##### 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 November 27, 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
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)1401 N. Rice AvenueOxnard, 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 INFORMATIONCONSOLIDATED BALANCE SHEETS (Unaudited)CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 4. CONTROLS AND PROCEDURESPART II. OTHER INFORMATIONITEM 1. LEGAL PROCEEDINGSITEM 1A. RISK FACTORSITEM 6. EXHIBITSSIGNATUREExhibit 10.1Exhibit 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)
 November 30,
    
    
    February 28,2010
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    4,251
    
    
    $
    2,986Accounts receivable, less allowance for doubtful accounts of
$267 and $413 at November 30, 2010 and February 28, 2010,
respectively
    
    
    13,049
    
    
    
    16,520Inventories
    
    
    9,760
    
    
    
    10,608Deferred income tax assets
    
    
    2,161
    
    
    
    2,656Prepaid expenses and other current assets
    
    
    5,123
    
    
    
    4,720Total current assets
    
    
    34,344
    
    
    
    37,490Property, equipment and improvements, net of
accumulated depreciation and amortization
    
    
    1,927
    
    
    
    2,055Deferred income tax assets, less current portion
    
    
    9,686
    
    
    
    10,017Intangible assets, net
    
    
    4,287
    
    
    
    5,144Other assets
    
    
    1,803
    
    
    
    2,247$
    52,047
    
    
    $
    56,953Liabilities and Stockholders EquityCurrent liabilities:Bank working capital line of credit
    
    $
    7,299
    
    
    $
    5,901Accounts payable
    
    
    12,257
    
    
    
    16,186Accrued payroll and employee benefits
    
    
    2,773
    
    
    
    2,742Deferred revenue
    
    
    5,050
    
    
    
    4,740Other current liabilities
    
    
    2,953
    
    
    
    3,526Total current liabilities
    
    
    30,332
    
    
    
    33,095Long-term debt
    
    
    4,387
    
    
    
    4,170Other non-current liabilities
    
    
    578
    
    
    
    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;
28,145 and 27,662 shares issued and outstanding
at November 30, 2010 and February 28, 2010, respectively
    
    
    281
    
    
    
    277Additional paid-in capital
    
    
    152,586
    
    
    
    151,453Accumulated deficit
    
    
    (135,251
    )
    
    
    (131,665
    )Accumulated other comprehensive loss
    
    
    (866
    )
    
    
    (866
    )Total stockholders equity
    
    
    16,750
    
    
    
    19,199$
    52,047
    
    
    $
    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
    
    
    Nine Months EndedNovember 30,
    
    
    November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Revenues
    
    $
    29,553
    
    
    $
    30,692
    
    
    $
    85,389
    
    
    $
    77,632Cost of revenues
    
    
    21,854
    
    
    
    24,795
    
    
    
    64,199
    
    
    
    62,224Gross profit
    
    
    7,699
    
    
    
    5,897
    
    
    
    21,190
    
    
    
    15,408Operating expenses:Research and development
    
    
    2,733
    
    
    
    2,726
    
    
    
    8,275
    
    
    
    8,257Selling
    
    
    2,573
    
    
    
    2,517
    
    
    
    7,870
    
    
    
    7,120General and administrative
    
    
    1,981
    
    
    
    2,753
    
    
    
    6,690
    
    
    
    8,011Intangible asset amortization
    
    
    275
    
    
    
    342
    
    
    
    857
    
    
    
    1,025Total operating expenses
    
    
    7,562
    
    
    
    8,338
    
    
    
    23,692
    
    
    
    24,413Operating income (loss)
    
    
    137
    
    
    
    (2,441
    )
    
    
    (2,502
    )
    
    
    (9,005
    )Non-operating income (expense):Interest expense, net
    
    
    (354
    )
    
    
    (243
    )
    
    
    (1,090
    )
    
    
    (622
    )Loss on sale of investment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,008
    )Other income (expense), net
    
    
    38
    
    
    
    (9
    )
    
