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TMCNet:  Rite Aid Reports Net Income of $71.5 Million and Adjusted EBITDA of $282.3 Million for Third Quarter Fiscal 2014

[December 19, 2013]

Rite Aid Reports Net Income of $71.5 Million and Adjusted EBITDA of $282.3 Million for Third Quarter Fiscal 2014

CAMP HILL, Pa. --(Business Wire)--

Rite Aid Corporation (NYSE:RAD) today reported operating results for its fiscal third quarter ended Nov. 30, 2013. The company reported revenues of $6.4 billion, net income of $71.5 million or $0.04 per diluted share, and Adjusted EBITDA of $282.3 million, or 4.4 percent of revenues. Prior year's results included an $18.1 million or $0.02 per diluted share benefit from the settlement of interchange fee litigation. Current year earnings per diluted share were negatively impacted by $0.03 per share due to the redemption of the Company's Series G and Series H Convertible Preferred stock on Sept. 30, 2013.

"Our solid third quarter results were driven by the continued success of our key wellness initiatives, specifically the strong start to our flu immunization campaign, and the completion of additional Wellness stores, which now represent nearly a quarter of all Rite Aid stores," said Rite Aid Chairman and CEO John Standley.

"Our team of dedicated Rite Aid associates worked together to execute our strategy and deliver growth in same-store prescription counts, increased same-store sales and net income of more than $71 million," he added. "These results reflect our continued progress in building our unique brand of health, wellness and customer engagement."

Third Quarter Summary

Revenues for the 13-week quarter were $6.4 billion versus revenues of $6.2 billion in the prior year's third quarter. Revenues increased 1.9 percent primarily as a result of an increase in pharmacy same store sales.

Same store sales for the quarter increased 2.3 percent over the prior year's 13-week period, consisting of a 3.5 percent increase in pharmacy sales, partially offset by a 0.2 percent decrease in front end sales. Pharmacy sales included an approximate 88 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 0.7 percent over the prior year period. Prescription sales accounted for 68.6 percent of total drugstore sales, and third party prescription revenue was 97.1 percent of pharmacy sales.

Net income was $71.5 million or $0.04 per diluted share compared to last year's third quarter net income of $61.9 million or $0.07 per diluted share. The improvement in net income resulted primarily from decreases in interest expense and lease termination and impairment charges, partially offset by a higher LIFO charge and an $18.1 million benefit from the settlement of interchange fee litigation in the prior year third quarter. Diluted earnings per share were negatively impacted by $0.03 due to the redemption of the Company's Series G and Series H Convertible Preferred Stock on Sept. 30, 2013, as previously announced.

Adjusted EBITDA (which is reconciled to net income on the attached table) was $282.3 million or 4.4 percent of revenues for the third quarter compared to $295.3 million or 4.7 percent of revenues for the like period last year. Prior year Adjusted EBITDA included an $18.1 million benefit from the settlement of interchange fee litigation. The current quarter's Adjusted EBITDA benefited from an increase in pharmacy gross profit, driven by script count growth, and strong SG&A expense control, offset by a decrease in front-end gross profit.

In the third quarter, the company relocated four stores and remodeled 94 stores, bringing the total number of wellness stores chainwide to 1,117. The company closed nine stores, resulting in a total store count of 4,595 at the end of the third quarter.

Rite Aid Updates Fiscal 2014 Guidance

Rite Aid has updated its fiscal 2014 guidance with sales expected to be between $25.3 billion and $25.425 billion and same store sales to range from an increase of 0.35 percent to 0.85 percent compared to fiscal 2013. Adjusted EBITDA (which is reconciled to net income on the attached table) guidance is now expected to be between $1.250 billion and $1.280 billion and net income is now expected to be between $204.0 million or $0.17 per diluted share and $259.0 million or $0.23 per diluted share. Capital expenditures are expected to be $415.0 million.

Conference Call Broadcast

Rite Aid will hold an analyst call at 8:30 a.m. Eastern Time today with remarks by Rite Aid's management team. The call will be simulcast via the internet and can be accessed through the websites www.riteaid.com in the conference call section of investor information and www.StreetEvents.com. Slides related to materials discussed on the call will be available on both sites. A playback of the call will be available on both sites starting at 12 p.m. Eastern Time today. A playback of the call will also be available by telephone beginning at 12 p.m. Eastern Time today until 11:59 p.m. Eastern Time on Dec. 21, 2013. The playback number is 1-855-859-2056 from within the U.S. and Canada or 1-404-537-3406 from outside the U.S. and Canada with the eight-digit reservation number 18263517.

