PVR Partners Announces Fourth Quarter And Full Year 2013 Results

RADNOR, Pa., Feb. 13, 2014 /PRNewswire/ -- PVR Partners, L.P. (NYSE: PVR) ("PVR") today reported financial and operational results for the three months and the full year ended December 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20110224/PH54022LOGO)

Full Year 2013 Results

Full year 2013 highlights and results, with comparisons to full year 2012 results, included the following:

  • Adjusted EBITDA of $314.5 million as compared to $239.0 million.
  • Distributable cash flow ("DCF") of $199.5 million as compared to $146.0 million.
  • Average daily natural gas throughput volumes of 1.8 billion cubic feet per day ("Bcfd") as compared to 1.0 Bcfd.
  • Coal royalty tons of 25.1 million as compared to 30.2 million.

Adjusted EBITDA and distributable cash flow are not Generally Accepted Accounting Principles ("GAAP") measures.  Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.

Fourth Quarter Results

Fourth quarter 2013 highlights and results, with comparisons to fourth quarter 2012 results ("last year") and the third quarter of 2013 ("last quarter"), included the following:

  • Adjusted EBITDA of $82.4 million as compared to $67.8 million last year and $79.9 million last quarter.
  • DCF of $51.1 million as compared to $40.7 million last year and $49.5 million last quarter.
  • Average daily natural gas throughput volumes of 2.0 Bcfd as compared to 1.4 Bcfd last year and 1.8 Bcfd last quarter.
  • Coal royalty tons of 6.1 million as compared to 6.6 million last year and 5.7 million last quarter.

Quarterly Distribution

As previously announced, the Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on February 13, 2014 to common unitholders of record at the close of business on February 7, 2014.

Management Comment

"PVR's fourth quarter financial and operating results were in line with our expectations," said Bill Shea, President and CEO of PVR's general partner.  "Adjusted EBITDA for the quarter increased by 21.5% from the fourth quarter of 2012, with the gain driven by new business and additional well connections in our Eastern Midstream segment."

Eastern Midstream Segment

The Eastern Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:

  • Adjusted EBITDA of $49.9 million as compared to $33.1 million last year and $43.5 million last quarter.
  • Quarterly average throughput volumes of 1.6 Bcfd, as compared to 1.0 Bcfd last year and 1.4 Bcfd last quarter.  The volume increase reflected the continuing growth of business on PVR's gathering and trunkline systems and completion of internal growth projects.

Midcontinent Midstream Segment

The Midcontinent Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:

  • Adjusted EBITDA of $14.7 million as compared to $14.2 million last year and $17.1 million last quarter.
  • Quarterly average throughput volumes of 361 million cubic feet per day ("MMcfd"), as compared to 421 MMcfd last year and 381 MMcfd last quarter.  Throughput volumes in the fourth quarter of 2013 were negatively impacted primarily by weather conditions.

Coal and Natural Resource Management Segment

The Coal and Natural Resource Management Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and third quarter 2013 results, as follows:

  • Adjusted EBITDA of $17.8 million as compared to $20.5 million last year and $19.3 million last quarter.  The variances were due to both volume and realized prices received.
  • Coal royalty tons of 6.1 million tons, as compared to 6.6 million tons last year and 5.7 million tons last quarter.
  • Coal royalties revenue of $21.1 million, or $3.45 per ton, as compared to $23.0 million, or $3.47 per ton last year and $20.8 million or $3.66 per ton last quarter.

Capital Investment and Resources

We invested $60.5 million on internal growth projects in our midstream businesses during the fourth quarter of 2013, of which $51.2 million was invested in the Eastern Midstream Segment.  Full year 2013 internal growth project investment totaled $338.4 million, including $286.2 million in the Eastern Midstream Segment.

In September and October of 2013, we issued a total of 6.1 million common units, including the over allotment exercise by the underwriter, representing limited partner interests in PVR in a registered public offering. Total net proceeds were approximately $138.0 million, after deducting estimated fees and expenses and underwriting discounts and commissions.  In December 2013, we redeemed $127.4 million of our 8.375% Senior Notes.  As a result of this redemption, we incurred a charge of $13.7 million related to the call premium and the write-off of unamortized debt issuance costs.