    
    6
    
    
    
    (258
    )Total non-operating expense
    
    
    (316
    )
    
    
    (252
    )
    
    
    (1,084
    )
    
    
    (1,888
    )Loss before income taxes
    
    
    (179
    )
    
    
    (2,693
    )
    
    
    (3,586
    )
    
    
    (10,893
    )Income tax benefit
    
    
    
    
    
    
    1,374
    
    
    
    
    
    
    
    1,374Net loss
    
    $
    (179
    )
    
    $
    (1,319
    )
    
    $
    (3,586
    )
    
    $
    (9,519
    )Basic and diluted loss per share
    
    $
    (0.01
    )
    
    $
    (0.05
    )
    
    $
    (0.13
    )
    
    $
    (0.38
    )Shares used in computing basic
and diluted loss per share
    
    
    27,321
    
    
    
    25,015
    
    
    
    27,133
    
    
    
    24,931
   3




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CALAMP CORP.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 Nine Months EndedNovember 30,2010
    
    
    2009CASH FLOWS FROM OPERATING ACTIVITIES:Net loss
    
    $
    (3,586
    )
    
    $
    (9,519
    )Adjustments to reconcile net loss
to net cash provided by operating activities:Depreciation and amortization
    
    
    1,860
    
    
    
    1,906Stock-based compensation expense
    
    
    1,559
    
    
    
    1,416Amortization of debt issue costs and discount
    
    
    402
    
    
    
    Loss on sale of investment
    
    
    
    
    
    
    1,008Deferred tax assets, net
    
    
    807
    
    
    
    Changes in operating assets and liabilities:Accounts receivable
    
    
    3,471
    
    
    
    (739
    )Inventories
    
    
    848
    
    
    
    3,588Prepaid expenses and other assets
    
    
    (492
    )
    
    
    587Accounts payable
    
    
    (3,929
    )
    
    
    10,187Accrued liabilities
    
    
    (453
    )
    
    
    (4,519
    )Deferred revenue
    
    
    310
    
    
    
    430Other
    
    
    9
    
    
    
    24NET CASH PROVIDED BY OPERATING ACTIVITIES
    
    
    806
    
    
    
    4,369CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures
    
    
    (884
    )
    
    
    (835
    )Proceeds from sale of investment
    
    
    
    
    
    
    992Collections on note receivable
    
    
    348
    
    
    
    225Other
    
    
    
    
    
    
    (36
    )NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
    
    
    (536
    )
    
    
    346CASH FLOWS FROM FINANCING ACTIVITIES:Net proceeds from bank line of credit borrowings
    
    
    1,398
    
    
    
    1,650Debt repayments
    
    
    
    
    
    
    (8,808
    )Taxes paid related to net share settlement of vested equity awards
    
    
    (403
    )
    
    
    (123
    )NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    
    
    995
    
    
    
    (7,281
    )EFFECT OF EXCHANGE RATE CHANGES ON CASH
    
    
    
    
    
    
    168Net change in cash and cash equivalents
    
    
    1,265
    
    
    
    (2,398
    )Cash and cash equivalents at beginning of period
    
    
    2,986
    
    
    
    6,913Cash and cash equivalents at end of period
    
    $
    4,251
    
    
    $
    4,515
   4




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CALAMP CORP.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 NINE MONTHS ENDED NOVEMBER 30, 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
     5




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NOTE 2  INVENTORIES
  November 30,
    
    
    February 28,2010
    
    
    2010Raw materials
    
    $
    8,334
    
    
    $
    9,483Work in process
    
    
    99
    
    
    
    209Finished goods
    
    
    1,327
    
    
    
    916$
    9,760
    
    
    $
    10,608
 NOTE 3  INTANGIBLE ASSETS
  November 30, 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
    
    
    $
    1,607
    
    
    $
    1,494
    
    
    $
    3,101
    
    
    $
    1,054
    
    
    $
    2,047Customer lists
    
    5-7 years
    
    
    1,339
    
    
    
