x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended June 30, 2009
|
|
OR
|
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
371172197
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification Number)
|
|
incorporation
or organization)
|
||
136
Chesterfield Industrial Boulevard
|
||
Chesterfield, Missouri
|
63005
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
PART
I – FINANCIAL INFORMATION
|
||
Item
No. 1
|
Financial
Statements (Unaudited)
|
2
|
Item
No. 2
|
Management’s
Discussion and Analysis of
|
|
Financial
Condition and Results of Operations
|
10
|
|
Item
No. 4
|
Controls
and Procedures
|
15
|
PART
II – OTHER INFORMATION
|
||
Item
No. 1A
|
Risk
Factors
|
16
|
Item
No. 2
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
16
|
Item
No. 4
|
Submission
of Matters to a Vote of Security Holders
|
16
|
Item
No. 6
|
Exhibits
|
18
|
June 30
|
December 31
|
|||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 6,120,380 | $ | 4,460,637 | ||||
Accounts
and notes receivable, less allowances of
|
||||||||
$15,900
in 2009 and $10,200 in 2008
|
318,463 | 494,689 | ||||||
Accounts
due from employees and distributors
|
205,056 | 241,532 | ||||||
Inventories
|
||||||||
Finished
goods
|
3,860,524 | 3,533,371 | ||||||
Raw
materials
|
1,628,510 | 1,710,319 | ||||||
Sales
aids and promotional materials
|
810,001 | 978,264 | ||||||
Total
inventories
|
6,299,035 | 6,221,954 | ||||||
Refundable
income taxes
|
80,516 | 129,137 | ||||||
Prepaid
expenses and other current assets
|
1,115,634 | 1,525,665 | ||||||
Deferred
income taxes
|
446,000 | 522,000 | ||||||
Total
current assets
|
14,585,084 | 13,595,614 | ||||||
Other
assets
|
1,488,681 | 1,220,546 | ||||||
Accounts
due from employees and distributors
|
119,920 | 164,462 | ||||||
Property,
plant and equipment:
|
||||||||
Land
and land improvements
|
852,147 | 852,147 | ||||||
Building
|
9,834,020 | 9,786,037 | ||||||
Machinery
& equipment
|
3,393,118 | 3,293,526 | ||||||
Office
equipment
|
1,498,849 | 1,452,015 | ||||||
Computer
equipment & software
|
2,864,874 | 2,904,846 | ||||||
18,443,008 | 18,288,571 | |||||||
Less:
Accumulated depreciation
|
9,782,651 | 9,376,414 | ||||||
Net
property, plant and equipment
|
8,660,357 | 8,912,157 | ||||||
Total
assets
|
$ | 24,854,042 | $ | 23,892,779 |
June 30
|
December 31
|
|||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
Liabilities
and stockholders' equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable and accrued expenses:
|
||||||||
Trade
accounts payable and other accrued expenses
|
$ | 3,839,734 | $ | 2,948,467 | ||||
Distributors
commissions payable
|
2,728,198 | 2,809,164 | ||||||
Sales
taxes payable
|
297,033 | 374,643 | ||||||
Interest
payable
|
11,827 | - | ||||||
Payroll
and payroll taxes payable
|
583,431 | 648,550 | ||||||
Total
accounts payable and accrued expenses
|
7,460,223 | 6,780,824 | ||||||
Notes
payable
|
1,106,919 | - | ||||||
Revolving
line of credit
|
880,000 | - | ||||||
Current
maturities of long-term debt
|
412,000 | 569,375 | ||||||
Total
current liabilities
|
9,859,142 | 7,350,199 | ||||||
Noncurrent
liabilities:
|
||||||||
Long-term
debt, less current maturities
|
3,708,000 | - | ||||||
Deferred
income taxes
|
- | 70,000 | ||||||
Other
noncurrent liabilities
|
390,865 | 364,990 | ||||||
Total
noncurrent liabilities
|
4,098,865 | 434,990 | ||||||
Stockholders'
equity:
|
||||||||
Preferred
stock, par value $.001 per share; 3,000,000
|
||||||||
shares
authorized; -0- shares issued and outstanding
|
||||||||
in
2009 and 2008
|
- | - | ||||||
Common
stock, par value $.001 per share; 30,000,000
|
||||||||
authorized;
14,425,185 shares issued and 12,230,187
