Lionbridge FY 2014, 2013, 2012 results

Results 2014

 

Results 2013

Results 2012 

Details below. We found particularly interesting the data concerning Lionbridge's "share repurchase program":

2014: $5.9 million  2013: $5.2 million  2013: $18 million

Total share repurchase program for the 3 years: $29.1 million 

 

Results 2014

Lionbridge Announces FY 2014 Results With Revenue of $490.6 Million, GAAP EPS of $0.13 and Non-GAAP EPS of $0.41

February 5, 2015 -

Provides Outlook for Approximately 18-20% Revenue Growth and 50-60% non-GAAP Earnings Expansion in 2015, Reflecting Organic Growth and Benefits of the Company’s Acquisition of CLS Communication

WALTHAM, Mass. – February 5, 2015 – Lionbridge Technologies, Inc. (Nasdaq: LIOX), today announced financial results for the fourth quarter and year ended December 31, 2014.

Financial highlights for FY 2014 include:

• Revenue of $490.6 million, an increase of $1.4 million or 0.3% from the year ended December 31, 2013. Excluding revenue from the Company’s largest client, FY 2014 revenue grew $18.0 million or 5% year-on-year.
• GAAP net income of $8.1 million or $0.13 per share based on 63.0 million fully diluted shares outstanding. This compares to GAAP net income of $11.6 million or $0.19 per diluted share in the fourth quarter of 2013.
• Non-GAAP adjusted earnings of $25.5 million or $0.41 per share. The Company defines non-GAAP adjusted earnings as net income excluding merger, restructuring and acquisition-related charges, asset impairment costs, stock-based compensation, and amortization of acquisition-related intangible assets. Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure.
• Cash flow from operations of $20.5 million.
• Ending cash balance of $36.9 million.
• During the year, the Company acquired 1.1 million shares of its common stock under its share repurchase program for an aggregate purchase price of $5.9 million.

 

Business highlights for FY 2014 include:

• Secured more than 20 new engagements with world-leading brands across industry sectors including eCommerce, consumer, consulting, aerospace, automotive, gaming, technology and entertainment, telecommunications and pharmaceutical industries.
• Secured a four-year agreement with a large pharmaceutical company estimated to generate more than $80 million over the term of the four-year agreement.
• Announced the acquisition of CLS Communication, a market-leader in translation solutions to clients in the financial services, industrial and public sector end markets. Lionbridge completed the purchase CLS Communication on January 7, 2015 for 71.8 million Swiss Francs, or 71.4 million US Dollars.  Lionbridge reiterated its expectation that CLS will contribute approximately $80 million in revenue and approximately $0.10 in non-GAAP earnings in FY 2015, depending on the timing of synergies and tax matters.
• Continued to successfully scale its global marketing offering aimed at helping global marketing executives manage and optimize digital marketing campaigns in international markets.
• Scaled Lionbridge onDemand, a new, online revenue and delivery channel. Within its first year of operation, OnDemand exited 2014 at an annualized run rate of over $4 million with further acceleration expected in FY 2015.

“Despite a $17 million spend reduction from our largest client, we continued to deliver solid growth among most of our top clients, expand our new business momentum, accelerate our vertical market expansion strategy, expand gross margins and generate strong cash flows,” said Rory Cowan, CEO of Lionbridge.  “As we enter 2015 it appears the pace of organic growth is accelerating.  Our largest account seems to have stabilized at current revenue levels.  Unlike most US companies, our earnings model has a favorable strong US dollar bias.  We are well on path to recognize the planned synergies of the CLS acquisition.  As a result, we continue to expect organic revenue, earnings and cash flow growth in 2015, as well as strong revenue and earnings contribution from CLS.”

Highlights for the fourth quarter ended December 31, 2014 include:

• Revenue of $119.7 million, a decrease of $7.8 million, from the fourth quarter of 2013, reflecting an $11.1 million decline from the Company’s largest client year-on-year.
• GAAP net loss of $1.2 million, or $(0.02) per share, based on 59.8 million weighted average basic shares outstanding. This compares to GAAP net income of $6.1 million or $0.10 per diluted share in the fourth quarter of 2013.
• Non-GAAP adjusted earnings of $6.1 million or $0.10 per share. The Company provided an outlook for the first quarter of 2015 with revenue of $132-140 million, reflecting the current currency environment.

