Gas Natural Inc. Reports Record Net Income for 2013 First Quarter
- Customer growth in Maine and North Carolina, along with colder weather in Ohio fuels nearly 46% net income growth to a record $4.8 million for the first quarter
- Generated $11.1 million in cash from operations, a 32% increase from the prior-year period
MENTOR, Ohio, May 15, 2013 /PRNewswire/ -- Gas Natural Inc. (NYSE MKT: EGAS) ("Gas Natural" or the "Company"), a holding company operating local distributing companies serving approximately 73,000 customers in seven states, reported financial results for the first quarter ended March 31, 2013.
Consolidated net income was $4.8 million, or $0.57 per diluted share, a record for the first quarter, compared with net income of $3.3 million, or $0.40 per diluted share, for the quarter ended March 31, 2012. The $1.5 million increase reflects the expanded customer base in the Company's targeted growth utility markets and the effect of colder weather in a number of service territories, most notably in Ohio.
Richard M. Osborne, Gas Natural's chairman and chief executive officer commented, "We had a very strong first quarter which reflects the successful execution of our natural gas expansion strategy, particularly in our North Carolina and Maine markets. While we also benefited from colder temperatures in most of our service territories, we continue to look for operational efficiencies in each of our markets and make targeted investments to further penetrate and grow our natural gas utility operations."
Natural Gas Operations Segment
The Company annually distributes over 33 billion cubic feet of natural gas to approximately 69,000 customers through regulated utilities operating in Kentucky, Maine, Montana, North Carolina, Ohio, Pennsylvania, and Wyoming.
Natural Gas Operations Income Statement |
|||||||
Quarter Ended March 31, |
|||||||
($ in thousands) |
2013 |
2012 |
|||||
Natural Gas Operations |
|||||||
Operating revenue |
$ 39,945 |
$ 29,848 |
|||||
Gas Purchased |
24,116 |
17,237 |
|||||
Gross Margin |
15,829 |
12,611 |
|||||
Operating expenses |
7,577 |
6,729 |
|||||
Operating income |
8,252 |
5,882 |
|||||
Other income |
39 |
114 |
|||||
Income before interest and taxes |
8,291 |
5,996 |
|||||
Interest expense |
(718) |
(637) |
|||||
Income before income taxes |
7,573 |
5,359 |
|||||
Income tax expense |
(2,861) |
(2,006) |
|||||
Net Income |
$ 4,712 |
$ 3,353 |
The Natural Gas Operations segment reported strong year-over-year net income growth. The Company's Maine, North Carolina and Ohio service territories drove the gross margin increase of
$3.2 million to $15.8 million for the quarter from the prior-year period. Full service distribution volumes delivered increased to 4.27 billion cubic feet in the quarter from 3.50 billion cubic feet in the prior-year period due to increased volume in the North Carolina and Maine markets and colder weather in a number of the Company's service territories.
First quarter operating expenses increased by $848,000 to $7.6 million due to additional operating expenses related to the acquisition of Public Gas Company and higher distribution, general and administrative expenses.
Operating income as a percent of gross margin was 52.1% in the first quarter of 2013 compared with 46.6% in the prior year, a 550 basis point increase.
Other Operating Segments
The Marketing and Production segment reported net income of $248,000 for the first quarter of 2013, an increase of $153,000 from the prior-year period. The increase was primarily due to higher income from the Company's LNG business.
The Pipeline Operations segment contributed net income of $27,000 for the first quarter which was a decrease of $11,000 from the 2012 first quarter.
The Propane Operations segment reported a net loss of $19,000 for first quarter of 2013, an improvement from the prior year loss of $95,000 due to improved gross margin on propane sales.
Balance Sheet and Cash Management
Cash and cash equivalents as of March 31, 2013 were $2.8 million, down from the 2012 year-end balance of $3.4 million.
Cash provided by operating activities in the first quarter of 2013 increased by $2.7 million, or 31.9%, to $11.1 million compared with the prior year first quarter. The change reflects an increase in net income and a net reduction of working capital requirements.
