Snap-on Announces Third Quarter 2013 Results

Sales of $753.2 million up 5.8% over 2012 levels; Operating earnings before financial services improves 130 basis points to 14.8% of sales; Diluted EPS of $1.43 increases 13.5%

KENOSHA, Wis. - (BUSINESS WIRE) - Oct. 17, 2013 - Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the third quarter of 2013.

  • Sales of $753.2 million increased $41.6 million, or 5.8%, from 2012 levels; excluding $15.6 million of sales from the May 2013 acquisition of Challenger Lifts, Inc. ("Challenger") and $7.3 million of unfavorable foreign currency translation, organic sales increased 4.7%.
  • Operating earnings before financial services of $111.3 million, or 14.8% of sales, compares with$96.2 million, or 13.5% of sales, last year.
  • Financial services operating earnings of $31.6 million increased $3.7 million from 2012 levels.
  • Consolidated operating earnings of $142.9 million, or 17.9% of revenues (net sales plus financial services revenue), increased from $124.1 million, or 16.5% of revenues, last year.
  • Net earnings of $84.6 million, or $1.43 per diluted share, compares with net earnings of $74.1 million, or $1.26 per diluted share, a year ago.

"We’re encouraged by our third quarter results, which reflect a 5.8% increase in net sales and a 130 basis point improvement in operating margin before financial services. We believe these results demonstrate our continued progress along our defined runways for coherent growth and underscore the benefits of our Snap-on Value Creation processes of safety, quality, customer connection, innovation and rapid continuous improvement," said Nick Pinchuk, Snap-on chairman and chief executive officer. "In the third quarter, we were also the only company to receive three MOTOR Magazine Top 20 Tool Awards for 2013, continuing a multi-year streak recognizing our capabilities in connecting with our professional customers and in translating that insight into winning innovation. Finally, these results and achievements reflect extraordinary effort and dedication across the company and I thank our franchisees and associates worldwide for their significant contributions and commitment."

Segment Results

Commercial & Industrial Group segment sales of $275.2 million in the quarter decreased $5.2 million, or 1.9%, from 2012 levels. Excluding $2.7 million of unfavorable foreign currency translation, organic sales in the quarter decreased $2.5 million, or 0.9%, primarily due to continued lower sales to the military coupled with a slight sales decline in the segment’s European-based hand tools business.

Operating earnings of $36.0 million in the period increased $2.6 million from 2012 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.1% improved from 11.9% a year ago.

Snap-on Tools Group segment sales of $333.8 million in the quarter rose $25.0 million, or 8.1%, from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding $4.0 million of unfavorable foreign currency translation, organic sales increased 9.5%.

Operating earnings of $41.9 million in the period increased $1.7 million from 2012 levels and the operating margin of 12.6% compared with 13.0% a year ago.

Repair Systems & Information Group segment sales of $252.7 million in the quarter increased $30.7 million, or 13.8%, from 2012 levels. Excluding $15.6 million of sales from the Challenger acquisition and $0.2 million of favorable foreign currency translation, organic sales in the quarter rose $14.9 million, or 6.7%, primarily due to gains in sales of diagnostics and repair information products to independent repair shop owners and managers and higher sales to Original Equipment Manufacturer (OEM) dealerships.

Operating earnings of $57.9 million in the period increased $8.4 million from 2012 levels and the operating margin of 22.9% improved from 22.3% a year ago.

Financial Services operating earnings of $31.6 million on revenue of $45.1 million in the quarter compared with operating earnings of $27.9 million on revenue of $40.5 million a year ago.

Corporate expenses of $24.5 million in the quarter decreased from $26.9 million last year, primarily due to lower stock-based and mark-to-market expenses.

Outlook

Snap-on expects to continue with the advancement of its strategic framework designed to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets. In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2013 will approximate $75 million. Snap-on also expects that its full year 2013 effective income tax rate will be comparable to its 2012 rate.

