Consolidated Communications Holdings
Nov 7, 2013

Consolidated Communications Reports Third Quarter 2013 Results

MATTOON, Ill., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported results for the third quarter 2013.

Third quarter financial summary for continuing operations:

"Our third quarter financial results were solid," said Bob Currey, President and Chief Executive Officer. "We maintained our focus on a smooth integration with SureWest, while delivering cash flow supporting both our growth investments and the dividend. We accelerated our call center consolidation plans resulting in achievement of our original synergy target of $25 million a full three quarters ahead of schedule."

"The strong growth in our commercial, carrier and broadband services has continued to improve the diversification of our revenues. Demand for our metro Ethernet products remains high and we see continued growth opportunities. In addition, we added over 2,000 broadband connections in the quarter helping drive our total broadband and business revenues to 80% of our overall top-line," Currey concluded.

Operating Statistics at September 30, 2013, Compared to September 30, 2012.

  Period Ended September 30,    
  2013 2012 Increase/(decrease) %
Data connections 252,516 246,817 5,699 2.3%
Video connections 109,882 105,202 4,680 4.4%
ILEC access lines 259,605 270,960 (11,355) (4.2%)
Voice connections (non-ILEC) 124,418 131,457 (7,039) (5.4%)
Total connections 746,421 754,436 (8,015) (1.1%)

"On September 13, 2013, we closed on the sale of our prison service business assets," said Steve Childers, Chief Financial Officer. "These assets are included in discontinued operations and, for the quarter, we recognized a pre-tax gain of $2.2 million. This gain is excluded from our adjusted EBITDA calculation."

Cash Available to Pay Dividends

For the quarter, cash available to pay dividends, or CAPD, was $22.5 million, and the dividend payout ratio was 69.0%. At September 30, 2013, cash and cash equivalents were $6.3 million. The Company made capital expenditures of $28.0 million.  

Financial Highlights for the Third Quarter Ended September 30, 2013 

Financial Highlights for the Nine Months Ended September 30, 2013

Financial Guidance

For 2013, the Company is reiterating its full year guidance:

 2013 Guidance
Cash Interest Expense $80.0 million to $85.0 million
Cash Income Taxes $1.0 million to $3.0 million
Capital Expenditures $100.0 million to $110.0 million *

* 2013 Capital Expenditure guidance includes approximately $4.0 million in non-recurring integration costs.

Dividend Payments

On November 4, 2013, the Company's board of directors declared its next quarterly dividend of $0.38738 per common share, which is payable on February 1, 2014 to stockholders of record at the close of business on January 15, 2014. This will represent the 34th consecutive quarterly dividend paid by the Company. 

Conference Call Information 

The Company will host a conference call today at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time to discuss third quarter earnings and developments with respect to the Company. The call is being webcast and archived on the "Investor Relations" section of the Company's website at If you do not have internet access, the conference call dial-in number is 1-877-374-3981 with pass code 73184963. International parties can access the call by dialing 1-253-237-1158. A telephonic replay of the conference call will also be available starting three hours after completion of the call until November 14, 2013 at midnight Eastern Time. To hear the replay, parties in the United States and Canada should call 1-855-859-2056 and international parties should call 1-404-537-3406. 

Use of Non-GAAP Financial Measures

This press release, as well as the conference call, includes disclosures regarding "EBITDA", "adjusted EBITDA", "cash available to pay dividends" and the related "dividend payout ratio", "total net debt to last twelve month adjusted EBITDA coverage ratio", "adjusted diluted net income per share" and "adjusted net income attributable to common stockholders", all of which are non-GAAP financial measures and described in this section as not being in compliance with Regulation S-X. Accordingly, they should not be construed as alternatives to net cash from operating or investing activities, cash and cash equivalents, cash flows from operations, net income or net income per share as defined by GAAP and are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. In addition, not all companies use identical calculations, and the non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable financial measures presented in accordance with GAAP is included in the tables that follow.

Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required by the lenders under the credit facility in place at the end of each quarter in the periods presented. The tables that follow include an explanation of how adjusted EBITDA is calculated for each of the periods presented with the reconciliation to net income. EBITDA is defined as net earnings before interest expense, income taxes, depreciation and amortization on a historical basis.   

Cash available to pay dividends represents adjusted EBITDA plus cash interest income less (1) cash interest expense, (2) capital expenditures and (3) cash income taxes; this calculation differs in certain respects from the similar calculation used in the credit agreement. 

We present adjusted EBITDA, cash available to pay dividends and the related dividend payout ratio for several reasons. Management believes adjusted EBITDA, cash available to pay dividends and the dividend payout ratio are useful as a means to evaluate our ability to fund our estimated uses of cash (including interest on our debt) and pay dividends. In addition, we have presented adjusted EBITDA, cash available to pay dividends and the dividend payout ratio to investors in the past because they are frequently used by investors, securities analysts and other interested parties in the evaluation of companies in our industry, and management believes presenting them here provides a measure of consistency in our financial reporting. Adjusted EBITDA and cash available to pay dividends, referred to as Available Cash in our credit agreement, are also components of the restrictive covenants and financial ratios contained in the credit agreement that requires us to maintain compliance with these covenants and limit certain activities, such as our ability to incur debt and to pay dividends. The definitions in these covenants and ratios are based on adjusted EBITDA and cash available to pay dividends after giving effect to specified charges. In addition, adjusted EBITDA, cash available to pay dividends and the dividend payout ratio provide our board of directors with meaningful information to determine, with other data, assumptions and considerations, our dividend policy and our ability to pay dividends under the restrictive covenants in the credit agreement and to measure our ability to service and repay debt.  We present the related "total net debt to last twelve month adjusted EBITDA coverage ratio" principally to put other non-GAAP measures in context and facilitate comparisons by investors, security analysts and others; this ratio differs in certain respects from the similar ratio used in our credit agreement. These measures differ in material respects from the ratios used in our Senior Notes indenture. 

These non-GAAP financial measures have certain shortcomings. In particular, adjusted EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt repayment and interest payments are not deducted from such measure. Similarly, while we may generate cash available to pay dividends, we are not required to use any such cash to pay dividends, and the payment of any dividends is subject to declaration by our board of directors, compliance with applicable law and the terms of our credit agreement. Because adjusted EBITDA is a component of the dividend payout ratio and the ratio of total net debt to last twelve month adjusted EBITDA, these measures are also subject to the material limitations discussed above. In addition, the ratio of total net debt to last twelve month adjusted EBITDA is subject to the risk that we may not be able to use the cash on the balance sheet to reduce our debt on a dollar-for-dollar basis. Management believes these ratios are useful as a means to evaluate our ability to incur additional indebtedness in the future. 

We present the non-GAAP measures adjusted diluted net income per share and adjusted diluted net income attributable to common stockholders because our net income and net income per share are regularly affected by items that occur at irregular intervals or are non-cash items. We believe that disclosing these measures assists investors, securities analysts and other interested parties in evaluating both our company over time and the relative performance of the companies in our industry.

Certain prior year GAAP amounts have been modified to give effect to pro forma events that are directly attributable to the acquisition of SureWest Communications (the "Acquisition") and factually supportable and are expected to have a continuing impact. The unaudited Pro forma financial information, which has been prepared for the periods presented, gives effect to the Acquisition as if it had occurred on January 1, 2012. 

We have also presented various Adjusted Pro Forma financial information as if the acquisition had occurred as of January 1, 2012 in order to provide a better view of the combined Company's period over period performance. In calculating the unaudited Adjusted Pro Forma financial information, we did not adjust certain items to give effect to the Acquisition as if it had occurred on January 1, 2012, as required by Rule 3-05 of Regulation S-X.

