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Elbit Systems Reports Second Quarter 2009 Results
Posted by: gurufocus (IP Logged)
Date: August 12, 2009 04:14AM

Press Release: Elbit Systems Reports Second Quarter 2009 Results

HAIFA, Israel, August 12 /PRNewswire-FirstCall/ -- Elbit Systems Ltd.(the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defenseelectronics company, today reported its consolidated financial results forthe second quarter ended June 30, 2009.

(Logo: [www.newscom.com] )

Revenues increased by 11.5% to $728.3 million in the second quarter of2009, as compared to $653.2 million in the second quarter of 2008. Thisincrease was primarily due to an increase in revenues from C4ISR systems as aresult of increased sales of communication equipment and unmanned air vehiclesystems mainly in Israel, and was partly offset by a reduction in landsystems related equipment sales, mainly in the U.S.

Gross profit increased by 7.2% to $211.9 million (29.1% of revenues) inthe second quarter of 2009, as compared with gross profit of $197.7 million(30.3% of revenues) in the second quarter of 2008. The lower gross profitpercentage primarily resulted from a significant reduction in revenues fromshort turn-around orders, mainly in the U.S. during the second quarter of2009 as compared to the second quarter of 2008. Short turn-around ordersgenerally have contributed to improvement in overall gross margins.

Net research and development ("R&D") expenses were $53.0 million (7.3% ofrevenues) in the second quarter of 2009, as compared to $38.1 million (5.8%of revenues) in the second quarter of 2008. The higher level of R&D expensesin the current quarter reflects increased spending on R&D projects tomaintain and further advance the Company\'s technologies, in accordance withits long-term plans.

Marketing and selling expenses were $67.5 million (9.3% of revenues) inthe second quarter of 2009, as compared to $55.2 million (8.4% of revenues)in the second quarter of 2008. The increase in marketing and selling expenseswas due to increased marketing activities in pursuit of businessopportunities in the U.S. and other international markets.

General and administrative ("G&A") expenses were $29.4 million (4.0% ofrevenues) in the second quarter of 2009, as compared to $44.4 million (6.8%of revenues) in the second quarter of 2008. The decrease in G&A expensereflects the Company\'s continued focus on efficiency and cost reductionefforts. Also, the second quarter 2008 expenses included expenses related toa legal settlement of a subsidiary in the U.S.

Net financial income was $11.4 million in the second quarter of 2009, ascompared to net financial expenses of $12.4 million in the second quarter of2008. The net financial income was mainly due to the Company\'s hedgingactivity, which reduced the Company\'s exposure to changes in the value ofU.S. Dollar versus the Israeli Shekel. While the weakening of the U.S. Dollaragainst the Israeli Shekel negatively impacted the Company\'s gross andoperating income, it increased the value of the Company\'s currency hedgederivatives in Israeli Shekels.

Taxes on income were $14.0 million (effective tax rate of 19.3%) in thesecond quarter of 2009, as compared to taxes on income of $3.8 million(effective tax rate of 7.9%) in the second quarter of 2008. The change in theeffective tax rate was attributable mainly to the mix of the tax rates in thevarious jurisdictions in which the Company\'s entities generate taxable income.

Net income attributable to non-controlling interests was $2.5 million inthe second quarter of 2009, as compared to $16.2 million in the secondquarter of 2008. The decrease in net income attributable to non-controllinginterests was mainly a result of the Company\'s purchase during the secondquarter of 2009 of the remaining 49% of Kinetics shares not then owned by theCompany.

Net income attributable to the Company\'s ordinary shareholders increasedby 91.7% to $59.7 million (8.2% of revenues) for the second quarter of 2009,as compared with $31.2 million (4.8% of revenues) in the second quarter of2008.

It should also be noted that according to SFAS No. 160, which isapplicable to the Company\'s results starting from the beginning of 2009,consolidated net income attributable to the Company\'s ordinary shareholdersis calculated after eliminating net income or loss attributable tonon-controlling interests.

Diluted net earnings per share attributable to the Company\'s ordinaryshareholders were $1.39 for the second quarter of 2009, as compared with$0.73 for the second quarter of 2008, an increase of 90.4%.

