Signet Jewelers Reports Record First Quarter Earnings

EPS $1.87, up 26.4%; Adjusted EPS $1.95, up 20.4%; Fiscal 2017
Earnings Guidance Reaffirmed

HAMILTON, Bermuda–(BUSINESS WIRE)–Signet Jewelers Limited (“Signet”) (NYSE: SIG), the world’s largest
retailer of diamond jewelry, today announced its results for the 13
weeks ended April 30, 2016 (“first quarter Fiscal 2017”).

Highlights:

  • Diluted earnings per share (“EPS”) grew 26.4%. Adjusted EPS grew 20.4%.
  • Same store sales up 2.4%. Total sales $1.6 billion up 3.2%. Total
    sales at constant exchange rate up 3.9%.
  • Annual earnings guidance reaffirmed.
  • Zale acquisition integration progressing well; synergies remain
    on-target.
  • Repurchased over 1.1 million shares in first quarter for $125.0
    million.
  • Conducting strategic evaluation of credit portfolio; first quarter
    credit metrics improved sequentially and in-line with expectations.

Mark Light, Chief Executive Officer of Signet Jewelers said, “Signet
delivered another period of solid performance resulting in record first
quarter EPS and strong operating margin expansion. We gained profitable
market share despite a challenging retail environment through strong
sales of Ever Us and other fashion jewelry collections as well as select
branded bridal. Our 26% EPS growth was driven by higher same store sales
and total sales along with solid expense management and synergies,
leading to 190 basis points of operating margin expansion. In addition
to delivering earnings results at the top end of our guided range, we
achieved sales growth across real estate formats and in each of our
divisions and our credit metrics showed strong sequential improvement.

Mr. Light added, “This Sunday marks the two-year anniversary of the
close of our acquisition of Zale. The integration continues to go
extremely well across all aspects of our business. The synergies we
expect to deliver this year will be mostly driven by operating expense
savings as a result of the sound investments and strategic management of
the integration over the past couple of years. Learnings from our
customer segmentation study and business results since the acquisition
have validated our growth assumptions, and we have an enviable position
with the three leading U.S. brands in a heavily fragmented and growing
middle market jewelry industry. We are pursuing the opportunity to grow
square footage both near-term, driven principally by Kay, and
medium-term driven more by Zales.

“I want to thank all Signet team members for their contributions to our
results. Their superior experience and dedication is the key to our
ability to deliver consistently solid performance in an ever-changing
environment.”

EPS Analysis:

First quarter EPS was $1.87. First quarter Adjusted EPS was $1.95.
Adjusted EPS can be reconciled to EPS as follows:

     
Adjustments
EPS   Purchase accounting   Integration   Adjusted EPS1
$1.87 $(0.04)   $(0.04) $1.95
1.   Throughout this release, Signet uses adjusted metrics which adjust
for purchase accounting and integration costs in relation to the
Zale acquisition and its integration into Signet. See non-GAAP
reconciliation tables. Adjusted EPS is a non-GAAP measure and is
defined as EPS adjusted for the impact of purchase accounting and
integration costs. Purchase accounting includes deferred revenue
adjustments related to acquisition accounting which resulted in a
reset of deferred revenue associated with extended service plans
previously sold by Zale Corporation. Integration costs are severance
and consulting costs associated with organizational changes and
information technology (“I/T”) implementations to drive synergies.
 

Financial Guidance:

13 weeks ended July 30, 2016 (2nd Quarter)
Same store sales     1.0% to 2.0%
EPS $1.39 to $1.46
Adjustments (purchase accounting and integration costs) ($0.10) to ($0.08)
Adjusted EPS $1.49 to $1.54
 
Fiscal 2017 (Annual)
Same store sales     2.0% to 3.5%
EPS $7.88 to $8.23
Adjustments (purchase accounting and integration costs) ($0.37) to ($0.32)
Adjusted EPS $8.25 to $8.55
 
Effective tax rate 27% to 28%
Capital expenditures $315 million to $365 million
Net selling square footage growth 3.0% to 3.5%
 

Capital expenditures will be driven primarily by new Kay and Jared
stores, store remodels, and I/T to support global implementations. Most
of Signet’s new square footage growth is slated for real estate channels
other than enclosed malls.