|
||||||||
shares
outstanding as of 6/30/2009; 14,425,185 shares
|
||||||||
issued
and 14,302,160 shares outstanding as of 12/31/2008
|
14,425 | 14,425 | ||||||
Additional
paid-in capital
|
30,413,228 | 30,321,066 | ||||||
Accumulated
deficit
|
(12,128,360 | ) | (12,938,430 | ) | ||||
Accumulated
other comprehensive loss:
|
||||||||
Foreign
currency translation adjustment
|
(656,231 | ) | (663,478 | ) | ||||
Treasury
stock
|
(6,747,027 | ) | (625,993 | ) | ||||
Total
stockholders' equity
|
10,896,035 | 16,107,590 | ||||||
Total
liabilities and stockholders' equity
|
$ | 24,854,042 | $ | 23,892,779 |
Three months ended June 30
|
Six months ended June 30
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Product
sales
|
$ | 17,772,137 | $ | 21,295,574 | $ | 38,938,318 | $ | 46,492,752 | ||||||||
Handling
& freight income
|
2,280,992 | 2,664,136 | 4,905,801 | 5,738,344 | ||||||||||||
Net
sales
|
20,053,129 | 23,959,710 | 43,844,119 | 52,231,096 | ||||||||||||
Costs
and expenses:
|
||||||||||||||||
Cost
of products sold
|
3,773,902 | 4,110,910 | 8,349,653 | 8,945,436 | ||||||||||||
Distributor
royalties and commissions
|
7,634,899 | 9,422,481 | 16,572,566 | 20,544,853 | ||||||||||||
Selling,
general and administrative
|
8,050,852 | 9,589,478 | 16,668,725 | 19,521,277 | ||||||||||||
Total
costs and expenses
|
19,459,653 | 23,122,869 | 41,590,944 | 49,011,566 | ||||||||||||
Income
from operations
|
593,476 | 836,841 | 2,253,175 | 3,219,530 | ||||||||||||
Other
income (expense):
|
||||||||||||||||
Interest
income
|
14,704 | 100,691 | 35,419 | 235,564 | ||||||||||||
Interest
expense
|
(41,384 | ) | (9,981 | ) | (50,934 | ) | (10,394 | ) | ||||||||
Other
income (expense)
|
114,035 | 17,523 | 126,090 | (17,589 | ) | |||||||||||
Income
before income taxes
|
680,831 | 945,074 | 2,363,750 | 3,427,111 | ||||||||||||
Provision
for income taxes
|
271,000 | 376,000 | 942,000 | 1,332,000 | ||||||||||||
Net
income
|
$ | 409,831 | $ | 569,074 | $ | 1,421,750 | $ | 2,095,111 | ||||||||
Earnings
per common share - Basic
|
$ | 0.03 | $ | 0.04 | $ | 0.10 | $ | 0.13 | ||||||||
Weighted
average shares
|
12,821,000 | 15,821,000 | 13,556,000 | 15,847,000 | ||||||||||||
Earnings
per common share - Diluted
|
$ | 0.03 | $ | 0.04 | $ | 0.10 | $ | 0.13 | ||||||||
Weighted
average shares
|
12,821,000 | 15,821,000 | 13,556,000 | 15,847,000 | ||||||||||||
Cash
dividends declared per common share
|
$ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 |
Six
months ended June 30
|
||||||||
2009
|
2008
|
|||||||
Operating
activities:
|
||||||||
Net
income
|
$ | 1,421,750 | $ | 2,095,111 | ||||
Adjustments
to reconcile net income to
|
||||||||
net
cash provided by operating activities:
|
||||||||
Depreciation
and amortization
|
560,867 | 543,958 | ||||||
Stock-based
compensation
|
92,162 | 119,309 | ||||||
Deferred
income taxes
|
(4,000 | ) | (29,000 | ) | ||||
Foreign
currency transaction (gain)/loss
|
(62,622 | ) | (24,200 | ) | ||||
(Increase)
decrease in accounts and notes receivable
|
256,542 | 433,486 | ||||||
(Increase)
decrease in inventories
|
(17,532 | ) | (665,730 | ) | ||||
(Increase)
decrease in refundable income taxes
|
50,313 | 106,931 | ||||||
(Increase)
decrease in prepaid expenses
|
||||||||
and
other current assets
|
(118,455 | ) | (512,058 | ) | ||||
(Increase)
decrease in other assets
|
(276,401 | ) | 20,830 | |||||
Increase
(decrease) in accounts payable & accrued expenses
|
||||||||
and
other noncurrent liabilities
|
652,816 | 249,481 | ||||||
Increase
(decrease) in income taxes payable
|
- | (100,000 | ) | |||||
Net
cash provided by operating activities
|
2,555,440 | 2,238,118 | ||||||
