Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source solutions, today announced financial results for its fiscal fourth quarter and fiscal year ended February 28, 2011.
Total revenue for the quarter was $244.8 million, an increase of 25% from the year ago quarter. Subscription revenue for the quarter was $209.3 million, up 24% year-over-year. For the full year, total revenue was $909.3 million, an increase of 22% over the prior year, and subscription revenue was $773.4 million, up 21% year-over-year.
"With record bookings and billings in the fourth quarter, we are on a run rate to become the first pure-play open source company to achieve a billion dollars in revenues next fiscal year, a milestone achievement for Red Hat and the open source community," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. "We believe the strong demand we experienced was largely driven by customers who are modernizing their data centers and preparing their infrastructure for cloud computing. The comprehensive portfolio that Red Hat has developed with platform, virtualization and middleware products provides enterprise customers with a foundation to deploy the next generation infrastructure."
GAAP operating income for the fourth quarter and the full fiscal year 2011 was $39.4 million and $145.7 million, respectively. GAAP operating margin was 16.1% in the fourth quarter and 16.0% for the full year. After adjusting for stock compensation, amortization expenses, and in the prior year, the charge for a litigation settlement as detailed in the tables below, non-GAAP operating income for the quarter was $61.0 million, or a 24.9% operating margin, and full year non-GAAP operating income was $225.2 million. Full year non-GAAP operating margin was 24.8%, representing an increase of 110 basis points from the prior year.
GAAP net income for the fourth quarter was $33.5 million, or $0.17 per diluted share, compared with $26.0 million, or $0.13 per diluted share, for the prior quarter and $23.4 million, or $0.12 per diluted share, in the year ago quarter. Non-GAAP adjusted net income for the fourth quarter was $51.4 million, or $0.26 per diluted share, after adjusting for stock compensation and amortization expenses as detailed in the tables below. This compares to non-GAAP adjusted net income of $39.1 million, or $0.20 per diluted share in the prior quarter and $36.5 million, or $0.19 per diluted share in the year ago quarter.
For the full year, GAAP net income was $107.3 million or $0.55 per diluted share, compared with $87.3 million or $0.45 per diluted share in the prior year. After adjusting for stock compensation, amortization expenses, and in the prior year, the charge for a litigation settlement, as detailed in the tables below, non-GAAP adjusted net income for the year was $162.8 million or $0.83 per diluted share, compared to $138.1 million and $0.71 per diluted share for the fiscal year ended February 28, 2010.
Fourth quarter GAAP and non-GAAP net income benefited by approximately $0.02/share as a result of the retroactive reenactment in December 2010, of the research tax credit into US tax law. This, together with other tax benefits, including additional US foreign tax credits, reduced the fourth quarter fiscal 2011 effective tax rate for both GAAP and non-GAAP to 17%. The resulting full year effective tax rate for both GAAP and non-GAAP for fiscal 2011 is 30%.
GAAP operating cash flow totaled $95.0 million for the fourth quarter and $290.7 million for the full year. At year end, the company's total deferred revenue balance was $772.3 million, an increase of 20% on a year-over-year basis and 13% sequentially. Cash and investments at February 28, 2011 totaled $1.2 billion after repurchasing approximately $11 million, or approximately 250,000 shares, of common stock in the quarter. For the full fiscal year, Red Hat repurchased approximately $90 million, or 2.9 million shares, of common stock.
"Our fourth quarter results were strong and capped off a year of accelerated billings growth. Broad-based, global demand for our products and services, coupled with strong execution by our associates, resulted in over 30% year-over-year growth in billings this quarter; our fastest billings growth in 12 quarters," stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. "This year we focused on growth with aggressive hiring for sales and engineering, launched major product releases and invested in technologies focused on cloud computing. These investments produced greater than 20% growth in revenues and non-GAAP operating income for both the quarter and the year. At the same time, we increased non-GAAP operating margins by 110 basis points and improved cash flow. It was a good year."
