MGIC Investment Corporation Reports Third Quarter 2012 Results

MILWAUKEE, Nov. 9, 2012 /PRNewswire/ -- MGIC Investment Corporation (NYSE:MTG) today reported a net loss for the quarter ended September 30, 2012 of $246.9 million, compared with a net loss of $165.2 million for the same quarter a year ago. Diluted loss per share was $1.22 for the quarter ending September 30, 2012, compared to diluted loss per share of $0.82 for the same quarter a year ago.  The net loss for the first nine months of 2012 was $540.4 million compared with a net loss of $350.6 million for the same period last year.

Total revenues for the third quarter were $306.2 million, compared with $337.2 million in the third quarter last year. Net premiums written for the quarter were $263.5 million, compared with $255.7 million for the same period last year. Realized gains in the third quarter of 2012 were $6.2 million compared to $11.4 million for the same period last year. 

New insurance written in the third quarter was $7.0 billion, compared to $3.9 billion in the third quarter of 2011. In addition, the Home Affordable Refinance Program accounted for $3.7 billion of insurance that is not included in the new insurance written total due to these transactions being treated as a modification of the coverage on existing insurance in force compared to $0.6 billion in the third quarter of 2011. New insurance written for the first nine months of 2012 was $17.1 billion compared to $10.0 billion for the same period last year.  HARP activity for the first nine months of 2012 totaled $7.7 billion compared to $2.1 billion in the first nine months of 2011.  Persistency, or the percentage of insurance remaining in force from one year prior, was 80.2 percent at September 30, 2012, compared with 82.9 percent at December 31, 2011, and 83.7 percent at September 30, 2011.

As of September 30, 2012, MGIC's primary insurance in force was $164.9 billion, compared with $172.9 billion at December 31, 2011, and $179.0 billion at September 30, 2011. The fair value of MGIC Investment Corporation's investment portfolio, cash and cash equivalents was $5.7 billion at September 30, 2012, compared with $6.8 billion at December 31, 2011, and $7.3 billion at September 30, 2011.

At September 30, 2012, the percentage of loans that were delinquent, excluding bulk loans, was 12.34 percent, compared with 13.79 percent at December 31, 2011, and 13.49 percent at September 30, 2011. Including bulk loans, the percentage of loans that were delinquent at September 30, 2012 was 14.51 percent, compared to 16.11 percent at December 31, 2011, and 15.85 percent at September 30, 2011.

Losses incurred, which does not include any estimated loss related to a resolution of the Freddie Mac dispute, in the third quarter were $490.1 million up from $462.7 million reported for the same period last year primarily due to an increase in the claim rate.  Net underwriting and other expenses were $50.7 million in the third quarter as compared to $52.5 million reported for the same period last year. 

Conference Call and Webcast Details

MGIC Investment Corporation will hold a conference call today, November 9, 2012, at 10 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. The conference call number is 1-866-847-7859. The call is being webcast and can be accessed at the company's website at http://mtg.mgic.com/. The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors.  Investors can listen to the call through CCBN's individual investor center at http://www.companyboardroom.com/ or by visiting any of the investor sites in CCBN's Individual Investor Network. The webcast will be available for replay on the company's website through December 9, 2012 under Investor Information.

About MGIC

MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $164.9 billion primary insurance in force covering 1.0 million mortgages as of September 30, 2012. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics are both available on the Company's website at http://mtg.mgic.com/ under Investor Information,  Press Releases or Presentations/Webcasts.

