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Pointer Telocation$14.36($.04)(.28%)

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 Pointer Telocation Ltd. Reports Results for the Fourth Quarter and Full Year 2015
   Monday, February 29, 2016 6:55:00 AM ET

Pointer Telocation Ltd. (PNTR ) - a leading developer, manufacturer and operator of Mobile Resource Management (MRM) services, announced today its financial results for the three month period and fiscal year ended December 31, 2015.

Financial Summary for the Fourth Quarter of 2015

Revenues were $25.7 million compared to $26.6 million in the fourth quarter of 2014, a decrease of 3.2%. The significant strengthening of the US Dollar in the period versus the various local currencies in which the Company generates sales, caused a reduction in the revenue level when translated into US Dollars. In local currency terms, revenues were similar to those of last year.

International activities for the fourth quarter of 2015 accounted for 31.3% of total revenue, compared to 40% in the fourth quarter of 2014.

Revenues from products were $7.5 million (29.3% of revenues) compared to $8.3 million (31% of revenues) in the fourth quarter of 2014, a decrease of 9.4%. Revenues from services were $18.1 million (70.7% of revenues) compared to $18.3 million (69% of revenues) in the fourth quarter of 2014, a decrease of 0.4%. In local currency terms, revenues from services increased by 7%.

Gross profit was $8.5 million (33.1% of revenues) compared to $8.7 million (32.9% of revenues) in the fourth quarter of 2014, a decrease of 2.6%.

Operating income on a GAAP basis was $0.5 million compared to operating income of $0.2 million in the fourth quarter of 2014. On a non-GAAP basis, operating income was $1.7 million (6.5% of revenues) compared with $2.3 million (8.8% of revenues), a decrease of 27.6%.

Net income (loss) on a GAAP basis was $(0.06) million or $(0.01) loss per diluted share compared with net income a $9.5 million income or $1.23 per diluted share in the fourth quarter of 2014.

Net income on a non-GAAP basis was $1.3 million (5.3% of revenues) compared to non-GAAP net income of $2.3 million (8.6% of revenues) in the fourth quarter of 2014, a decrease of 1.8%. Fully diluted earnings based on non-GAAP net income in the fourth quarter were $0.23 per share, compared to $0.29 per share in the fourth quarter of 2014.

Adjusted EBITDA was $2.5 million compared with $2.6 million in the fourth quarter of 2014, a decrease of 2.1%. In local currency terms, EBITDA in Q4 2015 would have been $2.8 million an increase of 8% over the prior period.

Financial Summary for the Full Year of 2015

Revenues for 2015 were $100.9 million compared to $105.3 million in 2014, a decrease of 4.1%. In local currency terms, revenues increased by 3% compared with last year.

International activities for 2015 accounted for 35.4% of total revenues compared to 33% in 2014.

Revenues from products were $28.6 million (28.4% of revenues) compared to $33.1 million (31% of revenues) in 2014, a decrease of 13.5%. Revenues from services were $72.3 million (71.6% of revenues) compared to $72.2 million (69% of revenues) in 2014, an increase of 0.2%. In local currency terms, revenues from services increased by 7%.

Revenues from the MRM business were $60.4 million, compared with $65.3 million in 2014, a decrease of 7.6%. MRM service revenues were $38.2 million, compared with $37.5 million in 2014, an increase of 1.7%. In local currency terms, MRM service revenues grew by 15% over 2014.

Gross profit was $34.1 million (33.9% of revenues) in 2015, a decrease of 3.8% compared to $35.6 million (33.8% of revenues) in 2014. Non-GAAP gross profit in the MRM business was $29.1 million (48.2% of revenues) compared with $31.0 million (45.3% of revenues) in 2014, a decrease of 6.2%.

Operating income on a GAAP basis was $6.1 million (6% of revenues) in 2015 compared to operating income of $6.6 million (6.5% of revenues) in 2014. Operating income on a non-GAAP basis was $8.0 million (8% of revenues) in 2015 compared to non-GAAP operating income of $9.4 million (9.0% of revenues) in 2014.

Operating income on a non-GAAP basis at the MRM business was $7.1 million in 2015, compared with $9.1 million in 2014, a decrease of 22.7%.

Net income on a GAAP basis was $3.8 million (3.8% of revenue) or $0.50 per diluted share in 2015, compared to $12.7 million (12% of revenues) or $1.74 per diluted share in 2014. Net income on a non-GAAP basis was $7.2 million (7.2% of revenues) or $0.9 per diluted share, compared to non-GAAP net income of $7.9 million (7.5% of revenues) or $1.02 in 2014.