 

The Company also provided expectations for FY 2015 revenue growth of approximately 18-20% and non-GAAP earnings growth of approximately 50-60% year on year, depending on currency as well as the timing of synergies and tax matters.

 

Lionbridge management will conduct a conference call at 9:00 a.m. ET this morning to discuss financial performance for the quarter and other matters, including matters related to its future performance. To participate, callers within the United States can dial 888-790-1711 and international callers can dial 517-308-9317.  The pass code for the call is Lionbridge. The conference call will also be available on the financial events page of the investor relations section of the Lionbridge website at www.lionbridge.com.

 

Non-GAAP Financial Measures

In this release, the Company’s adjusted earnings and adjusted earnings per share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. These measures are presented because management believes they provide additional information to investors with respect to the performance of our fundamental business activities. “Adjusted earnings” and “Adjusted Earnings per Share (EPS)” are Non-GAAP financial measures and should not be viewed as alternatives to GAAP measures of performance. Management believes the most directly comparable GAAP financial measure for these measures are net income and diluted net income per share and has provided a reconciliation of GAAP net income to adjusted earnings and adjusted earnings per share at the end of this release.

 

 

About Lionbridge

Lionbridge enables more than 800 world-leading brands to increase international market share, speed adoption of products and effectively engage their customers in local markets worldwide. Using our innovative cloud technology platforms and our global crowd of more than 100,000 professional cloud workers, we provide translation, online marketing, global content management and application testing solutions that ensure global brand consistency, local relevancy and technical usability across all touch points of the customer lifecycle. Based in Waltham, Mass., Lionbridge maintains solution centers in 28 countries. To learn more, visit http://www.lionbridge.com.

 http://www.lionbridge.com/lionbridge-announces-fy-2014-results-revenue-490-6-million-gaap-eps-0-13-non-gaap-eps-0-41/

 

 

 

Results 2013

 

February 4, 2014 -

Delivers Strong FY 2013 with Revenue of $489.2 Million, GAAP EPS of $0.19 and non-GAAP EPS of $0.44; Reaffirms Outlook for Ongoing Revenue and Earnings Growth in 2014

WALTHAM, Mass. – February 04, 2014 — Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced financial results for the fourth quarter and year ended December 31, 2013.

Financial highlights for the fourth quarter include:

• Record revenue of $127.5 million, an increase of $13.6 million, or 12% year-on-year compared to the fourth quarter of 2012.
• GAAP net income of $6.5 million, or $0.10 per share based on 62.4 million fully diluted shares outstanding, compared to GAAP net income of $3.3 million, or $0.05 per diluted share in the fourth quarter of 2012.
• Non-GAAP adjusted earnings of $10.9 million or $0.18 per share. The Company defines non-GAAP earnings as GAAP net income excluding restructuring and acquisition-related costs, asset impairment, stock-based compensation and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure.
• Cash flow from operations of $11.4 million during the quarter.
• Ending cash balance of $38.9 million and long-term debt of $27.0 million.

“The fourth quarter marked yet another quarter of strong top line growth, solid earnings expansion and increasing cash flows.  Our second half momentum and strong new business pipeline underscore that  we have the right strategy, the right model and the right offerings to deliver sustainable annual revenue and earnings growth,” said Rory Cowan, CEO of Lionbridge.  “As we apply our unique crowd-in-the-cloud model to new applications and new markets, we expect ongoing growth in 2014 and beyond.”   Financial Highlights for Fiscal Year 2013 include:

• Revenue of $489.2 million, an increase of $32.0 million, or 7% year-on-year compared to FY 2012.

 

 

• GAAP net income of $12.0 million, or $0.19 per share based on 62.0 million fully diluted shares outstanding.  This compares to GAAP net income of $11.3 million, or $0.19 per diluted share in FY 2012.