From time to time MGIC Investment Corporation releases important information via postings on its corporate website without making any other disclosure and intends to continue to do so in the future. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings.  Enrollment information can be found at http://mtg.mgic.com under Investor Information.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS














Three Months Ended September 30,


Nine Months Ended September 30,




2012


2011


2012


2011




(Unaudited)




 (In thousands, except per share data)

Net premiums written

$         263,505


$         255,745


$            757,096


$            800,607

Net premiums earned

$         266,432


$         275,094


$            771,465


$            848,094

Investment income

30,394


48,898


99,980


160,931

Realized gains, net

6,184


11,405


110,356


38,900











Total other-than-temporary impairment losses

-


(253)


(339)


(253)

Portion of loss recognized in other comprehensive

income (loss), before taxes

-


-


-


-

Net impairment losses recognized in earnings

-


(253)


(339)


(253)











Other revenue

3,209


2,025


25,530


9,617

Total revenues

306,219


337,169


1,006,992


1,057,289

Losses and expenses:








Losses incurred

490,121


462,654


1,378,617


1,232,637

Change in premium deficiency reserve

(9,144)


(12,388)


(50,685)


(32,441)

Underwriting and other expenses, net

50,678


52,477


149,931


164,070

Interest expense

24,478


25,761


74,017


78,129

Total losses and expenses

556,133


528,504


1,551,880


1,442,395

Loss before tax 

(249,914)


(191,335)


(544,888)


(385,106)

Benefit from income taxes

(2,972)


(26,130)


(4,500)


(34,508)

Net Loss

$       (246,942)


$       (165,205)


$          (540,388)


$          (350,598)

Diluted weighted average common shares outstanding

202,014


201,109


201,851


200,983




Diluted loss per share

$             (1.22)


$             (0.82)


$                (2.68)


$                (1.74)





















NOTE: See "Certain Non-GAAP Financial Measures" for diluted earnings per share contribution from realized gains and losses.











MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET AS OF






September 30,


December 31,


September 30,






2012


2011


2011






(Unaudited)






(In thousands, except per share data)

ASSETS








Investments (1)


$      4,926,764


$         5,823,647


$         6,458,220

Cash and cash equivalents


730,404


995,799


866,614

Reinsurance recoverable on loss reserves (2)


117,859


154,607


166,874

Prepaid reinsurance premiums


1,174


1,617


1,782

Home office and equipment, net


26,891


28,145


28,527

Deferred insurance policy acquisition costs


10,451


7,505


7,696

Other assets


195,347


204,910


217,590






$      6,008,890


$         7,216,230


$         7,747,303

LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities:







Loss reserves (2)


$      4,004,001


$         4,557,512


$         4,791,560

Unearned premiums


140,137


154,866


166,703

Premium deficiency reserve


84,132


134,817


146,525

Senior notes



99,891


170,515


244,259

Convertible senior notes


345,000


345,000


345,000

Convertible junior debentures


370,164


344,422


336,694

Other liabilities


297,589


312,283


327,737

Total liabilities


5,340,914


6,019,415


6,358,478

Shareholders' equity


667,976


1,196,815


1,388,825






$      6,008,890


$         7,216,230


$         7,747,303

Book value per share (3)


$               3.31


$                  5.95


$                  6.90











(1) Investments include net unrealized gains on securities


130,330


120,087


199,779

(2) Loss reserves, net of reinsurance recoverable on loss reserves


3,886,142


4,402,905


4,624,686

(3) Shares outstanding


202,032


201,172


201,172











CERTAIN NON-GAAP FINANCIAL MEASURES 




Three Months Ended September 30,


Nine Months Ended September 30,




2012


2011


2012


2011




(Unaudited)




(In thousands, except per share data)

Diluted earnings per share contribution from realized gains (losses):







Realized gains and impairment losses

$              6,184


$            11,152


$             110,017


$               38,647

Income taxes at 35% (1)

-


-


-


-

After tax realized gains 

6,184


11,152


110,017


38,647

Weighted average shares

202,014


201,109


201,851


200,983

Diluted EPS contribution from realized gains and

impairment losses

$                0.03


$                0.06


$                   0.55


$                   0.19












(1)

Due to the establishment of a valuation allowance, income taxes provided are not currently affected by realized gains or losses.






Management believes the diluted earnings per share contribution from realized gains or losses provides useful information to investors because it shows the after-tax effect of these items, which can be discretionary. 

