2014

Cullen/Frost Reports 4th Quarter, Annual 2013 Results -Average annual loans increase 9.1 percent

-Average annual deposits up 11.4 percent

-Credit quality improves

-Assets top $24 billion

SAN ANTONIO, Jan. 29, 2014 /PRNewswire/ -- Cullen/Frost Bankers, Inc. today reported solid fourth quarter and annual earnings for 2013, as the Texas financial services leader continues to operate well despite persistent rate and economic headwinds.

(Logo: http://photos.prnewswire.com/prnh/20030109/CFRLOGO)

Cullen/Frost reported net income available to common shareholders for the fourth quarter of 2013 of $60.6 million, or $.99 per diluted common share, compared to fourth quarter 2012 earnings of $60.2 million, or $.97 per diluted common share. For the fourth quarter of 2013, returns on average assets and common equity were 1.02 percent and 10.21 percent respectively, compared to 1.09 percent and 9.84 percent for the same period of 2012.

The company also reported 2013 annual net income available to common shareholders of $231.1 million, compared to 2012 earnings of $238.0 million. On a per-share basis, 2013 earnings were $3.80 per diluted common share, compared to the $3.86 per diluted common share reported in 2012. For the year, returns on average assets and common equity were 1.02 percent and 9.93 percent respectively, compared to the 1.14 percent and 10.03 percent reported in 2012.

At the end of the fourth quarter of 2013, Cullen/Frost's non-performing assets declined by $35.5 million from the fourth quarter of 2012 and $28.3 million from the third quarter of 2013. Non-performing assets are at the lowest level since the fourth quarter of 2008.

"I am pleased to report solid results for 2013, demonstrating Cullen/Frost's steady performance in a sluggish but slowly improving economy," said Dick Evans, Cullen/Frost chairman and CEO. "In an environment of continued regulatory, economic and rate challenges, we are executing our plan and operating well. I am especially pleased to report that average loans for the year grew 9.1 percent, to $9.2 billion, thanks largely to our focused efforts to leverage the new relationships we added during the recession.

"Deposit growth remains strong, as both new and existing customers helped spur a $2.0 billion year-over-year increase in average deposits. In light of a persistently low interest rate environment, I was encouraged to see a 6.4 percent growth from last year in taxable equivalent net interest income. Our capital levels remain strong.

"For the fourth quarter, we saw good growth in both average loans and average deposits, with loans increasing by 5.4 percent to $9.3 billion and deposits rising by 9.1 percent to $20.1 billion, compared to the fourth quarter of 2012. At the end of 2013, our assets were at an all-time high of $24.3 billion," Evans continued.

"During the fourth quarter, we acquired an independent Houston-based insurance agency, Kolkhorst Insurance, which will enable us to expand our presence in this important market.

"Non-performing assets declined significantly this quarter, both from the fourth quarter of 2012 and the third quarter of 2013, evidence of Cullen/Frost's strong credit disciplines.

"Operating only in Texas continues to be a significant benefit for Frost as the state's economy once again outpaced that of the nation in 2013. Texas jobs grew 2.5 percent in 2013, compared to the U.S. average of 1.7 percent.

"I continue to be very optimistic about our company's future. Businesses are cautiously beginning to grow again, but confidence in the economic recovery is still guarded," Evans continued.

During the year, Frost received further validation of its outstanding service culture and performance from well-regarded third parties. In April, for the fourth consecutive year, Frost Bank received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction StudySM, outperforming 12 other Texas banks ranked. In January of 2013, Frost Bank received a record 22 Greenwich Excellence Awards for superior performance in overall client satisfaction and other relationship and service categories in small-business and middle-market banking, marking the eighth consecutive year Frost was recognized.

"Through our commitment to our culture and value proposition, Cullen/Frost has been able to expand our customer base and bring value to shareholders, paying and increasing the dividend we pay shareholders for 19 consecutive years. During the first quarter of 2013, we also issued $150 million in non-cumulative perpetual preferred stock to yield 5.375 percent.

Evans said the company opened three new financial centers in 2013, two in the Dallas region and one in Houston, while also relocating several older locations to new facilities across the state. Maintaining its commitment to expand access for customers, Frost provided regular updates and enhancements to the bank's top-rated apps for iPhone and Android and added the convenience of Frost-branded ATMs at Love Field in Dallas. Along with the ATMs through Frost's branding relationship with Corner Stores, Frost now has the third-largest ATM network in the state.

