Crown Castle International Reports Third Quarter 2009 Results; Provides 2010 Outlook
"We had another excellent quarter of record results, exceeding the high-end of our third quarter Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA, and recurring cash flow," stated
CONSOLIDATED FINANCIAL RESULTS
Total revenue for the third quarter of 2009 increased 12% to
Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures, increased 16% from
Net loss attributable to CCIC stockholders was
FINANCING AND INVESTING ACTIVITIES
"I am very pleased with our third quarter results, our ability to increase our Outlook for the balance of 2009 and our continued successful financing activities," stated
During the third quarter of 2009,
Also, during the third quarter of 2009,
On
As of
During the third quarter of 2009,
In addition to the tables and information contained in this press release,
OUTLOOK
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in
The following Outlook table is based on current expectations and assumptions. The Outlook table includes the interest expense associated with the
For the purposes of this Outlook, interest expense is based on interest charges on debt outstanding as of
As reflected in the following table,
The following table sets forth
(in millions, except per Fourth Quarter share amounts) 2009 Full Year 2009 Full Year 2010 ---------------- ------------------ ---------------- Site rental revenue $397 to $402 $1,537 to $1,542 $1,645 to $1,665 Site rental cost of operations $115 to $120 $453 to $458 $460 to $480 Site rental gross margin $280 to $285 $1,083 to $1,088 $1,175 to $1,195 Adjusted EBITDA $259 to $264 $1,008 to $1,013 $1,095 to $1,115 Interest expense and amortization of deferred financing costs(a) $117 to $121 $444 to $448 $448 to $458 Sustaining capital expenditures $10 to $12 $26 to $28 $27 to $32 Recurring cash flow $129 to $134 $536 to $541 $612 to $632 Net income (loss) after deduction of dividends on preferred stock $(15) to $7 $(165) to $(142) $(16) to $68 Net income (loss) per share(b) $(0.05) to $0.02 $(0.58) to $(0.49) $(0.06) to $0.24 (a) Inclusive of approximately$18 million ,$62 million , and$52 million , respectively, of non-cash expense. (b) Represents net income (loss) per common share, based on 286.9 million shares outstanding as ofSeptember 30, 2009 .
CONFERENCE CALL DETAILS
A telephonic replay of the conference call will be available from
The
The components of interest expense and amortization of deferred financing costs are as follows:
For the Three Months Ended ------------------- Sept. 30, Sept. 30, 2009 2008 -------- -------- (in millions) Interest expense on debt obligations $ 94.2 $ 81.9 Amortization of deferred financing costs 6.8 3.8 Amortization of discounts on long-term debt 3.5 -- Amortization of interest rate swaps 6.1 0.8 Amortization of purchase price adjustments on long-term debt 0.1 0.9 Other 0.5 0.7 -------- -------- $ 111.2 $ 88.1 ======== ========
The components of interest expense and amortization of deferred financing costs are forecasted as follows:
Q4 2009 Full Year Full Year Outlook 2009 Outlook 2010 Outlook ------------ ------------ ------------ (in millions) Interest expense on debt obligations $100 to $102 $382 to $387 $392 to $412 Amortization of deferred financing costs $6 to $8 $26 to $28 $17 to $22 Amortization of discounts on long-term debt $3 to $4 $11 to $13 $14 to $16 Amortization of interest rate swaps $5 to $7 $18 to $20 $5 to $25 Amortization of purchase price adjustments on long- term debt -- $1 to $2 -- Other $0 to $1 $1 to $3 $1 to $3 ------------ ------------ ------------ $117 to $121 $444 to $448 $448 to $458 ============ ============ ============
Non-GAAP Financial Measures
This press release includes presentations of Adjusted EBITDA and recurring cash flow, which are non-GAAP financial measures.
Adjusted EBITDA and recurring cash flow are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations. Our measures of Adjusted EBITDA and recurring cash flow may not be comparable to similarly titled measures of other companies, including other companies in the tower sector. The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures.