 

• Non-GAAP adjusted earnings of $27.3 million or $0.44 per share. The Company defines non-GAAP earnings as GAAP net income excluding restructuring and acquisition-related costs, asset impairment, stock-based compensation and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure.

 

• Cash flow from operations of $28.8 million for the year.

 

Business highlights for FY 2013 include:

• Secured several, multi-year, multi-million dollar engagements with leading organizations in the automotive, life sciences, luxury retail, manufacturing, technology and hospitality industries.

 

 

• Appointed Richard Tobin, a former SVP of Operations for DigitasLBi, as Senior Vice President and General Manager responsible for Lionbridge’s language services business and global marketing operations offerings.

 

• Announced and closed the acquisition of E5 Systems, a US-based, privately-held provider of application development and testing solutions.  With E5 Systems’ annual revenue of approximately $4 million, the acquisition provides Lionbridge with access to long-standing relationships with clients in the hospitality and financial services industries and qualified development and testing professionals in the US and in Jinan, China.

 

• Successfully expanded its global digital marketing offerings as Lionbridge worked with global brand leaders to manage and optimize digital marketing campaigns in international markets.

 

• Introduced and secured several new clients for Lionbridge Business Process Crowdsourcing practice, a suite of professional crowdsourcing offerings that enable enterprises to increase productivity, maximize workforce elasticity and reduce costs through a highly flexible workforce model. The new offerings, which include data research and validation, in-country testing and crowd-based language services, enable Lionbridge to extend its proven, professional crowd solutions into new vertical markets.

 

• Acquired 1.7 million shares of its common stock for an aggregate purchase price of $5.2 million.

 

• Established a new five-year, $100 million global bank facility, which includes a $65 million revolving credit facility with an additional $35 million accordion feature. The new facility replaces the Company’s previous revolving credit facility. The Company plans to use the new facility to fund investments, including potential acquisitions.

 