"I am grateful for the extraordinary team of people here at Frost. They deliver on our value proposition and live our culture every day, and I thank them for their dedication to our customers and our company."

For 2013, average annual total loans were $9.2 billion, a $773 million increase from the $8.5 billion reported the previous year. Average annual total deposits for 2013 rose to $19.3 billion, up 11.4 percent, or $2.0 billion, over the $17.3 billion reported in 2012. Net interest income on a taxable-equivalent basis increased to $710.9 million, up 6.4 percent over the $668.2 million reported a year earlier, reflecting the impact of the increasing volume of earning assets. For 2013, non-interest income increased 4.9 percent from 2012 (6 percent without the impact of securities gains at the end of both years), while non-interest expense increased 6.4 percent over the previous year to $611.9 million.

Noted financial data for the fourth quarter:

  • Tier 1 and Total Risk-Based Capital Ratios for the Corporation at the end of the fourth quarter of 2013 were 14.65 percent and 15.79 percent, respectively and are in excess of well-capitalized levels. The ratio of tangible common equity to tangible assets was 7.68 percent at the end of the fourth quarter of 2013, compared to 8.30 percent for the same quarter last year. This tangible common equity ratio, which is a non-GAAP financial measure, is equal to end-of-period shareholders' common equity less goodwill and intangible assets divided by end-of-period total assets less goodwill and intangible assets. Frost's current capital levels would meet today the fully phased-in Basel III capital requirements issued by the U.S. bank regulators.
  • Net interest income on a taxable-equivalent basis for the fourth quarter totaled $185.0 million, an increase of 7.4 percent compared to the $172.2 million reported for the fourth quarter of 2012. This increase primarily resulted from an increase in the average volume of earning assets and was partly offset by a decrease in the net interest margin. The net interest margin was 3.39 percent for the fourth quarter, compared to 3.48 percent for the fourth quarter of 2012 and 3.38 percent for the third quarter of 2013.
  • Non-interest income for the fourth quarter of 2013 was $78.5 million, an increase of $2.7 million, or 3.5 percent, from the $75.9 million reported a year earlier. Excluding securities gains that occurred in the fourth quarter of 2012 and the fourth quarter of 2013, non-interest income would have increased by 8.3 percent. Trust and investment management fees were $24.2 million, up $3.7 million or 18 percent compared to $20.5 million a year earlier. This increase was due to the equities market, new business and changes to the fee schedule. Investment fees are generally assessed based on the market value of trust assets that are managed and held in custody. Trust assets were $28.4 billion at the end of the fourth quarter of 2013, compared to $26.2 billion at December 31, 2012. Trust fees were also positively impacted by higher oil and gas fees, up $362,000. Insurance commissions and fees rose $2.0 million to $10.4 million, from $8.4 million in the fourth quarter of 2012, with most of this increase related to fees received in the fourth quarter of 2013 due to opportunities for early renewal made available by the implementation of the Affordable Care Act.
  • Non-interest expense for the fourth quarter of 2013 was $154.5 million, up $8.4 million or 5.8 percent from the $146.1 million reported for the fourth quarter of 2012. Salaries were up $4.8 million or 7.1 percent over the same quarter a year earlier and were impacted by an increase in the number of employees, combined with normal annual merit and market incentive increases. Employee benefits were up $1.9 million or 15 percent, primarily related to profit sharing expense, payroll taxes and medical insurance expense. Net occupancy expense was up $1.0 million due to higher lease expense and property taxes.
  • For the fourth quarter of 2013, the provision for loan losses was $5.9 million, compared to net charge-offs of $6.6 million. For the fourth quarter of 2012, the provision for loan losses was $4.1 million, compared to net charge offs of $5.1 million. The allowance for loan losses as a percentage of total loans was .97 percent at December 31, 2013, compared to 1.13 percent at year-end 2012. Non-performing assets were $69.8 million at year-end, compared to $98.1 million the previous quarter, and $105.2 million at year-end 2012.

Cullen/Frost Bankers, Inc. will host a conference call on Wednesday, January 29, 2014 at 10 a.m. Central Time (CT) to discuss the results for the quarter and the year. The media and other interested parties are invited to access the call in a "listen only" mode at 800-944-6430. Digital playback of the conference call will be available after 12 p.m. CT until midnight Sunday, February 2, 2014 at 855-859-2056, with the Conference ID# of 43086322. The call will also be available by webcast on the company's website, frostbank.com, and available for playback after 2 p.m. CT. After entering the website, go to "About Frost" on the top navigation bar, then click on Investor Relations.

