New
York
|
|
13-1432060
|
(State
or other jurisdiction of
incorporation
or organization)
|
(IRS
Employer
Identification
No.)
|
ASSETS
|
3/31/08
|
12/31/07
|
||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 60,458 | $ | 151,471 | ||||
Short-term
investments
|
706 | 604 | ||||||
Trade
receivables
|
464,251 | 412,221 | ||||||
Allowance
for doubtful accounts
|
(12,961 | ) | (11,694 | ) | ||||
Inventories:
Raw materials
|
264,303 | 237,943 | ||||||
Work
in process
|
10,432 | 10,707 | ||||||
Finished
goods
|
237,299 | 235,572 | ||||||
Total
Inventories
|
512,034 | 484,222 | ||||||
Deferred
income taxes
|
76,907 | 77,572 | ||||||
Other
current assets
|
78,745 | 76,082 | ||||||
Total
Current Assets
|
1,180,140 | 1,190,478 | ||||||
Property,
Plant and Equipment, at cost
|
1,229,985 | 1,165,082 | ||||||
Accumulated
depreciation
|
(706,565 | ) | (656,262 | ) | ||||
523,420 | 508,820 | |||||||
Goodwill
|
665,582 | 665,582 | ||||||
Intangible
Assets, net
|
65,716 | 67,254 | ||||||
Other
Assets
|
305,997 | 294,654 | ||||||
Total
Assets
|
$ | 2,740,855 | $ | 2,726,788 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
3/31/08
|
12/31/07
|
||||||
Current
Liabilities:
|
||||||||
Bank
borrowings and overdrafts and current portion of long-term
debt
|
$ | 152,869 | $ | 152,473 | ||||
Accounts
payable
|
133,236 | 130,992 | ||||||
Accrued
payrolls and bonuses
|
31,883 | 64,271 | ||||||
Dividends
payable
|
18,515 | 18,628 | ||||||
Restructuring
and other charges
|
7,967 | 2,654 | ||||||
Other
current liabilities
|
173,519 | 169,878 | ||||||
Total
Current Liabilities
|
517,989 | 538,896 | ||||||
Other
Liabilities:
|
||||||||
Long-term
debt
|
1,071,342 | 1,060,168 | ||||||
Deferred
gains
|
60,902 | 61,659 | ||||||
Retirement
liabilities
|
169,106 | 171,991 | ||||||
Other
liabilities
|
338,365 | 276,877 | ||||||
Total
Other Liabilities
|
1,639,715 | 1,570,695 | ||||||
Commitments
and Contingencies (Note 13)
|
||||||||
Shareholders'
Equity:
|
||||||||
Common
stock 12 1/2¢ par value; authorized 500,000,000 shares;
|
||||||||
issued
115,761,840 shares
|
14,470 | 14,470 | ||||||
Capital
in excess of par value
|
51,751 | 54,995 | ||||||
Retained
earnings
|
2,100,820 | 2,078,937 | ||||||
Accumulated
other comprehensive loss income:
|
||||||||
Cumulative
translation adjustment
|
(65,464 | ) | (32,990 | ) | ||||
Accumulated
losses on derivatives qualifying as hedges
|
(4,364 | ) | (1,843 | ) | ||||
Pension
and postemployment liability adjustment
|
(106,126 | ) | (109,514 | ) | ||||
1,991,087 | 2,004,055 | |||||||
Treasury
stock, at cost 35,261,781 shares in 2008 and 34,766,612 shares in
2007
|
(1,407,936 | ) | (1,386,858 | ) | ||||
Total
Shareholders' Equity
|
583,151 | 617,197 | ||||||
Total
Liabilities and Shareholders' Equity
|
$ | 2,740,855 | $ | 2,726,788 | ||||
See
Notes to Consolidated Financial Statements
|
||||||||
3
Months Ended 3/31
|
||||||||
2008
|
2007
|
|||||||
Net
sales
|
$ | 596,605 | $ | 566,101 | ||||
Cost
of goods sold
|
351,123 | 329,382 | ||||||
Research
and development expenses
|
52,056 | 46,632 | ||||||
Selling
and administrative expenses
|
90,149 | 91,271 | ||||||
Amortization
of intangibles
|
1,538 | 3,556 | ||||||
Restructuring
and other charges
|
6,222 | - | ||||||
Interest
expense
|
18,219 | 8,314 | ||||||
Other
(income) expense, net
|
2,307 | (167 | ) | |||||