 

 

Additional Information













 Q2 2011 


 Q3 2011 


 Q4 2011 


 Q1 2012 


 Q2 2012 


 Q3 2012 


New primary insurance written (NIW) (billions)

$           3.1


$           3.9


$           4.2


$           4.2


$           5.9


$           7.0















New primary risk written (billions)

$           0.8


$           1.0


$           1.0


$           1.0


$           1.5


$           1.8















Product mix as a % of primary flow NIW













    >95% LTVs

2%


2%


2%


2%


3%


3%


    ARMs

1%


1%


1%


1%


1%


1%


    Refinances

16%


20%


39%


42%


32%


32%















Primary Insurance In Force (IIF) (billions) (1)

$      182.4


$      179.0


$      172.9


$      169.0


$      166.7


$      164.9


     Flow 

$      160.9


$      158.3


$      153.5


$      150.3


$      148.6


$      147.5


     Bulk 

$        21.5


$        20.7


$        19.4


$        18.7


$        18.1


$        17.4















     Prime (620 & >)

$      153.3


$      150.9


$      146.3


$      143.5


$      142.3


$      141.7


     A minus (575 - 619)

$        10.4


$        10.1


$          9.7


$          9.3


$          8.9


$          8.5


     Sub-Prime (< 575)

$          2.7


$          2.7


$          2.6


$          2.5


$          2.4


$          2.3


     Reduced Doc (All FICOs)

$        16.0


$        15.3


$        14.3


$        13.7


$        13.1


$        12.4















Annual Persistency

83.3%


83.7%


82.9%


82.2%


81.4%


80.2%















Primary Risk In Force (RIF) (billions) (1)

$        46.8


$        46.0


$        44.5


$        43.5


$        42.9


$        42.5


     Prime (620 & >)

$        38.9


$        38.3


$        37.2


$        36.5


$        36.2


$        36.1


     A minus (575 - 619)

$          2.8


$          2.7


$          2.6


$          2.6


$          2.4


$          2.3


     Sub-Prime (< 575)

$          0.8


$          0.8


$          0.8


$          0.7


$          0.7


$          0.7


     Reduced Doc (All FICOs)

$          4.3


$         4.2


$          3.9


$          3.7


$          3.6


$          3.4















RIF by FICO













    FICO 620 & >

91.5%


91.5%


91.5%


91.7%


91.9%


92.1%


    FICO 575 - 619

6.6%


6.6%


6.6%


6.4%


6.3%


6.1%


    FICO < 575

1.9%


1.9%


1.9%


1.9%


1.8%


1.8%















Average Coverage Ratio (RIF/IIF) (1)













     Total

25.6%


25.7%


25.7%


25.7%


25.8%


25.8%


     Prime (620 & >)

25.3%


25.4%


25.4%


25.4%


25.5%


25.5%


     A minus (575 - 619)

27.1%


27.2%


27.3%


27.3%


27.4%


27.4%


     Sub-Prime (< 575)

28.8%


28.8%


28.9%


28.9%


28.9%


29.0%


     Reduced Doc (All FICOs)

27.1%


27.3%


27.2%


27.3%


27.2%


27.2%















Average Loan Size (thousands) (1)













     Total IIF

$    156.22


$    156.79


$    158.59


$    158.89


$    159.59


$    160.70


     Flow

$    155.13


$    155.72


$    157.87


$    158.28


$    159.20


$    160.62


     Bulk

$    164.89


$    165.42


$    164.55


$    163.99


$    162.80


$    161.38















     Prime (620 & >)

$    156.03


$    156.55


$    158.87


$    159.29


$    160.26


$    161.69


     A minus (575 - 619)

$    129.57


$    130.60


$    130.70


$    130.37


$    129.86


$    129.43


     Sub-Prime (< 575)

$    116.73


$    120.73


$    121.13


$    120.98


$    120.65


$    120.01


     Reduced Doc (All FICOs)

$    195.71


$    196.26


$    194.06


$    193.54


$    192.23


$    191.18















Primary IIF - # of loans (1)

1,167,476


1,141,442


1,090,086


1,063,797


1,044,342


1,026,200


     Prime (620 & >)

982,658


964,011


921,112


901,300


887,967


875,953


     A minus (575 - 619)

