Pall Corporation Reports Fourth Quarter and Full Year Results

Pall Corporation Reports Fourth Quarter and Full Year Results

PORT WASHINGTON, N.Y.--(BUSINESS WIRE)-- Pall Corporation (NYSE:PLL) today reported financial results for the fourth quarter and fiscal year ended July 31, 2013.

Fourth Quarter and Full Year Continuing Operations Sales and Earnings Overview (1)

Fourth quarter sales were $716.8 million compared to $722.4 million last year, a decrease of 1%. Sales in local currency (“LC”) were up slightly. Diluted EPS were $0.76 in the quarter, compared to $0.64 last year. Pro forma diluted EPS(2) were $0.90, a 5% increase compared to $0.86 a year earlier, including a negative impact of approximately $0.03 from foreign currency translation.

For the full year, sales declined 1% over last year. Sales in LC increased 1%. Diluted EPS were $2.89 for the full year, compared to $2.39 for the same period last year. Pro forma diluted EPS(2) were $3.04, a 9% increase compared to $2.80 a year earlier, including a negative impact of approximately $0.10 from foreign currency translation.

Larry Kingsley, Pall President and CEO, said, “In light of continued economic challenges, particularly impacting our Industrial business, we delivered solid results this year. This was largely due to improved operational execution and the benefit of our structural cost actions.”

Life Sciences – Fourth Quarter Highlights
(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

                     

Sales:

JUL. 31, 2013 JUL. 31, 2012

%
CHANGE

% CHANGE IN
LC

BioPharmaceuticals $ 215 $ 205 5 6
Food & Beverage 47 50 (5 ) (4 )
Medical   54   51 5 5
Total Consumables 316 306 4 4
Systems   38   29 31 33
Total Life Sciences segment $ 354 $ 335 6 6
 
Gross profit $ 201 $ 194
% of sales 56.8 57.9
Segment profit $ 86 $ 86
% of sales 24.2 25.7
 

BioPharmaceuticals : Consumables sales grew 6% compared to last year, on continued strength in the Biotech sector.

Food and Beverage : Consumables sales were down 4% compared to last year, on weakness in China as well as in several European countries.

Medical : Consumables sales grew 5% compared to last year, on strong sales in Hospital Critical Care and Blood Media.

Systems : Sales increased 33% compared to last year, on timing of BioPharmaceuticals and Food & Beverage capital spend.

Industrial – Fourth Quarter Highlights
(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

       

Sales:

  JUL. 31, 2013     JUL. 31, 2012    

%
CHANGE

   

% CHANGE IN
LC

Process Technologies $ 151 $ 151 (0 ) 1
Aerospace 60 67 (11 ) (10 )
Microelectronics   73   83 (12 ) (7 )
Total Consumables 284 301 (6 ) (4 )
Systems   79   87 (9 ) (9 )
Total Industrial segment $ 363 $ 388 (7 ) (5 )
 
Gross profit $ 168 $ 179
% of sales 46.3 46.0
Segment profit $ 68 $ 68
% of sales 18.8 17.4
 

Process Technologies : Consumables sales grew 1% compared to last year, on strength in Fuels & Chemicals.

Aerospace : Consumables sales were down 10% compared to last year, on weakness in Military Aerospace. This decline was largely due to strong helicopter program sales last year that did not repeat. Commercial Aerospace consumables sales grew 4%.

Microelectronics : Consumables sales were down 7% compared to last year, on continued weakness in the display and data storage end-markets.

Systems : Sales declined 9% compared to last year, on weakness in Municipal Water.

Conclusion/Outlook

Kingsley concluded, “In fiscal year 2014, we expect revenue growth in the low-to-mid single digits, resulting in pro forma EPS of $3.30 to $3.50, growth of 9% to 15%, representing significant operating leverage.”

Conference Call

On Thursday, August 29, 2013, at 8:30 am ET, Pall Corporation will host a conference call to review these results. The call can be accessed at www.pall.com/investor. The webcast will be archived for 30 days.

About Pall Corporation

Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation is an S&P 500 company serving customers worldwide. Pall has been named a “top green company” by Newsweek magazine. To see how Pall is helping enable a greener, safer, more sustainable future, follow us on Twitter @PallCorporation or visit www.pall.com/green.