“We exited 2013 with strong revenue and margin momentum year-on-year. We continued to grow our large, long-standing clients through innovative new solutions and offerings. We secured new business wins with multi-year commitments for recurring revenue. We continued to successfully expand our business into new vertical markets,” said Rory Cowan, CEO of Lionbridge. “Our achievements in 2013 serve as a platform for our continued revenue and earnings growth this year and beyond.” The Company provided revenue expectations for the first quarter 2014 with estimated revenue of $120-$123 million.  Lionbridge also reiterated its expectations for FY 2014 revenue growth of 5-10% year-on-year with further growth in profitability. Lionbridge management will conduct a conference call at 9:00 a.m. ET this morning to discuss financial performance for the quarter and other matters, including matters related to its future performance. To participate, callers within the United States can dial 888-673-9804 and international callers can dial 312-470-7373.  The pass code for the call is Lionbridge. The conference call will also be available online here or on the financial events page of the investor guide on the Lionbridge website www.lionbridge.com   Non-GAAP Financial Measures In this release, the Company’s adjusted earnings and adjusted earnings per share are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations.  These measures are presented because management believes they provide additional information to investors with respect to the performance of our fundamental business activities. These measures are Non-GAAP financial measures and should not be viewed as alternatives to GAAP measures of performance.  Management believes the most directly comparable GAAP financial measures for adjusted earnings and adjusted earnings per share are net income and diluted net income per share respectively, and has provided a reconciliation of these measures to net income  at the end of this release.   About Lionbridge Lionbridge Technologies, Inc. (NASDAQ: LIOX) is a provider of translation, development and testing solutions. Lionbridge combines global resources with proven program management methodologies to serve as an outsource partner throughout a client’s product and content lifecycle – from development to translation, testing and maintenance. Global organizations rely on Lionbridge services to increase international market share, speed adoption of global products and content, and enhance their return on enterprise applications and IT system investments. Based in Waltham, Mass., Lionbridge maintains solution centers in 26 countries and provides services under the Lionbridge and VeriTest brands. To learn more, visit http://www.lionbridge.com.   Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties, including expected financial performance, anticipated customer demand for the Company’s services and expected revenue and earnings growth, the pace and strengthening of such growth, of Lionbridge in Q1 2014, and FY 2014, and the company’s planned use of its new credit facility to fund investments including potential acquisitions.  These forward-looking statements reflect management’s current views and Lionbridge does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law. Lionbridge’s actual experiences, actions, financial and operating results may differ materially from those discussed in the forward-looking statements. Factors that might cause such a difference include Lionbridge’s ability to provide and maintain high quality services at a competitive price and related customer satisfaction with such service delivery; the loss of or reduction in demand from one or more major client or customer, which would materially affect Lionbridge’s business; Lionbridge’s ability to expand its relationships with existing clients; [the cost and timing of cost reduction and restructuring activities;] Lionbridge’s ability to broaden its client base; the Company’s dependence on clients’ product releases, production schedules and procurement strategies to generate revenues; the Company’s ability to attract and integrate new operational leadership; the anticipated benefits of expansion of global language workflow technologies; the impact of competing language technology on the Company’s existing customer relationships and ability to secure new customers; the ability of Lionbridge to realize the expected benefits of its technology initiatives and acquisitions, including E5 Systems, and the timing of the realization of such benefits; errors, interruptions or delays in SaaS-based technology, technology-enabled delivery platforms or Web hosting; breaches of security measures; risks associated with the financial aspects of the subscription model utilized in connection with the its SaaS-based technology offerings; the cost, complexity, timing and speed of continued development and enhancements technology initiatives, including customer and user acceptance of the Company’s services and technologies; the termination of customer contracts or engagements prior to the end of their term; the size, timing and recognition of revenue from clients; the ability of Lionbridge to integrate acquisitions and expand its customer relationships and the timing and success of such activities; the impact of foreign currency fluctuations on revenue, margins, costs, operating results and profitability and the Company’s ability to successfully manage this exposure; the portion of the Company’s service engagements that are subject to the impact of foreign currency fluctuations; uncertainty and volatility in global economic conditions that could negatively affect demand for the Company’s services and technologies; reduced demand for the Company’s services that adversely impacts Lionbridge’s future revenues, cash flows, results of operations and financial condition; Lionbridge’s ability to perform services in lower cost operational locations and the timing of its transfer of service execution to such locations, and customer acceptance of service execution in such locations; risks associated with conducting business outside of the United States, including compliance with changing and potentially conflicting laws and regulations and expenses and delays associated with any such activities; risks associated with competition; Lionbridge’s ability to forecast revenue, profitability, technology adoption, customer demand and operating results; changes in tax rates applicable to the Company and changes to the interpretations of applicable tax rates; changes in interpretation of statutory and regulatory positions by international tax authorities in countries in which Lionbridge conducts business; changes in interpretation of employment and tax positions by U.S. state and federal authorities; the failure of Lionbridge to keep pace with technological changes or changing customer needs; the risk of claims by third parties of intellectual property claims; the ability of Lionbridge to respond to fluctuations in the complexity, timing and mix of services required by customers; and Lionbridge being held liable for defects or errors in its service offerings.  For a more detailed description of the risk factors associated with Lionbridge, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent filings with the SEC (copies of which may be accessed through the SEC’s website at http://www.sec.gov.

 

 

Results 2012

Lionbridge Announces FY 2012 Results with Revenue of $457.1 Million, GAAP EPS of $0.19 and NON-GAAP EPS of $0.46

February 13, 2013 - Waltham, MA

Extends Revenue and Profit Momentum with Growing Demand across Offerings; Reiterates Outlook for Ongoing Revenue and Profit Growth in 2013

Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced financial results for the fourth quarter and year ended December 31, 2012.