About Consolidated

Consolidated Communications Holdings, Inc. is a leading communications provider within its six state operations of California, Illinois, Kansas, Missouri, Pennsylvania and Texas. Headquartered in Mattoon, IL, the Company has been providing services in many of its markets for over a century. With one of the highest quality networks in the industry, the Company offers a wide range of communications services, including IP-based digital and high definition television, high speed internet, Voice over IP, carrier access, directory publishing and local and long distance service.

Safe Harbor 

Any statements other than statements of historical facts, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "anticipate," "expect," "intend," "plan, "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include the ability of Consolidated Communications Holdings, Inc. (the "Company") to successfully integrate the operations of  SureWest Communications ("SureWest") and realize the synergies from the acquisition, as well as a number of other factors related to the businesses of the Company, including various risks to stockholders of not receiving dividends and risks to the Company's ability to pursue growth opportunities if the Company continues to pay dividends according to the current dividend policy; various risks to the price and volatility of the Company's common stock; the substantial amount of debt and the Company's ability to repay or refinance it or incur additional debt in the future; the Company's need for a significant amount of cash to service and repay the debt and to pay dividends on the Company's common stock; changes in the valuation of pension plan assets; restrictions contained in the Company's debt agreements that limit the discretion of management in operating the business; regulatory changes, including changes to subsidies, rapid development and introduction of new technologies and intense competition in the telecommunications industry; changes in content costs, which have been substantial and continue to increase; risks associated with the Company's possible pursuit of acquisitions; economic conditions in the Company's service areas; system failures; losses of large customers or government contracts; risks associated with the rights-of-way for the network; disruptions in the relationship with third party vendors; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; changes in the extensive governmental legislation and regulations governing telecommunications providers and the provision of telecommunications services; telecommunications carriers disputing and/or avoiding their obligations to pay network access charges for use of the Company's network; high costs of regulatory compliance; the competitive impact of legislation and regulatory changes on the telecommunications industry; and liability and compliance costs regarding environmental regulations. These and other risks and uncertainties are discussed in more detail in the Company's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q.

Many of these risks are beyond management's ability to control or predict. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements and risk factors contained in this communication and the Company's filings with the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