Cumulative Net Synergies
Fiscal 2017 (Fiscal 2016 plus Fiscal 2017)     $158 million to $175 million
Fiscal 2018 (Fiscal 2016 plus Fiscal 2017 plus Fiscal 2018) $225 million to $250 million
 
Fiscal 2017 Store and Kiosk Changes
      Net selling
Gross locations   Net locations   square feet
Kay Jewelers +60 to +70 +55 to +65 +7% to 8%
Jared +8 to +10 +5 to +7 +2% to 3%
Zales +30 to +35 +15 to +20 +2% to 3%
Peoples 0 to +3 ~0 ~0
Regional stores in total 0 -45 to -50 -10% to -11%
Piercing Pagoda +35 to +40 +20 to +30 +1% to +2%
H.Samuel +12 to +15 +10 to +12 +1% to +2%
Ernest Jones 0 to +3   ~0   ~0
Signet Total +145 to +176   +55 to +89   +3.0% to +3.5%
 
Strategic Evaluation of Credit Portfolio

Signet also announced that its Board of Directors has authorized
management to conduct a strategic evaluation of the Company’s credit
portfolio. Goldman Sachs has been engaged as the Company’s financial
advisor in this process. Signet will consider a full range of options
with respect to its credit operations and update investors as
appropriate.

Mr. Light said, “We are always looking for the best ways to optimize our
operating model, and to that end, the Board has determined to undertake
a formal and comprehensive strategic evaluation of the Company’s credit
portfolio. This is a top priority and as we move through this review, we
will remain focused on executing our operational plans and driving
profitable growth in our business. The primary objective of this process
will be to ensure Signet has an optimized business structure that
enhances our ability to execute against our strategic objectives which
in turn delivers value for shareholders.”

First quarter Fiscal 2017 Sales Highlights:

Signet’s total sales were $1,578.9 million, up $48.3 million or 3.2%,
compared to $1,530.6 million in the 13 weeks ended May 2, 2015 (“first
quarter Fiscal 2016”). Same store sales increased 2.4% compared to an
increase of 3.6% in the first quarter Fiscal 2016, driven primarily by
strong sales in select branded bridal and diamond fashion jewelry.
Ecommerce sales in the first quarter Fiscal 2017 were $80.1 million, or
5.1% of sales, up $3.2 million, or 4.2%, compared to $76.9 million in
the first quarter Fiscal 2016.

Overall, average transaction value (“ATV”) was higher and number of
transactions were lower due to merchandise mix.

  • Sterling Jewelers’ same store sales increased 2.3%. ATV increased 5.7%
    and the number of transactions decreased 5.6%. This was driven
    principally by strong sales of select branded bridal jewelry as well
    as fashion jewelry and lower sales of Charmed Memories and low-priced
    promotional items which tend to drive more transactions.
  • Zale Jewelry’s same store sales increased 2.0%. ATV increased 5.8%,
    while the number of transactions decreased 3.7%. This was driven
    primarily by strong sales of diamond fashion jewelry as well as
    branded bridal and lower sales of low-priced promotional items which
    tend to drive more transactions.
  • Piercing Pagoda’s same store sales increased 5.6%. ATV increased
    13.7%, while the number of transactions decreased 6.9%. The higher
    sales were driven principally by strong sales of gold chains and
    diamond jewelry. Transactions declined primarily due to fewer
    piercings.
  • UK Jewelry’s same store sales increased 3.4%. ATV increased 4.3% and
    the number of transactions decreased 1.0%. This was driven principally
    by strong sales of diamond jewelry and prestige watches. Transactions
    declined due primarily to beads and fashion watches.
Sales change from previous year  
First quarter

Fiscal 2017

 

Same
store
sales¹

 

Non-same
store
sales, net²

 

Total sales

at constant
exchange
rate³

 

Exchange
translation
impact

  Total

sales

  Total sales

(in millions)

         
Kay 4.7

 %

1.7

 %

6.4

 %

 %

6.4

 %

$ 634.5
Jared (1.7 )% 3.3

 %

1.6

 %

 %

1.6

 %

$ 300.2
Regional brands   (3.6 )%   (8.7 )%   (12.3 )%  

 %

  (12.3 )%   $ 45.7
Sterling Jewelers division   2.3

 %

  1.5

 %

  3.8

 %

 

