<SEC-DOCUMENT>0001571049-14-000901.txt : 20140508
<SEC-HEADER>0001571049-14-000901.hdr.sgml : 20140508
<ACCEPTANCE-DATETIME>20140324060049
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001571049-14-000901
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				131840497
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		201-329-7300

	MAIL ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPP BROTHERS CHEMICALS INC
		DATE OF NAME CHANGE:	19980908
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <td style="width: 33%; text-align: center; font-size: 10pt">&nbsp;</td>
    <td style="width: 34%; text-align: center; font-size: 10pt; text-decoration: underline">601 Lexington Avenue<br>
    New York, New York 10022</td>
    <td style="width: 33%; padding-left: 35.3pt; text-align: center; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Christopher Kitchen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">To Call Writer Directly:<br>
        (212) 446-4988<br>
        christopher.kitchen@kirkland.com</P></td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 446-4800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.kirkland.com</P></td>
    <td><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: center">Facsimile:<br>
        (212) 446-4900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: center">&nbsp;</P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Via EDGAR and Hand Delivery</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anne Nguyen Parker<BR>
Branch Chief<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Re:</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Phibro Animal Health Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registration Statement on Form S-1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Filed on March 10, 2014 (File No. 333-194467)</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Parker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of our client Phibro Animal Health
Corporation, a New York corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), this letter seeks to fulfill the Company&rsquo;s
previous undertaking to provide an additional response to comment number 12 of the staff of the Division of Corporation Finance
(the &ldquo;<B><I>Staff</I></B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
set forth in your letter dated February 7, 2014, to Gerald K. Carlson, Chief Executive Officer of the Company, with respect to
the above-referenced Registration Statement on Form S-1 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The text of the Staff&rsquo;s previous
comment 12 has been included in this letter for your convenience and we have also set forth the Company&rsquo;s response to the
comment immediately below the comment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Share-Based Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B><I>Staff&rsquo;s Comment:</I></B> Upon determination
                                         of the offering price of your Class A common shares, please reconcile and explain any
                                         differences between the fair values of the underlying common stock at each valuation
                                         date, including the difference between the most recent fair value and the midpoint of
                                         your offering price range. This reconciliation should describe significant intervening
                                         events within the company and changes in assumptions as well as weighting and selection
                                         of valuation methodologies employed that explain the changes in the</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Chicago</FONT></td>
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Hong Kong</FONT></td>
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">London</FONT></td>
    <TD STYLE="width: 11%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Los Angeles</FONT></td>
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Munich</FONT></td>
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Palo Alto</FONT></td>
    <TD STYLE="width: 12%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">San Francisco</FONT></td>
    <TD STYLE="width: 10%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Shanghai</FONT></td>
    <TD STYLE="width: 17%; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Washington, D.C.</FONT></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="logo2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">fair value of your common stock
up to the filing of the registration statement. We may have further comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Response</I></B><I>:</I> The underwriters have informed
the Company that they are still finalizing their valuation range for the shares of Class A common stock of the Company. As a result,
the Company is not filing contemporaneously with this supplemental response letter an amendment to the Registration Statement
to include the assumed initial public offering range. In order to facilitate the staff&rsquo;s review of the Registration Statement,
however, the Company has requested that the underwriters provide it with some preliminary valuation information. Based on their
preliminary feedback, the Company estimates that the public offering price for its shares of Class A common stock will be approximately
$17.00 per share, the midpoint of the preliminary range of $15.00 to $19.00 per share, after giving effect to a 1-for-0.442 stock
split which will occur prior to completion of this offering (this corresponds to a public offering price of $7.51 per share, and
a range of $6.63 to $8.40 per share, in each case prior to the stock split). This range is preliminary and may differ materially
from the ultimate IPO price range of the Company&rsquo;s Class A common stock. We refer to the midpoint of this preliminary range
as the &ldquo;preliminary IPO offering price.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since July 1, 2012, the beginning of the
Company&rsquo;s most recently completed fiscal year, the Company has made a single grant of share-based awards, as outlined in
the table below (all dollar amounts per share prior to the stock split).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Grant&nbsp;Date</B></FONT></TD><TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number&nbsp;of</B></FONT><BR>
    <FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercise&nbsp;price</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Fair&nbsp;value&nbsp;of&nbsp;common</B></FONT><BR>
    <FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>stock&nbsp;on&nbsp;date&nbsp;of&nbsp;grant</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Per&nbsp;Share&nbsp;Estimated&nbsp;Grant</B></FONT><BR>
    <FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Date&nbsp;Fair&nbsp;Value&nbsp;of&nbsp;Options</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center; padding-left: 5.75pt">April 29, 2013</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">700,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">5.23</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">1.81</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">0.15</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As described in the Registration Statement,
under the Section entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&mdash;
Significant accounting policies and application of critical accounting estimates &mdash;Share-Based Compensation&rdquo;, in connection
with the issuance of the above stock option award set forth above, the Company conducted a substantially contemporaneous
valuation of its common stock with assistance from its independent valuation specialist. In conducting this valuation, the Company
used a combination of the market approach and income approach. The Company&rsquo;s policies and methodologies for calculating
the fair value of the common stock are described in the above-referenced section of the Registration Statement. For the above
option grant, the resulting enterprise value under the market method was within 5% of the enterprise value under the income method.