- Tables Follow -

Consolidated Communications Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
  September 30,  December 31, 
  2013  2012 
 Current assets:     
 Cash and cash equivalents   $ 6,291  $ 17,854
 Accounts receivable, net   56,849  57,957
 Income tax receivable   1,546  12,020
 Deferred income taxes   11,292  8,984
 Prepaid expenses and other current assets   13,267  11,269
 Assets of discontinued operations   --   1,772
 Total current assets   89,245  109,856
 Property, plant and equipment, net   891,006  907,672
 Investments   112,913  109,750
 Goodwill   603,446  603,446
 Other intangible assets   42,539  49,530
 Deferred debt issuance costs, net and other assets   15,315  13,800
 Total assets   $ 1,754,464  $ 1,794,054
 Current liabilities:     
 Accounts payable   $ 8,060  $ 14,954
 Advance billings and customer deposits   26,393  27,654
 Dividends payable   15,538  15,463
 Accrued compensation   18,890  21,912
 Accrued interest   11,099  2,962
 Accrued expense   35,129  44,263
 Income tax payable   5,396  -- 
 Current portion of long-term debt and capital lease obligations   9,870  9,596
 Current portion of derivative liability   --   3,164
 Liabilities of discontinued operations   179  4,209
 Total current liabilities   130,554  144,177
 Long-term debt and capital lease obligations   1,202,164  1,208,248
 Deferred income taxes   142,790  138,068
 Pension and other post-retirement obligations   143,921  156,710
 Other long-term liabilities   10,864  10,746
 Total liabilities   1,630,293  1,657,949
 Shareholders' equity:     
 Common stock, par value $0.01 per share; 100,000,000 shares authorized, 40,111,518 and 39,877,998, shares outstanding as of September 30, 2013 and December 31, 2012, respectively   401  399
 Additional paid in capital   160,618  177,315
 Accumulated other comprehensive loss, net   (41,277)  (45,784)
Noncontrolling interest  4,429  4,175
Total shareholders' equity  124,171  136,105
Total liabilities and shareholders' equity  $ 1,754,464  $ 1,794,054
Consolidated Communications Holdings, Inc.
Condensed Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
  2013  2012  2013  2012 
 Net revenues   $ 150,773  $ 151,025  $ 453,621  $ 324,033
 Operating expenses:         
 Cost of services and products   55,780  55,442  166,774  118,515
 Selling, general and administrative expenses   33,715  34,733  100,385  72,537
 Financing and other transaction costs   355  14,525  712  19,909
 Depreciation and amortization   34,756  38,140  104,306  81,822
 Income from operations   26,167  8,185  81,444  31,250
 Other income (expense):         
 Interest expense, net   (20,632)  (20,624)  (65,929)  (52,117)
 Other income, net   9,000  8,461  26,452  21,888
 Income (loss) from continuing operations before income taxes   14,535  (3,978)  41,967  1,021
 Income tax expense (benefit)   4,205  (2,667)  15,219  (1,166)
 Income (loss) from continuing operations   10,330  (1,311)  26,748  2,187
 Discontinued operations, net of tax:         
 Income (loss) from discontinued operations, net of tax   92  467  (156)  1,759
 Gain on sale of discontinued operations, net of tax   1,333  --   1,333  -- 
   1,425  467  1,177  1,759
 Net income (loss)   11,755  (844)  27,925  3,946
 Less: net income attributable to noncontrolling interest   61  121  254  366
 Net income (loss) attributable to common shareholders   $ 11,694  $ (965)  $ 27,671  $ 3,580
 Net income (loss) per common share - basic and diluted         
Income (loss) from continuing operations  $ 0.26  $ (0.03)  $ 0.65  $ 0.05
Discontinued operations, net of tax  0.03  0.01  0.03  0.05
Net income (loss) per basic and diluted common share attributable to common shareholders  $ 0.29  $ (0.02)  $ 0.68  $ 0.10
Consolidated Communications Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
  2013  2012  2013  2012 
Net income  $ 11,755  $ (844)  $ 27,925  $ 3,946
Income from discontinued operations, net of tax  (1,425)  (467)  (1,177)  (1,759)
Net income (loss) from continuing operations  10,330  (1,311)  26,748  2,187
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation and amortization  34,756  38,140  104,306  81,822