521,614 | 478,988 | |||||||
Income
before taxes on income
|
74,991 | 87,113 | ||||||
Taxes
on income
|
19,043 | 24,424 | ||||||
Net
income
|
55,948 | 62,689 | ||||||
Other
comprehensive income:
|
||||||||
Foreign
currency translation adjustments
|
(32,474 | ) | (657 | ) | ||||
Accumulated
(losses) gains on derivatives qualifying as hedges
|
(2,521 | ) | 1,443 | |||||
Pension
and postemployment liability adjustment
|
3,388 | 3,786 | ||||||
Comprehensive
income
|
$ | 24,341 | $ | 67,261 | ||||
Net
Income per share - basic
|
$ | 0.70 | $ | 0.70 | ||||
Net
Income per share - diluted
|
$ | 0.69 | $ | 0.69 | ||||
Average
number of shares outstanding - basic
|
80,296 | 89,378 | ||||||
Average
number of shares outstanding - diluted
|
81,253 | 90,658 | ||||||
Dividends
declared per share
|
$ | 0.23 | $ | 0.21 | ||||
See
Notes to Consolidated Financial Statements
|
3
Months Ended 3/31
|
||||||||
2008
|
2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 55,948 | $ | 62,689 | ||||
Adjustments
to reconcile to net cash provided by operations:
|
||||||||
Depreciation
and amortization
|
19,494 | 21,139 | ||||||
Deferred
income taxes
|
21 | 11,695 | ||||||
Loss
(gain) on disposal of assets
|
72 | (815 | ) | |||||
Equity
based compensation
|
3,885 | 4,277 | ||||||
Changes
in assets and liabilities:
|
||||||||
Current
receivables
|
(34,802 | ) | (38,454 | ) | ||||
Inventories
|
(4,897 | ) | 1,648 | |||||
Current
payables
|
(48,814 | ) | (62,771 | ) | ||||
Changes
in other assets
|
(12,023 | ) | 2,591 | |||||
Changes
in other liabilities
|
28,757 | 1,147 | ||||||
Net
cash provided by operations
|
7,641 | 3,146 | ||||||
Cash
flows from investing activities:
|
||||||||
Net
change in short-term investments
|
(115 | ) | (277 | ) | ||||
Additions
to property, plant and equipment
|
(11,966 | ) | (8,590 | ) | ||||
Purchase
of investments
|
(3,784 | ) | (4,598 | ) | ||||
Proceeds
from investments
|
- | 8,978 | ||||||
Proceeds
from disposal of assets
|
471 | 452 | ||||||
Net
cash used in investing activities
|
(15,394 | ) | (4,035 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Cash
dividends paid to shareholders
|
(18,628 | ) | (18,764 | ) | ||||
Net
change in bank borrowings and overdrafts
|
(36,568 | ) | 1,903 | |||||
Proceeds
from issuance of stock under stock-based
|
||||||||
compensation
plans
|
2,314 | 15,764 | ||||||
Excess
tax benefits on stock options exercised
|
- | 1,732 | ||||||
Purchase
of treasury stock
|
(29,995 | ) | (31,480 | ) | ||||
Net
cash used in financing activities
|
(82,877 | ) | (30,845 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents
|
(383 | ) | 431 | |||||
Net
change in cash and cash equivalents
|
(91,013 | ) | (31,303 | ) | ||||
Cash
and cash equivalents at beginning of year
|
151,471 | 114,508 | ||||||
Cash
and cash equivalents at end of period
|
$ | 60,458 | $ | 83,205 | ||||
Interest
paid
|
$ | 38,031 | $ | 14,690 | ||||
Income
taxes paid
|
$ | 10,268 | $ | 9,647 | ||||
See
Notes to Consolidated Financial Statements
|
||||||||
·
|
Level
1–Quoted prices for identical instruments
in active markets.
|
·
|
Level
2–Quoted prices for similar instruments in
active markets; quoted prices for identical or similar instruments in
markets that are not active; and model-derived valuations in which all
significant inputs and significant value drivers are observable in active
markets.
