DJIA 8937.36 4.38 (0.05%) S&P 500 1140.80 1.05 (0.09%) Nasdaq 1930.99 -4.23 (-0.22%) Value Line ndx 918.57 -5.72 (-0.62%) 30-Year Bond 106 8/32 -13/32 5.68% Yield
QUICK TAKES: Financial services software company Sanchez Computer Associates <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SCAI)") else Response.Write("(Nasdaq: SCAI)") end if %> gained $3 3/4 to $30 1/4 after announcing that Citicorp's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CCI)") else Response.Write("(NYSE: CCI)") end if %> Citibank unit has licensed the company's PROFILE/Anywhere banking software. Citibank Canada was already a Sanchez customer and the company also claims as customers other global banking powerhouses such as Sumitomo Bank... Enterprise software company BMC Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BMCS)") else Response.Write("(Nasdaq: BMCS)") end if %> rose $3 15/16 to $55 on reporting Q1 EPS of $0.31 (before extraordinary items), up 41% and above the IBES estimate of $0.28. License revenues rose 49%, to $160.5 million, which helped the company maintain an operating margin just below 39%.
Bar code scanner, wireless LAN, and communications systems company Symbol Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SBL)") else Response.Write("(NYSE: SBL)") end if %> rose $4 11/16 to $41 3/16 after reporting yesterday Q2 EPS of $0.38 on revenues of $239 million. The company said that its LAN products led revenue growth as the company continued its "transition from bar code-centric to wireless-centric mobile computing markets and applications"... Silicon Graphics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGI)") else Response.Write("(NYSE: SGI)") end if %> semiconductor design unit MIPS Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MIPS)") else Response.Write("(Nasdaq: MIPS)") end if %> gained $2 15/16 to $18 5/16 on reporting Q4 EPS of $0.13. Revenues of $10.99 million for the quarter were down 16%, but net income improved from a loss a year ago due to much lower R&D spending... Transaction System Architects <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TSAI)") else Response.Write("(Nasdaq: TSAI)") end if %> picked up $2 5/8 to $38 1/4 after the provider of software for electronic payment networks reported a 25% increase in Q3 revenues of $69.1 million and a 32% increase in Q3 EPS of $0.29.
Avid Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVID)") else Response.Write("(Nasdaq: AVID)") end if %> gained $3 7/8 to $32 5/8 after the digital-editing equipment company reported Q2 EPS of $0.37 versus estimates of $0.33... Baxter International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAX)") else Response.Write("(NYSE: BAX)") end if %> rose $2 1/16 to $58 3/4 after the healthcare products company was raised to "buy" from "outperform" at Lehman Brothers... Biotechnology firm Genzyme <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GENZ)") else Response.Write("(Nasdaq: GENZ)") end if %> rose $1 1/4 to $29 1/2 after the company was raised to "buy" from "hold" at the judicious securities firm Prudential Securities... Sporting goods company K2 Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KTO)") else Response.Write("(NYSE: KTO)") end if %> gained $2 3/16 to $20 3/4 when it was raised to "near-term accumulate" from "near-term neutral" by Merrill Lynch.
Republic Engineered Steels <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: REPS)") else Response.Write("(Nasdaq: REPS)") end if %> gained $2 11/32 to $6 27/32 after the steel producer agreed to be acquired by an affiliate of Blackstone Capital Partners... Rio Hotel & Casino <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RHC)") else Response.Write("(NYSE: RHC)") end if %> hit the jackpot, gaining $1 3/16 to $19 1/8 after reporting Q2 EPS of $0.18, beating the Street by $0.06... Secure Computing <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SCUR)") else Response.Write("(Nasdaq: SCUR)") end if %> rose $2 5/8 to $13 1/8 in the wake of its recent Q2 announcement and its demonstrated ability to control costs... Valley National Bancorp <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VLY)") else Response.Write("(NYSE: VLY)") end if %> climbed $2 to $32 7/8 due to the "Inside Wall Street" effect, in which the Business Week column reported that the company could get a $45 offer from an unidentified admirer... Time share purveyor Fairfield Communities <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FFD)") else Response.Write("(NYSE: FFD)") end if %> gained $1 1/2 to $11 11/16 after getting crushed 32% yesterday on disappointing revenues... Big Bertha seller Callaway Golf <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ELY)") else Response.Write("(NYSE: ELY)") end if %> gained back $15/16 to $13 11/16 after dropping by 32% yesterday, as well.
