CLEVELAND, Aug 01, 2008 (BUSINESS WIRE) --
Brush Engineered Materials Inc. (NYSE:BW) today reported operating results for the second quarter of 2008 that were ahead of the Company's expectations and announced that its Board of Directors has authorized the Company to repurchase up to 1.0 million, or approximately 5% of the Company's outstanding shares of common stock.
SECOND QUARTER RESULTS
Sales for the second quarter of 2008 were $246.6 million and net income was $7.2 million or $0.35 per share diluted. Stronger demand for the Company's materials, especially from the consumer electronics and heavy industrial-related markets, as well as improved margins, led to the stronger than expected sales and earnings for the quarter. Second quarter earnings were negatively affected by the previously announced significant decline in the market price of ruthenium, an important material for the Company's products for the media
market. The decline in the ruthenium market price led to non-cash lower of cost or market inventory charge in the quarter of approximately $6.0 million pretax or $0.18 per share after tax. Excluding this factor, the operating run rate for the quarter was $0.53 per share.
In the prior year, the Company reported a sizable benefit from the sale of product that included a gain related to a significant increase in the market price of ruthenium that had been purchased earlier at a much lower cost. The amount of the gain was approximately $4.5 million pretax or $0.14 per share after tax in the second quarter and approximately $23.0 million pretax or $0.72 per share after tax for the year.
The prior year second quarter sales were $233.6 million. The largest factor in the $13.0 million increase in second quarter 2008 sales compared to the prior year was metal prices passed on to
customers. This, plus stronger demand from the cell phone handset market for the Company's Advanced Material Technologies and Services' products, greater demand for the Company's Specialty Engineered Alloys' materials for the industrial markets and increased demand for the Engineered Material Systems' disk drive arm products helped to offset the previously disclosed significant decline in the sale of ruthenium-based materials for the media market.
The prior year second quarter net income was $7.9 million or $0.38 per share diluted. Earnings comparisons to the prior year are affected by the non-cash lower of cost or market inventory charge of $6.0 million pre-tax or $0.18 per share after tax, noted above, as well as a $4.0 million pre-tax or $0.13 per share after tax non-cash lower of cost or market ruthenium inventory charge in the prior year second quarter. In addition, the prior
year second quarter included the $4.5 million pre-tax or $0.14 per share after tax gain explained above.
STOCK REPURCHASE PLAN
The Company's Board of Directors has authorized the Company to repurchase up to 1.0 million shares, or approximately 5%, of the Company's outstanding shares of common stock. The primary purpose of the repurchase program is to offset the dilution created through shares issued under company stock-based compensation plans. The authorization provides the Company the flexibility to use its strong balance sheet to repurchase shares while at the same time maintaining an appropriate level of liquidity to support the Company's primary strategic goals, which include utilizing available capital for organic growth and strategic acquisition opportunities. The plan to repurchase shares does not represent a deviation from the Company's strategic focus and the
Company does not see any change in its growth expectations and acquisition opportunities.
The stock repurchases will be made from time to time through brokers on the New York Stock Exchange. The repurchase program may be suspended or discontinued at any time.
OUTLOOK
The Company is updating the previously provided guidance for the year. At this time, the Company expects earnings for the full year to be in the range of $1.45 to $1.70 per share. This includes the negative affect of the charges taken in the first and second quarters of the year. Excluding the charges, the operating run rate is in the range of $1.75 to $2.00 per share, up as much as 18% compared to the prior year. The guidance assumes that a significant macro-economic downturn does not develop during the second half.
In the media market, shipments strengthened as the second quarter developed and
as re-qualifications of ruthenium-based products progressed. The Company is also seeing stronger demand thus far in the third quarter and expects to see progressively higher shipments of perpendicular media materials in the third and fourth quarters of the year. Steady progress is also being made in the qualification of materials for other layers.
The Company has seen and expects to continue to see strong demand from the cell phone handset market for Advanced Material Technologies and Services' products, as well as stronger demand for the Company's products from the medical, oil and gas, and heavy equipment markets throughout the second half.
