Caesarstone Reports Second Quarter 2024 Financial Results

- Revenue of $119.4 Million -

- Additional Quarter of Positive Cash Flow From Operations of $10.0 Million -

- Strong Balance Sheet with Net Cash Position of $97.7 Million -

- Reaffirms Full Year Outlook to Deliver Positive Operating Cash Flow and Moderates Adjusted EBITDA Expectations -

Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its second quarter ended June 30, 2024.

Yos Shiran, Caesarstone’s Chief Executive Officer commented, “Our improved gross margin in the second quarter compared to last year demonstrates the positive impact of our strategic restructuring actions. Our efforts to optimize our production footprint and strengthen relationships with our manufacturing partners are yielding tangible benefits. We continue to make progress on our strategic transformation, focusing on cost efficiencies, strengthening our sales and marketing efforts, and investing in R&D and innovation. Additionally, during July we increased our stake in Lioli Ceramica to 81%, which underscores our commitment to enhancing our porcelain business. Furthermore, our agreement to sell the undeveloped land parcel at our Richmond Hill Facility reflects our diligent efforts to monetize this asset. As we navigate through the remainder of 2024, we remain focused on improving the trajectory of our profitability while positioning Caesarstone for long-term growth."

Second Quarter 2024 Results

Revenue in the second quarter of 2024 was $119.4 million, compared to $143.7 million in the prior year quarter. On a constant currency basis, second quarter revenue was down 16.3% year-over-year due to lower volumes. Volumes were primarily impacted by global economic headwinds, particularly in renovation and remodeling channels, across the Company’s main regions resulting in lower demand accompanied by greater competitive pressures.

Gross margin in the second quarter of 2024 improved to 22.9% compared to 8.3% in the prior year quarter. Adjusted gross margin in the first quarter was 23.8% compared to 9.6% in the prior year quarter. The increase in gross margin was mainly due to the benefits of an improved production footprint, partially offset by unfavorable product mix. Gross margin in second quarter of 2023 included a number of transitory factors that increased manufacturing unit costs mainly associated with the Sdot-Yam Facility closure and operational investments related to the Australian market.

Operating expenses in the second quarter of 2024 were $36.6 million, or 30.6% of revenue, compared to $58.8 million, or 40.9% of revenue in the prior year quarter. The lower percentage is primarily attributable to the reduction in impairment and restructuring related expenses recorded during the second quarter 2023 in connection with the Sdot-Yam Facility closure. Excluding legal settlements and loss contingencies and restructuring expenses, operating expenses were 28.2% of revenue, compared to 24.3% in the prior year quarter.

Operating loss in the second quarter of 2024 was $9.3 million compared to $46.9 million in the prior year quarter, with the improvement primarily reflecting higher gross margin and the impairment charges recorded in the second quarter of 2023.

Adjusted EBITDA in the second quarter of 2024, which excludes expenses for non-cash share-based compensation, legal settlements and loss contingencies, and other non-recurring items, was a loss of $0.1 million, compared to a loss of $13.4 million in the prior year quarter.

Finance income in the second quarter of 2024 was $1.8 million compared to $1.2 million in the prior year quarter. The difference primarily reflects foreign currency exchange rate fluctuations and higher income on bank deposits.

Net loss attributable to controlling interest for the second quarter of 2024 was $9.2 million compared to net loss of $52.5 million in the prior year quarter. Net loss per share for the second quarter was $0.27 compared to net loss per share of $1.52 in the prior year quarter. Adjusted diluted net loss per share for the second quarter was $0.14 on 35.0 million shares, compared to adjusted diluted net loss per share of $0.69 in the prior year quarter on 34.6 million shares.

Balance Sheet & Liquidity

During the second quarter of 2024, the Company generated positive cash flow from operations of $10.0 million mainly driven by inventory reductions, compared to operating cash flow of $17.2 million in the second quarter of 2023. As of June 30, 2024, the Company’s balance sheet included cash, cash equivalents and short-term bank deposits of $103.6 million and total debt to financial institutions of $5.9 million. The Company’s net cash position as of June 30, 2024, was $97.7 million compared to $83.5 million as of December 31, 2023.