    744
    
    
    
    595
    
    
    
    1,339
    
    
    
    475
    
    
    
    864Covenants not to compete
    
    4-5 years
    
    
    138
    
    
    
    96
    
    
    
    42
    
    
    
    138
    
    
    
    66
    
    
    
    72Patents
    
    4-5 years
    
    
    39
    
    
    
    13
    
    
    
    26
    
    
    
    39
    
    
    
    8
    
    
    
    31Tradename
    
    Indefinite
    
    
    2,130
    
    
    
    
    
    
    
    2,130
    
    
    
    2,130
    
    
    
    
    
    
    
    2,130$
    6,747
    
    
    $
    2,460
    
    
    $
    4,287
    
    
    $
    6,747
    
    
    $
    1,603
    
    
    $
    5,144
   2011 (remainder)
    
    $
    2762012
    
    $
    9732013
    
    $
    7492014
    
    $
    159
 NOTE 4  FINANCING ARRANGEMENTS
 Bank Working Capital Line of Credit
    6




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Long-Term Debt
  November 30,
    
    
    February 28,2010
    
    
    2010Subordinated promissory notes due December
22, 2012
    
    $
    5,000
    
    
    $
    5,000Less unamortized discount
    
    
    (613
    )
    
    
    (830
    )$
    4,387
    
    
    $
    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
    
    
    Nine Months EndedNovember 30,
    
    
    November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Net loss
    
    $
    (179
    )
    
    $
    (1,319
    )
    
    $
    (3,586
    )
    
    $
    (9,519
    )Foreign currency
translation
adjustments
    
    
    
    
    
    
    (20
    )
    
    
    
    
    
    
    276Comprehensive loss
    
    $
    (179
    )
    
    $
    (1,339
    )
    
    $
    (3,586
    )
    
    $
    (9,243
    )
 NOTE 8  STOCK-BASED COMPENSATION
  Three Months Ended
    
    
    Nine Months EndedNovember 30,
    
    
    November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Cost of revenues
    
    $
    40
    
    
    $
    55
    
    
    $
    113
    
    
    $
    103Research and development
    
    
    93
    
    
    
    85
    
    
    
    246
    
    
    
    210Selling
    
    
    55
    
    
    
    39
    
    
    
    155
    
    
    
    90General and administrative
    
    
    367
    
    
    
    379
    
    
    
    1,045
    
    
    
    1,013$
    555
    
    
    $
    558
    
    
    $
    1,559
    
    
    $
    1,416
  Number of
    
    
    WeightedOptions
    
    
    Average(in 000s)
    
    
    Option PriceOutstanding at February 28, 2010
    
    
    2,023
    
    
    $
    5.82Granted
    
    
    186
    
    
    
    2.34Exercised
    
    
    
    
    
    
    Forfeited or expired
    
    
    (91
    )
    
    
    20.23Outstanding at November 30, 2010
    
    
    2,118
    
    
    $
    4.90Exercisable at November 30, 2010
    
    
    1,367
    
    
    $
    6.37
  Number of
    
    
    WeightedShares
    
    
    Average Grantand RSUs
    
    
    Date Fair(in 000s)
    
    
    ValueOutstanding at February 28, 2010
    
    
    1,784
    
    
    $
    2.06Granted
    
    
    863
    
    
    
    2.34Vested
    
    
    (542
    )
    
    
    2.14Forfeited
    
    
    (50
    )
    
    
    1.78Outstanding at November 30, 2010
    
    
    2,055
    
    
    $
    2.16
  9




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NOTE 9  CONCENTRATION OF RISK
   NOTE 10  PRODUCT WARRANTIES
  Nine Months EndedNovember 30,2010
    
    
    2009Balance at beginning of period
    
    $
    1,231
    
    
    $
    3,286Charged to warranty expense
    
    
    650
    
    
    
    397Deductions
    
    
    (1,060
    )
    
