Press Release
Griffon Corporation Announces Annual and Fourth Quarter Results
For the full year 2019, revenue totaled
For the full year 2019, Income from continuing operations totaled
For the full year 2019, Adjusted EBITDA from continuing operations totaled
Fourth quarter revenue from continuing operations of
Fourth quarter Income from continuing operations totaled
Fourth quarter Adjusted EBITDA from continuing operations totaled
Segment Operating Results
Home & Building Products
Home & Building Products ("HBP") revenue in 2019 totaled
HBP Adjusted EBITDA for 2019 was
HBP revenue in the current quarter totaling
HBP Adjusted EBITDA in the current quarter was
AMES Strategic Initiative
Griffon is developing a next-generation business platform for The AMES Companies and its ClosetMaid business (collectively "
This initiative includes three key development areas. First, multiple independent information systems will be unified into a single data and analytics platform which will serve the whole AMES U.S. enterprise. Second, certain AMES U.S. operations will be consolidated to optimize facilities footprint and talent. Third, strategic investments in automation and facilities expansion will be made to increase the efficiency of our manufacturing and fulfillment operations, and support e-commerce growth.
The roll-out of the new business platform will occur over approximately a three-year period, with completion expected by the end of calendar 2022. When fully implemented, these actions will result in an annual cash savings of
The cost to implement this new business platform, over the three-year duration of the project, will include approximately
In addition to the growth, efficiency and competitive benefits, this initiative is intended to increase our operating margin and free cash flow.
Defense Electronics
Defense Electronics revenue in 2019 totaled
Defense Electronics Adjusted EBITDA for 2019 was
Defense Electronics revenue in the current quarter totaled
Defense Electronics Adjusted EBITDA in the current quarter was
Contract backlog was
Taxes
The Company reported pretax income from continuing operations for the years ended
Balance Sheet and Capital Expenditures
At
Share Repurchases
In each of
Conference Call Information
The Company will hold a conference call today,
The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the
A replay of the call will be available starting on
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon operates and
About
Griffon currently conducts its operations through two reportable segments:
-
HBP segment consists of two companies,
AMES and Clopay:AMES , founded in 1774, is the leading North American manufacturer and a global provider of branded consumer and professional tools, landscaping products, and outdoor lifestyle solutions. In 2018, we acquired ClosetMaid, a leader in wood and wire closet organization, general living storage and wire garage storage products for homeowners and professionals.
Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors inNorth America . Founded in 1964, Clopay sells residential and commercial sectional garage doors through professional dealers and leading home center retail chains throughoutNorth America . In 2018, we acquired CornellCookson, a leading U.S. manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional, and retail use.
-
Defense Electronics consists of
Telephonics Corporation ("Telephonics"), founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.
Griffon evaluates performance and allocates resources based on operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Adjusted EBITDA”, a non-GAAP measure). Griffon believes this information is useful to investors.