On June 26, 2024, Caesarstone entered into an agreement for the sale of 69 acres of undeveloped land associated with its Richmond Hill Facility located in Bryan County for approximately $10.0 million. The transaction is expected to close in the third quarter of 2024 and is subject to due diligence. The Company continues to look for avenues to monetize the remainder of the property, consisting of 51 acres of developed land and associated structures.

Outlook

The Company reaffirms its expectation to deliver positive operating cash flow for the full year 2024, primarily weighted towards the first half of the year. The Company now expects full year adjusted EBITDA to be a loss in the mid-single-digit million-dollar range, mainly due to increased shipping and material costs in the second half of 2024. The Company also reiterates its expectation to realize restructuring-related cost savings of approximately $20.0 million in full year 2024 and $30.0 million thereafter compared to full year 2023.

Webcast and Conference Call Details

The Company will host a webcast and conference call today, August 7, 2024, at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. The live webcast can be accessed through the Investor Relations section of the Company’s website at ir.caesarstone.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-833-816-1463 and 1-412-542-4167, respectively. The toll-free Israeli number is 1 80 921 3284. Upon dialing in, please request to join the Caesarstone Second Quarter 2024 Earnings Conference Call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or [phone] (international) and enter pass code 10190386. The replay will be available beginning at 12:30 p.m. ET on Wednesday, August 7, 2024 and will last through 11:59 p.m. ET on Wednesday, August 14, 2024.

About Caesarstone

Caesarstone is a global leader of premium surfaces, specializing in countertops that create dynamic spaces of inspiration in the heart of the home. Established in 1987, its multi-material portfolio of over 100 colors combines the company’s innovative technology with its powerful design passion. Spearheading high-quality, sustainable surfaces, Caesarstone delivers functional resilience with timeless beauty, for a vast range of applications, including kitchen countertops, bathroom vanities, and more, for indoor and outdoor spaces.

Since it pioneered quartz countertops over thirty years ago, the brand has expanded into porcelain and natural stone and is on the ground in more than 50 countries worldwide while enhancing customer experience through the expansion of groundbreaking digital platforms & services. More information on Caesarstone: caesarstoneus.com, Facebook, LinkedIn and Instagram

The Company has filed its annual report on Form 20-F for the year ended December 31, 2023 with the U.S. securities and exchange commission (“SEC”) and can be accessed on its website.

Non-GAAP Financial Measures

The non-GAAP measures presented by the Company should be considered in addition to, and not as a substitute for, comparable GAAP measures. Reconciliations of GAAP gross profit to adjusted gross profit, GAAP net income (loss) to adjusted net income (loss) and net income (loss) to adjusted EBITDA are provided in the schedules to this release. To calculate revenues growth rates that exclude the impact of changes in foreign currency exchange rates, the Company converts actual reported results from local currency to U.S. dollars using constant foreign currency exchange rates in the current and comparable period. The Company provides these non-GAAP financial measures because it believes that they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes that they are useful to investors in enhancing an understanding of the Company's operating performance.

