##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the quarterly period ended August 28, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 COMMISSION FILE NUMBER: 0-12182
 
 CALAMP CORP.
  Delaware
    
    95-3647070(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)1401 N. Rice Avenue 
Oxnard, California
    
    93030(Address of principal executive offices)
    
    (Zip Code)
 (805) 987-9000
 
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ




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TABLE OF CONTENTS  PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSCONSOLIDATED BALANCE SHEETS (Unaudited)CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 4. CONTROLS AND PROCEDURESPART II. OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGSITEM 1A. RISK FACTORSITEM 6. EXHIBITSSIGNATUREExhibit 31.1Exhibit 31.2Exhibit 32    Table of Contents  
 PART I. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
 CALAMP CORP.
 
 CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except par value)
 August 31,
    
    
    February 28,2010
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    4,051
    
    
    $
    2,986Accounts receivable, less allowance for doubtful accounts of
$534 and $413 at August 31, 2010 and February 28, 2010, respectively
    
    
    13,650
    
    
    
    16,520Inventories
    
    
    11,987
    
    
    
    10,608Deferred income tax assets
    
    
    2,161
    
    
    
    2,656Prepaid expenses and other current assets
    
    
    4,551
    
    
    
    4,720Total current assets
    
    
    36,400
    
    
    
    37,490Property, equipment and improvements, net of
accumulated depreciation and amortization
    
    
    2,087
    
    
    
    2,055Deferred income tax assets, less current portion
    
    
    9,686
    
    
    
    10,017Intangible assets, net
    
    
    4,562
    
    
    
    5,144Other assets
    
    
    1,783
    
    
    
    2,247$
    54,518
    
    
    $
    56,953Liabilities and Stockholders EquityCurrent liabilities:Bank working capital line of credit
    
    $
    7,799
    
    
    $
    5,901Accounts payable
    
    
    15,158
    
    
    
    16,186Accrued payroll and employee benefits
    
    
    2,572
    
    
    
    2,742Deferred revenue
    
    
    5,097
    
    
    
    4,740Other current liabilities
    
    
    2,642
    
    
    
    3,526Total current liabilities
    
    
    33,268
    
    
    
    33,095Long-term debt
    
    
    4,315
    
    
    
    4,170Other non-current liabilities
    
    
    546
    
    
    
    489Commitments and contingenciesStockholders equity:Preferred stock, $.01 par value; 3,000 shares authorized;
no shares issued or outstanding
    
    
    
    
    
    
    Common stock, $.01 par value; 40,000 shares authorized;
28,137 and 27,662 shares issued and outstanding
at August 31, 2010 and February 28, 2010, respectively
    
    
    281
    
    
    
    277Additional paid-in capital
    
    
    152,046
    
    
    
    151,453Accumulated deficit
    
    
    (135,072
    )
    
    
    (131,665
    )Accumulated other comprehensive loss
    
    
    (866
    )
    
    
    (866
    )Total stockholders equity
    
    
    16,389
    
    
    
    19,199$
    54,518
    
    
    $
    56,953
   2




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##### Table of Contents



CALAMP CORP.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
 Three Months Ended
    
    
    Six Months EndedAugust 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenues
    
    $
    29,490
    
    
    $
    23,940
    
    
    $
    55,836
    
    
    $
    46,940Cost of revenues
    
    
    22,122
    
    
    
    19,136
    
    
    
    42,345
    
    
    
    37,429Gross profit
    
    
    7,368
    
    
    
    4,804
    
    
    
    13,491
    
    
    
    9,511Operating expenses:Research and development
    
    
    2,779
    
    
    
    2,633
    
    
    
    5,542
    
    
    
    5,531Selling
    
    
    2,675
    
    
    
    2,402
    
    
    
    5,297
    
    
    
    4,603General and administrative
    
    
    2,200
    
    
    
    2,501
    
    
    
    4,709
    
    
    
    5,258Intangible asset amortization
    
    
    276
    
    
    
    342
    
    
    
    582
    
    
    
    683Total operating expenses
    
    
    7,930
    
    
    
    7,878
    
    
    
    16,130
    
    
    
    16,075Operating loss
    
    
    (562
    )
    
    
    (3,074
    )
    
    
    (2,639
    )
    
    
    (6,564
    )Non-operating income (expense):Interest expense, net
    
    
    (368
    )
    