As of December 31, 2013, we had borrowings of $562.5 million under our $1.0 billion revolving credit facility.

Fourth Quarter / Full Year 2013 Financial and Operational Results Conference Call

A conference call and webcast, during which management will discuss full year and fourth quarter 2013 financial and operational results, is scheduled for Thursday, February 13, 2014 at 11:00 a.m. Eastern Time.  Prepared remarks by members of company management will be followed by a question and answer period.  Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=98002 or by logging on using the link posted on our website, www.pvrpartners.com.  Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international: 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners' call).  An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call.  A telephonic replay of the call will be available through February 20 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10040867.

******

PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties.  Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers.  Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments.  More information about PVR is available on our website at www.pvrpartners.com.

******

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).  Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business.  Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

******

This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties.  Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q.  Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:  

Stephen R. Milbourne


Director - Investor Relations


Phone: 610-975-8204


E-Mail: invest@pvrpartners.com

 

 

PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited

(in thousands, except per unit data)






























Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012

Revenues







     Natural gas 


$      91,396


$      99,462


$    374,226


$    315,242

     Natural gas liquids


115,058


108,377


413,621


424,538

     Gathering fees


31,640


19,736


105,115


53,831

     Trunkline  fees


28,704


18,609


98,847


47,002

     Coal royalties


21,085


22,983


88,075


114,133

     Gain on sale of assets


-


-


-


31,292

     Other 


3,763


411


37,602


21,716

Total revenues


291,646


269,578


1,117,486


1,007,754










Expenses









     Cost of gas purchased


177,133


176,802


666,239


630,345

     Operating


17,951


20,786


67,977


68,316

     General and administrative


14,149


12,878


54,508


47,452

     Merger and acquisition costs


8,138


-


8,138


14,049

     Impairments


-


-


-


124,845

     Depreciation, depletion and amortization


49,909


43,043


187,941


127,344

Total expenses


267,280


253,509


984,803


1,012,351










Operating income (loss)


24,366


16,069


132,683


(4,597)










Other income (expense)









     Interest expense


(27,886)


(23,157)


(106,248)


(68,773)

     Loss on extinguishment of debt


(13,703)


-


(13,703)


-

     Derivatives


(510)


90


(1,070)


2,291

     Interest income and other


94


128


1,332


457

Net income (loss) 


$    (17,639)


$      (6,870)


$      12,994


$    (70,622)



















Earnings (loss) per common unit, basic 


$        (0.35)


$        (0.30)


$        (0.83)


$        (1.43)

Earnings (loss) per common unit, diluted


$        (0.37)


$        (0.30)


$        (0.83)


$        (1.43)










Weighted average number of common units outstanding, basic


108,268


93,333


99,304


86,222

Weighted average number of common units outstanding, diluted 


112,429


93,333


99,304


86,222










Weighted average number of Class B units outstanding


24,094


22,149


23,372


13,630

Weighted average number of Special units outstanding


4,161


10,346


8,787


6,473



















Other data by segment:


















Eastern Midstream:









Gathered volumes (MMcfd)


776


562


649


389

Trunkline volumes (MMcfd) (1)


820


405


742


197

Midcontinent Midstream:









Daily throughput volumes (MMcfd) 


361


421


379


432

Coal and Natural Resource Management:









Coal royalty tons (in thousands)


6,119


6,630


25,142


30,214










(1) Trunkline volumes include a significant portion of gathered volumes.




 

PVR PARTNERS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited

(in thousands)












December 31,


December 31,







2013


2012














Assets









     Cash and cash equivalents


$           7,298


$         14,713





     Accounts receivable


147,978


133,546





     Assets held for sale


-


11,450





     Other current assets


6,821


5,446





         Total current assets


162,097


165,155





     Property, plant and equipment, net


2,189,278


1,989,346





     Other long-term assets


774,295


844,208





          Total assets


$    3,125,670


$    2,998,709














Liabilities and Partners' Capital









     Accounts payable and accrued liabilities


$       142,225


$       197,034





     Deferred income


6,214


3,788





         Total current liabilities


148,439


200,822





     Other long-term liabilities


30,595


35,468





     Senior notes 


1,172,600


900,000





     Revolving credit facility


562,500


590,000





     Partners' capital


1,211,536


1,272,419





          Total liabilities and partners' capital


$    3,125,670


$    2,998,709














CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited

(in thousands)












Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012

Cash flows from operating activities





     Net income (loss)


$        (17,639)


$          (6,870)


$         12,994


$        (70,622)

     Adjustments to reconcile net income (loss) to









          net cash provided by operating activities:









     Loss on extinguishment of debt


13,703


-


13,703


-

     Gain on sale of assets


-


-


(14,302)


(31,292)

     Depreciation, depletion and amortization


49,909


43,043


187,941


127,344

     Impairments


-


-


-


124,845

     Commodity derivative contracts:









     Total derivative losses (gains) included in net income


510


(90)


1,070


(2,291)

     Cash receipts (payments) to settle derivatives for the period


(453)


(1,701)


(766)


(10,279)

     Non-cash interest expense


1,907


1,607


7,306


5,824

     Non-cash unit-based compensation


803


(215)


4,159


4,428

     Equity earnings, net of distributions received


2,007


11,166


7,642


11,308

     Other


(101)


(103)


(3,460)


(1,032)

     Changes in operating assets and liabilities


(26,313)


(36,368)


(12,841)


(12,972)

Net cash provided by operating activities


24,333


10,469


203,446


145,261










Cash flows from investing activities









Acquisitions


-


-


(2,334)


(850,156)

Additions to property, plant and equipment


(69,348)


(163,926)


(413,451)


(512,375)

Joint venture capital contributions


(5,100)


(15,300)


(15,800)


(37,200)

Proceeds from sale of assets


-


-


70,592


62,271

Other


412


378


2,530


1,286

Net cash used in investing activities


(74,036)


(178,848)


(358,463)


(1,336,174)










Cash flows from financing activities









Distributions to partners


(56,140)


(47,740)


(214,442)


(176,256)

Net proceeds from equity offering


13,401


165,705


138,044


743,448

Proceeds from issuance of senior notes


-


-


400,000


600,000

Payment to extinguish debt


(138,070)


-


(138,070)


-

Repayments (proceeds) from borrowings, net


230,000


55,000


(27,500)


49,000

Cash paid for debt issuance costs


(77)


-


(9,772)


(19,206)

Other


(14)


-


(658)


-

Net cash provided by financing activities


49,100


172,965


147,602


1,196,986










Net increase (decrease) in cash and cash equivalents


(603)


4,586


(7,415)


6,073

Cash and cash equivalents - beginning of period


7,901


10,127


14,713


8,640

Cash and cash equivalents - end of period


$           7,298


$         14,713


$           7,298


$         14,713

 












PVR PARTNERS, L.P.


CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited


(in thousands)














Three Months Ended


Year Ended




December 31,


December 31,




2013


2012


2013


2012


Reconciliation of Non-GAAP "Total Segment Adjusted EBITDA" to GAAP "Net income (loss)":


















Segment Adjusted EBITDA (a):










Eastern Midstream


$      49,931


$      33,104


$    169,227


$      82,164


Midcontinent Midstream


14,650


14,167


62,383


52,168


Coal and Natural Resource Management


17,832


20,541


82,850


104,717


Total segment adjusted EBITDA


$      82,413


$      67,812


$    314,460


$    239,049


Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss)










Depreciation, depletion and amortization


(49,909)


(43,043)


(187,941)


(127,344)


Impairments on PP&E and equity investments


-


(8,700)


-


(133,545)


Merger and acquisition costs


(8,138)


-


(8,138)


(14,049)


Gain on sale of assets


-


-


14,302


31,292


Interest expense


(27,886)


(23,157)


(106,248)


(68,773)


Loss on extinguishment of debt


(13,703)


-


(13,703)


-


Derivatives


(510)


90


(1,070)


2,291


Other


94


128


1,332


457


Net income (loss)


$    (17,639)


$      (6,870)


$      12,994


$    (70,622)












Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Distributable cash flow":










Net income (loss)


$    (17,639)


$      (6,870)


$      12,994


$    (70,622)