It is important to continue to reiterate though that the Company's earnings estimates are subject to significant variability. Metal price changes, metal supply conditions, fluctuations in demand levels driven by such factors as
customer inventory swings, product qualifications rates, and new product ramp-up rates in critical markets such as the media market can and have had a significant effect on actual results. The outlook for the year is based on the Company's best estimates at this time and is subject to significant fluctuations due to these as well as other factors.
BUSINESS SEGMENT REPORTING
Advanced Material Technologies and Services
The Advanced Material Technologies and Services' segment sales for the second quarter of 2008 were up 3% to $125.4 million compared to $121.3 million in the second quarter of the prior year. Sales for the first six months of 2008 were $246.1 million, down 7% versus the same period last year. Operating profit for the second quarter was $4.8 million versus $4.9 million for the second quarter of 2007. Operating profit year to date was $10.1 million versus
$36.8 million for the first six months of last year.
The operating profit for the second quarter of 2008 was negatively impacted by a $6.0 million lower of cost or market charge related to ruthenium inventory. Subsequent to the charge, the value of the Company's ruthenium inventory potentially subject to future lower of cost or market adjustments is approximately $14.0 million. In the second quarter of the prior year, operating profit was negatively affected by a similar lower of cost or market charge of approximately $4.0 million. Operating profit for the second quarter and year to date 2007 were positively affected by a non-repeat benefit of $4.5 million and $21.4 million respectively from the sale of product that included a gain related to a significant increase in the market price of ruthenium inventory that had been purchased earlier at a much lower cost.
Excluding the
aforementioned ruthenium lower of cost or market charges and the first and second quarter 2007 benefit related to the increased ruthenium market price that occurred then, the operating profit for the second quarter of 2008 was $10.8 million versus $4.4 million in the prior year and the operating profit for the first half was $16.1 million versus $19.4 million in the prior year.
Absent the impact of ruthenium prices, sales for media applications declined by approximately $22.7 million in the second quarter and $79.7 million for the first half versus the same periods last year. Approximately 57% or $12.9 million of the second quarter decline in media sales is related to manufacturing ruthenium products using customer supplied material versus our own material. For the first half of the year, the shift to customer-supplied material accounted for 28% or $22.5 million of the decline in
media sales.
Strong growth in sales from the handset, photonics including LED applications for traditional lighting, automotive, medical and back lighting for LCD televisions and wireless product applications offset a portion of the decline in media sales for both the second quarter and first half of 2008.
Although, as expected, the segment experienced a decline in media sales for the second quarter and first half of 2008 as compared to the same periods last year, the media volume shipped in the second quarter increased as compared to the first quarter of 2008. Re-qualification of ruthenium materials following a specification change at a major customer that occurred in the fourth quarter of 2007 is complete and shipments to this customer have resumed. In addition, qualifications for the oxide, soft underlayer and new innovative ruthenium products for the perpendicular media
market continued to progress during the second quarter. It is anticipated that the media market volume will increase in the third quarter over the second quarter with a stronger ramp up in the fourth quarter of 2008 and through 2009.
Operating profit during the second quarter was negatively impacted by the lower cost of market charge related to ruthenium inventory noted above and the reduced volume in the media business.
Specialty Engineered Alloys
Specialty Engineered Alloys' sales for the second quarter were $83.0 million, up approximately 10%, or $7.5 million, compared to the second quarter of 2007. Year-to-date sales of $154.3 million were up $8.4 million or 6% compared to the first half of 2007. Operating profit for the second quarter was $4.8 million versus $1.4 million for the second quarter of 2007. Operating profit for the first half of 2008 was $5.5 million
compared to the first half of 2007 operating profit of $6.7 million.
The increase in sales in both the second quarter and the first half is primarily due to metal price pass throughs, higher selling prices and a favorable translation effect on foreign sales. Specialty Engineered Alloys has continued to experience strong demand from the oil and gas, heavy equipment, telecommunications infrastructure, and appliance markets. Shipments to the wireless handset market, which began to decline in the first quarter of 2007 due to weaker demand from a major customer, have now leveled off. Sales of ToughMet(R) for oil and gas applications, for use in directional drilling, artificial lift equipment and offshore well head control equipment have experienced a compounded growth of over 40% over the last three years.
Operating profit for the second quarter of 2008 benefited from a
favorable product mix, foreign currency rates, improved yields and improved pricing.
