Exceeds Expense and Inventory Reduction Targets; Reduces Debt and Strengthens Balance Sheet
HOUSTON, TX -- (Marketwire) -- 04/28/09 -- Group 1 Automotive, Inc. (NYSE: GPI), a Fortune
500 automotive retailer, today reported net income from continuing
operations before the adoption of Accounting Principles Bulletin 14-1, (APB
14-1), of $14.7 million, or $0.64 per diluted share, for the first quarter
ended March 31, 2009, as compared to $17.2 million, or $0.76 per diluted
share, in the first quarter of 2008. For comparison purposes, the 2009
first-quarter results included an after-tax loss on a dealership
disposition of $0.5 million, or $0.02 per diluted share; and the periods
ending March 31, 2009 and 2008, had gains on debt repurchases of $0.42 and
$0.01 per diluted share, respectively. As shown in the attached
reconciliation table, excluding the disposition charge and the gain on debt
repurchases first-quarter profit from continuing operations before the
adoption of APB 14-1 was $0.24 per diluted share.
"Our ability to report a profit in a very difficult operating environment
is a credit to the hard work of our team and sacrifices by our employees,"
said Earl J. Hesterberg, Group 1's president and chief executive officer.
"We responded to the drastic drop of more than 35 percent in new vehicle
sales with a series of aggressive and painful cost cuts. These cost
reductions are on pace to exceed our $100 million annual plan by over $20
million. Our actions to strengthen our balance sheet by reducing debt and
inventory levels are also critical as they provide added flexibility in the
coming months and further improve our covenant compliance."
Effective Jan. 1, 2009, Group 1 was required to adopt APB 14-1, generating
an additional non-cash interest charge relative to the company's 2.25
percent convertible notes and a reduction to the calculated gains on
redemptions. APB 14-1 was required to be retrospectively applied to all
prior periods. After applying APB 14-1, first-quarter 2009 net income from
continuing operations was $8.4 million, or $0.37 per diluted share, on a
GAAP basis.
First-Quarter Operating Results
First-quarter 2009 same-store revenues declined 32.4 percent from the
prior-year period, as the macro-economic conditions continued to pressure
the automotive industry. Revenues declined in each of Group 1's businesses,
with new vehicle revenues falling 38.6 percent on 37.1 percent fewer units,
and retail used vehicle sales decreasing 26.5 percent, as 23.5 percent
fewer units were retailed. Wholesale used vehicle gross profit per unit
sold grew $145, to $153 per unit, on 35.2 percent fewer units, as increased
demand and lower used vehicle availability combined to drive wholesale
prices higher. Consistent with the retail unit sales declines, finance and
insurance revenues fell 39.0 percent. Group 1's same-store parts and
service business held moderately stable, with sales down 5.6 percent.
Same-store gross margin improved 140 basis points, to 17.9 percent from the
prior-year first quarter. The gross margin improvement was attributed to
improved used vehicle margins, as well as a favorable mix shift to the
higher-margin parts and service business, from the lower-margin new vehicle
business.
On a consolidated basis, selling, general and administrative (SG&A)
expenses as a percent of gross profit increased 510 basis points, to 83.9
percent, as lower gross profit more than offset the $41.8 million, or 21.4
percent, reduction in SG&A expenses from the prior-year period. Given the
amount of cost reductions accomplished through the first quarter, the
company has exceeded the pace required to achieve its original full-year
SG&A cost-reduction target of $100 million and is increasing the target to
$120 million.
Inventory Reductions
Group 1 reported new vehicle inventory was at $484 million as of March 31.
"At this level, Group 1's new vehicle inventory was reduced by $209 million
from end-of-year levels, significantly beating the $150 million reduction
target previously established," said Hesterberg.
Corporate Development Recap and Outlook
Group 1 previously announced that it augmented its Houston portfolio by
acquiring a Hyundai franchise in April with estimated annual revenues of
approximately $36.7 million.
Group 1 also previously announced that it sold one of its Ford dealerships
in March with trailing-12-month revenues of $38.9 million. The disposal
included the sale of the property that reduced the company's mortgage
facility debt by $10.4 million in addition to generating excess cash.