80,231


77,548


74,036


71,250


68,538


65,878


     Sub-Prime (< 575)

22,958


22,252


21,391


20,633


20,003


19,371


     Reduced Doc (All FICOs)

81,629


77,631


73,547


70,614


67,834


64,998
















 Q2 2011 


 Q3 2011 


 Q4 2011 


 Q1 2012 


 Q2 2012 


 Q3 2012 


Primary IIF - Delinquent Roll Forward - # of Loans













     Beginning Delinquent Inventory

195,885


184,452


180,894


175,639


160,473


153,990


     Plus:  New Notices

39,972


44,342


41,796


34,781


32,241


34,432


     Less: Cures 

(35,832)


(34,335)


(33,837)


(37,144)


(26,368)


(27,384)


     Less:  Paids (including those charged to a deductible or captive)

(13,553)


(12,033)


(12,086)


(11,909)


(11,738)


(11,344)


     Less:  Rescissions and denials (6)

(2,020)


(1,532)


(1,128)


(894)


(618)


(809)


     Ending Delinquent Inventory

184,452


180,894


175,639


160,473


153,990


148,885















Primary claim received inventory included in ending delinquent inventory (6)

14,504


13,799


12,610


12,758


13,421


12,508















Composition of Cures













  Reported delinquent and cured intraquarter

8,996


10,240


9,333


11,353


7,104


8,097















  Number of payments delinquent prior to cure













      3 payments or less

14,457


12,663


13,883


16,523


11,875


10,593


      4-11 payments

7,952


6,840


6,298


6,277


5,349


5,433


      12 payments or more

4,427


4,592


4,323


2,991


2,040


3,261


  Total Cures in Quarter

35,832


34,335


33,837


37,144


26,368


27,384















Composition of Paids













  Number of payments delinquent at time of claim payment













      3 payments or less

26


55


38


44


50


71


      4-11 payments

1,848


1,317


1,600


1,776


1,840


1,771


      12 payments or more

11,679


10,661


10,448


10,089


9,848


9,502


  Total Paids in Quarter

13,553


12,033


12,086


11,909


11,738


11,344















Aging of Primary Delinquent Inventory













  Consecutive months in default 













      3 months or less

30,107

16%

33,167

18%

31,456

18%

22,516

14%

24,488

16%

25,593

17%

      4-11 months

48,148

26%

45,110

25%

46,352

26%

45,552

28%

38,400

25%

35,029

24%

      12 months or more

106,197

58%

102,617

57%

97,831

56%

92,405

58%

91,102

59%

88,263

59%














  Number of payments delinquent













      3 payments or less

40,968

22%

43,312

24%

42,804

24%

33,579

21%

33,677

22%

35,130

24%

      4-11 payments

51,523

28%

47,929

26%

47,864

27%

45,539

28%

39,744

26%

36,359

24%

      12 payments or more

91,961

50%

89,653

50%

84,971

49%

81,355

51%

80,569

52%

77,396

52%














Primary IIF - # of Delinquent Loans (1)

184,452


180,894


175,639


160,473


153,990


148,885


     Flow

139,032


137,084


134,101


121,959


116,798


113,339


     Bulk

45,420


43,810


41,538


38,514


37,192


35,546















     Prime (620 & >)

115,980


114,828


112,403


102,884


98,447


95,517


     A minus (575 - 619)

26,878


26,600


25,989


23,002


22,428


21,865


     Sub-Prime (< 575)

9,725


9,562


9,326


8,434


8,175


7,999


     Reduced Doc (All FICOs)

31,869


29,904


27,921


26,153


24,940


23,504




























Primary IIF Delinquency Rates (1)

15.80%


15.85%


16.11%


15.09%


14.75%


14.51%


     Flow

13.40%


13.49%


13.79%


12.84%


12.51%


12.34%


     Bulk

34.91%


35.02%


35.33%


33.82%


33.50%


32.97%















     Prime (620 & >)

11.80%


11.91%


12.20%


11.42%


11.09%


10.90%


     A minus (575 - 619)