The Company determined the fair value by weighting the market approach by 70% and the income approach by 30%. In addition, the
Company applied a marketability discount of 35% to the implied value of equity. The Company believes that the overall approach
is consistent with the principles and guidance set forth in the 2004 AICPA Practice Aid on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="logo2.jpg" ALT="" STYLE="width: 199px; height: 14px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valuation of Privately-Held-Company Equity Securities Issued
as Compensation. The underlying assumptions relating to the Company&rsquo;s valuation of the options granted on April 29, 2013
are set forth in footnote 10 to the Company&rsquo;s audited financial statements for the year ended June 30, 2013, contained in
the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company believes that the primary reasons
for the increase in fair value of its common stock from April 29, 2013 to the preliminary IPO offering price are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The underwriters have estimated the total enterprise
                                         value primarily utilizing a multiple of calendar year 2014 projected earnings, which
                                         are greater than fiscal year 2012 actual earnings utilized in the Company&rsquo;s valuation
                                         as of April 29, 2013. The Company believes that at the anticipated IPO completion date,
                                         the 2014 projected earnings would be the relevant forward earnings target for valuation
                                         purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company applied a lack-of-marketability discount
                                         of 35.0% to its calculation of the equity value reflecting the illiquidity of the Company&rsquo;s
                                         common stock as of the April 29, 2013 valuation and the fact that the Company had no
                                         plans at the time to conduct an initial public offering. The underwriters&rsquo; preliminary
                                         IPO offering price does not include such marketability discount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Company expects to reduce its debt burden (the amount
                                         of debt outstanding, its leverage, interest rate and interest payment obligations) with
                                         the use of proceeds from the IPO. The reduction in debt and interest expense positively
                                         impacts the common equity value determined by the underwriters in connection with establishing
                                         the preliminary IPO offering price. The Company&rsquo;s valuation of its common stock
                                         as of April 29, 2013 did not assume any reduction in the debt burden.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>In August, 2013, a warrant to purchase approximately
                                         2.1 million shares of the Company&rsquo;s common stock, with an exercise price of $5.23
                                         per share, expired unexercised, thereby increasing the fully-diluted equity value of
                                         the Company&rsquo;s common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The Company&rsquo;s financial performance continued
                                         to improve from the Company&rsquo;s fiscal year ended June 30, 2012, for which the Company
                                         generated EBITDA of approximately $66.9 million, to the Company&rsquo;s results of operations
                                         for the twelve months ended December 31, 2013, for which the Company generated EBITDA
                                         of approximately $83.0 million. This trend in the Company&rsquo;s financial performance
                                         positively impacts the</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo2.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Company&rsquo;s business prospects, and consequently,
reinforces the choice of multiple utilized by the underwriters in determining the preliminary IPO offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The total amount of share-based compensation
derived from the April 29, 2013 stock option award is $105,000. The award vested 75% on the date of grant and 25% on March 1,
2014. Consequently, approximately $82,000 of the share-based compensation expense related to the above award was recognized in
the Company&rsquo;s fiscal year ended June 30, 2013, as disclosed in the Company&rsquo;s audited financial statements contained
within the Registration Statement, and the remaining amount will be recognized in its fiscal year ending June 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that significant
judgment is required to determine the fair value of the underlying common stock; however, the aggregate amount of stock-based
compensation resulting from the above grant is not material. This would continue to be the case even if the fair value of the
underlying shares was significantly higher than the Company&rsquo;s determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Company hereby acknowledges
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;should
the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission
from taking any action with respect to the filing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;&#9;&nbsp;&nbsp;</FONT>the
action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve
the Company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;&#9;&nbsp;&nbsp;</FONT>the
Company may not assert Staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission
or any person under the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hope that the foregoing has been responsive
to the Staff&rsquo;s comments. If you have any questions related to this letter, please contact me at (212) 446-4988 or my colleague
Joshua Korff at (212) 446-4943.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; text-decoration: none">&nbsp;</td>
    <td style="width: 50%">Sincerely,</td></tr>
<tr style="vertical-align: top">
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">/s/ Christopher Kitchen</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Christopher Kitchen</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Gerald K.
                                         Carlson</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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