|
·
|
Level
3–Valuations derived from valuation techniques in which one or more
significant inputs or significant value drivers are unobservable.
|
Three
Months Ended March 31,
|
||||||||
(Shares in
thousands)
|
2008
|
2007
|
||||||
Basic
|
80,296 | 89,378 | ||||||
Assumed
conversion under stock plans
|
957 | 1,280 | ||||||
Diluted
|
81,253 | 90,658 | ||||||
Employee-
Related
|
||||
Balance
December 31, 2007
|
$ | 2.6 | ||
Additional
charges
|
6.2 | |||
Cash
and other costs
|
(0.9 | ) | ||
Balance
March 31, 2008
|
$ | 7.9 | ||
(DOLLARS IN
THOUSANDS)
|
Amount
|
|||
Flavors
|
$ | 319,479 | ||
Fragrances
|
346,103 | |||
Total
|
$ | 665,582 | ||
March
31,
|
December
31,
|
|||||||
(DOLLARS IN
THOUSANDS)
|
2008
|
2007
|
||||||
Gross
carrying value
|
$ | 165,406 | $ | 165,406 | ||||
Accumulated
amortization
|
99,690 | 98,152 | ||||||
Total
|
$ | 65,716 | $ | 67,254 | ||||
Accumulated
(losses)
|
Pension
and
|
|||||||||||||||
gains
on derivatives
|
postemployment
|
|||||||||||||||
Translation
|
qualifying
as hedges,
|
liability
adjustment,
|
||||||||||||||
(DOLLARS
IN THOUSANDS)
|
adjustments
|
net
of tax
|
net
of tax
|
Total
|
||||||||||||
Balance
December 31, 2007
|
$ | (32,990 | ) | $ | (1,843 | ) | $ | (109,514 | ) | $ | (144,347 | ) | ||||
Change
|
(32,474 | ) | (2,521 | ) | 3,388 | (31,607 | ) | |||||||||
Balance
March 31, 2008
|
$ | (65,464 | ) | $ | (4,364 | ) | $ | (106,126 | ) | $ | (175,954 | ) | ||||
Accumulated
(losses)
|
Minimum
|
|||||||||||||||
gains
on derivatives
|
pension
|
|||||||||||||||
Translation
|
qualifying
as hedges,
|
obligation,
|
||||||||||||||
(DOLLARS
IN THOUSANDS)
|
adjustments
|
net
of tax
|
net
of tax
|
Total
|
||||||||||||
Balance
December 31, 2006
|
$ | (31,854 | ) | $ | (2,465 | ) | $ | (162,553 | ) | $ | (196,872 | ) | ||||
Change
|
(657 | ) | 1,443 | 3,786 | 4,572 | |||||||||||
Balance
March 31, 2007
|
$ | (32,511 | ) | $ | (1,022 | ) | $ | (158,767 | ) | $ | (192,300 | ) | ||||
(DOLLARS
IN THOUSANDS)
|
Rate
|
Maturities
|
March
31, 2008
|
December
31, 2007
|
||||||||||||
Bank
borrowings and overdrafts
|
$ | 16,555 | $ | 35,671 | ||||||||||||
Current
portion of long-term debt
|
2.40 | % | 136,314 | 116,802 | ||||||||||||
Total
current debt
|
152,869 | 152,473 | ||||||||||||||
Senior
notes - 2007
|
6.38 | % | 2017-27 | 500,000 | 500,000 | |||||||||||
Senior
notes - 2006
|
5.94 | % | 2009-16 | 375,000 | 375,000 | |||||||||||
Bank
borrowings
|
3.87 | % |
Various
|
159,333 | 169,057 | |||||||||||
Japanese
Yen notes
|
2.81 | % |
2011
|
|
18,588 | 15,927 | ||||||||||
Other
|
29 | 33 | ||||||||||||||
Deferred
realized gains on interest rate swaps
|
18,392 | 151 | ||||||||||||||
Total
long-term debt
|
1,071,342 | 1,060,168 | ||||||||||||||
Total
debt
|
$ | 1,224,211 | $ | 1,212,641 | ||||||||||||
(SHARE
AMOUNTS IN THOUSANDS)
|
Number
of
Shares
|
Weighted
Average
Grant
Price
Per
Share
|
||
Balance
at December 31, 2007
|
1,290
|
$42.81
|
||
Vested