Forward-Looking Statements

The matters discussed in this presentation contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Results for fiscal year 2013 are preliminary until the Company's Form 10-K is filed with the Securities and Exchange Commission on or before September 30, 2013. Forward-looking statements are those that address activities, events or developments that the Company or management intends, expects, projects, believes or anticipates will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs, dilution from the disposition or future allocation of capital and effective tax rate, and other future events or developments are forward-looking statements.

Forward-looking statements are those that use terms such as “may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “predict,” “potential,” and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.

The Company’s forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by the Company’s forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed in Part I–Item 1A.–Risk Factors in the 2012 Form 10-K, and other reports the Company files with the Securities and Exchange Commission, including: the impact of legislative, regulatory and political developments globally; the impact of the uncertain global economic environment; the extent to which adverse economic conditions may affect the Company’s sales volume and results; demand for the Company’s products and business relationships with key customers and suppliers, which may be impacted by their cash flow and payment practices; delays or cancellations in shipments; the Company’s ability to develop and commercialize new technologies or obtain regulatory approval or market acceptance of new technologies; the Company’s ability to enforce patents and protect proprietary products and manufacturing techniques; increase in costs of manufacturing and operating costs; the Company’s ability to achieve and sustain the savings anticipated from its structural cost improvement initiatives; volatility in foreign currency exchange rates, interest rates and energy costs and other macroeconomic challenges currently affecting the Company; the Company’s ability to meet its regulatory obligations; costs and outcome of pending or future claims or litigation; the Company’s ability to comply with environmental, health and safety laws and regulations; changes in product mix, market mix and product pricing, particularly relating to the expansion of the systems business; the effect of a serious disruption in the Company’s information systems; fluctuations in the Company’s effective tax rate; the Company’s ability to successfully complete or integrate any acquisitions; competition, including the impact of pricing and other actions by the Company’s competitors; the effect of litigation and regulatory inquiries associated with the restatement of the Company’s prior period financial statements; the Company’s ability to attract and retain management talent or the loss of members of its senior management team; the effect of the restrictive covenants in the Company’s debt facilities; and the effect of product defects and recalls. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.

Management uses certain non-GAAP measurements to assess the Company’s current and future financial performance. The non-GAAP measurements do not replace the presentation of the Company’s GAAP financial results. These measurements provide supplemental information to assist management in analyzing the Company’s financial position and results of operations. The Company has chosen to provide this information to facilitate meaningful comparisons of past, present and future operating results and as a means to emphasize the results of ongoing operations.

Notes to Release:

 

(1)

As discussed in our news release dated August 1, 2012, the Company completed the sale of certain assets of its Blood product line. Accordingly, discussion of results from continuing operations excludes the Blood product line. Tables appended to this release are presented on a continuing operations basis (with reconciliation to include the discontinued Blood product line).
 

(2)

Pro forma diluted EPS are defined as Reported diluted EPS on a continuing operations basis adjusted for “Discrete Items.” Discrete items are defined as Restructuring & Other Charges (ROTC) and other items that are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. A reconciliation of Reported to Pro forma amounts can be found in the Reconciliation of Pro forma Earnings table accompanying this release.
 

(3)

Reflects assets held for sale related to the Blood product line.
 

(4)

Cash flows are inclusive of discontinued operations.
 
       
PALL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)
 
JUL. 31, 2013 JUL. 31, 2012
 
Assets:
 
Cash and cash equivalents $ 936,886 $ 500,274
Accounts receivable 566,335 655,436
Inventories 381,047 364,766
Other current assets 165,761 195,464
Assets held for sale   -   136,517

 (3)

Total current assets   2,050,029   1,852,457
 
Property, plant and equipment 774,948 750,993
Other assets   647,862   744,442
Total assets $ 3,472,839 $ 3,347,892
 
Liabilities and Stockholders' Equity:
 
Short-term debt $ 170,387 $ 205,393
Accounts payable, income taxes and other current liabilities   558,684   646,735
Total current liabilities 729,071 852,128
 
Long-term debt, net of current portion 467,319 490,706
Deferred taxes and other non-current liabilities   461,493   495,023
Total liabilities 1,657,883 1,837,857
 
Stockholders' equity   1,814,956   1,510,035
Total liabilities and stockholders' equity $ 3,472,839 $ 3,347,892
 