Investing
activities:
|
||||||||
Proceeds
from the sale of property, plant and equipment
|
- | 8,716 | ||||||
Purchase
of property, plant and equipment
|
(288,304 | ) | (457,074 | ) | ||||
Purchase
of investments
|
- | (1,521,111 | ) | |||||
Proceeds
from final withdrawal from limited partnership investment
|
488,633 | - | ||||||
Proceeds
from sales or maturities of investments, at cost
|
- | 398,592 | ||||||
Net
cash provided by (used in) investing activities
|
200,329 | (1,570,877 | ) | |||||
Financing
activities:
|
||||||||
Proceeds
from line of credit borrowings
|
5,000,000 | - | ||||||
Repayment
of line of credit borrowings
|
(4,120,000 | ) | - | |||||
Proceeds
from term loan borrowings
|
4,120,000 | - | ||||||
Principal
payments on notes payable
|
(569,375 | ) | - | |||||
Common
stock dividends paid
|
(611,681 | ) | (793,313 | ) | ||||
Purchase
of stock for treasury
|
(5,014,115 | ) | (1,226,044 | ) | ||||
Other
|
- | 2,272 | ||||||
Net
cash used in financing activities
|
(1,195,171 | ) | (2,017,085 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents
|
99,145 | 7,464 | ||||||
Increase
(decrease) in cash and cash equivalents
|
1,659,743 | (1,342,380 | ) | |||||
Cash
and cash equivalents at beginning of period
|
4,460,637 | 11,694,699 | ||||||
Cash
and cash equivalents at end of period
|
$ | 6,120,380 | $ | 10,352,319 | ||||
Supplementary
disclosure of cash flow information:
|
||||||||
Noncash
investing and financing transactions:
|
||||||||
Issuance
of promissory note for purchase of stock for treasury
|
$ | 1,106,919 | $ | - |
Three months ended June 30
|
Six months ended June 30
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net
income
|
$ | 409,831 | $ | 569,074 | $ | 1,421,750 | $ | 2,095,111 | ||||||||
Denominator:
|
||||||||||||||||
Denominator
for basic earnings per
|
||||||||||||||||
share—weighted
average shares
|
12,821,000 | 15,821,000 | 13,556,000 | 15,847,000 | ||||||||||||
Dilutive
effect of employee stock options
|
||||||||||||||||
and
other warrants
|
- | - | - | - | ||||||||||||
Denominator
for diluted earnings per
|
||||||||||||||||
share—adjusted
weighted average shares
|
12,821,000 | 15,821,000 | 13,556,000 | 15,847,000 | ||||||||||||
Basic
earnings per share
|
$ | 0.03 | $ | 0.04 | $ | 0.10 | $ | 0.13 | ||||||||
Diluted
earnings per share
|
$ | 0.03 | $ | 0.04 | $ | 0.10 | $ | 0.13 |
Employee
|
Lease
|
|||||||||||
Severance
|
Exit
|
Total
|
||||||||||
Original
charges and reserve balance
|
$ | 107,000 | $ | 108,000 | $ | 215,000 | ||||||
Additional
charges in 2008
|
17,500 | - | 17,500 | |||||||||
Amounts
settled in 2008
|
(124,500 | ) | (42,000 | ) | (166,500 | ) | ||||||
Reserve
balance at December 31, 2008
|
- | 66,000 | 66,000 | |||||||||
Amounts
settled in first quarter 2009
|
- | (13,000 | ) | (13,000 | ) | |||||||
Reserve
balance at March 31, 2009
|
- | 53,000 | 53,000 | |||||||||
Amounts
settled and sublease income
|
||||||||||||
adjustment
in second quarter 2009
|
- | (20,000 | ) | (20,000 | ) | |||||||
Reserve
balance at June 30, 2009
|
- | $ | 33,000 | $ | 33,000 |
June 30
|
December 31
|
|||||||
2009
|
2008
|
|||||||
Notes
payable (1)
|
$ | - | $ | 569,375 | ||||
Note
payable (2)
|
1,106,919 | - | ||||||
Revolving
line of credit (2) (3)
(4)
|
880,000 | - | ||||||
Term
loan (3)
(4)
|
4,120,000 | - | ||||||
6,106,919 | 569,375 | |||||||
Less: current
portion
|
2,398,919 | 569,375 | ||||||
Long-term
debt, less current maturities
|
$ | 3,708,000 | $ | - |
Using
Quoted
|
||||||||
Total
|
Prices
in
|
|||||||
Carrying
|
Active
Markets
|
|||||||
Description
|
Value
|
(Level
1)
|
||||||
Marketable
securities (1)
|
$ | 185,035 | $ | 185,035 |