The Company\'s backlog of orders totaled $5,096 million as of June 30,2009, as compared with $5,030 million as of December 31, 2008. Approximately66% of the current backlog is due to orders from outside Israel.Approximately 69% of the current backlog is scheduled to be performed duringthe second half of 2009 and 2010.

Operating cash flow was $93.6 million in the first half of 2009, ascompared to $129.8 million in the first half of 2008. The decrease in theoperating cash flow was mainly a result of a reduction in the overall amountof advances received from customers.

Recent Events:

The following events occurred subsequent to the announcement of thefinancial results for the quarter ended March 31, 2009. Each event isdescribed in greater detail in the separate announcements made for each suchevent.

On June 1, 2009, together with Alliant Techsystems (ATK), the Companysuccessfully conducted flight tests of the Guided Advanced Tactical Rocket(GATR) from a helicopter using a "lock-on before launch" method to engage anoff-boresight target. ATK and Elbit Systems validated flight worthiness, safeseparation launch and autonomous laser designated guided flight through aseries of tests.

On June 15, 2009, together with Sikorsky Aircraft Corp., the Companysuccessfully completed the test phase for the Armed Black Hawk helicopter.The demonstrator configuration includes the Company\'s cockpit displays, aMission Management system with Digital Map, Forward-Looking Infrared (FLIR)equipment and ANVIS/HUD(R) helmet systems.

On June 15, 2009, the Company invested $18 million in Mikal Ltd. in theform of a loan, which following receipt of applicable government approvalswill be converted into shares of Mikal\'s capital stock representingapproximately 19% of Mikal\'s shares, and the Company will have an option topurchase all of the remaining shares of Mikal from its shareholders at avaluation to be determined by an independent appraisal. The Mikal group isengaged in the fields of artillery, armored fighting vehicles and optronics.

On June 16, 2009, Vision Systems International, LLC (VSI), the Company\'sjoint venture with Rockwell Collins, received several new contracts worthmore than $54.1 million from Lockheed Martin Corporation, for the delivery of52 F-35 Helmet Mounted Displays and 30 additional aircraft systems. VSI alsoreceived initial funding for the Pilot Fit Facility Standup at Eglin AirForce Base for the F-35 Helmet Mounted Display System program.

On June 25, 2009, the Israeli Ministry of Transportation awarded theCompany a $76 million contract for C-MUSIC, a commercial multi-spectralinfrared countermeasure system. C-MUSIC is a direct infra-red countermeasuretechnology for military and commercial aircraft and helicopters that disruptsmissiles fired at aircraft and causes them to veer off course.

On July 7, 2009, the Company was awarded a contract by the IsraeliMinistry of Defense for the operation and maintenance of the Israeli AirForce\'s new trainer, the Beechcraft T-6 "Effroni".

On July 15, 2009, the Company was awarded a $55 million contract from theIsraeli Ministry of Defense for the establishment of a mission trainingcenter for the Israeli Air Force\'s F-16 pilots. The center will be operatedthrough a Private Financing Initiative concept and will include a developmentphase as well as instruction and maintenance services over a 15-year period.

On July 20, 2009, the Company signed a contract to purchase all of BVRSystems (1998) Ltd.\'s assets for $34 million, which may be subject toadjustment depending on the outcome of various conditions in the comingmonths. The closing of the transaction is subject to the fulfillment ofcertain conditions including receipt of all approvals required by law. BVRSystems is engaged in the area of development and production of training,simulation and debriefing systems for air, sea and ground forces.

On August 11, 2009, Yael Efron was elected by the Company\'s shareholdersto a three-year term as an External Director on the Company\'s Board ofDirectors. Mrs. Efron replaces Yaacov Lifshitz, whose second term as anExternal Director has expired.

Management Comment:

The President and CEO of Elbit Systems, Joseph Ackerman, commented: "Weare pleased to report another strong quarter, with improved financialperformance. This improvement in profitability and reduction in generalexpenses attests to the success of our efficiency processes and to thecreation of synergies between the Company\'s business units."

