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 Plexus Announces Fiscal Fourth Quarter and Fiscal Year 2016 Financial Results
   Wednesday, October 26, 2016 4:02:19 PM ET

-- Fiscal fourth quarter 2016 revenue of $653 million

-- GAAP diluted EPS of $0.56; non-GAAP adjusted diluted EPS of $0.82, excluding $0.26 per share of special items

-- Initiates fiscal first quarter 2017 revenue guidance of $620 to $650 million with GAAP diluted EPS of $0.74 to $0.82

Plexus (PLXS ) today announced financial results for its fiscal fourth quarter ended October 1, 2016, and guidance for its fiscal first quarter ending December 31, 2016.

                                                                  Three Months Ended
                                                                  Oct 1, 2016                                               Oct 1, 2016                                        Dec 31, 2016
                                                                  Q4F16 Results                                             Q4F16 Guidance                                     Q1F17 Guidance
Summary GAAP Items
Revenue (in millions)                                             $                                                 653     $655 to $685                                       $620 to $650
Operating margin                                                                                                    3.6  %                                                     4.9% to 5.2%
Diluted EPS (1)                                                   $                                                 0.56                                                       $0.74 to $0.82
Summary Non-GAAP Items (2)
Adjusted operating margin                                                                                           5.1  %  4.8% to 5.1%
Adjusted diluted EPS                                              $                                                 0.82    $0.76 to $0.84
Return on invested capital (ROIC)                                                                                   13.8 %
Economic Return                                                                                                     2.8  %
      (1    ) Includes stock-based compensation expense of $0.25 for Q4F16 results and $0.11 for Q1F17 guidance.
      (2    ) Refer to Non-GAAP Supplemental Information in Tables 1 and 2 for non-GAAP financial measures discussed in this release, such as adjusted operating margin, adjusted diluted EPS, and free cash flow, and a reconciliation of these measures to GAAP.  Adjusted operating margin and adjusted diluted EPS exclude special items of $9.9 million for the three months ended October 1, 2016, related to accelerated stock-based compensation expense, typhoon-related losses, and restructuring and other charges.

Fiscal Fourth Quarter 2016 Information

-- Won 37 programs during the quarter representing approximately $200 million in annualized revenue when fully ramped into production

-- Trailing four quarter wins total approximately $747 million in annualized revenue

-- Purchased $7.1 million of our shares at an average price of $45.81 per share

Fiscal Year 2016 Information

-- Revenue: $2.6 billion, down 3.7% from prior year

-- Diluted EPS: $2.24, including $0.57 per share of stock-based compensation expense

-- ROIC: 13.8%, 280 basis points above our weighted average cost of capital

-- Purchased $30 million of our shares at an average price of $39.43 per share

Todd Kelsey, President and CEO, commented, "Despite late fiscal fourth quarter revenue headwinds, we achieved solid operating performance and EPS, resulting in adjusted EPS firmly in our guidance range. Our revenue was slightly below guidance as a result of softness within our Networking/Communications sector and the temporary impact to our Xiamen, China operations from Typhoon Meranti that made landfall on September 15, 2016. When reflecting on fiscal 2016, I am pleased with our operational performance. We quickly executed our cost reduction and productivity improvement initiatives to overcome a challenging revenue environment in the first half of the fiscal year, enabling us to achieve adjusted operating margin at the high-end of our target range of 4.7% to 5.0% in the back half of the fiscal year."

Patrick Jermain, Senior Vice President and CFO, commented, "During the quarter we successfully repatriated $100 million in cash from our overseas operations. We believe the additional cash will enable us to maximize shareholder value by returning excess cash to shareholders through our previously announced share repurchase program." Mr. Jermain continued, "Fiscal fourth quarter cash cycle days were higher than anticipated at 71 days. The most significant contributing factor was an increase in accounts receivables due to the timing of customer shipments and mix. We exited the fiscal year with annual free cash flow of approximately $97 million, more than doubling our performance over the prior year."

Mr. Kelsey continued, "In the fiscal first quarter of 2017, we anticipate strong operating performance despite near-term revenue softness as a result of a delay in orders with a large Industrial/Commercial customer and further end-market weakness within our Networking/Communications market sector. As a result, we are guiding fiscal first quarter revenue of $620 to $650 million with diluted GAAP EPS in the range of $0.74 to $0.82. With previously disclosed restructuring activities behind us and improved resiliency in our model, we are guiding GAAP operating margin in the range of 4.9% to 5.2% for the fiscal first quarter of 2017."