Deferred income taxes  (205)  (2,171)  (329)  (2,171)
Cash distributions from wireless partnerships less than earnings  (1,152)  (503)  (2,996)  (1,674)
Non- cash stock-based compensation  794  594  2,234  1,684
Amortization of deferred financing  584  852  1,703  5,872
Other adjustments, net  (1,060)  10  1,609  216
Changes in operating assets and liabilities, net  12,660  (14,139)  (9,222)  (17,236)
Net cash provided by operating activities  56,707  21,472  124,053  70,700
Net cash provided by (used in) discontinued operations  (315)  288  (3,412)  1,200
 Net cash provided by operating activities  56,392  21,760  120,641  71,900
Business acquisition, net of cash acquired  --   (367,055)  --   (377,021)
Purchase of property, plant and equipment, net  (27,961)  (39,574)  (80,584)  (50,323)
Purchase of investments  (107)  --   (238)  -- 
Proceeds from sale of assets  61  387  111  415
Restricted cash for acquisition of SureWest  --   298,035  --   -- 
Other  --   --   --   (314)
Net cash used in continuing operations  (28,007)  (108,207)  (80,711)  (427,243)
Net cash provided by (used in) discontinued operations  2,379  --   2,331  (97)
 Net cash used in investing activities  (25,628)  (108,207)  (78,380)  (427,340)
Proceeds on bond offering  --   --   --   298,035
Restricted cash on bond offering  --   17,047  --   -- 
Proceeds on issuance of long-term debt  8,000  35,000  57,000  35,000
Payment of capital lease obligation  (144)  (48)  (368)  (140)
Payment on long-term debt  (20,310)  (2,200)  (63,930)  (6,600)
Payment of financing costs  --   (8,077)  --   (13,147)
Dividends on common stock   (15,539)  (15,464)  (46,526)  (38,637)
Net cash provided by (used in) financing activities  (27,993)  26,258  (53,824)  274,511
Net change in cash and cash equivalents  2,771  (60,189)  (11,563)  (80,929)
Cash and cash equivalents at beginning of period  3,520  84,964  17,854  105,704
Cash and cash equivalents at end of period  $ 6,291  $ 24,775  $ 6,291  $ 24,775
Consolidated Communications Holdings, Inc.
Consolidated Revenue by Category
(Dollars in thousands)
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
        Adjusted Pro Forma 
  2013  2012  2013  2012 
Operating Revenues        
Local calling services  $ 27,049  $ 27,076  $ 79,923  $ 83,717
Network access services  26,929  29,501  85,474  91,203
Subsidies  13,657  12,675  40,584  37,248
Long distance services  4,810  5,380  14,636  16,486
Data, video and internet services  68,163  65,145  202,063  189,832
Other services  10,165  11,248  30,941  33,449
Total operating revenue  150,773  151,025  453,621  451,935
Consolidated Communications Holdings, Inc.
Schedule of Adjusted EBITDA Calculation
(Dollars in thousands)
  Three Months Ended  Nine Months Ended 
  September 30,  September 30, 
        Adjusted Pro Forma 
  2013  2012  2013  2012 
Net income (loss) from continuing operations  $ 10,330  $ (1,311)  $ 26,748  $ (2,072)
Add (subtract):        
 Income tax expense (benefit)  4,205  (2,667)  15,219  (3,049)
 Interest expense, net  20,632  20,624  65,929  61,260
 Depreciation and amortization  34,756  38,140  104,306  117,236
EBITDA  69,923  54,786  212,202  173,375
Adjustments to EBITDA (1):        
Other, net (2)  (8,070)  6,838  (22,220)  (1,010)
Investment distributions (3)  8,555  7,723  24,316  19,835
Non-cash compensation (4)  794  594  2,234  5,724
Adjusted EBITDA  $ 71,202  $ 69,941  $ 216,532  $ 197,924
Footnotes for Adjusted EBITDA:        
(1) These adjustments reflect those required or permitted by the lenders under the credit agreement.
(2) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, transaction related costs and certain miscellaneous items.
(3) Includes all cash dividends and other cash distributions received from our investments.
(4) Represents compensation expenses in connection with our Restricted Share Plan, which because of the non-cash nature of the expenses are excluded from adjusted EBITDA.
Consolidated Communications Holdings, Inc.
Cash Available to Pay Dividends
(Dollars in thousands)
 Three Months Ended September 30, 2013Nine Months Ended September 30, 2013
Adjusted EBITDA  $ 71,202  $ 216,532
 - Cash interest expense   (20,611)  (62,761)
