<SEC-DOCUMENT>0001104659-15-077612.txt : 20160120
<SEC-HEADER>0001104659-15-077612.hdr.sgml : 20160120
<ACCEPTANCE-DATETIME>20151110150642
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-15-077612
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OSI SYSTEMS INC
		CENTRAL INDEX KEY:			0001039065
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				330238801
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12525 CHADRON AVE
		CITY:			HAWTHORNE
		STATE:			CA
		ZIP:			90250
		BUSINESS PHONE:		3109780516

	MAIL ADDRESS:	
		STREET 1:		12525 CHADRON AVENUE
		CITY:			HAWTHORNE
		STATE:			CA
		ZIP:			90250
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="720" height="70" src="g226781bgi001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;10, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">VIA EDGAR</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Russell Mancuso, Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Office of Electronics and Machinery</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Re:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">OSI Systems,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Form&nbsp;10-K for Fiscal Year Ended June&nbsp;30, 2015</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Filed August&nbsp;24, 2015</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">File No.&nbsp;000-23125</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Mr.&nbsp;Mancuso:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This letter is submitted in response to the comments of the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the Form&nbsp;10-K for the year ended June&nbsp;30, 2015 of OSI Systems,&nbsp;Inc. (the &#147;Company&#148;) as set forth in your letter dated October&nbsp;30, 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For your convenience, each of the Staff&#146;s comments is reproduced below in italics followed by the Company&#146;s response. The headings and numbered paragraphs in this letter correspond to the headings and numbered paragraphs in the comment letter from the Staff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Business, page&nbsp;1</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-style:italic;">1.</font></i><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Please tell us the identity of the customer mentioned on page&nbsp;F-12 as providing 10% or more of your revenue, and revise future filings to disclose the identity of the customer as required by Regulation S-K Item 101(c)(1)(vii).</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company hereby advises the Staff that the customer mentioned on page&nbsp;F-12 as providing 10% or more of the Company&#146;s revenue is the Mexico Servicio de Administraci&#243;n Tributaria.&#160; The Company will undertake in applicable future filings to disclose the identity of customers as required by Regulation S-K Item 101(c)(1)(vii).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Russell Mancuso</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;10, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page </font><font size="3" style="font-size:12.0pt;">2</font><font size="3" style="font-size:12.0pt;"> of 4<a name="PB_2_154947_4234"></a></font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><u><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Backlog, page&nbsp;20</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-style:italic;">2.</font></i><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Please tell us the portion of your disclosed backlog that is not reasonably expected to be filled within the current fiscal year. Also tell us the portion of the disclosed backlog that represents government orders that are not yet funded, and describe to us the portion of your business that may be subject to renegotiation of profits or termination of contracts or subcontracts at the election of the government. Address in your response the portion of your business that would be at issue in any debarment proceedings that you mention in the first paragraph on page&nbsp;26, and whether the mutual agreement mentioned on page&nbsp;44 implicates your obligation to remain in compliance with the Administrative Agreement disclosed on page&nbsp;26 or otherwise affects your ability to contract with the government. Clarify in future filings as appropriate; see Regulation S-K Item 101(c)(1)(viii)&nbsp;and (ix).</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company hereby advises the Staff that we believe approximately $0.2 billion of our $0.6 billion backlog as of June&nbsp;30, 2015 is not reasonably expected to be filled within fiscal year 2016.&#160; To the Company&#146;s knowledge, we do not include in backlog any unfunded portion of government orders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company further advises the Staff that, as disclosed under &#147;Industry Overview &#150; Security&#148; on page&nbsp;3 and under &#147;Risk Factors&#148; on pages&nbsp;25 and 39 of our Form&nbsp;10-K, our contracts with the United States and foreign governments are generally subject to termination for convenience at the election of the government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">As disclosed on pages&nbsp;25 and 26 of our Form&nbsp;10-K, we are party to an Administrative Agreement with the U.S. Government, which allows us to continue with our current and future business with U.S. Government agencies.&#160; If, however, our Security division fails to remain in compliance with the Administrative Agreement, the U.S. Department of Homeland Security could initiate debarment proceedings that could implicate our Security division&#146;s dealings with the U.S. Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company further advises the Staff that the mutual agreement referenced on page&nbsp;44 of the Form&nbsp;10-K was a resolution of a particular contract performance obligation.&#160; It is independent of the Company&#146;s obligations under the Administrative Agreement and does not affect our ability to contract with the government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><u><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Net Revenues, page&nbsp;53</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-style:italic;">3.</font></i><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Please tell us the reasons for the changes mentioned in the last sentences of the first three paragraphs of this section. Also, tell us the extent of (1)&nbsp;the offsetting effect mentioned in those sentences and (2)&nbsp;the impact of the new product introductions mentioned in the second paragraph of this section; see Regulation S-K Item 303(a)(3)(iii).</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company advises the Staff that the reasons for the changes mentioned in the last sentence of each of the three paragraphs of the Fiscal 2015 Compared with Fiscal 2014 section under Net Revenues are as follows.&#160; The increases in net revenues for the Security division were partially offset by an approximate decrease of $7 million in revenues from the Mexico turnkey screening services program as well as small decreases in sales of certain product lines for fiscal 2015 as compared to fiscal 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Russell Mancuso</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;10, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page </font><font size="3" style="font-size:12.0pt;">3</font><font size="3" style="font-size:12.0pt;"> of 4<a name="PB_3_155020_7056"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Increases in net revenues in the Healthcare division were partially offset by a decrease of approximately 16% in organic sales in the Europe, Middle East and Africa regions, primarily because of economic uncertainty in those regions as well as unfavorable exchange rate fluctuations.&#160; The Company advises the Staff that the new product introductions mentioned in this section were primarily related to sales of upgraded products within our patient monitoring line, and the reference was intended to provide greater detail as to why we believe organic sales of this product line increased.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Decreases in net revenues in the Optoelectronics and Manufacturing division were offset by increased sales within the division&#146;s commercial optoelectronics business of approximately $5.0 million.&#160; This increase was primarily attributable to increased sales to our original equipment manufacturer (OEM) customers in the defense, industrial and medical industries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-style:italic;">4.</font></i><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Please tell us, and clarify in future filings, the extent to which the &#147;FMS Contract&#148; provides revenue in future periods at the level disclosed for fiscal 2015. Include in your response when the contract ends.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company advises the Staff and will clarify in future filings that the amount of revenues from the current FMS Contract in future periods is not expected to be significant.&#160; The current FMS Contract expires June&nbsp;30, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-style:italic;">5.</font></i><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">We note your reference to &#147;ramped up&#148; sales from your turnkey screening services in Mexico during fiscal 2014. Also, from your disclosure on page&nbsp;F-12, it appears that revenue from those services might have decreased in fiscal 2015. Please tell us, and clarify in future filings, how those services generate revenue and the reason for the decrease in revenue. For example, do you receive a fixed amount of revenue per container screened? If so, why did the number of screenings decrease?</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Company advises the Staff </font><font size="3" style="font-size:12.0pt;">that billings from the Mexico turnkey screening program are generated from the operations of the sites on a fixed amount per site per month (not based upon the volume of containers screened), and revenue is recognized based upon proportional performance as described on page&nbsp;F-11 of our Form&nbsp;10-K.&#160; <font color="black" style="color:black;">&#160;Revenues from this program decreased in fiscal 2015 as compared to fiscal 2014 due to customer changes in the number of sites that are operational.&#160; The Company will undertake to clarify this disclosure in future filings.</font></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mr.&nbsp;Russell Mancuso</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;10, 2015</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page </font><font size="3" style="font-size:12.0pt;">4</font><font size="3" style="font-size:12.0pt;"> of 4<a name="PB_4_155039_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In connection with the aforementioned responses, the Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Staff comments or changes to disclosure in response to the Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you should have any additional questions regarding these responses, please contact me at (310) 978-0516.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/s/ Alan Edrick</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Alan Edrick</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Executive Vice   President and Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