               
PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
 
 
FOURTH QUARTER ENDED YEAR ENDED
JUL. 31, 2013 JUL. 31, 2012 JUL. 31, 2013 JUL. 31, 2012
 
Net sales $ 716,818 $ 722,371 $ 2,648,063 $ 2,671,656
Cost of sales   347,940     350,216     1,276,060     1,291,558  
Gross profit   368,878     372,155     1,372,003     1,380,098  
% of sales 51.5 % 51.5 % 51.8 % 51.7 %
Selling, general and administrative expenses 208,789 210,239 810,358 843,221
% of sales 29.1 % 29.1 % 30.6 % 31.6 %
Research and development   25,634     22,581     94,216     82,932  
Operating profit 134,455 139,335 467,429 453,945
% of sales 18.8 % 19.3 % 17.7 % 17.0 %
Restructuring and other charges ("ROTC") (a) 18,685 35,857 40,182 66,858
Interest expense, net (c)   4,874     2,495     15,621     20,177  

Earnings from continuing operations before income
taxes

110,896 100,983 411,626 366,910
Provision for income taxes (b)   24,689     25,272     81,664     85,963  
Net earnings from continuing operations $ 86,207 $ 75,711 $ 329,962 $ 280,947

Earnings/(loss) from discontinued operations, net of
income taxes

  (579 )   10,496     244,973     38,362  
Net Earnings $ 85,628   $ 86,207   $ 574,935   $ 319,309  
 
Average shares outstanding:
Basic 112,179 115,940 112,803 116,061
Diluted 113,544 117,519 114,236 117,663
 

Earnings/(loss) per share:

From continuing operations:
Basic $ 0.77 $ 0.65 $ 2.93 $ 2.42
Diluted $ 0.76 $ 0.64 $ 2.89 $ 2.39
 
From discontinued operations:
Basic $ (0.01 ) $ 0.09 $ 2.17 $ 0.33
Diluted $ (0.01 ) $ 0.09   $ 2.14   $ 0.32  
 
Total
Basic $ 0.76 $ 0.74 $ 5.10 $ 2.75
Diluted $ 0.75   $ 0.73   $ 5.03   $ 2.71  
 

Pro forma diluted earnings per share:

From continuing operations $ 0.90   $ 0.86   $ 3.04   $ 2.80  
 
               
PALL CORPORATION
RECONCILIATION OF PRO FORMA EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
 
 
FOURTH QUARTER ENDED YEAR ENDED
JUL. 31, 2013 JUL. 31, 2012 JUL. 31, 2013 JUL. 31, 2012
 

Pro forma earnings reconciliation from continuing
operations

Net earnings from continuing operations as reported $ 86,207 $ 75,711 $ 329,962 $ 280,947
Discrete items:
ROTC, after pro forma tax effect (a) 15,496 29,499 31,741 52,992
Tax adjustments (b) - (1,264 ) (10,193 ) (1,264 )
Interest adjustments, after pro forma

tax effect (c)

  -   (2,859 )   (4,268 )   (2,859 )
Total discrete items   15,496   25,376     17,280     48,869  
Pro forma earnings from continuing operations $ 101,703 $ 101,087     347,242     329,816  
 
 
FOURTH QUARTER ENDED YEAR ENDED
JUL. 31, 2013 JUL. 31, 2012 JUL. 31, 2013 JUL. 31, 2012
 

Diluted earnings per share from continuing
operations as reported

$ 0.76 $ 0.64 $ 2.89 $ 2.39
Discrete items:
ROTC, after pro forma tax effect (a) 0.14 0.25 0.28 0.44
Tax adjustments (b) - (0.01 ) (0.09 ) (0.01 )
Interest adjustments, after pro forma

tax effect (c)

  -   (0.02 )   (0.04 )   (0.02 )
Total discrete items   0.14   0.22     0.15     0.41  

Pro forma diluted earnings per share from
continuing operations

$ 0.90 $ 0.86   $ 3.04   $ 2.80  
 

Pro forma earnings measures exclude the items described below as they are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. The pro forma tax effects disclosed were calculated using applicable entity-specific tax rates.

(a) ROTC in the quarter and year ended July 31, 2013 of $18,685 ($15,496 after pro forma tax effect of $3,189) and $40,182 ($31,741 after pro forma tax effect of $8,441), respectively primarily includes severance costs related to the Company's structural cost improvement initiatives, certain employment contract obligations and an adjustment to environmental reserves.

ROTC in the quarter and year ended July 31, 2012 of $35,857 ($29,499 after pro forma tax effect of $6,358) and $66,858 ($52,992 after pro forma tax effect of $13,866), respectively, primarily includes severance costs related to the Company's structural cost improvement initiatives. ROTC in the year ended July 31, 2012 also includes expenses related to certain employment contract obligations, and a gain on the sale of assets.