|
(272)
|
$40.70
|
||
Cancelled
|
(4)
|
$42.49
|
||
Balance
at March 31, 2008
|
1,014
|
$43.01
|
||
(SHARE
AMOUNTS IN THOUSANDS)
|
Shares
Subject to Options/SSAR's
|
Weighted
Average
Exercise
Price
|
|||
Balance
at December 31, 2007
|
2,491
|
$35.66
|
|||
Exercised
|
(46)
|
$31.28
|
|||
Cancelled
|
(3)
|
$36.35
|
|||
Balance
at March 31, 2008
|
2,442
|
$35.74
|
|||
(DOLLARS IN
THOUSANDS)
|
3/31/2008
|
3/31/2007
|
||||||
Restricted
stock and RSU's
|
$ | 3,134 | $ | 3,470 | ||||
Stock
options and SSAR's
|
751 | 807 | ||||||
Total
equity compensation expense
|
$ | 3,885 | $ | 4,277 |
Three
Months Ended March 31, 2008
|
||||||||||||||||
Global
|
||||||||||||||||
(DOLLARS
IN THOUSANDS)
|
Flavors
|
Fragrances
|
Expenses
|
Consolidated
|
||||||||||||
Net
sales
|
$ | 273,807 | $ | 322,798 | - | $ | 596,605 | |||||||||
Operating
profit
|
$ | 56,928 | $ | 46,896 | $ | (8,307 | ) | 95,517 | ||||||||
Interest
expense
|
(18,219 | ) | ||||||||||||||
Other
income (expense), net
|
(2,307 | ) | ||||||||||||||
Income
before taxes on income
|
$ | 74,991 |
Three
Months Ended March 31, 2007
|
||||||||||||||||
Global
|
||||||||||||||||
(DOLLARS
IN THOUSANDS)
|
Flavors
|
Fragrances
|
Expenses
|
Consolidated
|
||||||||||||
Net
sales
|
$ | 243,442 | $ | 322,659 | - | $ | 566,101 | |||||||||
Operating
profit
|
$ | 44,814 | $ | 58,868 | $ | (8,422 | ) | 95,260 | ||||||||
Interest
expense
|
(8,314 | ) | ||||||||||||||
Other
income (expense), net
|
167 | |||||||||||||||
Income
before taxes on income
|
$ | 87,113 | ||||||||||||||
U.S.
|
Non
- U.S.
|
|||||||||||||||
(DOLLARS
IN THOUSANDS)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Service
cost for benefits earned
|
$ | 1,187 | $ | 2,504 | $ | 2,609 | $ | 2,617 | ||||||||
Interest
cost on projected benefit obligation
|
5,943 | 5,687 | 9,316 | 8,173 | ||||||||||||
Expected
return on plan assets
|
(6,235 | ) | (5,922 | ) | (13,075 | ) | (12,124 | ) | ||||||||
Net
amoritisation and deferrals
|
1,417 | 1,551 | 790 | 1,395 | ||||||||||||
Defined
benefit plans
|
2,312 | 3,820 | (360 | ) | 61 | |||||||||||
Defined
contribution and other retirement plans
|
1,854 | 995 | 1,052 | 909 | ||||||||||||
Total
pension expense
|
$ | 4,166 | $ | 4,815 | $ | 692 | $ | 970 | ||||||||
(DOLLARS IN THOUSANDS)
|
2008
|
2007
|
||||||
Service
cost for benefits earned
|
$ | 671 | $ | 766 | ||||
Interest
on benefit obligation
|
1,542 | 1,542 | ||||||
Net
amortization and deferrals
|
(153 | ) | (37 | ) | ||||
Total
postretirement benefit expense
|
$ | 2,060 | $ | 2,271 | ||||
|
·
|
created
for the exclusive use of a specific
customer;
|
|
·
|
sold
in solid, powder, or liquid form, in amounts ranging from a few pounds to
several tons depending on the nature
of the end product in which they are
used;
|
|
·
|
a
small percentage of the volume and cost of the end product sold to the
consumer; and
|
|
·
|
a
major factor in consumer selection and acceptance of the
product.