Depreciation, depletion and amortization


49,909


43,043


187,941


127,344


Impairments on PP&E and equity investments


-


8,700


-


133,545


Merger and acquisition costs


8,138


-


8,138


14,049


Gain on sale of assets


-


-


(14,302)


(31,292)


Loss on extinguishment of debt


13,703


-


13,703


-


Derivative contracts:










  Derivative (gains) losses included in net income


510


(90)


1,070


(2,291)


  Cash payments to settle derivatives for the period


(453)


(1,701)


(766)


(10,279)


Equity earnings from joint ventures, net of distributions 


2,007


2,466


7,642


2,608


Maintenance capital expenditures


(5,047)


(4,821)


(16,905)


(17,018)












Distributable cash flow (b)


$      51,128


$      40,727


$    199,515


$    146,044












Distribution to Partners:




















Total cash distribution paid during the period


$      56,140


$      47,740


$    214,442


$    176,256












Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Net income as adjusted":










Net income (loss)


$    (17,639)


$      (6,870)


$      12,994


$    (70,622)


Impairments on PP&E and equity investments 


-


8,700


-


133,545


Acquisition related costs


8,138


-


8,138


14,049


Gain on sale of assets


-


-


(14,302)


(31,292)


Loss from extinguishment of debt


13,703


-


13,703


-


Adjustments for derivatives:










Derivative (gains) losses included in net income


510


(90)


1,070


(2,291)


Cash payments to settle derivatives for the period


(453)


(1,701)


(766)


(10,279)












Net income, as adjusted (c)


$        4,259


$             39


$      20,837


$      33,110











(a) 

Segment Adjusted EBITDA, or earnings before interest, tax and depreciation, depletion and amortization ("DD&A"), represents net income plus DD&A, plus impairments, plus merger and acquisition costs, minus gain on sale of assets, plus interest expense, plus loss on extinguishment of debt, (plus) minus derivative (losses) gains and minus other items included in net income.  We believe EBITDA or a version of Adjusted EBITDA is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream and coal industries. We use this information for comparative purposes within the industry.  Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.



(b) 

Distributable cash flow represents net income (loss) plus DD&A, plus impairments, plus merger and acquisition costs, minus gain on sale of assets, plus loss on extinguishment of debt, plus (minus) derivative losses (gains) included in net income, plus (minus) cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital expenditures.  At management's discretion, a fixed amount of $1.8 million per quarter in 2013 and $1.3 million per quarter in 2012 has been included in maintenance capital for well connects. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows, as a measure of liquidity or as an alternative to net income. For comparative purposes, prior year amounts exclude replacement capital expenditures.



(c) 

Net income, as adjusted, represents net income adjusted to exclude the effects of non-cash  impairment charges, one-time charges related to merger and acquisition costs,  minus gain on sale of assets, plus loss from extinguishment of debt, and changes in the fair value of derivatives. We believe this presentation is commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the natural gas midstream industry. We use this information for comparative purposes within the industry. Net income, as adjusted, is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income.

PVR PARTNERS, L.P.

QUARTERLY SEGMENT INFORMATION - unaudited

(in thousands)












Eastern Midstream



Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012

Revenues









     Gathering fees


$          30,999


$          18,659


$       102,161


$         46,975

     Trunkline fees


28,704


18,608


98,847


47,002

     Other


(540)


2,686


(791)


5,373

        Total revenues


59,163


39,953


200,217


99,350

Expenses









     Operating 


3,128


3,121


11,173


7,332

     General and administrative


6,104


3,728


19,817


9,854

     Merger and acquisition costs


2,713


-


2,713


14,049

     Depreciation, depletion and amortization


26,512


20,391


97,973


42,713

       Total expenses


38,457


27,240


131,676


73,948










Operating income 


$          20,706


$          12,713


$         68,541


$         25,402





















Midcontinent Midstream



Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012

Revenues









     Natural gas


$          91,396


$          99,462


$       374,226


$       315,242

     Natural gas liquids


115,058


108,377


413,621


424,538

     Gathering fees


641


1,078


2,954


6,856

     Gain on sale of plant


-


-


-


31,292

     Other (1)


181


(8,247)


16,364


(6,205)