(b) Provision for income taxes in the year ended July 31, 2013 includes a net benefit of $10,193 related to the resolution of a U.S. tax audit partially offset by the tax cost of repatriation of foreign earnings.

Provision for income taxes in the quarter and year ended July 31, 2012 includes a net benefit of $1,264 primarily related to the settlement of certain issues with the Internal Revenue Service and the expiration of a foreign statute of limitation, partly offset by the tax cost of repatriation of foreign earnings.

(c) Interest expense, net, in the year ended July 31, 2013 includes the reversal of accrued interest of $6,704 ($4,268 after pro forma tax effect of $2,436) related to the resolution of a U.S. tax audit as described in (b) above.

Interest expense, net, in the quarter and year ended July 31, 2012 includes the reversal of accrued interest of $4,435 ($2,859 after pro forma tax effect of $1,576) primarily relating to the settlement of certain issues with the Internal Revenue Service as described in (b) above.

           
PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in Thousands)
 
 
YEAR ENDED
JUL. 31, 2013

 (4)

 

JUL. 31, 2012

 (4)

 

 
Net cash provided by operating activities $ 384,459   $ 474,848  
 
Investing activities:
 
Acquisitions of businesses (21,970 ) (167,638 )
Capital expenditures (110,182 ) (158,909 )
Proceeds from sale of assets 537,625 26,551
Other   (6,173 )   (9,829 )
Net cash provided/(used) by investing activities   399,300     (309,825 )
 
Financing activities:
 
Dividends paid (108,054 ) (88,955 )

Repayments of notes payable and long-term
borrowings

(35,420 ) (10,422 )
Purchase of treasury stock (250,000 ) (121,164 )
Other   49,009     47,319  
Net cash used by financing activities   (344,465 )   (173,222 )
 
Cash flow for period 439,294 (8,199 )
Cash and cash equivalents at beginning of year 500,274 557,766
Effect of exchange rate changes on cash   (2,682 )   (49,293 )
Cash and cash equivalents at end of period $ 936,886   $ 500,274  
 
 

Free cash flow:

Net cash provided by operating activities $ 384,459 $ 474,848
Less capital expenditures   110,182     158,909  
Free cash flow $ 274,277   $ 315,939  
 
                   
PALL CORPORATION
SUMMARY SEGMENT PROFIT BY SEGMENT FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
 
 
FOURTH QUARTER ENDED YEAR ENDED
JUL. 31, 2013 JUL. 31, 2012 JUL. 31, 2013 JUL. 31, 2012
 

Life Sciences

Sales $ 354,145 $ 334,640 $ 1,309,375 $ 1,253,594
Cost of sales   153,135     141,031     552,651     523,902  
Gross profit 201,010 193,609 756,724 729,692
% of sales 56.8 % 57.9 % 57.8 % 58.2 %
 
Selling, general and administrative expenses 98,754 92,026 375,970 357,722
% of sales 27.9 % 27.5 % 28.7 % 28.5 %
Research and development   16,499     15,462     61,483     52,658  
Segment profit $ 85,757   $ 86,121   $ 319,271   $ 319,312  
% of sales 24.2 % 25.7 % 24.4 % 25.5 %
 

Industrial

Sales $ 362,673 $ 387,731 $ 1,338,688 $ 1,418,062
Cost of sales   194,805     209,185     723,409     767,656  
Gross profit 167,868 178,546 615,279 650,406
% of sales 46.3 % 46.0 % 46.0 % 45.9 %
 
Selling, general and administrative expenses 90,658 103,875 367,748 421,385
% of sales 25.0 % 26.8 % 27.5 % 29.7 %
Research and development   9,135     7,119     32,733     30,274  
Segment profit $ 68,075   $ 67,552   $ 214,798   $ 198,747  
% of sales 18.8 % 17.4 % 16.0 % 14.0 %
 

Consolidated:

Segment profit $ 153,832 $ 153,673 $ 534,069 $ 518,059
Corporate services group   19,377     14,338     66,640     64,114  
Operating profit 134,455 139,335 467,429 453,945
% of sales 18.8 % 19.3 % 17.7 % 17.0 %
ROTC 18,685 35,857 40,182 66,858
Interest expense, net   4,874     2,495     15,621     20,177  