Mr. Kelsey concluded, "We have confidence in our outlook for fiscal 2017 based on our strengthening wins momentum and record funnel. We currently anticipate that we will return to sequential growth after the fiscal first quarter and grow revenue within each of our market sectors for the full fiscal year. Consequently, we are increasingly optimistic that our goal of a $3 billion annual revenue run rate as we exit the fiscal year is attainable. Furthermore, with the exception of our seasonally challenged fiscal second quarter, we anticipate delivering operating margins within our target range throughout fiscal 2017."

Quarterly & Annual Comparison Three Months Ended                                                                           Twelve Months Ended
                              Oct 1, 2016                    Jul 2, 2016                    Oct 3, 2015                    Oct 1, 2016                    Oct 3, 2015
(in thousands, except EPS)    Q4F16                          Q3F16                          Q4F15                          F16                            F15
Revenue                       $             653,064          $             667,616          $             668,730          $             2,556,004        $             2,654,290
Gross profit                  61,530                         62,498                         59,272                         227,359                        239,550
Operating profit              23,651                         30,918                         28,571                         99,439                         115,436
Net income                    19,093                         26,099                         23,865                         76,427                         94,332
Diluted EPS                   $             0.56             $             0.76             $             0.70             $             2.24             $             2.74
Adjusted net income*          28,261                         27,904                         23,514                         90,824                         95,672
Adjusted diluted EPS*         $             0.82             $             0.82             $             0.69             $             2.66             $             2.78
Gross margin                  9.4                         %  9.4                         %  8.9                         %  8.9                         %  9.0                         %
Adjusted gross margin**       9.9                         %  9.4                         %  8.9                         %  9.0                         %  9.0                         %
Operating margin              3.6                         %  4.6                         %  4.3                         %  3.9                         %  4.3                         %
Adjusted operating margin*    5.1                         %  4.9                         %  4.3                         %  4.5                         %  4.4                         %
ROIC*                         13.8                        %  13.0                        %  14.0                        %  13.8                        %  14.0                        %
Economic Return*              2.8                         %  2.0                         %  3.0                         %  2.8                         %  3.0                         %
*Refer to Non-GAAP Supplemental Information Tables 1 and 2 for a reconciliation to GAAP measures.
**Excludes $2.9 million of primarily inventory losses sustained from a typhoon that impacted the Company’s manufacturing facilities in Xiamen, China in Q4F16 that were recorded in cost of sales in the accompanying Condensed Consolidated Statements of Operations.

Non-GAAP Financial Measures

Plexus provides non-GAAP supplemental information, such as ROIC, Economic Return, and free cash flow, because such measures are used for internal management goals and decision making, and because they provide management and investors additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted net income, adjusted gross margin and adjusted operating margin, to provide a better understanding of core performance for purposes of period-to-period comparisons. Plexus believes that these measures are also useful to investors because they provide further insight by eliminating the effect of items that are not reflective of continuing operations. For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to Non-GAAP Supplemental Information and the attached Non-GAAP Supplemental Information Tables.

Market Sector and Segment Revenue Breakout

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company’s global market sector focused business development strategy. The Company measures operational performance and allocates resources on a geographic segment basis. Top 10 customers comprised 59% of revenue during the fiscal fourth quarter and fiscal year 2016, down one percentage point from the fiscal third quarter 2016 and up three percentage points from the prior fiscal year.

Market Sectors ($ in millions) Three Months Ended                           Twelve Months Ended
                               Oct 1, 2016    Jul 2, 2016    Oct 3, 2015    Oct 1, 2016      Oct 3, 2015
                               Q4F16          Q3F16          Q4F15          F16              F15
Healthcare/Life Sciences       $  192  29 %   $  207  31 %   $  183  27 %   $  780    31 %   $  750    28 %
Industrial/Commercial          231     35 %   202     30 %   201     30 %   774       30 %   685       26 %
Networking/Communications      128     20 %   156     23 %   179     27 %   597       23 %   845       32 %
Defense/Security/Aerospace     102     16 %   103     16 %   106     16 %   405       16 %   374       14 %
Total Revenue                  $  653         $  668         $  669         $  2,556         $  2,654
Business Segments ($ in millions)  Three Months Ended      Twelve Months Ended
                                   Oct 1,      Oct 3,      Oct 1,       Oct 3,
                                      2016        2015        2016         2015
Americas                           $  334      $  359      $  1,329     $  1,389
Asia-Pacific                          299         319         1,162        1,286
Europe, Middle East, and Africa       44          43          170          140
Elimination of inter-segment sales    (24  )      (52  )      (105  )      (161  )
Total Revenue                      $  653      $  669      $  2,556     $  2,654