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Costs
and expenses:
|
||||||||||||||||
Cost
of products sold
|
18.8 | 17.2 | 19.1 | 17.1 | ||||||||||||
Distributor
royalties and commissions
|
38.1 | 39.3 | 37.8 | 39.3 | ||||||||||||
Selling,
general and administrative
|
40.1 | 40.0 | 38.0 | 37.4 | ||||||||||||
Income
from operations
|
3.0 | 3.5 | 5.1 | 6.2 | ||||||||||||
Interest
expense
|
(0.2 | ) | (0.0 | ) | (0.1 | ) | (0.0 | ) | ||||||||
Interest
and other income
|
0.6 | 0.5 | 0.4 | 0.4 | ||||||||||||
Income
before income taxes
|
3.4 | 4.0 | 5.4 | 6.6 | ||||||||||||
Provision
for income taxes
|
1.4 | 1.6 | 2.2 | 2.6 | ||||||||||||
Net
income
|
2.0 | % | 2.4 | % | 3.2 | % | 4.0 | % |
Three months ended June 30,
|
||||||||||||||||||||||
2009
|
2008
|
Change from prior year
|
||||||||||||||||||||
Amount
|
% of Net
Sales
|
Amount
|
% of Net
Sales
|
Amount
|
%
|
|||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||
United
States
|
$
|
17,638
|
87.9
|
%
|
$
|
20,435
|
85.3
|
%
|
$
|
(2,797
|
)
|
(13.7
|
)%
|
|||||||||
Australia/New
Zealand
|
535
|
2.7
|
682
|
2.8
|
(147
|
)
|
(21.6
|
)
|
||||||||||||||
Canada
|
313
|
1.6
|
436
|
1.8
|
(123
|
)
|
(28.2
|
)
|
||||||||||||||
Mexico
|
345
|
1.7
|
481
|
2.0
|
(136
|
)
|
(28.3
|
)
|
||||||||||||||
Europe
|
305
|
1.5
|
381
|
1.6
|
(76
|
)
|
(19.9
|
)
|
||||||||||||||
Asia
|
917
|
4.6
|
1,545
|
6.5
|
(628
|
)
|
(40.6
|
)
|
||||||||||||||
Consolidated
total
|
$
|
20,053
|
100.0
|
%
|
$
|
23,960
|
100.0
|
%
|
$
|
(3,907
|
)
|
(16.3
|
)%
|
Six months ended June 30,
|
||||||||||||||||||||||
2009
|
2008
|
Change from prior year
|
||||||||||||||||||||
Amount
|
% of Net
Sales
|
Amount
|
% of Net
Sales
|
Amount
|
%
|
|||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||
United
States
|
$
|
39,019
|
89.0
|
%
|
$
|
45,120
|
86.4
|
%
|
$
|
(6,101
|
)
|
(13.5
|
)%
|
|||||||||
Australia/New
Zealand
|
1,051
|
2.4
|
1,428
|
2.7
|
(377
|
)
|
(26.4
|
)
|
||||||||||||||
Canada
|
648
|
1.5
|
897
|
1.7
|
(249
|
)
|
(27.8
|
)
|
||||||||||||||
Mexico
|
627
|
1.4
|
880
|
1.7
|
(253
|
)
|
(28.8
|
)
|
||||||||||||||
Europe
|
613
|
1.4
|
905
|
1.8
|
(292
|
)
|
(32.3
|
)
|
||||||||||||||
Asia
|
1,886
|
4.3
|
3,001
|
5.7
|
(1,115
|
)
|
(37.2
|
)
|
||||||||||||||
Consolidated
total
|
$
|
43,844
|
100.0
|
%
|
$
|
52,231
|
100.0
|
%
|
$
|
(8,387
|
)
|
(16.1
|
)%
|
June 30, 2009
|
June 30, 2008
|
% Change
|
|||||||||||||||||||
Active
Distributors
|
Master
Affiliates and
Above
|
Active
Distributors
|
Master
Affiliates and
Above
|
Active
Distributors
|
Master
Affiliates and
Above
|
||||||||||||||||
United
States
|
54,160
|
7,880
|
55,070
|
10,080
|
(1.7
|
)%
|
(21.8
|
)%
|
|||||||||||||
Australia/New
Zealand
|
2,440
|
180
|
2,420
|
220
|
0.8
|
(18.2
|
)
|
||||||||||||||
Canada
|
1,230
|
120
|
1,230
|
150
|
0.0
|
(20.0
|
)
|
||||||||||||||
Mexico
|
1,820
|
210
|
1,540
|
220
|
18.2
|
(4.5
|
)
|
||||||||||||||
Europe
|
1,090
|
160
|
1,250
|
170
|
(12.8
|
)
|
(5.9
|
)
|
|||||||||||||
Asia
|
7,300
|
840
|
7,940
|
920
|
(8.1
|
)
|
(8.7
|
)
|
|||||||||||||
Consolidated
total
|
68,040
|
9,390
|
69,450
|
11,760
|
(2.0
|
)%
|
(20.2
|
)%
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Paid per Share
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Programs
|
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Programs(1)
|
||||||||||||
April
1-30, 2009
|
2,068,973 | $ | 2.95 | — | $ | 11,991,000 | ||||||||||
May
1-31, 2009
|
— | — | — | $ | 11,991,000 | |||||||||||
June
1-30, 2009
|
— | — | — | $ | 11,991,000 | |||||||||||
Total
|
2,068,973 | — |
(1)
|
In
May 2007, the Company’s Board of Directors approved a share repurchase
plan of up to $15 million through April
2010.