Earnings from continuing operations before
income taxes

$ 110,896   $ 100,983   $ 411,626   $ 366,910  
 
                   
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
 
EXCHANGE % CHANGE
RATE IN LOCAL
FOURTH QUARTER ENDED JUL. 31, 2013 JUL. 31, 2012 % CHANGE IMPACT CURRENCY
 

Life Sciences

|-------------- Increase/(Decrease) -------------|
By Product/Market:
BioPharmaceuticals $ 215,211 $ 204,778 5.1 $ (1,021 ) 5.6
Food & Beverage 47,364 49,701 (4.7 ) (255 ) (4.2 )
Medical   53,965   51,487 4.8   (90 ) 5.0
Total Consumables 316,540 305,966 3.5 (1,366 ) 3.9
Systems

 

37,605   28,674 31.1   (409 ) 32.6
Total Life Sciences $ 354,145 $ 334,640 5.8 $ (1,775 ) 6.4
 
By Region:
Americas $ 112,360 $ 114,514 (1.9 ) $ (834 ) (1.2 )
Europe 162,338 145,965 11.2 5,234 7.6
Asia   79,447   74,161 7.1   (6,175 ) 15.5
Total Life Sciences $ 354,145 $ 334,640 5.8 $ (1,775 ) 6.4
 
 

Industrial

By Product/Market:
Process Technologies $ 151,299 $ 151,457 (0.1 ) $ (1,710 ) 1.0
Aerospace 59,417 66,573 (10.7 ) (229 ) (10.4 )
Microelectronics   72,746   82,541 (11.9 )   (4,398 ) (6.5 )
Total Consumables 283,462 300,571 (5.7 ) (6,337 ) (3.6 )
Systems   79,211   87,160 (9.1 )   (423 ) (8.6 )
Total Industrial $ 362,673 $ 387,731 (6.5 ) $ (6,760 ) (4.7 )
 
By Region:
Americas $ 115,617 $ 141,226 (18.1 ) $ (752 ) (17.6 )
Europe 105,925 107,431 (1.4 ) 3,123 (4.3 )
Asia   141,131   139,074 1.5   (9,131 ) 8.0
Total Industrial $ 362,673 $ 387,731 (6.5 ) $ (6,760 ) (4.7 )
 
                   
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
 
EXCHANGE % CHANGE
RATE IN LOCAL
YEAR ENDED JUL. 31, 2013 JUL. 31, 2012 % CHANGE IMPACT CURRENCY
 

Life Sciences

|-------------- Increase/(Decrease) -------------|
By Product/Market:
BioPharmaceuticals $ 812,328 $ 754,906 7.6 $ (14,920 ) 9.6
Food & Beverage 177,633 182,294 (2.6 ) (4,065 ) (0.3 )
Medical   208,544   195,149 6.9   (3,177 ) 8.5
Total Consumables 1,198,505 1,132,349 5.8 (22,162 ) 7.8
Systems   110,870   121,245 (8.6 )   (1,422 ) (7.4 )
Total Life Sciences $ 1,309,375 $ 1,253,594 4.4 $ (23,584 ) 6.3
 
By Region:
Americas $ 416,170 $ 384,757 8.2 $ (3,157 ) 9.0
Europe 627,647 606,397 3.5 (7,871 ) 4.8
Asia   265,558   262,440 1.2   (12,556 ) 6.0
Total Life Sciences $ 1,309,375 $ 1,253,594 4.4 $ (23,584 ) 6.3
 
 

Industrial

By Product/Market:
Process Technologies $ 584,125 $ 627,644 (6.9 ) $ (10,974 ) (5.2 )
Aerospace 237,371 224,016 6.0 (1,786 ) 6.8
Microelectronics   275,684   307,682 (10.4 )   (9,542 ) (7.3 )
Total Consumables 1,097,180 1,159,342 (5.4 ) (22,302 ) (3.4 )
Systems   241,508   258,720 (6.7 )   (2,308 ) (5.8 )
Total Industrial $ 1,338,688 $ 1,418,062 (5.6 ) $ (24,610 ) (3.9 )
 
By Region:
Americas $ 433,316 $ 455,227 (4.8 ) $ (3,314 ) (4.1 )
Europe 406,868 416,555 (2.3 ) (5,379 ) (1.0 )
Asia   498,504   546,280 (8.7 )   (15,917 ) (5.8 )
Total Industrial $ 1,338,688 $ 1,418,062 (5.6 ) $ (24,610 ) (3.9 )
 



Pall Corporation
R. Brent Jones
Vice President of Finance & Treasurer
Telephone: 516-801-9848
Email: investor_relations@pall.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

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