Forward-Looking Statements

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “goals," “intend,” “seek,” “anticipate,” “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements regarding the Company’s goals and plans, intentions, expectations, assumptions, goals and beliefs regarding the Company’s business. Actual results may differ materially from those projections and estimates due to various risks and uncertainties, both known or unknown. These factors include, but are not limited to: the effects of global and regional economy and geo-politics on the Company’s business and operations including the length, duration and impact of the war in Israel, the Houthi’s disruption to the movement of goods in the Red Sea and trade disruptions such as Turkey’s decision not to trade with Israel; the outcome of silicosis and other bodily injury claims, and the availability relevant insurance; regulatory changes and requirements relating to the manufacturing and fabrication of our products; the outcome of our restructuring efforts, of the closure of the Sdot Yam and Richmond Hill Facilities, the estimated closure costs and the estimated potential savings relating to said closures, the ability to sell or sublease all or part of these facilities; our ability to effectively collaborate with production business partners; our R&D and product introduction efforts, managing constraints in the global supply chain and effectively procuring raw materials and goods as well as fluctuations in their price; our ability to protect our brand, technology and intellectual property, as well as our freedom to operate; competitive pressures; disruptions to our information technology systems, fluctuations in currency exchange rates against the U.S. dollar; our ability to successfully integrate our acquisitions; our ability to meet ESG goals and targets; and other risks and uncertainties discussed under the sections "Risk Factors" and “Special Note Regarding Forward-Looking Statements and Risk Factor Summary” in our most recent annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2024, and in other documents filed by Caesarstone with the SEC, which are available free of charge at www.sec.gov. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Caesarstone Ltd. and its subsidiaries

Condensed consolidated balance sheets

As of

U.S. dollars in thousands

June 30, 2024

December 31, 2023

(Unaudited)

(Audited)

ASSETS










 


CURRENT ASSETS:










 


Cash and cash equivalents and short-term bank deposits

$

103,572

 

$

91,123

 

Trade receivables, net

 

62,671

 

 

66,888

 

Other accounts receivable and prepaid expenses (*)

 

70,123

 

 

25,489

 

Inventories

 

108,787

 

 

136,446

 

 


Total current assets

 

345,153

 

 

319,946

 

 


LONG-TERM ASSETS:










 


Severance pay fund

 

1,553

 

 

1,994

 

Deferred tax assets, net

 

3,394

 

 

3,061

 

Long-term deposits and prepaid expenses

 

4,982

 

 

4,961

 

Operating lease right-of-use assets

 

113,216

 

 

120,156

 

Property, plant and equipment, net (*)

 

77,931

 

 

123,480

 

Intangible assets, net

 

4,853

 

 

6,257

 

 


Total long-term assets

 

205,929

 

 

259,909

 

 


Total assets

$

551,082

 

$

579,855

 

 


LIABILITIES AND EQUITY










 


CURRENT LIABILITIES:










 


Short-term bank credit

$

5,000

 

$

5,118

 

Trade payables

 

37,016

 

 

42,848

 

Related parties

 

205

 

 

257

 

Short term legal settlements and loss contingencies

 

19,814

 

 

16,106

 

Accrued expenses and other liabilities

 

57,136

 

 

56,894

 

 


Total current liabilities

 

119,171

 

 

121,223

 

 


LONG-TERM LIABILITIES:










 


Long-term bank and other loans

 

1,308

 

 

2,549

 

Legal settlements and loss contingencies long-term and other liabilities

 

11,025

 

 

11,814

 

Deferred tax liabilities, net

 

2,870

 

 

3,006

 

Long-term lease liabilities

 

105,195

 

 

114,146

 

Accrued severance pay

 

2,944

 

 

3,065

 

Long-term warranty provision

 

1,118

 

 

1,204

 

 


Total long-term liabilities

 

124,460

 

 

135,784

 

 


REDEEMABLE NON-CONTROLLING INTEREST

 

7,804

 

 

7,789

 

 


EQUITY:










 


Ordinary shares

 

371

 

 

371

 

Treasury shares - at cost

 

(39,430

)

 

(39,430

)

Additional paid-in capital

 

165,541

 

 

164,456

 

Capital fund related to non-controlling interest

 

(5,587

)

 

(5,587

)

Accumulated other comprehensive income (loss), net

 

(10,633

)

 

(8,402

)

Retained earnings

 

189,385

 

 

203,651

 

 


Total equity

 

299,647

 

 

315,059

 

 


Total liabilities and equity

$

551,082

 

$

579,855

 

(*) In Q2'24 we reclassified $ 41.3M from fixed assets to held for sale assets in accordance with ASC360.

