Intrinsic value of Avino Silver&Gold Mines - ASM

Previous Close

$0.60

  Intrinsic Value

$0.26

stock screener

  Rating & Target

str. sell

-57%

Previous close

$0.60

 
Intrinsic value

$0.26

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of ASM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.00
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  31
  36
  41
  46
  52
  59
  65
  72
  80
  87
  95
  104
  112
  121
  131
  141
  151
  161
  172
  184
  196
  208
  221
  234
  248
  263
  278
  294
  310
  327
Variable operating expenses, $m
  25
  29
  33
  37
  42
  47
  53
  58
  64
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  201
  212
  225
  237
  251
  265
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  25
  29
  33
  37
  42
  47
  53
  58
  64
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  201
  212
  225
  237
  251
  265
Operating income, $m
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
  42
  45
  48
  50
  53
  56
  60
  63
EBITDA, $m
  8
  10
  11
  12
  14
  16
  18
  20
  21
  24
  26
  28
  30
  33
  35
  38
  41
  44
  46
  50
  53
  56
  60
  63
  67
  71
  75
  79
  84
  88
Interest expense (income), $m
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
Earnings before tax, $m
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
Tax expense, $m
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Net income, $m
  4
  4
  5
  6
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  95
  110
  126
  143
  162
  181
  202
  224
  247
  270
  295
  321
  348
  376
  405
  435
  467
  500
  534
  569
  606
  644
  684
  725
  768
  813
  860
  909
  960
  1,014
Adjusted assets (=assets-cash), $m
  95
  110
  126
  143
  162
  181
  202
  224
  247
  270
  295
  321
  348
  376
  405
  435
  467
  500
  534
  569
  606
  644
  684
  725
  768
  813
  860
  909
  960
  1,014
Revenue / Adjusted assets
  0.326
  0.327
  0.325
  0.322
  0.321
  0.326
  0.322
  0.321
  0.324
  0.322
  0.322
  0.324
  0.322
  0.322
  0.323
  0.324
  0.323
  0.322
  0.322
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.322
Average production assets, $m
  61
  70
  80
  92
  103
  116
  129
  143
  157
  172
  188
  205
  222
  240
  258
  278
  298
  319
  340
  363
  386
  411
  436
  463
  490
  519
  549
  580
  613
  647
Working capital, $m
  15
  18
  20
  23
  26
  29
  33
  36
  40
  44
  48
  52
  56
  61
  65
  70
  75
  81
  86
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
Total debt, $m
  14
  19
  25
  30
  36
  43
  50
  57
  64
  72
  80
  89
  97
  107
  116
  126
  136
  147
  158
  170
  182
  194
  207
  221
  235
  250
  265
  281
  298
  316
Total liabilities, $m
  31
  36
  41
  47
  53
  60
  66
  73
  81
  89
  97
  105
  114
  123
  133
  143
  153
  164
  175
  187
  199
  211
  224
  238
  252
  267
  282
  298
  315
  333
Total equity, $m
  64
  74
  85
  96
  109
  122
  136
  150
  166
  182
  198
  216
  234
  253
  272
  293
  314
  336
  359
  382
  407
  433
  459
  487
  516
  547
  578
  611
  645
  681
Total liabilities and equity, $m
  95
  110
  126
  143
  162
  182
  202
  223
  247
  271
  295
  321
  348
  376
  405
  436
  467
  500
  534
  569
  606
  644
  683
  725
  768
  814
  860
  909
  960
  1,014
Debt-to-equity ratio
  0.220
  0.260
  0.290
  0.310
  0.330
  0.350
  0.360
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Adjusted equity ratio
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  4
  5
  6
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
Depreciation, amort., depletion, $m
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
Funds from operations, $m
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
Change in working capital, $m
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  4
  5
  6
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
Maintenance CAPEX, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
New CAPEX, $m
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
Cash from investing activities, $m
  -11
  -12
  -13
  -14
  -16
  -16
  -18
  -19
  -21
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -35
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
Free cash flow, $m
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -9
  -9
  -9
  -9
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -7
  -7
  -7
  -7
  -7
  -7
  -7
Issuance/(repayment) of debt, $m
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
Issuance/(repurchase) of shares, $m
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  5
  5
  5
  5
  4
  4
  4
  4
  3
  3
  3
  3
  2
  2
  2
  2
Cash from financing (excl. dividends), $m  
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  15
  15
  16
  15
  16
  16
  17
  16
  17
  17
  18
  17
  18
  19
  20
Total cash flow (excl. dividends), $m
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
Retained Cash Flow (-), $m
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
Discount rate, %
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
  -6
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -4
  -4
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  86.7
  76.9
  69.0
  62.5
  57.2
  52.8
  49.1
  46.0
  43.4
  41.2
  39.3
  37.6
  36.2
  35.0
  34.0
  33.1
  32.3
  31.6
  31.0
  30.5
  30.1
  29.7
  29.3
  29.1
  28.8
  28.6
  28.4
  28.3
  28.1
  28.0

Avino Silver and Gold Mines Ltd is a Canada-based resource company. It is focused on silver, gold, and copper exploration, extraction and processing. It extracts resources and processes a bulk concentrate at the San Gonzalo Mine and a copper concentrate from the Avino Mine, both of which are located on the Avino property in Durango, Mexico. The Avino property consists of approximately 20 mineral concessions, totaling over 1,000 hectares. The Bralorne property consists of approximately 5,000 acres of mineral claims, located northeast of Vancouver, British Columbia, Canada. The Eagle Property, which covers over 500 hectares, is located in the Yukon Territory. The Olympic-Kelvin property totals approximately 600 hectares and is located on the south side of Carpenter Lake. The Minto Property is situated approximately 10 kilometers east of Goldbridge in the Bridge River gold district of British Columbia. The El Laberinto property is situated over 60 kilometers northeast of Durango, Mexico.