Non-GAAP Supplemental Information

ROIC and Economic Return

ROIC for fiscal 2016 and the fiscal fourth quarter was 13.8%. The Company defines ROIC as tax-effected annualized adjusted operating profit divided by average invested capital over a five-quarter period for the fourth quarter. Invested capital is defined as equity plus debt, less cash and cash equivalents. The Company’s fiscal 2016 weighted average cost of capital was 11.0%. ROIC for fiscal 2016 and the fiscal fourth quarter less the Company’s weighted average cost of capital resulted in an economic return of 2.8%.

Cash Conversion Cycle       Three Months Ended
                            Oct 1, 2016                  Jul 2, 2016                  Oct 3, 2015
                            Q4F16                        Q3F16                        Q4F15
Days in Accounts Receivable              58                           51                           53
Days in Inventory                        87                           87                           85
Days in Accounts Payable                 (61          )               (62          )               (60          )
Days in Cash Deposits                    (13          )               (13          )               (12          )
Annualized Cash Cycle*                   71                           63                           66
*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits.

Free Cash Flow Calculation

The Company defines free cash flow as cash flows provided by operations less capital expenditures. For the three months ended October 1, 2016, cash flows provided by operations was $5.1 million, less capital expenditures of $7.3 million, resulting in negative free cash flow of $2.2 million. For the twelve months ended October 1, 2016, cash flows provided by operations was $127.7 million, less capital expenditures of $31.1 million, resulting in free cash flow of $96.6 million.

Conference Call and Webcast Information

What:   Plexus Fiscal Q4 2016 Earnings Conference Call and Webcast
When:   Thursday, October 27, 2016 at 8:30 a.m. Eastern Time
Where:  Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, www.plexus.com or directly at: http://edge.media-server.com/m/p/jz5rx5gv/lan/en 
        Conference call at +1.800.708.4539 with passcode: 43416415
Replay: The webcast will be archived on the Plexus website and available via telephone replay at +1.888.843.7419 or +1.630.652.3042 with passcode: 43416415

About Plexus - The Product Realization Company

Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.

Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Healthcare/Life Sciences, Industrial/Commercial, Networking/Communications and Defense/Security/Aerospace market sectors.

Safe Harbor and Fair Disclosure Statement

The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; the effect of start-up costs of new programs and facilities; possible unexpected costs and operating disruption in transitioning programs, including as a result of a facility closure; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix, low volumes and demanding quality, regulatory, and other requirements; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; increasing regulatory and compliance requirements; the potential effects of regional results on our taxes and ability to use deferred tax assets and net operating losses; risks related to information technology systems and data security; the effects of shortages and delays in obtaining components as a result of economic cycles or natural disasters; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; potential economic weakness and other effects resulting from the June 2016 vote of the United Kingdom to exit the European Union; the potential effect of other world or local events or other events outside our control (such as changes in energy prices, terrorism and weather events); the impact of increased competition; and other risks detailed in our Securities and Exchange Commission filings (particularly in "Risk Factors" in our fiscal 2015 Form 10-K).

PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
                                     Three Months Ended                 Twelve Months Ended
                                     Oct 1,          Oct 3,             Oct 1,             Oct 3,
                                     2016               2015            2016                  2015
Net sales                            $   653,064     $      668,730     $    2,556,004     $       2,654,290
Cost of sales                        591,534            609,458         2,328,645             2,414,740
Gross profit                             61,530         59,272               227,359          239,550
Selling and administrative expenses  36,074             30,701          120,886               122,423
Restructuring and other charges      1,805           --                 7,034              1,691
Operating income                         23,651         28,571               99,439           115,436
Other income (expense):
Interest expense                     (3,790      )      (3,524      )   (14,635        )      (13,964        )
Interest income                      1,161              947             4,242                 3,499
Miscellaneous                        799                775             (1,652         )      1,324
Income before income taxes               21,821         26,769               87,394           106,295
Income tax expense                   2,728              2,904           10,967                11,963
Net income                           $   19,093      $      23,865      $    76,427        $       94,332
Earnings per share:
Basic                                $   0.57        $      0.71        $    2.29          $       2.81
Diluted                              $   0.56        $      0.70        $    2.24          $       2.74
Weighted average shares outstanding:
Basic                                    33,455         33,597               33,374           33,618
Diluted                              34,335          34,248             34,098                34,379
PLEXUS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
                                                                        Oct 1,                                                                     Oct 3,
                                                                        2016                                                                       2015
ASSETS
Current assets:
Cash and cash equivalents                                               $                                   432,964                                $                                   357,106
Accounts receivable                                                     416,888                                                                    384,680
Inventories                                                             564,131                                                                    569,371
Prepaid expenses and other                                              19,364                                                                     22,882
Total current assets                                                                                        1,433,347                                                                  1,334,039
Property, plant and equipment, net                                      291,225                                                                    317,351
Deferred income taxes                                                   4,834                                                                      4,657
Other                                                                   36,413                                                                     35,713
Total non-current assets                                                                                    332,472                                                                    357,721
Total assets                                                            $                                   1,765,819                              $                                   1,691,760
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations         $                                   78,507                                 $                                   3,513
Accounts payable                                                        397,200                                                                    400,710
Customer deposits                                                       84,637                                                                     81,359
Accrued salaries and wages                                              41,806                                                                     49,270
Other accrued liabilities                                               48,286                                                                     44,446
Total current liabilities                                                                                   650,436                                                                    579,298
Long-term debt and capital lease obligations, net of current portion    184,002                                                                    258,293
Other liabilities                                                       14,584                                                                     11,897
Total non-current liabilities                                                                               198,586                                                                    270,190
Total liabilities                                                                                           849,022                                                                    849,488
Shareholders’ equity:
Common stock, $.01 par value, 200,000 shares authorized,
51,272 and 50,554 shares issued, respectively,
and 33,457 and 33,500 shares outstanding, respectively                  513                                                                        506
Additional paid-in-capital                                              530,647                                                                    497,488
Common stock held in treasury, at cost, 17,815 and 17,054, respectively (539,968                                                                )  (509,968                                                                )
Retained earnings                                                       937,144                                                                    860,717
Accumulated other comprehensive loss                                    (11,539                                                                 )  (6,471                                                                  )
Total shareholders’ equity                                                                                  916,797                                                                    842,272
Total liabilities and shareholders’ equity                              $                                   1,765,819                              $                                   1,691,760
(1) As of October 3, 2015, current deferred income tax assets of $10.7 million and non-current deferred income tax liabilities of $9.7 million were reclassified to non-current deferred income tax assets due to the adoption of ASU 2015-17: Balance Sheet Classification of Deferred Taxes.
(2) As of October 3, 2015, $1.0 million of deferred financing costs were reclassified from other non-current assets to long-term debt and capital lease obligations, net of current portion due to the adoption of ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs.
PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 1
(in thousands, except per share data)
(unaudited)
                                                 Three Months Ended                                                                                       Twelve Months Ended
                                                 Oct 1,                             Jul 2,                             Oct 3,                             Oct 1,                             Oct 3,
                                                 2016                               2016                               2015                               2016                               2015
Operating profit                                 $               23,651             $               30,918             $               28,571             $               99,439             $               115,436
Operating margin                                 3.6                             %  4.6                             %  4.3                             %  3.9                             %  4.3                             %