Rite Aid is one of the nation's leading drugstore chains with 4,595 stores in 31 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through Rite Aid's website at www.riteaid.com.

Statements, including guidance, in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, our high level of indebtedness and our ability to make interest and principal payments on our debt and satisfy the other covenants contained in our debt agreements, general economic, market and competitive conditions, our ability to improve the operating performance of our stores in accordance with our long term strategy, the impact of private and public third-party payers continued reduction in prescription drug reimbursements and efforts to encourage mail order, our ability to manage expenses and our investments in working capital, outcomes of legal and regulatory matters and changes in legislation or regulations, including healthcare reform. These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

See the attached table for a reconciliation of a non-GAAP financial measure, Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure. We define Adjusted EBITDA as net income (loss) excluding the impact of income taxes (and any corresponding adjustments to tax indemnification asset), interest expense, depreciation and amortization, LIFO adjustments, charges or credits for facility closing and impairment, inventory write-downs related to store closings, stock-based compensation expense, debt retirements, sale of assets and investments, revenue deferrals related to our customer loyalty program and other items.




 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
 
 
November 30, 2013 March 2, 2013
ASSETS
Current assets:
Cash and cash equivalents $ 183,212 $ 129,452
Accounts receivable, net 850,249 929,476
Inventories, net of LIFO reserve of $975,241 and $915,241 3,301,103 3,154,742
Prepaid expenses and other current assets   111,689     195,377  
Total current assets 4,446,253 4,409,047
Property, plant and equipment, net 1,957,584 1,895,650
Other intangibles, net 438,281 464,404
Other assets   296,049     309,618  
Total assets $ 7,138,167   $ 7,078,719  
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term debt and lease financing obligations $ 47,753 $ 37,311
Accounts payable 1,397,093 1,384,644
Accrued salaries, wages and other current liabilities   1,120,238     1,156,315  
Total current liabilities 2,565,084 2,578,270
Long-term debt, less current maturities 5,825,816 5,904,370
Lease financing obligations, less current maturities 78,857 91,850
Other noncurrent liabilities   897,235     963,663  
Total liabilities 9,366,992 9,538,153
 
Commitments and contingencies - -
Stockholders' deficit:
Preferred stock - Series G - 1
Preferred stock - Series H - 182,097
Common stock 965,411 904,268
Additional paid-in capital 4,434,570 4,280,831
Accumulated deficit (7,571,225 ) (7,765,262 )
Accumulated other comprehensive loss   (57,581 )   (61,369 )
Total stockholders' deficit   (2,228,825 )   (2,459,434 )
Total liabilities and stockholders' deficit $ 7,138,167   $ 7,078,719  
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)
 
 

Thirteen weeks ended

November 30, 2013

Thirteen weeks ended

December 1, 2012

Revenues $ 6,357,732 $ 6,237,847
Costs and expenses:
Cost of goods sold 4,557,066 4,426,526
Selling, general and administrative expenses 1,632,299 1,612,198
Lease termination and impairment charges 1,672 14,366
Interest expense 102,819 128,371
Loss on debt retirements, net 271 -
Gain on sale of assets, net   (9,331 )   (6,262 )
 
  6,284,796     6,175,199  
 
Income before income taxes 72,936 62,648
Income tax expense   1,388     777  
Net income $ 71,548   $ 61,871  
 
Basic and diluted earnings per share:
 
Numerator for earnings per share:
Net income $ 71,548 $ 61,871
Accretion of redeemable preferred stock (26 ) (26 )
Cumulative preferred stock dividends (2,814 ) (2,651 )
Conversion of Series G and H preferred stock   (25,603 )   -  
Income attributable to common stockholders - basic 43,105 59,194
Add back - Interest on convertible notes   -     1,334  
Income attributable to common stockholders - diluted $ 43,105   $ 60,528  
 
 
 
Denominator:
Basic weighted average shares 938,994 891,031
Outstanding options and restricted shares, net 48,843 1,977
Convertible notes   -     24,800  
 
Diluted weighted average shares   987,837     917,808  
 
Basic income per share $ 0.05 $ 0.07
Diluted income per share $ 0.04 $ 0.07
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(unaudited)
 
 

