  (1,713)  (2,395)
Income before income tax  10,977   4,318   19,950   7,166 
Income tax expense  3,211   777   3,137   2,022 
Net income  7,766   3,541   16,813   5,144 
Net income (loss) attributable to non-controlling interest  1,443   155   3,565   (301)
Net income attributable to
 NCS Multistage Holdings, Inc.
 $6,323  $3,386  $13,248  $5,445 
Earnings per common share            
Basic earnings per common share attributable to
 NCS Multistage Holdings, Inc.
 $0.14  $0.07  $0.29  $0.13 
Diluted earnings per common share attributable to
 NCS Multistage Holdings, Inc.
 $0.13  $0.07  $0.28  $0.13 
Weighted average common shares outstanding            
Basic  44,943   43,676   44,660   39,329 
Diluted  47,404   47,119   47,254   42,537 
                 
                 

NCS MULTISTAGE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

       
  September 30, December 31,
  2018  2017 
Assets      
Current assets      
Cash and cash equivalents $27,440  $33,809 
Accounts receivable—trade, net  58,002   47,880 
Inventories  32,493   33,135 
Prepaid expenses and other current assets  3,759   1,616 
Other current receivables  4,827   1,369 
Total current assets  126,521   117,809 
Noncurrent assets      
Property and equipment, net  29,509   23,651 
Goodwill  181,500   184,478 
Identifiable intangibles, net  126,853   136,412 
Deposits and other assets  1,393   1,563 
Total noncurrent assets  339,255   346,104 
Total assets $465,776  $463,913 
Liabilities and Stockholders’ Equity      
Current liabilities      
Accounts payable—trade $12,921  $7,448 
Accrued expenses  4,225   6,673 
Income taxes payable  119   10,561 
Current contingent consideration  9,830    
Other current liabilities  2,921   1,673 
Current maturities of long-term debt  2,530   5,334 
Total current liabilities  32,546   31,689 
Noncurrent liabilities      
Long-term debt, less current maturities  23,052   21,702 
Noncurrent contingent consideration     12,835 
Other long-term liabilities  1,232   4,513 
Deferred income taxes, net  20,912   24,183 
Total noncurrent liabilities  45,196   63,233 
Total liabilities  77,742   94,922 
Commitments and contingencies      
Stockholders’ equity      
Preferred stock, $0.01 par value, 10,000,000 shares authorized, one share issued and outstanding at      
September 30, 2018 and December 31, 2017, respectively      
Common stock, $0.01 par value, 225,000,000 shares authorized, 45,038,934 shares issued      
and 45,010,626 shares outstanding at September 30, 2018 and 43,931,484 shares issued      
and 43,913,136 shares outstanding at December 31, 2017  450   439 
Additional paid-in capital  408,613   399,426 
Accumulated other comprehensive loss  (73,260)  (66,707)
Retained earnings  37,359   23,864 
Treasury stock, at cost; 28,308 shares at September 30, 2018 and 18,348 shares      
at December 31, 2017  (337)  (175)
Total stockholders’ equity  372,825   356,847 
Non-controlling interest  15,209   12,144 
Total equity  388,034   368,991 
Total liabilities and stockholders' equity $465,776  $463,913 
         
         