PepsiCo <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PEP)") else Response.Write("(NYSE: PEP)") end if %> bubbled higher $2 3/16 to $39 3/4 after the company announced that its board had authorized an investigation into taking a "significant portion" of its bottling business public (likely following the 1986 Coca-Cola blueprint of initially retaining 49%). The only difference between this announcement and the half dozen other false alarms in recent history is the fact that Roger Enrico, PepsiCo's chairman and chief executive, has an established track record of focusing on cash generation and return on invested capital -- like selling off underperforming restaurant assets before the Tricon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: YUM)") else Response.Write("(NYSE: YUM)") end if %> divestiture. Having multiple independent bottlers (and one anchor) with the ability to raise capital and focus on acquisitions has certainly benefited Coke's global ambitions over the last decade, as well as the more obvious business model benefits of selling higher margin, less capital intensive gooey bags of concentrate. By strengthening its bottling system, Coke has laid the groundwork for long-term profitability -- the ability to sell more product and eventually raise concentrate prices without hurting its bottlers.
Finnish wireless telecom equipment company Nokia <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NOK.A)") else Response.Write("(NYSE: NOK.A)") end if %> rang-up $9 higher to $92 after reporting Q2 EPS of $0.70, up 52% over last year in dollar terms and 62% in terms of Finnish marks. The IBES estimate for the quarter was $0.58. The company said the quarter benefited from its strong position in digital wireless and from heavy infrastructure investment from customers. Nokia has continued to get new phones to market quickly, as well as generate high volume on its low-end offerings -- like the 5100 phone that began moving in May. The firm also saw 45% growth in its network equipment unit. Assuming the prescription for handset success is lighter, stronger models with longer battery life, Nokia is looking good. It expects to introduce the 8810 GSM phone and the 6150 dual-band GSM phone in the third quarter.
Infoseek <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SEEK)") else Response.Write("(Nasdaq: SEEK)") end if %> tumbled $2 3/8 to $29 after reporting a Q2 loss of $0.04 a share from a loss of $0.19 (excluding charges) last year, beating analysts' expectations of a loss of $0.07. The Internet portal and search engine company also reported a 119% increase in revenues to $17.1 million. But Infoseek's total average daily pageviews dropped 8% to 20.3 million in June from 22.1 million in March, primarily due to a decrease in traffic from Netscape <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSCP)") else Response.Write("(Nasdaq: NSCP)") end if %>, which also fell $1 3/16 to $32. In a move toward further independence, Infoseek renegotiated its deal with Netscape in June and now buys just 15% of Netscape's search rotation. When the Fool interviewed Infoseek CEO Harry Motro earlier this month, he said the company still views Netscape as a "great partner." Other Internet stocks also took a beating today. America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> lost $6 5/16 to $119 3/16; Yahoo! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> was knocked down $7 1/4 to $182 1/8; Excite <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %> was cut $1 13/16 to $44 5/8; Lycos <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LCOS)") else Response.Write("(Nasdaq: LCOS)") end if %> sank $6 to $67 1/4; Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> pulled back $3 3/8 to $124 1/4; Egghead.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGGS)") else Response.Write("(Nasdaq: EGGS)") end if %> dropped $1 5/8 to $20 5/16; and Think New Ideas <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: THNK)") else Response.Write("(Nasdaq: THNK)") end if %> plunged $2 7/8 to $21.
Gateway Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GTW)") else Response.Write("(NYSE: GTW)") end if %> was dumped for a $6 1/8 loss to $52 5/8 after the company reported lower-than-expected Q2 EPS of $0.38 on revenues of $1.62 billion. While 33% unit sales growth year-over-year outpaced the industry, the company's guidance of higher (by 2%+) average selling prices (ASP) fell on its face, as ASP actually dropped 2.3% for the quarter. Meanwhile, unit sales were down 4% sequentially, which is even more worrisome as the company's sales, general, and administrative (SG&A) expenditures for the quarter were $15 million above what it had guided analysts to expect. Had the company's SG&A spending been in line with guidance, that would have been enough for earnings to match the estimate of $0.44, though that would not likely have been enough to stop a sell-off today. Although gross margin and inventory turns improved in the quarter, investors looking at the company's bloated SG&A spending to revenues might be worried that the company is pushing too hard for incremental sales gains and that the company's offerings might not intrinsically be hitting what the market is demanding.