Additional information on Red Hat's reported results, including a reconciliation of the non-GAAP adjusted results, are included in the financial tables below. A live webcast of Red Hat's results will begin at 5:00 pm ET today and can be accessed by the general public at Red Hat's investor relations website at http://investors.redhat.com. A replay of the webcast will be available shortly after the live event has ended.
About Red Hat, Inc.
Red Hat, the world's leading provider of open source solutions and a component of the S&P 500, is headquartered in Raleigh, NC with over 65 offices spanning the globe. CIOs ranked Red Hat as one of the top vendors delivering value in Enterprise Software for seven consecutive years in the CIO Insight Magazine Vendor Value survey. Red Hat provides high-quality, affordable technology with its operating system platform, Red Hat Enterprise Linux, together with virtualization, applications, management and Services Oriented Architecture (SOA) solutions, including Red Hat Enterprise Virtualization and JBoss Enterprise Middleware. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: http://www.redhat.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending, the effects of industry consolidation, uncertainty and adverse results in litigation and related settlements, the integration of acquisitions and the ability to market successfully acquired technologies and products; the ability of the Company to effectively compete; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Red Hat and JBoss are trademarks of Red Hat, Inc., registered in the U.S. and other countries. Linux® is the registered trademark of Linus Torvalds in the U.S. and other countries
| RED HAT, INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands - except per share amounts) | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue: | ||||||||||||
| Subscriptions | $209,303 | $169,158 | $773,404 | $638,654 | ||||||||
| Training and services | 35,493 | 26,710 | 135,873 | 109,582 | ||||||||
| Total subscription, training and services revenue | 244,796 | 195,868 | 909,277 | 748,236 | ||||||||
| Cost of revenue: | ||||||||||||
| Subscriptions | 14,742 | 11,393 | 52,997 | 43,426 | ||||||||
| Training and services | 26,862 | 17,945 | 97,290 | 70,419 | ||||||||
| Total cost of subscription, training and services revenue | 41,604 | 29,338 | 150,287 | 113,845 | ||||||||
| Total gross profit | 203,192 | 166,530 | 758,990 | 634,391 | ||||||||
| Operating expense: | ||||||||||||
| Sales and marketing | 88,273 | 70,462 | 327,408 | 272,705 | ||||||||
| Research and development | 45,150 | 38,293 | 171,253 | 148,360 | ||||||||
| General and administrative | 30,359 | 29,816 | 114,653 | 104,227 | ||||||||
| Litigation Settlement | - | - | - | 8,750 | ||||||||
| Total operating expense | 163,782 | 138,571 | 613,314 | 534,042 | ||||||||
| Income from operations | 39,410 | 27,959 | 145,676 | 100,349 | ||||||||
| Interest income | 1,697 | 2,220 | 6,743 | 10,381 | ||||||||
| Other income (expense), net | (866) | 4,329 | 1,275 | 10,772 | ||||||||
| Income before provision for income taxes | 40,241 | 34,508 | 153,694 | 121,502 | ||||||||
| Provision for income taxes | 6,707 | 11,120 | 46,416 | 34,249 | ||||||||
| Net income | $33,534 | $23,388 | $107,278 | $87,253 | ||||||||
| Net income-diluted | $33,534 | $23,388 | $107,278 | $87,253 | ||||||||
| Net income per share: | ||||||||||||
| Basic | $0.17 | $0.12 | $0.56 | $0.46 | ||||||||
| Diluted | $0.17 | $0.12 | $0.55 | $0.45 | ||||||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 192,996 | 187,911 | 190,294 | 187,845 | ||||||||
| Diluted | 197,878 | 193,822 | 196,353 | 193,546 | ||||||||
