Intrinsic value of Rexnord - RXN

Previous Close

$27.91

  Intrinsic Value

$27.32

stock screener

  Rating & Target

hold

-2%

Previous close

$27.91

 
Intrinsic value

$27.32

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of RXN 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 2.9

 

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, %
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  2,347
  2,646
  2,963
  3,296
  3,647
  4,015
  4,399
  4,800
  5,218
  5,652
  6,105
  6,575
  7,063
  7,571
  8,098
  8,646
  9,216
  9,809
  10,426
  11,069
  11,738
  12,435
  13,163
  13,921
  14,713
  15,539
  16,402
  17,304
  18,248
  19,234
Variable operating expenses, $m
  2,102
  2,347
  2,606
  2,879
  3,166
  3,467
  3,782
  4,110
  4,452
  4,807
  4,997
  5,382
  5,781
  6,197
  6,628
  7,077
  7,544
  8,029
  8,534
  9,060
  9,608
  10,179
  10,774
  11,395
  12,043
  12,719
  13,426
  14,164
  14,936
  15,744
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
  2,102
  2,347
  2,606
  2,879
  3,166
  3,467
  3,782
  4,110
  4,452
  4,807
  4,997
  5,382
  5,781
  6,197
  6,628
  7,077
  7,544
  8,029
  8,534
  9,060
  9,608
  10,179
  10,774
  11,395
  12,043
  12,719
  13,426
  14,164
  14,936
  15,744
Operating income, $m
  245
  299
  357
  417
  481
  548
  618
  690
  766
  845
  1,108
  1,193
  1,282
  1,374
  1,469
  1,569
  1,672
  1,780
  1,892
  2,009
  2,130
  2,257
  2,389
  2,526
  2,670
  2,820
  2,976
  3,140
  3,311
  3,490
EBITDA, $m
  486
  548
  613
  682
  755
  831
  911
  994
  1,080
  1,170
  1,264
  1,361
  1,462
  1,567
  1,676
  1,790
  1,908
  2,031
  2,159
  2,292
  2,430
  2,574
  2,725
  2,882
  3,046
  3,217
  3,396
  3,582
  3,778
  3,982
Interest expense (income), $m
  85
  73
  90
  107
  125
  145
  165
  186
  208
  232
  256
  281
  307
  334
  362
  392
  422
  454
  487
  521
  557
  594
  633
  673
  715
  759
  805
  853
  903
  955
  1,009
Earnings before tax, $m
  172
  210
  250
  292
  337
  383
  431
  482
  535
  589
  827
  886
  947
  1,011
  1,078
  1,147
  1,218
  1,293
  1,371
  1,452
  1,536
  1,624
  1,715
  1,811
  1,911
  2,015
  2,124
  2,237
  2,356
  2,481
Tax expense, $m
  46
  57
  68
  79
  91
  103
  117
  130
  144
  159
  223
  239
  256
  273
  291
  310
  329
  349
  370
  392
  415
  438
  463
  489
  516
  544
  573
  604
  636
  670
Net income, $m
  126
  153
  183
  213
  246
  280
  315
  352
  390
  430
  604
  647
  692
  738
  787
  837
  889
  944
  1,001
  1,060
  1,121
  1,185
  1,252
  1,322
  1,395
  1,471
  1,550
  1,633
  1,720
  1,811