Adjusted EBITDA was $11.3 million (11.2% of revenues), compared to $12.5 million (11.9%) in 2014, a decrease of 9.9%. In local currency terms, EBITDA in 2015 would have been $12.0 million, a decrease of 4%.

In connection with Pointer’s plan to spin-off its Shagrir business to shareholders, Pro-forma information providing certain details of the financial performance of the Shagrir RSA business and MRM business separately, are provided in Exhibit A for informational purposes only.

Management Comment

David Mahlab, Pointer’s Chief Executive Officer, commented on the results: "While we faced significant currency headwinds in 2015 impacting our financial results, as we move into 2016, we are increasingly optimistic. Despite the economic slowdown in Brazil, we are now seeing improving activity and growing interest for our services, and we are participating in an increasing number of new tenders. Looking ahead, we expect to resume our subscriber base growth in this region in 2016."

Continued Mr. Mahlab, "Our MRM software as a service business, is growing nicely in local currency terms, and we have been successful in attracting new subscribers for our services, growing by 10% year-over-year. We are launching new MRM related products and services, in particular for the large connected-car markets as well as the Internet of Things space. In 2016, we expect our MRM business to continue to grow, benefitting from the growth in subscribers as well as the recurring revenues from our subscriber base. We look forward to reaping the fruits of our solid subscriber growth as well as from our new products and services in the year ahead."

Conference Call Information

Pointer Telocation’s management will host a conference call with the investment community today, Monday, February 29th, 2016 to review and discuss the financial results, and will also be available to answer questions.

The conference call will commence at 9:30 AM Eastern Time, 4:30 PM Israel time.

To participate in the call, please dial in to one of the teleconference numbers below. Please begin placing your call at least 5 minutes before the time set for the commencement of the conference call.

From USA: +1-888-668-9141 From Israel: 03-918-0609

A replay will be available the following day on the Company’s website: www.pointer.com

Forward Looking Statements

This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of the Company. The words "believe," "expect," "anticipate," "intend," "seems," "plan," "aim," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the markets in which the Company operates and in general economic and business conditions, loss or gain of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to update these forward-looking statements.

Reconciliation between results on a GAAP and Non-GAAP basis

Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Condensed Interim Consolidated Statements of Cash Flows.

Pointer uses adjusted EBITDA and non-GAAP net income as a non-GAAP financial performance measurement.

We calculate adjusted EBITDA by adding back to net income, net loss from discontinued operations, financial expenses, taxes, depreciation, amortization and impairment of goodwill and intangible assets, the effects of non-cash stock-based compensation expense, profit raise from gaining control in subsidiary previously treated by the equity method, and related goodwill adjustment.

We calculate non-GAAP net income by adding back to net income, net loss from discontinued operations, the effects of non-cash stock based compensation expenses, amortization and impairment of long lived assets, non-cash tax expenses resulting from timing differences relating to the amortization of acquisition-related intangible assets, profit raise from gaining control in subsidiary previously treated by the equity method, acquisition related goodwill adjustment, onetime ’other expense’ related to the termination cost of a former general manager of a Pointer subsidiary and restructuring in a subsidiary, loss from sale of subsidiary, one time financial expenses resulting from the devaluation of Israeli Shekel denominated bank deposits and non-cash tax income from raised tax asset.

The purpose of such adjustments is to give an indication of our performance exclusive of non-GAAP charges that are considered by management to be outside of our core operating results.

Adjusted EBITDA and non-GAAP net income are provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company’s business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. We believe that these non-GAAP measures help investors to understand our current and future operating cash flow and performance, especially as our acquisitions have resulted in amortization and non-cash items that have had a material impact on our GAAP profits. Adjusted EBITDA and non GAAP net income should not be considered in isolation or as a substitute for comparable measures calculated and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.

About Pointer Telocation

Pointer Telocation is a leading provider of technology and services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. Pointer has a growing list of customers and products installed in more than 45 countries. Cellocator, a Pointer Products Division, is a leading AVL (Automatic Vehicle Location) solutions provider for stolen vehicle retrieval, fleet management, car & driver safety, public safety, vehicle security and more. The Company’s top management and the development center are located in the Afek Industrial Area of Rosh Ha’ayin, Israel.