QUICK CUTS: Coffee purveyor Starbucks <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SBUX)") else Response.Write("(Nasdaq: SBUX)") end if %> dropped $7 1/2 to $47 7/8 after reporting Q3 EPS of $0.23, up from $0.17 a year ago and right in line with estimates. Comparable store sales gained 7% compared with the year-earlier quarter... Managed care provider Oxford Health Plans <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OXHP)") else Response.Write("(Nasdaq: OXHP)") end if %> slid another $1 7/16 to $9 1/8 on reports that the company has told doctors it needs to hike premiums and cut physicians' payments in order to be profitable... Computer workstation maker Silicon Graphics <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGI)") else Response.Write("(NYSE: SGI)") end if %> plunged $2 5/8 to $11 1/2 after reporting a Q4 loss of $0.31 per share, down from $0.43 in the year-ago period. Analysts had expected a loss of $0.25 per share. The company took a Q4 pre-tax restructuring charge of around $205 million to cut back on its investment in supercomputing.
Northwest Airlines <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NWAC)") else Response.Write("(Nasdaq: NWAC)") end if %> lost $1 3/16 to $33 3/4 after yesterday announcing that it has extended its summer fare sale for ticketing through Aug. 7... Fort James Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FJ)") else Response.Write("(NYSE: FJ)") end if %> lost $1 1/2 to $34 3/4 after CS First Boston downgraded its rating on the maker of tissues, paper towels, cups, and plates to "hold" from "buy." Yesterday the company reported Q2 EPS of $0.65 (before charges), missing analysts' estimates of $0.74... Bandwidth management technologies firm Adaptec Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADPT)") else Response.Write("(Nasdaq: ADPT)") end if %> dropped $1 1/16 to $11 after reporting fiscal Q1 EPS of $0.10 (before charges) compared with $0.51 in the year-ago period... Pharmacy services provider PharMerica <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DOSE)") else Response.Write("(Nasdaq: DOSE)") end if %> plummeted $3 9/16, or 39.3%, to $5 1/2 after announcing that it expects to report Q2 EPS of around $0.12, which would be two cents short of the analysts' mean estimate.
Chemicals and metal products manufacturer Sigma-Aldrich Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SIAL)") else Response.Write("(Nasdaq: SIAL)") end if %> was pummeled for a $4 1/8 loss to $30 after reporting Q2 EPS of $0.41, a penny above last year but a couple cents below estimates... Galileo Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GAEO)") else Response.Write("(Nasdaq: GAEO)") end if %> tanked $5 1/4 to $3 after the company said a wider-than-expected Q3 loss has put it in danger of defaulting on some bank loans. The company reported a Q3 loss of $0.41 versus a loss of $0.22 last year... Internet fax company FaxSav <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FAXX)") else Response.Write("(Nasdaq: FAXX)") end if %> was down $1 1/16 to $6 13/16 after announcing it has completed a $7 million private placement of 2 million new shares of common stock for $3.50 a share... Specialty chemicals and materials company Cabot Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CBT)") else Response.Write("(NYSE: CBT)") end if %> dropped $3 9/16 to $27 3/4 after warning that it expects a "more challenging" Q4 operating environment and that it will be "difficult" to top last year's Q4 EPS.