|
|
1.
|
Election
of eight directors; and
|
|
2.
|
Approve
adoption of 2009 Incentive Stock
Plan.
|
|
3.
|
Ratification
of the Board’s selection of Ernst & Young LLP as our independent
certified public accountants.
|
Total Votes
|
||||||||
Name
|
Total Votes For
|
Against or Withheld
|
||||||
Robert
L. Montgomery
|
11,785,931
|
356,787
|
||||||
Carl
W. Hastings
|
11,792,963
|
349,755
|
||||||
Donald
L. McCain
|
11,773,175
|
369,543
|
||||||
Stephen
M. Merrick
|
11,773,946
|
368,772
|
||||||
John
B. Akin
|
11,515,509
|
627,209
|
||||||
Denis
St. John
|
11,575,660
|
567,058
|
||||||
Robert
M. Henry
|
11,698,996
|
443,722
|
||||||
Michael
D. Smith
|
11,492,409
|
650,309
|
Total Broker Non-Votes
|
|||||||||
Total Votes For
|
Total Votes Against
|
and Total Votes Abstain
|
|||||||
7,840,803 |
1,206,521
|
3,095,393
|
Total Broker Non-Votes
|
|||||||||
Total Votes For
|
Total Votes Against
|
and Total Votes Abstain
|
|||||||
11,898,271 |
243,037
|
1,409
|
Exhibit
|
||
Number
|
Document
|
|
10.1
|
Stock
Purchase Agreement among the Paul and Jane Meyer Family Foundation and
Reliv International, Inc. dated April 23, 2009 (incorporated by reference
to Exhibit 10.1 to the Form 8-K of the Registrant filed April 28,
2009).
|
|
10.2
|
Letter
Agreement dated June 29, 2009 by and between the Registrant and Southwest
Bank, an M&I Bank (incorporated by reference to Exhibit 10.1 to the
Form 8-K of the Registrant filed July 6, 2009).
|
|
10.3
|
Promissory
Note dated June 29, 2009 by the Registrant in favor of Southwest Bank, an
M&I Bank (incorporated by reference to Exhibit 10.2 to the Form 8-K of
the Registrant filed July 6, 2009).
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 (filed
herewith).
|
RELIV’ INTERNATIONAL,
INC.
|
|
By:
|
/s/ Robert L. Montgomery
|
Robert
L. Montgomery, Chairman of the Board of Directors, President and Chief
Executive Officer
|
|
Date: August
10, 2009
|
|
By:
|
/s/ Steven D. Albright
|
Steven
D. Albright, Chief Financial Officer (and accounting
officer)
|
|
Date: August
10, 2009
|
Exhibit
|
||
Number
|
Document
|
|
10.1
|
Stock
Purchase Agreement among the Paul and Jane Meyer Family Foundation and
Reliv International, Inc. dated April 23, 2009 (incorporated by reference
to Exhibit 10.1 to the Form 8-K of the Registrant filed April 28,
2009).
|
|
10.2
|
Letter
Agreement dated June 29, 2009 by and between the Registrant and Southwest
Bank, an M&I Bank (incorporated by reference to Exhibit 10.1 to the
Form 8-K of the Registrant filed July 6, 2009).
|
|
10.3
|
Promissory
Note dated June 29, 2009 by the Registrant in favor of Southwest Bank, an
M&I Bank (incorporated by reference to Exhibit 10.2 to the Form 8-K of
the Registrant filed July 6, 2009).
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended (filed
herewith).
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to 18
U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 (filed
herewith).
|