The following table provides a reconciliation of Adjusted EBITDA to Income before taxes from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES OPERATING HIGHLIGHTS (in thousands) |
|||||||||||||||
|
|
|
|
||||||||||||
|
(Unaudited)
|
|
For the Twelve Months
|
||||||||||||
REVENUE |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Home & Building Products: |
|
|
|
|
|
|
|
||||||||
AMES |
$ |
222,692 |
|
|
$ |
216,276 |
|
|
$ |
1,000,608 |
|
|
$ |
953,612 |
|
Clopay |
242,025 |
|
|
227,898 |
|
|
873,640 |
|
|
697,969 |
|
||||
Home & Building Products |
464,717 |
|
|
444,174 |
|
|
1,874,248 |
|
|
1,651,581 |
|
||||
Defense Electronics |
109,447 |
|
|
101,331 |
|
|
335,041 |
|
|
326,337 |
|
||||
Total revenue |
$ |
574,164 |
|
|
$ |
545,505 |
|
|
$ |
2,209,289 |
|
|
$ |
1,977,918 |
|
|
|
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA |
|
|
|
|
|
|
|
||||||||
Home & Building Products |
$ |
52,404 |
|
|
$ |
48,150 |
|
|
$ |
210,838 |
|
|
$ |
177,400 |
|
Defense Electronics |
18,103 |
|
|
19,107 |
|
|
35,104 |
|
|
36,063 |
|
||||
Total |
70,507 |
|
|
67,257 |
|
|
245,942 |
|
|
213,463 |
|
||||
Unallocated amounts* |
(11,797 |
) |
|
(12,690 |
) |
|
(46,302 |
) |
|
(45,343 |
) |
||||
Adjusted EBITDA |
58,710 |
|
|
54,567 |
|
|
199,640 |
|
|
168,120 |
|
||||
Net interest expense |
(16,537 |
) |
|
(15,389 |
) |
|
(67,260 |
) |
|
(63,871 |
) |
||||
Depreciation and amortization |
(15,676 |
) |
|
(15,485 |
) |
|
(61,848 |
) |
|
(55,803 |
) |
||||
Acquisition costs |
— |
|
|
— |
|
|
— |
|
|
(7,597 |
) |
||||
Special dividend ESOP charges |
— |
|
|
— |
|
|
— |
|
|
(3,220 |
) |
||||
Secondary equity offering costs |
— |
|
|
— |
|
|
— |
|
|
(1,205 |
) |
||||
Cost of life insurance benefits |
— |
|
|
— |
|
|
— |
|
|
(2,614 |
) |
||||
Acquisition contingent consideration |
1,646 |
|
|
— |
|
|
1,646 |
|
|
— |
|
||||
Income before taxes from continuing operations |
$ |
28,143 |
|
|
$ |
23,693 |
|
|
$ |
72,178 |
|
|
$ |
33,810 |
|
* Primarily Corporate Overhead |
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) |
|||||||||||||||
|
|
|
|
||||||||||||
|
(Unaudited)
|
|
For the Twelve Months
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Revenue |
$ |
574,164 |
|
|
$ |
545,505 |
|
|
$ |
2,209,289 |
|
|
$ |
1,977,918 |
|
Cost of goods and services |
413,928 |
|
|
397,164 |
|
|
1,614,020 |
|
|
1,448,737 |
|
||||
Gross profit |
160,236 |
|
|
148,341 |
|
|
595,269 |
|
|
529,181 |
|
||||
Selling, general and administrative expenses |
116,478 |
|
|
110,151 |
|
|
460,004 |
|
|
436,380 |
|
||||
Income from continuing operations |
43,758 |
|
|
38,190 |
|
|
135,265 |
|
|
92,801 |
|
||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest expense |
(16,732 |
) |
|
(15,595 |
) |
|
(68,066 |
) |
|
(65,568 |
) |
||||
Interest income |
195 |
|
|
206 |
|
|
806 |
|
|
1,697 |
|
||||
Other, net |
922 |
|
|
892 |
|
|
4,173 |
|
|
4,880 |
|
||||
Total other income (expense) |
(15,615 |
) |
|
(14,497 |
) |
|
(63,087 |
) |
|
(58,991 |
) |
||||
Income before taxes from continuing operations |
28,143 |
|
|
23,693 |
|
|
72,178 |
|
|
33,810 |
|
||||
Provision for income taxes |
11,892 |
|
|
22,662 |
|
|
26,556 |
|
|
555 |
|
||||
Income from continuing operations |
$ |
16,251 |
|
|
$ |
1,031 |
|
|
$ |
45,622 |
|
|
$ |
33,255 |
|
Discontinued operations: |
|
|
|
|
|
|
|
||||||||
Income (loss) from operations of discontinued businesses |
(50 |
) |
|
(4,661 |
) |
|
(11,050 |
) |
|
119,981 |
|
||||
Provision (benefit) for income taxes |
106 |
|
|
(2,212 |
) |
|
(2,715 |
) |
|