 %

  3.8

 %

  $ 980.4
Zales Jewelers 3.1

 %

2.2

 %

5.3

 %

 %

5.3

 %

$ 313.1
Gordon’s Jewelers (9.3

)%

(9.5 )% (18.8 )%

 %

(18.8 )% $ 16.9
Zale US Jewelry 2.4

 %

1.3

 %

3.7

 %

 %

3.7

 %

$ 330.0
Peoples Jewellers (0.5 )% 1.6

 %

1.1

 %

(6.4 )% (5.3 )% $ 44.7
Mappins (1.6 )% (4.0 )% (5.6 )% (6.2 )% (11.8 )% $ 6.7
Zale Canada Jewelry (0.6 )% 0.8

 %

0.2

 %

(6.4 )% (6.2 )% $ 51.4
Zale Jewelry 2.0

 %

1.2

 %

3.2

 %

(0.9 )% 2.3

 %

$ 381.4
Piercing Pagoda   5.6

 %

  1.9

 %

  7.5

 %

 

 %

  7.5

 %

  $ 69.0
Zale division   2.5

 %

  1.4

 %

  3.9

 %

  (0.9 )%   3.0

 %

  $ 450.4
H.Samuel 2.7

 %

(0.4 )% 2.3

 %

(5.8 )% (3.5 )% $ 72.2
Ernest Jones   4.0

 %

  1.9

 %

  5.9

 %

  (5.8 )%   0.1

 %

  $ 71.8
UK Jewelry division   3.4

 %

  0.6

 %

  4.0

 %

  (5.7 )%   (1.7 )%   $ 144.0
Other segment  

 %

  46.4

 %

  46.4 %  

 %

  46.4

 %

  $ 4.1
Signet   2.4

 %

  1.5

 %

  3.9

 %

  (0.7 )%   3.2

 %

  $ 1,578.9
Adjusted Signet3                       $ 1,583.1
Notes: 1=For stores open for at least 12 months. 2=For stores not
open in the last 12 months. 3=Non-GAAP measure.
 

First quarter Fiscal 2017 Financial Highlights:

Gross margin was $600.4 million or 38.0% of sales, up 100 basis points
versus first quarter Fiscal 2016. Adjusted gross margin rate was 38.2%,
up 40 basis points from first quarter Fiscal 2016. The higher adjusted
gross margin rate was mostly related to the Zale division and favorably
driven by gross margin synergies such as sourcing, favorable commodity
costs, and leverage on store occupancy.

  • Sterling Jewelers gross margin increased $16.4 million compared to
    first quarter Fiscal 2016. The gross margin rate increased 20 basis
    points due to commodity costs.
  • Zale gross margin increased $18.7 million, or 320 basis points,
    compared to first quarter Fiscal 2016. Included in gross margin were
    purchase accounting adjustments totaling $4.0 million compared to
    $15.5 million in prior year. Adjusted gross margin in the Zale
    division increased $7.2 million, or 90 basis points, compared to first
    quarter Fiscal 2016 as synergies favorably affected many areas
    including merchandise margins, distribution costs, and store operating
    costs.
  • UK Jewelry gross margin decreased $1.2 million compared to prior year
    first quarter, and the gross margin rate decreased 30 basis points.
    The gross margin rate decline was driven principally by lower sales
    and merchandise margin deleverage as a result of currency exchange
    rates.

Selling, general, and administrative expense (“SGA”) was $462.7 million
or 29.3% of sales compared to $453.2 million or 29.6% of sales in first
quarter Fiscal 2016. Included in first quarter Fiscal 2017 SGA are
adjustments of $6.6 million.

  • First quarter Fiscal 2017 adjusted SGA was $456.1 million or 28.8% of
    adjusted sales compared to $450.9 million or 29.3% in the prior year.
    The favorable 50 basis points of leverage was due primarily to lower
    store and corporate payroll expenses related to organizational
    realignment as well as lower advertising expenses offset in part by
    I/T expenses related to Signet’s I/T modernization and standardization
    initiatives.

Other operating income was $74.3 million compared to $63.5 million in
the prior year first quarter, up $10.8 million or 17.0%. The increase
was due to the Sterling division’s higher interest income earned from
higher outstanding receivable balances.