Beryllium and Beryllium Composites
Beryllium and Beryllium Composites' sales for the second quarter of 2008 were $14.7 million compared to second quarter 2007 sales of $16.5 million. For the first six months of the year sales were $28.1 million compared to $31.7 million for the same period last year. Operating profit for the second quarter was $2.3 million versus $2.4 million for the second quarter of 2007. Operating profit for the first six months of 2008 was $2.6 million compared to $4.6 million for the first half of 2007.
The decline in sales for the second quarter and first half compared to the prior year is primarily due to the impact of the completion, in the prior year, of two large science projects, the Joint European Torus nuclear fusion project and NASA's James Webb Space
Telescope. These projects accounted for $1.2 million of sales in the second quarter and $1.8 million of sales in the first half of 2007. Sales to the defense market began to strengthen during the second quarter and are expected to remain strong for the remainder of the year.
The Company recently announced that its wholly-owned subsidiary, Brush Wellman Inc., entered into a Phase II Technology Investment Agreement with the U.S. Department of Defense for the construction and start up of a $90.4 million primary beryllium facility to be used for strategic defense and growing commercial product applications.
Operating profit for the second quarter and the first half was negatively impacted by the lower sales volume.
Engineered Material Systems
Engineered Material Systems' sales for the second quarter of 2008 were $19.6 million, up $2.7 million or 16% compared to
the second quarter of 2007 sales. Sales for the first six months of 2008 were $37.3 million, up $3.7 million or 11% compared to the first half of 2007. Operating profit in the second quarter was $2.0 million compared to an operating profit of $0.7 million for the second quarter of 2007. Operating profit for the first six months of 2008 was $3.4 million, an increase of $2.1 million compared to the first half 2007.
The stronger sales for the second quarter and the first half are due to higher sales of materials for disk drive arms, sales of new products to the energy market and continued strength from automotive electronics.
The higher sales volume, plus improved yields and productivity from operations led to the improved operating profit for the quarter and the first six months of 2008.
CHAIRMAN'S COMMENTS
Richard Hipple, Chairman, President, and CEO, stated,
"I am encouraged by the continuing strong conditions in our key markets and the margin improvements noted in our key segments. Our execution in the media market will be critical as we move through the second half of the year. We have also maintained a strong balance sheet and continue to generate strong cash flows which allow us the flexibility to support our organic growth, continue to pursue niche acquisitions and, now with the Board authorization, repurchase shares when appropriate, all of which contribute to strengthening shareholder value."
CONFERENCE CALL
Brush Engineered Materials' quarterly earnings conference call will be held today at 11:00 a.m. Eastern Time. The conference call will be available via webcast through the Company's website at www.beminc.com or through www.InvestorCalendar.com. By phone, please dial (877) 407-0782, callers outside the U.S. can dial
(201) 689-8567.
NON-GAAP FINANCIAL MEASURES
We have presented in this release operating results both including the impact of ruthenium metal pricing and other factors, as required by generally accepted accounting principles, and excluding that effect. Management considers the presentation of operating results excluding the effects of ruthenium metal pricing, including its effect on sales from our products that include a gain or loss related to an increase or reduction in the market price of ruthenium inventory and other factors to be a better representation of our baseline business. A reconciliation of the Non-GAAP financial measures follows.