Caesarstone Ltd. and its subsidiaries

Condensed consolidated statements of income (loss)

Three months ended June 30,

Six months ended June 30,

U.S. dollars in thousands (except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(Unaudited)

(Unaudited)

 


Revenues

$

119,432

 

$

143,679

 

$

237,724

 

$

294,312

 

Cost of revenues

 

92,098

 

 

131,811

 

 

181,403

 

 

252,842

 

 


Gross profit

 

27,334

 

 

11,868

 

 

56,321

 

 

41,470

 

 


Operating expenses:











Research and development

 

1,100

 

 

1,549

 

 

2,312

 

 

2,595

 

Sales and Marketing

 

22,554

 

 

20,235

 

 

44,922

 

 

42,060

 

General and administrative

 

10,012

 

 

13,199

 

 

20,317

 

 

27,178

 

Restructuring and Impairment expenses related to long lived assets (*)

 

90

 

 

23,573

 

 

90

 

 

23,573

 

Legal settlements and loss contingencies, net

 

2,831

 

 

243

 

 

3,536

 

 

(1,087

)

 


Total operating expenses

 

36,587

 

 

58,799

 

 

71,177

 

 

94,319

 

 


Operating loss

 

(9,253

)

 

(46,931

)

 

(14,856

)

 

(52,849

)

Finance income, net

 

(1,848

)

 

(1,188

)

 

(2,554

)

 

(3,524

)

 


Loss before taxes

 

(7,405

)

 

(45,743

)

 

(12,302

)

 

(49,325

)

Tax expenses, net

 

1,965

 

 

6,980

 

 

1,991

 

 

7,249

 

 


Net loss

$

(9,370

)

$

(52,723

)

$

(14,293

)

$

(56,574

)

 


Net loss (income) attributable to non-controlling interest

 

191

 

 

253

 

 

27

 

 

326

 

 


Net loss attributable to controlling interest

$

(9,179

)

$

(52,470

)

$

(14,266

)

$

(56,248

)

Basic net loss per ordinary share

$

(0.27

)

$

(1.52

)

$

(0.41

)

$

(1.64

)

Diluted net loss per ordinary share

$

(0.27

)

$

(1.52

)

$

(0.41

)

$

(1.64

)

Weighted average number of ordinary shares used in computing basic loss per ordinary share

 

34,536,399

 

 

34,514,431

 

 

34,535,293

 

 

34,511,873

 

Weighted average number of ordinary shares used in computing diluted loss per ordinary share

 

34,536,399

 

 

34,514,431

 

 

34,535,293

 

 

34,511,873

 

(*) Including long-lived assets impairment and restructuring expenses related to plants closure.

Caesarstone Ltd. and its subsidiaries

Selected Condensed consolidated statements of cash flows

Six months ended June 30,

U.S. dollars in thousands

 

2024

 

 

2023

 

(Unaudited)

(Unaudited)

Cash flows from operating activities:

 


Net loss

$

(14,293

)

$

(56,574

)

Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:






Depreciation and amortization

 

8,638

 

 

15,239

 

Share-based compensation expense

 

1,085

 

 

495

 

Accrued severance pay, net

 

321

 

 

(118

)

Changes in deferred tax, net

 

(478

)

 

2,617

 

Capital loss

 

535

 

 

83

 

Legal settlements and loss contingencies, net

 

3,536

 

 

(1,087

)

Decrease in trade receivables

 

3,365

 

 

4,546

 

Decrease (increase) in other accounts receivable and prepaid expenses

 

(995

)

 

4,939

 

Decrease in inventories

 

26,650

 

 

65,439

 

Decrease in trade payables

 

(6,468

)

 

(26,062

)

Decrease in warranty provision

 

(138

)

 

(91

)

Changes in right of use assets

 

6,468

 

 

3,849

 

Changes in lease liabilities

 

(9,206

)

 

(6,676

)

Decrease in accrued expenses and other liabilities including related parties

 

(410

)

 

(5,023

)

Restructuring expenses and Impairment related to long lived assets

 

90

 

 

23,573

 