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
  3,892
  4,388
  4,913
  5,467
  6,049
  6,658
  7,295
  7,960
  8,653
  9,374
  10,124
  10,903
  11,713
  12,555
  13,429
  14,339
  15,284
  16,268
  17,291
  18,356
  19,466
  20,623
  21,828
  23,086
  24,399
  25,769
  27,201
  28,697
  30,261
  31,897
Adjusted assets (=assets-cash), $m
  3,892
  4,388
  4,913
  5,467
  6,049
  6,658
  7,295
  7,960
  8,653
  9,374
  10,124
  10,903
  11,713
  12,555
  13,429
  14,339
  15,284
  16,268
  17,291
  18,356
  19,466
  20,623
  21,828
  23,086
  24,399
  25,769
  27,201
  28,697
  30,261
  31,897
Revenue / Adjusted assets
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
Average production assets, $m
  1,500
  1,691
  1,893
  2,106
  2,331
  2,566
  2,811
  3,067
  3,334
  3,612
  3,901
  4,201
  4,513
  4,838
  5,175
  5,525
  5,889
  6,268
  6,662
  7,073
  7,501
  7,946
  8,411
  8,896
  9,401
  9,929
  10,481
  11,058
  11,660
  12,290
Working capital, $m
  401
  452
  507
  564
  624
  687
  752
  821
  892
  967
  1,044
  1,124
  1,208
  1,295
  1,385
  1,479
  1,576
  1,677
  1,783
  1,893
  2,007
  2,126
  2,251
  2,380
  2,516
  2,657
  2,805
  2,959
  3,120
  3,289
Total debt, $m
  1,659
  1,980
  2,319
  2,677
  3,052
  3,446
  3,858
  4,287
  4,735
  5,201
  5,685
  6,188
  6,712
  7,255
  7,820
  8,408
  9,019
  9,654
  10,315
  11,003
  11,720
  12,467
  13,246
  14,059
  14,907
  15,792
  16,717
  17,683
  18,694
  19,750
Total liabilities, $m
  2,514
  2,835
  3,174
  3,532
  3,907
  4,301
  4,713
  5,142
  5,590
  6,056
  6,540
  7,043
  7,567
  8,110
  8,675
  9,263
  9,874
  10,509
  11,170
  11,858
  12,575
  13,322
  14,101
  14,914
  15,762
  16,647
  17,572
  18,538
  19,549
  20,605
Total equity, $m
  1,378
  1,553
  1,739
  1,935
  2,141
  2,357
  2,583
  2,818
  3,063
  3,318
  3,584
  3,860
  4,146
  4,444
  4,754
  5,076
  5,411
  5,759
  6,121
  6,498
  6,891
  7,300
  7,727
  8,173
  8,637
  9,122
  9,629
  10,159
  10,712
  11,291
Total liabilities and equity, $m
  3,892
  4,388
  4,913
  5,467
  6,048
  6,658
  7,296
  7,960
  8,653
  9,374
  10,124
  10,903
  11,713
  12,554
  13,429
  14,339
  15,285
  16,268
  17,291
  18,356
  19,466
  20,622
  21,828
  23,087
  24,399
  25,769
  27,201
  28,697
  30,261
  31,896
Debt-to-equity ratio
  1.200
  1.270
  1.330
  1.380
  1.430
  1.460
  1.490
  1.520
  1.550
  1.570
  1.590
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
Adjusted equity ratio
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  153
  183
  213
  246
  280
  315
  352
  390
  430
  604
  647
  692
  738
  787
  837
  889
  944
  1,001
  1,060
  1,121
  1,185
  1,252
  1,322
  1,395
  1,471
  1,550
  1,633
  1,720
  1,811
Depreciation, amort., depletion, $m
  241
  248
  256
  265
  274
  283
  293
  303
  314
  325
  156
  168
  181
  194
  207
  221
  236
  251
  266
  283
  300
  318
  336
  356
  376
  397
  419
  442
  466
  492
Funds from operations, $m
  366
  402
  439
  478
  520
  563
  608
  655
  704
  755
  760
  815
  872
  932
  994
  1,058
  1,125
  1,195
  1,267
  1,343
  1,421
  1,503
  1,589
  1,678
  1,771
  1,868
  1,970
  2,076
  2,187
  2,303
Change in working capital, $m
  48
  51
  54
  57
  60
  63
  66
  69
  71
  74
  77
  80
  84
  87
  90
  94
  97
  101
  106
  110
  114
  119
  124
  130
  135
  141
  148
  154
  161
  169
Cash from operations, $m
  318
  350
  385
  421
  460
  500
  542
  587
  633
  681
  682
  735
  789
  845
  904
  964
  1,028
  1,093
  1,162
  1,233
  1,307
  1,384
  1,464
  1,548
  1,635
  1,727
  1,822
  1,921
  2,025
  2,134
Maintenance CAPEX, $m
  -53
  -60
  -68
  -76
  -84
  -93
  -103
  -112
  -123
  -133
  -144
  -156
  -168
  -181
  -194
  -207
  -221
  -236
  -251
  -266
  -283
  -300
  -318
  -336
  -356
  -376
  -397
  -419
  -442
  -466
New CAPEX, $m
  -180
  -191
  -202
  -213
  -224
  -235
  -246
  -256
  -267
  -278
  -289
  -300
  -312
  -324
  -337
  -350
  -364
  -379
  -394
  -411
  -428
  -446
  -465
  -485
  -506
  -528
  -552
  -576
  -603
  -630
Cash from investing activities, $m
  -233
  -251
  -270
  -289
  -308
  -328
  -349
  -368
  -390
  -411
  -433
  -456
  -480
  -505
  -531
  -557
  -585
  -615
  -645
  -677
  -711
  -746
  -783
  -821
  -862
  -904
  -949
  -995
  -1,045
  -1,096
Free cash flow, $m
  85
  99
  115
  132
  151
  172
  194
  218
  243
  270
  249
  278
  309
  340
  373
  407
  442
  479
  517
  556
  596
  638
  682
  727
  774
  822
  873
  926
  980
  1,037
Issuance/(repayment) of debt, $m
  303
  320
  339
  358
  376
  394
  412
  429
  447
  466
  484
  503
  523
  544
  565
  587
  611
  635
  661
  688
  717
  747
  779
  813
  848
  885
  925
  966
  1,010
  1,057
Issuance/(repurchase) of shares, $m
  40
  22
  3
  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 from financing (excl. dividends), $m  
  343
  342
  342
  358
  376
  394
  412
  429
  447
  466
  484
  503
  523
  544
  565
  587
  611
  635
  661
  688
  717
  747
  779
  813
  848
  885
  925
  966
  1,010
  1,057
Total cash flow (excl. dividends), $m
  428
  442
  457
  490
  527
  566
  606
  648
  691
  736
  733
  782
  832
  884
  938
  994
  1,053
  1,114
  1,178
  1,244
  1,313
  1,385
  1,461
  1,540
  1,622
  1,708
  1,798
  1,892
  1,991
  2,094
Retained Cash Flow (-), $m
  -165
  -176
  -186
  -196
  -206
  -216
  -226
  -235
  -245
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -362
  -377
  -393
  -409
  -427
  -445
  -465
  -485
  -507
  -530
  -554
  -579
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
  263
  266
  272
  294
  321
  350
  380
  412
  446
  480
  468
  506
  545
  586
  628
  672
  718
  766
  815
  867
  920
  976
  1,034
  1,094
  1,157
  1,223
  1,291
  1,362
  1,437
  1,515
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  245
  230
  215
  212
  210
  205
  198
  189
  177
  164
  136
  123
  110
  96
  83
  70
  58
  47
  38
  29
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  98.7
  98.0
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components and related value-added services. Its Process & Motion Control brands include Rexnord, Rex, Euroflex, Falk, FlatTop, Link-Belt, Thomas and Tollok. The Water Management platform designs, procures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing and site works products. Its products are marketed and sold under various brand names, including Zurn, Wilkins and VAG.