Ackerman added: "We have made significant investments in developing newmarkets while enhancing the potential in existing key markets, such as ourrecent joint venture with General Dynamics aimed at capturing the greatpotential of the UAV market in the U.S. In addition, consistent with ourlong-term M&A strategy, we recently entered into agreements to acquireinterests in Mikal and BVR. These acquisitions will contribute to theCompany\'s growth and support our continued participation in large-scaleprojects that offer our customers more comprehensive and advanced solutions."

"We also continue to pursue our R&D strategy in order to maintain ourtechnological edge. The Israeli Ministry of Transportation\'s recent decisionto equip all of the Israeli commercial aviation fleets with C-MUSIC systems,which we developed for protection from enemy missiles, represents asuccessful example of our R&D strategy. We see market potential forinstallation of C-MUSIC systems aboard the commercial aircraft fleets ofother countries as well."

"We believe all of these measures will help maintain the Company\'scontinued growth."

Dividend:

The Board of Directors declared a dividend of $0.36 per share for thesecond quarter of 2009. The dividend\'s record date is August 30, 2009, andthe dividend will be paid on September 15, 2009, net of taxes and levies, atthe rate of 16.03%.

Conference Call

The Company will also be hosting a conference call today, Wednesday,August 12, 2009 at 9:00am ET. On the call, management will review and discussthe Company\'s second quarter 2009 results and will be available to answerquestions.

To participate, please call one of the teleconferencing numbers thatfollow. Please begin placing your calls at least 10 minutes before theconference call commences. If you are unable to connect using the toll-freenumbers, please try the international dial-in number.

US Dial-in Numbers: 1-866-345-5855
    UK Dial-in Number: 0-800-404-8418
    ISRAEL Dial-in Number: 03-918-0609
    INTERNATIONAL Dial-in Number: +972-3-918-0609

    at:

    9:00am Eastern Time; 6:00am Pacific Time; 2:00pm UK Time; 4:00pm Israel
    Time

This call will also be broadcast live on Elbit Systems\' web-site at[www.elbitsystems.com]. An online replay will be available from 24 hoursafter the call ends.

Alternatively, for two days following the end of the call, investors willbe able to dial a replay number to listen to the call. The dial-in numbersare: 1-888-269-0005 (US) or +972-3-925-5951 (Israel and International).

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics companyengaged in a wide range of defense-related programs throughout the world. TheCompany, which includes Elbit Systems and its subsidiaries, operates in theareas of aerospace, land and naval systems, command, control, communications,computers, intelligence surveillance and reconnaissance ("C4IS"), unmannedair vehicle (UAV) systems, advanced electro-optics, electro-optic spacesystems, EW suites, airborne warning systems, ELINT systems, data links andmilitary communications systems and radios. The Company also focuses on theupgrading of existing military platforms and developing new technologies fordefense, homeland security and commercial aviation applications .

For additional information, visit:[www.elbitsystems.com]

    Attachments:
    Consolidated balance sheet
    Consolidated statements of income
    Condense consolidated statements of cash flow
    Consolidated revenue distribution by areas of operation and by
    geographical regions

This press release contains forward-looking statements (within themeaning of Section 27A of the Securities Act of 1933, as amended and Section21E of the Securities Exchange Act of 1934, as amended) regarding ElbitSystems Ltd. And/or its subsidiaries (collectively the Company), to theextent such statements do not relate to historical or current fact. ForwardLooking Statements are based on management\'s expectations, estimates,projections and assumptions. Forward-looking statements are made pursuant tothe safe harbor provisions of the Private Securities Litigation Reform Act of1995, as amended. These statements are not guarantees of future performanceand involve certain risks and uncertainties, which are difficult to predict.Therefore, actual future results, performance and trends may differmaterially from these forward-looking statements due to a variety of factors,including, without limitation: scope and length of customercontracts;governmental regulations and approvals; changes in governmentalbudgeting priorities; general market, political and economic conditions inthe countries in which the Company operates or sells, including Israel andthe United States among others; differences in anticipated and actual programperformance, including the ability to perform under long-term fixed-pricecontracts; and the outcome of legal and/or regulatory proceedings. Thefactors listed above are not all-inclusive, and further information iscontained in Elbit Systems Ltd.\'s latest annual report on Form 20-F, which ison file with the U.S. Securities and Exchange Commission. All forward-lookingstatements speak only as of the date of this release. The Company does notundertake to update its forward-looking statements.