Net cash provided by operating activities

 

18,700

 

 

25,149

 

Cash flows from investing activities:

 


Purchase of property, plant and equipment

 

(4,378

)

 

(4,460

)

Proceeds from sale of property, plant and equipment

 

42

 

 

10

 

Maturity of marketable securities

 

-

 

 

4,800

 

Increase in long term deposits

 

(75

)

 

(29

)

 


Net used in investing activities

 

(4,411

)

 

321

 

Cash flows from financing activities:

 


Changes in short-term bank credits and long-term loans, including related parties

 

(1,363

)

 

(22,776

)

 


Net cash used in financing activities

 

(1,363

)

 

(22,776

)

 






 


Effect of exchange rate differences on cash and cash equivalents

 

(477

)

 

219

 

 


Increase (decrease) in cash and cash equivalents and short-term bank deposits

 

12,449

 

 

2,913

 

Cash and cash equivalents and short-term bank deposits at beginning of the period

 

91,123

 

 

52,081

 

 


Cash and cash equivalents and short-term bank deposits at end of the period

$

103,572

 

$

54,994

 

Non - cash investing:

Changes in trade payables balances related to purchase of fixed assets

 

(369

)

 

18

 

Caesarstone Ltd. and its subsidiaries

Three months ended June 30,

Six months ended June 30,

U.S. dollars in thousands

 

2024

 

2023

 

2024

 

2023

(Unaudited)

(Unaudited)

Reconciliation of Gross profit to Adjusted Gross profit:

Gross profit

$

27,334

$

11,868

$

56,321

$

41,470

Share-based compensation expense (a)

 

24

 

69

 

36

 

137

Amortization of assets related to acquisitions

 

71

 

72

 

142

 

144

Residual operating expenses related to closed plants after closing

 

612

 

1,784

 

612

 

1,784

Other non recurring items

 

345

 

-

 

193

 

-

Adjusted Gross profit (Non-GAAP)

$

28,386

$

13,793

$

57,304

$

43,535

(a)
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.

Caesarstone Ltd. and its subsidiaries

Three months ended June 30,

Six months ended June 30,

U.S. dollars in thousands

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(Unaudited)

(Unaudited)

Reconciliation of Net Loss to Adjusted EBITDA:

Net loss

$

(9,370

)

$

(52,723

)

$

(14,293

)

$

(56,574

)

Finance income, net

 

(1,848

)

 

(1,188

)

 

(2,554

)

 

(3,524

)

Taxes on income

 

1,965

 

 

6,980

 

 

1,991

 

 

7,249

 

Depreciation and amortization

 

4,462

 

 

7,668

 

 

8,942

 

 

15,239

 

Legal settlements and loss contingencies, net (a)

 

2,831

 

 

243

 

 

3,536

 

 

(1,087

)

Contingent consideration adjustment related to acquisition

 

(106

)

 

87

 

 

(81

)

 

165

 

Share-based compensation expense (b)

 

500

 

 

179

 

 

1,085

 

 

495

 

Restructuring expenses and Impairment related to long lived assets (c)

 

90

 

 

23,573

 

 

90

 

 

23,573

 

Residual operating expenses related to closed plants after closing

 

1,047

 

 

1,784

 

 

1,642

 

 

1,784

 

Other non recurring items

 

345

 

 

-

 

 

193

 

 

-

 

Adjusted EBITDA (Non-GAAP)

$

(84

)

$

(13,397

)

$

551

 

$

(12,680

)

(a)
Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.


(b)
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.


(c)
Including long-lived assets impairment and restructuring expenses related to plants closure.