Upholstery fabrics and mattress ticking manufacturer Culp Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CFI)") else Response.Write("(NYSE: CFI)") end if %> was down $2 1/16 to $11 1/4 after saying that it expects a Q1 operating loss of about $0.15 per share. Analysts had been expecting EPS of $0.11... Nashville, Tenn.-based Gaylord Entertainment <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GET)") else Response.Write("(NYSE: GET)") end if %> was cut $2 to $29 after announcing a $16 million acquisition of Luxembourg-based Pandora Investment S.A. and its subsidiaries... Pump products and engineered equipment maker IDEX Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IEX)") else Response.Write("(NYSE: IEX)") end if %> shed $7/8 to $30 7/8 after saying it is not in discussions and has no intention of entering discussions regarding a possible transaction as was indicated in a Merrill Lynch analyst report yesterday... Specialty finance company Sirrom Capital <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SIR)") else Response.Write("(NYSE: SIR)") end if %> dipped $1 1/16 to $12 3/4 on news of a shareholder class action suit against the company and certain of its officers and directors.
Earnings Movers
American Xtal Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AXTI)") else Response.Write("(Nasdaq: AXTI)") end if %> down $2 3/8 to $12 5/8; Q2 EPS: $0.10 vs. $0.06 last year; Estimate: $0.10
Castle & Cooke <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CCS)") else Response.Write("(NYSE: CCS)") end if %> down $1 11/16 to $17 5/16; Q2 EPS: $0.13 vs. $0.01 last year; Estimate: $0.06 (single analyst)
Coherent Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COHR)") else Response.Write("(Nasdaq: COHR)") end if %> down $2 1/4 to $12 7/8; Q3 EPS: loss of $0.07 vs. profit of $0.48 last year; Estimate: profit of $0.29
Evolving Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EVOL)") else Response.Write("(Nasdaq: EVOL)") end if %> down $2 15/16 to $5 11/16; Q2 EPS: loss of $0.25 vs. breakeven last year; Estimate: loss of $0.10
Hypercom Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HYC)") else Response.Write("(NYSE: HYC)") end if %> down $3/4 to $9 1/16; Q4 EPS: loss of $0.03 vs. profit of $0.07 last year; Estimate: profit of $0.09
i2 Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ITWO)") else Response.Write("(Nasdaq: ITWO)") end if %> down $8 11/16 to $27 11/16; Q2 EPS: $0.09 (before charges) vs. $0.02 last year; Estimate: $0.08
Premisys <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRMS)") else Response.Write("(Nasdaq: PRMS)") end if %> down $1 5/8 to $20; Q4 EPS: $0.19 vs. $0.04 last year; Estimate: $0.18
FOOL
ON THE HILL
An Investment Opinion
by
Louis Corrigan
Hutchinson: What's Not in the Press Release
Every earnings season, I'm reminded of how important quarterly conference calls are -- and of how many public companies continue to violate the securities laws by allowing just the privileged few to listen in. Sure, many companies are gradually beefing up their efforts to treat shareholders like owners, but other firms continue to seem clueless. It's simply embarrassing that Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> doesn't allow individual investors -- the folks who have sent the stock soaring -- to tap into even a replay of the post-earnings release comments. Amazon's investor relations program gets a big wet raspberry from these quarters.
Still, there's another more basic problem to the way most companies report quarterly results. Press releases simply don't include the information investors would like to have, from the real diluted share count (and not just what gets used when a company reports a loss) to whether a competitor seems poised to kick a company's butt. Much information that trickles out in a conference call really ought to be in the press release.
Let's look at the July 21 earnings release from Hutchinson Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HTCH)") else Response.Write("(Nasdaq: HTCH)") end if %>, the leading supplier of suspension assemblies to the computer disk drive industry. Like most PC component suppliers, Hutchinson has been crunched due to industry-wide troubles. So results for the fiscal third quarter ended June 28 were disappointing. Revenues fell 12% versus the year-ago period to $107.1 million. With gross profits declining to just $1.7 million from $33.2 million in the third quarter of FY97, the company reported a worse-than-expected loss of $9.3 million, or $0.47 per share, versus a profit of $13.7 million, or $0.68 a share last year. Following the news, at least one analyst downgraded the stock.
For starters, Hutchinson didn't include a balance sheet nor a complete income statement with the earnings release. While this information will be available shortly when the 10-Q is filed with the SEC, companies shouldn't wait to disclose this information. Hutchinson has $30 million in inventory (about 2.8 weeks worth) and accounts receivable of around $58 million (for days sales outstanding of 48). It spent $4.7 million on R&D expenses during the quarter, about what it will spend this quarter. But you had to listen to the conference call to know this.