In first quarter Fiscal 2017 Signet’s operating income was $212.0
million, or 13.4% of sales, compared to $176.2 million, or 11.5% of
sales, in first quarter Fiscal 2016. Included in first quarter Fiscal
2017 operating income are adjustments of $10.6 million. Adjusted
operating income was $222.6 million, or 14.1% of adjusted sales,
compared to $194.0 million, or 12.6% of adjusted sales in the prior year
reflecting 150 basis points of operating leverage this year.

Operating income, net ($ in millions)   First Quarter Fiscal 2017   First Quarter Fiscal 2016
$   % of sales $   % of sales
Sterling Jewelers division 198.3 20.2 % 178.2 18.9 %
Zale division1 26.1 5.8 % 15.5 3.5 %
UK Jewelry division 1.3 0.9 % 0.5 0.3 %
Other2 (13.7 ) nm (18.0 ) nm
1.   In the first quarter Fiscal 2017, Zale division includes net
operating loss impact of $5.3 million for purchase accounting
adjustments. Excluding the impact from accounting adjustments, Zale
division’s operating income was $31.4 million or 6.9% of sales. The
Zale division operating income included $18.3 million from Zale
Jewelry or 4.8% of sales and $7.8 million from Piercing Pagoda or
11.3% of sales. In the first quarter Fiscal 2016, Zale division
includes net operating loss impact of $11.4 million for purchase
accounting adjustments. Excluding the impact from accounting
adjustments, Zale division’s operating income was $26.9 million or
6.0% of sales. The Zale division operating income included $10.4
million from Zale Jewelry or 2.8% of sales and $5.1 million from
Piercing Pagoda or 7.9% of sales.
2. Other includes $5.3 million and $6.4 million of transaction and
integration expenses in the first quarter of Fiscal 2017 and 2016,
respectively. Amounts represent advisor fees for legal, tax,
information technology implementations and consulting services, as
well as severance costs.
nm not meaningful
 

Income taxes were $53.4 million, compared to $46.4 million in first
quarter Fiscal 2016, resulting in a first quarter Fiscal 2017 effective
tax rate of 26.7%, versus 28.1% in first quarter Fiscal 2016, driven by
the anticipated annual mix of pre-tax income by jurisdiction.

Balance Sheet and Other Highlights

Cash and cash equivalents were $113.0 million as of April 30, 2016
compared to $122.6 million as of May 2, 2015. The lower cash position
was primarily due to share repurchases partially offset by favorable
cash provided by operating activities. During the first quarter Fiscal
2017, Signet repurchased $125.0 million worth of its stock, or 1,121,543
shares at an average cost of $111.45 per share. As of April 30, 2016,
there was $760.6 million remaining under Signet’s share repurchase
authorization programs.

Sterling division in-house net accounts receivable were $1,654.3
million, up 11.1% compared to $1,489.4 million as of May 2, 2015 driven
primarily by a higher in-house credit penetration rate combined with
higher average purchases. The Sterling Jewelers in-house credit
participation rate was 61.7% in first quarter Fiscal 2017 compared to
60.7% in first quarter Fiscal 2016 which contributed to an increase in
credit sales of 5.6%.

  • For the first quarter Fiscal 2017, finance charge income was $72.8
    million and net bad debt was $33.6 million — a favorable difference
    of $39.2 million. This was favorable to the prior year by $2.9 million.
  • Non-performing loans and the total valuation allowance as a percentage
    of gross receivables were 3.6% and 6.6%, respectively, at the end of
    first quarter Fiscal 2017. Both ratios were down 40 basis points from
    the prior quarter and up 10 basis points from the prior year first
    quarter. Sequentially, fiscal year-end to the first quarter of the
    following year, the aging metrics both improved 10 basis points
    compared to prior year. Credit team execution and credit marketing
    initiatives drove improvement in the credit receivable mix.

Net inventories were $2,512.6 million, up 1.0% compared to $2,487.8
million at the prior year period. The increase was lower than sales
growth due to strong inventory management.

Long-term debt was $1,311.5 million compared to $1,347.2 million in the
prior year period. Long-term debt is entirely representative of the
financing of the Zale acquisition. Signet’s credit programs are
self-funded and therefore not vulnerable to rising interest rates, as
the primary value of the program is in the facilitation of jewelry sales
not the spread on rates.