Caesarstone Ltd. and its subsidiaries

Three months ended June 30,

Six months ended June 30,

U.S. dollars in thousands (except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(Unaudited)

(Unaudited)

Reconciliation of net loss attributable to controlling interest to adjusted net loss attributable to controlling interest:

Net loss attributable to controlling interest

$

(9,179

)

$

(52,470

)

$

(14,266

)

$

(56,248

)

Legal settlements and loss contingencies, net (a)

 

2,831

 

 

243

 

 

3,536

 

 

(1,087

)

Contingent consideration adjustment related to acquisition

 

(106

)

 

87

 

 

(81

)

 

165

 

Amortization of assets related to acquisitions, net of tax

 

534

 

 

491

 

 

1,069

 

 

1,026

 

Share-based compensation expense (b)

 

500

 

 

179

 

 

1,085

 

 

495

 

Non cash revaluation of lease liabilities (c)

 

(1,793

)

 

(1,297

)

 

(3,360

)

 

(3,002

)

Restructuring expenses and Impairment related to long lived assets (d)

 

90

 

 

23,573

 

 

90

 

 

23,573.00

 

Residual operating expenses related to closed plants after closing

 

1,047

 

 

1,784

 

 

1,642

 

 

1,784.00

 

Other non recurring items

 

345

 

 

-

 

 

193

 

 

-

 

Total adjustments

 

3,448

 

 

25,060

 

 

4,174

 

 

22,954

 

Less tax on non-tax adjustments (e)

 

(672

)

 

(3,531

)

 

(675

)

 

(3,373

)

Total adjustments after tax

 

4,119

 

 

28,593

 

 

4,849

 

 

26,327

 

 


Adjusted net loss attributable to controlling interest (Non-GAAP)

$

(5,060

)

$

(23,877

)

$

(9,417

)

$

(29,921

)

Adjusted loss per share (f)

$

(0.14

)

$

(0.69

)

$

(0.27

)

$

(0.87

)

(a)

Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.

(b)

Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.

(c)

Exchange rate differences deriving from revaluation of lease contracts in accordance with FASB ASC 842.

(d)

Including long-lived assets impairment and restructuring expenses related to plants closure.

(e)

Tax adjustments for the three months ended June 30, 2024 and 2023, based on the effective tax rates.

(f)

In calculating adjusted (Non-GAAP) loss per share, the diluted weighted average number of shares outstanding excludes the effects of share-based compensation expense in accordance with FASB ASC 718.

Caesarstone Ltd. and its subsidiaries

Geographic breakdown of revenues by region

Three months ended June 30,

Six months ended June 30,

Three months ended June 30,

Six months ended June 30,

U.S. dollars in thousands

 

2024

 

2023

 

2024

 

2023

(Unaudited)

(Unaudited)

(Audited)

YoY % change

YoY % change CCB

YoY % change

YoY % change CCB

 


USA

$

59,819

$

69,411

$

120,818

$

145,481

-13.8

%

-13.8

%

-17.0

%

-17.0

%

Canada

 

16,880

 

20,432

 

33,436

 

38,756

-17.4

%

-15.9

%

-13.7

%

-13.1

%

Latin America

 

133

 

312

 

909

 

818

-57.4

%

-57.5

%

11.1

%

11.0

%

America's

 

76,832

 

90,155

 

155,163

 

185,055

-14.8

%

-14.5

%

-16.2

%

-16.0

%

 


Australia

 

20,929

 

26,817

 

41,075

 

52,213

-22.0

%

-20.8

%

-21.3

%

-19.2

%

Asia

 

5,917

 

6,323

 

9,825

 

13,322

-6.4

%

-5.1

%

-26.3

%

-26.0

%

APAC

 

26,846

 

33,140

 

50,900

 

65,535

-19.0

%

-17.8

%

-22.3

%

-20.6

%

EMEA

 

12,101

 

14,288

 

23,636

 

30,210

-15.3

%

-14.9

%

-21.8

%

-22.4

%

Israel

 

3,653

 

6,096

 

8,025

 

13,512

-40.1

%

-38.9

%

-40.6

%

-39.2

%

 


Total Revenues

$

119,432

$

143,679

$

237,724

$

294,312

-16.9

%

-16.3

%

-19.2

%

-18.8

%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807163240/en/

Investor Relations:

ICR, Inc. - Rodny Nacier [e-mail] [phone]