Reconciliation of Non-GAAP Financial Measures
-------------------------------------------------------
Second Quarter First Half
--------------------------- ---------------------------
For the three For the three For the six For the six
months ended months ended months ended months ended
June 29, 2007 June 27, 2008 June 29, 2007 June 27, 2008
------------- ------------- ------------- -------------
GAAP Diluted
EPS $ 0.38 $ 0.35 $ 1.50 $ 0.57
Gain on sale
of ruthenium
inventory (0.14) 0.00 (0.66) 0.00
Lower of cost
or market
ruthenium
inventory
charge 0.13 0.18 0.13 0.18
Loss on sale
of a
subsidiary 0.00 0.00 0.02 0.00
Accounts
receivable
correction
related to
the prior
year 2007 0.00 0.00 0.00 0.09
Change in
deferred tax
valuation 0.00 0.00 0.00 0.02
Non-recurring
purchase
accounting
costs 0.00 0.00 0.00 0.02
------------- ------------- ------------- -------------
Non-GAAP
Operating
Run Rate $ 0.37 $ 0.53 $ 0.99 $ 0.88
FORWARD-LOOKING STATEMENTS
Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned herein:
-- The global and domestic economies;
-- The condition of the markets which we serve, whether defined geographically or by segment, with the major market segments being telecommunications and computer, data storage, aerospace and defense, automotive electronics, industrial components, appliance and medical;
-- Changes in product mix and the financial condition of customers;
-- Actual sales, operating rates and margins for the year
2008;
-- Our success in developing and introducing new products and new product ramp up rates, especially in the media market;
-- Our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values;
-- Our success in integrating newly acquired businesses, including the recent acquisition of the assets of Techni-Met, Inc.;
-- Our success in implementing our strategic plans and the timely and successful completion of any capital projects;
-- The availability of adequate lines of credit and the associated interest rates;
-- Other financial factors, including cost and availability of raw materials (both base and precious metals), tax rates,
interest rates, metal financing fees, exchange rates, pension and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, and the impact of the Company's stock price on the cost of incentive and deferred compensation plans;
-- The uncertainties related to the impact of war and terrorist activities;
-- Changes in government regulatory requirements and the enactment of new legislation that may impact our obligations; and
-- The conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects.
Brush Engineered Materials Inc. is headquartered in Cleveland, Ohio. The Company, through its wholly-owned subsidiaries, supplies worldwide markets with beryllium products, alloy
products, electronic products, precious metal products, and engineered material systems.
Brush Engineered Materials Inc.
Digest of Earnings
June 27, 2008
2008 2007
------------ ------------
Second Quarter
Net Sales $246,584,000 $233,563,000
Net Income $7,158,000 $7,939,000
Share Earnings - Basic $0.35 $0.39
Average Shares - Basic 20,399,000 20,351,000
Share Earnings - Diluted $0.35 $0.38
Average Shares - Diluted 20,653,000 20,736,000
Year-to-date
Net Sales $472,931,000 $483,877,000
Net Income $11,754,000 $31,053,000
Share Earnings - Basic $0.58 $1.53
Average Shares - Basic 20,394,000 20,254,000
Share Earnings - Diluted $0.57 $1.50
Average Shares - Diluted 20,626,000 20,709,000
Consolidated Balance Sheets
(Unaudited)
June 27, Dec. 31,
(Dollars in thousands) 2008 2007
----------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 15,163 $ 31,730
Accounts receivable 120,113 97,424
Other receivables 0 11,263
Inventories 181,089 165,189
Prepaid expenses 19,635 17,723
Prepaid income taxes 956 0
Deferred income taxes 5,979 6,107
----------- --------------
Total current assets 342,935 329,436
Other assets 32,781 11,804
Related-party notes receivable 98 98
Long-term deferred income taxes 0 1,139
Property, plant and equipment 614,577 583,961
Less allowances for depreciation,
depletion and amortization 414,606 397,786
199,971 186,175
Goodwill 39,799 21,899
----------- --------------
$ 615,584 $ 550,551
=========== ==============
Liabilities and Shareholders' Equity
Current liabilities
Short-term debt $ 35,624 $ 24,903
Current portion of long-term debt 600 600
Accounts payable 34,991 27,066
Other liabilities and accrued items 44,550 55,936
Unearned revenue 504 2,569
Income taxes 0 2,109
----------- --------------
Total current liabilities 116,269 113,183
Other long-term liabilities 14,806 11,629
Retirement and post-employment benefits 59,381 57,511
Long-term income taxes 4,327 4,327
Deferred income taxes 553 182
Long-term debt 50,905 10,005
Shareholders' equity 369,343 353,714
----------- --------------
$ 615,584 $ 550,551
=========== ==============
See notes to consolidated financial statements.