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:
Adjusted EBITDA, recurring cash flow and recurring cash flow per share for the quarters endedSeptember 30, 2009 and 2008 are computed as follows: ----------------------------------------------------------------- For the Three Months Ended -------------------- Sept. 30, Sept. 30, 2009 2008 --------- --------- (in millions, except per share amounts) Net income (loss) $ (31.1) $ (32.2) Adjustments to increase (decrease) net income (loss): Asset write-down charges 3.1 2.9 Depreciation, amortization and accretion 131.4 131.7 Interest expense and amortization of deferred financing costs 111.2 88.1 Impairment of available-for-sale securities -- 23.7 Gains (losses) on purchases and redemption of debt 4.8 -- Net gain (loss) on interest rate swaps 58.3 (2.4) Interest and other income (expense) (2.6) 0.9 Benefit (provision) for income taxes (21.8) (2.1) Stock-based compensation charges 7.2 7.1 --------- --------- Adjusted EBITDA $ 260.5 $ 217.7 ========= ========= Less: Interest expense and amortization of deferred financing costs 111.2 88.1 Less: Sustaining capital expenditures 5.5 6.1 --------- --------- Recurring cash flow $ 143.8 $ 123.5 ========= ========= Weighted average common shares outstanding - basic and diluted 286.7 283.6 Recurring cash flow per share $ 0.50 $ 0.44 ========= ========= Adjusted EBITDA and recurring cash flow for the quarter endingDecember 31, 2009 and the years endingDecember 31, 2009 andDecember 31, 2010 are forecasted as follows: -------------------------------------------------------------- Q4 2009 Full Year 2009 Full Year 2010 (in millions) Outlook Outlook Outlook ------------- ---------------- ---------------- Net income (loss) $(10) to $12 $(144) to $(121) $5 to $89 Adjustments to increase (decrease) net income (loss): Asset write-down charges $3 to $6 $17 to $20 $8 to $20 Gains (losses) on purchases and redemptions of debt $0 to $1 $90 to $91 $0 to $0 Depreciation, amortization and accretion $130 to $135 $526 to $531 $520 to $540 Interest and other income (expense) $(2) to $1 $(8) to $(5) $(8) to $4 Net gain (loss) on interest rate swaps (a) $(5) to $5 $109 to $119 $(20) to $20 Interest expense and amortization of deferred financing costs(b) $117 to $121 $444 to $448 $448 to $458 Benefit (provision) for income taxes $3 to $(9) $(75) to $(86) $50 to $13 Stock-based compensation charges $6 to $9 $31 to $34 $28 to $35 ------------- ---------------- ---------------- Adjusted EBITDA $259 to $264 $1,008 to $1,013 $1,095 to $1,115 ============= ================ ================ Less: Interest expense and amortization of deferred financing costs(b) $117 to $121 $444 to $448 $448 to $458 Less: Sustaining capital expenditures $10 to $12 $26 to $28 $27 to $32 ------------- ---------------- ---------------- Recurring cash flow $129 to $134 $536 to $541 $612 to $632 ============= ================ ================ (a) Based on the interest rates and yield curves in effect as ofNovember 2, 2009 . (b) Inclusive of approximately$18 million ,$62 , million and$52 million , respectively, of non-cash expense.