    
    (174
    )
    
    
    (736
    )
    
    
    (379
    )Loss on sale of investment
    
    
    
    
    
    
    (1,008
    )
    
    
    
    
    
    
    (1,008
    )Other income (expense), net
    
    
    
    
    
    
    13
    
    
    
    (32
    )
    
    
    (249
    )Total non-operating expense
    
    
    (368
    )
    
    
    (1,169
    )
    
    
    (768
    )
    
    
    (1,636
    )Loss before income taxes
    
    
    (930
    )
    
    
    (4,243
    )
    
    
    (3,407
    )
    
    
    (8,200
    )Income tax provision
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net loss
    
    $
    (930
    )
    
    $
    (4,243
    )
    
    $
    (3,407
    )
    
    $
    (8,200
    )Basic and diluted loss per share
    
    $
    (0.03
    )
    
    $
    (0.17
    )
    
    $
    (0.13
    )
    
    $
    (0.33
    )Shares used in computing basic and diluted loss per share
    
    
    27,094
    
    
    
    24,918
    
    
    
    27,038
    
    
    
    24,889
   3




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CALAMP CORP.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 Six Months EndedAugust 31,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net loss
    
    $
    (3,407
    )
    
    $
    (8,200
    )Adjustments to reconcile net loss
to net cash provided by operating activities:Depreciation and amortization
    
    
    1,253
    
    
    
    1,283Stock-based compensation expense
    
    
    1,004
    
    
    
    858Amortization of debt issue costs and discount
    
    
    268
    
    
    
    Loss on sale of investment
    
    
    
    
    
    
    1,008Deferred tax assets, net
    
    
    807
    
    
    
    Changes in operating assets and liabilities:Accounts receivable
    
    
    2,870
    
    
    
    1,534Inventories
    
    
    (1,379
    )
    
    
    3,529Prepaid expenses and other assets
    
    
    281
    
    
    
    631Accounts payable
    
    
    (1,028
    )
    
    
    5,324Accrued liabilities
    
    
    (1,317
    )
    
    
    (2,695
    )Deferred revenue
    
    
    677
    
    
    
    244Other
    
    
    9
    
    
    
    23NET CASH PROVIDED BY OPERATING ACTIVITIES
    
    
    38
    
    
    
    3,539CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures
    
    
    (712
    )
    
    
    (544
    )Proceeds from sale of investment
    
    
    
    
    
    
    992Collections on note receivable
    
    
    229
    
    
    
    150Other
    
    
    
    
    
    
    (36
    )NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
    
    
    (483
    )
    
    
    562CASH FLOWS FROM FINANCING ACTIVITIES:Net proceeds from bank line of credit borrowings
    
    
    1,898
    
    
    
    1,000Debt repayments
    
    
    
    
    
    
    (7,683
    )Taxes paid related to net share settlement of vested equity awards
    
    
    (388
    )
    
    
    (105
    )NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    
    
    1,510
    
    
    
    (6,788
    )EFFECT OF EXCHANGE RATE CHANGES ON CASH
    
    
    
    
    
    
    175Net change in cash and cash equivalents
    
    
    1,065
    
    
    
    (2,512
    )Cash and cash equivalents at beginning of period
    
    
    2,986
    
    
    
    6,913Cash and cash equivalents at end of period
    
    $
    4,051
    
    
    $
    4,401
   4




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CALAMP CORP.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED AUGUST 31, 2010 AND 2009
 NOTE 1 
    
    DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Description of Business and Basis of Presentation
       Disclosures About Fair Value of Financial Instruments
    Recent Authoritative Pronouncements
   5




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NOTE 2  INVENTORIES
  August 31,
    
    
    February 28,2010
    
    
    2010Raw materials
    
    $
    10,129
    
    
    $
    9,483Work in process
    
    
    342
    
    
    
    209Finished goods
    
    
    1,516
    
    
    
    916$
    11,987
    
    
    $
    10,608
 NOTE 3  INTANGIBLE ASSETS
  August 31, 2010
    
    
    February 28, 2010Accum-
    
    
    
    
    
    
    
    
    
    
    Accum-Gross
    
    
    ulated
    
    
    
    
    
    
    Gross
    
    
    ulatedAmortization
    
    
    Carrying
    
    
    Amortiz-
    
    
    
    
    