Conference Call and Webcast October 17, 2013, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, October 17, 2013, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, including the accompanying slide presentation, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on web site.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $2.9 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words "expects," "anticipates," "intends," "approximates," or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the "Safe Harbor" and "Risk Factors" headings in its Annual Report on Form 10-K for the fiscal year ended December 29, 2012, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
                     
                     
                     
      Three Months Ended     Nine Months Ended
      Sept. 28,   Sept. 29,     Sept. 28,   Sept. 29,
      2013   2012     2013   2012
                     
Net sales     $ 753.2     $ 711.6       $ 2,259.0     $ 2,184.7  
Cost of goods sold       (388.9 )     (371.2 )       (1,164.6 )     (1,146.7 )
Gross profit       364.3       340.4         1,094.4       1,038.0  
Operating expenses       (253.0 )     (244.2 )       (757.5 )     (739.7 )
Operating earnings before financial services       111.3       96.2         336.9       298.3  
                     
Financial services revenue       45.1       40.5         133.6       118.4  
Financial services expenses       (13.5 )     (12.6 )       (40.9 )     (41.0 )
Operating earnings from financial services       31.6       27.9         92.7       77.4  
                     
Operating earnings       142.9       124.1         429.6       375.7  
Interest expense       (14.4 )     (13.6 )       (41.8 )     (41.4 )
Other income (expense) – net       (0.8 )     (0.2 )       (3.1 )     (0.5 )
Earnings before income taxes and                    
equity earnings       127.7       110.3         384.7       333.8  
Income tax expense       (40.8 )     (34.9 )       (122.1 )     (108.4 )
Earnings before equity earnings       86.9       75.4         262.6       225.4  
Equity earnings, net of tax       0.1       1.0         0.2       2.5  
Net earnings       87.0       76.4         262.8       227.9  
Net earnings attributable to noncontrolling interests       (2.4 )     (2.3 )       (7.0 )     (6.4 )
Net earnings attributable to Snap-on Inc.     $ 84.6     $ 74.1       $ 255.8     $ 221.5  
                     
                     
Net earnings per share attributable to Snap-on Inc.:                    
Basic     $ 1.45     $ 1.27       $ 4.40     $ 3.81  
Diluted       1.43       1.26         4.33       3.77  
                     
Weighted-average shares outstanding:                    
Basic       58.2       58.3         58.2       58.2  
Effect of dilutive options       0.8       0.6         0.9       0.6  
Diluted       59.0       58.9         59.1       58.8  
                                     

 

 
SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
                     
                     
      Three Months Ended     Nine Months Ended
      Sept. 28,   Sept. 29,     Sept. 28,   Sept. 29,
      2013   2012     2013   2012
                     
Net sales:                    
Commercial & Industrial Group     $ 275.2     $ 280.4       $ 807.8     $ 850.3  
Snap-on Tools Group       333.8       308.8         1,007.3       950.4  
Repair Systems & Information Group       252.7       222.0         745.0       675.5  
Segment net sales       861.7  

 

  811.2         2,560.1       2,476.2  
Intersegment eliminations       (108.5 )     (99.6 )       (301.1 )     (291.5 )
Total net sales     $ 753.2     $ 711.6       $ 2,259.0     $ 2,184.7  
Financial Services revenue       45.1       40.5         133.6       118.4  
Total revenues     $ 798.3     $ 752.1       $ 2,392.6     $ 2,303.1  
                     
Operating earnings:                    
Commercial & Industrial Group     $ 36.0     $ 33.4       $ 100.2     $ 95.4  
Snap-on Tools Group       41.9       40.2         143.6       130.8  
Repair Systems & Information Group       57.9       49.5         171.1       150.3  
Financial Services       31.6       27.9         92.7       77.4  
Segment operating earnings       167.4  

 

  151.0         507.6       453.9  
Corporate       (24.5 )     (26.9 )       (78.0 )     (78.2 )
Operating earnings     $ 142.9     $ 124.1       $ 429.6     $ 375.7  
Interest expense       (14.4 )     (13.6 )       (41.8 )     (41.4 )
Other income (expense) – net       (0.8 )     (0.2 )       (3.1 )     (0.5 )
Earnings before income taxes                    
and equity earnings     $ 127.7     $ 110.3       $ 384.7     $ 333.8  
                                     

 

 
SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
             
             
      Sept. 28,     Dec. 29,
     

2013

    2012
             
Assets            
Cash and cash equivalents     $ 182.5       $ 214.5  
Trade and other accounts receivable – net       521.9         497.9  
Finance receivables – net       367.4         323.1  
Contract receivables – net       73.1         62.7  
Inventories – net       440.3         404.2  
Deferred income tax assets       88.8         81.8  
Prepaid expenses and other assets       109.1         84.8  
Total current assets       1,783.1         1,669.0  
             