        Total revenues


207,276


200,670


807,165


771,723

Expenses









     Cost of gas purchased


177,133


176,802


666,239


630,345

     Operating 


10,922


12,567


43,441


44,209

     General and administrative


4,571


5,834


20,800


22,409

     Merger and acquisition costs


2,713


-


2,713


-

     Impairments


-


-


-


124,845

     Depreciation, depletion and amortization


16,130


14,609


61,809


51,829

       Total expenses


211,469


209,812


795,002


873,637










Operating income (loss) 


$          (4,193)


$          (9,142)


$         12,163


$      (101,914)





























Coal and Natural Resource Management



Three Months Ended


Year Ended



December 31,


December 31,



2013


2012


2013


2012

Revenues









     Coal royalties


$          21,085


$          22,983


$         88,075


$       114,133

     Coal services


146


1,038


2,698


5,621

     Timber


1,176


1,620


5,644


5,904

     Oil and gas royalties


1,165


691


3,410


2,856

     Other


1,635


2,623


10,277


8,167

        Total revenues


25,207


28,955


110,104


136,681

Expenses









     Operating 


3,901


5,098


13,363


16,775

     General and administrative


3,474


3,316


13,891


15,189

     Merger and acquisition costs


2,712


-


2,712


-

     Depreciation, depletion and amortization


7,267


8,043


28,159


32,802

       Total expenses


17,354


16,457


58,125


64,766










Operating income


$            7,853


$          12,498


$         51,979


$         71,915










(1) Includes a $14.3 million third quarter 2013 gain on sale of assets and a $8.7 million impairment charge related to an equity investment in the fourth quarter of 2012.










 


PVR PARTNERS, L.P.


OPERATING STATISTICS


($ Amounts in 000s)








Three Months Ended


 Year Ended


December 31,


 December 31,


2013


2012


2013


2012

EASTERN MIDSTREAM
















Volumes (MMcfd)








Lycoming Trunkline

303


200


318


146

Wyoming Trunkline

517


205


424


51

Total Trunkline Volume

820


405


742


197









Lycoming Gathering

286


246


249


170

Wyoming Gathering

308


205


225


154

East Lycoming Gathering

122


92


117


53

Bradford Gathering

52


15


50


9

Preston Gathering

1


-


-


-

Greene Gathering

7


4


8


3

Total Gathering

776


562


649


389

Total Throughput

1,596


967


1,391


586









Total Trunkline Fees

$         28,704


$         18,608


$         98,847


$         47,002

Total Gathering Fees

$         30,999


$         18,659


$       102,161


$         46,975









Trunkline Fees / Mcf

$            0.38


$            0.50


$            0.36


$            0.65

Gathering Fees / Mcf

$            0.43


$            0.36


$            0.43


$            0.33









 

MIDCONTINENT MIDSTREAM
















Volumes (MMcfd)








Panhandle System

310


369


327


354

Crossroads System (1)

-


-


-


27

Crescent System

29


28


29


25

Hamlin System

6


6


6


7

Total Processing Systems

345


403


362


413









Arkoma System

8


9


9


9

North Texas System

8


9


8


10

Total Gathering Only Systems

16


18


17


19









Total All Systems

361


421


379


432









Total Gathering and Processing Fees, Net(2)

$         29,962


$         32,115


$       124,562


$       116,291









Fees Per Mcf

$            0.90


$            0.83


$            0.90


$            0.74









(1) Crossroads System was sold July 3, 2012








(2) Processing fees include revenues from natural gas,  natural gas liquids and gathering fees less cost of gas purchased









COAL PRODUCTION
















Coal royalty tons by region (000s)








Central Appalachia

2,251


2,830


10,261


13,920

Northern Appalachia

938


1,093


3,320


4,004

Illinois Basin

629


782


2,382


3,682

San Juan Basin

2,301


1,925


9,179


8,608

Total Tons

6,119


6,630


25,142


30,214









Total Coal Royalties

$         21,085


$         22,983


$         88,075


$       114,133









Average Coal Royalty per ton

$            3.45


$            3.47


$            3.50


$            3.78

 

SOURCE PVR Partners, L.P.



RELATED LINKS
http://www.pvrpartners.com

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