Capital expenditures for the first quarter ended March 31, 2013 totaled $3.4 million compared with
$4.4 million in the prior-year period, and was focused on the growth of the Company's Natural Gas Operations segment, including expansion, maintenance, and enhancement of its gas pipeline systems. Capital expenditures for 2013 are expected to be approximately $10 million.
The Company maintains two revolving credit facilities with $18.3 million in use at March 31, 2013 compared with $24.3 million at the end of 2012. Long-term debt was $44.2 million at the end the first quarter, relatively consistent with the 2012 year-end balance.
About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells natural gas to end-use residential, commercial, and industrial customers. It distributes approximately 33 billion cubic feet of natural gas to approximately 69,000 customers through regulated utilities operating in Montana, Wyoming, Ohio, Pennsylvania, Maine, North Carolina and Kentucky. The Company's other operations include interstate pipeline, natural gas production, natural gas marketing and propane to 4,000 customers. The Company's Montana public utility was originally incorporated in 1909. Its strategy for growth is to expand throughput in the Maine and North Carolina markets while looking for acquisitions that are either adjacent to its existing utilities or in under saturated markets.
The Company's toll-free number is 800-570-5688. Gas Natural Inc. regularly posts information on its website at www.egas.net.
Safe Harbor Regarding Forward-Looking Statements
The Company is including the following cautionary statement in this release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, Gas Natural Inc. Forward-looking statements are all statements other than statements of historical fact, including, without limitation, those that are identified by the use of the words "anticipates," "estimates," "expects," "intends," "plans," "predicts," "believes" and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company's business generally include but are not limited to the Company's ability to successfully integrate the operations of the companies it has recently acquired and consummate additional acquisitions, the Company's continued ability to make dividend payments, the Company's ability to implement its business plan, fluctuating energy commodity prices, the possibility that regulators may not permit the Company to pass through all of its increased costs to its customers, changes in the utility regulatory environment, wholesale and retail competition, the Company's ability to satisfy its debt obligations, including compliance with financial covenants, weather conditions, litigation risks, and various other matters, many of which are beyond the Company's control, the risk factors and cautionary statements made in the Company's public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Gas Natural Inc. expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Gas Natural Inc.'s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For more information contact: |
|
Gas Natural Inc. |
Investor Relations: Kei Advisors LLC |
Thomas J. Smith, Chief Financial Officer |
Deborah K. Pawlowski |
Phone: (440) 974-3770 |
Phone: (716) 843-3908 |
Email: [email protected] |