FINANCIAL RATIOS  of  Rexnord (RXN)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 1.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate -0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 29
Current Ratio 0.1
LT Debt to Equity 150%
Total Debt to Equity 151.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 9.8%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 5.4%

RXN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RXN stock intrinsic value calculation we used $2066 million for the last fiscal year's total revenue generated by Rexnord. The default revenue input number comes from 0001 income statement of Rexnord. 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 RXN stock valuation model: a) initial revenue growth rate of 13.6% 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 7.3%, whose default value for RXN is calculated based on our internal credit rating of Rexnord, 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 Rexnord.
    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 RXN stock the variable cost ratio is equal to 90.6%.

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 RXN 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 Rexnord.

Corporate tax rate of 27% is the nominal tax rate for Rexnord. 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 RXN 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 RXN are equal to 63.9%.

Life of production assets of 25 years is the average useful life of capital assets used in Rexnord 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 RXN is equal to 17.1%. 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 - $1212.7 million for Rexnord - 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 104.457 million for Rexnord 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 Rexnord at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ Rexnord: Fiscal 2Q Earnings Snapshot   [05:25PM  Associated Press]
▶ Does Rexnord Corporations (NYSE:RXN) PE Ratio Warrant A Sell?   [Sep-04-18 09:25AM  Simply Wall St.]
▶ Rexnord: Fiscal 1Q Earnings Snapshot   [04:39PM  Associated Press]
▶ Rexnord Corporation to Host Rexnord Investor Day 2018   [Jul-23-18 02:00PM  Business Wire]
▶ Trumps Twitter Bark Is Worse Than His Stock Bite   [Jun-26-18 02:19PM  Bloomberg]
▶ Why Rexnord Corporation (NYSE:RXN) Could Be A Buy   [Jun-06-18 10:34AM  Simply Wall St.]
▶ Rexnord: Fiscal 4Q Earnings Snapshot   [May-14-18 05:45PM  Associated Press]
▶ Should You Buy Rexnord (RXN) Before Earnings?   [May-11-18 08:50AM  Zacks]
▶ Rexnord tops Street 3Q forecasts   [Jan-31-18 05:26PM  Associated Press]
▶ Bullish Looking Rexnord Upgraded By TheStreet Quant Service   [Jan-29-18 12:18PM  TheStreet.com]
▶ New layoffs at Indiana Carrier factory year after Trump deal   [Jan-10-18 05:12PM  Associated Press]
▶ Stocks Showing Improved Relative Strength: Rexnord   [03:00AM  Investor's Business Daily]
▶ Rexnord Corporation to Acquire Centa Power Transmission   [Jan-08-18 06:45AM  Business Wire]

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