The company announced that it does not anticipate completing any further
acquisitions in 2009.
Balance Sheet / Debt Covenant Update
Group 1 announced that it has remained in compliance with all of its debt
covenants as of March 31. Further detail may be found on Group 1's website
at www.Group1Auto.com.
"In addition to lowering our floorplan balances by more than $200 million
as we reduced inventory, we repurchased an additional $30 million of our
debt and repaid $10 million of our mortgage facility debt during the
quarter," said John C. Rickel, Group 1's senior vice president and chief
financial officer. "We also ended the quarter with strong liquidity of $182
million and further improved our covenant compliance, as the actions the
operating team implemented continued to strengthen the business."
2009 Full-Year Guidance
Given the continued uncertainty surrounding the overall economy, consumer
lending and the automotive industry, Group 1 determined that it is not
feasible to issue reliable earnings guidance at this time.
Group 1 did issue the following key assumptions for 2009:
-- Industry seasonally adjusted annual sales rate (SAAR) of 10.0 to 10.3
million vehicles
-- SG&A expenses as a percent of gross profit at 80 percent to 83.5
percent, excluding any one-time items, as lower sales revenues are expected
to offset cost improvements
-- Total year-over-year reduction in SG&A expenses of $120 million at 10
million SAAR level
-- Tax rate of 40.0 percent
-- Estimated average diluted shares outstanding of 23.2 million
-- Capital expenditures of $30 million or less
On a same-store basis:
-- Vehicle margins consistent with fourth-quarter 2008 levels
-- Parts and service revenues 3 to 5 percent lower
-- Finance and insurance gross profit at $1,000 to $1,025 per retail unit
First-Quarter Earnings Conference Call
Group 1's senior management will host a conference call today at 10 a.m.
EDT to discuss the first-quarter financial results and the company's 2009
outlook and strategy.
The conference call will be simulcast live on the Internet at
www.group1auto.com through the Investor Relations section. A replay will be
available for 30 days.
The conference call will also be available live by dialing in 10 minutes
prior to the start of the call at:
Domestic: 877-681-3376
International: 719-325-4745
Confirmation code: 4131302
A telephonic replay will be available following the call through May 12 by
dialing:
Domestic: 888-203-1112
International: 719-457-0820
Confirmation code: 4131302
About Group 1 Automotive, Inc.
Group 1 owns and operates 99 automotive dealerships, 133 franchises, and 24
collision service centers in the United States and the United Kingdom that
offer 31 brands of automobiles. Through its dealerships, the company sells
new and used cars and light trucks; arranges related financing, vehicle
service and insurance contracts; provides maintenance and repair services;
and sells replacement parts.
Group 1 Automotive can be reached on the Internet at www.group1auto.com.
This press release contains "forward-looking statements," which are
statements related to future, not past, events. In this context, the
forward-looking statements often include statements regarding our goals,
plans, projections and guidance regarding our financial position, results
of operations, market position, pending and potential future acquisitions
and business strategy, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks" or "will." Any such
forward-looking statements are not assurances of future performance and
involve risks and uncertainties that may cause results to differ materially
from those set forth in the statements. These risks and uncertainties
include, among other things, (a) general economic and business conditions,
(b) the level of manufacturer incentives, (c) the future regulatory
environment, (d) our ability to obtain an inventory of desirable new and
used vehicles, (e) our relationship with our automobile manufacturers and
the willingness of manufacturers to approve future acquisitions, (f) our
cost of financing and the availability of credit for consumers, (g) our
ability to complete acquisitions and dispositions and the risks associated
therewith, (h) foreign exchange controls and currency fluctuations, and (i)
our ability to retain key personnel. These factors, as well as additional
factors that could affect our forward-looking statements, are described in
our Form 10-K under the headings "Business--Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
We urge you to carefully consider this information. We undertake no duty to
update our forward-looking statements, including our earnings outlook.