NCS MULTISTAGE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

       
  Nine Months Ended
  September 30,
  2018  2017 
Cash flows from operating activities   
Net income $16,813  $5,144 
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization  13,288   20,535 
Amortization of deferred loan cost  251   360 
Share-based compensation  8,197   3,889 
Provision for inventory obsolescence  1,219    
Deferred income tax benefit  (2,148)  (12,902)
Gain on sale of property and equipment  (39)  (40)
Foreign exchange gain on financing item     (1,760)
Write-off of deferred loan costs     1,422 
Change in fair value of contingent consideration  (3,005)  585 
Changes in operating assets and liabilities:      
Accounts receivable—trade  (10,787)  (16,101)
Inventories  (1,529)  (12,690)
Prepaid expenses and other assets  (2,237)  (169)
Accounts payable—trade  6,959   (983)
Accrued expenses  (2,371)  3,531 
Other liabilities  816   129 
Income taxes receivable/payable  (17,812)  11,919 
Net cash provided by operating activities  7,615   2,869 
Cash flows from investing activities      
Purchases of property and equipment  (7,352)  (5,332)
Purchase and development of software and technology  (2,588)   
Proceeds from sales of property and equipment  298   181 
Proceeds from short-term note receivable     1,000 
Acquisition of business, net of cash acquired     (80,928)
Net cash used in investing activities  (9,642)  (85,079)
Cash flows from financing activities      
Equipment note borrowings  1,001   1,533 
Payments on equipment note and capital leases  (1,437)  (158)
Promissory note borrowings  5,053   6,541 
Payments on promissory note  (8,366)  (3,661)
Line of credit borrowings     20,000 
Payment of deferred loan cost related to senior secured credit facility     (971)
Payments related to public offering     (2,178)
Proceeds from related party note receivable     752 
Repayment of term note     (89,077)
Proceeds from issuance of common stock, net of offering costs     151,356 
Proceeds from the exercise of options for common stock  1,001    
Treasury shares withheld  (161)   
Distribution to noncontrolling interest  (500)   
Net cash (used in) provided by financing activities  (3,409)  84,137 
Effect of exchange rate changes on cash and cash equivalents  (933)  20 
Net change in cash and cash equivalents  (6,369)  1,947 
Cash and cash equivalents beginning of period  33,809   18,275 
Cash and cash equivalents end of period $27,440  $20,222 
Supplemental cash flow information      
Cash paid for income taxes (net of refunds) $22,922  $3,350 
Noncash investing and financing activities      
Issuance of common stock for business acquisition $  $6,907 
Assets obtained by entering into capital leases $2,433  $459 
         
         

NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION  
(In thousands, except per share data) 
(Unaudited)

Non-GAAP Financial Measures

EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing performance or which, in the case of share-based compensation, are non-cash in nature. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted Net Income is defined as net income attributable to NCS Multistage Holdings, Inc. adjusted to exclude certain items which we believe are not reflective of ongoing performance. Adjusted Net Earnings per Diluted Share is defined as Adjusted Net Income divided by our diluted weighted average common shares outstanding during the relevant period. We believe that Adjusted EBITDA, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are important measures that exclude costs that management believes do not reflect our ongoing operating performance and, in the case of Adjusted EBITDA, certain costs associated with our capital structure. Accordingly, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share are key metrics that management uses to assess the period-to-period performance of our core business operations. We believe that presenting Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share enables investors to assess our performance from period to period using the same metrics utilized by management and that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share enable investors to evaluate our performance relative to other companies that are not subject to such factors.

EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Earnings per Diluted Share (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP and they should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measure of financial performance calculated under GAAP:

ADJUSTED NET INCOME AND ADJUSTED NET EARNINGS PER DILUTED SHARE

                         
  Three Months Ended Nine Months Ended
  September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017
  Effect on
Net Income
(After-
Tax)
 Impact on
Diluted
Earnings
Per Share
 Effect on
Net Income
(After-
Tax)
 Impact on
Diluted
Earnings
Per Share
 Effect on
Net Income
(After-
Tax)
 Impact on
Diluted
Earnings
Per Share
 Effect on
Net Income
(After-
Tax)
 Impact on Diluted Earnings Per Share
Net income attributable to
NCS Multistage Holdings, Inc.
 $6,323  $0.13  $3,386  $0.07 $13,248  $0.28  $5,445  $0.13 
Adjustments (after tax)                        
Write-off of deferred loan costs (a)                   1,147   0.03 
IPO-related professional expense (b)        9           1,822   0.04 
Acquisition and merger costs (c)        315   0.01        843   0.02 
Realized and unrealized losses (gains) (d)  489   0.01   652   0.01  270   0.01   (261)  (0.01)
Change in fair value of contingent consideration (e)  (1,369)  (0.03)  (154)    (2,202)  (0.05)  472   0.01 
Adjusted net income attributable
 to NCS Multistage Holdings, Inc.
 $5,443  $0.11  $4,208  $0.09 $11,316  $0.24  $9,468  $0.22 