Other Calculations:
Sustaining capital expenditures for the quarters endedSeptember 30, 2009 andSeptember 30, 2008 is computed as follows: -------------------------------------------------------------------- For the Three Months Ended ------------------ Sept. 30, Sept. 30, 2009 2008 -------- -------- (in millions) Capital Expenditures $ 32.4 $ 140.3 Less: Revenue enhancing on existing sites 21.2 21.7 Less: Land purchases 1.0 63.8 Less: New site acquisition and construction 4.7 48.7 -------- -------- Sustaining capital expenditures $ 5.5 $ 6.1 ======== ========
Site rental gross margin for the quarter endingDecember 31, 2009 and for the years endingDecember 31, 2009 andDecember 31, 2010 is forecasted as follows: ----------------------------------------------------------------- (in millions) Q4 2009 Full Year 2009 Full Year 2010 Outlook Outlook Outlook ------------ ---------------- ---------------- Site rental revenue$397 to $402 $1,537 to $1,542 $1,645 to $1,665 Less: Site rental cost of operations $115 to $120 $453 to $458 $460 to $480 ------------ ---------------- ---------------- Site rental gross margin $280 to $285 $1,083 to $1,088 $1,175 to $1,195 ============ ================ ================
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections, Outlook and estimates regarding (i) the growth of our business and the fundamentals of our industry, (ii) demand for wireless communication services, (iii) the use of proceeds of the
* We have a substantial amount of indebtedness, a significant portion of which we anticipate refinancing or repaying within the next three years. In the event we do not repay or refinance such indebtedness, we could face substantial liquidity issues and might be required to issue equity securities or securities convertible into equity securities, or sell some of our assets to meet our debt payment obligations. * Our substantial level of indebtedness could adversely affect our ability to react to changes in our business, and the terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt could be accelerated. * Our interest rate swaps are currently in a substantial liability position and will need to be cash settled within the next three years, which could adversely affect our financial condition. * Our business depends on the demand for wireless communications and towers, and we may be adversely affected by any slowdown in such demand. * A substantial portion of our revenues is derived from a small number of customers, and the loss, consolidation or financial instability of, or network sharing among, any of our limited number of customers may materially decrease revenues. * Consolidation among our customers may result in duplicate or overlapping parts of networks, which may result in a reduction of sites and have a negative effect on revenues and cash flows. * Sales or issuances of a substantial number of shares of our common stock may adversely affect the market price of our common stock. * A wireless communications industry slowdown may materially and adversely affect our business (including reducing demand for our towers and network services) and the business of our customers. * As a result of competition in our industry, including from some competitors with significantly more resources or less debt than we have, we may find it more difficult to achieve favorable rental rates on our towers. * New technologies may significantly reduce demand for our towers and negatively impact our revenues. * New wireless technologies may not deploy or be adopted by customers as rapidly or in the manner projected. * If we fail to retain rights to the land under our towers, our business may be adversely affected. * If we are unable to raise capital in the future when needed, we may not be able to fund future growth opportunities. * Our lease relating to our Spectrum has certain risk factors different from our core tower business, including that the Spectrum lease may not be renewed or continued, that the option to acquire the Spectrum may not be exercised, and that the Spectrum may not be deployed, which may result in the revenues derived from the Spectrum being less than those that may otherwise have been anticipated. * If we fail to comply with laws and regulations which regulate our business and which may change at any time, we may be fined or even lose our right to conduct some of our business. * Our network services business has historically experienced significant volatility in demand, which reduces the predictability of our results. * If radio frequency emissions from wireless handsets or equipment on our towers are demonstrated to cause negative health effects, potential future claims could adversely affect our operations, costs and revenues. * Certain provisions of our certificate of incorporation, bylaws and operative agreements and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to our stockholders. * We are exposed to counterparty risk through our interest rate swaps and a counterparty default could adversely affect our financial condition. * We may be adversely affected by our exposure to changes in foreign currency exchange rates relating to our operations inAustralia .
Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC.
CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands) Sept. 30, Dec. 31, 2009 2008 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 268,831 $ 155,219 Restricted cash 182,718 147,852 Receivables, net of allowance for doubtful accounts 33,382 37,621 Deferred income tax assets 99,153 28,331 Prepaid expenses, deferred site rental receivables and other current assets 91,209 116,145 ------------ ------------ Total current assets 675,293 485,168 Restricted cash 5,000 5,000 Property and equipment, net 4,926,598 5,060,126 Goodwill 1,984,183 1,983,950 Other intangible assets, net 2,443,134 2,551,332 Deferred site rental receivables, deferred financing costs and other assets, net of accumulated amortization 449,011 276,146 ------------ ------------ $ 10,483,219 $ 10,361,722 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and other accrued liabilities $ 148,972 $ 141,389 Deferred revenues 170,063 174,213 Interest rate swaps 212,563 52,539 Short-term debt, current maturities of debt and other obligations 113,106 466,217 ------------ ------------ Total current liabilities 644,704 834,358 Debt and other long-term obligations 6,022,444 5,635,972 Deferred income tax liability 95,248 40,446 Interest rate swaps 187,388 488,632 Other liabilities 366,494 331,723 ------------ ------------ Total liabilities 7,316,278 7,331,131 Redeemable preferred stock 315,422 314,726 CCIC Stockholders' equity 2,852,238 2,715,865 Noncontrolling interest (719) -- ------------ ------------ Total equity 2,851,519 2,715,865 ------------ ------------ $ 10,483,219 $ 10,361,722 ============ ============CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) AND OTHER FINANCIAL DATA (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2009 2008 2009 2008 ---------------------- ---------------------- Net revenues: Site rental $ 396,466 $ 353,984 $1,140,577 $1,047,540 Network services and other 32,613 30,364 101,286 86,942 ---------- ---------- ---------- ---------- Total net revenues 429,079 384,348 1,241,863 1,134,482 ---------- ---------- ---------- ---------- Costs of operations (exclusive of depreciation, amortization and accretion): Site rental 114,899 115,758 337,979 341,884 Network services and other 21,613 20,541 64,683 60,772 ---------- ---------- ---------- ---------- Total costs of operations 136,512 136,299 402,662 402,656 ---------- ---------- ---------- ---------- General and administrative 39,230 37,437 113,969 110,915 Asset write-down charges 3,073 2,902 14,459 9,199 Acquisition and integration costs -- -- -- 2,504 Depreciation, amortization and accretion 131,463 131,714 396,236 395,643 ---------- ---------- ---------- ---------- Operating income (loss) 118,801 75,996 314,537 213,565 Interest expense and amortization of deferred financing costs (111,169) (88,138) (327,006) (266,040) Impairment of available-for-sale securities -- (23,718) -- (23,718) Gains (losses) on purchases and redemptions of debt (4,848) -- (90,174) -- Net gain (loss) on interest rate swaps (58,327) 2,404 (114,060) 2,404 Interest and other income (expense) 2,569 (847) 5,572 1,669 ---------- ---------- ---------- ---------- Income (loss) before income taxes (52,974) (34,303) (211,131) (72,120) Benefit (provision) for income taxes 21,836 2,096 78,276 87,079 ---------- ---------- ---------- ---------- Net income (loss) (31,138) (32,207) (132,855) 14,959 Less: Net income (loss) attributable to the noncontrolling interest 501 -- (375) -- ---------- ---------- ---------- ---------- Net income (loss) attributable to CCIC stockholders (31,639) (32,207) (132,480) 14,959 Dividends on preferred stock (5,202) (5,201) (15,604) (15,604) ---------- ---------- ---------- ---------- Net income (loss) attributable to CCIC stockholders after deduction of dividends