For more information, please visit http://www.pointer.com

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
                                                December 31,
                                                2015             2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents                       $         9,347  $         8,557
Restricted cash                                 -                62
Trade receivables                               18,402           19,032
Other accounts receivable and prepaid expenses  2,040            1,853
Inventories                                     4,866            6,133
Deferred tax asset                              1,137            901
Property and equipment held for sale            282              1,034
Total current assets                            36,074           37,572
LONG-TERM ASSETS:
Long-term accounts receivable                   490              408
Severance pay fund                              8,186            8,609
Property and equipment, net                     9,112            10,075
Other intangible assets, net                    816              1,950
Goodwill                                        46,753           48,941
Deferred tax asset                              2,007            3,449
Total long-term assets                          67,364           73,432
Total assets                                    $      103,438   $      111,004
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
                                                                  December 31,
                                                                  2015             2014
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities of long-term loans  $         4,903  $         7,478
Trade payables                                                    11,778           11,460
Deferred revenues and customer advances                           5,843            6,420
Other accounts payable and accrued expenses                       7,928            8,972
Total current liabilities                                         30,452           34,330
LONG-TERM LIABILITIES:
Long-term loans from banks                                        8,565            12,046
Long-term loans from shareholders and others                      179              997
Deferred taxes and other long-term liabilities                    79               298
Accrued severance pay                                             9,128            9,537
Total long term liabilities                                       17,951           22,878
COMMITMENTS AND CONTINGENT LIABILITIES
EQUITY:
Pointer Telocation Ltd’s shareholders’ equity:
Share capital                                                     5,770            5,705
Additional paid-in capital                                        128,441          129,618
Accumulated other comprehensive loss                              (6,285)          (2,909)
Accumulated deficit                                               (71,822)         (75,767)
Total Pointer Telocation Ltd’s shareholders’ equity               56,104           56,647
Non-controlling interest                                          (1,069)          (2,851)
Total equity                                                      55,035           53,796
Total liabilities and shareholders’ equity                        $      103,438   $      111,004
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
                                                           Year ended                       Three months ended
                                                           December 31,                     December 31,
                                                           2015            2014             2015         2014
Revenues:
Products                                                   $   28,617      $    33,099      $     7,534  $     8,316
Services                                                   72,307          72,191           18,186       18,258
Total revenues                                             100,924         105,290          25,720       26,574
Cost of revenues:
Products                                                   17,003          19,279           4,428        4,561
Services                                                   49,739          50,461           12,792       13,276
Total cost of revenues                                     66,742          69,740           17,220       17,837
Gross profit                                               34,182          35,550           8,500        8,737
Operating expenses:
Research and development                                   3,409           3,390            875          784
Selling and marketing                                      12,063          11,219           3,190        2,760
General and administrative                                 10,991          11,883           2,829        2,966
Other general and administrative  expenses                 -               683              -            683
Other (income) loss                                        2               (288)            2            -
Amortization of intangible assets                          735             994              169          205
Impairment of intangible and tangible assets               917             1,122            917          1,122
Total operating expenses                                   28,117          29,003           7,982        8,520
Operating income                                           6,065           6,547            518          217
Financial expenses, net                                    869             2,424            332          700
Other expenses  (income)                                   (6)             232              (18)         238
Income (loss) before taxes on income                       5,202           3,891            204          (721)
Tax expenses (income)                                      1,404           (8,849)          262          (10,217)
Income after taxes on income                               3,798           $   12,740       (58)         9,496
Equity in gains  of affiliate                              -               -                -            -
Net income                                                 $     3,798     $   12,740       $     (58)   $      9,496
Profit (loss) from continuing operations attributable to:
Equity holders of the parent                               3,945           13,453           (40)         9,824
Non-controlling interests                                  (147)           (713)            (18)         (328)
                                                           $       3,798   $    12,740      $     (58)   $      9,496
Earnings per share from continuing operations
attributable to Pointer Telocation Ltd’s shareholders:
Basic net earnings (loss) per share                        $         0.51  $          1.81  $    (0.01)  $        1.27
Diluted net earnings (loss) per share                      $         0.50  $        1.74    $    (0.01)  $        1.23
Weighted average - Basic number of shares                  7,725,246       7,446,707        7,725,653    7,688,564
Weighted average - fully diluted number of shares          7,938,489       7,726,653        7,881,751    7,945,839
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
                                                                                             Year ended                Three months ended
                                                                                             December 31,              December 31,
                                                                                             2015        2014          2015         2014
Cash flows from operating activities:
Net income (loss)                                                                            $    3,798  $     12,740  $      (58)  $    9,496
Adjustments required to reconcile net income  to net cash provided by operating activities:
Depreciation and amortization                                                                43,959      4,767         1,013        1,176
Impairment of tangible and intangible assets                                                 917         1,122         917          1,122