| RED HAT, INC. | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (In thousands) | ||||||
| ASSETS | ||||||
| February 28, | February 28, | |||||
| 2011 | 2010 (1) | |||||
| (Unaudited) | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $642,630 | $388,118 | ||||
| Investments in debt and equity securities | 217,970 | 372,656 | ||||
| Accounts receivable, net | 184,741 | 139,436 | ||||
| Deferred tax assets, net | 75,720 | 57,951 | ||||
| Prepaid expenses | 62,364 | 44,116 | ||||
| Other current assets | 1,133 | 842 | ||||
| Total current assets | 1,184,558 | 1,003,119 | ||||
| Property and equipment, net | 75,558 | 71,708 | ||||
| Goodwill | 463,673 | 438,749 | ||||
| Identifiable intangibles, net | 109,932 | 108,213 | ||||
| Investments in debt securities | 331,791 | 209,411 | ||||
| Other assets, net | 33,810 | 39,672 | ||||
| Total assets | $2,199,322 | $1,870,872 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $16,285 | $16,483 | ||||
| Accrued expenses | 90,229 | 68,334 | ||||
| Deferred revenue | 572,637 | 480,572 | ||||
| Other current obligations | 650 | 878 | ||||
Total current liabilities | 679,801 | 566,267 | ||||
| Deferred lease credits | 5,215 | 4,184 | ||||
| Long term deferred revenue | 199,617 | 165,288 | ||||
| Other long term obligations | 23,990 | 24,081 | ||||
| Stockholders' equity: | ||||||
| Common stock | 22 | 22 | ||||
| Additional paid-in capital | 1,610,238 | 1,444,848 | ||||
| Retained earnings | 245,050 | 137,772 | ||||
| Treasury stock, at cost | (562,792) | (472,646) | ||||
| Accumulated other comprehensive (loss) income | (1,819) | 1,056 | ||||
| Total stockholders' equity | 1,290,699 | 1,111,052 | ||||
| Total liabilities and stockholders' equity | $2,199,322 | $1,870,872 | ||||
| (1) Derived from audited financial statements | ||||||
| RED HAT, INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $33,534 | $23,388 | $107,278 | $87,253 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 12,757 | 12,014 | 47,997 | 45,861 | ||||||||
| Share-based compensation expense | 16,408 | 14,042 | 60,597 | 48,288 | ||||||||
| Deferred income taxes | 4,151 | 5,570 | 33,848 | 20,636 | ||||||||
| Excess tax benefits from share-based payment arrangements | (10,292) | (8,289) | (42,291) | (35,569) | ||||||||
| Gain on sale of available-for-sale equity securities | (903) | (4,409) | (3,746) | (12,656) | ||||||||
| Other | 716 | 1,453 | 1,505 | 1,248 | ||||||||
| Changes in operating assets and liabilities net of effects of acquisitions: | ||||||||||||
| Accounts receivable | (30,481) | (6,159) | (41,512) | (7,290) | ||||||||
| Prepaid expenses | (7,863) | (5,810) | (17,220) | (630) | ||||||||
| Accounts payable | (3,043) | (375) | (381) | 6,569 | ||||||||
| Accrued expenses | 5,320 | (1,414) | 29,915 | 15,423 | ||||||||
| Deferred revenue | 73,540 | 46,662 | 112,724 | 82,625 | ||||||||
| Other | 1,157 | 1,220 | 2,034 | 3,491 | ||||||||
| Net cash provided by operating activities | 95,001 | 77,893 | 290,748 | 255,249 | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of available-for-sale debt securities | (216,327) | (132,630) | (751,420) | (666,890) | ||||||||
| Proceeds from sales and maturities of available-for-sale debt securities | 165,472 | 113,321 | 770,860 | 412,514 | ||||||||
| Proceeds from sales of available-for-sale equity securities | 939 | 4,681 | 3,938 | 13,053 | ||||||||
| Acquisitions of businesses, net of cash acquired | - | - | (31,381) | - | ||||||||
| Net purchase of strategic equity investments | - | (400) | - | (1,768) | ||||||||
| Purchase of developed technologies and other intangible assets | (1,667) | (1,775) | (14,093) | (4,692) | ||||||||