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $24.3 billion in assets at December 31, 2013. Among the top 50 largest U.S. banks and one of 24 banks included in the KBW Bank Index, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results




Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in the Corporation's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Corporation that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.


 


Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:




Local, regional, national and international economic conditions and the impact they may have on the Corporation and its customers and the Corporation's assessment of that impact.


Volatility and disruption in national and international financial markets.


Government intervention in the U.S. financial system.


Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.


Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.


The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.


Inflation, interest rate, securities market and monetary fluctuations.


The effects of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Corporation and its subsidiaries must comply.


The soundness of other financial institutions.


Political instability.


Impairment of the Corporation's goodwill or other intangible assets.


Acts of God or of war or terrorism.


The timely development and acceptance of new products and services and perceived overall value of these products and services by users.


Changes in consumer spending, borrowings and savings habits.


Changes in the financial performance and/or condition of the Corporation's borrowers.


Technological changes.


Acquisitions and integration of acquired businesses.


The ability to increase market share and control expenses.


The Corporation's ability to attract and retain qualified employees.


Changes in the competitive environment in the Corporation's markets and among banking organizations and other financial service providers.


The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.


Changes in the reliability of the Corporation's vendors, internal control systems or information systems.


Changes in the Corporation's liquidity position.


Changes in the Corporation's organization, compensation and benefit plans.


The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.


Greater than expected costs or difficulties related to the integration of new products and lines of business.


The Corporation's success at managing the risks involved in the foregoing items.

 

Forward-looking statements speak only as of the date on which such statements are made. The Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.


 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












2013


2012


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

CONDENSED INCOME STATEMENTS










Net interest income

$

159,208



$

155,353



$

153,181



$

152,813



$

154,405


Net interest income (1)

184,960



179,121



173,966



172,802



172,156


Provision for loan losses

5,899



5,108



3,575



6,000



4,125


Non-interest income:










Trust and investment management fees

24,237



22,692



22,561



21,885



20,543


Service charges on deposit accounts

20,602



20,742



20,044



20,044



21,162


Insurance commissions and fees

10,433



10,371



9,266



13,070



8,436


Interchange and debit card transaction fees

4,324



4,376



4,268



4,011



4,330


Other charges, commissions and fees

8,586



9,266



8,578



7,755



7,740


Net gain (loss) on securities transactions

1,179



(14)



6



5



4,435


Other

9,177



6,558



7,786



11,010



9,241


Total non-interest income

78,538



73,991



72,509



77,780



75,887












Non-interest expense:










Salaries and wages

72,201



68,524



66,502



66,465



67,442


Employee benefits

14,798



14,989



14,629



17,991



12,867


Net occupancy

12,750



13,094



12,645



11,979



11,772


Furniture and equipment

14,643



14,629



14,986



14,185



13,932


Deposit insurance

3,037



2,921



2,835



2,889



3,159


Intangible amortization

753



780



788



820



918


Other

36,333



36,886



37,373



41,485



35,977


Total non-interest expense

154,515



151,823



149,758



155,814



146,067


Income before income taxes

77,332



72,413



72,357



68,779



80,100


Income taxes

14,761



11,969



12,694



13,591



19,912


Net income

62,571



60,444



59,663



55,188



60,188


Preferred stock dividends

2,016



2,015



2,688



-



-


Net income available to common shareholders

$

60,555



$

58,429



$

56,975



$

55,188



$

60,188












PER COMMON SHARE DATA










Earnings per common share - basic

$

1.00



$

0.96



$

0.95



$

0.91



$

0.98


Earnings per common share - diluted

0.99



0.96



0.94



0.91



0.97


Cash dividends per common share

0.50



0.50



0.50



0.48



0.48


Book value per common share at end of quarter

39.13



38.63



37.91



38.33



39.32












OUTSTANDING COMMON SHARES










Period-end common shares

60,566



60,492



60,236



59,970



61,479


Weighted-average common shares - basic

60,461



60,340



60,011



60,593



61,382


Dilutive effect of stock compensation

846



866



664



581



339


Weighted-average common shares - diluted

61,307



61,206



60,675



61,174



61,721












SELECTED ANNUALIZED RATIOS










Return on average assets

1.02

%


1.01

%


1.03

%


1.01

%


1.09

%

Return on average common equity

10.21



10.07



9.93



9.49



9.84


Net interest income to average earning assets (1)