 - Capital expenditures  (27,961)  (80,584)
 - Cash income taxes  (108)  (976)
Cash available to pay dividends  $ 22,522  $ 72,211
Dividends Paid  $ 15,539  $ 46,526
Payout Ratio 69.0% 64.4%
* The above calculation excludes the principal payments on the amortization of our debt.
Consolidated Communications Holdings, Inc.
Total Net Debt to LTM Adjusted EBITDA Ratio
(Dollars in thousands)
Summary of Outstanding Debt  
Term loan 2  $ 401,894
Term loan 3, net of discount of $4,523  506,614
Senior unsecured notes, net of discount of $1,744  298,256
Capital leases  5,270
Total debt as of September 30, 2013  $ 1,212,034
Less cash on hand  (6,291)
Total net debt as of September 30, 2013  $ 1,205,743
Adjusted EBITDA for the last twelve months ended September 30, 2013  $ 289,737
Total Net Debt to last twelve months  
Adjusted EBITDA  4.16x
Consolidated Communications Holdings, Inc.
Adjusted Net Income and Per Share Attributable to Common Stockholders
(in thousands, except per share amounts)
  Three Months Ended  Nine Months Ended 
  September 30,  September 30,  September 30,  September 30, 
  2013  2012  2013  2012 
Net income attributable to common shareholders  $ 11,694  $ (965)  $ 27,671  $ 3,580
Transaction and severance related costs, net of tax  879  10,282  2,793  17,244
Acquisition related tax adjustments  --  831  --  883
Gain on the sale of discontinued operations, net of tax  (1,333)  --  (1,333)  --
Non-cash stock compensation, net of tax 565 421 1,423 1,136
Adjusted net income attributable to common stockholders  $ 11,803  $ 10,569  $ 30,554  $ 22,843
Weighted average number of shares outstanding  39,755  39,439  39,755  32,963
Adjusted diluted net income per share  $ 0.30  $ 0.27  $ 0.77  $ 0.69
Calculations above assume a 28.9 and 29.2 percent effective tax rate for the three months ended September 30, 2013 and 2012, respectively.
The assumed effective tax rates for the nine months ended September 30, 2013 and 2012, are 36.3 and 32.6 percent, respectively.
The gain on the sale of discontinued operations had an effective tax rate of 39.9% for both the three and nine months ended September 30, 2013.
Consolidated Communications Holdings, Inc.
Key Operating Statistics
 September 30,June 30,March 31,December 31,September 30,
  2013  2013  2013  2012  2012 
ILEC access lines          
Residential 148,811 150,711 152,644 153,855 155,274
Business 110,794 111,870 113,211 114,742 115,686
Total local access lines  259,605 262,581 265,855 268,597 270,960
 Quarterly change  (1.1%) (1.2%) (1.0%) (0.9%) (1.2%)
Voice Connections [1]          
Residential 74,588 76,101 77,515 78,811 80,097
Business 49,830 50,013 50,351 50,918 51,360
Total voice connections 124,418 126,114 127,866 129,729 131,457
 Quarterly change  (1.3%) (1.4%) (1.4%) (1.3%) (1.2%)
Data and Internet Connections [2] 252,516 251,306 250,350 247,633 246,817
 Quarterly change  0.5% 0.4% 1.1% 0.3% 1.7%
 Res. penetration of marketable homes 30.2% 30.3% 30.3% 30.2% 30.2%
Video Connections [2] 109,882 109,083 107,475 106,137 105,202
 Quarterly change  0.7% 1.5% 1.3% 0.9% 2.3%
 Res. penetration of marketable homes 20.5% 20.7% 20.5% 20.3% 20.2%
Total Connections 746,421 749,084 751,546 752,096 754,436
 Quarterly change  (0.4%) (0.3%) (0.1%) (0.3%) 0.2%
Network Stats - Marketable Homes          
Fiber homes 199,826 197,355 195,962 194,895 192,475
HFC homes 94,540 94,534 94,433 94,418 94,272
Copper homes 399,547 399,547 399,547 399,547 399,547
 Total 693,913 691,436 689,942 688,860 686,294
Data marketable homes 681,485 679,008 677,514 676,432 673,866
 % of total marketable homes 98% 98% 98% 98% 98%
Video marketable homes 528,921 526,444 524,950 524,019 520,706
 % of total marketable homes 76% 76% 76% 76% 76%
Note: The figures in the table, excluding ILEC access lines, do not include SureWest business subscribers. 
[1] These include voice lines outside the ILECs and Voice-over-IP inside the ILECs.
[2] These connections are both residential and business (excluding SureWest business subscribers). They include services both inside and outside the ILECs.
CONTACT: Company Contact:

         Matt Smith

         VP of Investor Relations & Treasurer