Email: [email protected] |
FINANCIAL TABLES FOLLOW
Gas Natural Inc. and Subsidiaries |
|||||||
Three Months Ended |
|||||||
March 31, 2013 |
March 31, 2012 |
||||||
REVENUE |
|||||||
Natural gas operations |
$ 39,944,662 |
$ 29,848,085 |
|||||
Marketing and production |
3,571,779 |
1,907,094 |
|||||
Pipeline operations |
98,287 |
107,784 |
|||||
Propane operations |
1,702,574 |
1,909,158 |
|||||
Total revenues |
45,317,302 |
33,772,121 |
|||||
COST OF SALES |
|||||||
Natural gas purchased |
24,116,421 |
17,236,894 |
|||||
Marketing and production |
2,860,035 |
1,395,416 |
|||||
Propane purchased |
1,153,641 |
1,431,269 |
|||||
Total cost of sales |
28,130,097 |
20,063,579 |
|||||
GROSS MARGIN |
17,187,205 |
13,708,542 |
|||||
OPERATING EXPENSES |
|||||||
Distribution, general, and administrative |
5,674,987 |
5,212,920 |
|||||
Maintenance |
368,679 |
296,235 |
|||||
Depreciation and amortization |
1,495,833 |
1,243,344 |
|||||
Accretion |
42,607 |
38,080 |
|||||
Taxes other than income |
929,804 |
937,490 |
|||||
Total operating expenses |
8,511,910 |
7,728,069 |
|||||
OPERATING INCOME |
8,675,295 |
5,980,473 |
|||||
LOSS FROM UNCONSOLIDATED AFFILIATE |
(1,080) |
(2,741) |
|||||
OTHER INCOME, net |
7,869 |
46,670 |
|||||
ACQUISITION EXPENSE |
(175,879) |
(118,723) |
|||||
INTEREST EXPENSE |
(809,556) |
(664,069) |
|||||
INCOME BEFORE INCOME TAXES |
7,696,649 |
3,282,847 |
|||||
INCOME TAX EXPENSE |
(2,908,926) |
(1,958,763) |
|||||
NET INCOME |
4,787,723 |
3,282,847 |
|||||
EARNINGS PER SHARE - BASIC AND DILUTED |
$ 0.57 |
$ 0.40 |
|||||
WEIGHTED AVERAGE DIVIDENDS DECLARED PER COMMON SHARE |
$ 0.135 |
$ 0.135 |
|||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
8,384,863 |
8,154,734 |
|||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
8,385,644 |
8,162,957 |
|||||
OTHER COMPREHENSIVE INCOME, NET OF TAX OF $1,894 and $5,480, respectively |
|||||||
Unrealized gain on available for sale securities |
2,565 |
9,146 |
|||||
COMPREHENSIVE INCOME |
$ 4,790,288 |
$ 3,291,993 |
Gas Natural Inc. and Subsidiaries |
|||
March 31, |
December 31, |
||
ASSETS |
2013 |
2012 |
|
CURRENT ASSETS |
|||
Cash and cash equivalents |
$ 2,791,739 |
$ 3,435,117 |
|
Marketable securities |
348,525 |
344,346 |
|
Accounts receivable |
|||
Trade, less allowance for doubtful accounts of |
|||
$1,428,317 and $1,389,762, respectively |
12,946,479 |
11,933,201 |
|
Related parties |
153,383 |
522,557 |
|
Unbilled gas |
4,458,200 |
4,612,258 |
|
Note receivable - related parties, current portion |
12,976 |
12,615 |
|
Inventory |
|||
Natural gas and propane |
842,893 |
5,092,240 |
|
Materials and supplies |
1,934,660 |
1,835,816 |
|
Prepaid income taxes |
449,369 |
498,297 |
|
Prepayments and other |
1,975,078 |
2,224,267 |
|
Recoverable cost of gas purchases |
4,033,859 |
2,329,524 |
|
Deferred tax asset |
828,730 |
828,730 |
|
Total current assets |
30,775,891 |
33,668,968 |
|
PROPERTY, PLANT AND EQUIPMENT |
|||
Property, plant and equipment |
168,844,488 |
165,662,163 |
|
Less accumulated depreciation, depletion and amortization |
(48,414,865) |
(47,034,673) |
|
PROPERTY, PLANT AND EQUIPMENT, net |
120,429,623 |
118,627,490 |
|
OTHER ASSETS |
|||
Notes receivable - related parties, less current portion |
119,321 |
122,650 |
|
Regulatory assets |
|||