    
    (1,684
    )Balance at end of period
    
    $
    821
    
    
    $
    1,999
  10




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NOTE 11  OTHER FINANCIAL INFORMATION
 Supplemental Cash Flow Information
  Nine Months EndedNovember 30,2010
    
    
    2009Interest paid
    
    $
    665
    
    
    $
    531Income tax refunds received, net
    
    $
    (806
    )
    
    $
    (5
    )
 Other Non-Current Liabilities
  November 30,
    
    
    February 28,2010
    
    
    2010Deferred rent
    
    $
    17
    
    
    $
    88Deferred revenue
    
    
    561
    
    
    
    401$
    578
    
    
    $
    489
 NOTE 12  SEGMENT INFORMATION
  Three Months Ended November 30, 2010
    
    
    Three Months Ended November 30, 2009Operating Segments
    
    
    
    
    
    
    
    
    
    
    Operating SegmentsWireless
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    WirelessSatellite
    
    
    DataCom
    
    
    Corporate
    
    
    Total
    
    
    Satellite
    
    
    DataCom
    
    
    Corporate
    
    
    TotalRevenues
    
    $
    8,373
    
    
    $
    21,180
    
    
    
    
    
    
    $
    29,553
    
    
    $
    16,802
    
    
    $
    13,890
    
    
    
    
    
    
    $
    30,692Gross profit
    
    $
    191
    
    
    $
    7,508
    
    
    
    
    
    
    $
    7,699
    
    
    $
    1,647
    
    
    $
    4,250
    
    
    
    
    
    
    $
    5,897Gross margin
    
    
    2.3
    %
    
    
    35.4
    %
    
    
    
    
    
    
    26.1
    %
    
    
    9.8
    %
    
    
    30.6
    %
    
    
    
    
    
    
    19.2
    %Operating income
(loss)
    
    $
    (762
    )
    
    $
    1,935
    
    
    $
    (1,036
    )
    
    $
    137
    
    
    $
    494
    
    
    $
    (1,848
    )
    
    $
    (1,087
    )
    
    $
    (2,441
    )
 Nine Months Ended November 30, 2010
    
    
    Nine Months Ended November 30, 2009Operating Segments
    
    
    
    
    
    
    
    
    
    
    Operating SegmentsWireless
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    WirelessSatellite
    
    
    DataCom
    
    
    Corporate
    
    
    Total
    
    
    Satellite
    
    
    DataCom
    
    
    Corporate
    
    
    TotalRevenues
    
    $
    30,316
    
    
    $
    55,073
    
    
    
    
    
    
    $
    85,389
    
    
    $
    36,015
    
    
    $
    41,617
    
    
    
    
    
    
    $
    77,632Gross profit
    
    $
    2,129
    
    
    $
    19,061
    
    
    
    
    
    
    $
    21,190
    
    
    $
    2,405
    
    
    $
    13,003
    
    
    
    
    
    
    $
    15,408Gross margin
    
    
    7.0
    %
    
    
    34.6
    %
    
    
    
    
    
    
    24.8
    %
    
    
    6.7
    %
    
    
    31.2
    %
    
    
    
    
    
    
    19.8
    %Operating income
(loss)
    
    $
    (1,001
    )
    
    $
    2,046
    
    
    $
    (3,547
    )
    
    $
    (2,502
    )
    
    $
    (851
    )
    
    $
    (4,791
    )
    
    $
    (3,363
    )
    
    $
    (9,005
    )
    11




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




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RESULTS OF OPERATIONS
 Overview
  WIRELESS DATACOM
  SATELLITE
  Operating Results by Business Segment
  REVENUE BY SEGMENT
 Three Months Ended November 30,
    
    
    Nine Months Ended November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of$000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    TotalSegmentSatellite
    
    $
    8,373
    
    
    
    28.3
    %
    
    $
    16,802
    
    
    
    54.7
    %
    
    $
    30,316
    
    
    
    35.5
    %
    
    $
    36,015
    
    
    