Financial highlights for FY 2012 include:

• Revenue of $457.1 million, an increase of $29.3 million or 7% from the year ended December 31, 2011.  
• GAAP net income of $11.3 million or $0.19 per share based on 61.1 million fully diluted shares outstanding.  This marks an increase of $9.6 million or $0.16 per diluted share compared to FY 2011.  FY 2012 GAAP net income includes restructuring and other charges of $8.2 million or $0.13 per share.
• Non-GAAP adjusted earnings of $27.9 million or $0.46 per share, an increase of $15.0 million or $0.24 per diluted share compared to FY 2011. The Company defines non-GAAP adjusted earnings as net income excluding merger, restructuring and acquisition-related costs, asset impairment costs, stock-based compensation, and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure. 
• Cash flow from operations of $18.9 million, an increase of $9.1 million year-on-year. 
   

Business highlights for FY 2012 include:

• Secured more than 20 new engagements with world-leading brands across industry sectors including entertainment, manufacturing, banking, pharmaceuticals, retail, aerospace, digital marketing, government, automotive and travel.
• Announced and closed two acquisitions to support the Company’s vertical market expansion and its enterprise crowdsourcing strategy.  In June 2012, Lionbridge acquired Productive Resources, LLC (PRI), an Indiana, US-based provider of technical engineering and documentation solutions to clients in the manufacturing and industrial sectors.  In November 2012, Lionbridge announced the acquisition of Virtual Solutions Inc., a provider of crowdsourcing solutions to state and local governments. The Company funded these two acquisitions with existing cash resources and $10 million of debt from its revolving line of credit.  In 2012, the Company paid down $8 million of debt related to these acquisitions. 
• Successfully scaled its new Global Marketing Operations (GMO) service offering aimed at helping global marketing executives manage and optimize digital marketing campaigns in international markets. This new service offering grew more than $10 million as compared to FY 2011.
• Announced that its Board of Directors has authorized a share repurchase program allowing the Company to repurchase up to $18 million of the Company’s common stock.

“2012 marked a turnaround year for Lionbridge as we re-energized our sales teams with new offerings and new vertical markets.  With this strong new business momentum and ongoing growth from our existing recurring revenue relationships, we delivered on our commitment to increase revenue and to accelerate our profitability across end markets,” said Rory Cowan, CEO, Lionbridge.  “Most importantly, we extended our track record of strong earnings growth year-on-year.  As a result, we are well positioned for ongoing revenue and profit expansion in 2013.”

Highlights for the fourth quarter ended December 31, 2012 include:

•  Revenue of $113.8 million, an increase of $6.4 million or 6% from the fourth quarter of 2011.
• GAAP net income of $3.0 million or $0.05 per share based on 62.6 million fully diluted shares outstanding.  GAAP net income for the fourth quarter of 2012 includes restructuring and related charges of $962,000 or $0.02 per share. Excluding restructuring and related charges, fourth quarter net income was $4.0 million or $0.06 per share.
• Non-GAAP adjusted earnings of $6.3 million or $0.10 per share, an increase of $1.4 million or $0.02 year-on-year compared the fourth quarter of FY 2011.   The Company defines non-GAAP adjusted earnings as net income excluding merger, restructuring and related costs, asset impairment costs, stock-based compensation, and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure. 

The Company provided an outlook for the first quarter of 2013 with revenue of $115-118 million with ongoing profit expansion year-on-year.  It also reiterated its expectations for FY 2013 revenue growth of 6-10% and significant growth in income from operations.
Lionbridge management will conduct a conference call at 9:00 a.m. ET this morning to discuss financial performance for the quarter and other matters, including matters related to its future performance. To participate, callers within the United States can dial 800-857-9821 and international callers can dial 210-234-0023.  The pass code for the call is Lionbridge.  The conference call will also be available live via the Internet by accessing this link. 
Non-GAAP Financial Measures
In this release, the Company’s adjusted earnings, adjusted earnings per share, net income excluding restructuring and other charges and net income per share excluding restructuring and other charges are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. These measures are presented because management believes they provide additional information to investors with respect to the performance of our fundamental business activities. “Adjusted earnings,” “Adjusted Earnings per Share (EPS),” “Net income excluding restructuring and other charges” and “Net income per share excluding restructuring and other charges” are Non-GAAP financial measures and should not be viewed as alternatives to GAAP measures of performance. Management believes the most directly comparable GAAP financial measure for these measures are net income and diluted net income per share and has provided a reconciliation of GAAP net income to adjusted earnings, adjusted earnings per share, net income excluding restructuring and other charges and net income per share excluding restructuring and other charges at the end of this release.