27,558 |
|
||||
Income (loss) from discontinued operations |
(156 |
) |
|
(2,449 |
) |
|
(8,335 |
) |
|
92,423 |
|
||||
Net income (loss) |
$ |
16,095 |
|
|
$ |
(1,418 |
) |
|
$ |
37,287 |
|
|
$ |
125,678 |
|
Income from continuing operations |
$ |
0.40 |
|
|
$ |
0.03 |
|
|
$ |
1.11 |
|
|
$ |
0.81 |
|
Income (loss) from discontinued operations |
— |
|
|
(0.06 |
) |
|
(0.20 |
) |
|
2.25 |
|
||||
Basic earnings (loss) per common share |
$ |
0.39 |
|
|
$ |
(0.04 |
) |
|
$ |
0.91 |
|
|
$ |
3.06 |
|
Weighted-average shares outstanding |
41,071 |
|
|
40,326 |
|
|
40,934 |
|
|
41,005 |
|
||||
Income from continuing operations |
$ |
0.37 |
|
|
$ |
0.02 |
|
|
$ |
1.06 |
|
|
$ |
0.78 |
|
Income (loss) from discontinued operations |
— |
|
|
(0.06 |
) |
|
(0.20 |
) |
|
2.18 |
|
||||
Diluted earnings (loss) per common share |
$ |
0.37 |
|
|
$ |
(0.04 |
) |
|
$ |
0.87 |
|
|
$ |
2.96 |
|
Weighted-average shares outstanding |
43,540 |
|
|
40,326 |
|
|
42,888 |
|
|
42,422 |
|
||||
Net income (loss) |
$ |
16,095 |
|
|
$ |
(1,418 |
) |
|
$ |
37,287 |
|
|
$ |
125,678 |
|
Other comprehensive income (loss), net of taxes: |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments |
(4,517 |
) |
|
114 |
|
|
(8,460 |
) |
|
9,403 |
|
||||
Pension and other post retirement plans |
(23,607 |
) |
|
6,328 |
|
|
(23,055 |
) |
|
16,381 |
|
||||
Gain (loss) on cash flow hedge |
(75 |
) |
|
(27 |
) |
|
(289 |
) |
|
585 |
|
||||
Total other comprehensive income (loss), net of taxes |
(28,199 |
) |
|
6,415 |
|
|
(31,804 |
) |
|
26,369 |
|
||||
Comprehensive income |
$ |
(12,104 |
) |
|
$ |
4,997 |
|
|
$ |
5,483 |
|
|
$ |
152,047 |
|
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
|
At September 30,
|
|
At September 30,
|
||||
CURRENT ASSETS |
|
|
|
||||
Cash and equivalents |
$ |
72,377 |
|
|
$ |
69,758 |
|
Accounts receivable, net of allowances of $7,881 and $6,408 |
264,450 |
|
|
280,509 |
|
||
Contract costs and recognized income not yet billed, net of progress payments of $13,861 and $3,172 |
105,111 |
|
|
121,803 |
|
||
Inventories |
442,121 |
|
|
398,359 |
|
||
Prepaid and other current assets |
40,799 |
|
|
42,121 |
|
||
Assets of discontinued operations |
321 |
|
|
324 |
|
||
Total Current Assets |
925,179 |
|
|
912,874 |
|
||
PROPERTY, PLANT AND EQUIPMENT, net |
337,326 |
|
|
342,492 |
|
||
GOODWILL |
437,067 |
|
|
439,395 |
|
||
INTANGIBLE ASSETS, net |
356,639 |
|
|
370,858 |
|
||
OTHER ASSETS |
15,840 |
|
|
16,355 |
|
||
ASSETS OF DISCONTINUED OPERATIONS |
2,888 |
|
|
2,916 |
|
||
Total Assets |
$ |
2,074,939 |
|
|
$ |
2,084,890 |
|
CURRENT LIABILITIES |
|
|
|
||||
Notes payable and current portion of long-term debt |
$ |
10,525 |
|
|
$ |
13,011 |
|
Accounts payable |
250,576 |
|
|
233,658 |
|
||
Accrued liabilities |
124,665 |
|
|
139,192 |
|
||
Liabilities of discontinued operations |
4,333 |
|
|
7,210 |
|
||
Total Current Liabilities |
390,099 |
|
|
393,071 |
|
||
LONG-TERM DEBT, net |
1,093,749 |
|
|
1,108,071 |
|
||
OTHER LIABILITIES |
109,997 |
|
|
106,710 |
|
||
LIABILITIES OF DISCONTINUED OPERATIONS |
3,331 |
|
|
2,647 |
|
||
Total Liabilities |
1,597,176 |
|
|
1,610,499 |
|
||
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
SHAREHOLDERS’ EQUITY |
|
|
|
||||
Preferred stock, par value $0.25 per share, authorized 3,000 shares, no shares issued |
— |
|
|
— |
|
||
Common stock, par value $0.25 per share, authorized 85,000 shares, issued shares of 82,775 and 81,520, respectively. |
20,694 |
|
|
20,380 |
|
||
Capital in excess of par value |
519,017 |
|
|
503,396 |
|
||
Retained earnings |
568,516 |
|
|
550,523 |
|
||