    
    Carrying
    
    
    Amortiz-Period
    
    
    Amount
    
    
    ation
    
    
    Net
    
    
    Amount
    
    
    ation
    
    
    NetDeveloped/core technology
    
    5-7 years
    
    $
    3,101
    
    
    $
    1,430
    
    
    $
    1,671
    
    
    $
    3,101
    
    
    $
    1,054
    
    
    $
    2,047Customer lists
    
    5-7 years
    
    
    1,339
    
    
    
    656
    
    
    
    683
    
    
    
    1,339
    
    
    
    475
    
    
    
    864Covenants not to compete
    
    4-5 years
    
    
    138
    
    
    
    87
    
    
    
    51
    
    
    
    138
    
    
    
    66
    
    
    
    72Patents
    
    4-5 years
    
    
    39
    
    
    
    12
    
    
    
    27
    
    
    
    39
    
    
    
    8
    
    
    
    31Tradename
    
    Indefinite
    
    
    2,130
    
    
    
    
    
    
    
    2,130
    
    
    
    2,130
    
    
    
    
    
    
    
    2,130$
    6,747
    
    
    $
    2,185
    
    
    $
    4,562
    
    
    $
    6,747
    
    
    $
    1,603
    
    
    $
    5,144
   2011 (remainder)
    
    $
    5512012
    
    $
    9902013
    
    $
    7322014
    
    $
    159
  6




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NOTE 4  FINANCING ARRANGEMENTS
 Bank Working Capital Line of Credit
   Long-Term Debt
  August 31,
    
    
    February 28,2010
    
    
    2010Subordinated promissory notes due December 22, 2012
    
    $
    5,000
    
    
    $
    5,000Less unamortized discount
    
    
    (685
    )
    
    
    (830
    )$
    4,315
    
    
    $
    4,170
   NOTE 5  INCOME TAXES
   7




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NOTE 6  EARNINGS (LOSS) PER SHARE
    8




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NOTE 7  COMPREHENSIVE INCOME (LOSS
  Three Months Ended
    
    
    Six Months EndedAugust 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Net loss
    
    $
    (930
    )
    
    $
    (4,243
    )
    
    $
    (3,407
    )
    
    $
    (8,200
    )Foreign currency translation adjustments
    
    
    
    
    
    
    (4
    )
    
    
    
    
    
    
    256Comprehensive loss
    
    $
    (930
    )
    
    $
    (4,247
    )
    
    $
    (3,407
    )
    
    $
    (7,944
    )
 NOTE 8  STOCK-BASED COMPENSATION
  Three Months Ended
    
    
    Six Months EndedAugust 31,
    
    
    August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Cost of revenues
    
    $
    34
    
    
    $
    27
    
    
    $
    73
    
    
    $
    48Research and development
    
    
    74
    
    
    
    65
    
    
    
    153
    
    
    
    125Selling
    
    
    60
    
    
    
    30
    
    
    
    100
    
    
    
    51General and administrative
    
    
    313
    
    
    
    324
    
    
    
    678
    
    
    
    634$
    481
    
    
    $
    446
    
    
    $
    1,004
    
    
    $
    858
  Number of
    
    
    WeightedOptions
    
    
    Average(in 000s)
    
    
    Option PriceOutstanding at February 28, 2010
    
    
    2,023
    
    
    $
    5.82Granted
    
    
    186
    
    
    
    2.34Exercised
    
    
    
    
    
    
    Forfeited or expired
    
    
    (51
    )
    
    
    20.88Outstanding at August 31, 2010
    
    
    2,158
    
    
    $
    5.17Exercisable at August 31, 2010
    
    
    1,406
    
    
    $
    6.75
  9




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Number of
    
    
    WeightedShares
    
    
    Average Grantand RSUs
    
    
    Date Fair(in 000s)
    
    
    ValueOutstanding at February 28, 2010
    
    
    1,784
    
    
    $
    2.06Granted
    
    
    863
    
    
    
    2.34Vested
    
    
    (528
    )
    
    
    2.17Forfeited
    
    
    (40
    )
    
    
    1.88Outstanding at August 31, 2010
    
    
    2,079
    
    
    $
    2.15
   NOTE 9  CONCENTRATION OF RISK
   NOTE 10  PRODUCT WARRANTIES
  Six Months EndedAugust 31,2010
    