on preferred stock $ (36,841) $ (37,408) $ (148,084) $ (645) ========== ========== ========== ========== Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share - basic and diluted $ (0.13) $ (0.13) $ (0.52) $ -- ========== ========== ========== ========== Weighted average common shares outstanding - basic and diluted (in thousands) 286,707 283,573 286,356 280,780 ---------- ---------- ---------- ---------- Adjusted EBITDA $ 260,549 $ 217,712 $ 749,807 $ 641,725 ========== ========== ========== ========== Stock-based compensation expenses: Site rental cost of operations $ 231 $ 178 700 686 Network services and other cost of operations 298 217 893 588 General and administrative 6,683 6,705 22,982 19,540 ---------- ---------- ---------- ---------- Total $ 7,212 $ 7,100 $ 24,575 $ 20,814 ========== ========== ========== ==========CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) Nine Months Ended September 30, ------------------------ 2009 2008 ----------- ----------- Cash flows from operating activities: Net income (loss) $ (132,855) $ 14,959 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 396,236 395,643 Gains (losses) on purchases and redemptions of long-term debt 90,174 -- Amortization of deferred financing costs and other non-cash interest 43,549 18,846 Stock-based compensation expense 21,810 18,386 Asset write-down charges 14,459 9,199 Deferred income tax (benefit) provision (83,531) (87,063) Impairment of available-for-sale securities -- 23,718 Income (expense) from forward-starting interest rate swaps 111,396 2,404 Other adjustments, net 179 (1,665) Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in liabilities 3,205 17,619 Decrease (increase) in assets (70,949) (66,291) ----------- ----------- Net cash provided by (used for) operating activities 393,673 345,755 ----------- ----------- Cash flows from investing activities: Proceeds from disposition of property and equipment 3,374 1,117 Payments for acquisitions (net of cash acquired) of businesses (2,581) (27,736) Capital expenditures (111,297) (342,737) ----------- ----------- Net cash provided by (used for) investing activities (110,504) (369,356) ----------- ----------- Cash flows from financing activities: Proceeds from issuance of long-term debt 2,228,848 -- Proceeds from issuance of capital stock 16,742 7,775 Principal payments on long-term debt (4,875) (4,875) Purchases and redemptions of long-term debt (2,131,910) -- Purchases of capital stock (1,231) (44,383) Borrowings under revolving credit agreements 50,000 85,000 Payments under revolving credit agreements (219,400) -- Payments for financing costs (59,000) (1,538) Net decrease (increase) in restricted cash (31,061) (4,378) Dividends on preferred stock (14,908) (14,908) ----------- ----------- Net cash provided by (used for) financing activities (166,795) 22,693 ----------- ----------- Effect of exchange rate changes on cash (2,762) (1,233) Net increase (decrease) in cash and cash equivalents 113,612 (2,141) Cash and cash equivalents at beginning of period 155,219 75,245 ----------- ----------- Cash and cash equivalents at end of period $ 268,831 $ 73,104 =========== =========== Supplemental disclosure of cash flow information: Interest paid $ 257,567 $ 247,300 Income taxes paid 5,130 4,190CROWN CASTLE INTERNATIONAL CORP. Summary Fact Sheet (dollars in millions) Quarter Ended 12/31/08 Quarter Ended 3/31/09 ---------------------- ---------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ---------------------- ---------------------- Revenues Site Rental $339.3 $ 15.8 $355.1 $350.7 $ 17.0 $367.7 Services 34.6 2.4 37.0 33.5 1.8 35.3 ---------------------- ---------------------- Total Revenues 373.9 18.2 392.1 384.2 18.8 403.0 Operating Expenses Site Rental 109.2 5.0 