| Purchase of property and equipment | (7,588) | (7,103) | (32,759) | (28,420) | ||||||||
| Net cash used in investing activities | (59,171) | (23,906) | (54,855) | (276,203) | ||||||||
| Cash flows from financing activities: | ||||||||||||
| Excess tax benefits from share-based payment arrangements | 10,292 | 8,289 | 42,291 | 35,569 | ||||||||
| Proceeds from exercise of common stock options | 4,090 | 39,758 | 84,443 | 103,332 | ||||||||
| Purchase of treasury stock | (10,791) | (90,147) | (90,146) | (236,393) | ||||||||
| Payments related to net settlement of employee share-based compensation awards | (3,162) | (2,801) | (26,250) | (11,855) | ||||||||
| Payments on other borrowings | (16) | - | (876) | (900) | ||||||||
| Proceeds from other borrowings | - | - | 318 | - | ||||||||
| Net cash provided by (used in) financing activities | 413 | (44,901) | 9,780 | (110,247) | ||||||||
| Effect of foreign currency exchange rates on cash and cash equivalents | 11,473 | (10,677) | 8,839 | 3,771 | ||||||||
| Net increase (decrease) in cash and cash equivalents | 47,716 | (1,591) | 254,512 | (127,430) | ||||||||
| Cash and cash equivalents at beginning of the period | 594,914 | 389,709 | 388,118 | 515,548 | ||||||||
| Cash and cash equivalents at end of period | $642,630 | $388,118 | $642,630 | $388,118 | ||||||||
| RED HAT, INC. | ||||||||||||
| RECONCILIATION OF CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands - except per share amounts) | ||||||||||||
| Non cash share-based compensation expense included in Consolidated Statements of Operations: | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Cost of revenue | $1,884 | $1,155 | $6,053 | $3,630 | ||||||||
| Sales and marketing | 5,502 | 4,166 | 18,971 | 14,041 | ||||||||
| Research and development | 4,244 | 4,026 | 15,639 | 13,614 | ||||||||
| General and administration | 4,778 | 4,695 | 19,934 | 17,003 | ||||||||
| Total share-based compensation expense | $16,408 | $14,042 | $60,597 | $48,288 | ||||||||
| Amortization of intangible assets expense included in Consolidated Statements of Operations: | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Cost of revenue | $979 | $724 | $3,274 | $3,662 | ||||||||
| Sales and marketing | 2,085 | 2,148 | 8,322 | 9,056 | ||||||||
| Research and development | 1,250 | 925 | 4,025 | 3,702 | ||||||||
| General and administration | 846 | 816 | 3,340 | 3,228 | ||||||||
| Total amortization of intangible assets expense | $5,160 | $4,613 | $18,961 | $19,648 | ||||||||
| Class action litigation settlement expense included in Consolidated Statements of Operations: | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Litigation settlement | - | - | - | $8,750 | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| GAAP net income | $33,534 | $23,388 | $107,278 | $87,253 | ||||||||
| Provision for income taxes | 6,707 | 11,120 | 46,416 | 34,249 | ||||||||
| GAAP income before provision for income taxes | $40,241 | $34,508 | $153,694 | $121,502 | ||||||||
| Add: Non-cash share-based compensation expense | 16,408 | 14,042 | 60,597 | 48,288 | ||||||||
| Add: Amortization of intangible assets | 5,160 | 4,613 | 18,961 | 19,648 | ||||||||
| Add: Litigation settlement | - | - | - | 8,750 | ||||||||
| Non-GAAP adjusted income before provision for income taxes | $61,809 | $53,163 | $233,252 | $198,188 | ||||||||
| Provision for income taxes (1) | 10,437 | 16,624 | 70,442 | 60,065 | ||||||||
| Non-GAAP adjusted net income | $51,372 | $36,539 | $162,810 | $138,123 | ||||||||
| Non-GAAP adjusted net income-diluted | $51,372 | $36,539 | $162,810 | $138,123 | ||||||||
| Non-GAAP adjusted net income per share: | ||||||||||||