Consolidated Statements of Income
(Unaudited)
Second Quarter Ended First Half Ended
(Dollars in thousands
except share and per June 27, June 29, June 27, June 29,
share amounts) 2008 2007 2008 2007
---------------------------------------------- -----------------------
Net sales $ 246,584 $ 233,563 $ 472,931 $ 483,877
Cost of sales 201,736 191,782 391,065 372,712
----------- ----------- ----------- -----------
Gross margin 44,848 41,781 81,866 111,165
Selling, general
and
administrative
expense 28,503 26,564 55,292 55,234
Research and
development
expense 1,644 1,275 3,141 2,601
Other - net 3,089 1,325 3,850 3,858
----------- ----------- ----------- -----------
Operating profit 11,612 12,617 19,583 49,472
Interest expense
- net 649 571 985 1,254
----------- ----------- ----------- -----------
Income before income
taxes 10,963 12,046 18,598 48,218
Income taxes 3,805 4,107 6,844 17,165
----------- ----------- ----------- -----------
Net income $ 7,158 $ 7,939 $ 11,754 $ 31,053
=========== =========== =========== ===========
Per share of common
stock: basic $ 0.35 $ 0.39 $ 0.58 $ 1.53
Weighted average
number of common
shares outstanding 20,399,000 20,351,000 20,394,000 20,254,000
Per share of common
stock: diluted $ 0.35 $ 0.38 $ 0.57 $ 1.50
Weighted average
number of common
shares outstanding 20,653,000 20,736,000 20,626,000 20,709,000
See notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(Unaudited)
First Half Ended
June 27, June 29,
(Dollars in thousands) 2008 2007
----------------------------------------------------------------------
Net income $ 11,754 $ 31,053
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization 17,271 11,928
Amortization of deferred financing costs in
interest expense 177 215
Derivative financial instrument ineffectiveness 163 (72)
Stock-based compensation expense 2,460 1,932
Decrease (increase) in accounts receivable (15,152) (27,752)
Decrease (increase) in other receivables 11,263 -
Decrease (increase) in inventory (9,710) (12,859)
Decrease (increase) in prepaid and other
current assets (1,455) (999)
Decrease (increase) in deferred income taxes 14 (3,672)
Increase (decrease) in accounts payable and
accrued expenses (8,166) 2,069
Increase (decrease) in unearned revenue (2,065) 1,369
Increase (decrease) in interest and taxes
payable (1,144) 7,960
Increase (decrease) in other long-term
liabilities 5,461 478
Other - net (566) (202)
--------- ---------
Net cash provided from
operating activities 10,305 11,448
Cash flows from investing activities:
Payments for purchase of property, plant and
equipment (14,637) (11,156)
Payments for mine development (152) (6,195)
Payments for purchase of business net of cash
received (87,462) -
Proceeds from sales of inventory to consignment 24,325 -
Proceeds from sale of business - 2,150
Proceeds from sale of property, plant and
equipment - 51
Other investments - net 66 42
--------- ---------
Net cash used in investing
activities (77,860) (15,108)
Cash flows from financing activities:
Proceeds from issuance of short-term debt 10,414 2,591
Proceeds from issuance of long-term debt 40,900 15,747
Repayment of long-term debt - (25,793)
Issuance of common stock under stock option
plans 174 4,864
Tax benefit from exercise of stock options 28 2,716
--------- ---------
Net cash provided from
financing activities 51,516 125
Effects of exchange rate changes (528) (35)
--------- ---------
Net change in cash and cash
equivalents (16,567) (3,570)
Cash and cash equivalents at beginning
of period 31,730 15,644
--------- ---------
Cash and cash equivalents at
end of period $ 15,163 $ 12,074
========= =========
See notes to consolidated financial statements.
Notes to Consolidated Financial Statements
(Unaudited)
Note A - Accounting Policies
In management's opinion, the accompanying consolidated financial
statements contain all adjustments necessary to present fairly the
financial position as of June 27, 2008 and December 31, 2007 and the
results of operations for the second quarter and first half ended
June 27, 2008 and June 29, 2007. Sales and income before income taxes
were reduced in the first quarter 2008 by $2.6 million to correct a
billing error that occurred in 2007 that was not material to the 2007
results. All other adjustments were of a normal and recurring nature.