(FINANCIAL TABLES TO FOLLOW)

    ELBIT SYSTEMS LTD.

    CONSOLIDATED BALANCE SHEETS
    (In thousands of US Dollars)

                                                       June 30   December 31
                                                          2009          2008
                                                     Unaudited       Audited
    Assets

    Current assets:
    Cash and Cash equivalents                          174,361       204,670
    Short term bank deposits                            90,410        69,642
    Available for sale marketable securities            28,355         3,731
    Trade receivables, net                             482,378       477,010
    Other receivables and pre-paid expenses            175,689       203,990
    Inventories, net of advances                       626,097       644,107
    Total current assets                             1,577,290     1,603,150

    Investment in affiliated companies and a            66,893        62,300
    partnership
    Long-term deposits and marketable securities        51,219        34,355
    Long-term receivables                                7,821         6,390
    Deferred income taxes                                6,538         9,201
    Severance pay fund                                 248,728       236,928
                                                       381,199       349,174

    Property and equipment, net                        391,880       384,086
    Goodwill and other intangible assets, net          590,820       594,283
    Total assets                                     2,941,189     2,930,693

    Liabilities and Shareholders\' Equity

    Short-term bank credit and loans                     1,027        15,413
    Trade payables                                     291,040       340,315
    Other payables and accrued expenses                527,594       468,224
    Advances from customers, net                       383,405       489,192
                                                     1,203,066     1,313,144

    Long-term loans                                    431,455       269,760
    Accrued termination liability                      336,054       332,236
    Deferred income taxes                               68,430        70,068
    Advances from customers                            111,499       115,470
    Other long-term liabilities                         32,129        29,707
                                                       979,567       817,241

    Elbit Systems Ltd.\'s shareholders\' equity          738,127       723,833
    Non-controlling interests(*)                        20,429        76,475
    Total shareholders\' equity                         758,556       800,308
    Total liabilities and shareholders\' equity       2,941,189     2,930,693

(*) The Company has adopted SFAS No. 160, "Non-controlling Interests inConsolidated Financial Statements, an amendment to ARB No. 51," as of January1, 2009. Pursuant to SFAS No. 160, net income attributable to non-controllinginterests is presented in the statement of income as part of consolidated netincome and then shown on a separate line item as a reduction to arrive at netincome attributable to Elbit Systems Ltd., which is the equivalent of "netincome" presented in previous statements of income. Cumulative net incomeattributable to non-controlling interests is presented on the balance sheetsas part of total shareholders\' equity and is else shown on a separate lineitem. Total shareholders equity ,net of the comulative net incomeattributable to non-controling interests,represents the shareholders\' equityattributable to the company\'s ordinary shareholders equity,which is theequivalent of "shareholders equity" presented in previous balance sheets.

ELBIT SYSTEMS LTD.

    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands of US Dollars, except for share and per share amounts)


                              Six Months Ended  Three Months Ended Year Ended
                                     June 30          June 30     December 31
                                  2009      2008    2009    2008        2008
                                            Unaudited                Audited
    Revenues                 1,385,221 1,269,230 728,289 653,167   2,638,271
    Cost of revenues           965,084   902,635 516,420 455,494   1,870,830
    Gross profit               420,137   366,595 211,869 197,673     767,441

    Operating expenses:
    Research and development,
    net                         98,888    76,124  53,008  38,089     184,984
    Marketing and selling      124,465   106,059  67,549  55,153     198,274
    General and administrative  58,286    75,924  29,398  44,448     134,182
    Acquired IPR&D                   -         -       -       -       1,000
    Total operating expenses   281,639   258,107 149,955 137,690     518,440

    Operating income           138,498   108,488  61,914  59,983     249,001

    Financial income
    (expenses), net             (7,602)  (16,973) 11,437 (12,373)    (36,815)
    Other income (expenses), net  (646)    4,213    (551)    117      94,294
    Income before taxes on
    income                     130,250    95,728  72,800  47,727     306,480
    Taxes on income             26,248    11,684  14,036   3,762      54,367
                               104,002    84,044  58,764  43,965     252,113