Thirty-nine weeks ended

November 30, 2013

Thirty-nine weeks ended

December 1, 2012

Revenues $ 18,928,954 $ 18,937,018
Costs and expenses:
Cost of goods sold 13,490,936 13,666,505
Selling, general and administrative expenses 4,844,491 4,918,433
Lease termination and impairment charges 24,034 34,292
Interest expense 322,599 388,013
Loss on debt retirements, net 62,443 17,842
Gain on sale of assets, net   (16,396 )   (19,267 )
 
  18,728,107     19,005,818  
 
Income (loss) before income taxes 200,847 (68,800 )
Income tax expense (benefit)   6,810     (63,818 )
Net income (loss) $ 194,037   $ (4,982 )
 
Basic and diluted earnings (loss) per share:
 
Numerator for earnings (loss) per share:
Net income (loss) $ 194,037 $ (4,982 )
Accretion of redeemable preferred stock (77 ) (77 )
Cumulative preferred stock dividends (8,318 ) (7,837 )
Conversion of Series G and H preferred stock   (25,603 )   -  
Income (loss) attributable to common stockholders - basic and diluted $ 160,039   $ (12,896 )
 
 
 
Denominator:
Basic weighted average shares 911,608 889,187
Outstanding options and restricted shares, net   41,227     -  
 
Diluted weighted average shares   952,835     889,187  
 
Basic income (loss) per share $ 0.18 $ (0.01 )
Diluted income (loss) per share $ 0.17 $ (0.01 )
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(unaudited)
 
 

Thirteen weeks ended

November 30, 2013

Thirteen weeks ended

December 1, 2012

Net income $ 71,548 $ 61,871
Other comprehensive income:
Defined benefit pension plans:
Amortization of prior service cost, net transition obligation and net actuarial losses included in net periodic pension cost   1,263   1,020
Total other comprehensive income   1,263   1,020
Comprehensive income $ 72,811 $ 62,891
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(unaudited)
 
 

Thirty-nine weeks ended

November 30, 2013

Thirty-nine weeks ended

December 1, 2012

Net income (loss) $ 194,037 $ (4,982 )
Other comprehensive income:
Defined benefit pension plans:
Amortization of prior service cost, net transition obligation and net actuarial losses included in net periodic pension cost   3,788   3,059  
Total other comprehensive income   3,788   3,059  
Comprehensive income (loss) $ 197,825 $ (1,923 )
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
SUPPLEMENTAL OPERATING AND CASH FLOW INFORMATION
(Dollars in thousands, except per share amounts)
(unaudited)
 
 

Thirteen weeks ended

November 30, 2013

Thirteen weeks ended

December 1, 2012

 
SUPPLEMENTAL OPERATING INFORMATION
 
Revenues $ 6,357,732 $ 6,237,847
Cost of goods sold   4,557,066     4,426,526  
Gross profit 1,800,666 1,811,321
LIFO charge   25,000     -  
FIFO gross profit 1,825,666 1,811,321
 
Gross profit as a percentage of revenues 28.32 % 29.04 %
LIFO charge as a percentage of revenues 0.39 % 0.00 %
FIFO gross profit as a percentage of revenues 28.72 % 29.04 %
 
Selling, general and administrative expenses 1,632,299 1,612,198
Selling, general and administrative expenses as a percentage of revenues 25.67 % 25.85 %
 
Cash interest expense 98,838 120,719
Non-cash interest expense   3,981     7,652  
Total interest expense 102,819 128,371
 
 
Adjusted EBITDA 282,262 295,284
Adjusted EBITDA as a percentage of revenues 4.44 % 4.73 %
 
Net income 71,548 61,871
Net income as a percentage of revenues 1.13 % 0.99 %
 
Total debt 5,952,426 6,152,411
Invested cash   11,323     167,241  
Total debt net of invested cash 5,941,103 5,985,170
 
 
SUPPLEMENTAL CASH FLOW INFORMATION
 
Payments for property, plant and equipment 84,419 84,984
Intangible assets acquired   28,954     25,692  
Total cash capital expenditures 113,373 110,676
Equipment received for noncash consideration 1,588 504
Equipment financed under capital leases   1,906     2,017  
Gross capital expenditures $ 116,867   $ 113,197  
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
SUPPLEMENTAL OPERATING AND CASH FLOW INFORMATION
(Dollars in thousands, except per share amounts)
(unaudited)
 