Note B - Inventories
June 27, Dec. 31,
(Dollars in thousands) 2008 2007
---------- ---------
Principally average cost:
Raw materials and supplies $ 37,385 $ 30,338
Work in process 156,534 156,789
Finished goods 66,110 54,530
---------- ---------
Gross inventories 260,029 241,657
Excess of average cost over LIFO inventory value 78,940 76,468
---------- ---------
Net inventories $181,089 $165,189
========== =========
Note C - Pensions and Other Post-retirement Benefits
Pension Benefits Other Benefits
-------------------- --------------------
Second Quarter Ended Second Quarter Ended
June 27, June 29, June 27, June 29,
(Dollars in thousands) 2008 2007 2008 2007
----------- -------- ---------- ---------
Components of net periodic
benefit cost
Service cost $ 1,270 $ 1,161 $ 76 $ 75
Interest cost 1,976 1,851 532 477
Expected return on plan
assets (2,180) (2,156) - -
Amortization of prior
service cost (161) (164) (9) (9)
Amortization of net loss 294 436 - -
----------- -------- ---------- ---------
Net periodic benefit cost $ 1,199 $ 1,128 $ 599 $ 543
=========== ======== ========== =========
Pension Benefits Other Benefits
-------------------- --------------------
First Half Ended First Half Ended
June 27, June 29, June 27, June 29,
(Dollars in thousands) 2008 2007 2008 2007
----------- -------- ---------- ---------
Components of net periodic
benefit cost
Service cost $ 2,540 $ 2,314 $ 152 $ 150
Interest cost 3,952 3,689 1,063 955
Expected return on plan
assets (4,360) (4,297) - -
Amortization of prior
service cost (322) (327) (18) (18)
Amortization of net loss 589 869 - -
----------- -------- ---------- ---------
Net periodic benefit cost $ 2,399 $ 2,248 $ 1,197 $ 1,087
=========== ======== ========== =========
Notes to Consolidated Financial Statements
(Unaudited)
Note D - Segment Reporting
Advanced
Material Specialty Beryllium and
Technologies Engineered Beryllium
(Dollars in thousands) and Services Alloys Composites
----------------------------------------------------------------------
Second Quarter 2008
-------------------------------
Revenues from external
customers $ 125,350 $ 83,029 $ 14,711
Intersegment revenues 1,724 1,125 170
Operating profit (loss) 4,751 4,750 2,346
Second Quarter 2007
-------------------------------
Revenues from external
customers $ 121,277 $ 75,546 $ 16,480
Intersegment revenues 1,172 (381) 236
Operating profit 4,855 1,390 2,425
First Half 2008
-------------------------------
Revenues from external
customers $ 246,054 $154,326 $ 28,075
Intersegment revenues 3,354 3,194 293
Operating profit (loss) 10,077 5,454 2,573
Assets 246,554 255,384 43,981
First Half 2007
-------------------------------
Revenues from external
customers $ 264,934 $145,910 $ 31,658
Intersegment revenues 2,473 3,068 543
Operating profit 36,830 6,692 4,558
Assets 187,819 237,841 37,891
Engineered
Material All
(Dollars in thousands) Systems Subtotal Other Total
----------------------------------------------------------------------
Second Quarter 2008
------------------------------
Revenues from external
customers $ 19,574 $ 242,664 $ 3,920 $246,584
Intersegment revenues 416 3,435 1 3,436
Operating profit (loss) 2,003 13,850 (2,238) 11,612
Second Quarter 2007
------------------------------
Revenues from external
customers $ 16,864 $ 230,167 $ 3,396 $233,563
Intersegment revenues 675 1,702 12 1,714
Operating profit 726 9,396 3,221 12,617
First Half 2008
------------------------------
Revenues from external
customers $ 37,260 $ 465,715 $ 7,216 $472,931
Intersegment revenues 751 7,592 8 7,600
Operating profit (loss) 3,365 21,469 (1,886) 19,583
Assets 28,117 574,036 41,548 615,584
First Half 2007
------------------------------
Revenues from external
customers $ 33,613 $ 476,115 $ 7,762 $483,877
Intersegment revenues 1,465 7,549 12 7,561
Operating profit 1,306 49,386 86 49,472
Assets 27,136 490,687 42,900 533,587
SOURCE: Brush Engineered Materials Inc.
Brush Engineered Materials Inc.
Investors:
Michael C. Hasychak, 216-383-6823
or
Media:
Patrick S. Carpenter, 216-383-6835
http://www.beminc.com
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