|
|
·
|
Be
a global leader in fragrances and flavors;
and
|
|
·
|
Provide
our customers with differentiated
solutions.
|
|
·
|
Execute
on our business unit focus that will align management and resources with
the needs of our strategic customers and provide greater accountability;
this will drive improved results.
|
|
·
|
Focus
our research and development efforts on those projects considered most
likely to drive future profitable growth. We anticipate much of this
research will be conducted internally, but such efforts may be augmented
by joint research undertakings and through acquisition of
technology.
|
|
·
|
Provide
quality products, safe and suitable for inclusion in our customers’ end
products; an essential element is the consistent quality and safety of raw
materials achieved through a combination of steps including but not
limited to vendor certification and quality assurance
testing.
|
|
·
|
Continuously
improve our operations and customer service, and related
initiatives.
|
|
·
|
Build
a culture that attracts, retains and develops the best talent in the
world. Our customers, shareholders and employees expect the
best.
|
%
Change in Sales-First Quarter 2008 vs First Quarter
2007
|
|||||||||||||||||||||||||
Fine
&
Beauty
Care
|
Functional
|
Ingredients
|
Total
Frag.
|
Flavors
|
Total
|
||||||||||||||||||||
North
America
|
Reported
|
-30 | % | -19 | % | -19 | % | -23 | % | 0 | % | -13 | % | ||||||||||||
Europe
|
Reported
|
8 | % | 19 | % | -4 | % | 8 | % | 11 | % | 9 | % | ||||||||||||
Local
Currency
|
-1 | % | 9 | % | -12 | % | -1 | % | 3 | % | 1 | % | |||||||||||||
Latin
America
|
Reported
|
-4 | % | 4 | % | 3 | % | 1 | % | 37 | % | 12 | % | ||||||||||||
Greater
Asia
|
Reported
|
28 | % | 21 | % | 9 | % | 20 | % | 19 | % | 19 | % | ||||||||||||
Local
Currency
|
24 | % | 20 | % | 6 | % | 18 | % | 13 | % | 15 | % | |||||||||||||
Total
|
Reported
|
-3 | % | 6 | % | -6 | % | 0 | % | 12 | % | 5 | % | ||||||||||||
Local
Currency
|
-7 | % | 3 | % | -11 | % | -4 | % | 8 | % | 1 | % |
|
§
|
North
America flavors new product introductions of $1 million were offset by
volume declines. Weak economic conditions and significant
slowdown in customer order activity led to volume declines in fine and
functional fragrance compounds, and
ingredients.
|
|
§
|
Flavors
growth in Europe was primarily attributable to new product introductions
of $4 million. Fine fragrance new product introductions of $8
million were largely offset by volume declines. Functional fragrance
growth was mainly the result of new product introductions of $8 million
and the decline in ingredients sales was due to volume declines;
ingredients had a difficult comparison with the 2007 first quarter when
sales in Europe increased 35%.
|
|
§
|
Latin
America fine and functional fragrance product introductions of $3 million
and $4 million, respectively, were partially offset by volume
decreases. Flavors sales were strong throughout the region,
driven mainly by new product introductions of $8
million.
|
|
§
|
Greater
Asia sales growth was driven by volume increases of $10 million in
flavors. Fragrance performance in all categories was primarily volume
related.
|
First
Quarter
|
||||||||
2008
|
2007
|
|||||||
Cost
of goods sold
|
58.9 | % | 58.2 | % | ||||
Research
and development expenses
|
8.7 | % | 8.2 | % | ||||
Selling,
general and administrative expenses
|
15.1 | % | 16.1 | % |
|
·
|
Separation
costs for employees relate primarily to severance, outplacement and other
benefit costs;
|
|
·
|
Other
costs include lease termination costs and other reorganization expenses
incurred to affect either the employee separation or location
closure.