Property taxes |
237,049 |
307,732 |
|
Income taxes |
452,645 |
452,645 |
|
Rate case costs |
172,085 |
176,250 |
|
Debt issuance costs, net |
1,701,307 |
1,798,720 |
|
Goodwill |
14,891,377 |
14,891,377 |
|
Customer relationships |
610,792 |
616,500 |
|
Investment in unconsolidated affiliate |
320,651 |
321,731 |
|
Restricted cash |
2,826,309 |
3,150,847 |
|
Other assets |
1,862,715 |
328,549 |
|
Total other assets |
23,194,251 |
22,167,001 |
|
TOTAL ASSETS |
$ 174,399,765 |
$ 174,463,459 |
Gas Natural Inc. and Subsidiaries |
|||
March 31, |
December 31, |
||
LIABILITIES AND CAPITALIZATION |
2013 |
2012 |
|
CURRENT LIABILITIES |
|||
Checks in excess of amounts on deposit |
$ 845,468 |
$ 720,340 |
|
Lines of credit |
18,329,755 |
24,260,755 |
|
Accounts payable |
|||
Trade |
9,796,294 |
9,201,722 |
|
Related parties |
127,546 |
51,797 |
|
Notes payable, current portion |
633,646 |
633,498 |
|
Accrued liabilities |
|||
Taxes other than income |
2,267,622 |
2,548,717 |
|
Vacation |
112,578 |
115,956 |
|
Employee benefit plans |
213,092 |
145,959 |
|
Interest |
352,848 |
191,263 |
|
Deferred payments received from levelized billing |
1,677,691 |
2,822,926 |
|
Customer deposits |
736,141 |
744,974 |
|
Related parties |
550,960 |
595,240 |
|
Obligation under capital lease - current |
167,518 |
167,518 |
|
Other current liabilities |
1,008,415 |
729,550 |
|
Over-recovered gas purchases |
612,943 |
1,185,034 |
|
Total current liabilities |
37,432,517 |
44,115,249 |
|
LONG-TERM LIABILITIES |
|||
Deferred investment tax credits |
150,051 |
155,317 |
|
Deferred tax liability |
8,032,328 |
5,144,002 |
|
Asset retirement obligation |
1,892,986 |
1,850,379 |
|
Customer advances for construction |
1,029,900 |
1,009,232 |
|
Regulatory liability for income taxes |
83,161 |
83,161 |
|
Regulatory liability for gas costs |
2,661 |
20,745 |
|
Long-term obligation under capital lease, less current portion |
2,040,508 |
2,040,508 |
|
Total long-term liabilities |
13,231,595 |
10,303,344 |
|
NOTES PAYABLE, less current portion |
43,573,552 |
43,700,742 |
|
STOCKHOLDERS' EQUITY |
|||
Preferred stock; $0.15 par value, 1,500,000 shares authorized, |
|||
no shares issued or outstanding |
- |
- |
|
Common stock; $0.15 par value, 15,000,000 shares authorized, |
|||
8,389,752 and 8,369,752 shares issued and |
|||
outstanding, respectively |
1,258,463 |
1,255,463 |
|
Capital in excess of par value |
44,413,800 |
44,256,493 |
|
Accumulated other comprehensive income |
68,354 |
65,789 |
|
Retained earnings |
34,421,484 |
30,766,379 |
|
Total stockholders' equity |
80,162,101 |
76,344,124 |
|
TOTAL CAPITALIZATION |
123,735,653 |
120,044,866 |
|
TOTAL LIABILITIES AND CAPITALIZATION |
$ 174,399,765 |
$ 174,463,459 |
Gas Natural Inc. and Subsidiaries |
|||
2013 |
2012 |
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||
Net income |
$ 4,787,723 |
$ 3,282,847 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|||
Depreciation and amortization |
1,495,833 |
1,243,344 |
|
Accretion |
42,607 |
38,080 |
|
Amortization of debt issuance costs |
104,065 |
77,022 |
|
Stock based compensation |
807 |
14,993 |
|
Loss on sale of fixed assets |
29,121 |
7,747 |
|
Loss from unconsolidated affiliate |
1,080 |
2,741 |
|
Investment tax credit |
(5,265) |
(5,265) |
|
Deferred income taxes |