    
    2009Balance at beginning of period
    
    $
    1,231
    
    
    $
    3,286Charged to costs and expenses
    
    
    360
    
    
    
    350Deductions
    
    
    (853
    )
    
    
    (979
    )Balance at end of period
    
    $
    738
    
    
    $
    2,657
   10




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NOTE
11  OTHER FINANCIAL INFORMATION
  Six Months EndedAugust 31,2010
    
    
    2009Interest paid
    
    $
    537
    
    
    $
    385Net income tax refunds received
    
    $
    (806
    )
    
    $
    (7
    )
 Other Non-Current Liabilities
  August 31,
    
    
    February 28,2010
    
    
    2010Deferred rent
    
    $
    20
    
    
    $
    88Deferred revenue
    
    
    526
    
    
    
    401$
    546
    
    
    $
    489
 NOTE 12  SEGMENT INFORMATION
  Three Months Ended August 31, 2010
    
    
    Three Months Ended August 31, 2009Operating Segments
    
    
    
    
    
    
    
    
    
    
    Operating SegmentsSatellite
    
    
    Wireless 
DataCom
    
    
    Corporate
    
    
    Total
    
    
    Satellite
    
    
    Wireless 
DataCom
    
    
    Corporate
    
    
    TotalRevenues
    
    $
    11,416
    
    
    $
    18,074
    
    
    
    
    
    
    $
    29,490
    
    
    $
    9,964
    
    
    $
    13,976
    
    
    
    
    
    
    $
    23,940Gross profit
    
    $
    1,145
    
    
    $
    6,223
    
    
    
    
    
    
    $
    7,368
    
    
    $
    331
    
    
    $
    4,473
    
    
    
    
    
    
    $
    4,804Gross margin
    
    
    10.0
    %
    
    
    34.4
    %
    
    
    
    
    
    
    25.0
    %
    
    
    3.3
    %
    
    
    32.0
    %
    
    
    
    
    
    
    20.1
    %Operating income (loss)
    
    $
    31
    
    
    $
    618
    
    
    $
    (1,211
    )
    
    $
    (562
    )
    
    $
    (728
    )
    
    $
    (1,299
    )
    
    $
    (1,047
    )
    
    $
    (3,074
    )
 Six Months Ended August 31, 2010
    
    
    Six Months Ended August 31, 2009Operating Segments
    
    
    
    
    
    
    
    
    
    
    Operating SegmentsSatellite
    
    
    Wireless 
DataCom
    
    
    Corporate
    
    
    Total
    
    
    Satellite
    
    
    Wireless 
DataCom
    
    
    Corporate
    
    
    TotalRevenues
    
    $
    21,943
    
    
    $
    33,893
    
    
    
    
    
    
    $
    55,836
    
    
    $
    19,213
    
    
    $
    27,727
    
    
    
    
    
    
    $
    46,940Gross profit
    
    $
    1,938
    
    
    $
    11,553
    
    
    
    
    
    
    $
    13,491
    
    
    $
    758
    
    
    $
    8,753
    
    
    
    
    
    
    $
    9,511Gross margin
    
    
    8.8
    %
    
    
    34.1
    %
    
    
    
    
    
    
    24.2
    %
    
    
    3.9
    %
    
    
    31.6
    %
    
    
    
    
    
    
    20.3
    %Operating income (loss)
    
    $
    (239
    )
    
    $
    111
    
    
    $
    (2,511
    )
    
    $
    (2,639
    )
    
    $
    (1,345
    )
    
    $
    (2,943
    )
    
    $
    (2,276
    )
    
    $
    (6,564
    )
  11




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NOTE 13  COMMITMENTS AND CONTINGENCIES
 DBS Product Field Performance Issues
   Legal Proceedings
     12




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ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  
    
    Allowance for doubtful accounts;
    
    Inventory write-downs;
    
    Product warranties;
    
    Deferred income tax and uncertain tax position;
    
    Impairment assessments of purchased intangible assets and other long-lived assets;
    
    Stock-based compensation expense; and
    
    Revenue recognition.
 RESULTS OF OPERATIONS
 Overview
   WIRELESS DATACOM
  SATELLITE
   13




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Operating Results by Business Segment
  REVENUE BY SEGMENT
 Three Months Ended August 31,
    
    
    Six Months Ended August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of$000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    TotalSegmentSatellite
    