FINANCIAL TABLES TO FOLLOW
Group 1 Automotive, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended March 31,
-------------------------------
2009 2008 % Change
--------- --------- --------
REVENUES:
New vehicle retail sales $ 547,292 $ 888,781 (38.4)%
Used vehicle retail sales 224,859 303,995 (26.0)
Used vehicle wholesale sales 34,736 67,227 (48.3)
Parts and service 180,865 190,835 (5.2)
Finance and insurance 32,065 52,424 (38.8)
--------- --------- --------
Total revenues 1,019,817 1,503,262 (32.2)%
COST OF SALES:
New vehicle retail sales 517,818 831,638 (37.7)%
Used vehicle retail sales 200,253 270,412 (25.9)
Used vehicle wholesale sales 33,792 67,168 (49.7)
Parts and service 85,300 86,466 (1.3)
--------- --------- --------
Total cost of sales 837,163 1,255,684 (33.3)%
--------- --------- --------
GROSS PROFIT 182,654 247,578 (26.2)%
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 153,234 195,062 (21.4)
DEPRECIATION AND
AMORTIZATION EXPENSE 6,508 5,817 11.9
--------- --------- --------
OPERATING INCOME 22,912 46,699 (50.9)%
OTHER INCOME (EXPENSE):
Floorplan interest expense (8,962) (12,008) (25.4)
Other interest expense, net (5,412) (7,765) (30.3)
Gain on redemption of senior subordinated
and convertible notes 15,988 409 3,809.0
Other income, net 3 350 (99.1)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND --------- --------- --------
ADOPTION OF APB 14-1 24,529 27,685 (11.4)%
PROVISION FOR INCOME TAXES (9,805) (10,531) (6.9)
INCOME FROM CONTINUING OPERATIONS --------- --------- --------
BEFORE ADOPTION OF APB 14-1 14,724 17,154 (14.2)%
ADOPTION OF APB 14-1:
Adjustment to gain on redemption of
convertible notes (8,607) - 100.0
Amortization of convertible notes discount (1,551) (1,998) (22.4)
Income tax benefit related to adoption of
APB 14-1 3,809 749 408.5
--------- --------- --------
LOSS RELATED TO ADOPTION OF APB 14-1 (6,349) (1,249) 408.4
--------- --------- --------
INCOME FROM CONTINUING OPERATIONS 8,375 15,905 (47.3)%
DISCONTINUED OPERATIONS:
Loss related to discontinued operations - (1,114) (100.0)
Income tax benefit related to loss on
discontinued operations - 387 (100.0)
--------- --------- --------
LOSS RELATED TO DISCONTINUED OPERATIONS - (727) (100.0)%
--------- --------- --------
NET INCOME $ 8,375 $ 15,178 (44.8)%
========= ========= ========
DILUTED INCOME PER SHARE:
Income per share from continuing
operations before adoption of APB 14-1 $ 0.64 $ 0.76 (15.8)%
Loss per share related to adoption of APB
14-1 (0.27) (0.05) 440.0
--------- --------- --------
Income per share from continuing
operations 0.37 0.71 (47.9)
Loss per share related to discontinued
operations - (0.03) (100.0)
--------- --------- --------
Income per share $ 0.37 $ 0.67 (44.8)%
========= ========= ========
Weighted average diluted shares
outstanding 22,923 22,548 1.7%
Group 1 Automotive, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)
March 31, December 31,
2009 2008 % Change
----------- ------------- ----------
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 21,610 $ 23,144 (6.6)%
Contracts in transit and vehicle
receivables, net 85,909 102,834 (16.5)
Accounts and notes receivable,
net 55,522 67,350 (17.6)
Inventories 638,358 845,944 (24.5)
Deferred income taxes 17,321 18,474 (6.2)
Prepaid expenses and other
current assets 33,044 38,878 (15.0)
----------- ------------- ----------
Total current assets 851,764 1,096,624 (22.3)