Treasury shares, at cost, 35,969 common shares and 35,846 common shares |
(536,308 |
) |
|
(534,830 |
) |
||
Accumulated other comprehensive loss |
(65,916 |
) |
|
(34,112 |
) |
||
Deferred compensation |
(28,240 |
) |
|
(30,966 |
) |
||
Total Shareholders’ Equity |
477,763 |
|
|
474,391 |
|
||
Total Liabilities and Shareholders’ Equity |
$ |
2,074,939 |
|
|
$ |
2,084,890 |
|
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||||||
|
Years Ended September 30, |
||||||||||
|
2019 |
|
2018 |
|
2017 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Net income |
$ |
37,287 |
|
|
$ |
125,678 |
|
|
$ |
14,912 |
|
Net (income) loss from discontinued operations |
8,335 |
|
|
(92,423 |
) |
|
2,871 |
|
|||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: |
|
|
|
|
|
||||||
Depreciation and amortization |
61,848 |
|
|
55,803 |
|
|
47,878 |
|
|||
Stock-based compensation |
13,285 |
|
|
10,078 |
|
|
8,090 |
|
|||
Provision for losses on accounts receivable |
535 |
|
|
96 |
|
|
271 |
|
|||
Amortization of deferred financing costs and debt discounts |
5,393 |
|
|
5,219 |
|
|
4,511 |
|
|||
Deferred income tax |
(2,222 |
) |
|
(17,633 |
) |
|
2,341 |
|
|||
Gain (loss) on sale/disposal of assets and investments |
(179 |
) |
|
290 |
|
|
(126 |
) |
|||
Change in assets and liabilities, net of assets and liabilities acquired: |
|
|
|
|
|
||||||
(Increase) decrease in accounts receivable and contract costs and recognized income not yet billed |
8,279 |
|
|
2,681 |
|
|
(19,131 |
) |
|||
Increase in inventories |
(24,938 |
) |
|
(52,122 |
) |
|
(29,299 |
) |
|||
Increase in prepaid and other assets |
(4,285 |
) |
|
(2,285 |
) |
|
(4,781 |
) |
|||
Increase in accounts payable, accrued liabilities and income taxes payable |
7,638 |
|
|
11,078 |
|
|
17,541 |
|
|||
Other changes, net |
2,982 |
|
|
11,732 |
|
|
4,073 |
|
|||
Net cash provided by operating activities - continuing operations |
113,958 |
|
|
58,192 |
|
|
49,151 |
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Acquisition of property, plant and equipment |
(45,361 |
) |
|
(50,138 |
) |
|
(34,937 |
) |
|||
Acquired business, net of cash acquired |
(9,219 |
) |
|
(430,932 |
) |
|
(34,719 |
) |
|||
Investment sales (purchases) |
(149 |
) |
|
— |
|
|
(1,824 |
) |
|||
Proceeds (payments) from sale of business |
(9,500 |
) |
|
474,727 |
|
|
— |
|
|||
Insurance proceeds (payments) |
(10,604 |
) |
|
8,254 |
|
|
— |
|
|||
Proceeds from sale of property, plant and equipment |
280 |
|
|
663 |
|
|
143 |
|
|||
Net cash provided by (used in) investing activities - continuing operations |
(74,553 |
) |
|
2,574 |
|
|
(71,337 |
) |
|||
CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Dividends paid |
(13,676 |
) |
|
(49,797 |
) |
|
(10,325 |
) |
|||
Purchase of shares for treasury |
(1,478 |
) |
|
(45,605 |
) |
|
(15,841 |
) |
|||
Proceeds from long-term debt |
201,748 |
|
|
443,058 |
|
|
233,443 |
|
|||
Payments of long-term debt |
(218,248 |
) |
|
(300,993 |
) |
|
(170,454 |
) |
|||
Change in short-term borrowings |
(366 |
) |
|
144 |
|
|
— |
|
|||
Share premium payment on settled debt |
— |
|
|
— |
|
|
(24,997 |
) |
|||
Financing costs |
(1,090 |
) |
|
(7,793 |
) |
|
(1,548 |
) |
|||
Purchase of ESOP shares |
— |
|
|
— |
|
|
(10,908 |
) |
|||
Contingent consideration for acquired businesses |
(1,686 |
) |
|
— |
|
|
— |
|
|||
Other, net |
(180 |
) |
|
51 |
|
|
(70 |
) |
|||
Net cash provided by (used) in financing activities - continuing operations |
(34,976 |
) |
|
39,065 |
|
|
(700 |
) |
|||
CASH FLOWS FROM DISCONTINUED OPERATIONS: |
|
|
|
|
|
||||||
Net cash provided by (used in) operating activities |
(2,123 |
) |
|
(45,624 |
) |
|