33.50%


34.30%


35.10%


32.28%


32.72%


33.19%


     Sub-Prime (< 575)

42.36%


42.97%


43.60%


40.88%


40.87%


41.29%


     Reduced Doc (All FICOs)

39.04%


38.52%


37.96%


37.04%


36.77%


36.16%
















 Q2 2011 


 Q3 2011 


 Q4 2011 


 Q1 2012 


 Q2 2012 


 Q3 2012 


Reserves













  Primary













      Direct Loss Reserves (millions)

$      4,504


$      4,403


$      4,249


$      3,985


$      3,934


$      3,855


      Average Direct Reserve Per Default

$    24,416


$    24,342


$    24,193


$    24,835


$    25,547


$    25,890


  Pool













      Direct Loss Reserves (millions)

$         570


$         379


$         299


$         216


$         168


$         144


      Ending Delinquent Inventory

36,552


33,792


32,971


26,601


25,178


9,337

(7)

      Pool claim received inventory included in ending delinquent inventory

1,836


1,345


1,398


893


1,154


255


  Other Gross Reserves (millions) (5)

$             9


$            10


$            10


$              8


$              7


$              5















Net Paid Claims (millions) (1) (2)

$         818


$         751


$         704


$         673


$         636


$         587


     Flow

$         562


$         475


$         484


$         459


$         466


$         430


     Bulk

$         115


$         137


$         135


$         124


$         113


$         115


     Pool - with aggregate loss limits

$         167


$         138


$           90


$           95


$           64


$           42


     Pool - without aggregate loss limits

$             3


$              6


$              4


$             4


$              6


$             7


     Reinsurance

$         (44)


$          (20)


$          (28)


$          (24)


$          (25)


$         (21)


     Other (5)

$           15


$            15


$            19


$           15


$            12


$           14


     Reinsurance terminations (2)

$           (2)


$          (36)


$               -


$              -


$               -


$               -















     Prime (620 & >)

$         472


$         419


$         430


$         408


$         402


$         378


     A minus (575 - 619)

$           77


$           68


$           62


$           64


$            63


$           57


     Sub-Prime (< 575)

$           20


$           17


$           14


$           18


$            18


$           16


     Reduced Doc (All FICOs)

$         108


$         108


$         113


$           93


$            96


$           94















Primary Average Claim Payment (thousands) (1)

$        49.9


$        50.9


$        51.1


$        48.9


$        49.3


$        48.0


     Flow

$        47.9


$        48.0


$        48.3


$        46.2


$        46.8


$        44.8


     Bulk

$        62.3


$        64.2


$        64.5


$        62.6


$        63.2


$        65.4















     Prime (620 & >)

$        48.3


$        49.5


$        49.6


$        47.4


$        47.6


$        45.9


     A minus (575 - 619)

$        46.0


$        46.1


$        44.3


$        44.5


$        44.6


$        42.5


     Sub-Prime (< 575)

$        46.7


$        43.9


$        40.7


$        44.9


$        44.4


$        46.2


     Reduced Doc (All FICOs)

$        63.0


$        63.9


$        66.8


$        62.6


$       64.3


$        65.6















Risk sharing Arrangements - Flow Only













    % insurance inforce subject to risk sharing 

16.8%


14.4%


13.8%


13.1%


12.7%


12.2%


    % Quarterly NIW subject to risk sharing

4.8%


5.6%


5.3%


5.4%


5.6%


5.6%


    Premium ceded (millions)

$        13.3


$        11.4


$           9.9


$           9.2


$           8.7


$           8.2


    Captive trust fund assets (millions) (2)

$         451


$         392


$         386


$         371


$         360


$         350















Captive Reinsurance Ceded Losses Incurred - Flow Only (millions)