|
Restructuring
Charges
|
Positions
Eliminated
|
|||||||
(Dollars
in Thousands)
|
2008
|
2008
|
||||||
Flavors
|
$ | 925 | 17 | |||||
Fragrances
|
2,480 | 19 | ||||||
Global
|
2,817 | 87 | ||||||
Total
|
$ | 6,222 | 123 |
Total
Number
of
Shares
Purchased
(1)
(2)
|
Average
Price
Paid
per Share (2)
|
Total
Number of Shares
Purchased
as Part of
Publicly
Announced
Program
(1)
(2)
|
Approximate
Dollar Value
of
Shares that may yet be
purchased
under the
Program
(1)(2)
|
|||||||||||||
January 1
– 31, 2008
|
0 | $ | 0 | 0 | $ | 298,727,156 | ||||||||||
February 1
– 29, 2008
|
560,544 | $ | 42.18 | 560,544 | 275,082,227 | |||||||||||
March 1
– 31, 2008
|
151,802 | $ | 41.83 | 151,802 | 268,732,316 | |||||||||||
Total
shares purchased
|
712,346 | $ | 42.11 |
|
(1)
|
On
July 26, 2007 we announced Stock Repurchase Plan, which authorizes us to
repurchase up to 15% or $750 million worth of IFF’s outstanding common
stock, whichever is less. In September 2007, under the new authorization,
we entered into two agreements to purchase shares of its common stock
under a $450 million accelerated share repurchase (“ASR”) program. On
September 28, 2007, we paid $450 million in exchange for an initial
delivery of 7.6 million shares under the ASR, representing 90% of the
shares that could have been purchased, based on the average trading price
on that date. The remaining 10% not used in the initial
settlement will be included in the determination of the cost of the shares
purchased on completion of the ASR.
|
|
(2)
|
The
Average Price Paid per Share is based on the price paid per share in the
open market and the price paid per share on the initial purchase of shares
under the ASR. The average price and number of shares purchased
under the ASR will not be determinable until completion of the ASR
program.
|
Number
|
Description | ||
10.1
|
Performance
Criteria for the 2008-2010 cycle under the Company’s Long Term Incentive
Plan, incorporated by reference to the Company’s Report on Form 8-K filed
on February 1, 2008.
|
||
|
|||
10.2
|
2008
Compensation Arrangements of Robert M. Amen, Douglas J. Wetmore, Nicolas
Mirzayantz and Dennis Meany incorporated by reference to the Company’s
Report on Form 8-K filed on March 5, 2008.
|
||
10.3
|
Performance
Criteria for 2008 under the Company’s Annual Incentive Plan, incorporated
by reference to Exhibit 10.1 to the Company’s Report on Form 8-K filed on
March 5, 2008.
|
||
31.1
|
Certification
of Robert M. Amen pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
||
31.2
|
Certification
of Douglas J. Wetmore pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
||
32
|
Certification of Robert M. Amen and Douglas J. Wetmore pursuant to 18 U.S.C. Section 1350 as adopted pursuant to the Sarbanes-Oxley Act of 2002 |
INTERNATIONAL
FLAVORS & FRAGRANCES INC.
|
|||
Dated:
May 1, 2008
|
By:
|
/s/
DOUGLAS J. WETMORE
|
|
Douglas
J. Wetmore, Senior Vice President and
Chief
Financial Officer
|
|||
Dated:
May 1, 2008
|
By:
|
/s/ DENNIS
M. MEANY
|
|
Dennis
M. Meany, Senior Vice President,
General
Counsel and Secretary
|
|||
Number | Description | |
|
||
10.1
|
Performance
Criteria for the 2008-2010 cycle under the Company’s Long Term Incentive
Plan, incorporated by reference to the Company’s Report on Form 8-K filed
on February 1, 2008.
|
|
|
||
10.2
|
2008
Compensation Arrangements of Robert M. Amen, Douglas J. Wetmore, Nicolas
Mirzayantz and Dennis Meany incorporated by reference to the Company’s
Report on Form 8-K filed on March 5, 2008.
|
|
10.3
|
Performance
Criteria for 2008 under the Company’s Annual Incentive Plan, incorporated
by reference to Exhibit 10.1 to the Company’s Report on Form 8-K filed on
March 5, 2008.
|
|
31.1
|
Certification
of Robert M. Amen pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
31.2
|
Certification
of Douglas J. Wetmore pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
|
32
|
Certification
of Robert M. Amen and Douglas J. Wetmore pursuant to 18 U.S.C. Section
1350 as adopted pursuant to the Sarbanes-Oxley Act of
2002.
|