PROPERTY AND EQUIPMENT, net 501,501 514,891 (2.6)
GOODWILL AND OTHER INTANGIBLES 654,870 655,784 (0.1)
OTHER ASSETS 19,996 20,815 (3.9)
----------- ------------- ----------
Total assets $ 2,028,131 $ 2,288,114 (11.4)%
=========== ============= ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY:
CURRENT LIABILITIES:
Floorplan notes payable - credit
facility $ 540,891 $ 738,551 (26.8)%
Offset account related to
floorplan notes payable -
credit facility (62,278) (44,859) 38.8
Floorplan notes payable -
manufacturer affiliates 103,196 128,580 (19.7)
Current maturities of long-term
debt 13,039 13,594 (4.1)
Accounts payable 71,752 74,235 (3.3)
Accrued expenses 86,012 94,395 (8.9)
----------- ------------- ----------
Total current liabilities 752,612 1,004,496 (25.1)
2.25% CONVERTIBLE SENIOR NOTES
(principal of $194,500
and $224,500, respectively) 136,070 155,333 (12.4)
8.25% SENIOR SUBORDINATED NOTES 73,036 72,962 0.1
MORTGAGE FACILITY, net of current
maturities 156,420 168,583 (7.2)
OTHER REAL ESTATE RELATED AND
LONG-TERM DEBT, net of current
maturities 49,540 50,444 (1.8)
CAPITAL LEASE OBLIGATIONS RELATED
TO REAL ESTATE, net of current
maturities 38,984 39,401 (1.1)
ACQUISITION LINE 60,000 50,000 20.0
DEFERRED INCOME TAXES 7,021 2,768 153.6
LIABILITIES FROM INTEREST RATE
RISK MANAGEMENT ACTIVITIES 46,658 44,655 4.5
OTHER LIABILITIES 27,486 27,135 1.3
----------- ------------- ----------
Total liabilities before
deferred revenues 1,347,827 1,615,777 (16.6)
----------- ------------- ----------
DEFERRED REVENUES 8,979 10,220 (12.1)
STOCKHOLDERS' EQUITY:
Common stock 261 261 -
Additional paid-in capital 349,446 351,405 (0.6)
Retained earnings 445,443 437,087 1.9
Accumulated other comprehensive
loss (39,728) (38,109) 4.2
Treasury stock (84,097) (88,527) (5.0)
----------- ------------- ----------
Total stockholders' equity 671,325 662,117 1.4
----------- ------------- ----------
Total liabilities and
stockholders' equity $ 2,028,131 $ 2,288,114 (11.4)%
=========== ============= ==========
KEY DEBT COVENANT METRICS: *
Senior secured leverage ratio
(must be less than 2.75) 1.54 1.49
Total leverage ratio (must be
less than 4.50) 3.35 3.46
Fixed charge coverage ratio
(must be greater than 1.25) 1.68 1.59
Current ratio (must be greater
than 1.15) 1.24 1.18
* Refer to website, www.group1auto.com, for debt covenant calculation
definitions.
Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
Three Months
Ended
March 31,
----------------
2009 2008
------- -------
NEW VEHICLE UNIT SALES GEOGRAPHIC MIX:
Region Geographic Market
------ -----------------
Eastern Massachusetts 13.8% 11.6%
New Jersey 7.0 6.4
New York 4.3 4.1
New Hampshire 3.7 3.3
Georgia 3.6 3.5
Louisiana 3.4 3.7
Florida 2.1 3.0
Mississippi 1.6 1.5
Maryland 0.9 -
Alabama 0.7 1.0
South Carolina 0.3 0.3
------- -------
41.4 38.4
Central Texas 31.9 33.0
Oklahoma 8.3 9.2
Kansas 1.0 1.2
------- -------
41.2 43.4
Western California 15.6 16.5
International United Kingdom 1.8 1.7
------- -------
100.0% 100.0%
NEW VEHICLE UNIT SALES BRAND MIX:
Toyota/Scion/Lexus 35.1% 35.0%
Honda/Acura 13.6 13.0
Nissan/Infiniti 11.7 13.2
Ford 9.2 10.9
BMW/Mini 9.1 7.2
Chrysler 6.9 6.8
Mercedes-Benz 6.2 5.5
GM 3.9 4.9
Other 4.3 3.5
------- -------
100.0% 100.0%
NEW VEHICLE UNIT OTHER MIX:
Import 55.6% 55.4%
Luxury 25.4 23.4
Domestic 19.0 21.2
------- -------
100.0% 100.0%
Car 56.0% 55.2%
Truck 44.0 44.8
------- -------
100.0% 100.0%
Group 1 Automotive, Inc.