Property and equipment – net       384.4         375.2  
Deferred income tax assets       95.0         110.4  
Long-term finance receivables – net       540.8         494.6  
Long-term contract receivables – net       211.4         194.4  
Goodwill       837.4         807.4  
Other intangibles – net       192.5         187.2  
Other assets       56.4         64.1  
Total assets     $ 4,101.0       $ 3,902.3  
             
Liabilities and Equity            
Notes payable and current maturities of long-term debt     $ 117.7       $ 5.2  
Accounts payable       161.8         142.5  
Accrued benefits       47.9         50.6  
Accrued compensation       84.2         88.3  
Franchisee deposits       64.4         54.7  
Other accrued liabilities       249.7         247.9  
Total current liabilities       725.7         589.2  
             
Long-term debt       861.1         970.4  
Deferred income tax liabilities       137.9         127.1  
Retiree health care benefits       44.8         48.4  
Pension liabilities       239.8         260.7  
Other long-term liabilities       85.6         87.5  
Total liabilities       2,094.9         2,083.3  
             
Equity            
Shareholders' equity attributable to Snap-on Inc.            
Common stock       67.4         67.4  
Additional paid-in capital       226.6         204.6  
Retained earnings       2,255.4         2,067.0  
Accumulated other comprehensive loss       (111.1 )       (124.2 )
Treasury stock at cost       (449.1 )       (412.7 )
Total shareholders' equity attributable to Snap-on Inc.       1,989.2         1,802.1  
Noncontrolling interests       16.9         16.9  
Total equity       2,006.1         1,819.0  
Total liabilities and equity     $ 4,101.0       $ 3,902.3  
                     

 

 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
             
      Three Months Ended
      Sept. 28,     Sept. 29,
      2013     2012
             
Operating activities:            
Net earnings     $ 87.0       $ 76.4  
Adjustments to reconcile net earnings to net cash provided (used) by            
operating activities:            
Depreciation       12.8         12.4  
Amortization of other intangibles       6.6         6.6  
Provision for losses on finance receivables       5.5         5.1  
Provision for losses on non-finance receivables       1.7         1.3  
Stock-based compensation expense       9.4         8.9  
Excess tax benefits from stock-based compensation       (0.6 )       (2.3 )
Deferred income tax provision (benefit)       (8.1 )       1.0  
Loss on sale of assets       0.1         -  
Changes in operating assets and liabilities:            
Increase in trade and other accounts receivable       (17.9 )       (16.0 )
Increase in contract receivables       (24.1 )       (24.4 )
Increase in inventories       (16.7 )       (8.0 )
Increase in prepaid and other assets       (5.7 )       (5.0 )
Increase in accounts payable       2.4         3.7  
Increase in accruals and other liabilities       31.9         10.0  
Net cash provided by operating activities       84.3         69.7  
             
Investing activities:            
Additions to finance receivables       (160.9 )       (140.7 )
Collections of finance receivables       126.6         112.7  
Capital expenditures       (19.3 )       (19.7 )
Disposal of property and equipment       0.2         0.2  
Other       1.5         0.7  
Net cash used by investing activities       (51.9 )       (46.8 )
             
Financing activities:            
Proceeds from short-term borrowings       -         4.7  
Repayments of short-term borrowings       -         (5.6 )
Net increase in other short-term borrowings       3.1         5.2  
Cash dividends paid       (22.1 )       (19.8 )
Purchase of treasury stock       (5.4 )       (23.7 )
Proceeds from stock purchase and option plans       1.8         17.8  
Excess tax benefits from stock-based compensation       0.6         2.3  
Other       (3.3 )       (2.4 )
Net cash used by financing activities       (25.3 )       (21.5 )
             
Effect of exchange rate changes on cash and cash equivalents       0.7         1.1  
Increase in cash and cash equivalents       7.8         2.5  
             
Cash and cash equivalents at beginning of period       174.7         173.6  
Cash and cash equivalents at end of period     $ 182.5       $ 176.1  
             
Supplemental cash flow disclosures:            
Cash paid for interest     $ (26.4 )     $ (26.1 )
Net cash paid for income taxes       (37.9 )       (20.8 )
                     

 

 
SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flow
(Amounts in millions)
(unaudited)
             