$        12.9


$        17.4


$        15.5


$        13.5


$        12.2


$        12.2


  Active excess of Loss













      Book Year













2005

$           2.3


$           4.4


$           3.5


$           2.5


$           3.2


$           2.2


2006

$           0.7


$           1.6


$           1.5


$           1.5


$           0.8


$           0.5


2007

$           0.7


$           0.9


$           0.8


$           0.6


$           0.8


$           0.2


2008

$           2.2


$           2.3


$           1.8


$           1.9


$           1.5


$           0.3


  Active quota Share













      Book Year













2005

$           1.3


$           1.0


$          1.4


$          1.1


$          1.2


$           1.6


2006

$           1.4


$           1.2


$          1.5


$          1.2


$          1.0


$           1.5


2007

$           2.5


$           4.2


$          4.3


$          3.7


$          3.4


$           5.2


2008

$           1.5


$           1.1


$          0.6


$          0.9


$          0.3


$           0.6


2009

$              -


$              -


$          0.1


$          0.1


$             -


$              -


2010

$              -


$              -


$             -


$             -


$             -


$           0.1


 Terminated agreements

$          0.3


$           0.7


$             -


$             -


$             -


$             -
















 Q2 2011 


 Q3 2011 


 Q4 2011 


 Q1 2012 


 Q2 2012 


 Q3 2012 















Direct Pool RIF (millions)













    With aggregate loss limits 

$         905


$         770


$         674


$         569


$         508


$         469


    Without aggregate loss limits

$      1,324


$      1,260


$      1,177


$      1,092


$      1,024


$         945















Mortgage Guaranty Insurance Corporation - Risk to Capital

20.4:1


22.2:1


20.3:1


20.3:1


27.8:1


31.5:1

(3)

Combined Insurance Companies - Risk to Capital

23.4:1


24.0:1


22.2:1


22.2:1


30.0:1


34.1:1

(3)














GAAP loss ratio (insurance operations only) (4)

161.6%


168.2%


174.8%


128.5%


227.3%


184.0%


GAAP underwriting expense ratio (insurance operations only)

16.5%


16.4%


14.9%


16.7%


16.6%


13.6%















Note:  The FICO credit score for a loan with multiple borrowers is the lowest of the borrowers' "decision FICO scores."  A borrower's "decision FICO score" is determined as follows: if there are three FICO scores available, the middle FICO score is used; if two FICO scores are available, the lower of the two is used; if only one FICO score is available, it is used. 














Note:  The results of our operations in Australia are included in the financial statements in this document but the additional information in this document does not include our Australian operations, unless otherwise noted, which are immaterial.














(1)  In accordance with industry practice, loans approved by GSE and other automated underwriting (AU) systems under "doc waiver" programs that do not require verification of borrower income are classified by MGIC as "full doc."  Based in part on information provided by the GSEs, MGIC estimates full doc loans of this type were approximately 4% of 2007 NIW.  Information for other periods is not available.  MGIC understands these AU systems grant such doc waivers for loans they judge to have higher credit quality.  MGIC also understands that the GSEs terminated their "doc waiver" programs in the second half of 2008.  Reduced documentation loans only appear in the reduced documentation category and do not appear in any of the other categories.














(2)  Net paid claims, as presented, does not include amounts received in conjunction with termination of reinsurance agreements.  In a termination, the agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us.  The transferred funds result in an increase in the investment portfolio (including cash and cash equivalents) and there is a corresponding decrease in reinsurance recoverable on loss reserves.  This results in an increase in net loss reserves, which is offset by a decrease in net losses paid.














(3)  Preliminary



















(4)  As calculated, does not reflect any effects due to premium deficiency.

















(5)  Includes Australian operations

















(6) Refer to our risk factor titled "Our losses could increase if rescission rates decrease faster than we are projecting, we do not prevail in proceedings challenging whether our rescissions were proper or we enter into material resolution arrangements" in our Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012 for information about our suspension of certain rescissions and the number of rescissions suspended as of September 30, 2012.














(7) During the third quarter of 2012, approximately 15,600 pool notices were removed from the pool notice inventory due to the exhaustion of the aggregate loss on a pool policy we have with Freddie Mac. See our risk factor titled "We are defendants in private and government litigation and are subject to the risk of additional private litigation, government litigation and regulatory proceedings in the future" in our Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012 for a discussion of our interpretation of the appropriate aggregate loss.

SOURCE MGIC Investment Corporation

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