Gain from a bargain purchase                                                                 -           (288)         -            -
Accrued interest and exchange rate changes of debenture and long-term loans                  26          17            22           4
Accrued severance pay, net                                                                   18          56            37           (57)
Gain (loss) from sale of property and equipment, net                                         (143)       (95)          (55)         35
Amortization of stock-based compensation                                                     309         375           64           90
Decrease  in restricted cash                                                                 62          19            -            1
Decrease (increase) in trade receivables, net                                                (236)       (1,141)       57           155
Decrease (increase) in other accounts receivable and prepaid expenses                        (418)       (21)          (184)        270
Decrease (increase) in inventories                                                           733         (462)         613          (179)
Decrease (increase) in long-term accounts receivable                                         (91)        126           15           133
Increase (decrease)  in Deferred tax asset                                                   869         (9,120)       318          (10,205)
Increase (decrease) in trade payables                                                        749         (654)         453          186
Increase (decrease) in other accounts payable                                                (936)       (1,845)       104          (241)
and accrued expenses
Net cash provided by operating activities                                                    9,616       5,596         3,316        1,986
Cash flows from investing activities:
Purchase of property and equipment                                                           (3,616)     (4,458)       (1,105)      (1,254)
Proceeds from sale of property and equipment                                                 1,266       1,529         437          418
Acquisition of Subsidiary (a)                                                                -           (688)         -            -
Proceeds from sale of investments in previously consolidated subsidiaries (b)                -           (41)          -            (41)
Net cash used in investing activities                                                        (2,350)     (3,658)       (668)        (877)
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
                                                                                         Year ended                      Three months ended
                                                                                         December 31,                    December 31,
                                                                                         2015            2014            2015             2014
Cash flows from financing activities:
Receipt of long-term loans from banks                                                    14,846          12,577          (313)            (308)
Repayment of long-term loans from banks                                                  (19,393)        (8,986)         (990)            (1,906)
Repayment of long-term loans from shareholders                                           -               (301)           -                52
Repurchase of shares from non-controlling interests                                      -               (7,740)         -                -
Proceeds from issuance of shares                                                         15              10,065          -                -
Short-term bank credit, net                                                              (832)           (1,640)         (610)            734
Net cash provided by (used in) financing activities                                      (5,364)         3,975           (1,913)          (1,428)
Effect of exchange rate changes on cash and cash equivalents                             (1,112)         (705)                            (115)
                                                                                                                         432
Increase (decrease) in cash and cash equivalents                                         790             5,208           1,167            (434)
Cash and cash equivalents at the beginning of the period                                 8,557           3,349           8,180            8,991
Cash and cash equivalents at the end of the period                                       $    9,347      $       8,557   $     9,347      $      8,557
(a)  Acquisition of subsidiary:
Working capital (Cash and cash equivalent excluded)                                      -               221             -                -
Property and equipment                                                                   -               565             -                -
Other intangible assets                                                                  -               190             -                (48)
Goodwill                                                                                 -               (288)           -                48
Long term loans from banks and others                                                    -               -               -                -
Investment in subsidiary previously treated by the equity method                         -               -               -                -
                                                                                         -               $          688  $             -  $             -
(b)  Proceeds from sale of investments in previously consolidated subsidiaries:
Working capital (Cash and cash equivalent excluded)                                      -               (18)            -                (18)
Property and equipment                                                                   -               (30)            -                (30)
Long term loans from banks and others                                                    -               5               -                5
Minority Interest                                                                        -               (125)           -                (125)
Loss from sale of subsidiaries                                                           -               209             -                209
                                                                                         $            -  $           41  -                $           41
(c)  Non-cash activity:
Issuance of shares in respect of acquisition of non-controlling interests in subsidiary  $            -  $    11,385     $            -   $   11,368
ADDITIONAL INFORMATION
U.S. dollars in thousands
The following table reconciles the GAAP to non-GAAP operating results:
                                                                                                                                            Year ended                          Three months ended
                                                                                                                                            December 31,                        December 31,
                                                                                                                                            2015               2014             2015              2014
GAAP gross profit                                                                                                                           $          34,182  $       35,550   $         8,500   $         8,737
Stock-based compensation expenses                                                                                                           11                 10               2                 3
Non-GAAP gross profit                                                                                                                       34,192             $       35,560   8,502             $         8,740
GAAP operating expenses                                                                                                                     $       28,117     $       29,003   $         7,982   $       8,568