    46.4
    %Wireless DataCom
    
    
    21,180
    
    
    
    71.7
    %
    
    
    13,890
    
    
    
    45.3
    %
    
    
    55,073
    
    
    
    64.5
    %
    
    
    41,617
    
    
    
    53.6
    %Total
    
    $
    29,553
    
    
    
    100.0
    %
    
    $
    30,692
    
    
    
    100.0
    %
    
    $
    85,389
    
    
    
    100.0
    %
    
    $
    77,632
    
    
    
    100.0
    %
 GROSS PROFIT BY SEGMENT
 Three Months Ended November 30,
    
    
    Nine Months Ended November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of$000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    Total
    
    
    $000s
    
    
    TotalSegmentSatellite
    
    $
    191
    
    
    
    2.5
    %
    
    $
    1,647
    
    
    
    27.9
    %
    
    $
    2,129
    
    
    
    10.0
    %
    
    $
    2,405
    
    
    
    15.6
    %Wireless DataCom
    
    
    7,508
    
    
    
    97.5
    %
    
    
    4,250
    
    
    
    72.1
    %
    
    
    19,061
    
    
    
    90.0
    %
    
    
    13,003
    
    
    
    84.4
    %Total
    
    $
    7,699
    
    
    
    100.0
    %
    
    $
    5,897
    
    
    
    100.0
    %
    
    $
    21,190
    
    
    
    100.0
    %
    
    $
    15,408
    
    
    
    100.0
    %
  13




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##### Table of Contents



OPERATING INCOME (LOSS) BY SEGMENT
 Three Months Ended November 30,
    
    
    Nine Months Ended November 30,2010
    
    
    2009
    
    
    2010
    
    
    2009% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % ofTotal
    
    
    
    
    
    
    Total
    
    
    
    
    
    
    Total
    
    
    
    
    
    
    Total$000s
    
    
    Revenue
    
    
    $000s
    
    
    Revenue
    
    
    $000s
    
    
    Revenue
    
    
    $000s
    
    
    RevenueSegmentSatellite
    
    $
    (762
    )
    
    
    (2.6
    %)
    
    $
    494
    
    
    
    1.6
    %
    
    $
    (1,001
    )
    
    
    (1.2
    %)
    
    $
    (851
    )
    
    
    (1.1
    %)Wireless DataCom
    
    
    1,935
    
    
    
    6.5
    %
    
    
    (1,848
    )
    
    
    (6.0
    %)
    
    
    2,046
    
    
    
    2.4
    %
    
    
    (4,791
    )
    
    
    (6.2
    %)Corporate expenses
    
    
    (1,036
    )
    
    
    (3.5
    %)
    
    
    (1,087
    )
    
    
    (3.5
    %)
    
    
    (3,547
    )
    
    
    (4.2
    %)
    
    
    (3,363
    )
    
    
    (4.3
    %)Total
    
    $
    137
    
    
    
    0.4
    %
    
    $
    (2,441
    )
    
    
    (7.9
    %)
    
    $
    (2,502
    )
    
    
    (3.0
    %)
    
    $
    (9,005
    )
    
    
    (11.6
    %)
 Revenue
    Gross Profit and Gross Margins
      Operating Expenses
   14




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##### Table of Contents



Non-operating Expense, Net
   Income Tax Provision
  LIQUIDITY AND CAPITAL RESOURCES
    15




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##### Table of Contents



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
  
 PART II. OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
  
 ITEM 1A.
    
    RISK FACTORS
   17




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##### Table of Contents



ITEM 6.
    
    EXHIBITS
 Exhibit 10.1
    
    Amendment to Loan Documents dated December 22, 2010 between Square 1 Bank,
CalAmp Corp. and CalAmps domestic subsidiaries.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
  January 4, 2011

Date
    
    
    
    /s/ Richard K. Vitelle

Richard K. VitelleVice President Finance & CFO(Principal Financial Officer andChief Accounting Officer)
  18