 

Thirty-nine weeks ended

November 30, 2013

Thirty-nine weeks ended

December 1, 2012

 
SUPPLEMENTAL OPERATING INFORMATION
 
Revenues $ 18,928,954 $ 18,937,018
Cost of goods sold   13,490,936     13,666,505  
Gross profit 5,438,018 5,270,513
LIFO charge   60,000     27,502  
FIFO gross profit 5,498,018 5,298,015
 
Gross profit as a percentage of revenues 28.73 % 27.83 %
LIFO charge as a percentage of revenues 0.32 % 0.15 %
FIFO gross profit as a percentage of revenues 29.05 % 27.98 %
 
Selling, general and administrative expenses 4,844,491 4,918,433
Selling, general and administrative expenses as a percentage of revenues 25.59 % 25.97 %
 
Cash interest expense 309,942 364,929
Non-cash interest expense   12,657     23,084  
Total interest expense 322,599 388,013
 
 
Adjusted EBITDA 968,629 788,102
Adjusted EBITDA as a percentage of revenues 5.12 % 4.16 %
 
Net income (loss) 194,037 (4,982 )
Net income (loss) as a percentage of revenues 1.03 % -0.03 %
 
Total debt 5,952,426 6,152,411
Invested cash   11,323     167,241  
Total debt net of invested cash 5,941,103 5,985,170
 
 
SUPPLEMENTAL CASH FLOW INFORMATION
 
Payments for property, plant and equipment 255,269 233,195
Intangible assets acquired   64,605     45,659  
Total cash capital expenditures 319,874 278,854
Equipment received for noncash consideration 1,588 2,636
Equipment financed under capital leases   15,023     7,251  
Gross capital expenditures $ 336,485   $ 288,741  
 
 
RITE AID CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(In thousands)
       
 

Thirteen weeks ended

November 30, 2013

Thirteen weeks ended

December 1, 2012

 
 
Reconciliation of net income to adjusted EBITDA:
Net income $ 71,548 $ 61,871
Adjustments:
Interest expense 102,819 128,371
Income tax expense 1,388 777
Adjustments to tax indemnification asset (613 ) -
Depreciation and amortization 101,188 102,790
LIFO charge 25,000 -
Lease termination and impairment charges 1,672 14,366
Stock-based compensation expense 4,117 4,219
Gain on sale of assets, net (9,331 ) (6,262 )
Loss on debt retirements, net 271 -
Closed facility liquidation expense 1,058 1,396
Customer loyalty card program revenue deferral (16,950 ) (11,746 )
Other   95     (498 )
Adjusted EBITDA $ 282,262   $ 295,284  
Percent of revenues 4.44 % 4.73 %
 
 
RITE AID CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
       
 

Thirty-nine weeks ended

November 30, 2013

Thirty-nine weeks ended

December 1, 2012

 
 
Reconciliation of net income (loss) to adjusted EBITDA:
Net income (loss) $ 194,037 $ (4,982 )
Adjustments:
Interest expense 322,599 388,013
Income tax expense (benefit) 6,810 (63,818 )
Adjustments to tax indemnification asset (1,840 ) 60,237
Depreciation and amortization 301,681 311,160
LIFO charge 60,000 27,502
Lease termination and impairment charges 24,034 34,292
Stock-based compensation expense 12,194 12,872
Gain on sale of assets, net (16,396 ) (19,267 )
Loss on debt retirements, net 62,443 17,842
Closed facility liquidation expense 2,848 4,263
Severance costs - (72 )
Customer loyalty card program revenue deferral (822 ) 16,247
Other   1,041     3,813  
Adjusted EBITDA $ 968,629   $ 788,102  
Percent of revenues 5.12 % 4.16 %
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
 
 

Thirteen weeks ended

November 30, 2013

Thirteen weeks ended

December 1, 2012

 
 