2,886,713 |
211,376 |
|
Changes in assets and liabilities |
|||
Accounts receivable, including related parties |
(644,105) |
817,669 |
|
Unbilled gas |
154,058 |
1,579,685 |
|
Natural gas and propane inventory |
4,249,347 |
5,146,734 |
|
Accounts payable, including related parties |
833,005 |
(2,982,618) |
|
Recoverable/refundable cost of gas purchases |
(2,276,426) |
(1,479,205) |
|
Prepayments and other |
249,189 |
135,676 |
|
Other assets |
66,961 |
1,442,540 |
|
Other liabilities |
(923,539) |
(1,158,078) |
|
Net cash provided by operating activities |
11,051,174 |
8,375,288 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||
Capital expenditures |
(3,419,036) |
(4,366,485) |
|
Proceeds from sale of fixed assets |
10,811 |
17,302 |
|
Proceeds from related party notes receivable |
2,968 |
2,496 |
|
Purchase of 8500 Station Street |
(1,650,000) |
- |
|
Restricted cash - capital expenditures fund |
325,421 |
- |
|
Customer advances for construction |
20,668 |
35,498 |
|
Contributions in aid of construction |
52,410 |
48,210 |
|
Net cash used in investing activities |
(4,656,758) |
(4,262,979) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||
Proceeds from lines of credit |
3,907,000 |
2,551,000 |
|
Repayment on lines of credit |
(9,838,000) |
(8,060,000) |
|
Repayments of notes payable |
(127,042) |
(1,905) |
|
Debt issuance costs |
(6,652) |
(116,579) |
|
Sale of common stock |
159,500 |
- |
|
Restricted cash - debt service fund |
(883) |
(8,740) |
|
Dividends paid |
(1,131,717) |
(1,100,884) |
|
Net cash used in financing activities |
(7,037,794) |
(6,737,108) |
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(643,378) |
(2,624,799) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
$ 3,435,117 |
$ 10,504,845 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 2,791,739 |
$ 7,880,046 |
Gas Natural Inc. and Subsidiaries |
|||||||||||||||||||||||||||
Three Months Ended March 31, 2013 |
|||||||||||||||||||||||||||
Natural Gas |
Marketing and |
Pipeline |
Propane |
Corporate and |
|||||||||||||||||||||||
Operations |
Production |
Operations |
Operations |
Other |
Consolidated |
||||||||||||||||||||||
OPERATING REVENUES |
$ 40,030,408 |
$5,588,212 |
$ 98,287 |
$ 1,702,574 |
$ - |
$ 47,419,481 |
|||||||||||||||||||||
Intersegment |
(85,746) |
(2,016,433) |
- |
- |
- |
(2,102,179) |
|||||||||||||||||||||
Total operating revenue |
39,944,662 |
3,571,779 |
98,287 |
1,702,574 |
- |
45,317,302 |
|||||||||||||||||||||
COST OF SALES |
24,202,167 |
4,876,468 |
- |
1,153,641 |
- |
30,232,276 |
|||||||||||||||||||||
Intersegment |
(85,746) |
(2,016,433) |
- |
- |
- |
(2,102,179) |
|||||||||||||||||||||
Total cost of sales |
24,116,421 |
2,860,035 |
- |
1,153,641 |
- |
28,130,097 |
|||||||||||||||||||||
GROSS MARGIN |
$ 15,828,241 |
$ 711,744 |
$ 98,287 |
$ 548,933 |
$ - |
$ 17,187,205 |
|||||||||||||||||||||
OPERATING EXPENSES |
7,576,871 |
261,251 |
47,678 |
544,415 |
81,695 |
8,511,910 |
|||||||||||||||||||||
OPERATING INCOME (LOSS) |
$ 8,251,370 |
$ 450,493 |
$ 50,609 |
$ 4,518 |
$ (81,695) |
$ 8,675,295 |
|||||||||||||||||||||
NET INCOME (LOSS) |
$ 4,711,206 |
$ 248,461 |
$ 27,114 |
$ (18,988) |
$ (180,070) |
$ 4,787,723 |
|||||||||||||||||||||
As of March 31, 2013 |
|||||||||||||||||||||||||||
Goodwill |
$ 14,891,377 |