      Nine Months Ended
      Sept. 28,     Sept. 29,
      2013     2012
             
Operating activities:            
Net earnings     $ 262.8       $ 227.9  
Adjustments to reconcile net earnings to net cash provided (used) by            
operating activities:            
Depreciation       38.3         37.6  
Amortization of other intangibles       19.4         19.6  
Provision for losses on finance receivables       15.0         13.8  
Provision for losses on non-finance receivables       7.9         7.6  
Stock-based compensation expense       28.9         25.0  
Excess tax benefits from stock-based compensation       (6.5 )       (5.0 )
Deferred income tax provision       2.8         3.6  
Gain on sale of assets       -         (0.9 )
Changes in operating assets and liabilities, net of effects of acquisition:            
Increase in trade and other accounts receivable       (27.8 )       (18.9 )
Increase in contract receivables       (31.4 )       (37.9 )
Increase in inventories       (35.5 )       (27.4 )
Increase in prepaid and other assets       (25.5 )       (32.0 )
Increase in accounts payable       16.7         23.8  
Increase (decrease) in accruals and other liabilities       5.0         (10.4 )
Net cash provided by operating activities       270.1         226.4  
             
Investing activities:            
Additions to finance receivables       (482.4 )       (426.1 )
Collections of finance receivables       373.7         328.9  
Capital expenditures       (50.7 )       (59.5 )
Acquisition of business       (38.2 )       -  
Disposal of property and equipment       0.7         2.4  
Other       (9.0 )       0.7  
Net cash used by investing activities       (205.9 )       (153.6 )
             
Financing activities:            
Proceeds from short-term borrowings       1.6         11.2  
Repayments of short-term borrowings       (0.5 )       (14.1 )
Net increase in other short-term borrowings       12.1         5.4  
Cash dividends paid       (66.5 )       (59.4 )
Purchase of treasury stock       (67.5 )       (61.8 )
Proceeds from stock purchase and option plans       27.9         40.3  
Excess tax benefits from stock-based compensation       6.5         5.0  
Other       (8.7 )       (8.7 )
Net cash used by financing activities       (95.1 )       (82.1 )
             
Effect of exchange rate changes on cash and cash equivalents       (1.1 )       (0.2 )
Decrease in cash and cash equivalents       (32.0 )       (9.5 )
             
Cash and cash equivalents at beginning of year       214.5         185.6  
Cash and cash equivalents at end of period     $ 182.5       $ 176.1  
             
Supplemental cash flow disclosures:            
Cash paid for interest     $ (53.8 )     $ (53.8 )
Net cash paid for income taxes       (117.4 )       (59.8 )
                     

 

 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Three Months Ended     Three Months Ended
      Sept. 28,   Sept. 29,     Sept. 28,   Sept. 29,
      2013   2012     2013   2012
                     
Net sales     $ 753.2     $ 711.6       $ -     $ -  
Cost of goods sold       (388.9 )     (371.2 )       -       -  
Gross profit       364.3       340.4         -       -  
Operating expenses       (253.0 )     (244.2 )       -       -  
Operating earnings before financial services       111.3       96.2         -       -  
                     
Financial services revenue       -       -         45.1       40.5  
Financial services expenses       -       -         (13.5 )     (12.6 )
Operating earnings from financial services       -       -         31.6       27.9  
                     
Operating earnings       111.3       96.2         31.6       27.9  
Interest expense       (14.0 )     (13.3 )       (0.4 )     (0.3 )
Intersegment interest income (expense) – net       12.1       11.1         (12.1 )     (11.1 )
Other income (expense) – net       (0.8 )     (0.2 )       -       -  
Earnings before income taxes and equity earnings       108.6       93.8         19.1       16.5  
Income tax expense       (33.7 )     (28.8 )       (7.1 )     (6.1 )
Earnings before equity earnings       74.9       65.0         12.0       10.4  
Financial services – net earnings                    
attributable to Snap-on Inc.       12.0       10.4         -       -  
Equity earnings, net of tax       0.1       1.0         -       -  
Net earnings       87.0       76.4         12.0       10.4  
Net earnings attributable to noncontrolling interests       (2.4 )     (2.3 )       -       -  
Net earnings attributable to Snap-on Inc.     $ 84.6     $ 74.1       $ 12.0     $ 10.4  
                     
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.
 