The press release indicated that "the company is negotiating amendments to certain existing financing arrangements to avoid noncompliance with certain covenants of these agreements." Will that prove a real problem, and will the company's $108 million in cash suffice?
Management said the company isn't now in violation of the covenants and simply plans to be proactive by talking to its bankers in the next few weeks. Probably not a big deal. Meanwhile, capital expenditures were $43 million in the quarter and should be $40 million in the fourth quarter and about $150 million next year. By the end of next year, most capital expenditures will be going to the company's new TSA suspensions (suspensions that incorporate integrated electrical leads). If business improves as expected, the second or third quarter of FY99 should be the low point in terms of Hutchinson's cash position.
This is just the tip of the iceberg. The press release indicates that the company hasn't been able to match demand for the TSA suspensions. On the call, management said they think demand may be about 30% above Hutchinson's current supply capacity. The press release indicates that the TSAs are currently in 11 disk drive programs. In the call, investors learned not just what companies were among these customers (Quantum, IBM, Toshiba, and Samsung), but that these new suspension assemblies are in the running for another 20 disk drive programs.
The press release said Hutchinson shipped 25 million TSA units during the period, up from 14 million in the second quarter. The conference call revealed that the end of quarter run-rate was 2.5 million units per week, with fourth quarter average output expected to hit 3.3 to 3.4 million per week with the rate up to 4 to 4.5 million by the end of the fourth quarter.
While the press release didn't mention the average selling prices (ASP) of TSAs, management said on the call that the ASP was $1.70 to $1.75 per unit, with a range of $1.20 to $1.80. The fourth quarter ASP should drop to about $1.50, with specific TSAs going for between $1.10 to $2.00. TSA unit sales are expected to overtake conventional suspension sales by the middle of FY99 if all goes well, and could provide 75% of unit sales by the end of FY99 and a much greater percent of revenues. That movement means that the company expects to be breakeven from a gross margin perspective on its TSA sales by the end of the fourth quarter, as the press release said. It also expects to show positive operating income from TSA suspensions by the end of December.
Part of that story is reflected in the greater detail management went into concerning the capacity constraints. The yield and efficiency components of the manufacturing process are just shy of what management is looking for. The problem has been poor equipment utilization. In ramping TSA production at all three of its factories, the company has faced challenges in training the production people and debugging equipment. However, the profitable TSA products mentioned in the press release are important because they represent more mature products where the company has made progress on the learning curve. Indeed, it's the effectiveness of engineering changes made on these lines that has left management confident that the overall ramp of TSAs will improve.
Other important issues were ignored in the press release. Hutchinson's management said their customers aren't comfortable with competitor Innovex's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INVX)") else Response.Write("(Nasdaq: INVX)") end if %> new flex suspension assemblies (FSA). That's one reason demand for TSAs remains so strong. Moreover, some customers are reporting that the overall move to TSAs is saving them anywhere from $6 per drive to 20% of costs on high-end drives. No doubt you'd hear a different story from Innovex, but hearing even part of the story is a start. Also, management said that the TSA suspensions should prove a popular solution for drives made for under $1,000 PCs, though they aren't currently being used in such drives.
I'm belaboring the point only to make it clear. Hutchinson's press release is hardly unusual in leaving out a lot of material information that all investors would like easy access to. Sure, interested investors in this case could have dialed up a replay of the call. (Imagine that, Hutchinson treats its shareholders better than the consumer-oriented Amazon!) Yet there's really no reason companies shouldn't strive to be forthcoming in their press releases, answering the most pertinent investor questions in some detail. They could even use a simple Q&A format.
They should also provide full financials with easy-to-read year-over-year as well as quarter-over-quarter comparisons broken down into percentage changes. They should also offer basic financial ratios such as inventory turns, DSOs, ROE, and debt-to-equity presented with comparisons. Sure, investors can figure this stuff out for themselves, but it really shouldn't be made so hard.
While there will always be a place for conference calls, they're currently so important because so much of the material information investors want to know just isn't publicly disclosed in a timely manner in any other format. If you want the companies you own to say more in their press releases, tell them.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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