Signet has a diversified real estate portfolio. Based upon sales,
slightly more than half of Signet’s selling square footage is in
enclosed malls and nearly half is in a variety of other real estate
types. On April 30, 2016, Signet had 3,611 stores totaling 5.0 million
square feet of selling space. Compared to prior year-end, store count
decreased by 14 stores.

Store count   Jan 30, 2016   Openings   Closures   Apr 30, 2016
Kay   1,129   3     1,132
Jared 270 1 271
Regional brands   141     (10 )   131
Sterling Jewelers division   1,540   4   (10 )   1,534
Zales 730 5 (5 ) 730
Gordons 59 (4 ) 55
Peoples 145 145
Mappins 43 (5 ) 38
Total Zale Jewelry 977 5 (14 ) 968
Piercing Pagoda   605   7   (6 )   606
Zale division   1,582   12   (20 )   1,574
H.Samuel 301 301
Ernest Jones   202         202
UK Jewelry division   503         503
Signet   3,625   16   (30 )   3,611
 

Quarterly Dividend:

Reflecting the Board’s confidence in the strength of the business,
Signet’s ability to invest in growth initiatives, and the Board’s
commitment to building long-term shareholder value, a quarterly cash
dividend of $0.26 per Signet Common Share was declared for the second
quarter of Fiscal 2017 payable on August 26, 2016 to shareholders of
record on July 29, 2016, with an ex-dividend date of July 27, 2016.

Conference Call:

A conference call is scheduled today at 8:30 a.m. ET and a simultaneous
audio webcast and slide presentation are available at www.signetjewelers.com.
The slides are available to be downloaded from the website. The call
details are:

Dial-in:         1-647-788-4901         Conference ID: 1710201

A replay and transcript of the call will be posted on Signet’s website
as soon as they are available and will be accessible for one year.

About Signet and Safe Harbor Statement:

Signet Jewelers Limited is the world’s largest retailer of diamond
jewelry. Signet operates approximately 3,600 stores primarily under the
name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry,
H.Samuel, Ernest Jones, Peoples and Piercing Pagoda. Further information
on Signet is available at www.signetjewelers.com.
See also www.kay.com,
www.zales.com,
www.jared.com,
www.hsamuel.co.uk,
www.ernestjones.co.uk,
www.peoplesjewellers.com
and www.pagoda.com.

This release contains statements which are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements, based upon management’s beliefs and expectations
as well as on assumptions made by and data currently available to
management, include statements regarding, among other things, Signet’s
results of operation, financial condition, liquidity, prospects, growth,
strategies and the industry in which Signet operates. The use of the
words “expects,” “intends,” “anticipates,” “estimates,” “predicts,”
“believes,” “should,” “potential,” “may,” “forecast,” “objective,”
“plan,” or “target,” and other similar expressions are intended to
identify forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to a number of
risks and uncertainties, including but not limited to general economic
conditions, risks relating to Signet being a Bermuda corporation, the
merchandising, pricing and inventory policies followed by Signet, the
reputation of Signet and its brands, the level of competition in the
jewelry sector, the cost and availability of diamonds, gold and other
precious metals, regulations relating to customer credit, seasonality of
Signet’s business, financial market risks, deterioration in customers’
financial condition, exchange rate fluctuations, changes in Signet’s
credit rating, changes in consumer attitudes regarding jewelry,
management of social, ethical and environmental risks, security breaches
and other disruptions to Signet’s information technology infrastructure
and databases, inadequacy in and disruptions to internal controls and
systems, changes in assumptions used in making accounting estimates
relating to items such as extended service plans and pensions, the
impact of the acquisition of Zale Corporation on relationships,
including with employees, suppliers, customers and competitors, and our
ability to successfully integrate Zale’s operations and to realize
synergies from the transaction.

For a discussion of these and other risks and uncertainties which could
cause actual results to differ materially from those expressed in any
forward-looking statement, see the “Risk Factors” section of Signet’s
Fiscal 2016 Annual Report on Form 10-K filed with the SEC on March 24,
2016. Signet undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances, except as required by law.