Non-GAAP adjustments:
Typhoon-related losses (1)                       2,871                              --                                 --                                 2,871                              --
Accelerated stock-based compensation expense (2) 5,210                              --                                 --                                 5,210                              --
Restructuring and other charges*                 1,805                              1,805                              --                                 7,034                              1,691
Adjusted operating profit                        $               33,537             $               32,723             $               28,571             $               114,554            $               117,127
Adjusted operating margin                        5.1                             %  4.9                             %  4.3                             %  4.5                             %  4.4                             %
Net income                                       $               19,093             $               26,099             $               23,865             $               76,427             $               94,332
Non-GAAP adjustments:
Typhoon-related losses (1)                       2,871                              --                                 --                                 2,871                              --
Related tax impact                               (718                            )  --                                 --                                 (718                            )  --
Accelerated stock-based compensation expense (2) 5,210                              --                                 --                                 5,210                              --
Restructuring and other charges*                 1,805                              1,805                              --                                 7,034                              1,691
Discrete tax benefit, net                        --                                 --                                 (351                            )  --                                 (351                            )
Adjusted net income                              $               28,261             $               27,904             $               23,514             $               90,824             $               95,672
Diluted earnings per share                       $               0.56               $               0.76               $               0.70               $               2.24               $               2.74
Non-GAAP adjustments:
Typhoon-related losses (1)                       0.08                               --                                 --                                 0.08                               --
Related tax impact                               (0.02                           )  --                                 --                                 (0.02                           )  --
Accelerated stock-based compensation expense (2) 0.15                               --                                 --                                 0.15                               --
Restructuring and other charges*                 0.05                               0.06                               --                                 0.21                               0.05
Discrete tax benefit, net                        --                                 --                                 (0.01                           )  --                                 (0.01                           )
Adjusted diluted earnings per share              $               0.82               $               0.82               $               0.69               $               2.66               $               2.78
*Summary of restructuring and other charges
Employee termination and severance costs         $               565                $               1,641              $               --                 $               5,255              $               144
Other exit costs                                 460                                164                                --                                 999                                1,547
Loss on sale leaseback of building               780                                --                                 --                                 780                                --
Total restructuring and other charges            $               1,805              $               1,805              $               --                 $               7,034              $               1,691
(1) During Q4F16 $2.9 million of charges were recorded in cost of sales in the accompanying Condensed Consolidated Statements of Operations; these charges resulted primarily from inventory losses sustained from a typhoon that impacted the Company’s manufacturing facilities in Xiamen, China.
(2) During Q4F16 $5.2 million of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations pursuant to the previously announced retirement agreement with the Company’s former Chief Executive Officer.
PLEXUS CORP. AND SUBSIDIARIES
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
(in thousands)
(unaudited)
ROIC and Economic Return Calculations        Twelve Months Ended     Nine Months Ended       Twelve Months Ended
                                             Oct 1,                  Jul 2,                  Oct 3,
                                             2016                    2016                    2015
Operating profit                                  $    99,439             $    75,788             $    115,436
Typhoon-related losses                       +    2,871              +    --                 +    --
Accelerated stock-based compensation expense +    5,210              +    --                 +    --
Restructuring and other charges              +    7,034              +    5,229              +    1,691
Adjusted operating profit                         $    114,554            $    81,017             $    117,127
                                                                        3
                                                                          $    27,006
                                                                     x    4
Adjusted annualized operating profit              $    114,554            $    108,024            $    117,127
Tax rate                                     x    11           %     x    11           %     x    11           %
Tax impact                                        12,601                  11,883                  12,884
Adjusted operating profit (tax effected)          $    101,953            $    96,141             $    104,243
Average invested capital                        $    739,986          $    738,397          $    745,611
ROIC                                              13.8         %          13.0         %          14.0         %
Weighted average cost of capital             -    11.0         %     -    11.0         %     -    11.0         %
Economic return                                   2.8          %          2.0          %          3.0          %
                          Three Months Ended
Average Invested Capital  Oct 1,          Jul 2,          Apr 2,          Jan 2,          Oct 3,
Calculations                 2016            2016            2016            2016            2015
Equity                    $  916,797      $  895,175      $  871,111      $  850,794      $  842,272
Plus:
Debt - current               78,507          78,279          2,300           2,864           3,513
Debt - long-term             184,002         184,479         259,565         259,289         259,257
Less:
Cash and cash equivalents    (432,964 )      (433,679 )      (409,796 )      (354,728 )      (357,106 )
                          $  746,342      $  724,254      $  723,180      $  758,219      $  747,936
                          Three Months Ended
Average Invested Capital  Jul 4,          Apr 4,          Jan 3,          Sept 27,
Calculations                 2015            2015            2015            2014
Equity                    $  835,063      $  808,468      $  792,298      $  781,133
Plus:
Debt - current               4,281           4,774           4,793           4,368
Debt - long-term             259,284         260,025         260,990         262,046
Less:
Cash and cash equivalents    (354,830 )      (356,296 )      (239,685 )      (346,591 )
                          $  743,798      $  716,971      $  818,396      $  700,956
Investor and Media Contact
Susan Hanson
+1.920.751.5491
susan.hanson@plexus.com

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