3.39



3.38



3.43



3.45



3.48












(1) Taxable-equivalent basis assuming a 35% tax rate

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)













2013


2012


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


4th Qtr

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$

9,348



$

9,251



$

9,207



$

9,109



$

8,868


Earning assets

21,864



21,199



20,468



20,415



20,138


Total assets

23,623



22,926



22,232



22,213



21,964


Non-interest-bearing demand deposits

8,002



7,738



7,452



7,431



7,690


Interest-bearing deposits

12,099



11,722



11,319



11,292



10,736


Total deposits

20,101



19,460



18,771



18,723



18,426


Shareholders' equity

2,497



2,447



2,445



2,431



2,433












Period-End Balance:










Loans

$

9,516



$

9,306



$

9,233



$

9,162



$

9,224


Earning assets

22,238



21,688



20,755



20,787



21,148


Goodwill and intangible assets

543



541



542



543



544


Total assets

24,313



23,530



22,572



22,498



23,124


Total deposits

20,689



19,979



19,078



19,044



19,497


Shareholders' equity

2,514



2,481



2,428



2,443



2,417


Adjusted shareholders' equity (1)

2,374



2,335



2,272



2,229



2,179












ASSET QUALITY










($ in thousands)










Allowance for loan losses:

$

92,438



$

93,147



$

93,400



$

93,589



$

104,453


As a percentage of period-end loans

0.97

%


1.00

%


1.01

%


1.02

%


1.13

%











Net charge-offs:

$

6,608



$

5,361



$

3,764



$

16,864



$

5,073


Annualized as a percentage of average loans

.28%


0.23

%


0.16

%


0.75

%


0.23

%











Non-performing assets:










Non-accrual loans

$

56,720



$

79,081



$

86,714



$

91,644



$

89,744


Restructured loans

1,137



8,243



1,900



1,613



-


Foreclosed assets

11,916



10,748



13,047



12,630



15,502


Total

$

69,773



$

98,072



$

101,661



$

105,887



$

105,246


As a percentage of:










Total loans and foreclosed assets

0.73

%


1.05

%


1.10

%


1.15

%


1.14

%

Total assets

0.29



0.42



0.45



0.47



0.46












CONSOLIDATED CAPITAL RATIOS










Tier 1 Risk-Based Capital Ratio

14.65

%


14.53

%


14.22

%


14.23

%


13.68

%

Total Risk-Based Capital Ratio

15.79



15.68



15.39



15.44



15.11


Leverage Ratio

8.49



8.61



8.60



8.42



8.28


Equity to Assets Ratio (period-end)

10.34



10.54



10.76



10.86



10.45


Equity to Assets Ratio (average)

10.57



10.67



11.00



10.94



11.08












(1) Shareholders' equity excluding accumulated other comprehensive income (loss).






















Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)












Year Ended December 31


2013


2012


2011


2010


2009

CONDENSED INCOME STATEMENTS




















Net interest income

$

620,555



$

604,861



$

581,776



$

563,459



$

536,679


Net interest income (1)

710,850



668,176



642,066



616,319



577,716


Provision for loan losses

20,582



10,080



27,445



43,611



65,392


Non-interest income:










Trust and investment management fees

91,375



83,317



78,297



72,321



69,933


Service charges on deposit accounts

81,432



83,392



86,125



91,025



96,525


Insurance commissions and fees

43,140



39,948



35,421



34,015



33,096


Interchange and debit card transaction fees

16,979



16,933



29,625



30,542



26,248


Other charges, commissions and fees

34,185



30,180



27,750



25,380



23,826


Net gain (loss) on securities transactions

1,176



4,314



6,414



6



(1,260)


Other

34,531



30,703



26,370



28,744



45,338


Total non-interest income

302,818



288,787



290,002



282,033



293,706












Non-interest expense:










Salaries and wages

273,692



258,752



252,028



239,589



230,643


Employee benefits

62,407



57,635



52,939



52,352



55,224


Net occupancy

50,468



48,975



46,968



46,166



44,188


Furniture and equipment

58,443



55,279



51,469



47,651



44,223


Deposit insurance

11,682



11,087



12,714



20,451



25,812


Intangible amortization

3,141



3,896



4,387



5,125



6,537


Other

152,077



139,469



137,593



124,207



125,611


Total non-interest expense

611,910



575,093



558,098



535,541



532,238


Income before income taxes

290,881



308,475



286,235



266,340



232,755


Income taxes

53,015



70,523



68,700



57,576



53,721


Net income

237,866



237,952



217,535



208,764



179,034


Preferred stock dividends

6,719



-



-



-



-


Net income available to common shareholders

231,147



237,952



217,535



$

208,764



$

179,034












PER COMMON SHARE DATA










Earnings per common share - basic

$

3.82



$

3.87



$

3.55



$

3.44



$

3.00


Earnings per common share - diluted

3.80



3.86



3.54



3.44



3.00


Cash dividends per common share

1.98



1.90



1.83



1.78



1.71


Book value per common share at end of quarter

39.13



39.32



37.27



33.74



31.55












OUTSTANDING COMMON SHARES










Period-end common shares

60,566



61,479



61,264



61,108



60,038


Weighted-average common shares - basic

60,350



61,298



61,101



60,411



59,456


Dilutive effect of stock compensation

766



345



177



175



58


Weighted-average common shares - diluted

61,116



61,643



61,278



60,586



59,514












SELECTED ANNUALIZED RATIOS










Return on average assets

1.02

%


1.14

%


1.17

%


1.21

%


1.14

%

Return on average common equity

9.93



10.03



10.01



10.30



9.78


Net interest income to average earning assets (1)

3.41



3.59



3.88



4.08



4.23












(1) Taxable-equivalent basis assuming a 35% tax rate

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)













Year Ended December 31


2013


2012


2011


2010


2009

BALANCE SHEET SUMMARY










($ in millions)










Average Balance:










Loans

$

9,230



$

8,457



$

8,043



$

8,125



$

8,653


Earning assets

20,991



19,016



16,769



15,333



13,804


Total assets

22,752



20,827



18,569



17,187



15,702


Non-interest-bearing demand deposits

7,658



7,022



5,739



5,024



4,259


Interest-bearing deposits

11,610



10,270



9,484



9,024



8,161


Total deposits

19,268



17,292



15,223



14,048



12,420


Shareholders' equity

2,455



2,373



2,172



2,028



1,831












Period-End Balance:










Loans

$

9,516



$

9,224



$

7,995



$

8,117



$

8,368


Earning assets

22,238



21,148



18,498



15,806



14,437


Goodwill and intangible assets

543



544



539



542



547


Total assets

24,313



23,124



20,317



17,617



16,288


Total deposits

20,689



19,497



16,757



14,479



13,313


Shareholders' equity

2,514



2,417



2,284



2,062



1,894


Adjusted shareholders' equity (1)

2,374



2,179



2,036



1,907



1,740












ASSET QUALITY










($ in thousands)










Allowance for loan losses:

$

92,438



$

104,453



$

110,147



$

126,316



$

125,309


As a percentage of period-end loans

0.97

%


1.13

%


1.38

%


1.56

%


1.50

%











Net charge-offs:

$

32,597



$

15,774



$

43,614



$

42,604



$

50,327


Annualized as a percentage of average loans

0.35

%


0.19

%


0.54

%


0.52

%


0.58

%











Non-performing assets:










Non-accrual loans

$

56,720



$

89,744



$

94,338



$

137,140



$

146,867


Restructured loans

1,137



-



-



-



-


Foreclosed assets

11,916



15,502



26,608



27,810



33,312


Total

$

69,773



$

105,246



$

120,946



$

164,950



$

180,179


As a percentage of:










Total loans and foreclosed assets

0.73

%


1.14

%


1.51

%


2.03

%


2.14

%

Total assets

0.29



0.46



0.60



0.94



1.11












CONSOLIDATED CAPITAL RATIOS










Tier 1 Risk-Based Capital Ratio

14.65

%


13.68

%


14.38

%


13.82

%


11.91

%

Total Risk-Based Capital Ratio

15.79



15.11



16.24



15.91



14.19


Leverage Ratio

8.49



8.28



8.66



8.68



8.50


Equity to Assets Ratio (period-end)

10.34



10.45



11.24



11.70



11.63


Equity to Assets Ratio (average)

10.79



11.39



11.70



11.80



11.66












(1) Shareholders' equity excluding accumulated other comprehensive income (loss).

























Greg Parker
Investor Relations
210/220-5632
or
Renee Sabel
Media Relations
210/220-5416

SOURCE Cullen/Frost Bankers, Inc.



RELATED LINKS
http://www.frostbank.com

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