<SEC-DOCUMENT>0001171843-16-012522.txt : 20161019
<SEC-HEADER>0001171843-16-012522.hdr.sgml : 20161019
<ACCEPTANCE-DATETIME>20161019161012
ACCESSION NUMBER:		0001171843-16-012522
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161019
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161019
DATE AS OF CHANGE:		20161019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXPONENT INC
		CENTRAL INDEX KEY:			0000851520
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				770218904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18655
		FILM NUMBER:		161942686

	BUSINESS ADDRESS:	
		STREET 1:		EXPONENT INC
		STREET 2:		149 COMMONWEALTH DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		650-326-9400

	MAIL ADDRESS:	
		STREET 1:		EXPONENT INC
		STREET 2:		149 COMMONWEALTH DRIVE
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAILURE GROUP INC
		DATE OF NAME CHANGE:	19930831
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_101916.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--October 19, 2016-->October 19, 2016 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Exponent, Inc.</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-18655</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>77-0218904</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>149 Commonwealth Drive, Menlo Park, CA 94025</strong><!--UNITED STATES --></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(650) 326-9400</strong><br>(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong></strong><br>(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>On October 19, 2016, Exponent, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2016.&#160; The press release is attached hereto as Exhibit 99.1 and incorporated by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;"><p>On October 19, 2016, Exponent, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share to be paid on December 23, 2016 to all common stockholders of record as of December 2, 2016.&#160; The Board of Directors also authorized an additional $35 million for share repurchases.&#160; A copy of the press release announcing the dividend and additional share repurchase authorization is attached hereto as Exhibit 99.2 and is incorporated herein by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p style="padding-left: 30px;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; Press release dated October 19, 2016.<br>99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Press release dated October 19, 2016.</p></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Exponent, Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: October 19, 2016</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Richard L. Schlenker&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Richard L. Schlenker</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Executive Vice President, Chief Financial Officer, and Corporate Secretary</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Exponent Reports Third Quarter Fiscal Year 2016 Financial Results</strong></p><p style="text-align: center;"><p> <p align="justify">MENLO PARK, Calif., Oct.  19, 2016  (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq:EXPO) today reported financial results for the third quarter ended September 30, 2016.<br></p>  <p>&#8220;Exponent&#8217;s third quarter results were better than our prior outlook, but continue to be impacted by softness in a few industry sectors.&#160; This was partially offset by an increase in demand related to consumer products and construction. &#160;While utilization increased slightly as compared to the second quarter, it was still lower than the same period last year,&#8221; commented Dr. Paul Johnston, Chief Executive Officer.</p>  <p>&#8220;Our long-term value proposition remains strong, highlighted by our unique market position, diversified portfolio of clients, and highly skilled professionals. We believe that the combination of stock repurchases and dividend payments reflect our confidence in the company and the strength and stability of our long-term financial position,&#8221; added Dr. Johnston.</p>  <p><strong>Third Quarter Financial Results</strong></p>  <p>In the third quarter of 2016, total revenues were $77,612,000, a 2% decline as compared to $78,994,000 in the same period of 2015. Revenues before reimbursements were $74,160,000 in the third quarter, a slight decline from $74,503,000 last year.</p>  <p>In the third quarter of 2016, net income and EBITDA<sup>1</sup> declined by 4% year over year. Net income was $11,289,000 as compared to $11,719,000 in the same period of 2015. Earnings per diluted share were $0.42, as compared to $0.43 in the third quarter of last year. EBITDA<sup>1</sup> was $19,323,000 as compared to $20,055,000 in the same period one year ago.</p>  <p><strong>Year to Date Financial Results</strong></p>  <p>For the first nine months of 2016, total revenues declined slightly to $238,063,000 from $239,151,000 in the prior year. Revenues before reimbursements were $226,444,000, a marginal improvement as compared to $225,916,000 in the same period of 2015.</p>  <p>In the first quarter of 2016, Exponent early adopted a new accounting standard<sup>2 </sup>for the classification of tax adjustments associated with share-based awards, which was applied prospectively.&#160; While this was primarily a first quarter event, there was also a nominal impact in the subsequent quarters. &#160;Year to date, the tax benefit realized was $4,827,000 or $0.18 per diluted share.&#160; Including the tax benefit, net income was $37,092,000 in the first nine months of 2016, an increase of 10% as compared to $33,749,000 in the same period of 2015. For comparison purposes, excluding the tax benefit, net income would have been $32,265,000 in the first nine months, representing a decrease of 4% year over year.&#160; Earnings per diluted share increased to $1.36, inclusive of the $0.18 per share benefit, as compared to $1.23 in the first nine months of last year.</p>  <p>EBITDA<sup>1</sup> in the first nine months of 2016 declined 5% to $56,351,000 as compared to $59,055,000 in the same period one year ago.</p>  <p>Year to date 2016, Exponent repurchased $24.5 million of common stock and paid dividends of $14.0 million. The Company closed the quarter with $150.4 million in cash, cash equivalents and short-term investments. &#160;</p>  <p>In a separate release today, the Company announced that its Board of Directors has authorized an additional $35 million in share repurchases, increasing the Company&#8217;s current authorization to approximately $57 million. Exponent also announced its quarterly cash dividend of $0.18 to be distributed on December 23, 2016 and its intent to continue to pay quarterly dividends.</p>  <p><strong>Business Overview</strong></p>  <p>Exponent&#8217;s engineering and other scientific segment represented approximately 78% of the Company&#8217;s third quarter net revenues.&#160; Third quarter net revenues in this segment grew 1% sequentially and 2% year over year. Year to date, net revenues in this segment grew 5%, as compared to last year. The Company continued to be called upon to investigate high profile accidents and product recalls, as well as for its design consulting services.&#160; During the quarter, we saw increased activity related to consumer product recalls and construction disputes.