114.2 105.0 4.7 109.7 Services 20.8 0.9 21.7 21.0 1.1 22.1 ---------------------- ---------------------- Total Operating Expenses 130.0 5.9 135.9 126.0 5.8 131.8 General & Administrative 35.4 3.3 38.7 33.4 3.3 36.7 Add: Stock-Based Compensation 7.5 0.4 7.9 7.0 0.9 7.9 ---------------------- ---------------------- Adjusted EBITDA $216.0 $ 9.4 $225.4 $231.8 $ 10.6 $242.4 ---------------------- ---------------------- Quarter Ended 12/31/08 Quarter Ended 3/31/09 ---------------------- ---------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ---------------------- ---------------------- Gross Margins: Site Rental 68% 68% 68% 70% 72% 70% Services 40% 63% 41% 37% 39% 37% Adjusted EBITDA Margin 58% 52% 57% 60% 56% 60% ---------------------- ----------------------
Quarter Ended 6/30/09 Quarter Ended 9/30/09 ---------------------- ---------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ---------------------- ---------------------- Revenues Site Rental $358.5 $ 17.9 $376.4 $376.3 $ 20.2 $396.5 Services 32.1 1.3 33.4 31.2 1.4 32.6 ---------------------- ---------------------- Total Revenues 390.6 19.2 409.8 407.5 21.6 429.1 Operating Expenses Site Rental 108.0 5.4 113.4 108.6 6.3 114.9 Services 19.9 1.1 21.0 20.7 0.9 21.6 ---------------------- ---------------------- Total Operating Expenses 127.9 6.5 134.4 129.3 7.2 136.5 General & Administrative 34.1 4.0 38.1 36.4 2.9 39.3 Add: Stock-Based Compensation 8.1 1.4 9.5 6.8 0.4 7.2 ---------------------- ---------------------- Adjusted EBITDA $236.7 $ 10.1 $246.8 $248.6 $ 11.9 $260.5 ---------------------- ---------------------- Quarter Ended 6/30/09 Quarter Ended 9/30/09 ---------------------- ---------------------- CCUSA CCAL CCIC CCUSA CCAL CCIC ---------------------- ---------------------- Gross Margins: Site Rental 70% 70% 70% 71% 69% 71% Services 38% 15% 37% 34% 36% 34% Adjusted EBITDA Margin 61% 53% 60% 61% 55% 61% ---------------------- ----------------------
Reconciliation of Non-GAAP Financial Measure (Adjusted EBITDA) to GAAP Financial Measure: (dollars in millions) Quarter Ended --------------------------------------------- 12/31/2008 3/31/2009 6/30/2009 9/30/2009 Net income (loss) $ (63.8) $ 10.1 $ (111.8) $ (31.1) Adjustments to increase (decrease) net income (loss): Asset write-down charges 7.7 4.1 7.3 3.1 Acquisition and integration costs 0.0 0.0 0.0 0.0 Depreciation, amortization and accretion 130.8 133.2 131.6 131.4 Gains (losses) on purchases and redemptions of debt 0.0 (13.4) 98.7 4.8 Interest and other income (expense) (0.5) 0.2 (3.3) (2.6) Net gain (loss) on interest rate swaps 40.3 (3.8) 59.5 58.3 Interest expense, amortization of deferred financing costs 88.1 105.6 110.2 111.2 Impairment of available-for-sale securities 32.2 0.0 0.0 0.0 Benefit (provision) for income taxes (17.3) (1.5) (54.9) (21.8) Stock-based compensation 7.9 7.9 9.5 7.2 --------- --------- --------- --------- Adjusted EBITDA $ 225.4 $ 242.4 $ 246.8 $ 260.5 ========= ========= ========= =========
CCI FACT SHEET Q3 2008 to Q3 2009 dollars in millions Q3 '08 Q3 '09 % Change -------------------------------- CCUSA Site Rental Revenues $ 332.7 $ 376.3 13% Ending Sites 22,477 22,385 0% CCAL Site Rental Revenues $ 21.3 $ 20.2 -5% Ending Sites 1,594 1,595 0% TOTAL CCIC Site Rental Revenues $ 354.0 $ 396.5 12% Ending Sites 24,071 23,980 0% -------------------------------- Ending Cash and Cash Equivalents $ 73.1* $ 268.8* Debt (1) Bank Debt $ 800.3 $ 633.8 Securitized Debt & Other $ 5,296.0 $ 5,614.3 --------- --------- Total Debt $ 6,096.3 $ 6,248.1 Net Leverage Ratios Net Bank Debt & Bonds / EBITDA 6.9X 5.7X Last Quarter Annualized Adjusted EBITDA $ 870.8 $ 1,042.2 * Excludes Restricted Cash (1) -- Based on face values
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