FINANCIAL RATIOS  of  Avino Silver&Gold Mines (ASM)

Valuation Ratios
P/E Ratio 15.7
Price to Sales 1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow -3.9
Growth Rates
Sales Growth Rate 106.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.8%
Cap. Spend. - 3 Yr. Gr. Rate 34.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 11.5%
Total Debt to Equity 23%
Interest Coverage 7
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 3.9%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 29%
EBITDA Margin - 3 Yr. Avg. 27.5%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 19.4%
Pre-Tax Margin - 3 Yr. Avg. 19.8%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 72.2%
Payout Ratio 0%

ASM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASM stock intrinsic value calculation we used $26.2047454831 million for the last fiscal year's total revenue generated by Avino Silver&Gold Mines. The default revenue input number comes from 0001 income statement of Avino Silver&Gold Mines. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ASM stock valuation model: a) initial revenue growth rate of 17% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.2%, whose default value for ASM is calculated based on our internal credit rating of Avino Silver&Gold Mines, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Avino Silver&Gold Mines.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ASM stock the variable cost ratio is equal to 80.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ASM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Avino Silver&Gold Mines.

Corporate tax rate of 27% is the nominal tax rate for Avino Silver&Gold Mines. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ASM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ASM are equal to 197.5%.

Life of production assets of 25.4 years is the average useful life of capital assets used in Avino Silver&Gold Mines operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ASM is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $54.0415663786 million for Avino Silver&Gold Mines - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 52.718 million for Avino Silver&Gold Mines is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Avino Silver&Gold Mines at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Avino Reports Third Quarter 2018 Financial Results   [Nov-07-18 05:56PM  CNW Group]
▶ Penny Stocks to Watch for November 2018   [Nov-01-18 08:50AM  Investopedia]
▶ Avino Silver (ASM) Meets Q2 Earnings Estimates   [Aug-08-18 09:00PM  Zacks]
▶ ASM International N.V. to Host Earnings Call   [Jul-25-18 01:00PM  ACCESSWIRE]
▶ New Strong Sell Stocks for July 24th   [Jul-24-18 06:55AM  Zacks]
▶ Avino announces exploration update on Bralorne   [Jun-20-18 06:45AM  PR Newswire]
▶ Avino Commissions Mill Circuit 4   [Jun-07-18 06:45AM  CNW Group]
▶ Avino Reports Q1 2018 Financial Results   [May-15-18 06:22PM  CNW Group]
▶ Best Growth Stock in May   [May-07-18 12:02PM  Simply Wall St.]
▶ Semiconductor ETF Experiences Second Day of Declines   [Apr-20-18 04:18PM  TheStreet.com]
▶ Cheap Stocks To Invest In   [Apr-18-18 10:02AM  Simply Wall St.]
▶ Avino Announces Q1 2018 Production Results   [Apr-17-18 03:30AM  CNW Group]
▶ Avino announces flow-through share offering   [Apr-06-18 06:45AM  CNW Group]
▶ Best Cheap Stocks To Buy Now   [Mar-06-18 09:02AM  Simply Wall St.]
▶ Best Growth Stocks To Buy This February   [Feb-07-18 11:02AM  Simply Wall St.]
▶ Top 3 Cheap Stocks For The Month   [Feb-03-18 09:02AM  Simply Wall St.]
▶ Avino Announces Final Approval to Graduate to TSX   [Jan-08-18 06:45AM  PR Newswire]
▶ December Growth Stock Opportunities   [Dec-24-17 11:02AM  Simply Wall St.]
▶ Avino Plans 8,000 Metre Drill Program at Bralorne   [Dec-11-17 06:45AM  PR Newswire]
▶ High Growth Stocks To Profit From   [Nov-19-17 11:02AM  Simply Wall St.]
▶ Avino Reports Q3 2017 Financial Results   [Nov-08-17 06:45PM  CNW Group]
▶ Avino announces Q3 2017 production results   [Oct-16-17 08:00AM  PR Newswire]
▶ Stock Option and Restricted Share Unit Grants   [Sep-20-17 06:25PM  PR Newswire]
▶ Avino Announces US ATM Offering of up to US$25 Million   [Aug-04-17 05:17PM  PR Newswire]
▶ Avino Reports Q2 2017 Financial Results   [Aug-02-17 06:26PM  PR Newswire]
▶ Avino Announces Q2 2017 Production Results   [Jul-24-17 07:45AM  PR Newswire]
▶ Avino Provides Update on Bralorne Gold Mine   [Jul-10-17 07:45AM  PR Newswire]
▶ Avino Files Technical Report on SEDAR   [May-29-17 06:45AM  PR Newswire]
▶ Avino Reports Q1 2017 Financial Results   [May-10-17 05:07PM  PR Newswire]
▶ Avino Announces Q1 2017 Production Results   [Apr-13-17 08:00AM  PR Newswire]

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