_____________________

  1. Includes the remaining deferred loan costs of $1,422 related to the prior credit agreement that were expensed when the debt was repaid with a portion of our net proceeds from the IPO during the second quarter of 2017.
  2. Represents non-capitalizable costs of professional services incurred in connection with our IPO.
  3. Represents costs of professional services incurred in connection with our acquisition of a 50% interest in Repeat Precision and Spectrum acquisition.
  4. Represents realized and unrealized foreign currency translation gains and losses primarily in respect of our indebtedness.
  5. Represents the change in the fair value of the earn-outs associated with our acquisitions


NCS MULTISTAGE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION 
(In thousands)
(Unaudited)

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

             
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2018  2017  2018  2017 
Net income $7,766  $3,541  $16,813  $5,144 
Income tax expense  3,211   777   3,137   2,022 
Interest expense, net (a)  317   235   1,382   3,751 
Depreciation  1,174   812   3,429   2,054 
Amortization  3,255   6,486   9,859   18,481 
EBITDA  15,723   11,851   34,620   31,452 
Share-based compensation (b)  2,865   2,053   8,197   3,889 
Professional fees (c)  486   391   1,248   3,337 
Unrealized foreign currency loss (d)  515   735   2,172   20,175 
Realized foreign currency loss (gain) (e)  173   52   (1,773)  (20,399)
Change in fair value of contingent consideration (f)  (1,865)  (182)  (3,005)  585 
Other (g)  98   202   528   66 
Adjusted EBITDA $17,995  $15,102  $41,987  $39,105 
Adjusted EBITDA Margin  29%  27%  24%  26%

_____________________

  1. Includes the remaining deferred loan costs of $1,422 related to the prior credit agreement that were expensed when the debt was repaid with a portion of our net proceeds from the IPO during the second quarter of 2017.
  2. Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
  3. Represents non-capitalizable costs of professional services incurred in connection with our IPO, financings, refinancings, legal proceedings and the evaluation of proposed and completed acquisitions.
  4. Represents unrealized foreign currency translation gains and losses primarily in respect of our indebtedness.
  5. Represents realized foreign currency translation gains and losses with respect to principal and interest payments related to our indebtedness.
  6. Represents the change in the fair value of the earn-outs associated with our acquisitions.
  7. Represents the impact of a research and development subsidy that is included in income tax (benefit) expense in accordance with GAAP, fees incurred in connection with refinancing our credit facilities, arbitration awards, board of directors fees and travel expenses prior to our IPO as permitted by the terms of our prior credit agreement and other charges and credits.


NCS MULTISTAGE HOLDINGS, INC.
REVENUE BY GEOGRAPHIC AREA
(In thousands)
 (Unaudited)

             
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2018 2017 2018 2017
United States            
Product sales $18,125 $7,608 $48,011 $32,736
Services  8,157  5,693  27,976  11,043
Total United States  26,282  13,301  75,987  43,779
Canada            
Product sales  21,215  30,342  67,653  74,954
Services  7,958  10,031  22,567  23,572
Total Canada  29,173  40,373  90,220  98,526
Other Countries            
Product sales  5,293  1,441  6,850  6,672
Services  1,943  842  3,718  2,473
Total Other Countries  7,236  2,283  10,568  9,145
Total            
Product sales  44,633  39,391  122,514  114,362
Services  18,058  16,566  54,261  37,088
Total $62,691 $55,957 $176,775 $151,450
             

NCS Multistage XS Logo.jpg


Source: GlobeNewswire (November 6, 2018 - 4:30 PM EST)

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