47,193 |
|
|||
Net cash used in investing activities |
— |
|
|
(10,762 |
) |
|
(45,075 |
) |
|||
Net cash used in financing activities |
— |
|
|
(22,541 |
) |
|
(4,268 |
) |
|||
Net cash used in discontinued operations |
(2,123 |
) |
|
(78,927 |
) |
|
(2,150 |
) |
|||
Effect of exchange rate changes on cash and equivalents |
313 |
|
|
1,173 |
|
|
164 |
|
|||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS |
2,619 |
|
|
22,077 |
|
|
(24,872 |
) |
|||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD |
69,758 |
|
|
47,681 |
|
|
72,553 |
|
|||
CASH AND EQUIVALENTS AT END OF PERIOD |
$ |
72,377 |
|
|
$ |
69,758 |
|
|
$ |
47,681 |
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
||||||
Cash paid for interest |
$ |
63,334 |
|
|
$ |
59,793 |
|
|
$ |
48,137 |
|
Cash paid for taxes |
25,339 |
|
|
32,140 |
|
|
20,998 |
|
Griffon evaluates performance based on Earnings per share and Net income excluding restructuring charges, loss on debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable. Griffon believes this information is useful to investors. The following tables provides a reconciliation of Income from continuing operations to Adjusted income from continuing operations and Earnings per common share from continuing operations to Adjusted earnings per common share from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS (in thousands, except per share data) |
|||||||||||||||
|
For the Three Months
|
|
For the Twelve Months
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Income from continuing operations |
$ |
16,251 |
|
|
$ |
1,031 |
|
|
$ |
45,622 |
|
|
$ |
33,255 |
|
Adjusting items: |
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition costs |
— |
|
|
— |
|
|
— |
|
|
|
7,597 |
|
|||
Contract settlement charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Acquisition contingent consideration |
|
(1,646 |
) |
|
|
|
|
|
(1,646 |
) |
|
— |
|
||
Special dividend ESOP charges |
— |
|
|
— |
|
|
— |
|
|
|
3,220 |
|
|||
Secondary equity offering costs |
— |
|
|
— |
|
|
— |
|
|
|
1,205 |
|
|||
Cost of life insurance benefit |
— |
|
|
— |
|
|
— |
|
|
|
2,614 |
|
|||
Tax impact of above items |
|
313 |
|
|
— |
|
|
|
313 |
|
|
|
(6,421 |
) |
|
Discrete and other certain tax provisions (benefits) |
|
2,334 |
|
|
|
14,696 |
|
|
|
2,035 |
|
|
|
(9,384 |
) |
Adjusted income from continuing operations |
$ |
17,252 |
|
|
$ |
15,727 |
|
|
$ |
46,324 |
|
|
$ |
32,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per common share from continuing operations |
$ |
0.37 |
|
|
$ |
0.02 |
|
|
$ |
1.06 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusting items, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition costs |
— |
|
|
— |
|
|
— |
|
|
|
0.12 |
|
|||
Acquisition contingent consideration |
|
(0.03 |
) |
|
— |
|
|
|
(0.03 |
) |
|
— |
|
||
Special dividend ESOP charges |
— |
|
|
— |
|
|
— |
|
|
|
0.05 |
|
|||
Secondary equity offering costs |
— |
|
|
— |
|
|
— |
|
|
|
0.02 |
|
|||
Cost of life insurance benefit |
— |
|
|
— |
|
|
— |
|
|
|
0.01 |
|
|||
Discrete and other certain tax provisions (benefits) |
|
0.05 |
|
|
|
0.35 |
|
|
|
0.05 |
|
|
|
(0.22 |
) |
Adjusted earnings per share from continuing operations |
$ |
0.40 |
|
|
$ |
0.38 |
|
|
$ |
1.08 |
|
|
$ |
0.76 |
|
Weighted-average shares outstanding (in thousands) |
|
43,540 |
|
|
|
41,797 |
|
|
|
42,888 |
|
|
|
42,422 |
|
Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191113005905/en/
Source:
Company:
Brian G. Harris
SVP & Chief Financial Officer
Griffon Corporation
(212) 957-5000
Investor Relations:
Michael Callahan
Managing Director
ICR Inc.
(203) 682-8311