Stock-based compensation expenses                                                                                                           298                380              62                96
Amortization and impairment of long lived assets                                                                                            1,652              2,116            1,086             1,327
Other expenses of termination costs and restructuring in subsidiary                                                                         -                  683              -                 683
Acquisition related goodwill adjustment                                                                                                     -                  (288)            -                 48
Non-GAAP operating expenses                                                                                                                 $       26,167     $       26,112   $         6,834   $       6,414
GAAP operating income                                                                                                                       $          6,065   $         6,547  $            518  $          169
Non-GAAP operating income                                                                                                                   $          8,025   $         9,448  $         1,668   $         2,326
GAAP net income                                                                                                                             $          3,798   $      12,740    $         (58)    $       9,448
Stock-based compensation                                                                                                                    309                390              64                99
Amortization and impairment of long lived assets                                                                                            1,652              2,116            1,086             1,327
Acquisition related goodwill adjustment                                                                                                     -                  (288)            -                 48
Profit raise from gaining control in subsidiary previously treated by the equity method                                                     -                  -                -                 -
Other expenses of termination costs and restructuring                                                                                       -                  683              -                 683
in subsidiary
Loss from sale of subsidiary                                                                                                                -                  209              -                 209
Financial expenses resulting from the devaluation of Israeli Shekel denominated bank deposits                                               -                  498              -                 -
Non-cash tax expenses resulting from timing differences relating to the amortization of acquisition-related intangible assets and goodwill  -                  1,379            -                 320
Non cash tax (income) expenses                                                                                                              1,404              (9,799)          262               (9,799)
Non-GAAP net income                                                                                                                         $          7,163   $        7,928   $       1,354     $       2,335
Non-GAAP net income per share - Diluted                                                                                                     $            0.90  $          1.02  $          0.20   $           0.29
Non-GAAP weighted average number of shares - Diluted*                                                                                       7,938,489          7,726,653        7,881,751         7,945,839
* In calculating diluted non-GAAP net income per share, the diluted weighted average number of shares outstanding excludes the effects of stock-based compensation expenses in accordance with FASB ASC 718.
Adjusted EBITDA
                                                                                                                                     Year ended                   Three months ended
                                                                                                                                     December 31,                 December 31,
                                                                                                                                     2015           2014          2015           2014
GAAP Net income as reported:                                                                                                         $       3,798  $    12,740   $       (58)        $      9,448
Financial expenses, net                                                                                                              869            2,424         332                 700
Tax on income                                                                                                                        1,404          (8,849)       262                 (10,217)
Profit raise from gaining control in subsidiary previously treated by the equity method and acquisition related goodwill adjustment  -              (288)         -                   48
Stock based compensation expenses                                                                                                    309            390           64                  99
Loss from sale of subsidiary                                                                                                         -              209           -                   209
Depreciation, amortization and impairment of goodwill and  intangible assets                                                         4,876          5,889         1,930               2,298
Adjusted EBITDA                                                                                                                      $     11,256   $     12,515  $       2,530       $       2,585
Exhibit A*
U.S. dollars in thousands
                               Year ended             Year ended
                               December 31, 2015      December 31, 2014 (**)
                               Unaudited              Unaudited
                               MRM    RSA    Total    MRM     RSA     Total
Revenues:
Products                       22,267 6,351  28,617   27,855  5,244   33,099
Services                       38,160 34,147 72,307   37,522  34,670  72,191
Total Revenues                 60,426 40,498 100,924  65,377  39,913  105,290
Non-GAAP Cost of Revenues      31,307 35,427 66,734   34,334  35,396  69,730
Non-GAAP Gross Profit          29,121 5,071  34,192   31,043  4,517   35,560
                               48.2%  12.5%  33.9%    47.5%   11.3%   33.8%
Non-GAAP Operating expenses:
Research and development, net  3,409  -      3,409    3,390   -       3,390
Selling and marketing          10,326 1,738  12,063   9,334   1,886   11,219
General and administrative     8,282  2,413  10,695   9,132   2,371   11,503
Non-GAAP Operating Expenses    22,017 4,150  26,167   21,855  4,257   26,112
Non-GAAP Operating  Income     7,105  920    8,025    9,187   260     9,448
(**) Note that certain figures for the year ended December 31, 2014 have been slightly revised from the previously reported figures as a result of allocation between segments and spin off the Car2Go subsidiary together with Shagrir, our RSA business.
Contact:
Zvi Fried, V.P. and Chief Financial Officer Ehud Helft, GK Investor Relations
Tel.: +972-3-572 3111                       Tel: +1 646 201 9246
E-mail: zvif@pointer.com                    E-mail: pointer@gkir.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pointer-telocation-ltd-reports-results-for-the-fourth-quarter-and-full-year-2015-300227506.html

SOURCE Pointer Telocation Ltd.

http://rt.prnewswire.com/rt.gif?NewsItemId=CL34015&Transmission_Id=201602290655PR_NEWS_USPR_____CL34015&DateId=20160229



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