- |
- |
- |
- |
14,891,377 |
|||||||||||||||||||||
Investment in |
$ - |
320,651 |
- |
- |
- |
320,651 |
|||||||||||||||||||||
Total assets |
$165,381,772 |
8,020,239 |
602,120 |
3,477,349 |
58,115,815 |
235,597,295 |
|||||||||||||||||||||
Intersegment |
(40,758,854) |
(378,742) |
(920) |
(2,095,655) |
(17,963,359) |
(61,197,530) |
|||||||||||||||||||||
Total assets |
$124,622,918 |
$7,641,497 |
$ 601,200 |
$ 1,381,694 |
$40,152,456 |
$174,399,765 |
|||||||||||||||||||||
Gas Natural Inc. and Subsidiaries |
|||||||||||
Three Months Ended March 31, 2012 |
|||||||||||
Natural Gas |
Marketing and |
Pipeline |
Propane |
Corporate and |
|||||||
Operations |
Production |
Operations |
Operations |
Other |
Consolidated |
||||||
OPERATING REVENUES |
$ 29,933,150 |
$3,625,789 |
$ 107,784 |
$1,909,158 |
$ - |
$ 35,575,881 |
|||||
Intersegment |
(85,065) |
(1,718,695) |
- |
- |
- |
(1,803,760) |
|||||
Total operating revenue |
29,848,085 |
1,907,094 |
107,784 |
1,909,158 |
- |
33,772,121 |
|||||
COST OF SALES |
17,321,959 |
3,114,111 |
- |
1,431,269 |
- |
21,867,339 |
|||||
Intersegment |
(85,065) |
(1,718,695) |
- |
- |
- |
(1,803,760) |
|||||
Total cost of sales |
17,236,894 |
1,395,416 |
- |
1,431,269 |
- |
20,063,579 |
|||||
GROSS MARGIN |
$ 12,611,191 |
$ 511,678 |
$ 107,784 |
$ 477,889 |
$ - |
$ 13,708,542 |
|||||
OPERATING EXPENSES |
6,729,273 |
331,084 |
38,506 |
566,413 |
62,793 |
7,728,069 |
|||||
OPERATING INCOME (LOSS) |
$ 5,881,918 |
$ 180,594 |
$ 69,278 |
$ (88,524) |
$ (62,793) |
$ 5,980,473 |
|||||
NET INCOME (LOSS) |
$ 3,352,534 |
$ 95,315 |
$ 38,223 |
$ (94,841) |
$ (108,384) |
$ 3,282,847 |
|||||
As of December 31, 2012 |
|||||||||||
Goodwill |
$ 14,891,377 |
- |
- |
- |
- |
14,891,377 |
|||||
Investment in |
$ - |
321,731 |
- |
- |
- |
321,731 |
|||||
Total assets |
$169,616,395 |
8,786,247 |
632,466 |
3,556,432 |
64,887,276 |
247,478,816 |
|||||
Intersegment eliminations |
(46,338,335) |
(447,549) |
(16,073) |
(2,096,143) |
(24,117,257) |
(73,015,357) |
|||||
Total assets |
$123,278,060 |
$8,338,698 |
$ 616,393 |
$1,460,289 |
$40,770,019 |
$174,463,459 |
Gas Natural Inc. and Subsidiaries |
|||||||||||||||
Utility Throughput |
|||||||||||||||
Three Months Ended |
|||||||||||||||
March 31, |
|||||||||||||||
(in million cubic feet (MMcf)) |
2013 |
2012 |
|||||||||||||
Full Service Distribution |
|||||||||||||||
Residential |
2,245 |
1,811 |
|||||||||||||
Commercial |
1,972 |
1,638 |
|||||||||||||
Industrial |
49 |
53 |
|||||||||||||
Total full service |
4,266 |
3,502 |
|||||||||||||
Transportation |
3,169 |
2,954 |
|||||||||||||
Bucksport |
3,763 |
3,662 |
|||||||||||||
Total Volumes |
11,198 |
10,118 |
Heating Degree Days |
|||||||||||
Three Months Ended |
Percent (Warmer) Colder |
||||||||||
March 31 |
2013 Compared to |
||||||||||
Normal |
2013 |
2012 |
Normal |
2012 |
|||||||
Great Falls, MT |
3,185 |
2,882 |
2,914 |
(9.51%) |
(1.10%) |
||||||
Cody, WY |
3,030 |
2,975 |
2,738 |
(1.82%) |
8.66% |
||||||
Bangor, ME |
3,735 |
3,586 |
3,273 |
(3.99%) |
9.56% |
||||||
Elkin, NC |
2,117 |
2,232 |
1,616 |
5.43% |
38.12% |
||||||
Youngstown, OH |
3,118 |
4,005 |
2,413 |
28.45% |
65.98% |
||||||
Jackson, KY |
2,284 |
2,460 |
- |
7.71% |
0.00% |
||||||
SOURCE Gas Natural Inc
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