&#160; Revenue growth was partially offset by recent shifts in market conditions, such as reduced spending in the oil and gas industry and a slowdown in intellectual property cases. Additionally, after several years of growth, revenues from the automotive industry remained flat in the third quarter.</p>  <p>Exponent&#8217;s environmental and health segment represented approximately 22% of the Company&#8217;s third quarter net revenues. &#160;Third quarter net revenues in this segment grew 1% sequentially and declined 8% year over year. Year to date, net revenues in this segment declined 13%, as compared to last year.&#160; Year over year net revenues comparisons continue to be impacted by the completion of a major project in the third quarter of 2015. &#160;In addition, we continued to have lower revenues from the oil and gas and the industrial chemicals industries.</p>  <p>&#8220;Our results were impacted by broad market issues and while we do not expect an immediate reversal, we believe that Exponent is well-positioned for long-term growth. We believe that Exponent&#8217;s highly skilled professionals and multi-disciplinary teams are uniquely positioned to capitalize on increasing technological complexity as well as society&#8217;s heightened focus on product safety, human health and the environment," concluded Dr. Johnston.</p>  <p><strong>Business Outlook</strong></p>  <p>&#8220;Based on our performance in the third quarter we are increasing our 2016 expectations, but remain cautious in the near-term due to softness in a few industry sectors,&#8221; commented Richard Schlenker, Executive Vice President and Chief Financial Officer.</p>  <ul type="disc"><li>Revenues before reimbursements are expected to be approximately flat for the year as compared to 2015.</li><li>Underlying growth is expected to be in the low single digits, excluding the impact of the major project completion in the third quarter of 2015.</li><li>2016 EBITDA<sup>1</sup> margin is expected to decline approximately 125 to 150 basis points as compared to 2015, as a result of lower utilization.</li></ul>  <p><strong>Today's Conference Call Information </strong></p>  <p>Exponent will discuss its financial results in more detail on a conference call today, Wednesday, October 19, 2016, starting at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. The audio of the conference call is available by dialing (800) 768-6563 or (785) 830-7991. A live webcast of the call will be available on the Investor Relations section of the Company's website at www.exponent.com/investors. For those unable to listen to the live webcast, a replay of the call will also be available on the Exponent website, or by dialing (888) 203-&#173;1112 or (719) 457-0820, and entering passcode 3310069#.</p>  <p><strong>About Exponent </strong><br>Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's multidisciplinary organization of scientists, physicians, engineers, and business consultants brings together more than 90 technical disciplines to address complicated issues facing industry and government today. The firm has been best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with human health, environmental and engineering issues associated with new products to help prevent problems in the future.</p>  <p>Exponent may be reached at (888) 656-EXPO, info@exponent.com, or www.exponent.com.</p>  <p><sup>1</sup> EBITDA is a non-&#173;GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-&#173;GAAP financial measure defined by the Company as EBITDA before stock-&#173;based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non&#173;-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the measures to GAAP is set forth below.</p>  <p><sup>2</sup> FASB Accounting Standard Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting, March 30, 2016.</p>  <p>This news release contains, and incorporates by reference, certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. When used in this document and in the documents incorporated herein by reference, the words &#8220;intend,&#8221; "anticipate," "believe," "estimate," "expect" and similar expressions, as they relate to the Company or its management, identify such forward-&#173;looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10&#173;K under the heading "Risk Factors" and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. 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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>PRESS RELEASE
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>Exhibit 99.2</strong></p><p style="text-align: center;"><strong>Exponent Adds to Stock Repurchase Authorization and Declares Regular Quarterly Dividend</strong></p><p style="text-align: center;"><p> <p>MENLO PARK, Calif., Oct.  19, 2016  (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq:EXPO) today announced that its Board of Directors has authorized an additional stock repurchase plan and has declared a quarterly cash dividend of $0.18 per share of common stock to be paid on December 23, 2016 to all common stockholders of record as of December 2, 2016.<br></p>  <p>Exponent&#8217;s Board of Directors has approved an additional $35 million in share repurchases, adding to the Company&#8217;s existing $22 million available under the current authorization for repurchase. In total, the Company now has approximately $57 million available to repurchase shares. This plan authorizes Exponent to purchase its common stock in the open market or privately negotiated transactions in compliance with the Securities and Exchange Commission&#8217;s Rule 10b-18.</p>  <p>Exponent has paid, and expects to continue to pay, quarterly dividends each year in March, June, September and December. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of Exponent's Board of Directors.</p>  <p>&#8220;We believe that our active stock repurchase plan and regular dividend payments demonstrates our commitment to deliver shareholder value and reflects our continued confidence in the strength and stability of our long-term financial position,&#8221; commented Dr. Paul Johnston, Chief Executive Officer.&#160;</p>  <p><strong>About Exponent</strong></p>  <p>Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's multidisciplinary organization of scientists, physicians, engineers, and business consultants brings together more than 90 technical disciplines to address complicated issues facing industry and government today. The firm has been best known for analyzing accidents and failures to determine their causes, but in recent years it has become more active in assisting clients with human health, environmental and engineering issues associated with new products to help prevent problems in the future.</p>  <p>Exponent may be reached at (888) 656-EXPO, info@exponent.com, or www.exponent.com.</p>  <p>This news release contains, and incorporates by reference, certain "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended thereto under) that are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. When used in this document and in the documents incorporated herein by reference, the words "anticipate," "believe," "estimate," "expect" and similar expressions, as they relate to the Company or its management, identify such forward&#173;looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10&#173;K under the heading "Risk Factors" and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.</p></p><p></body></html>
</TEXT>
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