Additional Information - Consolidated
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended March 31,
------------------------------------
2009 2008 % Change
----------- ----------- ----------
REVENUES:
New vehicle retail sales $ 547,292 $ 888,781 (38.4)%
Used vehicle retail sales 224,859 303,995 (26.0)
Used vehicle wholesale sales 34,736 67,227 (48.3)
----------- -----------
Total used 259,595 371,222 (30.1)
Parts and service 180,865 190,835 (5.2)
Finance and insurance 32,065 52,424 (38.8)
----------- -----------
Total $ 1,019,817 $ 1,503,262 (32.2)%
GROSS MARGIN:
New vehicle retail sales 5.4% 6.4%
Used vehicle retail sales 10.9 11.0
Used vehicle wholesale sales 2.7 0.1
Total used 9.8 9.1
Parts and service 52.8 54.7
Finance and insurance 100.0 100.0
Total 17.9% 16.5%
GROSS PROFIT :
New vehicle retail sales $ 29,474 $ 57,143 (48.4)%
Used vehicle retail sales 24,606 33,583 (26.7)
Used vehicle wholesale sales 944 59
----------- -----------
Total used 25,550 33,642 (24.1)
Parts and service 95,565 104,369 (8.4)
Finance and insurance 32,065 52,424 (38.8)
----------- -----------
Total $ 182,654 $ 247,578 (26.2)%
UNITS SOLD:
Retail new vehicles sold 17,931 28,519 (37.1)%
Retail used vehicles sold 13,092 17,105 (23.5)
Wholesale used vehicles sold 6,429 9,948 (35.4)
----------- -----------
Total used 19,521 27,053 (27.8)%
GROSS PROFIT PER UNIT SOLD:
New vehicle retail sales $ 1,644 $ 2,004 (18.0)%
Used vehicle retail sales 1,879 1,963 (4.3)
Used vehicle wholesale sales 147 6
Total used 1,309 1,244 5.2
Finance and insurance (per retail
unit) $ 1,034 $ 1,149 (10.0)%
OTHER:
SG&A expenses $ 153,234 $ 195,062 (21.4)%
SG&A as % revenues 15.0% 13.0%
SG&A as % gross profit 83.9% 78.8%
Operating margin 2.2% 3.1%
Pretax margin 2.4% 1.8%
Floorplan interest $ (8,962) $ (12,008) (25.4)%
Floorplan assistance 4,534 7,726 (41.3)
----------- -----------
Net floorplan expense $ (4,428) $ (4,282) 3.4 %
Group 1 Automotive, Inc.
Additional Information - Same Store(1)
(Unaudited)
(Dollars in thousands, except per unit amounts)
Three Months Ended March 31,
------------------------------------
2009 2008 % Change
----------- ----------- ----------
REVENUES:
New vehicle retail sales $ 540,674 $ 879,875 (38.6)%
Used vehicle retail sales 220,949 300,753 (26.5)
Used vehicle wholesale sales 34,217 66,516 (48.6)
----------- -----------
Total used 255,166 367,269 (30.5)
Parts and service 177,816 188,271 (5.6)
Finance and insurance 31,748 52,071 (39.0)
----------- -----------
Total $ 1,005,404 $ 1,487,486 (32.4)%
GROSS MARGIN:
New vehicle retail sales 5.4% 6.5%
Used vehicle retail sales 10.9 11.0
Used vehicle wholesale sales 2.8 0.1
Total used 9.9 9.0
Parts and service 52.8 54.7
Finance and insurance 100.0 100.0
Total 17.9% 16.5%
GROSS PROFIT:
New vehicle retail sales $ 29,230 $ 56,754 (48.5)%
Used vehicle retail sales 24,191 33,153 (27.0)
Used vehicle wholesale sales 974 79
----------- -----------
Total used 25,165 33,232 (24.3)
Parts and service 93,923 102,912 (8.7)
Finance and insurance 31,748 52,071 (39.0)
----------- -----------
Total $ 180,066 $ 244,969 (26.5)%
UNITS SOLD:
Retail new vehicles sold 17,744 28,224 (37.1)%
Retail used vehicles sold 12,934 16,901 (23.5)
Wholesale used vehicles sold 6,362 9,815 (35.2)
----------- -----------
Total used 19,296 26,716 (27.8)%
GROSS PROFIT PER UNIT SOLD:
New vehicle retail sales $ 1,647 $ 2,011 (18.1)%
Used vehicle retail sales 1,870 1,962 (4.7)
Used vehicle wholesale sales 153 8
Total used 1,304 1,244 4.8
Finance and insurance (per retail
unit) $ 1,035 $ 1,154 (10.3)%
OTHER:
SG&A expenses $ 150,247 $ 192,223 (21.8)%
SG&A as % revenues 14.9% 12.9%
SG&A as % gross profit 83.4% 78.5%
Operating margin 2.3% 3.2%
Floorplan interest $ (8,915) $ (11,866) (24.9)%
Floorplan assistance 4,516 7,638 (40.9)
----------- -----------
Net floorplan expense $ (4,399) $ (4,228) 4.0%
(1) Same store amounts include the results for the identical months in each
period presented in the comparison, commencing with the first full
month we owned the dealership and, in the case of dispositions, ending
with the last full month we owned it. Same store results also include
the activities of our corporate office.
Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures
(Unaudited)
(Dollars in thousands, except per share amounts)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
RECONCILIATION:
Three Months Ended March 31,
----------------------------
2009 2008 % Change
-------- -------- -------
Reported net income from continuing
operations $ 8,375 $ 15,905 (47.3)%
Adjustments for the Adoption of APB
14-1:
Non-cash convertible note discount
amortization 969 1,249
Adjustment to gain on convertible note
redemption 5,380 -
-------- --------
Net income from continuing operations
before adoption of APB 14-1 14,724 17,154
Other Adjustments:
Loss on dealership disposition 549 -
Pre-APB 14-1 gain on debt redemption (9,597) (253)
-------- --------
Adjusted net income from continuing
operations (1) $ 5,676 $ 16,901 (66.4)%
DILUTED INCOME (LOSS) PER SHARE FROM
CONTINUING OPERATIONS RECONCILIATION:
Three Months Ended March 31,
----------------------------
2009 2008 % Change
-------- -------- -------
Reported income per share from continuing
operations $ 0.37 $ 0.71 (47.9)%
Adjustments for the Adoption of APB
14-1:
Non-cash convertible note discount
amortization 0.04 0.05
Adjustment to gain on convertible note
redemption 0.23 -
-------- --------
Diluted income per share from
continuing operations before
adoption of APB 14-1 0.64 0.76
Other Adjustments:
Loss on dealership disposition 0.02 -
Pre-APB 14-1 gain on debt redemption (0.42) (0.01)
-------- --------
Adjusted diluted income per share
from continuing operations (1) 0.24 0.75 (68.0)%
(1) Adjusted net income from continuing operations and adjusted diluted
earnings per share from continuing operations means net income from
continuing operations or diluted earnings per share from continuing
operations, as the case may be, plus the adjustments noted above.
We use adjusted net income from continuing operations and adjusted
diluted earnings per share from continuing operations in our
evaluation of the performance of the company, as we believe that they
provide additional information regarding the performance of our
operations. We believe the presentation of these measures is
relevant and useful to investors because they improve period-to-
period comparability. Neither of these measures is a measure of
financial performance under GAAP. Accordingly, they should not be
considered as substitutes for net income from continuing operations
or diluted earnings per share from continuing operations prepared in
accordance with GAAP. Although we find these non-GAAP results useful
in evaluating the performance of our business, our reliance on these
measures is limited because the adjustments often have a material
impact on our net income from continuing operations and diluted
earnings per share from continuing operations calculated in
accordance with GAAP. Therefore, we typically use these adjusted
numbers in conjunction with our GAAP results to address these
limitations.
AT GROUP 1:
President and CEO
Earl J. Hesterberg
(713) 647-5700
Senior Vice President and CFO
John C. Rickel
(713) 647-5700
Manager, Investor Relations
Kim Paper Canning
(713) 647-5700
AT Fleishman-Hillard:
Investors
John Roper
(713) 513-9505
AT Pierpont Communications:
Media
Clint L. Woods
(713) 627-2223