About Lionbridge
Lionbridge enables more than 800 world-leading brands to increase international market share, speed adoption of products and effectively engage their customers in local markets worldwide.  Using our innovative cloud technology platforms and our global crowd of more than 100,000 professional cloud workers, we provide translation, online marketing, global content management and application testing solutions that ensure global brand consistency, local relevancy and technical usability across all touch points of the customer lifecycle.  Based in Waltham, Mass., Lionbridge maintains solution centers in 26 countries. To learn more, visit http://www.lionbridge.com.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including expected financial performance, expected revenue and operating profit (income from operations) growth and outlook, and the momentum, pace and strengthening of such growth, of Lionbridge in Q1 2013 and FY 2013, and increase in demand for its new programs. These forward-looking statements reflect management’s current views and Lionbridge does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law. Lionbridge’s actual experiences, actions, financial and operating results may differ materially from those discussed in the forward-looking statements. Factors that might cause such a difference include Lionbridge’s ability to provide and maintain high quality services at a competitive price and related customer satisfaction with such service delivery; the loss of or reduction in demand from one or more major client or customer, which would materially affect Lionbridge’s business; Lionbridge’s ability to expand its relationships with existing clients; Lionbridge’s ability to broaden its client base; the Company’s dependence on clients’ product releases, production schedules and procurement strategies to generate revenues; the impact of competing language technology on the Company’s existing customer relationships and ability to secure new customers; the ability of Lionbridge to realize the expected benefits of its technology initiatives and acquisitions and the timing of the realization of such benefits; errors, interruptions or delays in SaaS-based technology or Web hosting; breaches of security measures; risks associated with the financial aspects of the subscription model utilized in connection with the its SaaS-based technology offerings; the cost, complexity, timing and speed of continued development and enhancements of real-time machine translation technology initiatives, including customer and user acceptance of the Company’s services and technologies; the termination of customer contracts or engagements prior to the end of their term; the size, timing and recognition of revenue from clients; the ability of Lionbridge to integrate acquisitions and expand its customer relationships and the timing and success of such activities; the impact of foreign currency fluctuations on revenue, margins, costs, operating results and profitability and the Company’s ability to successfully manage this exposure through hedge instruments and other strategies; the portion of the Company’s service engagements that are subject to the impact of foreign currency fluctuations; continued uncertainty and volatility in global economic conditions that could negatively affect demand for the Company’s services and technologies; reduced demand for the Company’s services that adversely impacts Lionbridge’s future revenues, cash flows, results of operations and financial condition; Lionbridge’s ability to perform services in lower cost operational locations and the timing of its transfer of service execution to such locations, and customer acceptance of service execution in such locations; risks associated with conducting business outside of the United States, including compliance with changing and potentially conflicting laws and regulations and expenses and delays associated with any such activities; longer collection cycles in particular jurisdictions; risks associated with competition; Lionbridge’s ability to forecast revenue, profitability, technology adoption, customer demand and operating results; changes in tax rates applicable to the Company and changes to the interpretations of applicable tax rates; changes in interpretation of statutory and regulatory positions by international tax authorities in countries in which Lionbridge conducts business; changes in interpretation of employment and tax positions by U.S. state and federal authorities; the failure of Lionbridge to keep pace with technological changes or changing customer needs; the risk of claims by third parties of intellectual property claims; the ability of Lionbridge to respond to fluctuations in the complexity, timing and mix of services required by customers; and Lionbridge being held liable for defects or errors in its service offerings.  For a more detailed description of the risk factors associated with Lionbridge, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent filings with the SEC (copies of which may be accessed through the SEC’s website at http://www.sec.gov.