| Basic | $0.27 | $0.19 | $0.86 | $0.74 | ||||||||
| Diluted | $0.26 | $0.19 | $0.83 | $0.71 | ||||||||
| (1) Provision for income taxes: | ||||||||||||
| Non-GAAP adjusted net income before income tax provision | $61,809 | $53,163 | $233,252 | $198,188 | ||||||||
| Estimated annual effective tax rate | 16.9% | 31.3% | 30.2% | 34.0% | ||||||||
| Non-GAAP provision for income taxes before discrete tax benefit | $10,437 | $16,624 | $70,442 | $67,384 | ||||||||
| Discrete tax benefit | - | - | - | 7,319 | ||||||||
| Provision for income taxes on Non-GAAP adjusted net income | $10,437 | $16,624 | $70,442 | $60,065 | ||||||||
| RED HAT, INC. | ||||||||||||
| RECONCILIATION OF CERTAIN GAAP RESULTS TO NON-GAAP ADJUSTED RESULTS | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands - except per share amounts) | ||||||||||||
| Reconciliation of GAAP results to non-GAAP adjusted results | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| GAAP gross profit | $203,192 | $166,530 | $758,990 | $634,391 | ||||||||
| Add: Non-cash share-based compensation expense | 1,884 | 1,155 | 6,053 | 3,630 | ||||||||
| Add: Amortization of intangible assets | 979 | 724 | 3,274 | 3,662 | ||||||||
| Non-GAAP gross profit | $206,055 | $168,409 | $768,317 | $641,683 | ||||||||
| Non-GAAP gross margin | 84.2% | 86.0% | 84.5% | 85.8% | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| GAAP operating expenses | $163,782 | $138,571 | $613,314 | $534,042 | ||||||||
| Deduct: Non-cash share-based compensation expense | (14,524) | (12,887) | (54,544) | (44,658) | ||||||||
| Deduct: Amortization of intangible assets | (4,181) | (3,889) | (15,687) | (15,986) | ||||||||
| Deduct: Litigation settlement | - | - | - | (8,750) | ||||||||
| Non-GAAP adjusted operating expenses | $145,077 | $121,795 | $543,083 | $464,648 | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| February 28, | February 28, | February 28, | February 28, | |||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| GAAP operating income | $39,410 | $27,959 | $145,676 | $100,349 | ||||||||
| Add: Non-cash share-based compensation expense | 16,408 | 14,042 | 60,597 | 48,288 | ||||||||
| Add: Amortization of intangible assets | 5,160 | 4,613 | 18,961 | 19,648 | ||||||||
| Add: Litigation settlement | - | - | - | 8,750 | ||||||||
| Non-GAAP adjusted operating income | $60,978 | $46,614 | $225,234 | $177,035 | ||||||||
| Non-GAAP adjusted operating margin | 24.9% | 23.8% | 24.8% | 23.7% | ||||||||
Red Hat, Inc.
Media Contact:
Kara Schiltz, 919-301-3002
kschiltz@redhat.com
or
Investor Relations:
Tom McCallum, 919-754-4630
tmccallum@redhat.com
- About Red Hat
Red Hat is the world’s leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, and open source communities, Red Hat helps create relevant, innovative technologies that liberate resources for growth and prepare customers for the future of IT. Learn more at http://www.redhat.com.
- Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending; the effects of industry consolidation; the ability of the Company to compete effectively; the integration of acquisitions and the ability to market successfully acquired technologies and products; uncertainty and adverse results in litigation and related settlements; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company’s growth and international operations; fluctuations in exchange rates; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission’s website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic and political conditions, governmental and public policy changes and the impact of natural disasters such as earthquakes and floods. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