The below tables reflect the impact of costs associated with the
acquisition of Zale Corporation. Management finds the information useful
to analyze the results of the business excluding these items in order to
appropriately evaluate the performance of the business without the
impact of significant and unusual items. Management views
acquisition-related impacts as events that are not necessarily
reflective of operational performance during a period. In particular,
management believes the consideration of measures that exclude such
expenses can assist in the comparison of operational performance in
different periods which may or may not include such expenses.

Non-GAAP Reconciliation for the first quarter ended April 30,
2016 (in mil. of $ except per share data)
  Signet  

Purchase
Accounting1

 

Integration
Costs2

  Adjusted Signet
Sales 1,578.9   100.0

 %

(4.2 )     1,583.1   100.0

 %

Cost of sales (978.5 )   (62.0 )%   0.2         (978.7 )   (61.8 )%
Gross margin 600.4 38.0

 %

(4.0 ) 604.4 38.2

 %

Selling, general and administrative expenses (462.7 ) (29.3 )% (1.3 ) (5.3 ) (456.1 ) (28.8 )%
Other operating income, net 74.3     4.7

 %

          74.3     4.7

 %

Operating income 212.0 13.4

 %

(5.3 ) (5.3 ) 222.6 14.1

 %

Interest expense, net (11.8 )   (0.7 )%           (11.8 )   (0.8 )%
Income before income taxes 200.2 12.7

 %

(5.3 ) (5.3 ) 210.8 13.3

 %

Income taxes (53.4 )   (3.4 )%   2.0     2.0     (57.4 )   (3.6 )%
Net income 146.8     9.3

 %

  (3.3 )   (3.3 )   153.4     9.7

 %

Earnings per share – diluted 1.87         (0.04 )   (0.04 )   1.95      
1.   Includes deferred revenue adjustments related to acquisition
accounting which resulted in a reset of deferred revenue associated
with extended service plans previously sold by Zale Corporation.
Similar to the Sterling Jewelers division, historically, Zale
Corporation deferred the revenue generated by the sale of lifetime
warranties and recognized revenue in relation to the pattern of
costs expected to be incurred, which included a profit margin on
activities related to the initial selling effort. In acquisition
accounting, deferred revenue is only recognized when a legal
performance obligation is assumed by the acquirer. The fair value of
deferred revenue is determined based on the future obligations
associated with the outstanding plans at the time of the
acquisition. The acquisition accounting adjustment results in a
reduction to the deferred revenue balance from $183.8 million to
$93.3 million as of May 29, 2014 as the fair value was determined
through the estimation of costs remaining to be incurred, plus a
reasonable profit margin on the estimated costs. Revenues generated
from the sale of extended services plans subsequent to the
acquisition are recognized in revenue in a manner consistent with
Signet’s methodology. Additionally, accounting adjustments include
the amortization of acquired intangibles.
2. Integration costs are severance and consulting costs associated with
organizational changes and I/T implementations to drive synergies.
 
Non-GAAP Reconciliation for the first quarter ended May 2, 2015
(in mil. of $ except per share data)
  Signet  

Purchase
Accounting1

 

Transaction
Costs2

  Adjusted Signet
Sales 1,530.6   100.0

 %

(8.6 )     1,539.2   100.0

 %

Cost of sales (964.7 )   (63.0 )%   (6.9 )       (957.8 )   (62.2 )%
Gross margin 565.9 37.0

 %

(15.5 ) 581.4 37.8

 %

Selling, general and administrative expenses (453.2 ) (29.6 )% 4.1 (6.4 ) (450.9 ) (29.3 )%
Other operating income, net 63.5     4.1

 %

          63.5     4.1

 %

Operating income 176.2 11.5

 %

(11.4 ) (6.4 ) 194.0 12.6

 %

Interest expense, net (11.0 )   (0.7 )%           (11.0 )   (0.7 )%
Income before income taxes 165.2 10.8

 %

(11.4 ) (6.4 ) 183.0 11.9

 %

Income taxes (46.4 )   (3.0 )%   4.0     2.4     (52.8 )   (3.4 )%
Net income 118.8     7.8

 %

  (7.4 )   (4.0 )   130.2     8.5

 %

Earnings per share – diluted 1.48         (0.09 )   (0.05 )   1.62      

Contacts

Signet Jewelers
Investors:
James Grant, VP Investor Relations,
+1-330-668-5412
or
Media:
David Bouffard, VP Corporate
Affairs, +1-330-668-5369

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