OPERATING ACTIVITIES:
Net income $ 71,548 $ 61,871
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 101,188 102,790
Lease termination and impairment charges 1,672 14,366
Gain from lease termination (8,750 ) -
LIFO charge 25,000 -
Gain on sale of assets, net (9,331 ) (6,262 )
Stock-based compensation expense 4,117 4,219
Loss on debt retirements, net 271 -
Changes in operating assets and liabilities:
Accounts receivable 76,532 9,343
Inventories (110,482 ) (74,724 )
Accounts payable (11,040 ) 172,614
Other assets and liabilities, net   106,661     (15,697 )
Net cash provided by operating activities 247,386 268,520
INVESTING ACTIVITIES:
Payments for property, plant and equipment (84,419 ) (84,984 )
Intangible assets acquired (28,954 ) (25,692 )
Proceeds from sale-leaseback transactions - 2,405
Proceeds from dispositions of assets and investments 4,459 11,844
Proceeds from lease termination 8,750 -
Proceeds from insured loss   2,758     -  
Net cash used in investing activities (97,406 ) (96,427 )
FINANCING ACTIVITIES:
Net payments to revolver (87,000 ) -
Principal payments on long-term debt (10,557 ) (7,824 )
Change in zero balance cash accounts (4,842 ) 4,974
Net proceeds from the issuance of common stock 12,618 99
Payments for the repurchase of preferred stock (21,034 ) -
Deferred financing costs paid   (120 )   (26 )
Net cash used in financing activities   (110,935 )   (2,777 )
Increase in cash and cash equivalents 39,045 169,316
Cash and cash equivalents, beginning of period   144,167     94,325  
Cash and cash equivalents, end of period $ 183,212   $ 263,641  
 
 
RITE AID CORPORATION AND SUBSIDIARIES
       
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
 
 

Thirty-nine weeks ended

November 30, 2013

Thirty-nine weeks ended

December 1, 2012

 
 
OPERATING ACTIVITIES:
Net income (loss) $ 194,037 $ (4,982 )
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 301,681 311,160
Lease termination and impairment charges 24,034 34,292
Gain from lease termination (8,750 ) -
LIFO charge 60,000 27,502
Gain on sale of assets, net (16,396 ) (19,267 )
Stock-based compensation expense 12,194 12,872
Loss on debt retirements, net 62,443 17,842
Changes in operating assets and liabilities:
Accounts receivable 79,895 95,732
Inventories (206,408 ) 13,055
Accounts payable 25,160 55,498
Other assets and liabilities, net   (19,972 )   55,533  
Net cash provided by operating activities 507,918 599,237
INVESTING ACTIVITIES:
Payments for property, plant and equipment (255,269 ) (233,195 )
Intangible assets acquired (64,605 ) (45,659 )
Proceeds from sale-leaseback transactions 3,989 6,355
Proceeds from dispositions of assets and investments 14,157 27,744
Proceeds from lease termination 8,750 -
Proceeds from insured loss   6,138     -  
Net cash used in investing activities (286,840 ) (244,755 )
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 1,310,000 426,263
Net payments to revolver (75,000 ) (136,000 )
Principal payments on long-term debt (1,332,528 ) (479,147 )
Change in zero balance cash accounts (10,161 ) (43,507 )
Net proceeds from the issuance of common stock 24,881 1,103
Payments for the repurchase of preferred stock (21,034 ) -
Financing fees paid for early debt redemption (45,636 ) (11,069 )
Deferred financing costs paid   (17,840 )   (10,769 )
Net cash used in financing activities   (167,318 )   (253,126 )
Increase in cash and cash equivalents 53,760 101,356
Cash and cash equivalents, beginning of period   129,452     162,285  
Cash and cash equivalents, end of period $ 183,212   $ 263,641  
 
 
RITE AID CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF NET INCOME GUIDANCE TO ADJUSTED EBITDA GUIDANCE
YEAR ENDING MARCH 1, 2014
(In thousands, except per share amounts)
       
 
Guidance Range
Low High
 
Sales $ 25,300,000 $ 25,425,000
 
Same store sales 0.35 % 0.85 %
 
Gross capital expenditures $ 415,000 $ 415,000
 
Reconciliation of net income to adjusted EBITDA:
Net income $ 204,000 $ 259,000
Adjustments:
Interest expense 427,000 427,000
Income tax benefit (25,000 ) (25,000 )
Adjustments to tax indemnification asset 30,000 30,000
Depreciation and amortization 405,000 405,000
LIFO charge 90,000 70,000
Store closing and impairment charges 50,000 45,000
Stock-based compensation expense 16,000 16,000
Loss on debt retirement 62,000 62,000
Customer loyalty card program revenue deferral 3,000 3,000
Other   (12,000 )   (12,000 )
Adjusted EBITDA $ 1,250,000   $ 1,280,000  
 
 
Diluted income per share $ 0.17 $ 0.23
 


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