    Equity in net earnings of
    affiliated companies and
    partnership                  8,193     5,946   3,417   3,382      14,435

    Consolidated net income    112,195    89,990  62,181  47,347     266,548

    Less: net income
    attributable to
    non-controlling
    interests(*)                (9,221)  (26,682) (2,461)(16,191)    (62,372)

    Net income attributable to
    Elbit Systems Ltd.         102,974    63,308  59,720  31,156     204,176

    Earnings per share
    attributable to
    Elbit Systems Ltd.\'s
    Ordinary shareholders:
    Basic net earnings per
    share                         2.44     1.50    1.42     0.74        4.85

    Diluted net earnings per
    share                         2.41     1.48    1.39     0.73        4.78
    Weighted average number of
    shares used in
    computation of basic
    earnings per share          42,149   42,071  42,200   42,074      42,075
    Weighted average number of
    shares used in
    computation of diluted
    earnings per share          42,729   42,876  42,924   42,867      42,758

(*) The Company has adopted SFAS No. 160, "Non-controlling Interests inConsolidated Financial Statements, an amendment to ARB No. 51," as of January1, 2009. Pursuant to SFAS No. 160, net income attributable to non-controllinginterests is presented in the statement of income as part of consolidated netincome and then shown on a separate line item as a reduction to arrive at netincome attributable to Elbit Systems Ltd., which is the equivalent of "netincome" presented in previous statements of income. Cumulative net incomeattributable to non-controlling interests is presented on the balance sheetsas part of total shareholders\' equity and is else shown on a separate lineitem. Total shareholders equity ,net of the comulative net incomeattributable to non-controling interests,represents the shareholders\' equityattributable to the company\'s ordinary shareholders equity,which is theequivalent of "shareholders equity" presented in previous balance sheets.

ELBIT SYSTEMS LTD.

    CONSOLIDATED STATEMENTS OF CASH FLOW
    (In thousands of US Dollars)


                                              Six Months Ended    Year Ended
                                                  June 30,       December 31,
                                                 2009     2008          2008
                                            Unaudited                Audited
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                102,974   63,308       204,176
    Adjustments to reconcile net income to
    net cash provided by operating
    activities:
    Depreciation and amortization              63,196   60,832       129,437
    Write-off impairment                            -        -        10,514
    Acquired IPR&D                                  -        -         1,000
    Other-than-temporary impairment of
    available for sale marketable
    securities                                      -    2,964        17,885
    Stock based compensation                    2,563    2,569         5,067
    Deferred income taxes and reserve          (4,321)  (4,293)       (8,488)
    Severance, pension and termination
    indemnities, net                           (8,900)  15,787        15,211
    Gain on sale of investments                   208    1,165      (100,031)
    Minority interests in earnings (loss)
    of subsidiaries                             9,221   26,682        62,372
    Equity in net losses (earnings) of
    affiliated companies and partnership,
    net of dividend received (*)               (1,630)   1,001        (1,866)
    Changes in operating assets and
    liabilities:
    Decrease (increase) in short and
    long-term receivables and prepaid
    expenses                                   17,103   (2,781)      (39,698)
    Decrease (increase) in inventories, net    10,672 (137,052)     (169,482)
    Increase in trade payables, other
    payables and accrued expenses               4,046  139,474       120,734
    Decrease in advances received from
    customers                                (101,543) (40,273)      (37,403)
    Other adjustments                               -      430             -
    Net cash provided by operating
    activities                                 93,589  129,813       209,428

    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property, plant and
    equipment                                 (47,065) (64,923)     (129,241)
    Acquisition of a subsidiary (Schedule A) (124,033)  (2,685)      (20,637)
    Investments in affiliated companies        (2,552)    (602)       (4,001)
    Proceeds from sale of property, plant
    and equipment                               4,240    3,252         8,779
    Proceeds from sale of investment                -        -        50,254
    Investment in short-term and long-term
    bank deposits, net                        (57,541) (26,741)      (76,861)
    Net cash used in investing activities    (226,951) (91,699)     (171,707)

    CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from exercise of options           5,692      209           188
    Repayment of long-term bank loans         (20,113) (63,969)     (333,590)
    Receipt of long-term bank loans           170,167   83,561       183,211
    Dividends paid                            (45,839) (15,226)      (32,770)
    Tax benefit in respect of options
    exercised                                       -        -           116
    Change in short-term bank credit and
    loans, net                                 (6,854) (10,396)      (13,008)
    Net cash provided by (used in)
    financing activities                      103,053   (5,821)     (195,853)

    NET INCREASE (DECREASE) IN CASH AND
    CASH EQUIVALENTS                          (30,309)  32,293      (158,132)
    CASH AND CASH EQUIVALENTS AT THE
    BEGINNING OF THE PERIOD                   204,670  362,802       362,802
    CASH AND CASH EQUIVALENTS AT THE END OF
    THE PERIOD                                174,361  395,095       204,670
    * Dividend received                         7,324    6,947        12,569


    ELBIT SYSTEMS LTD.

    DISTRIBUTION OF REVENUES
    Consolidated revenue by areas of operation:


                                    Six Months Ended June 30
                                     2009             2008
                            $ millions         %  $ millions    %
    Airborne systems             346.5      25.0   312.8    24.6
    Land systems                 252.2      18.2   309.4    24.4
    C4ISR systems                530.1      38.3   416.5    32.8
    Electro-optics               190.4      13.7   161.5    12.7
    Other (mainly non-defense
    engineering and production
    services)                     66.0       4.8    69.0     5.5
    Total                      1,385.2     100.0 1,269.2   100.0

    (Table Continued...)

                                   Three Months Ended June 30
                                     2009             2008
                            $ millions         %  $ millions    %
    Airborne systems             173.7      23.8  157.6      24.1
    Land systems                 110.3      15.2  153.4      23.5
    C4ISR systems                300.0      41.2  234.6      36.0
    Electro-optics               107.7      14.8  73.4       11.2
    Other (mainly non-defense
    engineering and production
    services)                     36.6       5.0   34.2       5.2
    Total                        728.3     100.0  653.2     100.0


    Consolidated revenues by geographical regions:

                           Six Months Ended June 30
                              2009             2008
                      $ millions         %  $ millions   %
    Israel                 300.8      21.7   226.8    17.9
    United States          393.5      28.4   432.8    34.1
    Europe                 349.6      25.3   336.5    26.5
    Other countries        341.3      24.6   273.1    21.5
    Total                1,385.2     100.0 1,269.2   100.0

    (Table Continued...)

                           Three Months Ended June 30
                               2009             2008
                      $ millions         % $ millions     %
    Israel                 176.3      24.2  103.7      15.9
    United States          182.7      25.1  217.7      33.3
    Europe                 187.4      25.7  199.4      30.5
    Other countries        181.9      25.0  132.4      20.3
    Total                  728.3     100.0  653.2     100.0



    Company Contact:
    Joseph Gaspar, Executive VP & CFO
    Dalia Rosen, Head of Corporate Communications
    Elbit Systems Ltd
    Tel: +972-4 831-6663
    Fax: +972-4-831-6944
    E-mail: j.gaspar@elbitsystems.com
    dalia.rosen@elbitsystems.com

    IR Contact:
    Ehud Helft / Kenny Green
    GK Investor Relations
    Tel: +1-646-201-9246
    E-mail: info@gkir.com

(*) The Company has adopted SFAS No. 160, "Non-controlling Interests inConsolidated Financial Statements, an amendment to ARB No. 51," as of January1, 2009. Pursuant to SFAS No. 160, net income attributable to non-controllinginterests is presented in the statement of income as part of consolidated netincome and then shown on a separate line item as a reduction to arrive at netincome attributable to Elbit Systems Ltd., which is the equivalent of "netincome" presented in previous statements of income. Cumulative net incomeattributable to non-controlling interests is presented on the balance sheetsas part of total shareholders\' equity and is else shown on a separate lineitem. Total shareholders equity ,net of the comulative net incomeattributable to non-controling interests,represents the shareholders\' equityattributable to the company\'s ordinary shareholders equity,which is theequivalent of "shareholders equity" presented in previous balance sheets.

Source: PRNewsWire



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