 

 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Nine Months Ended     Nine Months Ended
      Sept. 28,   Sept. 29,     Sept. 28,   Sept. 29,
      2013   2012     2013   2012
                     
Net sales     $ 2,259.0     $ 2,184.7       $ -     $ -  
Cost of goods sold       (1,164.6 )     (1,146.7 )       -       -  
Gross profit       1,094.4       1,038.0         -       -  
Operating expenses       (757.5 )     (739.7 )       -       -  
Operating earnings before financial services       336.9       298.3         -       -  
                     
Financial services revenue       -       -         133.6       118.4  
Financial services expenses       -       -         (40.9 )     (41.0 )
Operating earnings from financial services       -       -         92.7       77.4  
                     
Operating earnings       336.9       298.3         92.7       77.4  
Interest expense       (40.5 )     (40.5 )       (1.3 )     (0.9 )
Intersegment interest income (expense) – net       35.2       31.3         (35.2 )     (31.3 )
Other income (expense) – net       (3.2 )     (0.4 )       0.1       (0.1 )
Earnings before income taxes and equity earnings       328.4       288.7         56.3       45.1  
Income tax expense       (101.4 )     (91.8 )       (20.7 )     (16.6 )
Earnings before equity earnings       227.0       196.9         35.6       28.5  
Financial services – net earnings                    
attributable to Snap-on Inc.       35.6       28.5         -       -  
Equity earnings, net of tax       0.2       2.5         -       -  
Net earnings       262.8       227.9         35.6       28.5  
Net earnings attributable to noncontrolling interests       (7.0 )     (6.4 )       -       -  
Net earnings attributable to Snap-on Inc.     $ 255.8     $ 221.5       $ 35.6     $ 28.5  
                     

* Snap-on Inc. with Financial Services on the equity method.

Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.
 

 

 
SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
                     
                     
      Operations*     Financial Services
      Sept. 28,   Dec. 29,     Sept. 28,   Dec. 29,
      2013   2012     2013   2012
                     
Assets                    
Cash and cash equivalents     $ 179.1   $ 211.2     $ 3.4   $ 3.3
Intersegment receivables       15.7     14.1       -     -
Trade and other accounts receivable – net       521.6     497.5       0.3     0.4
Finance receivables – net       -     -       367.4     323.1
Contract receivables – net       6.8     7.4       66.3     55.3
Inventories – net       440.3     404.2       -     -
Deferred income tax assets       74.5     68.8       14.3     13.0
Prepaid expenses and other assets       113.3     88.3       0.8     1.0
Total current assets       1,351.3     1,291.5       452.5     396.1
                     
Property and equipment – net       382.7     373.2       1.7     2.0
Investment in Financial Services       185.1     165.3       -     -
Deferred income tax assets       94.7     110.2       0.3     0.2
Long-term finance receivables – net       -     -       540.8     494.6
Long-term contract receivables – net       11.3     12.1       200.1     182.3
Goodwill       837.4     807.4       -     -
Other intangibles – net       192.5     187.2       -     -
Other assets       58.0     65.3       1.0     1.1
Total assets     $ 3,113.0   $ 3,012.2     $ 1,196.4   $ 1,076.3
                     
Liabilities and Equity                    
Notes payable and current maturities of long-term debt     $ 21.4   $ 5.2     $ 96.3   $ -
Accounts payable       160.5     142.1       1.3     0.4
Intersegment payables       -     -       15.7     14.1
Accrued benefits       47.9     50.6       -     -
Accrued compensation       81.4     84.9       2.8     3.4
Franchisee deposits       64.4     54.7       -     -
Other accrued liabilities       208.3     207.8       49.0     46.9
Total current liabilities       583.9     545.3       165.1     64.8
                     
Long-term debt and intersegment long-term debt       31.4     143.2       829.7     827.2
Deferred income tax liabilities       136.9     125.7       1.0     1.4
Retiree health care benefits       44.8     48.4       -     -
Pension liabilities       239.8     260.7       -     -
Other long-term liabilities       70.1     69.9       15.5     17.6
Total liabilities       1,106.9     1,193.2       1,011.3     911.0
                     
Total shareholders' equity attributable to Snap-on Inc.       1,989.2     1,802.1       185.1     165.3
Noncontrolling interests       16.9     16.9       -     -
Total equity       2,006.1     1,819.0       185.1     165.3
Total liabilities and equity     $ 3,113.0   $ 3,012.2     $ 1,196.4   $ 1,076.3
                     
* Snap-on Inc. with Financial Services on the equity method.
Transactions between Operations and Financial Services were eliminated to arrive at the consolidated financial statements.

Source: Snap-on Incorporated

Contacts:

Snap-on Incorporated

Investors
Leslie Kratcoski
262/656-6121

Media
Richard Secor
262/656-5561

###

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