    $
    11,416
    
    
    
    38.7
    %
    
    $
    9,964
    
    
    
    41.6
    %
    
    $
    21,943
    
    
    
    39.3
    %
    
    $
    19,213
    
    
    
    40.9
    %Wireless DataCom
    
    
    18,074
    
    
    
    61.3
    %
    
    
    13,976
    
    
    
    58.4
    %
    
    
    33,893
    
    
    
    60.7
    %
    
    
    27,727
    
    
    
    59.1
    %Total
    
    $
    29,490
    
    
    
    100.0
    %
    
    $
    23,940
    
    
    
    100.0
    %
    
    $
    55,836
    
    
    
    100.0
    %
    
    $
    46,940
    
    
    
    100.0
    %
 GROSS PROFIT BY SEGMENT
 Three Months Ended August 31,
    
    
    Six Months Ended August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of$000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    TotalSegmentSatellite
    
    $
    1,145
    
    
    
    15.5
    %
    
    $
    331
    
    
    
    6.9
    %
    
    $
    1,938
    
    
    
    14.4
    %
    
    $
    758
    
    
    
    8.0
    %Wireless DataCom
    
    
    6,223
    
    
    
    84.5
    %
    
    
    4,473
    
    
    
    93.1
    %
    
    
    11,553
    
    
    
    85.6
    %
    
    
    8,753
    
    
    
    92.0
    %Total
    
    $
    7,368
    
    
    
    100.0
    %
    
    $
    4,804
    
    
    
    100.0
    %
    
    $
    13,491
    
    
    
    100.0
    %
    
    $
    9,511
    
    
    
    100.0
    %
 OPERATING INCOME (LOSS) BY SEGMENT
 Three Months Ended August 31,
    
    
    Six Months Ended August 31,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % ofTotal
    
    
    
    
    
    
    Total
    
    
    
    
    
    
    Total
    
    
    
    
    
    
    Total$000s
    
    
    Revenue
    
    
    $000s
    
    
    Revenue
    
    
    $000s
    
    
    Revenue
    
    
    $000s
    
    
    RevenueSegmentSatellite
    
    $
    31
    
    
    
    0.1
    %
    
    $
    (728
    )
    
    
    (3.0
    %)
    
    $
    (239
    )
    
    
    (0.4
    %)
    
    $
    (1,345
    )
    
    
    (2.9
    %)Wireless DataCom
    
    
    618
    
    
    
    2.1
    %
    
    
    (1,299
    )
    
    
    (5.4
    %)
    
    
    111
    
    
    
    0.2
    %
    
    
    (2,943
    )
    
    
    (6.3
    %)Corporate expenses
    
    
    (1,211
    )
    
    
    (4.1
    %)
    
    
    (1,047
    )
    
    
    (4.4
    %)
    
    
    (2,511
    )
    
    
    (4.5
    %)
    
    
    (2,276
    )
    
    
    (4.8
    %)Total
    
    $
    (562
    )
    
    
    (1.9
    %)
    
    $
    (3,074
    )
    
    
    (12.8
    %)
    
    $
    (2,639
    )
    
    
    (4.7
    %)
    
    $
    (6,564
    )
    
    
    (14.0
    %)
 Revenue
     14




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##### Table of Contents



Gross Profit and Gross Margins
      Operating Expenses
     Non-operating Expense, Net
    15




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##### Table of Contents



Income Tax Provision
  LIQUIDITY AND CAPITAL RESOURCES
      FORWARD-LOOKING STATEMENTS
   16




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Foreign Currency Risk
  Interest Rate Risk
  
 ITEM 4.  CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Internal Control Over Financial Reporting
   17




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##### Table of Contents



PART II. OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 1A.
    
    RISK FACTORS
  
 ITEM 6.
    
    EXHIBITS
 Exhibit 31.1 -
    
    Chief Executive Officer Certification pursuant to Section 302 of the
Sarbanes-Oxley Act
of 2002Exhibit 31.2 -
    
    Chief Financial Officer Certification pursuant to Section 302 of the
Sarbanes-Oxley Act
of 2002Exhibit 32 -
    
    Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
 SIGNATURE
  October 6, 2010
    
    
    
    /s/ Richard K. VitelleDate
    
    
    
    Richard K. VitelleVice President Finance & CFO(Principal Financial Officer and
Chief Accounting Officer)
  18